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: December 31, 2025

Item 1. Reports to Stockholders.

AZL Balanced Index Strategy Fund 

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the AZL Balanced Index Strategy Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?

(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
AZL Balanced Index Strategy Fund	$11	0.10%

How did the Fund perform last year?

For the year ended December 31, 2025, the Fund returned 13.34%. That compared to 17.88%, 7.30% and 12.71% total return for its benchmarks, the S&P 500 Index, the Bloomberg U.S. Aggregate Bond Index and the Balanced Composite Index (a blended index comprised of (50%) S&P 500 Index and (50%) Bloomberg U.S. Aggregate Bond Index), respectively.

U.S. equities posted positive returns for the period. A variety of factors drove these gains, including a general business-friendly political climate, increasing expectations of a mostly dovish Federal Reserve, and continued enthusiasm that artificial intelligence would lead to improved business productivity. Gains were choppy at times, especially early in the period with the announcement of trade tariffs in April.

Non-U.S. equities also gained, largely outpacing U.S. equities, as many international economies grew steadily after a period of stagnation. A weakening U.S. dollar provided a boost to U.S.-based investors.

Bonds gained as yields generally declined. Yields at the front end of the curve fell the most as the yield curve steepened. Declining credit spreads further contributed to price gains among bonds with more credit risk.

The Fund, which invests in both U.S. and international markets, outperformed its blended benchmark, the Balanced Composite Index, for the year ended December 31, 2025.

The following factors contributed to the Fund's relative performance:

• The Fund's allocation to developed market non-U.S. equities.

The following factors detracted from the Fund's relative performance:

• The Fund's allocations to mid- and small-cap U.S. equities.

• The Fund's fixed income allocation.

Growth of a $10,000 initial investment

	AZL Balanced Index Strategy Fund	S&P 500 Index	Bloomberg U.S. Aggregate Bond Index	Balanced Composite Index
Dec 15	$10,000	$10,000	$10,000	9,999.99999999849
Dec 16	$10,675	$11,196	$10,265	10,727.8923985134
Dec 17	$11,903	$13,640	$10,628	12,060.738847299
Dec 18	$11,384	$13,042	$10,629	11,842.858012292
Dec 19	$13,347	$17,149	$11,556	14,189.6415312498
Dec 20	$14,981	$20,304	$12,423	16,220.5587000158
Dec 21	$16,485	$26,132	$12,232	18,314.1622542727
Dec 22	$13,996	$21,399	$10,641	15,494.492118554
Dec 23	$15,845	$27,025	$11,229	17,914.9169253214
Dec 24	$17,170	$33,786	$11,369	20,197.7968474195
Dec 25	$19,460	$39,827	$12,199	22,764.2870184373

Average Annual Total Returns

	1 Year	5 Years	10 Years
AZL Balanced Index Strategy Fund	13.34%	5.37%	6.88%
S&P 500 Index	17.88%	14.42%	14.82%
Bloomberg U.S. Aggregate Bond Index	7.30%	-0.36%	2.01%
Balanced Composite Index	12.71%	7.01%	8.57%

 Fund Statistics

Net Assets	$321,772,154
Number of Portfolio Holdings	5
Total Advisory Fees Paid	$162,251
Portfolio Turnover Rate	12%

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 December 31, 2025)

Portfolio Composition

Type of Security	Percent of Total Investments
Fixed Income Fund	50.0%
Domestic Equity Funds	35.9%
International Equity Fund	14.1%

AZL Balanced Index Strategy Fund 

Annual Shareholder Report - December 31, 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 02/26

AZL DFA Multi-Strategy Fund 

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the AZL DFA Multi-Strategy Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?

(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
AZL DFA Multi-Strategy Fund	$10	0.09%

How did the Fund perform last year?

For the year ended December 31, 2025, the Fund returned 15.03%. That compared to 17.88%, 7.30% and 13.76% total return for its benchmarks, the S&P 500 Index, the Bloomberg U.S. Aggregate Bond Index and the Moderate Composite Index (a blended index comprised of (60%) S&P 500 Index and (40%) Bloomberg U.S. Aggregate Bond Index), respectively.

U.S. equities posted positive returns for the period. A variety of factors drove these gains, including a general business-friendly political climate, increasing expectations of a mostly dovish Federal Reserve, and continued enthusiasm that artificial intelligence would lead to improved business productivity. Gains were choppy at times, especially early in the period with the announcement of trade tariffs in April.

Non-U.S. equities also gained, largely outpacing U.S. equities, as many international economies grew steadily after a period of stagnation. A weakening U.S. dollar provided a boost to U.S.-based investors.

Bonds gained as yields generally declined. Yields at the front end of the curve fell the most as the yield curve steepened. Declining credit spreads further contributed to price gains among bonds with more credit risk.

The Fund, which invests in both U.S. and international markets, outperformed its blended benchmark, the Moderate Composite Index, for the year ended December 31, 2025.

The following factors contributed to the Fund's relative performance:

• The Fund's allocation to developed market non-U.S. equities.

• The Fund's more value-oriented style within non-U.S. stocks.

The following factors detracted from the Fund's relative performance:

• The Fund's allocations to mid- and small-cap U.S. equities.

• The Fund's fixed income allocation.

Growth of a $10,000 initial investment

	AZL DFA Multi-Strategy Fund	S&P 500 Index	Bloomberg U.S. Aggregate Bond Index	Moderate Composite Index
Dec 15	$10,000	$10,000	$10,000	10,000.0000000028
Dec 16	$10,932	$11,196	$10,265	10,821.4765100701
Dec 17	$12,320	$13,640	$10,628	12,365.1006711443
Dec 18	$11,592	$13,042	$10,629	12,085.0111856857
Dec 19	$13,513	$17,149	$11,556	14,756.1521252837
Dec 20	$14,951	$20,304	$12,423	17,024.6085011233
Dec 21	$17,016	$26,132	$12,232	19,740.4921700278
Dec 22	$15,074	$21,399	$10,641	16,599.5525727115
Dec 23	$17,067	$27,025	$11,229	19,539.1498881485
Dec 24	$18,610	$33,786	$11,369	22,495.7494407221
Dec 25	$21,407	$39,827	$12,199	25,591.9463087319

Average Annual Total Returns

	1 Year	5 Years	10 Years
AZL DFA Multi-Strategy Fund	15.03%	7.44%	7.91%
S&P 500 Index	17.88%	14.42%	14.82%
Bloomberg U.S. Aggregate Bond Index	7.30%	-0.36%	2.01%
Moderate Composite Index	13.76%	8.49%	9.85%

 Fund Statistics

Net Assets	$630,206,147
Number of Portfolio Holdings	3
Total Advisory Fees Paid	$320,083
Portfolio Turnover Rate	9%

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 December 31, 2025)

Portfolio Composition

Type of Security	Percent of Total Investments
Domestic Equity Fund	43.5%
Fixed Income Fund	39.8%
International Equity Fund	16.7%

AZL DFA Multi-Strategy Fund 

Annual Shareholder Report - December 31, 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 02/26

AZL MVP Balanced Index Strategy Fund 

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the AZL MVP Balanced Index Strategy Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?

(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
AZL MVP Balanced Index Strategy Fund	$15	0.14%

How did the Fund perform last year?

For the year ended December 31, 2025, the Fund returned 10.70%. That compared to 17.88%, 7.30% and 12.71% total return for its benchmarks, the S&P 500 Index, the Bloomberg U.S. Aggregate Bond Index and the Balanced Composite Index (a blended index comprised of (50%) S&P 500 Index and (50%) Bloomberg U.S. Aggregate Bond Index), respectively.

U.S. equities posted positive returns for the period. A variety of factors drove these gains, including a general business-friendly political climate, increasing expectations of a mostly dovish Federal Reserve, and continued enthusiasm that artificial intelligence would lead to improved business productivity. Gains were choppy at times, especially early in the period with the announcement of trade tariffs in April.

Non-U.S. equities also gained, largely outpacing U.S. equities, as many international economies grew steadily after a period of stagnation. A weakening U.S. dollar provided a boost to U.S.-based investors.

Bonds gained as yields generally declined. Yields at the front end of the curve fell the most as the yield curve steepened. Declining credit spreads further contributed to price gains among bonds with more credit risk.

The Fund, which invests in both U.S. and international markets, underperformed its blended benchmark, the Balanced Composite Index for the year ended December 31, 2025.

The following factors detracted from the Fund's relative performance:

• The Fund's allocations to mid- and small-cap U.S. equities.

• The Fund's fixed income allocation.

The following factors contributed to the Fund's relative performance:

• The Fund's allocation to developed market non-U.S. equities.

While market volatility was relatively low during much of the year, U.S. equities experienced heightened volatility as investors grappled with the announcement of tariffs by the Trump administration. As a result, the MVP (Managed Volatility Portfolio) risk management process, which utilizes derivatives to seek to reduce portfolio volatility in unstable market conditions, was engaged during the second quarter, which had a negative impact on the Fund’s performance.

Growth of a $10,000 initial investment

	AZL MVP Balanced Index Strategy Fund	S&P 500 Index	Bloomberg U.S. Aggregate Bond Index	Balanced Composite Index
Dec 15	$10,000	$10,000	$10,000	9,999.99999999849
Dec 16	$10,661	$11,196	$10,265	10,727.8923985134
Dec 17	$11,876	$13,640	$10,628	12,060.738847299
Dec 18	$11,349	$13,042	$10,629	11,842.858012292
Dec 19	$13,269	$17,149	$11,556	14,189.6415312498
Dec 20	$14,062	$20,304	$12,423	16,220.5587000158
Dec 21	$15,471	$26,132	$12,232	18,314.1622542727
Dec 22	$13,171	$21,399	$10,641	15,494.492118554
Dec 23	$14,864	$27,025	$11,229	17,914.9169253214
Dec 24	$16,095	$33,786	$11,369	20,197.7968474195
Dec 25	$17,818	$39,827	$12,199	22,764.2870184373

Average Annual Total Returns

	1 Year	5 Years	10 Years
AZL MVP Balanced Index Strategy Fund	10.70%	4.85%	5.95%
S&P 500 Index	17.88%	14.42%	14.82%
Bloomberg U.S. Aggregate Bond Index	7.30%	-0.36%	2.01%
Balanced Composite Index	12.71%	7.01%	8.57%

 Fund Statistics

Net Assets	$681,153,184
Number of Portfolio Holdings	7
Total Advisory Fees Paid	$697,855
Portfolio Turnover Rate	11%

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 December 31, 2025)

Portfolio Composition

Type of Security	Percent of Total Investments
Fixed Income Fund	50.1%
Domestic Equity Funds	35.1%
International Equity Fund	14.8%

AZL MVP Balanced Index Strategy Fund 

Annual Shareholder Report - December 31, 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 02/26

AZL MVP DFA Multi-Strategy Fund 

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the AZL MVP DFA Multi-Strategy Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?

(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
AZL MVP DFA Multi-Strategy Fund	$14	0.13%

How did the Fund perform last year?

For the year ended December 31, 2025, the Fund returned 12.05%. That compared to 17.88%, 7.30% and 13.76% total return for its benchmarks, the S&P 500 Index, the Bloomberg U.S. Aggregate Bond Index and the Moderate Composite Index (a blended index comprised of (60%) S&P 500 Index and (40%) Bloomberg U.S. Aggregate Bond Index), respectively.

U.S. equities posted positive returns for the period. A variety of factors drove these gains, including a general business-friendly political climate, increasing expectations of a mostly dovish Federal Reserve, and continued enthusiasm that artificial intelligence would lead to improved business productivity. Gains were choppy at times, especially early in the period with the announcement of trade tariffs in April.

Non-U.S. equities also gained, largely outpacing U.S. equities, as many international economies grew steadily after a period of stagnation. A weakening U.S. dollar provided a boost to U.S.-based investors.

Bonds gained as yields generally declined. Yields at the front end of the curve fell the most as the yield curve steepened. Declining credit spreads further contributed to price gains among bonds with more credit risk.

The Fund, which invests  in both U.S. and international markets, underperformed its blended benchmark, the Moderate Composite Index, for the year ended December 31, 2025.

The following factors detracted from the Fund's relative performance:

• The Fund's allocations to mid- and small-cap U.S. equities.

• The Fund's fixed income allocation.

The following factors contributed to the Fund's relative performance:

• The Fund's allocation to developed market non-U.S. equities.

• The Fund's more value-oriented style within non-U.S. stocks.

While market volatility was relatively low during much of the year, U.S. equities experienced heightened volatility as investors grappled with the announcement of tariffs by the Trump administration. As a result, the MVP (Managed Volatility Portfolio) risk management process, which utilizes derivatives to seek to reduce portfolio volatility in unstable markets, was engaged during the second quarter, which had a negative impact on the Fund’s performance.

Growth of a $10,000 initial investment

	AZL MVP DFA Multi-Strategy Fund	S&P 500 Index	Bloomberg U.S. Aggregate Bond Index	Moderate Composite Index
Dec 15	$10,000	$10,000	$10,000	10,000.0000000028
Dec 16	$10,905	$11,196	$10,265	10,821.4765100701
Dec 17	$12,274	$13,640	$10,628	12,365.1006711443
Dec 18	$11,510	$13,042	$10,629	12,085.0111856857
Dec 19	$13,329	$17,149	$11,556	14,756.1521252837
Dec 20	$13,832	$20,304	$12,423	17,024.6085011233
Dec 21	$15,733	$26,132	$12,232	19,740.4921700278
Dec 22	$13,884	$21,399	$10,641	16,599.5525727115
Dec 23	$15,785	$27,025	$11,229	19,539.1498881485
Dec 24	$17,197	$33,786	$11,369	22,495.7494407221
Dec 25	$19,269	$39,827	$12,199	25,591.9463087319

Average Annual Total Returns

	1 Year	5 Years	10 Years
AZL MVP DFA Multi-Strategy Fund	12.05%	6.85%	6.78%
S&P 500 Index	17.88%	14.42%	14.82%
Bloomberg U.S. Aggregate Bond Index	7.30%	-0.36%	2.01%
Moderate Composite Index	13.76%	8.49%	9.85%

 Fund Statistics

Net Assets	$1,207,323,128
Number of Portfolio Holdings	5
Total Advisory Fees Paid	$1,233,035
Portfolio Turnover Rate	9%

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 December 31, 2025)

Portfolio Composition

Type of Security	Percent of Total Investments
Domestic Equity Fund	42.6%
Fixed Income Fund	39.9%
International Equity Fund	17.5%

AZL MVP DFA Multi-Strategy Fund 

Annual Shareholder Report - December 31, 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 02/26

AZL MVP FIAM Multi-Strategy Fund 

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the AZL MVP FIAM Multi-Strategy Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?

(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
AZL MVP FIAM Multi-Strategy Fund	$16	0.15%

How did the Fund perform last year?

For the year ended December 31, 2025, the Fund returned 7.91%. That compared to 17.88%, 7.30% and 11.64% total returns for its benchmarks, the S&P 500 Index, the Bloomberg U.S. Aggregate Bond Index, and the Income and Growth Composite Index (a blended index comprised of (40%) S&P 500 Index and (60%) Bloomberg U.S. Aggregate Bond Index), respectively.

U.S. equity markets delivered positive returns over the period, driven by resilient corporate earnings, continued enthusiasm for artificial intelligence (AI), and the Federal Reserve’s pivot to lower rates late in the year. All 11 sectors of the stock market posted positive returns for the period, led by the technology, communication services, and financials sectors. All major fixed income asset categories ended 2025 in positive territory. The global economy remained solid against a backdrop of economic and geopolitical uncertainty. Treasury yields ended the year modestly lower than where they began in 2025, and real yields remained at the high end of their range over the past decade. Softer labor market data, Federal Reserve easing, sticky inflation, and medium-term fiscal challenges continued to influence yield movements.

The Fund underperformed its blended benchmark, the Income and Growth Composite Index, for the year ended December 31, 2025. During this period, the AZL Fidelity Asset Management Multi-Strategy Fund's (the "Underlying Fund") equity component underperformed its equity benchmark, the S&P 500 Index.

Within equities, the following factors detracted from the Underlying Fund’s, and therefore the Fund's, relative performance:

• Stock selection based on quality measures amid investor enthusiasm for higher-risk growth opportunities.

• Stock selection within information technology and industrials.

The Underlying Fund’s fixed income component outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the year ended December 31, 2025.

Within fixed income, the following factors contributed to the Underlying Fund’s, and therefore the Fund's, relative performance:

• The Underlying Fund’s holdings of high-yield corporate bonds.

• The Underlying Fund’s above-benchmark exposure to emerging markets.

• Security selection in high-quality, short-duration asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS).

• An underweight position to U.S. Treasuries.

The Underlying Fund held futures to equitize its cash positions during the period. Exposure to this form of derivative did not materially impact the Underlying Fund's performance.

While market volatility was relatively low during much of the year, U.S. equities experienced heightened volatility as investors grappled with the announcement of tariffs by the Trump administration. As a result, the MVP process was engaged during the second quarter, which had a negative impact on the Fund’s performance.

Growth of a $10,000 initial investment

	AZL MVP FIAM Multi-Strategy Fund	S&P 500 Index	Bloomberg U.S. Aggregate Bond Index	Income and Growth Composite Index
Dec 15	$10,000	$10,000	$10,000	10,000.0000000021
Dec 16	$10,082	$11,196	$10,265	10,635.7214934432
Dec 17	$11,184	$13,640	$10,628	11,763.3703329995
Dec 18	$10,945	$13,042	$10,629	11,600.6559031306
Dec 19	$12,723	$17,149	$11,556	13,636.4783047456
Dec 20	$13,634	$20,304	$12,423	15,428.859737642
Dec 21	$15,144	$26,132	$12,232	16,958.2492431923
Dec 22	$13,053	$21,399	$10,641	14,433.0221998013
Dec 23	$14,701	$27,025	$11,229	16,390.0100908208
Dec 24	$16,326	$33,786	$11,369	18,090.9434914267
Dec 25	$17,618	$39,827	$12,199	20,197.4016145351

Average Annual Total Returns

	1 Year	5 Years	10 Years
AZL MVP FIAM Multi-Strategy Fund	7.91%	5.26%	5.83%
S&P 500 Index	17.88%	14.42%	14.82%
Bloomberg U.S. Aggregate Bond Index	7.30%	-0.36%	2.01%
Income and Growth Composite Index	11.64%	5.53%	7.28%

 Fund Statistics

Net Assets	$265,952,620
Number of Portfolio Holdings	3
Total Advisory Fees Paid	$261,166
Portfolio Turnover Rate	6%

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 December 31, 2025)

Portfolio Composition

Type of Security	Percent of Total Investments
Balanced Funds	100.0%

AZL MVP FIAM Multi-Strategy Fund 

Annual Shareholder Report - December 31, 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 02/26

AZL MVP Global Balanced Index Strategy Fund 

Annual Shareholder Report - December 31, 2025

This 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 December 31, 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 year?

(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
AZL MVP Global Balanced Index Strategy Fund	$16	0.15%

How did the Fund perform last year?

For the year ended December 31, 2025, the Fund returned 10.79%. That compared to 21.60%, 7.30% and 14.43% total return for its benchmarks, the MSCI World Index (gross of withholding taxes), the Bloomberg U.S. Aggregate Bond Index and the Global Balanced Composite Index (a blended index comprised of (50%) MSCI World Index and (50%) Bloomberg U.S. Aggregate Bond Index), respectively.

U.S. equities posted positive returns for the period. A variety of factors drove these gains, including a general business-friendly political climate, increasing expectations of a mostly dovish Federal Reserve, and continued enthusiasm that artificial intelligence would lead to improved business productivity. Gains were choppy at times, especially early in the period with the announcement of trade tariffs in April.

Non-U.S. equities also gained, largely outpacing U.S. equities, as many international economies grew steadily after a period of stagnation. A weakening U.S. dollar provided a boost to U.S.-based investors.

Bonds gained as yields generally declined. Yields at the front end of the curve fell the most as the yield curve steepened. Declining credit spreads further contributed to price gains among bonds with more credit risk.

The Fund, which invests in both U.S. and international markets, underperformed its blended benchmark, the Global Balanced Composite Index, for the year ended December 31, 2025.

The following factors from the underlying funds detracted from the Fund's relative performance:

• Underweight to investment grade corporate bonds from a duration-weighted perspective within the fixed income underlying fund.

• Exclusion of a small number of holdings in the underlying equity fund which are held by its benchmark index.

The following factors from the underlying funds contributed to the Fund's relative performance:

• Overweight positioning in Agency mortgage-backed securities in the fixed income underlying fund.

While market volatility was relatively low during much of the year, U.S. equities experienced heightened volatility as investors grappled with the announcement of tariffs by the Trump administration. As a result, the MVP (Managed Volatility Portfolio) risk management process, which utilizes derivatives to seek to reduce portfolio volatility in unstable market conditions,  was engaged during the second quarter, which had a negative impact on the Fund’s performance.

Growth of a $10,000 initial investment

	AZL MVP Global Balanced Index Strategy Fund	MSCI World Index (gross of withholding taxes)	MSCI World Index (net of withholding taxes)	Bloomberg U.S. Aggregate Bond Index	Global Balanced Composite Index
Dec 15	$10,000	$10,000	$10,000	9,999.9999999666	9,999.99999999945
Dec 16	$10,334	$10,815	$10,751	10,264.7242131162	10,543.6629289835
Dec 17	$11,527	$13,311	$13,159	10,628.2850316462	11,913.6935100231
Dec 18	$10,861	$12,219	$12,013	10,629.4795886214	11,455.6574923541
Dec 19	$12,621	$15,689	$15,337	11,556.040303275	13,560.3126061834
Dec 20	$13,606	$18,277	$17,776	12,423.4964162876	15,392.4566768595
Dec 21	$14,701	$22,361	$21,654	12,231.9518021821	16,928.3044512393
Dec 22	$12,335	$18,396	$17,726	10,640.5422249567	14,360.1766904511
Dec 23	$14,044	$22,888	$21,942	11,228.835566598	16,474.3459055377
Dec 24	$15,369	$27,281	$26,039	11,369.2219798104	18,122.3241590204
Dec 25	$17,026	$33,173	$31,532	12,199.2832657741	20,738.0224260947

Average Annual Total Returns

	1 Year	5 Years	10 Years
AZL MVP Global Balanced Index Strategy Fund	10.79%	4.59%	5.47%
MSCI World Index (gross of withholding taxes)	21.60%	12.66%	12.74%
MSCI World Index (net of withholding taxes)	21.09%	12.15%	12.17%
Bloomberg U.S. Aggregate Bond Index	7.30%	-0.36%	2.01%
Global Balanced Composite Index	14.43%	6.14%	7.57%

 Fund Statistics

Net Assets	$414,175,903
Number of Portfolio Holdings	10
Total Advisory Fees Paid	$429,016
Portfolio Turnover Rate	5%

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 December 31, 2025)

Portfolio Composition

Type of Security	Percent of Total Investments
International Equity Fund	50.0%
Fixed Income Fund	50.0%
Convertible Bond	0.0%
Private Placements	0.0%
Corporate Bonds	0.0%

AZL MVP Global Balanced Index Strategy Fund 

Annual Shareholder Report - December 31, 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 02/26

AZL MVP Growth Index Strategy Fund 

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the AZL MVP Growth Index Strategy Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?

(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
AZL MVP Growth Index Strategy Fund	$14	0.13%

How did the Fund perform last year?

For the year ended December 31, 2025, the Fund returned 11.80%. That compared to 17.88%, 7.30% and 15.33% total return for its benchmarks, the S&P 500 Index, the Bloomberg U.S. Aggregate Bond Index and the Growth Composite Index (a blended index comprised of (75%) S&P 500 Index and (25%) Bloomberg U.S. Aggregate Bond Index), respectively

U.S. equities posted positive returns for the period. A variety of factors drove these gains, including a general business-friendly political climate, increasing expectations of a mostly dovish Federal Reserve, and continued enthusiasm that artificial intelligence would lead to improved business productivity. Gains were choppy at times, especially early in the period with the announcement of trade tariffs in April.

Non-U.S. equities also gained, largely outpacing U.S. equities, as many international economies grew steadily after a period of stagnation. A weakening U.S. dollar provided a boost to U.S.-based investors.

Bonds gained as yields generally declined. Yields at the front end of the curve fell the most as the yield curve steepened. Declining credit spreads further contributed to price gains among bonds with more credit risk.

The Fund, which invests in both U.S. and international markets, underperformed its blended benchmark, the Growth Composite Index, for the year ended December 31, 2025.

The following factors detracted from the Fund's relative performance:

• The Fund's allocations to mid- and small-cap U.S. equities.

• The Fund's fixed income allocation.

The following factors contributed to the Fund's relative performance:

• The Fund's allocation to developed market non-U.S. equities.

While market volatility was relatively low during much of the year, U.S. equities experienced heightened volatility as investors grappled with the announcement of tariffs by the Trump administration. As a result, the MVP (Managed Volatility Portfolio) risk management process, which utilizes derivatives to seek to reduce portfolio volatility in unstable market conditions, was engaged during the second quarter, which had a negative impact on the Fund’s performance.

Growth of a $10,000 initial investment

	AZL MVP Growth Index Strategy Fund	S&P 500 Index	Bloomberg U.S. Aggregate Bond Index	Growth Composite Index
Dec 15	$10,000	$10,000	$10,000	9,999.99999999518
Dec 16	$10,680	$11,196	$10,265	10,961.5591687252
Dec 17	$12,384	$13,640	$10,628	12,831.9155809134
Dec 18	$11,586	$13,042	$10,629	12,446.9688812258
Dec 19	$13,963	$17,149	$11,556	15,630.9895552848
Dec 20	$14,624	$20,304	$12,423	18,247.550339175
Dec 21	$17,022	$26,132	$12,232	22,012.490578217
Dec 22	$14,452	$21,399	$10,641	18,334.2306449788
Dec 23	$16,881	$27,025	$11,229	22,162.7005491441
Dec 24	$18,924	$33,786	$11,369	26,324.4320017101
Dec 25	$21,157	$39,827	$12,199	30,359.1041240297

Average Annual Total Returns

	1 Year	5 Years	10 Years
AZL MVP Growth Index Strategy Fund	11.80%	7.67%	7.78%
S&P 500 Index	17.88%	14.42%	14.82%
Bloomberg U.S. Aggregate Bond Index	7.30%	-0.36%	2.01%
Growth Composite Index	15.33%	10.72%	11.75%

 Fund Statistics

Net Assets	$1,697,468,057
Number of Portfolio Holdings	7
Total Advisory Fees Paid	$1,747,218
Portfolio Turnover Rate	12%

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 December 31, 2025)

Portfolio Composition

Type of Security	Percent of Total Investments
Domestic Equity Funds	53.0%
Fixed Income Fund	24.7%
International Equity Fund	22.3%

AZL MVP Growth Index Strategy Fund 

Annual Shareholder Report - December 31, 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 02/26

AZL MVP Moderate Index Strategy Fund 

Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about the AZL MVP Moderate Index Strategy Fund (the "Fund") for the period of January 1, 2025 to December 31, 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 year?

(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
AZL MVP Moderate Index Strategy Fund	$16	0.15%

How did the Fund perform last year?

For the year ended December 31, 2025, the Fund returned 11.26%. That compared to 17.88%, 7.30% and 13.76% total return for its benchmarks, the S&P 500 Index, the Bloomberg U.S. Aggregate Bond Index and the Moderate Composite Index (a blended index comprised of (60%) S&P 500 Index and (40%) Bloomberg U.S. Aggregate Bond Index), respectively.

U.S. equities posted positive returns for the period. A variety of factors drove these gains, including a general business-friendly political climate, increasing expectations of a mostly dovish Federal Reserve, and continued enthusiasm that artificial intelligence would lead to improved business productivity. Gains were choppy at times, especially early in the period with the announcement of trade tariffs in April.

Non-U.S. equities also gained, largely outpacing U.S. equities, as many international economies grew steadily after a period of stagnation. A weakening U.S. dollar provided a boost to U.S.-based investors.

Bonds gained as yields generally declined. Yields at the front end of the curve fell the most, as the yield curve steepened. Declining credit spreads further contributed to price gains among bonds with more credit risk.

The Fund, which invests in both U.S. and international markets, underperformed its blended benchmark, the Moderate Composite Index, for the year ended December 31, 2025.

The following factors detracted from the Fund's relative performance:

• The Fund's allocations to mid- and small-cap U.S. equities.

• The Fund's fixed income allocation.

The following factors contributed to the Fund’s relative performance:

• The Fund's allocation to developed market non-U.S. equities.

While market volatility was relatively low during much of the year, U.S. equities experienced heightened volatility as investors grappled with the announcement of tariffs by the Trump administration. As a result, the MVP (Managed Volatility Portfolio) risk management process, which utilizes derivatives to seek to reduce portfolio volatility in unstable market conditions, was engaged during the second quarter, which had a negative impact on the Fund’s performance.

Growth of a $10,000 initial investment

	AZL MVP Moderate Index Strategy Fund	S&P 500 Index	Bloomberg U.S. Aggregate Bond Index	Moderate Composite Index
Dec 15	$10,000	$10,000	$10,000	10,000.0000000028
Dec 16	$10,543	$11,196	$10,265	10,821.4765100701
Dec 17	$11,937	$13,640	$10,628	12,365.1006711443
Dec 18	$11,309	$13,042	$10,629	12,085.0111856857
Dec 19	$13,417	$17,149	$11,556	14,756.1521252837
Dec 20	$14,281	$20,304	$12,423	17,024.6085011233
Dec 21	$16,060	$26,132	$12,232	19,740.4921700278
Dec 22	$13,590	$21,399	$10,641	16,599.5525727115
Dec 23	$15,572	$27,025	$11,229	19,539.1498881485
Dec 24	$17,118	$33,786	$11,369	22,495.7494407221
Dec 25	$19,046	$39,827	$12,199	25,591.9463087319

Average Annual Total Returns

	1 Year	5 Years	10 Years
AZL MVP Moderate Index Strategy Fund	11.26%	5.93%	6.65%
S&P 500 Index	17.88%	14.42%	14.82%
Bloomberg U.S. Aggregate Bond Index	7.30%	-0.36%	2.01%
Moderate Composite Index	13.76%	8.49%	9.85%

 Fund Statistics

Net Assets	$305,008,489
Number of Portfolio Holdings	7
Total Advisory Fees Paid	$307,310
Portfolio Turnover Rate	12%

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 December 31, 2025)

Portfolio Composition

Type of Security	Percent of Total Investments
Domestic Equity Funds	42.6%
Fixed Income Fund	39.9%
International Equity Fund	17.5%

AZL MVP Moderate Index Strategy Fund 

Annual Shareholder Report - December 31, 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 02/26

AZL MVP T. Rowe Price Capital Appreciation Plus Fund 

Annual Shareholder Report - December 31, 2025

This 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 December 31, 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 year?

(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
AZL MVP T. Rowe Price Capital Appreciation Plus Fund	$14	0.13%

How did the Fund perform last year?

For the year ended December 31, 2025, the Fund returned 8.39%. That compared to 17.88%, 7.30% and 13.76% total returns for its benchmarks, the S&P 500 Index, the Bloomberg  U.S. Aggregate Bond Index and the Moderate Composite Index (a blended index comprised of (60%) S&P 500 Index and (40%) Bloomberg U.S. Aggregate Bond Index), respectively.

U.S. equities produced outsized gains for the third consecutive year, overcoming concerns around tariffs, the economy, and elevated valuations. After a challenging start to the year, stocks advanced on the strength of resilient corporate earnings, led by Big Tech and artificial intelligence (AI)-related investments.

The Federal Reserve reduced interest rates by 25 basis points three times in the final months of the year, ending the year with a target in the 3.50% to 3.75% range. Partly because of these decreases, short- and intermediate-term U.S. Treasury yields declined during the year, while 30-year Treasury yields rose modestly.

The equity portion of the Fund underperformed its benchmark, the S&P 500 Index, for the year ended December 31, 2025.

Within equities, the following factors detracted from the Fund's relative performance:

• Stock selection in health care and information technology.

Within equities, the following factors contributed to the Fund's relative performance:

• The Fund's below-benchmark exposure to the consumer staples and real estate sectors.

Meanwhile, the Fund's fixed income allocation outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the year ended December 31, 2025.

Within fixed income, the following factors contributed to the Fund's relative performance:

• The Fund's above-benchmark exposure to high-yield bonds.

During the year, the AZL T. Rowe Capital Appreciation Fund (the "Underlying Fund") maintained exposure to covered call options, a type of derivative that is designed to provide downside protection for the portfolio while offering the benefits of owning a stock, such as dividends and capital appreciation, so long as the stock remains below the option strike price. The Underlying Fund's covered call strategy made a modestly positive contribution to returns.

While market volatility was relatively low during much of the year, U.S. equities experienced heightened volatility as investors grappled with the announcement of tariffs by the Trump administration. As a result, the MVP (Managed Volatility Portfolio) risk management process, which utilizes derivatives to seek to reduce portfolio volatility in unstable market conditions, was engaged during the second quarter, which had a negative impact on the Fund’s performance.

Growth of a $10,000 initial investment

	AZL MVP T. Rowe Price Capital Appreciation Plus Fund	S&P 500 Index	Bloomberg U.S. Aggregate Bond Index	Moderate Composite Index
Dec 15	$10,000	$10,000	$10,000	10,000.0000000028
Dec 16	$10,762	$11,196	$10,265	10,821.4765100701
Dec 17	$12,291	$13,640	$10,628	12,365.1006711443
Dec 18	$12,086	$13,042	$10,629	12,085.0111856857
Dec 19	$14,671	$17,149	$11,556	14,756.1521252837
Dec 20	$15,847	$20,304	$12,423	17,024.6085011233
Dec 21	$18,548	$26,132	$12,232	19,740.4921700278
Dec 22	$16,006	$21,399	$10,641	16,599.5525727115
Dec 23	$18,783	$27,025	$11,229	19,539.1498881485
Dec 24	$21,269	$33,786	$11,369	22,495.7494407221
Dec 25	$23,053	$39,827	$12,199	25,591.9463087319

Average Annual Total Returns

	1 Year	5 Years	10 Years
AZL MVP T. Rowe Price Capital Appreciation Plus Fund	8.39%	7.78%	8.71%
S&P 500 Index	17.88%	14.42%	14.82%
Bloomberg U.S. Aggregate Bond Index	7.30%	-0.36%	2.01%
Moderate Composite Index	13.76%	8.49%	9.85%

 Fund Statistics

Net Assets	$956,155,931
Number of Portfolio Holdings	5
Total Advisory Fees Paid	$1,012,336
Portfolio Turnover Rate	14%

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 December 31, 2025)

Portfolio Composition

Type of Security	Percent of Total Investments
Domestic Equity Funds	81.1%
Fixed Income Fund	18.9%

AZL MVP T. Rowe Price Capital Appreciation Plus Fund 

Annual Shareholder Report - December 31, 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 02/26

(b)           Not applicable.

Item 2. Code of Ethics.

As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party(the “Code of Ethics”). During the period covered by this report, there were no amendments, nor did the Registrant grant any waivers, including any implicit waivers, from any provision of the Code of Ethics. The Code of Ethics is attached hereto as Exhibit 19(a)(1) of this Form.

Item 3. Audit Committee Financial Expert.

(a)(1)      The Registrant’s Board of Trustees has determined that the Registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee.

(a)(2)      Tamara Lynn Fagely is an “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

Item 4. Principal Accountant Fees and Services.

                                                                                                                                                            2025                                      2024

(a)           Audit Fees                                                                                                                           $161,940                               $160,338

                                                                                                                                                             2025                                      2024      

(b)           Audit-Related Fees                                                                                                              $0                                          $0

                Related to the consent on Form N-1A for the annual registration statement.

                                                                                                                                                             2025                                     2024       

(c)           Tax Fees                                                                                                                               $44,037                                $44,037

                Preparation of the funds’ federal income tax return

                                                                                                                                                             2025                                     2024       

(d)           All Other Fees                                                                                                                      $0                                         $0

4(e)(1)    The Audit Committee (“Committee”) of the Registrant is responsible for pre-approving all audit and non-audit services performed by the independent auditor in order to assure that the provision of such services does not impair the auditor’s independence. Before the Registrant engages the independent auditor to render a service, the engagement must be either specifically approved by the Committee or entered into pursuant to the pre-approval policy.  The Committee may delegate preapproval authority to one or more of its members.  The member or members to whom such authority is delegated shall report any pre-approval decisions to the Committee at its next scheduled meeting.  The Committee may not delegate to management the Committee’s responsibilities to pre-approve services performed by the independent auditor.  The Committee has delegated pre-approval authority to its Chairman for any services not exceeding $10,000.

4(e)(2)    During the previous two fiscal years, the Registrant did not receive any non-audit services pursuant to a waiver from the audit committee approval or pre-approval requirement under paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

 (f)           Not applicable.

 (g)          The aggregate fees billed for each of the last two fiscal years for professional services rendered by PricewaterhouseCoopers LLP for tax compliance, tax advice, and tax planning were as follows:  

                                                                                                                                                                2025                                     2024      

                                                                                                                                                                $44,037                                 $44,037

 (h)          The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal auditor’s independence.

 (i)           Not applicable.

 (j)           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

Annual

Financial

Statements

and

Other

Information

December

31,

2025

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

Report

of

Independent

Registered

Public

Accounting

Firm

Page

12

Other

Federal

Income

Tax

Information

(Unaudited)

Page

13

Other

Information

(Form

N-CSR

Items

8-11)

(Unaudited)

Item

8.

Changes

in

and

Disagreements

with

Accountants

Page

14

Item

9.

Proxy

Disclosures

Page

14

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

Page

14

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Page

15

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

December

31,

2025

3

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

December

31,

2025

.

Shares

Value

Affiliated

Investment

Companies

(99.9%):

Domestic

Equity

Funds

(35.8%):

581,258

AZL

Mid

Cap

Index

Fund,

Class

2

$

9,544,251‌

4,321,296

AZL

S&P

500

Index

Fund,

Class

2

99,476,233‌

564,359

AZL

Small

Cap

Stock

Index

Fund,

Class

2

6,298,246‌

115,318,730‌

Fixed

Income

Fund

(50.0%):

16,462,875

AZL

Enhanced

Bond

Index

Fund

160,842,287‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(14.1%):

2,063,679

AZL

International

Index

Fund,

Class

2

$

45,194,569‌

Total

Affiliated

Investment

Companies

(Cost

$252,207,680)

321,355,586‌

Total

Investment

Securities

(Cost

$252,207,680

)

—

99.9%

(a)

321,355,586‌

Net

other

assets

(liabilities)

—

0.1%

416,568‌

Net

Assets

—

100.0%

$

321,772,154‌

(a)

See

Federal

Tax

Information

listed

in

the

Notes

to

the

Financial

Statements.

AZL

Balanced

Index

Strategy

Fund

4

See

accompanying

notes

to

the

financial

statements.

Statement

of

Assets

and

Liabilities

December

31,

2025

Statement

of

Operations

For

the

Year

Ended

December

31,

2025

Assets:

Investments

in

affiliates,

at

cost

$

252,207,680‌

aaa

aaa

Investments

in

affiliates,

at

value

$

321,355,586‌

Interest

and

dividends

receivable

9‌

Receivable

for

capital

shares

issued

465,597‌

Receivable

for

affiliated

investments

sold

60,808‌

Prepaid

expenses

1,486‌

Total

Assets

321,883,486‌

Liabilities:

Cash

overdraft

60,808‌

Payable

for

capital

shares

redeemed

1,916‌

Management

fees

payable

13,702‌

Administration

fees

payable

13,160‌

Custodian

fees

payable

1,322‌

Administrative

and

compliance

services

fees

payable

818‌

Transfer

agent

fees

payable

1,251‌

Trustee

fees

payable

2,083‌

Other

accrued

liabilities

16,272‌

Total

Liabilities

111,332‌

Commitments

and

contingent

liabilities^

Net

Assets

$

321,772,154‌

Net

Assets

Consist

of:

Paid-in

capital

$

221,181,750‌

Total

distributable

earnings

100,590,404‌

Net

Assets

$

321,772,154‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

20,998,743‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

15.32‌

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Investment

Income:

Dividends

from

affiliates

$

9,513,281‌

Dividends

from

non-affiliates

483‌

Total

Investment

Income

9,513,764‌

Expenses:

Management

fees

162,251‌

Administration

fees

82,909‌

Custodian

fees

9,897‌

Administrative

and

compliance

services

fees

9,624‌

Transfer

agent

fees

8,260‌

Trustee

fees

16,828‌

Professional

fees

21,590‌

Shareholder

reports

5,266‌

Other

expenses

6,867‌

Total

expenses

323,492‌

Net

Investment

Income/(Loss)

9,190,272‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments:

Net

realized

gains/(losses)

on

affiliated

underlying

funds

5,335,375‌

Net

realized

gains

distributions

from

affiliated

underlying

funds

21,142,854‌

Change

in

net

unrealized

appreciation/(depreciation)

on

affiliated

underlying

funds

4,863,243‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments

31,341,472‌

Change

in

Net

Assets

Resulting

From

Operations

$

40,531,744‌

AZL

Balanced

Index

Strategy

Fund

5

See

accompanying

notes

to

the

financial

statements.

Statements

of

Changes

in

Net

Assets

For

the

Year

Ended

December

31,

2025

For

the

Year

Ended

December

31,

2024

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

9,190,272‌

$

8,641,564‌

Net

realized

gains/(losses)

on

investments

26,478,229‌

20,765,236‌

Change

in

unrealized

appreciation/(depreciation)

on

investments

4,863,243‌

(1,592,915‌)

Change

in

net

assets

resulting

from

operations

40,531,744‌

27,813,885‌

Distributions

to

Shareholders:

Distributions

(28,904,453‌)

(14,621,822‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(28,904,453‌)

(14,621,822‌)

Capital

Transactions:

Proceeds

from

shares

issued

3,844,057‌

3,647,291‌

Proceeds

from

dividends

reinvested

28,904,453‌

14,621,822‌

Value

of

shares

redeemed

(55,262,662‌)

(46,427,551‌)

Change

in

net

assets

resulting

from

capital

transactions

(22,514,152‌)

(28,158,438‌)

Change

in

net

assets

(10,886,861‌)

(14,966,375‌)

Net

Assets:

Beginning

of

period

332,659,015‌

347,625,390‌

End

of

period

$

321,772,154‌

$

332,659,015‌

Share

Transactions:

Shares

issued

248,829‌

246,383‌

Dividends

reinvested

1,910,407‌

969,617‌

Shares

redeemed

(3,610,302‌)

(3,121,198‌)

Change

in

shares

(1,451,066‌)

(1,905,198‌)

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.

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$14.82

$14.28

$13.76

$17.96

$17.48

Investment

Activities:

Net

Investment

Income/(Loss)(a)

0

.44

‌

0

.37

‌

0

.20

‌

0

.21

‌

0

.15

‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

1

.52

‌

0

.83

‌

1

.49

‌

(

2

.97

)

1

.56

‌

Total

from

Investment

Activities

1

.96

‌

1

.20

‌

1

.69

‌

(

2

.76

)

1

.71

‌

Distributions

to

Shareholders

From:

Net

Investment

Income

(

0

.44

)

(

0

.22

)

(

0

.27

)

(

0

.37

)

(

0

.34

)

Net

Realized

Gains

(

1

.02

)

(

0

.44

)

(

0

.90

)

(

1

.07

)

(

0

.89

)

Total

Dividends

(

1

.46

)

(

0

.66

)

(

1

.17

)

(

1

.44

)

(

1

.23

)

Net

Asset

Value,

End

of

Period

$15.32

$14.82

$14.28

$13.76

$17.96

Total

Return

(b)

13.34

%

8

.36

%

13.21

%

(

15.10

)

%

10.04

%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$321,772

$332,659

$347,625

$343,081

$445,174

Net

Investment

Income/(Loss)

2

.83

%

2

.52

%

1

.43

%

1

.35

%

0

.85

%

Expenses

Before

Reductions*(c)

0

.10

%

0

.10

%

0

.09

%

0

.09

%

0

.08

%

Expenses

Net

of

Reductions*

0

.10

%

0

.10

%

0

.09

%

0

.09

%

0

.08

%

Portfolio

Turnover

Rate

12

%

12

%

5

%

8

%

13

%

*

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)

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

December

31,

2025

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

year

ended December

31,

2025,

the

Fund

did

not

engage

in

any

Rule

17a-7

transactions.

AZL

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

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

assume

certain

expenses

of

the

Fund

to

limit

the

annual

expenses,

excluding

(i)

brokerage

expenses

(including

any

costs

incidental

to

transactions

in

portfolio

securities

or

instruments),

(ii)

acquired

fund

fees

and

expenses,

(iii)

taxes,

(iv)

interest

(including

borrowing

costs

and

dividend

expenses

on

securities

sold

short

and

overdraft

charges),

(v)

litigation

expenses

(including

litigation

to

which

the

Trust

or

the

Fund

may

be

a

party

and

indemnification

of

the

Trustees

and

officers

with

respect

thereto),

and

(vi)

other

extraordinary

or

non-routine

expenses

(including

expenses

arising

from

mergers,

acquisitions

or

similar

transactions

involving

the

Fund),

based

on

the

average

net

assets

of

the

Fund,

through

April

30,

2027.

Expenses

incurred

for

investment

advisory

and

management

services

are

reflected

on

the

Statement

of

Operations

as

“Management

fees.”

For

the

year

ended December

31,

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

year

are

reflected

on

the

Statement

of

Operations

as

“Recoupment

of

prior

expenses

reimbursed

by

the

Manager.”

At

December

31,

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

year

can

be

found

on

the

Statement

of

Operations,

as

applicable.

During

the

year

ended December

31,

2025,

there

were

no

such

waivers.

The

Manager

serves

as

the

investment

adviser

of the

underlying

funds

in

which

the

Fund

invests. At

December

31,

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

year

ended December

31,

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,

through

September

30,

2025, 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”

or

the

“Custodian”)

serves

as

the

Trust’s

custodian.

For

these

services

as

custodian,

the

Funds

pay

BNY

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.

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

12/31/25

Shares

as

of

12/31/25

Dividend

Income

Net

Realized

Gains

Distributions

from

Affiliated

Underlying

Funds

AZL

Enhanced

Bond

Index

Fund

$

167,169,124‌

$

10,121,843‌

$

(19,932,041‌)

$

(2,768,137‌)

$

6,251,498‌

$

160,842,287‌

16,462,875‌

$

7,272,347‌

$

—‌

AZL

International

Index

Fund,

Class

2

45,253,594‌

1,629,334‌

(12,400,115‌)

2,480,810‌

8,230,946‌

45,194,569‌

2,063,679‌

1,100,504‌

494,870‌

AZL

Mid

Cap

Index

Fund,

Class

2

10,318,624‌

3,516,249‌

(2,171,457‌)

71,811‌

(2,190,976‌)

9,544,251‌

581,258‌

112,190‌

2,772,980‌

AZL

S&P

500

Index

Fund,

Class

2

103,147,864‌

23,799,984‌

(26,130,803‌)

5,342,796‌

(6,683,608‌)

99,476,233‌

4,321,296‌

944,459‌

16,952,964‌

AZL

Small

Cap

Stock

Index

Fund,

Class

2

6,991,253‌

1,566,071‌

(1,722,556‌)

208,095‌

(744,617‌)

6,298,246‌

564,359‌

83,781‌

922,040‌

$

332,880,459‌

$

40,633,481‌

$

(62,356,972‌)

$

5,335,375‌

$

4,863,243‌

$

321,355,586‌

$

9,513,281‌

$

21,142,854‌

AZL

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

9

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.

In

the

event

that

unobservable

inputs

are

used

when

determining

valuations,

the

securities

will

be

classified

as

Level

3

in

the

fair

value

hierarchy.

Altering

one

or

more

unobservable

inputs

may

result

in

a

significant

change

to

a

Level

3

security’s

fair

value

measurement.

When

determining

the

fair

value

of

securities,

some

of

the

factors

influencing

the

valuation

include:

the

nature

of

any

restrictions

on

disposition

of

the

securities;

assessment

of

the

general

liquidity

of

the

securities;

the

issuer’s

financial

condition

and

the

markets

in

which

it

does

business;

the

cost

of

the

investment;

the

size

of

the

holding

and

the

capitalization

of

the

issuer;

the

prices

of

any

recent

transactions

or

bids/offers

for

such

securities

or

any

comparable

securities;

and

any

other

information

deemed

reliable

by

the

Manager

regarding

the

issuer

or

the

markets

or

industry

in

which

it

operates. 

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

December

31,

2025

in

valuing

the

Fund's

investments

based

upon

the

three

levels

defined

above:

5.

Security

Purchases

and

Sales

For

the

year

ended December

31,

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

year

ended

December

31,

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.

Investment

Securities:

Level

1

Level

2

Level

3

Total

Affiliated

Investment

Companies

$

321,355,586

$

—

$

—

$

321,355,586

Total

Investment

Securities

$321,355,586

$—

$—

$321,355,586

Purchases

Sales

AZL

Balanced

Index

Strategy

Fund

$40,633,481

$62,356,972

AZL

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

10

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

a

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,

2025 is

$256,564,312.

The

gross

unrealized

appreciation/

(depreciation)

on

a

tax

basis is

as

follows:

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31,

2025 was

as

follows: 

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31,

2024 was

as

follows: 

At

December

31,

2025,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows: 

Unrealized

appreciation

$71,350,396

Unrealized

depreciation

(6,559,122)

Net

unrealized

appreciation/(depreciation)

$64,791,274

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions(a)

AZL

Balanced

Index

Strategy

Fund

$8,720,804

$20,183,649

$28,904,453

(a)

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

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

$9,524,833

$26,274,297

$—

$64,791,274

$100,590,404

(a)

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

are

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales.

AZL

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

11

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

December

31,

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

officers

of

the

Trust,

as

listed

in

the

Trust’s

Statement

of

Additional

Information,

act

as

the

Fund’s

chief

operating

decision

maker

(“CODM”).

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.

Recent

Accounting

Pronouncements

During

the

reporting

period,

the

Fund

adopted

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

(“ASU

2023-09”).

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disclosure

of

income

taxes

paid

by

jurisdiction

if

the

quantitative

threshold

is

met.

The

Fund

did

not

pay

a

significant

amount

of

foreign

or

U.S.

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements. 

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.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

12

To

the

Board

of

Trustees

of

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

and

Shareholders

of

AZL

Balanced

Index

Strategy

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

portfolio

investments,

of

AZL

Balanced

Index

Strategy

Fund

(one

of

the

funds

constituting

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

2025,

the

related

statement

of

operations

for

the

year

ended

December

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

transfer

agent.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

New

York,

New

York

February

20,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Allianz

Variable

Insurance

Products

complex

since

2018.

13

Other

Federal

Income

Tax

Information

(Unaudited)

For

the

year

ended

December

31,

2025,

14.89%

of

the

total

ordinary

income

dividends

paid

by

the

Fund

qualify

for

the

corporate

dividends

received

deductions

available

to

corporate

shareholders.

During

the

year

ended

December

31,

2025,

the

Fund

declared

net

long-term

capital

gain

distributions

of

$20,183,649.

14

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

Fund

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.

15

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Subject

to

the

general

supervision

of

the

Board

of

Trustees

(the

“Board”

or

“Trustees”)

and

in

accordance

with

the

investment

objectives

and

restrictions

of

each

separate

series

(each

a

“Fund,”

together,

the

“Funds”)

of

the

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

(the

“Trust”),

investment

advisory

services

are

provided

to

the

Funds

by

Allianz

Investment

Management

LLC

(the

“Manager”).

The

Manager

manages

each

Fund

pursuant

to

an

investment

management

agreement

(the

“Management

Agreement”)

with

the

Trust

in

respect

of

each

such

Fund.

The

Management

Agreement

provides

that

the

Manager,

subject

to

the

supervision

and

approval

of

the

Board,

is

responsible

for

the

management

of

each

Fund.

For

management

services,

each

Fund

pays

the

Manager

an

investment

advisory

fee

based

upon

each

Fund’s

average

daily

net

assets.

The

Manager

has

contractually

agreed

to

limit

the

expenses

of

each

Fund

by

reimbursing

the

Fund

if

and

when

total

Fund

operating

expenses

exceed

certain

amounts

until

at

least

April

30,

2027

(the

“Expense

Limitation

Agreement”).

In

reviewing

the

services

provided

by

the

Manager

and

the

terms

of

the

Management

Agreement,

the

Board

receives

and

reviews

information

related

to

the

Manager’s

experience

and

expertise

in

the

variable

insurance

marketplace.

In

addition,

the

Board

receives

information

regarding

the

Manager’s

expertise

with

regard

to

portfolio

diversification

and

asset

allocation

requirements

within

variable

insurance

products

issued

by

Allianz

Life

Insurance

Company

of

North

America

(“Allianz

Life”)

and

its

subsidiary,

Allianz

Life

Insurance

Company

of

New

York

(“Allianz

of

New

York”).

Currently,

the

Funds

are

offered

only

through

Allianz

Life

and

Allianz

of

New

York

variable

products,

and

not

in

the

retail

fund

market.

As

required

by

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Board

has

reviewed

and

approved

the

Management

Agreement

with

the

Manager.

The

Board’s

decision

to

approve

this

contract

reflects

the

exercise

of

its

business

judgment

on

whether

to

approve

new

arrangements

and

continue

the

existing

arrangements.

During

its

review

of

the

contract,

the

Board

considered

many

factors,

among

the

most

material

of

which

are:

the

Fund’s

investment

objectives

and

long-term

performance;

the

Manager’s

management

philosophy,

personnel,

processes

and

investment

performance,

including

its

compliance

history

and

the

adequacy

of

its

compliance

processes;

the

preferences

and

expectations

of

Fund

shareholders

(and

underlying

contract

owners)

and

their

relative

sophistication;

the

continuing

state

of

competition

in

the

mutual

fund

industry;

and

comparable

fees

in

the

mutual

fund

industry.

The

Board

also

considered

the

compensation

and

benefits

received

by

the

Manager.

This

includes

fees

received

for

services

provided

to

a

Fund

by

employees

of

the

Manager

or

of

affiliates

of

the

Manager

and

research

services

received

by

the

Manager

from

brokers

that

execute

Fund

trades,

as

well

as

advisory

fees.

The

Board

considered

the

fact

that:

(1)

the

Manager

and

the

Trust

are

parties

to

an

Administrative

Services

Agreement

and

a

Compliance

Services

Agreement,

under

which

the

Manager

is

compensated

by

the

Trust

for

performing

certain

administrative

and

compliance

services

including

providing

an

employee

of

the

Manager

or

one

of

its

affiliates

to

act

as

the

Trust’s

Chief

Compliance

Officer;

and

(2)

Allianz

Life

Financial

Services,

LLC,

an

affiliated

person

of

the

Manager,

is

a

registered

securities

broker-dealer

and

received

(along

with

its

affiliated

persons)

payments

made

by

the

underlying

funds

pursuant

to

Rule

12b

1.

The

Board

is

aware

that

various

courts

have

interpreted

provisions

of

the

1940

Act

and

have

indicated

in

their

decisions

that

the

following

factors

may

be

relevant

to

an

adviser’s

compensation:

the

nature,

extent

and

quality

of

the

services

provided

by

the

adviser,

including

the

performance

of

the

fund;

the

adviser’s

cost

of

providing

the

services;

the

extent

to

which

the

adviser

may

realize

“economies

of

scale”

as

the

fund

grows

larger;

any

indirect

benefits

that

may

accrue

to

the

adviser

and

its

affiliates

as

a

result

of

the

adviser’s

relationship

with

the

fund;

performance

and

expenses

of

comparable

funds;

the

profitability

of

acting

as

adviser

to

the

fund;

and

the

extent

to

which

the

independent

Board

members,

who

are

not

“interested

persons”

of

a

fund

as

defined

by

the

1940

Act

(“Independent

Trustees”),

are

fully

informed

about

all

facts

bearing

on

the

adviser’s

services

and

fees.

The

Board

is

aware

of

these

factors

and

takes

them

into

account

in

its

review

of

the

Management

Agreement

for

the

Funds.

Each

member

of

the

Board

considered

and

weighed

these

factors

in

light

of

his

or

her

experience

in

governing

the

Trust.

The

Board

is

assisted

in

its

deliberations

by

the

advice

of

independent

legal

counsel

to

the

Independent

Trustees

(“Independent

Trustee

Counsel”).

In

this

regard,

the

Board

requests

and

receives

a

significant

amount

of

information

about

the

Funds

and

the

Manager.

Some

of

this

information

is

provided

at

each

regular

meeting

of

the

Board;

additional

information

is

provided

in

connection

with

the

particular

meetings

at

which

the

Board’s

formal

review

of

the

Management

Agreement

occurs.

In

between

regularly

scheduled

meetings,

the

Board

may

receive

information

on

particular

matters

as

the

need

arises.

Thus,

the

Board’s

evaluation

of

the

Management

Agreement

is

informed

by

reports

covering

such

matters

as:

the

Manager’s

investment

philosophy,

personnel

and

processes,

and

the

Funds’

investment

performance

(in

absolute

terms

as

well

as

in

relationship

to

its

benchmark

and

certain

competitor

or

“peer

group”

funds).

In

connection

with

comparing

the

performance

of

each

Fund

versus

its

benchmark,

the

Board

receives

reports

on

the

extent

to

which

the

Fund’s

performance

may

be

attributed

to

various

applicable

factors,

such

as

asset

class

allocation

decisions

and

volatility

management

strategies,

if

applicable,

the

performance

of

the

underlying

funds,

rebalancing

decisions,

and

the

impact

of

cash

positions

and

Fund

fees

and

expenses.

The

Board

also

receives

reports

on

the

Funds’

expenses

(including

the

advisory

fee

itself

and

the

overall

expense

structure

of

the

Funds,

both

in

absolute

terms

and

relative

to

peer

group

and/or

competing

funds,

with

due

regard

for

the

Expense

Limitation

Agreement

and

additional

voluntary

expense

limitations);

the

use

and

allocation

of

any

brokerage

commissions

derived

from

trading

the

Funds’

portfolio

securities;

the

nature,

extent

and

quality

of

the

advisory

and

other

services

provided

to

the

Funds

by

the

Manager

and

its

affiliates;

compliance

and

audit

reports

concerning

the

Funds

and

the

companies

that

service

them;

and

relevant

developments

in

the

mutual

fund

industry

and

how

the

Funds

and/or

the

Manager

are

responding

to

them.

The

Board

also

receives

financial

information

about

the

Manager,

including

reports

on

the

compensation

and

benefits

the

Manager

derives

from

its

relationships

with

the

Funds.

These

reports

cover

not

only

the

fees

under

the

Management

Agreement,

but

also

the

fees,

if

any,

received

for

providing

other

services

to

the

Funds.

The

reports

also

discuss

any

indirect

or

“fall-out”

benefits

the

Manager

or

its

affiliates

may

derive

from

their

relationships

with

the

Funds.

The

Management

Agreement

was

most

recently

considered

at

Board

meetings

held

in

the

summer

and

fall

of

2025.

Information

relevant

to

the

approval

of

the

Management

Agreement

was

considered

at

Board

meetings

held

June

9

and

10,

2025,

and

September

23,

2025,

as

well

as

at

various

other

meetings

preceding

those

meetings.

Accordingly,

the

Management

Agreement

was

approved

by

the

Board

at

an

in-person

meeting

on

September

23,

2025.

At

such

meeting

the

Board

also

approved

the

Expense

Limitation

Agreement

between

the

Manager

and

the

Trust

for

the

period

ending

April

30,

2027.

In

connection

with

such

meetings,

the

Board

requested

and

evaluated

extensive

materials

from

the

Manager,

including

performance

and

expense

information

for

other

investment

companies

with

similar

investment

objectives

derived

from

data

compiled

by

an

independent

third-party

provider

and

other

sources

believed

to

be

reliable

by

the

Manager

and

the

Trustees.

Prior

to

voting,

the

Trustees

reviewed

the

proposed

approval

of

the

Management

Agreement

with

management

and

with

Independent

Trustee

Counsel

and

received

a

memorandum

from

such

counsel

discussing

the

legal

standards

for

their

consideration

of

the

proposed

approval.

The

Independent

Trustees

also

discussed

the

proposed

approval

in

private

sessions

with

Independent

Trustee

Counsel

at

which

no

representatives

of

the

Manager

were

present.

In

reaching

their

determinations

relating

to

the

approval

of

the

Management

Agreement,

in

respect

of

each

Fund,

each

member

of

the

Board

considered

all

factors

he

or

she

believed

relevant.

The

Board

based

its

decision

to

approve

16

the

Management

Agreement

on

the

totality

of

the

circumstances

and

relevant

factors,

and

with

a

view

to

past

and

future

long-term

considerations.

Not

all

of

the

factors

and

considerations

discussed

above

and

below

are

necessarily

relevant

to

every

Fund,

and

the

Board

did

not

assign

relative

weights

to

factors

discussed

herein

or

deem

any

one

or

group

of

them

to

be

controlling

in

and

of

themselves.

Form

N-CSR

filings

must

include

a

discussion

of

certain

factors

relating

to

the

selection

of

the

investment

adviser

and

the

approval

of

advisory

fees.

The

“factors”

enumerated

by

the

SEC

are

set

forth

below

in

italics,

as

well

as

the

Board’s

conclusions

regarding

such

factors:

(1)

The

nature,

extent

and

quality

of

services

provided

by

the

Manager.

The

Trustees

noted

that

the

Manager,

subject

to

the

oversight

of

the

Board,

administers

each

Fund’s

business

and

other

affairs.

The

Trustees

noted

that

the

Manager

also

provides

the

Trust

and

each

Fund

with

such

administrative

and

other

services

(exclusive

of,

and

in

addition

to,

any

such

services

provided

by

any

other

service

providers

retained

by

the

Trust

on

behalf

of

the

Funds)

and

executive

and

other

personnel

as

are

necessary

for

the

operation

of

the

Trust

and

the

Funds.

Except

for

the

Trust’s

Chief

Compliance

Officer

and

certain

compliance

staff,

the

Manager

pays

all

of

the

compensation

of

Trustees

and

officers

of

the

Trust

who

are

employees

of

the

Manager

or

its

affiliates.

The

Board

considered

the

scope

and

quality

of

services

provided

by

the

Manager

and

noted

that

the

scope

of

the

services

provided

has

continued

to

expand

as

a

result

of

regulatory

and

other

developments.

The

Board

noted,

for

example,

that

the

Manager

is

responsible

for

maintaining

and

monitoring

its

own

compliance

program,

and

this

compliance

program

has

been

continuously

refined

and

enhanced

in

light

of

new

regulatory

requirements.

The

Board

considered

the

capabilities

and

resources

which

the

Manager

has

dedicated

to

performing

services

on

behalf

of

the

Trust

and

its

Funds.

The

quality

of

administrative

and

other

services,

including

the

Manager’s

role

in

coordinating

the

activities

of

the

Trust’s

other

service

providers,

also

were

considered.

The

Board

concluded

that,

overall,

they

were

satisfied

with

the

nature,

extent

and

quality

of

services

provided

(and

expected

to

be

provided)

to

the

Trust

and

to

each

of

the

Funds

under

the

Management

Agreement.

(2)

The

investment

performance

of

the

Funds

and

the

Manager.

In

connection

with

every

quarterly

Board

meeting

and

the

summer

and

fall

2025

contract

review

process,

Trustees

received

extensive

information

on

the

performance

results

of

each

Fund.

This

included,

for

example,

performance

information

on

absolute

total

return,

performance

versus

the

appropriate

benchmark(s)

and

performance

versus

peer

groups

as

reported

by

Lipper,

the

contribution

to

performance

of

the

Manager’s

asset

class

allocation

decisions

and

volatility

management

strategies,

if

applicable,

the

performance

of

the

underlying

funds,

and

the

impact

on

performance

of

rebalancing

decisions,

cash

and

Fund

fees.

This

included

Lipper

performance

information

on

the

Funds

for

the

previous

quarter,

and

previous

one-,

three-

and

five-year

periods,

to

the

extent

available.

For

example,

in

connection

with

the

Board

meetings

held

June

9

and

10,

2025,

and

September

23,

2025,

the

Manager

reported

that,

for

the

five-year

period

ended

December

31,

2024,

three

Funds

were

in

the

top

40%,

three

were

in

the

middle

20%,

and

three

were

in

the

bottom

40%

of

their

respective

Lipper

peer

groups.

The

Manager

reported

that

for

the

three-year

period

ended

December

31,

2024,

four

Funds

were

in

the

top

40%,

three

were

in

the

middle

20%,

and

two

were

in

the

bottom

40%

of

their

respective

Lipper

peer

groups.

For

the

one-year

period

ended

December

31,

2024,

three

Funds

were

in

the

top

40%,

four

were

in

the

middle

20%,

and

two

were

in

the

bottom

40%

of

their

respective

Lipper

peer

groups.

The

Manager

also

reported

on

the

performance

of

the

MVP

Funds

compared

to

custom

managed-volatility

peer

groups.

For

the

five-year

period

ended

December

31,

2024,

six

Funds

were

in

the

top

40%

and

one

was

in

the

middle

20%

of

its

respective

custom

managed-volatility

peer

group.

For

the

three-year

period

ended

December

31,

2024,

seven

Funds

were

in

the

top

40%

of

their

respective

custom

managed-volatility

peer

groups.

For

the

one-year

period

ended

December

31,

2024,

three

Funds

were

in

the

top

40%,

one

was

in

the

middle

20%,

and

three

were

in

the

bottom

40%

of

their

respective

custom

managed-volatility

peer

groups.

The

Board

members

discussed

with

the

Manager

and

considered

the

impact

of

the

volatility

management

strategies

on

performance

in

different

market

environments,

where

applicable,

and

considered

whether

they

were

operating

as

intended.

The

Board

noted,

in

particular,

the

impact

on

longer-term

performance

of

certain

characteristics

of

the

Funds’

volatility

management

strategies

in

relation

to

volatility

experienced

as

a

result

of

the

COVID-19

pandemic,

and

that

relative

performance

had

improved

as

the

markets

stabilized.

At

the

Board

meeting

held

September

23,

2025,

the

Board

also

received

updated

performance

information

for

the

Funds,

including

updated

Lipper

peer

group

ranking

information,

for

various

periods

ending

June

30,

2025.

At

the

Board

meeting

held

September

23,

2025,

the

Trustees

determined

that

the

investment

performance

of

the

Funds

was

acceptable.

(3)

The

costs

of

services

to

be

provided

and

profits

to

be

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

the

Funds.

The

Board

considered

that

the

Manager

receives

an

advisory

fee

from

each

of

the

Funds.

The

Manager

reported

that

for

the

four

MVP

Index

Strategy

Funds,

the

advisory

fee

paid

was

in

the

37th

percentile

of

the

customized

peer

group.

The

Manager

reported

that

for

the

AZL

DFA

Multi-Strategy

Fund,

the

advisory

fee

paid

was

in

the

4th

percentile.

The

Manager

reported

that

for

the

AZL

Balanced

Index

Strategy

Fund,

the

advisory

fee

paid

was

in

the

1st

percentile

and

for

the

AZL

MVP

DFA

Multi-Strategy,

AZL

MVP

FIAM

Multi-Strategy,

and

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Funds,

the

advisory

fee

paid

was

in

the

2nd

percentile.

(A

lower

percentile

reflects

lower

fund

fees

and

is

better

for

fund

shareholders.)

Trustees

were

provided

with

information

on

the

total

expense

ratios

of

the

Funds

and

other

funds

in

the

customized

peer

groups,

and

the

Manager

reported

upon

the

challenges

in

making

peer

group

comparisons

for

the

Funds.

The

Board

further

considered

and

found

that

the

advisory

fee

paid

to

the

Manager

with

respect

to

each

Fund

was

based

on

services

provided

to

the

Fund

that

were

in

addition

to,

rather

than

duplicative

of,

the

services

provided

pursuant

to

the

advisory

agreements

for

the

underlying

funds

in

which

the

Fund

invests.

The

Manager

provided

information

concerning

the

profitability

of

the

Manager’s

investment

advisory

activities

for

the

period

from

2022

through

2024.

The

Board

recognized

that

it

is

difficult

to

make

comparisons

of

profitability

from

investment

company

advisory

agreements

because

comparative

information

is

not

generally

publicly

available

and

is

affected

by

numerous

factors,

including

the

structure

of

the

particular

adviser,

the

types

of

funds

it

manages,

its

business

mix,

numerous

assumptions

regarding

allocation

of

expenses

and

the

adviser’s

capital

structure

and

cost

of

capital.

In

considering

profitability

information,

the

Board

considered

the

possible

effect

of

certain

fall-out

benefits

to

the

Manager

and

its

affiliates.

The

Board

focused

on

profitability

of

the

Manager’s

relationships

with

the

Funds

before

taxes

and

distribution

expenses.

The

Board

recognized

that

the

Manager

should

earn

a

reasonable

level

of

profits

for

the

services

it

provides

to

each

Fund.

(4)

and

(5)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Funds

grow,

and

whether

fee

levels

reflect

these

economies

of

scale.

The

Board

noted

that

the

advisory

fee

schedules

for

the

Funds

do

not

contain

breakpoints

that

reduce

the

fee

rate

on

assets

above

specified

levels.

The

Board

recognized

that

breakpoints

may

be

an

appropriate

way

for

the

Manager

to

share

its

economies

of

scale,

if

any,

with

Funds

that

have

substantial

assets.

The

Board

found

there

was

no

uniform

methodology

for

establishing

breakpoints

that

give

effect

to

Fund-specific

services

provided

by

the

Manager.

The

Board

noted

that

in

the

fund

industry

as

a

whole,

as

well

as

among

funds

similar

to

the

Funds,

there

is

no

uniformity

or

pattern

in

the

fees

and

asset

levels

at

which

breakpoints

(if

any)

apply.

Depending

on

the

age,

size,

and

other

characteristics

of

a

particular

fund

and

its

manager’s

cost

structure,

different

conclusions

can

be

drawn

as

to

whether

there

are

economies

of

scale

to

be

realized

at

any

particular

level

of

assets,

notwithstanding

the

intuitive

conclusion

that

such

economies

exist,

or

will

be

realized

at

some

level

of

total

assets.

Moreover,

because

different

managers

have

different

cost

structures

and

service

models,

it

is

difficult

to

draw

meaningful

17

conclusions

from

the

breakpoints

that

may

have

been

adopted

by

other

funds.

The

Board

also

noted

that

the

advisory

agreements

for

many

funds

do

not

have

breakpoints

at

all,

or

if

breakpoints

exist,

they

may

be

at

asset

levels

significantly

greater

than

those

of

the

individual

Funds.

The

Board

noted

that

the

total

assets

in

all

of

the

Funds,

as

of

June

30,

2025,

were

approximately

$8

billion

and

that

the

largest

Fund,

the

AZL

MVP

Growth

Index

Strategy

Fund,

had

assets

of

approximately

$1.75

billion.

The

Board

noted

that

the

Manager

has

agreed

to

temporarily

limit

Fund

expenses

under

the

Expense

Limitation

Agreement,

which

has

the

effect

of

reducing

expenses

similar

to

implementation

of

advisory

fee

breakpoints.

The

Manager

has

committed

to

continue

to

consider

the

continuation

of

expense

limits

and/or

advisory

fee

breakpoints

as

Fund

assets

change.

The

Board

receives

quarterly

reports

on

the

level

of

Fund

assets.

The

Board

expects

to

continue

to

consider:

(a)

the

extent

to

which

economies

of

scale

have

been

realized,

and

(b)

whether

the

advisory

fee

should

be

modified,

either

in

connection

with

the

next

renewal

of

the

Management

Agreement

or

by

modifying

the

Expense

Limitation

Agreement,

to

reflect

such

economies

of

scale,

if

any.

Having

taken

these

factors

into

account,

the

Board

concluded

that

the

absence

of

breakpoints

in

the

Funds’

advisory

fee

rate

schedules

was

acceptable

under

each

Fund’s

circumstances.

In

conclusion,

after

full

consideration

of

the

above

factors,

as

well

as

such

other

factors

as

each

member

of

the

Board

considered

instructive

in

evaluating

the

Management

Agreement,

the

Board

concluded

that

the

advisory

fees

were

reasonable,

and

that

the

continuation

of

the

Management

Agreement

was

in

the

best

interest

of

the

Funds.

ANNRPT1225

02/26

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

Annual

Financial

Statements

and

Other

Information

December

31,

2025

Table

of

Contents

AZL®

DFA

Multi-Strategy

Fund

Financial

Statements

(Form

N-CSR

Item

7)

Schedule

of

Portfolio

Investments

Page

21

Statement

of

Assets

and

Liabilities

Page

22

Statement

of

Operations

Page

22

Statements

of

Changes

in

Net

Assets

Page

23

Financial

Highlights

Page

24

Notes

to

the

Financial

Statements

Page

25

Report

of

Independent

Registered

Public

Accounting

Firm

Page

30

Other

Federal

Income

Tax

Information

(Unaudited)

Page

31

Other

Information

(Form

N-CSR

Items

8-11)

(Unaudited)

Item

8.

Changes

in

and

Disagreements

with

Accountants

Page

32

Item

9.

Proxy

Disclosures

Page

32

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

Page

32

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Page

33

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

December

31,

2025

21

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

December

31,

2025

.

Shares

Value

Affiliated

Investment

Companies

(100.0%):

Domestic

Equity

Fund

(43.5%):

16,991,457

AZL

DFA

U.S.

Core

Equity

Fund

$

274,072,207

Fixed

Income

Fund

(39.8%):

25,707,711

AZL

Enhanced

Bond

Index

Fund

251,164,336

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(16.7%):

8,235,886

AZL

DFA

International

Core

Equity

Fund

$

105,254,627

Total

Affiliated

Investment

Companies

(Cost

$508,535,402)

630,491,170

Total

Investment

Securities

(Cost

$508,535,402

)

—

100.0%

(a)

630,491,170

Net

other

assets

(liabilities)

—

0.0%

†

(285,023)

Net

Assets

—

100.0%

$

630,206,147

(a)

See

Federal

Tax

Information

listed

in

t

he

Notes

to

the

Financial

Statements.

†

Represents

less

than

0.05%.

AZL

DFA

Multi-Strategy

Fund

22

See

accompanying

notes

to

the

financial

statements.

Statement

of

Assets

and

Liabilities

December

31,

2025

Statement

of

Operations

For

the

Year

Ended

December

31,

2025

Assets:

Investments

in

affiliates,

at

cost

$

508,535,402‌

aaa

aaa

Investments

in

affiliates,

at

value

$

630,491,170‌

Receivable

for

affiliated

investments

sold

92,470‌

Prepaid

expenses

2,913‌

Total

Assets

630,586,553‌

Liabilities:

Cash

overdraft

92,470‌

Payable

for

capital

shares

redeemed

207,040‌

Management

fees

payable

26,907‌

Administration

fees

payable

13,087‌

Custodian

fees

payable

2,859‌

Administrative

and

compliance

services

fees

payable

1,561‌

Transfer

agent

fees

payable

1,227‌

Trustee

fees

payable

3,974‌

Other

accrued

liabilities

31,281‌

Total

Liabilities

380,406‌

Commitments

and

contingent

liabilities^

Net

Assets

$

630,206,147‌

Net

Assets

Consist

of:

Paid-in

capital

$

453,853,318‌

Total

distributable

earnings

176,352,829‌

Net

Assets

$

630,206,147‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

45,168,010‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

13.95‌

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Investment

Income:

Dividends

from

affiliates

$

15,990,589‌

Dividends

from

non-affiliates

41‌

Total

Investment

Income

15,990,630‌

Expenses:

Management

fees

320,083‌

Administration

fees

85,561‌

Custodian

fees

20,250‌

Administrative

and

compliance

services

fees

19,115‌

Transfer

agent

fees

8,432‌

Trustee

fees

33,457‌

Professional

fees

42,835‌

Shareholder

reports

9,706‌

Other

expenses

14,002‌

Total

expenses

553,441‌

Net

Investment

Income/(Loss)

15,437,189‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments:

Net

realized

gains/(losses)

on

affiliated

underlying

funds

11,926,358‌

Net

realized

gains

distributions

from

affiliated

underlying

funds

28,271,084‌

Change

in

net

unrealized

appreciation/(depreciation)

on

affiliated

underlying

funds

33,735,843‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments

73,933,285‌

Change

in

Net

Assets

Resulting

From

Operations

$

89,370,474‌

AZL

DFA

Multi-Strategy

Fund

23

See

accompanying

notes

to

the

financial

statements.

Statements

of

Changes

in

Net

Assets

For

the

Year

Ended

December

31,

2025

For

the

Year

Ended

December

31,

2024

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

15,437,189‌

$

15,073,173‌

Net

realized

gains/(losses)

on

investments

40,197,442‌

59,310,456‌

Change

in

unrealized

appreciation/(depreciation)

on

investments

33,735,843‌

(13,677,087‌)

Change

in

net

assets

resulting

from

operations

89,370,474‌

60,706,542‌

Distributions

to

Shareholders:

Distributions

(40,301,333‌)

(9,399,757‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(40,301,333‌)

(9,399,757‌)

Capital

Transactions:

Proceeds

from

shares

issued

611,263‌

417,715‌

Proceeds

from

dividends

reinvested

40,301,333‌

9,399,757‌

Value

of

shares

redeemed

(120,259,470‌)

(119,155,650‌)

Change

in

net

assets

resulting

from

capital

transactions

(79,346,874‌)

(109,338,178‌)

Change

in

net

assets

(30,277,733‌)

(58,031,393‌)

Net

Assets:

Beginning

of

period

660,483,880‌

718,515,273‌

End

of

period

$

630,206,147‌

$

660,483,880‌

Share

Transactions:

Shares

issued

44,084‌

33,030‌

Dividends

reinvested

2,939,557‌

716,445‌

Shares

redeemed

(8,890,128‌)

(9,428,944‌)

Change

in

shares

(5,906,487‌)

(8,679,469‌)

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.)

24

See

accompanying

notes

to

the

financial

statements.

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$12.93

$12.02

$12.12

$15.44

$14.52

Investment

Activities:

Net

Investment

Income/(Loss)(a)

0.33

‌

0.27

‌

0.16

‌

0.29

‌

0.08

‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

1.60

‌

0.82

‌

1.27

‌

(2.10

)

1.89

‌

Total

from

Investment

Activities

1.93

‌

1.09

‌

1.43

‌

(1.81

)

1.97

‌

Distributions

to

Shareholders

From:

Net

Investment

Income

(0.38

)

(0.18

)

(0.37

)

(0.16

)

(0.25

)

Net

Realized

Gains

(0.53

)

—

‌

(1.16

)

(1.35

)

(0.80

)

Total

Dividends

(0.91

)

(0.18

)

(1.53

)

(1.51

)

(1.05

)

Net

Asset

Value,

End

of

Period

$13.95

$12.93

$12.02

$12.12

$15.44

Total

Return

(b)

15.03

%

9.04

%

13.22

%

(11.41

)%

13.81

%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$630,206

$660,484

$718,515

$723,314

$937,644

Net

Investment

Income/(Loss)

2.41

%

2.16

%

1.31

%

2.14

%

0.50

%

Expenses

Before

Reductions*(c)

0.09

%

0.08

%

0.08

%

0.08

%

0.07

%

Expenses

Net

of

Reductions*

0.09

%

0.08

%

0.08

%

0.08

%

0.07

%

Portfolio

Turnover

Rate

9

%

19

%

44

%

10

%

6

%

*

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)

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

December

31,

2025

25

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

year

ended December

31,

2025,

the

Fund

did

not

engage

in

any

Rule

17a-7

transactions.

AZL

DFA

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

26

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

assume

certain

expenses

of

the

Fund

to

limit

the

annual

expenses,

excluding

(i)

brokerage

expenses

(including

any

costs

incidental

to

transactions

in

portfolio

securities

or

instruments),

(ii)

acquired

fund

fees

and

expenses,

(iii)

taxes,

(iv)

interest

(including

borrowing

costs

and

dividend

expenses

on

securities

sold

short

and

overdraft

charges),

(v)

litigation

expenses

(including

litigation

to

which

the

Trust

or

the

Fund

may

be

a

party

and

indemnification

of

the

Trustees

and

officers

with

respect

thereto),

and

(vi)

other

extraordinary

or

non-routine

expenses

(including

expenses

arising

from

mergers,

acquisitions

or

similar

transactions

involving

the

Fund),

based

on

the

average

net

assets

of

the

Fund,

through

April

30,

2027.

Expenses

incurred

for

investment

advisory

and

management

services

are

reflected

on

the

Statement

of

Operations

as

“Management

fees.”

For

the

year

ended December

31,

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

year

are

reflected

on

the

Statement

of

Operations

as

“Recoupment

of

prior

expenses

reimbursed

by

the

Manager.”

At

December

31,

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

year

can

be

found

on

the

Statement

of

Operations,

as

applicable.

During

the

year

ended December

31,

2025,

there

were

no

such

waivers.

The

Manager

serves

as

the

investment

adviser

of the

underlying

funds

in

which

the

Fund

invests. At

December

31,

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

year

ended December

31,

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,

through

September

30,

2025, 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”

or

the

“Custodian”)

serves

as

the

Trust’s

custodian.

For

these

services

as

custodian,

the

Funds

pay

BNY

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

12/31/25

Shares

as

of

12/31/25

Dividend

Income

Net

Realized

Gains

Distributions

from

Affiliated

Underlying

Funds

AZL

DFA

International

Core

Equity

Fund

$

107,830,064‌

$

5,364,608‌

$

(35,059,221‌)

$

3,177,511‌

$

23,941,665‌

$

105,254,627‌

8,235,886‌

$

2,680,642‌

$

2,683,966‌

AZL

DFA

U.S.

Core

Equity

Fund

285,983,124‌

40,581,831‌

(65,557,255‌)

8,205,373‌

4,859,134‌

274,072,207‌

16,991,457‌

2,008,730‌

25,587,118‌

AZL

Enhanced

Bond

Index

Fund

267,018,997‌

11,484,715‌

(32,817,894‌)

543,474‌

4,935,044‌

251,164,336‌

25,707,711‌

11,301,217‌

—‌

$

660,832,185‌

$

57,431,154‌

$

(133,434,370‌)

$

11,926,358‌

$

33,735,843‌

$

630,491,170‌

$

15,990,589‌

$

28,271,084‌

AZL

DFA

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

27

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.

In

the

event

that

unobservable

inputs

are

used

when

determining

valuations,

the

securities

will

be

classified

as

Level

3

in

the

fair

value

hierarchy.

Altering

one

or

more

unobservable

inputs

may

result

in

a

significant

change

to

a

Level

3

security’s

fair

value

measurement.

When

determining

the

fair

value

of

securities,

some

of

the

factors

influencing

the

valuation

include:

the

nature

of

any

restrictions

on

disposition

of

the

securities;

assessment

of

the

general

liquidity

of

the

securities;

the

issuer’s

financial

condition

and

the

markets

in

which

it

does

business;

the

cost

of

the

investment;

the

size

of

the

holding

and

the

capitalization

of

the

issuer;

the

prices

of

any

recent

transactions

or

bids/offers

for

such

securities

or

any

comparable

securities;

and

any

other

information

deemed

reliable

by

the

Manager

regarding

the

issuer

or

the

markets

or

industry

in

which

it

operates. 

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

December

31,

2025

in

valuing

the

Fund's

investments

based

upon

the

three

levels

defined

above:

5.

Security

Purchases

and

Sales

For

the

year

ended December

31,

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

year

ended

December

31,

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

$

630,491,170

$

—

$

—

$

630,491,170

Total

Investment

Securities

$630,491,170

$—

$—

$630,491,170

Purchases

Sales

AZL

DFA

Multi-Strategy

Fund

$57,431,154

$133,434,370

AZL

DFA

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

28

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

a

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,

2025 is

$510,045,611.

The

gross

unrealized

appreciation/

(depreciation)

on

a

tax

basis is

as

follows:

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31,

2025 was

as

follows: 

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31,

2024 was

as

follows: 

At

December

31,

2025,

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 December

31,

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

officers

of

the

Trust,

as

listed

in

the

Trust’s

Statement

of

Additional

Information,

act

as

the

Fund’s

chief

operating

decision

maker

(“CODM”).

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

$120,445,559

Unrealized

depreciation

–

Net

unrealized

appreciation/(depreciation)

$120,445,559

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions(a)

AZL

DFA

Multi-Strategy

Fund

$16,882,854

$23,418,479

$40,301,333

(a)

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

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

$16,551,824

$39,355,446

$—

$120,445,559

$176,352,829

(a)

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

are

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales.

AZL

DFA

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

29

10.

Recent

Accounting

Pronouncements

During

the

reporting

period,

the

Fund

adopted

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

(“ASU

2023-09”).

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disclosure

of

income

taxes

paid

by

jurisdiction

if

the

quantitative

threshold

is

met.

The

Fund

did

not

pay

a

significant

amount

of

foreign

or

U.S.

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements. 

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.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

30

To

the

Board

of

Trustees

of

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

and

Shareholders

of

AZL

DFA

Multi-Strategy

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

portfolio

investments,

of

AZL

DFA

Multi-Strategy

Fund

(one

of

the

funds

constituting

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

2025,

the

related

statement

of

operations

for

the

year

ended

December

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

transfer

agent.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

New

York,

New

York

February

20,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Allianz

Variable

Insurance

Products

complex

since

2018.

31

Other

Federal

Income

Tax

Information

(Unaudited)

For

the

year

ended

December

31,

2025,

15.63%

of

the

total

ordinary

income

dividends

paid

by

the

Fund

qualify

for

the

corporate

dividends

received

deductions

available

to

corporate

shareholders.

During

the

year

ended

December

31,

2025,

the

Fund

declared

net

short-term

capital

gain

distributions

of

$368.

During

the

year

ended

December

31,

2025,

the

Fund

declared

net

long-term

capital

gain

distributions

of

$23,418,479.

32

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

Fund

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.

33

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Subject

to

the

general

supervision

of

the

Board

of

Trustees

(the

“Board”

or

“Trustees”)

and

in

accordance

with

the

investment

objectives

and

restrictions

of

each

separate

series

(each

a

“Fund,”

together,

the

“Funds”)

of

the

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

(the

“Trust”),

investment

advisory

services

are

provided

to

the

Funds

by

Allianz

Investment

Management

LLC

(the

“Manager”).

The

Manager

manages

each

Fund

pursuant

to

an

investment

management

agreement

(the

“Management

Agreement”)

with

the

Trust

in

respect

of

each

such

Fund.

The

Management

Agreement

provides

that

the

Manager,

subject

to

the

supervision

and

approval

of

the

Board,

is

responsible

for

the

management

of

each

Fund.

For

management

services,

each

Fund

pays

the

Manager

an

investment

advisory

fee

based

upon

each

Fund’s

average

daily

net

assets.

The

Manager

has

contractually

agreed

to

limit

the

expenses

of

each

Fund

by

reimbursing

the

Fund

if

and

when

total

Fund

operating

expenses

exceed

certain

amounts

until

at

least

April

30,

2027

(the

“Expense

Limitation

Agreement”).

In

reviewing

the

services

provided

by

the

Manager

and

the

terms

of

the

Management

Agreement,

the

Board

receives

and

reviews

information

related

to

the

Manager’s

experience

and

expertise

in

the

variable

insurance

marketplace.

In

addition,

the

Board

receives

information

regarding

the

Manager’s

expertise

with

regard

to

portfolio

diversification

and

asset

allocation

requirements

within

variable

insurance

products

issued

by

Allianz

Life

Insurance

Company

of

North

America

(“Allianz

Life”)

and

its

subsidiary,

Allianz

Life

Insurance

Company

of

New

York

(“Allianz

of

New

York”).

Currently,

the

Funds

are

offered

only

through

Allianz

Life

and

Allianz

of

New

York

variable

products,

and

not

in

the

retail

fund

market.

As

required

by

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Board

has

reviewed

and

approved

the

Management

Agreement

with

the

Manager.

The

Board’s

decision

to

approve

this

contract

reflects

the

exercise

of

its

business

judgment

on

whether

to

approve

new

arrangements

and

continue

the

existing

arrangements.

During

its

review

of

the

contract,

the

Board

considered

many

factors,

among

the

most

material

of

which

are:

the

Fund’s

investment

objectives

and

long-term

performance;

the

Manager’s

management

philosophy,

personnel,

processes

and

investment

performance,

including

its

compliance

history

and

the

adequacy

of

its

compliance

processes;

the

preferences

and

expectations

of

Fund

shareholders

(and

underlying

contract

owners)

and

their

relative

sophistication;

the

continuing

state

of

competition

in

the

mutual

fund

industry;

and

comparable

fees

in

the

mutual

fund

industry.

The

Board

also

considered

the

compensation

and

benefits

received

by

the

Manager.

This

includes

fees

received

for

services

provided

to

a

Fund

by

employees

of

the

Manager

or

of

affiliates

of

the

Manager

and

research

services

received

by

the

Manager

from

brokers

that

execute

Fund

trades,

as

well

as

advisory

fees.

The

Board

considered

the

fact

that:

(1)

the

Manager

and

the

Trust

are

parties

to

an

Administrative

Services

Agreement

and

a

Compliance

Services

Agreement,

under

which

the

Manager

is

compensated

by

the

Trust

for

performing

certain

administrative

and

compliance

services

including

providing

an

employee

of

the

Manager

or

one

of

its

affiliates

to

act

as

the

Trust’s

Chief

Compliance

Officer;

and

(2)

Allianz

Life

Financial

Services,

LLC,

an

affiliated

person

of

the

Manager,

is

a

registered

securities

broker-dealer

and

received

(along

with

its

affiliated

persons)

payments

made

by

the

underlying

funds

pursuant

to

Rule

12b

1.

The

Board

is

aware

that

various

courts

have

interpreted

provisions

of

the

1940

Act

and

have

indicated

in

their

decisions

that

the

following

factors

may

be

relevant

to

an

adviser’s

compensation:

the

nature,

extent

and

quality

of

the

services

provided

by

the

adviser,

including

the

performance

of

the

fund;

the

adviser’s

cost

of

providing

the

services;

the

extent

to

which

the

adviser

may

realize

“economies

of

scale”

as

the

fund

grows

larger;

any

indirect

benefits

that

may

accrue

to

the

adviser

and

its

affiliates

as

a

result

of

the

adviser’s

relationship

with

the

fund;

performance

and

expenses

of

comparable

funds;

the

profitability

of

acting

as

adviser

to

the

fund;

and

the

extent

to

which

the

independent

Board

members,

who

are

not

“interested

persons”

of

a

fund

as

defined

by

the

1940

Act

(“Independent

Trustees”),

are

fully

informed

about

all

facts

bearing

on

the

adviser’s

services

and

fees.

The

Board

is

aware

of

these

factors

and

takes

them

into

account

in

its

review

of

the

Management

Agreement

for

the

Funds.

Each

member

of

the

Board

considered

and

weighed

these

factors

in

light

of

his

or

her

experience

in

governing

the

Trust.

The

Board

is

assisted

in

its

deliberations

by

the

advice

of

independent

legal

counsel

to

the

Independent

Trustees

(“Independent

Trustee

Counsel”).

In

this

regard,

the

Board

requests

and

receives

a

significant

amount

of

information

about

the

Funds

and

the

Manager.

Some

of

this

information

is

provided

at

each

regular

meeting

of

the

Board;

additional

information

is

provided

in

connection

with

the

particular

meetings

at

which

the

Board’s

formal

review

of

the

Management

Agreement

occurs.

In

between

regularly

scheduled

meetings,

the

Board

may

receive

information

on

particular

matters

as

the

need

arises.

Thus,

the

Board’s

evaluation

of

the

Management

Agreement

is

informed

by

reports

covering

such

matters

as:

the

Manager’s

investment

philosophy,

personnel

and

processes,

and

the

Funds’

investment

performance

(in

absolute

terms

as

well

as

in

relationship

to

its

benchmark

and

certain

competitor

or

“peer

group”

funds).

In

connection

with

comparing

the

performance

of

each

Fund

versus

its

benchmark,

the

Board

receives

reports

on

the

extent

to

which

the

Fund’s

performance

may

be

attributed

to

various

applicable

factors,

such

as

asset

class

allocation

decisions

and

volatility

management

strategies,

if

applicable,

the

performance

of

the

underlying

funds,

rebalancing

decisions,

and

the

impact

of

cash

positions

and

Fund

fees

and

expenses.

The

Board

also

receives

reports

on

the

Funds’

expenses

(including

the

advisory

fee

itself

and

the

overall

expense

structure

of

the

Funds,

both

in

absolute

terms

and

relative

to

peer

group

and/or

competing

funds,

with

due

regard

for

the

Expense

Limitation

Agreement

and

additional

voluntary

expense

limitations);

the

use

and

allocation

of

any

brokerage

commissions

derived

from

trading

the

Funds’

portfolio

securities;

the

nature,

extent

and

quality

of

the

advisory

and

other

services

provided

to

the

Funds

by

the

Manager

and

its

affiliates;

compliance

and

audit

reports

concerning

the

Funds

and

the

companies

that

service

them;

and

relevant

developments

in

the

mutual

fund

industry

and

how

the

Funds

and/or

the

Manager

are

responding

to

them.

The

Board

also

receives

financial

information

about

the

Manager,

including

reports

on

the

compensation

and

benefits

the

Manager

derives

from

its

relationships

with

the

Funds.

These

reports

cover

not

only

the

fees

under

the

Management

Agreement,

but

also

the

fees,

if

any,

received

for

providing

other

services

to

the

Funds.

The

reports

also

discuss

any

indirect

or

“fall-out”

benefits

the

Manager

or

its

affiliates

may

derive

from

their

relationships

with

the

Funds.

The

Management

Agreement

was

most

recently

considered

at

Board

meetings

held

in

the

summer

and

fall

of

2025.

Information

relevant

to

the

approval

of

the

Management

Agreement

was

considered

at

Board

meetings

held

June

9

and

10,

2025,

and

September

23,

2025,

as

well

as

at

various

other

meetings

preceding

those

meetings.

Accordingly,

the

Management

Agreement

was

approved

by

the

Board

at

an

in-person

meeting

on

September

23,

2025.

At

such

meeting

the

Board

also

approved

the

Expense

Limitation

Agreement

between

the

Manager

and

the

Trust

for

the

period

ending

April

30,

2027.

In

connection

with

such

meetings,

the

Board

requested

and

evaluated

extensive

materials

from

the

Manager,

including

performance

and

expense

information

for

other

investment

companies

with

similar

investment

objectives

derived

from

data

compiled

by

an

independent

third-party

provider

and

other

sources

believed

to

be

reliable

by

the

Manager

and

the

Trustees.

Prior

to

voting,

the

Trustees

reviewed

the

proposed

approval

of

the

Management

Agreement

with

management

and

with

Independent

Trustee

Counsel

and

received

a

memorandum

from

such

counsel

discussing

the

legal

standards

for

their

consideration

of

the

proposed

approval.

The

Independent

Trustees

also

discussed

the

proposed

approval

in

private

sessions

with

Independent

Trustee

Counsel

at

which

no

representatives

of

the

Manager

were

present.

In

reaching

their

determinations

relating

to

the

approval

of

the

Management

Agreement,

in

respect

of

each

Fund,

each

member

of

the

Board

considered

all

factors

he

or

she

believed

relevant.

The

Board

based

its

decision

to

approve

34

the

Management

Agreement

on

the

totality

of

the

circumstances

and

relevant

factors,

and

with

a

view

to

past

and

future

long-term

considerations.

Not

all

of

the

factors

and

considerations

discussed

above

and

below

are

necessarily

relevant

to

every

Fund,

and

the

Board

did

not

assign

relative

weights

to

factors

discussed

herein

or

deem

any

one

or

group

of

them

to

be

controlling

in

and

of

themselves.

Form

N-CSR

filings

must

include

a

discussion

of

certain

factors

relating

to

the

selection

of

the

investment

adviser

and

the

approval

of

advisory

fees.

The

“factors”

enumerated

by

the

SEC

are

set

forth

below

in

italics,

as

well

as

the

Board’s

conclusions

regarding

such

factors:

(1)

The

nature,

extent

and

quality

of

services

provided

by

the

Manager.

The

Trustees

noted

that

the

Manager,

subject

to

the

oversight

of

the

Board,

administers

each

Fund’s

business

and

other

affairs.

The

Trustees

noted

that

the

Manager

also

provides

the

Trust

and

each

Fund

with

such

administrative

and

other

services

(exclusive

of,

and

in

addition

to,

any

such

services

provided

by

any

other

service

providers

retained

by

the

Trust

on

behalf

of

the

Funds)

and

executive

and

other

personnel

as

are

necessary

for

the

operation

of

the

Trust

and

the

Funds.

Except

for

the

Trust’s

Chief

Compliance

Officer

and

certain

compliance

staff,

the

Manager

pays

all

of

the

compensation

of

Trustees

and

officers

of

the

Trust

who

are

employees

of

the

Manager

or

its

affiliates.

The

Board

considered

the

scope

and

quality

of

services

provided

by

the

Manager

and

noted

that

the

scope

of

the

services

provided

has

continued

to

expand

as

a

result

of

regulatory

and

other

developments.

The

Board

noted,

for

example,

that

the

Manager

is

responsible

for

maintaining

and

monitoring

its

own

compliance

program,

and

this

compliance

program

has

been

continuously

refined

and

enhanced

in

light

of

new

regulatory

requirements.

The

Board

considered

the

capabilities

and

resources

which

the

Manager

has

dedicated

to

performing

services

on

behalf

of

the

Trust

and

its

Funds.

The

quality

of

administrative

and

other

services,

including

the

Manager’s

role

in

coordinating

the

activities

of

the

Trust’s

other

service

providers,

also

were

considered.

The

Board

concluded

that,

overall,

they

were

satisfied

with

the

nature,

extent

and

quality

of

services

provided

(and

expected

to

be

provided)

to

the

Trust

and

to

each

of

the

Funds

under

the

Management

Agreement.

(2)

The

investment

performance

of

the

Funds

and

the

Manager.

In

connection

with

every

quarterly

Board

meeting

and

the

summer

and

fall

2025

contract

review

process,

Trustees

received

extensive

information

on

the

performance

results

of

each

Fund.

This

included,

for

example,

performance

information

on

absolute

total

return,

performance

versus

the

appropriate

benchmark(s)

and

performance

versus

peer

groups

as

reported

by

Lipper,

the

contribution

to

performance

of

the

Manager’s

asset

class

allocation

decisions

and

volatility

management

strategies,

if

applicable,

the

performance

of

the

underlying

funds,

and

the

impact

on

performance

of

rebalancing

decisions,

cash

and

Fund

fees.

This

included

Lipper

performance

information

on

the

Funds

for

the

previous

quarter,

and

previous

one-,

three-

and

five-year

periods,

to

the

extent

available.

For

example,

in

connection

with

the

Board

meetings

held

June

9

and

10,

2025,

and

September

23,

2025,

the

Manager

reported

that,

for

the

five-year

period

ended

December

31,

2024,

three

Funds

were

in

the

top

40%,

three

were

in

the

middle

20%,

and

three

were

in

the

bottom

40%

of

their

respective

Lipper

peer

groups.

The

Manager

reported

that

for

the

three-year

period

ended

December

31,

2024,

four

Funds

were

in

the

top

40%,

three

were

in

the

middle

20%,

and

two

were

in

the

bottom

40%

of

their

respective

Lipper

peer

groups.

For

the

one-year

period

ended

December

31,

2024,

three

Funds

were

in

the

top

40%,

four

were

in

the

middle

20%,

and

two

were

in

the

bottom

40%

of

their

respective

Lipper

peer

groups.

The

Manager

also

reported

on

the

performance

of

the

MVP

Funds

compared

to

custom

managed-volatility

peer

groups.

For

the

five-year

period

ended

December

31,

2024,

six

Funds

were

in

the

top

40%

and

one

was

in

the

middle

20%

of

its

respective

custom

managed-volatility

peer

group.

For

the

three-year

period

ended

December

31,

2024,

seven

Funds

were

in

the

top

40%

of

their

respective

custom

managed-volatility

peer

groups.

For

the

one-year

period

ended

December

31,

2024,

three

Funds

were

in

the

top

40%,

one

was

in

the

middle

20%,

and

three

were

in

the

bottom

40%

of

their

respective

custom

managed-volatility

peer

groups.

The

Board

members

discussed

with

the

Manager

and

considered

the

impact

of

the

volatility

management

strategies

on

performance

in

different

market

environments,

where

applicable,

and

considered

whether

they

were

operating

as

intended.

The

Board

noted,

in

particular,

the

impact

on

longer-term

performance

of

certain

characteristics

of

the

Funds’

volatility

management

strategies

in

relation

to

volatility

experienced

as

a

result

of

the

COVID-19

pandemic,

and

that

relative

performance

had

improved

as

the

markets

stabilized.

At

the

Board

meeting

held

September

23,

2025,

the

Board

also

received

updated

performance

information

for

the

Funds,

including

updated

Lipper

peer

group

ranking

information,

for

various

periods

ending

June

30,

2025.

At

the

Board

meeting

held

September

23,

2025,

the

Trustees

determined

that

the

investment

performance

of

the

Funds

was

acceptable.

(3)

The

costs

of

services

to

be

provided

and

profits

to

be

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

the

Funds.

The

Board

considered

that

the

Manager

receives

an

advisory

fee

from

each

of

the

Funds.

The

Manager

reported

that

for

the

four

MVP

Index

Strategy

Funds,

the

advisory

fee

paid

was

in

the

37th

percentile

of

the

customized

peer

group.

The

Manager

reported

that

for

the

AZL

DFA

Multi-Strategy

Fund,

the

advisory

fee

paid

was

in

the

4th

percentile.

The

Manager

reported

that

for

the

AZL

Balanced

Index

Strategy

Fund,

the

advisory

fee

paid

was

in

the

1st

percentile

and

for

the

AZL

MVP

DFA

Multi-Strategy,

AZL

MVP

FIAM

Multi-Strategy,

and

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Funds,

the

advisory

fee

paid

was

in

the

2nd

percentile.

(A

lower

percentile

reflects

lower

fund

fees

and

is

better

for

fund

shareholders.)

Trustees

were

provided

with

information

on

the

total

expense

ratios

of

the

Funds

and

other

funds

in

the

customized

peer

groups,

and

the

Manager

reported

upon

the

challenges

in

making

peer

group

comparisons

for

the

Funds.

The

Board

further

considered

and

found

that

the

advisory

fee

paid

to

the

Manager

with

respect

to

each

Fund

was

based

on

services

provided

to

the

Fund

that

were

in

addition

to,

rather

than

duplicative

of,

the

services

provided

pursuant

to

the

advisory

agreements

for

the

underlying

funds

in

which

the

Fund

invests.

The

Manager

provided

information

concerning

the

profitability

of

the

Manager’s

investment

advisory

activities

for

the

period

from

2022

through

2024.

The

Board

recognized

that

it

is

difficult

to

make

comparisons

of

profitability

from

investment

company

advisory

agreements

because

comparative

information

is

not

generally

publicly

available

and

is

affected

by

numerous

factors,

including

the

structure

of

the

particular

adviser,

the

types

of

funds

it

manages,

its

business

mix,

numerous

assumptions

regarding

allocation

of

expenses

and

the

adviser’s

capital

structure

and

cost

of

capital.

In

considering

profitability

information,

the

Board

considered

the

possible

effect

of

certain

fall-out

benefits

to

the

Manager

and

its

affiliates.

The

Board

focused

on

profitability

of

the

Manager’s

relationships

with

the

Funds

before

taxes

and

distribution

expenses.

The

Board

recognized

that

the

Manager

should

earn

a

reasonable

level

of

profits

for

the

services

it

provides

to

each

Fund.

(4)

and

(5)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Funds

grow,

and

whether

fee

levels

reflect

these

economies

of

scale.

The

Board

noted

that

the

advisory

fee

schedules

for

the

Funds

do

not

contain

breakpoints

that

reduce

the

fee

rate

on

assets

above

specified

levels.

The

Board

recognized

that

breakpoints

may

be

an

appropriate

way

for

the

Manager

to

share

its

economies

of

scale,

if

any,

with

Funds

that

have

substantial

assets.

The

Board

found

there

was

no

uniform

methodology

for

establishing

breakpoints

that

give

effect

to

Fund-specific

services

provided

by

the

Manager.

The

Board

noted

that

in

the

fund

industry

as

a

whole,

as

well

as

among

funds

similar

to

the

Funds,

there

is

no

uniformity

or

pattern

in

the

fees

and

asset

levels

at

which

breakpoints

(if

any)

apply.

Depending

on

the

age,

size,

and

other

characteristics

of

a

particular

fund

and

its

manager’s

cost

structure,

different

conclusions

can

be

drawn

as

to

whether

there

are

economies

of

scale

to

be

realized

at

any

particular

level

of

assets,

notwithstanding

the

intuitive

conclusion

that

such

economies

exist,

or

will

be

realized

at

some

level

of

total

assets.

Moreover,

because

different

managers

have

different

cost

structures

and

service

models,

it

is

difficult

to

draw

meaningful

35

conclusions

from

the

breakpoints

that

may

have

been

adopted

by

other

funds.

The

Board

also

noted

that

the

advisory

agreements

for

many

funds

do

not

have

breakpoints

at

all,

or

if

breakpoints

exist,

they

may

be

at

asset

levels

significantly

greater

than

those

of

the

individual

Funds.

The

Board

noted

that

the

total

assets

in

all

of

the

Funds,

as

of

June

30,

2025,

were

approximately

$8

billion

and

that

the

largest

Fund,

the

AZL

MVP

Growth

Index

Strategy

Fund,

had

assets

of

approximately

$1.75

billion.

The

Board

noted

that

the

Manager

has

agreed

to

temporarily

limit

Fund

expenses

under

the

Expense

Limitation

Agreement,

which

has

the

effect

of

reducing

expenses

similar

to

implementation

of

advisory

fee

breakpoints.

The

Manager

has

committed

to

continue

to

consider

the

continuation

of

expense

limits

and/or

advisory

fee

breakpoints

as

Fund

assets

change.

The

Board

receives

quarterly

reports

on

the

level

of

Fund

assets.

The

Board

expects

to

continue

to

consider:

(a)

the

extent

to

which

economies

of

scale

have

been

realized,

and

(b)

whether

the

advisory

fee

should

be

modified,

either

in

connection

with

the

next

renewal

of

the

Management

Agreement

or

by

modifying

the

Expense

Limitation

Agreement,

to

reflect

such

economies

of

scale,

if

any.

Having

taken

these

factors

into

account,

the

Board

concluded

that

the

absence

of

breakpoints

in

the

Funds’

advisory

fee

rate

schedules

was

acceptable

under

each

Fund’s

circumstances.

In

conclusion,

after

full

consideration

of

the

above

factors,

as

well

as

such

other

factors

as

each

member

of

the

Board

considered

instructive

in

evaluating

the

Management

Agreement,

the

Board

concluded

that

the

advisory

fees

were

reasonable,

and

that

the

continuation

of

the

Management

Agreement

was

in

the

best

interest

of

the

Funds.

ANNRPT1225

02/26

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

Annual

Financial

Statements

and

Other

Information

December

31,

2025

Table

of

Contents

AZL®

MVP

Balanced

Index

Strategy

Fund

Financial

Statements

(Form

N-CSR

Item

7)

Schedule

of

Portfolio

Investments

Page

39

Statement

of

Assets

and

Liabilities

Page

40

Statement

of

Operations

Page

40

Statements

of

Changes

in

Net

Assets

Page

41

Financial

Highlights

Page

42

Notes

to

the

Financial

Statements

Page

43

Report

of

Independent

Registered

Public

Accounting

Firm

Page

49

Other

Federal

Income

Tax

Information

(Unaudited)

Page

50

Other

Information

(Form

N-CSR

Items

8-11)

(Unaudited)

Item

8.

Changes

in

and

Disagreements

with

Accountants

Page

51

Item

9.

Proxy

Disclosures

Page

51

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

Page

51

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Page

52

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

December

31,

2025

39

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

December

31,

2025

.

Shares

Value

Affiliated

Investment

Companies

(95.0%):

Domestic

Equity

Funds

(33.3%):

1,230,440

AZL

Mid

Cap

Index

Fund,

Class

2

$

20,203,827‌

8,410,078

AZL

S&P

500

Index

Fund,

Class

2

193,599,998‌

1,201,877

AZL

Small

Cap

Stock

Index

Fund,

Class

2

13,412,946‌

227,216,771‌

Fixed

Income

Fund

(47.6%):

33,192,592

AZL

Enhanced

Bond

Index

Fund

324,291,625‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(14.1%):

4,373,150

AZL

International

Index

Fund,

Class

2

$

95,771,982‌

Total

Affiliated

Investment

Companies

(Cost

$579,817,945)

647,280,378‌

Total

Investment

Securities

(Cost

$579,817,94

5

)

—

95.0%

(a)

647,280,378‌

Net

other

assets

(liabilities)

—

5.0%

33,872,806‌

Net

Assets

—

100.0%

$

681,153,184‌

(a)

See

Federal

Tax

Information

listed

in

the

Notes

to

the

Financial

Statements.

Futures

Contracts

At

December

31,

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

March

Futures

(U.S.

Dollar)

3/20/26

49

$

16,886,625‌

$

5,677‌

U.S.

Treasury

10-Year

Note

March

Futures

(U.S.

Dollar)

3/20/26

152

17,090,500‌

(146,576‌)

$

(140,899‌)

AZL

MVP

Balanced

Index

Strategy

Fund

40

See

accompanying

notes

to

the

financial

statements.

Statement

of

Assets

and

Liabilities

December

31,

2025

Statement

of

Operations

For

the

Year

Ended

December

31,

2025

Assets:

Investments

in

affiliates,

at

cost

$

579,817,945‌

aaa

aaa

Investments

in

affiliates,

at

value

$

647,280,378‌

Deposit

at

broker

for

futures

contracts

collateral

34,043,316‌

Interest

and

dividends

receivable

88,415‌

Receivable

for

capital

shares

issued

4,297‌

Receivable

for

affiliated

investments

sold

164,158‌

Prepaid

expenses

3,152‌

Total

Assets

681,583,716‌

Liabilities:

Cash

overdraft

164,158‌

Payable

for

capital

shares

redeemed

149,959‌

Management

fees

payable

58,142‌

Administration

fees

payable

13,713‌

Custodian

fees

payable

3,083‌

Administrative

and

compliance

services

fees

payable

1,693‌

Transfer

agent

fees

payable

1,232‌

Trustee

fees

payable

4,310‌

Other

accrued

liabilities

34,242‌

Total

Liabilities

430,532‌

Commitments

and

contingent

liabilities^

Net

Assets

$

681,153,184‌

Net

Assets

Consist

of:

Paid-in

capital

$

580,106,920‌

Total

distributable

earnings

101,046,264‌

Net

Assets

$

681,153,184‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

53,678,634‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

12.69‌

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Investment

Income:

Dividends

from

affiliates

$

19,399,388‌

Interest

1,081,876‌

Dividends

from

non-affiliates

279‌

Total

Investment

Income

20,481,543‌

Expenses:

Management

fees

697,855‌

Administration

fees

88,921‌

Custodian

fees

20,904‌

Administrative

and

compliance

services

fees

20,687‌

Transfer

agent

fees

8,381‌

Trustee

fees

36,041‌

Professional

fees

46,381‌

Shareholder

reports

10,677‌

Other

expenses

15,230‌

Total

expenses

945,077‌

Net

Investment

Income/(Loss)

19,536,466‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments:

Net

realized

gains/(losses)

on

affiliated

underlying

funds

8,942,062‌

Net

realized

gains

distributions

from

affiliated

underlying

funds

41,887,432‌

Net

realized

gains/(losses)

on

futures

contracts

(14,498,112‌)

Change

in

net

unrealized

appreciation/(depreciation)

on

affiliated

underlying

funds

13,803,205‌

Change

in

net

unrealized

appreciation/(depreciation)

on

futures

contracts

720,982‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments

50,855,569‌

Change

in

Net

Assets

Resulting

From

Operations

$

70,392,035‌

AZL

MVP

Balanced

Index

Strategy

Fund

41

See

accompanying

notes

to

the

financial

statements.

Statements

of

Changes

in

Net

Assets

For

the

Year

Ended

December

31,

2025

For

the

Year

Ended

December

31,

2024

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

19,536,466‌

$

19,786,375‌

Net

realized

gains/(losses)

on

investments

36,331,382‌

42,323,207‌

Change

in

unrealized

appreciation/(depreciation)

on

investments

14,524,187‌

182,080‌

Change

in

net

assets

resulting

from

operations

70,392,035‌

62,291,662‌

Distributions

to

Shareholders:

Distributions

(60,159,829‌)

(43,308,388‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(60,159,829‌)

(43,308,388‌)

Capital

Transactions:

Proceeds

from

shares

issued

3,505,227‌

2,013,371‌

Proceeds

from

dividends

reinvested

60,159,829‌

43,308,388‌

Value

of

shares

redeemed

(121,926,235‌)

(134,489,155‌)

Change

in

net

assets

resulting

from

capital

transactions

(58,261,179‌)

(89,167,396‌)

Change

in

net

assets

(48,028,973‌)

(70,184,122‌)

Net

Assets:

Beginning

of

period

729,182,157‌

799,366,279‌

End

of

period

$

681,153,184‌

$

729,182,157‌

Share

Transactions:

Shares

issued

278,46

4‌

158,934‌

Dividends

reinvested

4,801,26

4‌

3,394,074‌

Shares

redeemed

(9,553,693‌)

(10,559,502‌)

Change

in

shares

(4,473,96

5‌

)

(7,006,494‌)

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.)

42

See

accompanying

notes

to

the

financial

statements.

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$12.54

$12.27

$11.05

$14.38

$14.04

Investment

Activities:

Net

Investment

Income/(Loss)(a)

0

.36

‌

0

.33

‌

0

.21

‌

0

.16

‌

0

.11

‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0

.97

‌

0

.70

‌

1

.19

‌

(

2

.34

)

1

.26

‌

Total

from

Investment

Activities

1

.33

‌

1

.03

‌

1

.40

‌

(

2

.18

)

1

.37

‌

Distributions

to

Shareholders

From:

Net

Investment

Income

(

0

.39

)

(

0

.22

)

(

0

.06

)

(

0

.28

)

(

0

.26

)

Net

Realized

Gains

(

0

.79

)

(

0

.54

)

(

0

.12

)

(

0

.87

)

(

0

.77

)

Total

Dividends

(

1

.18

)

(

0

.76

)

(

0

.18

)

(

1

.15

)

(

1

.03

)

Net

Asset

Value,

End

of

Period

$12.69

$12.54

$12.27

$11.05

$14.38

Total

Return

(b)

10.70

%

8

.28

%

12.85

%

(

14.87

)

%

10.02

%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$681,153

$729,182

$799,366

$240,254

$324,718

Net

Investment

Income/(Loss)

2

.80

%

2

.56

%

1

.77

%

1

.30

%

0

.74

%

Expenses

Before

Reductions*(c)

0

.14

%

0

.14

%

0

.13

%

0

.14

%

0

.13

%

Expenses

Net

of

Reductions*

0

.14

%

0

.14

%

0

.13

%

0

.14

%

0

.13

%

Portfolio

Turnover

Rate

11

%

11

%

16

%

7

%

10

%

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

(a)

Calculated

using

the

average

shares

method.

(b)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(c)

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

December

31,

2025

43

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

year

ended December

31,

2025,

the

Fund

did

not

engage

in

any

Rule

17a-7

transactions.

AZL

MVP

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

44

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

year

ended December

31,

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

year

ended December

31,

2025,

the

monthly

average

notional

amount

for

long

contracts

was

$29.5

million,

and

the

monthly

average

notional

amount

for

short

contracts

was

$9.4

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

December

31,

2025: 

The

following

is

a

summary

of

the

effect

of

derivative

instruments

on

the

Statement

of

Operations,

categorized

by

risk

exposure,

for

the

year

ended December

31,

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

assume

certain

expenses

of

the

Fund

to

limit

the

annual

expenses,

excluding

(i)

brokerage

expenses

(including

any

costs

incidental

to

transactions

in

portfolio

securities

or

instruments),

(ii)

acquired

fund

fees

and

expenses,

(iii)

taxes,

(iv)

interest

(including

borrowing

costs

and

dividend

expenses

on

securities

sold

short

and

overdraft

charges),

(v)

litigation

expenses

(including

litigation

to

which

the

Trust

or

the

Fund

may

be

a

party

and

indemnification

of

the

Trustees

and

officers

with

respect

thereto),

and

(vi)

other

extraordinary

or

non-routine

expenses

(including

expenses

arising

from

mergers,

acquisitions

or

similar

transactions

involving

the

Fund),

based

on

the

average

net

assets

of

the

Fund,

through

April

30,

2027.

Expenses

incurred

for

investment

advisory

and

management

services

are

reflected

on

the

Statement

of

Operations

as

“Management

fees.”

For

the

year

ended December

31,

2025,

the

annual

management

fee rate

due

to

the

Manager

and

the

annual

expense

limit

were

as

follows:

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*

$5,677

Payable

for

variation

margin

on

futures

contracts*

$—

Interest

Rate

Risk

–

208,569

–

–

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$—

Payable

for

variation

margin

on

futures

contracts*

$146,576

*

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

$

(

14,937,941

)

$

577,275

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

$439,829

$143,707

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

December

31,

2025

45

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

year

are

reflected

on

the

Statement

of

Operations

as

“Recoupment

of

prior

expenses

reimbursed

by

the

Manager.”

At

December

31,

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

year

can

be

found

on

the

Statement

of

Operations,

as

applicable.

During

the

year

ended December

31,

2025,

there

were

no

such

waivers.

The

Manager

serves

as

the

investment

adviser

of the

underlying

funds

in

which

the

Fund

invests. At

December

31,

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

year

ended December

31,

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,

through

September

30,

2025,

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”

or

the

“Custodian”)

serves

as

the

Trust’s

custodian.

For

these

services

as

custodian,

the

Funds

pay

BNY

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)

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

/

(Losses)

Change

in

Net

Unrealized

Appreciation

/

(

Depreciation

)

Value

12/31/25

Shares

as

of

12/31/25

Dividend

Income

Net

Realized

Gains

Distributions

from

Affiliated

Underlying

Funds

AZL

Enhanced

Bond

Index

Fund

$

350,111,957‌

$

14,820,148‌

$

(47,978,954‌)

$

(4,797,657‌)

$

12,136,131‌

$

324,291,625‌

33,192,592‌

$

14,820,149‌

$

—‌

AZL

International

Index

Fund,

Class

2

100,108,056‌

3,371,269‌

(31,061,160‌)

4,719,457‌

18,634,360‌

95,771,982‌

4,373,150‌

2,325,532‌

1,045,737‌

AZL

Mid

Cap

Index

Fund,

Class

2

21,689,065‌

7,536,992‌

(4,597,789‌)

199,675‌

(4,624,116‌)

20,203,827‌

1,230,440‌

235,917‌

5,831,109‌

AZL

S&P

500

Index

Fund,

Class

2

206,817,218‌

47,472,999‌

(58,278,928‌)

8,620,177‌

(11,031,468‌)

193,599,998‌

8,410,078‌

1,843,754‌

33,095,257‌

AZL

Small

Cap

Stock

Index

Fund,

Class

2

14,443,473‌

3,361,566‌

(3,280,801‌)

200,410‌

(1,311,702‌)

13,412,946‌

1,201,877‌

174,036‌

1,915,329‌

$

693,169,769‌

$

76,562,974‌

$

(145,197,632‌)

$

8,942,062‌

$

13,803,205‌

$

647,280,378‌

$

19,399,388‌

$

41,887,432‌

AZL

MVP

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

46

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.

In

the

event

that

unobservable

inputs

are

used

when

determining

valuations,

the

securities

will

be

classified

as

Level

3

in

the

fair

value

hierarchy.

Altering

one

or

more

unobservable

inputs

may

result

in

a

significant

change

to

a

Level

3

security’s

fair

value

measurement.

When

determining

the

fair

value

of

securities,

some

of

the

factors

influencing

the

valuation

include:

the

nature

of

any

restrictions

on

disposition

of

the

securities;

assessment

of

the

general

liquidity

of

the

securities;

the

issuer’s

financial

condition

and

the

markets

in

which

it

does

business;

the

cost

of

the

investment;

the

size

of

the

holding

and

the

capitalization

of

the

issuer;

the

prices

of

any

recent

transactions

or

bids/offers

for

such

securities

or

any

comparable

securities;

and

any

other

information

deemed

reliable

by

the

Manager

regarding

the

issuer

or

the

markets

or

industry

in

which

it

operates. 

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

December

31,

2025

in

valuing

the

Fund’s

investments

based

upon

the

three

levels

defined

above:

5.

Security

Purchases

and

Sales

For

the

year

ended December

31,

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.

Investment

Securities:

Level

1

Level

2

Level

3

Total

Affiliated

Investment

Companies

$

647,280,378

$

—

$

—

$

647,280,378

Total

Investment

Securities

647,280,378

—

—

647,280,378

Other

Financial

Instruments:

*

Futures

Contracts

(140,899)

—

—

(140,899)

Total

Investments

$647,139,479

$—

$—

$647,139,479

*

Other

Financial

Instruments

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

$76,562,974

$145,197,632

AZL

MVP

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

47

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

a

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.

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,

2025 is

$584,742,472.

The

gross

unrealized

appreciation/

(depreciation)

on

a

tax

basis is

as

follows:

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31,

2025 was

as

follows: 

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31,

2024 was

as

follows: 

At

December

31,

2025,

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

December

31,

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.

Unrealized

appreciation

$63,994,482

Unrealized

depreciation

(1,456,576)

Net

unrealized

appreciation/(depreciation)

$62,537,906

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions(a)

AZL

MVP

Balanced

Index

Strategy

Fund

$41,742,294

$18,417,535

$60,159,829

(a)

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

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

$28,603,387

$41,373,204

$—

$62,537,906

$132,514,497

(a)

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

are

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

mark-to-market

of

futures

contracts

and

straddles.

AZL

MVP

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

48

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

officers

of

the

Trust,

as

listed

in

the

Trust’s

Statement

of

Additional

Information,

act

as

the

Fund’s

chief

operating

decision

maker

(“CODM”).

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.

Recent

Accounting

Pronouncements

During

the

reporting

period,

the

Fund

adopted

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

(“ASU

2023-09”).

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disclosure

of

income

taxes

paid

by

jurisdiction

if

the

quantitative

threshold

is

met.

The

Fund

did

not

pay

a

significant

amount

of

foreign

or

U.S.

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements. 

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.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

49

To

the

Board

of

Trustees

of

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

and

Shareholders

of

AZL

MVP

Balanced

Index

Strategy

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

portfolio

investments,

of

AZL

MVP

Balanced

Index

Strategy

Fund

(one

of

the

funds

constituting

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

2025,

the

related

statement

of

operations

for

the

year

ended

December

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

transfer

agent

and

broker.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

New

York,

New

York

February

20,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Allianz

Variable

Insurance

Products

complex

since

2018.

50

Other

Federal

Income

Tax

Information

(Unaudited)

For

the

year

ended

December

31,

2025,

36.15%

of

the

total

ordinary

income

dividends

paid

by

the

Fund

qualify

for

the

corporate

dividends

received

deductions

available

to

corporate

shareholders.

During

the

year

ended

December

31,

2025,

the

Fund

declared

net

short-term

capital

gain

distributions

of

$21,789,095.

During

the

year

ended

December

31,

2025,

the

Fund

declared

net

long-term

capital

gain

distributions

of

$18,417,535.

51

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

Fund

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.

52

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Subject

to

the

general

supervision

of

the

Board

of

Trustees

(the

“Board”

or

“Trustees”)

and

in

accordance

with

the

investment

objectives

and

restrictions

of

each

separate

series

(each

a

“Fund,”

together,

the

“Funds”)

of

the

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

(the

“Trust”),

investment

advisory

services

are

provided

to

the

Funds

by

Allianz

Investment

Management

LLC

(the

“Manager”).

The

Manager

manages

each

Fund

pursuant

to

an

investment

management

agreement

(the

“Management

Agreement”)

with

the

Trust

in

respect

of

each

such

Fund.

The

Management

Agreement

provides

that

the

Manager,

subject

to

the

supervision

and

approval

of

the

Board,

is

responsible

for

the

management

of

each

Fund.

For

management

services,

each

Fund

pays

the

Manager

an

investment

advisory

fee

based

upon

each

Fund’s

average

daily

net

assets.

The

Manager

has

contractually

agreed

to

limit

the

expenses

of

each

Fund

by

reimbursing

the

Fund

if

and

when

total

Fund

operating

expenses

exceed

certain

amounts

until

at

least

April

30,

2027

(the

“Expense

Limitation

Agreement”).

In

reviewing

the

services

provided

by

the

Manager

and

the

terms

of

the

Management

Agreement,

the

Board

receives

and

reviews

information

related

to

the

Manager’s

experience

and

expertise

in

the

variable

insurance

marketplace.

In

addition,

the

Board

receives

information

regarding

the

Manager’s

expertise

with

regard

to

portfolio

diversification

and

asset

allocation

requirements

within

variable

insurance

products

issued

by

Allianz

Life

Insurance

Company

of

North

America

(“Allianz

Life”)

and

its

subsidiary,

Allianz

Life

Insurance

Company

of

New

York

(“Allianz

of

New

York”).

Currently,

the

Funds

are

offered

only

through

Allianz

Life

and

Allianz

of

New

York

variable

products,

and

not

in

the

retail

fund

market.

As

required

by

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Board

has

reviewed

and

approved

the

Management

Agreement

with

the

Manager.

The

Board’s

decision

to

approve

this

contract

reflects

the

exercise

of

its

business

judgment

on

whether

to

approve

new

arrangements

and

continue

the

existing

arrangements.

During

its

review

of

the

contract,

the

Board

considered

many

factors,

among

the

most

material

of

which

are:

the

Fund’s

investment

objectives

and

long-term

performance;

the

Manager’s

management

philosophy,

personnel,

processes

and

investment

performance,

including

its

compliance

history

and

the

adequacy

of

its

compliance

processes;

the

preferences

and

expectations

of

Fund

shareholders

(and

underlying

contract

owners)

and

their

relative

sophistication;

the

continuing

state

of

competition

in

the

mutual

fund

industry;

and

comparable

fees

in

the

mutual

fund

industry.

The

Board

also

considered

the

compensation

and

benefits

received

by

the

Manager.

This

includes

fees

received

for

services

provided

to

a

Fund

by

employees

of

the

Manager

or

of

affiliates

of

the

Manager

and

research

services

received

by

the

Manager

from

brokers

that

execute

Fund

trades,

as

well

as

advisory

fees.

The

Board

considered

the

fact

that:

(1)

the

Manager

and

the

Trust

are

parties

to

an

Administrative

Services

Agreement

and

a

Compliance

Services

Agreement,

under

which

the

Manager

is

compensated

by

the

Trust

for

performing

certain

administrative

and

compliance

services

including

providing

an

employee

of

the

Manager

or

one

of

its

affiliates

to

act

as

the

Trust’s

Chief

Compliance

Officer;

and

(2)

Allianz

Life

Financial

Services,

LLC,

an

affiliated

person

of

the

Manager,

is

a

registered

securities

broker-dealer

and

received

(along

with

its

affiliated

persons)

payments

made

by

the

underlying

funds

pursuant

to

Rule

12b

1.

The

Board

is

aware

that

various

courts

have

interpreted

provisions

of

the

1940

Act

and

have

indicated

in

their

decisions

that

the

following

factors

may

be

relevant

to

an

adviser’s

compensation:

the

nature,

extent

and

quality

of

the

services

provided

by

the

adviser,

including

the

performance

of

the

fund;

the

adviser’s

cost

of

providing

the

services;

the

extent

to

which

the

adviser

may

realize

“economies

of

scale”

as

the

fund

grows

larger;

any

indirect

benefits

that

may

accrue

to

the

adviser

and

its

affiliates

as

a

result

of

the

adviser’s

relationship

with

the

fund;

performance

and

expenses

of

comparable

funds;

the

profitability

of

acting

as

adviser

to

the

fund;

and

the

extent

to

which

the

independent

Board

members,

who

are

not

“interested

persons”

of

a

fund

as

defined

by

the

1940

Act

(“Independent

Trustees”),

are

fully

informed

about

all

facts

bearing

on

the

adviser’s

services

and

fees.

The

Board

is

aware

of

these

factors

and

takes

them

into

account

in

its

review

of

the

Management

Agreement

for

the

Funds.

Each

member

of

the

Board

considered

and

weighed

these

factors

in

light

of

his

or

her

experience

in

governing

the

Trust.

The

Board

is

assisted

in

its

deliberations

by

the

advice

of

independent

legal

counsel

to

the

Independent

Trustees

(“Independent

Trustee

Counsel”).

In

this

regard,

the

Board

requests

and

receives

a

significant

amount

of

information

about

the

Funds

and

the

Manager.

Some

of

this

information

is

provided

at

each

regular

meeting

of

the

Board;

additional

information

is

provided

in

connection

with

the

particular

meetings

at

which

the

Board’s

formal

review

of

the

Management

Agreement

occurs.

In

between

regularly

scheduled

meetings,

the

Board

may

receive

information

on

particular

matters

as

the

need

arises.

Thus,

the

Board’s

evaluation

of

the

Management

Agreement

is

informed

by

reports

covering

such

matters

as:

the

Manager’s

investment

philosophy,

personnel

and

processes,

and

the

Funds’

investment

performance

(in

absolute

terms

as

well

as

in

relationship

to

its

benchmark

and

certain

competitor

or

“peer

group”

funds).

In

connection

with

comparing

the

performance

of

each

Fund

versus

its

benchmark,

the

Board

receives

reports

on

the

extent

to

which

the

Fund’s

performance

may

be

attributed

to

various

applicable

factors,

such

as

asset

class

allocation

decisions

and

volatility

management

strategies,

if

applicable,

the

performance

of

the

underlying

funds,

rebalancing

decisions,

and

the

impact

of

cash

positions

and

Fund

fees

and

expenses.

The

Board

also

receives

reports

on

the

Funds’

expenses

(including

the

advisory

fee

itself

and

the

overall

expense

structure

of

the

Funds,

both

in

absolute

terms

and

relative

to

peer

group

and/or

competing

funds,

with

due

regard

for

the

Expense

Limitation

Agreement

and

additional

voluntary

expense

limitations);

the

use

and

allocation

of

any

brokerage

commissions

derived

from

trading

the

Funds’

portfolio

securities;

the

nature,

extent

and

quality

of

the

advisory

and

other

services

provided

to

the

Funds

by

the

Manager

and

its

affiliates;

compliance

and

audit

reports

concerning

the

Funds

and

the

companies

that

service

them;

and

relevant

developments

in

the

mutual

fund

industry

and

how

the

Funds

and/or

the

Manager

are

responding

to

them.

The

Board

also

receives

financial

information

about

the

Manager,

including

reports

on

the

compensation

and

benefits

the

Manager

derives

from

its

relationships

with

the

Funds.

These

reports

cover

not

only

the

fees

under

the

Management

Agreement,

but

also

the

fees,

if

any,

received

for

providing

other

services

to

the

Funds.

The

reports

also

discuss

any

indirect

or

“fall-out”

benefits

the

Manager

or

its

affiliates

may

derive

from

their

relationships

with

the

Funds.

The

Management

Agreement

was

most

recently

considered

at

Board

meetings

held

in

the

summer

and

fall

of

2025.

Information

relevant

to

the

approval

of

the

Management

Agreement

was

considered

at

Board

meetings

held

June

9

and

10,

2025,

and

September

23,

2025,

as

well

as

at

various

other

meetings

preceding

those

meetings.

Accordingly,

the

Management

Agreement

was

approved

by

the

Board

at

an

in-person

meeting

on

September

23,

2025.

At

such

meeting

the

Board

also

approved

the

Expense

Limitation

Agreement

between

the

Manager

and

the

Trust

for

the

period

ending

April

30,

2027.

In

connection

with

such

meetings,

the

Board

requested

and

evaluated

extensive

materials

from

the

Manager,

including

performance

and

expense

information

for

other

investment

companies

with

similar

investment

objectives

derived

from

data

compiled

by

an

independent

third-party

provider

and

other

sources

believed

to

be

reliable

by

the

Manager

and

the

Trustees.

Prior

to

voting,

the

Trustees

reviewed

the

proposed

approval

of

the

Management

Agreement

with

management

and

with

Independent

Trustee

Counsel

and

received

a

memorandum

from

such

counsel

discussing

the

legal

standards

for

their

consideration

of

the

proposed

approval.

The

Independent

Trustees

also

discussed

the

proposed

approval

in

private

sessions

with

Independent

Trustee

Counsel

at

which

no

representatives

of

the

Manager

were

present.

In

reaching

their

determinations

relating

to

the

approval

of

the

Management

Agreement,

in

respect

of

each

Fund,

each

member

of

the

Board

considered

all

factors

he

or

she

believed

relevant.

The

Board

based

its

decision

to

approve

53

the

Management

Agreement

on

the

totality

of

the

circumstances

and

relevant

factors,

and

with

a

view

to

past

and

future

long-term

considerations.

Not

all

of

the

factors

and

considerations

discussed

above

and

below

are

necessarily

relevant

to

every

Fund,

and

the

Board

did

not

assign

relative

weights

to

factors

discussed

herein

or

deem

any

one

or

group

of

them

to

be

controlling

in

and

of

themselves.

Form

N-CSR

filings

must

include

a

discussion

of

certain

factors

relating

to

the

selection

of

the

investment

adviser

and

the

approval

of

advisory

fees.

The

“factors”

enumerated

by

the

SEC

are

set

forth

below

in

italics,

as

well

as

the

Board’s

conclusions

regarding

such

factors:

(1)

The

nature,

extent

and

quality

of

services

provided

by

the

Manager.

The

Trustees

noted

that

the

Manager,

subject

to

the

oversight

of

the

Board,

administers

each

Fund’s

business

and

other

affairs.

The

Trustees

noted

that

the

Manager

also

provides

the

Trust

and

each

Fund

with

such

administrative

and

other

services

(exclusive

of,

and

in

addition

to,

any

such

services

provided

by

any

other

service

providers

retained

by

the

Trust

on

behalf

of

the

Funds)

and

executive

and

other

personnel

as

are

necessary

for

the

operation

of

the

Trust

and

the

Funds.

Except

for

the

Trust’s

Chief

Compliance

Officer

and

certain

compliance

staff,

the

Manager

pays

all

of

the

compensation

of

Trustees

and

officers

of

the

Trust

who

are

employees

of

the

Manager

or

its

affiliates.

The

Board

considered

the

scope

and

quality

of

services

provided

by

the

Manager

and

noted

that

the

scope

of

the

services

provided

has

continued

to

expand

as

a

result

of

regulatory

and

other

developments.

The

Board

noted,

for

example,

that

the

Manager

is

responsible

for

maintaining

and

monitoring

its

own

compliance

program,

and

this

compliance

program

has

been

continuously

refined

and

enhanced

in

light

of

new

regulatory

requirements.

The

Board

considered

the

capabilities

and

resources

which

the

Manager

has

dedicated

to

performing

services

on

behalf

of

the

Trust

and

its

Funds.

The

quality

of

administrative

and

other

services,

including

the

Manager’s

role

in

coordinating

the

activities

of

the

Trust’s

other

service

providers,

also

were

considered.

The

Board

concluded

that,

overall,

they

were

satisfied

with

the

nature,

extent

and

quality

of

services

provided

(and

expected

to

be

provided)

to

the

Trust

and

to

each

of

the

Funds

under

the

Management

Agreement.

(2)

The

investment

performance

of

the

Funds

and

the

Manager.

In

connection

with

every

quarterly

Board

meeting

and

the

summer

and

fall

2025

contract

review

process,

Trustees

received

extensive

information

on

the

performance

results

of

each

Fund.

This

included,

for

example,

performance

information

on

absolute

total

return,

performance

versus

the

appropriate

benchmark(s)

and

performance

versus

peer

groups

as

reported

by

Lipper,

the

contribution

to

performance

of

the

Manager’s

asset

class

allocation

decisions

and

volatility

management

strategies,

if

applicable,

the

performance

of

the

underlying

funds,

and

the

impact

on

performance

of

rebalancing

decisions,

cash

and

Fund

fees.

This

included

Lipper

performance

information

on

the

Funds

for

the

previous

quarter,

and

previous

one-,

three-

and

five-year

periods,

to

the

extent

available.

For

example,

in

connection

with

the

Board

meetings

held

June

9

and

10,

2025,

and

September

23,

2025,

the

Manager

reported

that,

for

the

five-year

period

ended

December

31,

2024,

three

Funds

were

in

the

top

40%,

three

were

in

the

middle

20%,

and

three

were

in

the

bottom

40%

of

their

respective

Lipper

peer

groups.

The

Manager

reported

that

for

the

three-year

period

ended

December

31,

2024,

four

Funds

were

in

the

top

40%,

three

were

in

the

middle

20%,

and

two

were

in

the

bottom

40%

of

their

respective

Lipper

peer

groups.

For

the

one-year

period

ended

December

31,

2024,

three

Funds

were

in

the

top

40%,

four

were

in

the

middle

20%,

and

two

were

in

the

bottom

40%

of

their

respective

Lipper

peer

groups.

The

Manager

also

reported

on

the

performance

of

the

MVP

Funds

compared

to

custom

managed-volatility

peer

groups.

For

the

five-year

period

ended

December

31,

2024,

six

Funds

were

in

the

top

40%

and

one

was

in

the

middle

20%

of

its

respective

custom

managed-volatility

peer

group.

For

the

three-year

period

ended

December

31,

2024,

seven

Funds

were

in

the

top

40%

of

their

respective

custom

managed-volatility

peer

groups.

For

the

one-year

period

ended

December

31,

2024,

three

Funds

were

in

the

top

40%,

one

was

in

the

middle

20%,

and

three

were

in

the

bottom

40%

of

their

respective

custom

managed-volatility

peer

groups.

The

Board

members

discussed

with

the

Manager

and

considered

the

impact

of

the

volatility

management

strategies

on

performance

in

different

market

environments,

where

applicable,

and

considered

whether

they

were

operating

as

intended.

The

Board

noted,

in

particular,

the

impact

on

longer-term

performance

of

certain

characteristics

of

the

Funds’

volatility

management

strategies

in

relation

to

volatility

experienced

as

a

result

of

the

COVID-19

pandemic,

and

that

relative

performance

had

improved

as

the

markets

stabilized.

At

the

Board

meeting

held

September

23,

2025,

the

Board

also

received

updated

performance

information

for

the

Funds,

including

updated

Lipper

peer

group

ranking

information,

for

various

periods

ending

June

30,

2025.

At

the

Board

meeting

held

September

23,

2025,

the

Trustees

determined

that

the

investment

performance

of

the

Funds

was

acceptable.

(3)

The

costs

of

services

to

be

provided

and

profits

to

be

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

the

Funds.

The

Board

considered

that

the

Manager

receives

an

advisory

fee

from

each

of

the

Funds.

The

Manager

reported

that

for

the

four

MVP

Index

Strategy

Funds,

the

advisory

fee

paid

was

in

the

37th

percentile

of

the

customized

peer

group.

The

Manager

reported

that

for

the

AZL

DFA

Multi-Strategy

Fund,

the

advisory

fee

paid

was

in

the

4th

percentile.

The

Manager

reported

that

for

the

AZL

Balanced

Index

Strategy

Fund,

the

advisory

fee

paid

was

in

the

1st

percentile

and

for

the

AZL

MVP

DFA

Multi-Strategy,

AZL

MVP

FIAM

Multi-Strategy,

and

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Funds,

the

advisory

fee

paid

was

in

the

2nd

percentile.

(A

lower

percentile

reflects

lower

fund

fees

and

is

better

for

fund

shareholders.)

Trustees

were

provided

with

information

on

the

total

expense

ratios

of

the

Funds

and

other

funds

in

the

customized

peer

groups,

and

the

Manager

reported

upon

the

challenges

in

making

peer

group

comparisons

for

the

Funds.

The

Board

further

considered

and

found

that

the

advisory

fee

paid

to

the

Manager

with

respect

to

each

Fund

was

based

on

services

provided

to

the

Fund

that

were

in

addition

to,

rather

than

duplicative

of,

the

services

provided

pursuant

to

the

advisory

agreements

for

the

underlying

funds

in

which

the

Fund

invests.

The

Manager

provided

information

concerning

the

profitability

of

the

Manager’s

investment

advisory

activities

for

the

period

from

2022

through

2024.

The

Board

recognized

that

it

is

difficult

to

make

comparisons

of

profitability

from

investment

company

advisory

agreements

because

comparative

information

is

not

generally

publicly

available

and

is

affected

by

numerous

factors,

including

the

structure

of

the

particular

adviser,

the

types

of

funds

it

manages,

its

business

mix,

numerous

assumptions

regarding

allocation

of

expenses

and

the

adviser’s

capital

structure

and

cost

of

capital.

In

considering

profitability

information,

the

Board

considered

the

possible

effect

of

certain

fall-out

benefits

to

the

Manager

and

its

affiliates.

The

Board

focused

on

profitability

of

the

Manager’s

relationships

with

the

Funds

before

taxes

and

distribution

expenses.

The

Board

recognized

that

the

Manager

should

earn

a

reasonable

level

of

profits

for

the

services

it

provides

to

each

Fund.

(4)

and

(5)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Funds

grow,

and

whether

fee

levels

reflect

these

economies

of

scale.

The

Board

noted

that

the

advisory

fee

schedules

for

the

Funds

do

not

contain

breakpoints

that

reduce

the

fee

rate

on

assets

above

specified

levels.

The

Board

recognized

that

breakpoints

may

be

an

appropriate

way

for

the

Manager

to

share

its

economies

of

scale,

if

any,

with

Funds

that

have

substantial

assets.

The

Board

found

there

was

no

uniform

methodology

for

establishing

breakpoints

that

give

effect

to

Fund-specific

services

provided

by

the

Manager.

The

Board

noted

that

in

the

fund

industry

as

a

whole,

as

well

as

among

funds

similar

to

the

Funds,

there

is

no

uniformity

or

pattern

in

the

fees

and

asset

levels

at

which

breakpoints

(if

any)

apply.

Depending

on

the

age,

size,

and

other

characteristics

of

a

particular

fund

and

its

manager’s

cost

structure,

different

conclusions

can

be

drawn

as

to

whether

there

are

economies

of

scale

to

be

realized

at

any

particular

level

of

assets,

notwithstanding

the

intuitive

conclusion

that

such

economies

exist,

or

will

be

realized

at

some

level

of

total

assets.

Moreover,

because

different

managers

have

different

cost

structures

and

service

models,

it

is

difficult

to

draw

meaningful

54

conclusions

from

the

breakpoints

that

may

have

been

adopted

by

other

funds.

The

Board

also

noted

that

the

advisory

agreements

for

many

funds

do

not

have

breakpoints

at

all,

or

if

breakpoints

exist,

they

may

be

at

asset

levels

significantly

greater

than

those

of

the

individual

Funds.

The

Board

noted

that

the

total

assets

in

all

of

the

Funds,

as

of

June

30,

2025,

were

approximately

$8

billion

and

that

the

largest

Fund,

the

AZL

MVP

Growth

Index

Strategy

Fund,

had

assets

of

approximately

$1.75

billion.

The

Board

noted

that

the

Manager

has

agreed

to

temporarily

limit

Fund

expenses

under

the

Expense

Limitation

Agreement,

which

has

the

effect

of

reducing

expenses

similar

to

implementation

of

advisory

fee

breakpoints.

The

Manager

has

committed

to

continue

to

consider

the

continuation

of

expense

limits

and/or

advisory

fee

breakpoints

as

Fund

assets

change.

The

Board

receives

quarterly

reports

on

the

level

of

Fund

assets.

The

Board

expects

to

continue

to

consider:

(a)

the

extent

to

which

economies

of

scale

have

been

realized,

and

(b)

whether

the

advisory

fee

should

be

modified,

either

in

connection

with

the

next

renewal

of

the

Management

Agreement

or

by

modifying

the

Expense

Limitation

Agreement,

to

reflect

such

economies

of

scale,

if

any.

Having

taken

these

factors

into

account,

the

Board

concluded

that

the

absence

of

breakpoints

in

the

Funds’

advisory

fee

rate

schedules

was

acceptable

under

each

Fund’s

circumstances.

In

conclusion,

after

full

consideration

of

the

above

factors,

as

well

as

such

other

factors

as

each

member

of

the

Board

considered

instructive

in

evaluating

the

Management

Agreement,

the

Board

concluded

that

the

advisory

fees

were

reasonable,

and

that

the

continuation

of

the

Management

Agreement

was

in

the

best

interest

of

the

Funds.

ANNRPT1225

02/26

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

Annual

Financial

Statements

and

Other

Information

December

31,

2025

Table

of

Contents

AZL®

MVP

DFA

Multi-Strategy

Fund

Financial

Statements

(Form

N-CSR

Item

7)

Schedule

of

Portfolio

Investments

Page

58

Statement

of

Assets

and

Liabilities

Page

59

Statement

of

Operations

Page

59

Statements

of

Changes

in

Net

Assets

Page

60

Financial

Highlights

Page

61

Notes

to

the

Financial

Statements

Page

62

Report

of

Independent

Registered

Public

Accounting

Firm

Page

68

Other

Federal

Income

Tax

Information

(Unaudited)

Page

69

Other

Information

(Form

N-CSR

Items

8-11)

(Unaudited)

Item

8.

Changes

in

and

Disagreements

with

Accountants

Page

70

Item

9.

Proxy

Disclosures

Page

70

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

Page

70

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Page

71

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

December

31,

2025

58

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

December

31,

2025

.

Shares

Value

Affiliated

Investment

Companies

(95.1%):

Domestic

Equity

Fund

(40.5%):

30,317,963

AZL

DFA

U.S.

Core

Equity

Fund

$

489,028,742‌

Fixed

Income

Fund

(38.0%):

46,893,980

AZL

Enhanced

Bond

Index

Fund

458,154,186‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(16.6%):

15,707,877

AZL

DFA

International

Core

Equity

Fund

$

200,746,670‌

Total

Affiliated

Investment

Companies

(Cost

$1,000,434,698)

1,147,929,598‌

Total

Investment

Securities

(Cost

$1,000,434,698

)

—

95.1%

(a)

1,147,929,598‌

Net

other

assets

(liabilities)

—

4.9%

59,393,530‌

Net

Assets

—

100.0%

$

1,207,323,128‌

(a)

See

Federal

Tax

Information

listed

in

the

Notes

to

the

Financial

Statements.

Futures

Contracts

At

December

31,

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

March

Futures

(U.S.

Dollar)

3/20/26

104

$

35,841,000‌

$

12,993‌

U.S.

Treasury

10-Year

Note

March

Futures

(U.S.

Dollar)

3/20/26

215

24,174,063‌

(204,315‌)

$

(191,322‌)

AZL

MVP

DFA

Multi-Strategy

Fund

59

See

accompanying

notes

to

the

financial

statements.

Statement

of

Assets

and

Liabilities

December

31,

2025

Statement

of

Operations

For

the

Year

Ended

December

31,

2025

Assets:

Investments

in

affiliates,

at

cost

$

1,000,434,698‌

aaa

aaa

Investments

in

affiliates,

at

value

$

1,147,929,598‌

Deposit

at

broker

for

futures

contracts

collateral

60,400,192‌

Interest

and

dividends

receivable

156,801‌

Receivable

for

affiliated

investments

sold

1,148,033‌

Receivable

for

variation

margin

on

futures

contracts

2,362‌

Prepaid

expenses

5,570‌

Total

Assets

1,209,642,556‌

Liabilities:

Cash

overdraft

1,148,033‌

Payable

for

capital

shares

redeemed

977,541‌

Management

fees

payable

103,230‌

Administration

fees

payable

14,152‌

Custodian

fees

payable

5,053‌

Administrative

and

compliance

services

fees

payable

2,995‌

Transfer

agent

fees

payable

1,247‌

Trustee

fees

payable

7,626‌

Other

accrued

liabilities

59,551‌

Total

Liabilities

2,319,428‌

Commitments

and

contingent

liabilities^

Net

Assets

$

1,207,323,128‌

Net

Assets

Consist

of:

Paid-in

capital

$

992,713,548‌

Total

distributable

earnings

214,609,580‌

Net

Assets

$

1,207,323,128‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

104,023,484‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

11.61‌

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Investment

Income:

Dividends

from

affiliates

$

29,458,797‌

Interest

1,970,454‌

Dividends

from

non-affiliates

21‌

Total

Investment

Income

31,429,272‌

Expenses:

Management

fees

2,466,071‌

Administration

fees

88,566‌

Custodian

fees

35,628‌

Administrative

and

compliance

services

fees

34,993‌

Transfer

agent

fees

8,219‌

Trustee

fees

60,990‌

Professional

fees

78,428‌

Shareholder

reports

15,417‌

Other

expenses

26,002‌

Total

expenses

before

reductions

2,814,314‌

Less

Management

fees

contractually

waived

(1,233,036‌)

Net

expenses

1,581,278‌

Net

Investment

Income/(Loss)

29,847,994‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments:

Net

realized

gains/(losses)

on

affiliated

underlying

funds

19,866,448‌

Net

realized

gains

distributions

from

affiliated

underlying

funds

49,925,571‌

Net

realized

gains/(losses)

on

futures

contracts

(28,698,025‌)

Change

in

net

unrealized

appreciation/(depreciation)

on

affiliated

underlying

funds

65,923,715‌

Change

in

net

unrealized

appreciation/(depreciation)

on

futures

contracts

1,437,976‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments

108,455,685‌

Change

in

Net

Assets

Resulting

From

Operations

$

138,303,679‌

AZL

MVP

DFA

Multi-Strategy

Fund

60

See

accompanying

notes

to

the

financial

statements.

Statements

of

Changes

in

Net

Assets

For

the

Year

Ended

December

31,

2025

For

the

Year

Ended

December

31,

2024

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

29,847,994‌

$

30,600,577‌

Net

realized

gains/(losses)

on

investments

41,093,994‌

107,190,646‌

Change

in

unrealized

appreciation/(

depre

ciation)

on

investments

67,361,691‌

(18,804,513‌)

Change

in

net

assets

resulting

from

operations

138,303,679‌

118,986,710‌

Distributions

to

Shareholders:

Distributions

(134,057,498‌)

(58,176,909‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(134,057,498‌)

(58,176,909‌)

Capital

Transactions:

Proceeds

from

shares

issued

780,581‌

639,835‌

Proceeds

from

dividends

reinvested

134,057,498‌

58,176,909‌

Value

of

shares

redeemed

(223,651,213‌)

(241,540,534‌)

Change

in

net

assets

resulting

from

capital

transactions

(88,813,134‌)

(182,723,790‌)

Change

in

net

assets

(84,566,953‌)

(121,913,989‌)

Net

Assets:

Beginning

of

period

1,291,890,081‌

1,413,804,070‌

End

of

period

$

1,207,323,128‌

$

1,291,890,081‌

Share

Transactions:

Shares

issued

66,577‌

54,336‌

Dividends

reinvested

11,749,123‌

4,930,247‌

Shares

redeemed

(18,936,813‌)

(20,787,251‌)

Change

in

shares

(7,121,113‌)

(15,802,668‌)

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.)

61

See

accompanying

notes

to

the

financial

statements.

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$11.62

$11.14

$9.82

$12.21

$11.58

Investment

Activities:

Net

Investment

Income/(Loss)(a)

0

.29

‌

0

.26

‌

0

.14

‌

0

.23

‌

0

.05

‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

1

.08

‌

0

.74

‌

1

.21

‌

(

1

.69

)

1

.51

‌

Total

from

Investment

Activities

1

.37

‌

1

.00

‌

1

.35

‌

(

1

.46

)

1

.56

‌

Distributions

to

Shareholders

From:

Net

Investment

Income

(

0

.35

)

(

0

.14

)

(

0

.02

)

(

0

.11

)

(

0

.17

)

Net

Realized

Gains

(

1

.03

)

(

0

.38

)

(

0

.01

)

(

0

.82

)

(

0

.76

)

Total

Dividends

(

1

.38

)

(

0

.52

)

(

0

.03

)

(

0

.93

)

(

0

.93

)

Net

Asset

Value,

End

of

Period

$11.61

$11.62

$11.14

$9.82

$12.21

Total

Return

(b)

12.05

%

8

.95

%

13.69

%

(

11.76

)

%

13.74

%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$1,207,323

$1,291,890

$1,413,804

$78,423

$99,979

Net

Investment

Income/(Loss)

2

.42

%

2

.24

%

1

.38

%

2

.10

%

0

.42

%

Expenses

Before

Reductions*(c)

0

.23

%

0

.23

%

0

.23

%

0

.30

%

0

.29

%

Expenses

Net

of

Reductions*

0

.13

%

0

.13

%

0

.13

%

0

.15

%

0

.15

%

Portfolio

Turnover

Rate

9

%

20

%

18

%

11

%

13

%

*

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)

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

December

31,

2025

62

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

year

ended December

31,

2025,

the

Fund

did

not

engage

in

any

Rule

17a-7

transactions.

AZL

MVP

DFA

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

63

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

year

ended December

31,

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

year

ended December

31,

2025,

the

monthly

average

notional

amount

for

long

contracts

was

$54.0

million,

and

the

monthly

average

notional

amount

for

short

contracts

was

$18.2

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

December

31,

2025: 

The

following

is

a

summary

of

the

effect

of

derivative

instruments

on

the

Statement

of

Operations,

categorized

by

risk

exposure,

for

the

year

ended December

31,

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

assume

certain

expenses

of

the

Fund

to

limit

the

annual

expenses,

excluding

(i)

brokerage

expenses

(including

any

costs

incidental

to

transactions

in

portfolio

securities

or

instruments),

(ii)

acquired

fund

fees

and

expenses,

(iii)

taxes,

(iv)

interest

(including

borrowing

costs

and

dividend

expenses

on

securities

sold

short

and

overdraft

charges),

(v)

litigation

expenses

(including

litigation

to

which

the

Trust

or

the

Fund

may

be

a

party

and

indemnification

of

the

Trustees

and

officers

with

respect

thereto),

and

(vi)

other

extraordinary

or

non-routine

expenses

(including

expenses

arising

from

mergers,

acquisitions

or

similar

transactions

involving

the

Fund),

based

on

the

average

net

assets

of

the

Fund,

through

April

30,

2027.

Expenses

incurred

for

investment

advisory

and

management

services

are

reflected

on

the

Statement

of

Operations

as

“Management

fees.”

For

the

year

ended December

31,

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,

2027.

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*

$12,993

Payable

for

variation

margin

on

futures

contracts*

$—

Interest

Rate

Risk

–

326,956

–

–

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$—

Payable

for

variation

margin

on

futures

contracts*

$

204,315

*

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

$

(29

,

383

,

658

)

$

1

,

234

,

167

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

$685,633

$203,809

Annual

Rate*

Annual

Expense

Limit

AZL

MVP

DFA

Multi-Strategy

Fund

0.20%

0.15%

AZL

MVP

DFA

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

64

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

year

are

reflected

on

the

Statement

of

Operations

as

“Recoupment

of

prior

expenses

reimbursed

by

the

Manager.”

At

December

31,

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

year

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

December

31,

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

year

ended December

31,

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,

through

September

30,

2025,

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”

or

the

“Custodian”)

serves

as

the

Trust’s

custodian.

For

these

services

as

custodian,

the

Funds

pay

BNY

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

12/31/25

Shares

as

of

12/31/25

Dividend

Income

Net

Realized

Gains

Distributions

from

Affiliated

Underlying

Funds

AZL

DFA

International

Core

Equity

Fund

$

210,253,639‌

$

9,948,797‌

$

(72,015,487‌)

$

6,606,067‌

$

45,953,654‌

$

200,746,670‌

15,707,877‌

$

4,971,316‌

$

4,977,481‌

AZL

DFA

U.S.

Core

Equity

Fund

521,652,873‌

72,288,425‌

(127,889,416‌)

13,322,404‌

9,654,456‌

489,028,742‌

30,317,963‌

3,528,674‌

44,948,090‌

AZL

Enhanced

Bond

Index

Fund

496,168,465‌

20,958,807‌

(69,226,668‌)

(62,023‌)

10,315,605‌

458,154,186‌

46,893,980‌

20,958,807‌

—‌

$

1,228,074,977‌

$

103,196,029‌

$

(269,131,571‌)

$

19,866,448‌

$

65,923,715‌

$

1,147,929,598‌

$

29,458,797‌

$

49,925,571‌

AZL

MVP

DFA

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

65

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.

In

the

event

that

unobservable

inputs

are

used

when

determining

valuations,

the

securities

will

be

classified

as

Level

3

in

the

fair

value

hierarchy.

Altering

one

or

more

unobservable

inputs

may

result

in

a

significant

change

to

a

Level

3

security’s

fair

value

measurement.

When

determining

the

fair

value

of

securities,

some

of

the

factors

influencing

the

valuation

include:

the

nature

of

any

restrictions

on

disposition

of

the

securities;

assessment

of

the

general

liquidity

of

the

securities;

the

issuer’s

financial

condition

and

the

markets

in

which

it

does

business;

the

cost

of

the

investment;

the

size

of

the

holding

and

the

capitalization

of

the

issuer;

the

prices

of

any

recent

transactions

or

bids/offers

for

such

securities

or

any

comparable

securities;

and

any

other

information

deemed

reliable

by

the

Manager

regarding

the

issuer

or

the

markets

or

industry

in

which

it

operates. 

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

December

31,

2025

in

valuing

the

Fund’s

investments

based

upon

the

three

levels

defined

above:

5.

Security

Purchases

and

Sales

For

the

year

ended December

31,

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.

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

a

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

$

1,147,929,598

$

—

$

—

$

1,147,929,598

Total

Investment

Securities

1,147,929,598

—

—

1,147,929,598

Other

Financial

Instruments:

*

Futures

Contracts

(191,322)

—

—

(191,322)

Total

Investments

$1,147,738,276

$—

$—

$1,147,738,276

*

Other

Financial

Instruments

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

$103,196,029

$269,131,571

AZL

MVP

DFA

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

66

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,

2025 is

$1,002,808,949.

The

gross

unrealized

appreciation/

(depreciation)

on

a

tax

basis is

as

follows:

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31,

2025 was

as

follows: 

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31,

2024 was

as

follows: 

At

December

31,

2025,

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

December

31,

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

December

31,

2025,

the

Fund

had

a

controlling

interest

(in

excess

of

50%)

in

the

AZL

DFA

International

Core

Equity

Fund

and

the

AZL

DFA

U.S.

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

officers

of

the

Trust,

as

listed

in

the

Trust’s

Statement

of

Additional

Information,

act

as

the

Fund’s

chief

operating

decision

maker

(“CODM”).

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

$145,120,649

Unrealized

depreciation

–

Net

unrealized

appreciation/(depreciation)

$145,120,649

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions(a)

AZL

MVP

DFA

Multi-Strategy

Fund

$64,539,698

$69,517,800

$134,057,498

(a)

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

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

$45,505,475

$54,347,617

$—

$145,120,649

$244,973,741

(a)

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

are

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

mark-to-market

of

futures

contracts

and

straddles.

AZL

MVP

DFA

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

67

10.

Recent

Accounting

Pronouncements

During

the

reporting

period,

the

Fund

adopted

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

(“ASU

2023-09”).

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disclosure

of

income

taxes

paid

by

jurisdiction

if

the

quantitative

threshold

is

met.

The

Fund

did

not

pay

a

significant

amount

of

foreign

or

U.S.

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements. 

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.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

68

To

the

Board

of

Trustees

of

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

and

Shareholders

of

AZL

MVP

DFA

Multi-Strategy

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

portfolio

investments,

of

AZL

MVP

DFA

Multi-Strategy

Fund

(one

of

the

funds

constituting

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

2025,

the

related

statement

of

operations

for

the

year

ended

December

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

transfer

agent

and

broker.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

New

York,

New

York

February

20,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Allianz

Variable

Insurance

Products

complex

since

2018.

69

Other

Federal

Income

Tax

Information

(Unaudited)

For

the

year

ended

December

31,

2025,

9.07%

of

the

total

ordinary

income

dividends

paid

by

the

Fund

qualify

for

the

corporate

dividends

received

deductions

available

to

corporate

shareholders.

During

the

year

ended

December

31,

2025,

the

Fund

declared

net

short-term

capital

gain

distributions

of

$30,443,155.

During

the

year

ended

December

31,

2025,

the

Fund

declared

net

long-term

capital

gain

distributions

of

$69,517,800.

70

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

Fund

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.

71

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Subject

to

the

general

supervision

of

the

Board

of

Trustees

(the

“Board”

or

“Trustees”)

and

in

accordance

with

the

investment

objectives

and

restrictions

of

each

separate

series

(each

a

“Fund,”

together,

the

“Funds”)

of

the

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

(the

“Trust”),

investment

advisory

services

are

provided

to

the

Funds

by

Allianz

Investment

Management

LLC

(the

“Manager”).

The

Manager

manages

each

Fund

pursuant

to

an

investment

management

agreement

(the

“Management

Agreement”)

with

the

Trust

in

respect

of

each

such

Fund.

The

Management

Agreement

provides

that

the

Manager,

subject

to

the

supervision

and

approval

of

the

Board,

is

responsible

for

the

management

of

each

Fund.

For

management

services,

each

Fund

pays

the

Manager

an

investment

advisory

fee

based

upon

each

Fund’s

average

daily

net

assets.

The

Manager

has

contractually

agreed

to

limit

the

expenses

of

each

Fund

by

reimbursing

the

Fund

if

and

when

total

Fund

operating

expenses

exceed

certain

amounts

until

at

least

April

30,

2027

(the

“Expense

Limitation

Agreement”).

In

reviewing

the

services

provided

by

the

Manager

and

the

terms

of

the

Management

Agreement,

the

Board

receives

and

reviews

information

related

to

the

Manager’s

experience

and

expertise

in

the

variable

insurance

marketplace.

In

addition,

the

Board

receives

information

regarding

the

Manager’s

expertise

with

regard

to

portfolio

diversification

and

asset

allocation

requirements

within

variable

insurance

products

issued

by

Allianz

Life

Insurance

Company

of

North

America

(“Allianz

Life”)

and

its

subsidiary,

Allianz

Life

Insurance

Company

of

New

York

(“Allianz

of

New

York”).

Currently,

the

Funds

are

offered

only

through

Allianz

Life

and

Allianz

of

New

York

variable

products,

and

not

in

the

retail

fund

market.

As

required

by

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Board

has

reviewed

and

approved

the

Management

Agreement

with

the

Manager.

The

Board’s

decision

to

approve

this

contract

reflects

the

exercise

of

its

business

judgment

on

whether

to

approve

new

arrangements

and

continue

the

existing

arrangements.

During

its

review

of

the

contract,

the

Board

considered

many

factors,

among

the

most

material

of

which

are:

the

Fund’s

investment

objectives

and

long-term

performance;

the

Manager’s

management

philosophy,

personnel,

processes

and

investment

performance,

including

its

compliance

history

and

the

adequacy

of

its

compliance

processes;

the

preferences

and

expectations

of

Fund

shareholders

(and

underlying

contract

owners)

and

their

relative

sophistication;

the

continuing

state

of

competition

in

the

mutual

fund

industry;

and

comparable

fees

in

the

mutual

fund

industry.

The

Board

also

considered

the

compensation

and

benefits

received

by

the

Manager.

This

includes

fees

received

for

services

provided

to

a

Fund

by

employees

of

the

Manager

or

of

affiliates

of

the

Manager

and

research

services

received

by

the

Manager

from

brokers

that

execute

Fund

trades,

as

well

as

advisory

fees.

The

Board

considered

the

fact

that:

(1)

the

Manager

and

the

Trust

are

parties

to

an

Administrative

Services

Agreement

and

a

Compliance

Services

Agreement,

under

which

the

Manager

is

compensated

by

the

Trust

for

performing

certain

administrative

and

compliance

services

including

providing

an

employee

of

the

Manager

or

one

of

its

affiliates

to

act

as

the

Trust’s

Chief

Compliance

Officer;

and

(2)

Allianz

Life

Financial

Services,

LLC,

an

affiliated

person

of

the

Manager,

is

a

registered

securities

broker-dealer

and

received

(along

with

its

affiliated

persons)

payments

made

by

the

underlying

funds

pursuant

to

Rule

12b

1.

The

Board

is

aware

that

various

courts

have

interpreted

provisions

of

the

1940

Act

and

have

indicated

in

their

decisions

that

the

following

factors

may

be

relevant

to

an

adviser’s

compensation:

the

nature,

extent

and

quality

of

the

services

provided

by

the

adviser,

including

the

performance

of

the

fund;

the

adviser’s

cost

of

providing

the

services;

the

extent

to

which

the

adviser

may

realize

“economies

of

scale”

as

the

fund

grows

larger;

any

indirect

benefits

that

may

accrue

to

the

adviser

and

its

affiliates

as

a

result

of

the

adviser’s

relationship

with

the

fund;

performance

and

expenses

of

comparable

funds;

the

profitability

of

acting

as

adviser

to

the

fund;

and

the

extent

to

which

the

independent

Board

members,

who

are

not

“interested

persons”

of

a

fund

as

defined

by

the

1940

Act

(“Independent

Trustees”),

are

fully

informed

about

all

facts

bearing

on

the

adviser’s

services

and

fees.

The

Board

is

aware

of

these

factors

and

takes

them

into

account

in

its

review

of

the

Management

Agreement

for

the

Funds.

Each

member

of

the

Board

considered

and

weighed

these

factors

in

light

of

his

or

her

experience

in

governing

the

Trust.

The

Board

is

assisted

in

its

deliberations

by

the

advice

of

independent

legal

counsel

to

the

Independent

Trustees

(“Independent

Trustee

Counsel”).

In

this

regard,

the

Board

requests

and

receives

a

significant

amount

of

information

about

the

Funds

and

the

Manager.

Some

of

this

information

is

provided

at

each

regular

meeting

of

the

Board;

additional

information

is

provided

in

connection

with

the

particular

meetings

at

which

the

Board’s

formal

review

of

the

Management

Agreement

occurs.

In

between

regularly

scheduled

meetings,

the

Board

may

receive

information

on

particular

matters

as

the

need

arises.

Thus,

the

Board’s

evaluation

of

the

Management

Agreement

is

informed

by

reports

covering

such

matters

as:

the

Manager’s

investment

philosophy,

personnel

and

processes,

and

the

Funds’

investment

performance

(in

absolute

terms

as

well

as

in

relationship

to

its

benchmark

and

certain

competitor

or

“peer

group”

funds).

In

connection

with

comparing

the

performance

of

each

Fund

versus

its

benchmark,

the

Board

receives

reports

on

the

extent

to

which

the

Fund’s

performance

may

be

attributed

to

various

applicable

factors,

such

as

asset

class

allocation

decisions

and

volatility

management

strategies,

if

applicable,

the

performance

of

the

underlying

funds,

rebalancing

decisions,

and

the

impact

of

cash

positions

and

Fund

fees

and

expenses.

The

Board

also

receives

reports

on

the

Funds’

expenses

(including

the

advisory

fee

itself

and

the

overall

expense

structure

of

the

Funds,

both

in

absolute

terms

and

relative

to

peer

group

and/or

competing

funds,

with

due

regard

for

the

Expense

Limitation

Agreement

and

additional

voluntary

expense

limitations);

the

use

and

allocation

of

any

brokerage

commissions

derived

from

trading

the

Funds’

portfolio

securities;

the

nature,

extent

and

quality

of

the

advisory

and

other

services

provided

to

the

Funds

by

the

Manager

and

its

affiliates;

compliance

and

audit

reports

concerning

the

Funds

and

the

companies

that

service

them;

and

relevant

developments

in

the

mutual

fund

industry

and

how

the

Funds

and/or

the

Manager

are

responding

to

them.

The

Board

also

receives

financial

information

about

the

Manager,

including

reports

on

the

compensation

and

benefits

the

Manager

derives

from

its

relationships

with

the

Funds.

These

reports

cover

not

only

the

fees

under

the

Management

Agreement,

but

also

the

fees,

if

any,

received

for

providing

other

services

to

the

Funds.

The

reports

also

discuss

any

indirect

or

“fall-out”

benefits

the

Manager

or

its

affiliates

may

derive

from

their

relationships

with

the

Funds.

The

Management

Agreement

was

most

recently

considered

at

Board

meetings

held

in

the

summer

and

fall

of

2025.

Information

relevant

to

the

approval

of

the

Management

Agreement

was

considered

at

Board

meetings

held

June

9

and

10,

2025,

and

September

23,

2025,

as

well

as

at

various

other

meetings

preceding

those

meetings.

Accordingly,

the

Management

Agreement

was

approved

by

the

Board

at

an

in-person

meeting

on

September

23,

2025.

At

such

meeting

the

Board

also

approved

the

Expense

Limitation

Agreement

between

the

Manager

and

the

Trust

for

the

period

ending

April

30,

2027.

In

connection

with

such

meetings,

the

Board

requested

and

evaluated

extensive

materials

from

the

Manager,

including

performance

and

expense

information

for

other

investment

companies

with

similar

investment

objectives

derived

from

data

compiled

by

an

independent

third-party

provider

and

other

sources

believed

to

be

reliable

by

the

Manager

and

the

Trustees.

Prior

to

voting,

the

Trustees

reviewed

the

proposed

approval

of

the

Management

Agreement

with

management

and

with

Independent

Trustee

Counsel

and

received

a

memorandum

from

such

counsel

discussing

the

legal

standards

for

their

consideration

of

the

proposed

approval.

The

Independent

Trustees

also

discussed

the

proposed

approval

in

private

sessions

with

Independent

Trustee

Counsel

at

which

no

representatives

of

the

Manager

were

present.

In

reaching

their

determinations

relating

to

the

approval

of

the

Management

Agreement,

in

respect

of

each

Fund,

each

member

of

the

Board

considered

all

factors

he

or

she

believed

relevant.

The

Board

based

its

decision

to

approve

72

the

Management

Agreement

on

the

totality

of

the

circumstances

and

relevant

factors,

and

with

a

view

to

past

and

future

long-term

considerations.

Not

all

of

the

factors

and

considerations

discussed

above

and

below

are

necessarily

relevant

to

every

Fund,

and

the

Board

did

not

assign

relative

weights

to

factors

discussed

herein

or

deem

any

one

or

group

of

them

to

be

controlling

in

and

of

themselves.

Form

N-CSR

filings

must

include

a

discussion

of

certain

factors

relating

to

the

selection

of

the

investment

adviser

and

the

approval

of

advisory

fees.

The

“factors”

enumerated

by

the

SEC

are

set

forth

below

in

italics,

as

well

as

the

Board’s

conclusions

regarding

such

factors:

(1)

The

nature,

extent

and

quality

of

services

provided

by

the

Manager.

The

Trustees

noted

that

the

Manager,

subject

to

the

oversight

of

the

Board,

administers

each

Fund’s

business

and

other

affairs.

The

Trustees

noted

that

the

Manager

also

provides

the

Trust

and

each

Fund

with

such

administrative

and

other

services

(exclusive

of,

and

in

addition

to,

any

such

services

provided

by

any

other

service

providers

retained

by

the

Trust

on

behalf

of

the

Funds)

and

executive

and

other

personnel

as

are

necessary

for

the

operation

of

the

Trust

and

the

Funds.

Except

for

the

Trust’s

Chief

Compliance

Officer

and

certain

compliance

staff,

the

Manager

pays

all

of

the

compensation

of

Trustees

and

officers

of

the

Trust

who

are

employees

of

the

Manager

or

its

affiliates.

The

Board

considered

the

scope

and

quality

of

services

provided

by

the

Manager

and

noted

that

the

scope

of

the

services

provided

has

continued

to

expand

as

a

result

of

regulatory

and

other

developments.

The

Board

noted,

for

example,

that

the

Manager

is

responsible

for

maintaining

and

monitoring

its

own

compliance

program,

and

this

compliance

program

has

been

continuously

refined

and

enhanced

in

light

of

new

regulatory

requirements.

The

Board

considered

the

capabilities

and

resources

which

the

Manager

has

dedicated

to

performing

services

on

behalf

of

the

Trust

and

its

Funds.

The

quality

of

administrative

and

other

services,

including

the

Manager’s

role

in

coordinating

the

activities

of

the

Trust’s

other

service

providers,

also

were

considered.

The

Board

concluded

that,

overall,

they

were

satisfied

with

the

nature,

extent

and

quality

of

services

provided

(and

expected

to

be

provided)

to

the

Trust

and

to

each

of

the

Funds

under

the

Management

Agreement.

(2)

The

investment

performance

of

the

Funds

and

the

Manager.

In

connection

with

every

quarterly

Board

meeting

and

the

summer

and

fall

2025

contract

review

process,

Trustees

received

extensive

information

on

the

performance

results

of

each

Fund.

This

included,

for

example,

performance

information

on

absolute

total

return,

performance

versus

the

appropriate

benchmark(s)

and

performance

versus

peer

groups

as

reported

by

Lipper,

the

contribution

to

performance

of

the

Manager’s

asset

class

allocation

decisions

and

volatility

management

strategies,

if

applicable,

the

performance

of

the

underlying

funds,

and

the

impact

on

performance

of

rebalancing

decisions,

cash

and

Fund

fees.

This

included

Lipper

performance

information

on

the

Funds

for

the

previous

quarter,

and

previous

one-,

three-

and

five-year

periods,

to

the

extent

available.

For

example,

in

connection

with

the

Board

meetings

held

June

9

and

10,

2025,

and

September

23,

2025,

the

Manager

reported

that,

for

the

five-year

period

ended

December

31,

2024,

three

Funds

were

in

the

top

40%,

three

were

in

the

middle

20%,

and

three

were

in

the

bottom

40%

of

their

respective

Lipper

peer

groups.

The

Manager

reported

that

for

the

three-year

period

ended

December

31,

2024,

four

Funds

were

in

the

top

40%,

three

were

in

the

middle

20%,

and

two

were

in

the

bottom

40%

of

their

respective

Lipper

peer

groups.

For

the

one-year

period

ended

December

31,

2024,

three

Funds

were

in

the

top

40%,

four

were

in

the

middle

20%,

and

two

were

in

the

bottom

40%

of

their

respective

Lipper

peer

groups.

The

Manager

also

reported

on

the

performance

of

the

MVP

Funds

compared

to

custom

managed-volatility

peer

groups.

For

the

five-year

period

ended

December

31,

2024,

six

Funds

were

in

the

top

40%

and

one

was

in

the

middle

20%

of

its

respective

custom

managed-volatility

peer

group.

For

the

three-year

period

ended

December

31,

2024,

seven

Funds

were

in

the

top

40%

of

their

respective

custom

managed-volatility

peer

groups.

For

the

one-year

period

ended

December

31,

2024,

three

Funds

were

in

the

top

40%,

one

was

in

the

middle

20%,

and

three

were

in

the

bottom

40%

of

their

respective

custom

managed-volatility

peer

groups.

The

Board

members

discussed

with

the

Manager

and

considered

the

impact

of

the

volatility

management

strategies

on

performance

in

different

market

environments,

where

applicable,

and

considered

whether

they

were

operating

as

intended.

The

Board

noted,

in

particular,

the

impact

on

longer-term

performance

of

certain

characteristics

of

the

Funds’

volatility

management

strategies

in

relation

to

volatility

experienced

as

a

result

of

the

COVID-19

pandemic,

and

that

relative

performance

had

improved

as

the

markets

stabilized.

At

the

Board

meeting

held

September

23,

2025,

the

Board

also

received

updated

performance

information

for

the

Funds,

including

updated

Lipper

peer

group

ranking

information,

for

various

periods

ending

June

30,

2025.

At

the

Board

meeting

held

September

23,

2025,

the

Trustees

determined

that

the

investment

performance

of

the

Funds

was

acceptable.

(3)

The

costs

of

services

to

be

provided

and

profits

to

be

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

the

Funds.

The

Board

considered

that

the

Manager

receives

an

advisory

fee

from

each

of

the

Funds.

The

Manager

reported

that

for

the

four

MVP

Index

Strategy

Funds,

the

advisory

fee

paid

was

in

the

37th

percentile

of

the

customized

peer

group.

The

Manager

reported

that

for

the

AZL

DFA

Multi-Strategy

Fund,

the

advisory

fee

paid

was

in

the

4th

percentile.

The

Manager

reported

that

for

the

AZL

Balanced

Index

Strategy

Fund,

the

advisory

fee

paid

was

in

the

1st

percentile

and

for

the

AZL

MVP

DFA

Multi-Strategy,

AZL

MVP

FIAM

Multi-Strategy,

and

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Funds,

the

advisory

fee

paid

was

in

the

2nd

percentile.

(A

lower

percentile

reflects

lower

fund

fees

and

is

better

for

fund

shareholders.)

Trustees

were

provided

with

information

on

the

total

expense

ratios

of

the

Funds

and

other

funds

in

the

customized

peer

groups,

and

the

Manager

reported

upon

the

challenges

in

making

peer

group

comparisons

for

the

Funds.

The

Board

further

considered

and

found

that

the

advisory

fee

paid

to

the

Manager

with

respect

to

each

Fund

was

based

on

services

provided

to

the

Fund

that

were

in

addition

to,

rather

than

duplicative

of,

the

services

provided

pursuant

to

the

advisory

agreements

for

the

underlying

funds

in

which

the

Fund

invests.

The

Manager

provided

information

concerning

the

profitability

of

the

Manager’s

investment

advisory

activities

for

the

period

from

2022

through

2024.

The

Board

recognized

that

it

is

difficult

to

make

comparisons

of

profitability

from

investment

company

advisory

agreements

because

comparative

information

is

not

generally

publicly

available

and

is

affected

by

numerous

factors,

including

the

structure

of

the

particular

adviser,

the

types

of

funds

it

manages,

its

business

mix,

numerous

assumptions

regarding

allocation

of

expenses

and

the

adviser’s

capital

structure

and

cost

of

capital.

In

considering

profitability

information,

the

Board

considered

the

possible

effect

of

certain

fall-out

benefits

to

the

Manager

and

its

affiliates.

The

Board

focused

on

profitability

of

the

Manager’s

relationships

with

the

Funds

before

taxes

and

distribution

expenses.

The

Board

recognized

that

the

Manager

should

earn

a

reasonable

level

of

profits

for

the

services

it

provides

to

each

Fund.

(4)

and

(5)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Funds

grow,

and

whether

fee

levels

reflect

these

economies

of

scale.

The

Board

noted

that

the

advisory

fee

schedules

for

the

Funds

do

not

contain

breakpoints

that

reduce

the

fee

rate

on

assets

above

specified

levels.

The

Board

recognized

that

breakpoints

may

be

an

appropriate

way

for

the

Manager

to

share

its

economies

of

scale,

if

any,

with

Funds

that

have

substantial

assets.

The

Board

found

there

was

no

uniform

methodology

for

establishing

breakpoints

that

give

effect

to

Fund-specific

services

provided

by

the

Manager.

The

Board

noted

that

in

the

fund

industry

as

a

whole,

as

well

as

among

funds

similar

to

the

Funds,

there

is

no

uniformity

or

pattern

in

the

fees

and

asset

levels

at

which

breakpoints

(if

any)

apply.

Depending

on

the

age,

size,

and

other

characteristics

of

a

particular

fund

and

its

manager’s

cost

structure,

different

conclusions

can

be

drawn

as

to

whether

there

are

economies

of

scale

to

be

realized

at

any

particular

level

of

assets,

notwithstanding

the

intuitive

conclusion

that

such

economies

exist,

or

will

be

realized

at

some

level

of

total

assets.

Moreover,

because

different

managers

have

different

cost

structures

and

service

models,

it

is

difficult

to

draw

meaningful

73

conclusions

from

the

breakpoints

that

may

have

been

adopted

by

other

funds.

The

Board

also

noted

that

the

advisory

agreements

for

many

funds

do

not

have

breakpoints

at

all,

or

if

breakpoints

exist,

they

may

be

at

asset

levels

significantly

greater

than

those

of

the

individual

Funds.

The

Board

noted

that

the

total

assets

in

all

of

the

Funds,

as

of

June

30,

2025,

were

approximately

$8

billion

and

that

the

largest

Fund,

the

AZL

MVP

Growth

Index

Strategy

Fund,

had

assets

of

approximately

$1.75

billion.

The

Board

noted

that

the

Manager

has

agreed

to

temporarily

limit

Fund

expenses

under

the

Expense

Limitation

Agreement,

which

has

the

effect

of

reducing

expenses

similar

to

implementation

of

advisory

fee

breakpoints.

The

Manager

has

committed

to

continue

to

consider

the

continuation

of

expense

limits

and/or

advisory

fee

breakpoints

as

Fund

assets

change.

The

Board

receives

quarterly

reports

on

the

level

of

Fund

assets.

The

Board

expects

to

continue

to

consider:

(a)

the

extent

to

which

economies

of

scale

have

been

realized,

and

(b)

whether

the

advisory

fee

should

be

modified,

either

in

connection

with

the

next

renewal

of

the

Management

Agreement

or

by

modifying

the

Expense

Limitation

Agreement,

to

reflect

such

economies

of

scale,

if

any.

Having

taken

these

factors

into

account,

the

Board

concluded

that

the

absence

of

breakpoints

in

the

Funds’

advisory

fee

rate

schedules

was

acceptable

under

each

Fund’s

circumstances.

In

conclusion,

after

full

consideration

of

the

above

factors,

as

well

as

such

other

factors

as

each

member

of

the

Board

considered

instructive

in

evaluating

the

Management

Agreement,

the

Board

concluded

that

the

advisory

fees

were

reasonable,

and

that

the

continuation

of

the

Management

Agreement

was

in

the

best

interest

of

the

Funds.

ANNRPT1225

02/26

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

Annual

Financial

Statements

and

Other

Information

December

31,

2025

Table

of

Contents

AZL®

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Financial

Statements

(Form

N-CSR

Item

7)

Schedule

of

Portfolio

Investments

Page

77

Statement

of

Assets

and

Liabilities

Page

78

Statement

of

Operations

Page

78

Statements

of

Changes

in

Net

Assets

Page

79

Financial

Highlights

Page

80

Notes

to

the

Financial

Statements

Page

81

Report

of

Independent

Registered

Public

Accounting

Firm

Page

87

Other

Federal

Income

Tax

Information

(Unaudited)

Page

88

Other

Information

(Form

N-CSR

Items

8-11)

(Unaudited)

Item

8.

Changes

in

and

Disagreements

with

Accountants

Page

89

Item

9.

Proxy

Disclosures

Page

89

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

Page

89

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

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

December

31,

2025

77

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

December

31,

2025

.

Shares

Value

Affiliated

Investment

Company

(95.0%):

Balanced

Funds

(95.0%):

15,765,979

AZL

Fidelity

Institutional

Asset

Management

Multi-

Strategy

Fund,

Class

2

$

252,728,636

Total

Affiliated

Investment

Company

(Cost

$195,745,589)

252,728,636

Total

Investment

Securities

(Cost

$195,745,589

)

—

95.0%

(a)

252,728,636

Net

other

assets

(liabilities)

—

5.0%

13,223,984

Net

Assets

—

100.0%

$

265,952,620

(a)

See

Federal

Tax

Information

listed

in

the

Notes

to

the

Financial

Statements.

Futures

Contracts

At

December

31,

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

March

Futures

(U.S.

Dollar)

3/20/26

15

$

5,169,375‌

$

1,738‌

U.S.

Treasury

10-Year

Note

March

Futures

(U.S.

Dollar)

3/20/26

71

7,983,063‌

(68,969‌)

$

(67,231‌)

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

78

See

accompanying

notes

to

the

financial

statements.

Statement

of

Assets

and

Liabilities

December

31,

2025

Statement

of

Operations

For

the

Year

Ended

December

31,

2025

Assets:

Investments

in

affiliates,

at

cost

$

195,745,589‌

aaa

aaa

Investments

in

affiliates,

at

value

$

252,728,636‌

Deposit

at

broker

for

futures

contracts

collateral

13,305,665‌

Interest

and

dividends

receivable

34,555‌

Receivable

for

affiliated

investments

sold

87,274‌

Prepaid

expenses

1,245‌

Total

Assets

266,157,375‌

Liabilities:

Cash

overdraft

87,274‌

Payable

for

capital

shares

redeemed

65,831‌

Management

fees

payable

18,601‌

Administration

fees

payable

13,524‌

Custodian

fees

payable

1,756‌

Administrative

and

compliance

services

fees

payable

673‌

Transfer

agent

fees

payable

1,235‌

Trustee

fees

payable

1,713‌

Other

accrued

liabilities

14,148‌

Total

Liabilities

204,755‌

Commitments

and

contingent

liabilities^

Net

Assets

$

265,952,620‌

Net

Assets

Consist

of:

Paid-in

capital

$

202,330,560‌

Total

distributable

earnings

63,622,060‌

Net

Assets

$

265,952,620‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

19,405,534‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

13.70‌

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Investment

Income:

Dividends

from

affiliates

$

7,450,042‌

Interest

452,403‌

Dividends

from

non-affiliates

384‌

Total

Investment

Income

7,902,829‌

Expenses:

Management

fees

279,076‌

Administration

fees

86,187‌

Custodian

fees

10,116‌

Administrative

and

compliance

services

fees

8,300‌

Transfer

agent

fees

8,229‌

Trustee

fees

14,417‌

Professional

fees

18,597‌

Shareholder

reports

5,720‌

Other

expenses

5,882‌

Total

expenses

before

reductions

436,524‌

Less

expense

contractually

waived/reimbursed

by

the

Manager

(17,910‌)

Net

expenses

418,614‌

Net

Investment

Income/(Loss)

7,484,215‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments:

Net

realized

gains/(losses)

on

affiliated

underlying

funds

10,118,383‌

Net

realized

gains

distributions

from

affiliated

underlying

funds

4,422,108‌

Net

realized

gains/(losses)

on

futures

contracts

(7,205,997‌)

Change

in

net

unrealized

appreciation/(depreciation)

on

affiliated

underlying

funds

5,936,046‌

Change

in

net

unrealized

appreciation/(depreciation)

on

futures

contracts

235,478‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments

13,506,018‌

Change

in

Net

Assets

Resulting

From

Operations

$

20,990,233‌

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

79

See

accompanying

notes

to

the

financial

statements.

Statements

of

Changes

in

Net

Assets

For

the

Year

Ended

December

31,

2025

For

the

Year

Ended

December

31,

2024

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

7,484,215‌

$

7,024,381‌

Net

realized

gains/(losses)

on

investments

7,334,494‌

10,653,138‌

Change

in

unrealized

appreciation/(depreciation)

on

investments

6,171,524‌

15,618,062‌

Change

in

net

assets

resulting

from

operations

20,990,233‌

33,295,581‌

Distributions

to

Shareholders:

Distributions

(13,652,074‌)

(5,329,858‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(13,652,074‌)

(5,329,858‌)

Capital

Transactions:

Proceeds

from

shares

issued

4,603,785‌

3,104,394‌

Proceeds

from

dividends

reinvested

13,652,074‌

5,329,858‌

Value

of

shares

redeemed

(55,786,346‌)

(70,186,703‌)

Change

in

net

assets

resulting

from

capital

transactions

(37,530,487‌)

(61,752,451‌)

Change

in

net

assets

(30,192,328‌)

(33,786,728‌)

Net

Assets:

Beginning

of

period

296,144,948‌

329,931,676‌

End

of

period

$

265,952,620‌

$

296,144,948‌

Share

Transactions:

Shares

issued

345,753‌

238,428‌

Dividends

reinvested

1,007,533‌

398,048‌

Shares

redeemed

(4,133,286‌)

(5,423,334‌)

Change

in

shares

(2,780,000‌)

(4,786,858‌)

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.)

80

See

accompanying

notes

to

the

financial

statements.

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$13.35

$12.23

$11.03

$13.55

$13.00

Investment

Activities:

Net

Investment

Income/(Loss)(a)

0

.36

‌

0

.29

‌

0

.20

‌

0

.10

‌

0

.05

‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0

.69

‌

1

.06

‌

1

.18

‌

(

1

.98

)

1

.36

‌

Total

from

Investment

Activities

1

.05

‌

1

.35

‌

1

.38

‌

(

1

.88

)

1

.41

‌

Distributions

to

Shareholders

From:

Net

Investment

Income

(

0

.36

)

(

0

.23

)

(

0

.18

)

(

0

.09

)

(

0

.36

)

Net

Realized

Gains

(

0

.34

)

—

‌

—

‌

(

0

.55

)

(

0

.50

)

Total

Dividends

(

0

.70

)

(

0

.23

)

(

0

.18

)

(

0

.64

)

(

0

.86

)

Net

Asset

Value,

End

of

Period

$13.70

$13.35

$12.23

$11.03

$13.55

Total

Return

(b)

7

.91

%

11.06

%

12.63

%

(

13.81

)

%

11.07

%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$265,953

$296,145

$329,932

$182,383

$243,789

Net

Investment

Income/(Loss)

2

.68

%

2

.23

%

1

.73

%

0

.81

%

0

.35

%

Expenses

Before

Reductions*(c)

0

.16

%

0

.16

%

0

.15

%

0

.15

%

0

.14

%

Expenses

Net

of

Reductions*

0

.15

%

0

.15

%

0

.15

%

0

.15

%

0

.14

%

Portfolio

Turnover

Rate

6

%

3

%

21

%

8

%

3

%

*

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)

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

December

31,

2025

81

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

year

ended December

31,

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

December

31,

2025

82

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

year

ended December

31,

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

year

ended December

31,

2025,

the

monthly

average

notional

amount

for

long

contracts

was

$11.7

million,

and

the

monthly

average

notional

amount

for

short

contracts

was

$6.1

million.

Realized

gains

and

losses

are

reported

as

“Net

realized

gains/(losses)

on

futures

contracts”

on

the

Statement

of

Operations.

Summary

of

Derivative

Instruments

The

following

is

a

summary

of

the

values

of

derivative

instruments

on

the

Fund’s

Statement

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

December

31,

2025: 

The

following

is

a

summary

of

the

effect

of

derivative

instruments

on

the

Statement

of

Operations,

categorized

by

risk

exposure,

for

the

year

ended December

31,

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

assume

certain

expenses

of

the

Fund

to

limit

the

annual

expenses,

excluding

(i)

brokerage

expenses

(including

any

costs

incidental

to

transactions

in

portfolio

securities

or

instruments),

(ii)

acquired

fund

fees

and

expenses,

(iii)

taxes,

(iv)

interest

(including

borrowing

costs

and

dividend

expenses

on

securities

sold

short

and

overdraft

charges),

(v)

litigation

expenses

(including

litigation

to

which

the

Trust

or

the

Fund

may

be

a

party

and

indemnification

of

the

Trustees

and

officers

with

respect

thereto),

and

(vi)

other

extraordinary

or

non-routine

expenses

(including

expenses

arising

from

mergers,

acquisitions

or

similar

transactions

involving

the

Fund),

based

on

the

average

net

assets

of

the

Fund,

through

April

30,

2027.

Expenses

incurred

for

investment

advisory

and

management

services

are

reflected

on

the

Statement

of

Operations

as

“Management

fees.”

For

the

year

ended December

31,

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

year

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*

$1,738

Payable

for

variation

margin

on

futures

contracts*

$—

Interest

Rate

Risk

–

113,039

–

–

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$—

Payable

for

variation

margin

on

futures

contracts*

$

68,969

*

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

$

(7,441,356

)

$

165

,

309

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

$235,359

$70,169

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

December

31,

2025

83

At

December

31,

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

year

can

be

found

on

the

Statement

of

Operations,

as

applicable.

During

the

year

ended December

31,

2025,

there

were

no

such

waivers.

The

Manager

serves

as

the

investment

adviser

of

the

underlying

funds

in

which

the

Fund

invests.

At

December

31,

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

year

ended December

31,

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,

through

September

30,

2025,

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”

or

the

“Custodian”)

serves

as

the

Trust’s

custodian.

For

these

services

as

custodian,

the

Funds

pay

BNY

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.

Expires

12/31/2027

Expires

12/31/2028

Total

AZL

MVP

FIAM

Multi-Strategy

Fund

$35,422

$17,910

$53,332

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

/

(Losses)

Change

in

Net

Unrealized

Appreciation

/

(

Depreciation

)

Value

12/31/25

Shares

as

of

12/31/25

Dividend

Income

Net

Realized

Gains

Distributions

from

Affiliated

Underlying

Funds

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund,

Class

2

$

281,458,614‌

$

15,384,841‌

$

(60,169,248‌)

$

10,118,383‌

$

5,936,046‌

$

252,728,636‌

15,765,979‌

$

7,450,042‌

$

4,422,108‌

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

84

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.

In

the

event

that

unobservable

inputs

are

used

when

determining

valuations,

the

securities

will

be

classified

as

Level

3

in

the

fair

value

hierarchy.

Altering

one

or

more

unobservable

inputs

may

result

in

a

significant

change

to

a

Level

3

security’s

fair

value

measurement.

When

determining

the

fair

value

of

securities,

some

of

the

factors

influencing

the

valuation

include:

the

nature

of

any

restrictions

on

disposition

of

the

securities;

assessment

of

the

general

liquidity

of

the

securities;

the

issuer’s

financial

condition

and

the

markets

in

which

it

does

business;

the

cost

of

the

investment;

the

size

of

the

holding

and

the

capitalization

of

the

issuer;

the

prices

of

any

recent

transactions

or

bids/offers

for

such

securities

or

any

comparable

securities;

and

any

other

information

deemed

reliable

by

the

Manager

regarding

the

issuer

or

the

markets

or

industry

in

which

it

operates. 

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

December

31,

2025

in

valuing

the

Fund’s

investments

based

upon

the

three

levels

defined

above:

5.

Security

Purchases

and

Sales

For

the

year

ended December

31,

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.

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

a

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

Company

$

252,728,636

$

—

$

—

$

252,728,636

Total

Investment

Securities

252,728,636

—

—

252,728,636

Other

Financial

Instruments:

*

Futures

Contracts

(67,231)

—

—

(67,231)

Total

Investments

$252,661,405

$—

$—

$252,661,405

*

Other

Financial

Instruments

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

$15,384,841

$60,169,248

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

85

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,

2025 is

$198,287,158.

The

gross

unrealized

appreciation/

(depreciation)

on

a

tax

basis is

as

follows:

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31,

2025 was

as

follows: 

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31,

2024 was

as

follows: 

At

December

31,

2025,

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

December

31,

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

officers

of

the

Trust,

as

listed

in

the

Trust’s

Statement

of

Additional

Information,

act

as

the

Fund’s

chief

operating

decision

maker

(“CODM”).

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

$54,441,478

Unrealized

depreciation

–

Net

unrealized

appreciation/(depreciation)

$54,441,478

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions(a)

AZL

MVP

FIAM

Multi-Strategy

Fund

$13,652,074

$–

$13,652,074

(a)

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

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

$20,594,708

$1,536,415

$—

$54,441,478

$76,572,601

(a)

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

are

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

mark-to-market

of

futures

contracts

and

straddles.

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

86

10.

Recent

Accounting

Pronouncements

During

the

reporting

period,

the

Fund

adopted

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

(“ASU

2023-09”).

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disclosure

of

income

taxes

paid

by

jurisdiction

if

the

quantitative

threshold

is

met.

The

Fund

did

not

pay

a

significant

amount

of

foreign

or

U.S.

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements. 

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.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

87

To

the

Board

of

Trustees

of

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

and

Shareholders

of

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

portfolio

investments,

of

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-

Strategy

Fund

(one

of

the

funds

constituting

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

2025,

the

related

statement

of

operations

for

the

year

ended

December

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

transfer

agent

and

broker.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

New

York,

New

York

February

20,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Allianz

Variable

Insurance

Products

complex

since

2018.

88

Other

Federal

Income

Tax

Information

(Unaudited)

For

the

year

ended

December

31,

2025,

7.13%

of

the

total

ordinary

income

dividends

paid

by

the

Fund

qualify

for

the

corporate

dividends

received

deductions

available

to

corporate

shareholders.

During

the

year

ended

December

31,

2025,

the

Fund

declared

net

short-term

capital

gain

distributions

of

$6,627,682.

89

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

Fund

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.

90

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Subject

to

the

general

supervision

of

the

Board

of

Trustees

(the

“Board”

or

“Trustees”)

and

in

accordance

with

the

investment

objectives

and

restrictions

of

each

separate

series

(each

a

“Fund,”

together,

the

“Funds”)

of

the

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

(the

“Trust”),

investment

advisory

services

are

provided

to

the

Funds

by

Allianz

Investment

Management

LLC

(the

“Manager”).

The

Manager

manages

each

Fund

pursuant

to

an

investment

management

agreement

(the

“Management

Agreement”)

with

the

Trust

in

respect

of

each

such

Fund.

The

Management

Agreement

provides

that

the

Manager,

subject

to

the

supervision

and

approval

of

the

Board,

is

responsible

for

the

management

of

each

Fund.

For

management

services,

each

Fund

pays

the

Manager

an

investment

advisory

fee

based

upon

each

Fund’s

average

daily

net

assets.

The

Manager

has

contractually

agreed

to

limit

the

expenses

of

each

Fund

by

reimbursing

the

Fund

if

and

when

total

Fund

operating

expenses

exceed

certain

amounts

until

at

least

April

30,

2027

(the

“Expense

Limitation

Agreement”).

In

reviewing

the

services

provided

by

the

Manager

and

the

terms

of

the

Management

Agreement,

the

Board

receives

and

reviews

information

related

to

the

Manager’s

experience

and

expertise

in

the

variable

insurance

marketplace.

In

addition,

the

Board

receives

information

regarding

the

Manager’s

expertise

with

regard

to

portfolio

diversification

and

asset

allocation

requirements

within

variable

insurance

products

issued

by

Allianz

Life

Insurance

Company

of

North

America

(“Allianz

Life”)

and

its

subsidiary,

Allianz

Life

Insurance

Company

of

New

York

(“Allianz

of

New

York”).

Currently,

the

Funds

are

offered

only

through

Allianz

Life

and

Allianz

of

New

York

variable

products,

and

not

in

the

retail

fund

market.

As

required

by

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Board

has

reviewed

and

approved

the

Management

Agreement

with

the

Manager.

The

Board’s

decision

to

approve

this

contract

reflects

the

exercise

of

its

business

judgment

on

whether

to

approve

new

arrangements

and

continue

the

existing

arrangements.

During

its

review

of

the

contract,

the

Board

considered

many

factors,

among

the

most

material

of

which

are:

the

Fund’s

investment

objectives

and

long-term

performance;

the

Manager’s

management

philosophy,

personnel,

processes

and

investment

performance,

including

its

compliance

history

and

the

adequacy

of

its

compliance

processes;

the

preferences

and

expectations

of

Fund

shareholders

(and

underlying

contract

owners)

and

their

relative

sophistication;

the

continuing

state

of

competition

in

the

mutual

fund

industry;

and

comparable

fees

in

the

mutual

fund

industry.

The

Board

also

considered

the

compensation

and

benefits

received

by

the

Manager.

This

includes

fees

received

for

services

provided

to

a

Fund

by

employees

of

the

Manager

or

of

affiliates

of

the

Manager

and

research

services

received

by

the

Manager

from

brokers

that

execute

Fund

trades,

as

well

as

advisory

fees.

The

Board

considered

the

fact

that:

(1)

the

Manager

and

the

Trust

are

parties

to

an

Administrative

Services

Agreement

and

a

Compliance

Services

Agreement,

under

which

the

Manager

is

compensated

by

the

Trust

for

performing

certain

administrative

and

compliance

services

including

providing

an

employee

of

the

Manager

or

one

of

its

affiliates

to

act

as

the

Trust’s

Chief

Compliance

Officer;

and

(2)

Allianz

Life

Financial

Services,

LLC,

an

affiliated

person

of

the

Manager,

is

a

registered

securities

broker-dealer

and

received

(along

with

its

affiliated

persons)

payments

made

by

the

underlying

funds

pursuant

to

Rule

12b

1.

The

Board

is

aware

that

various

courts

have

interpreted

provisions

of

the

1940

Act

and

have

indicated

in

their

decisions

that

the

following

factors

may

be

relevant

to

an

adviser’s

compensation:

the

nature,

extent

and

quality

of

the

services

provided

by

the

adviser,

including

the

performance

of

the

fund;

the

adviser’s

cost

of

providing

the

services;

the

extent

to

which

the

adviser

may

realize

“economies

of

scale”

as

the

fund

grows

larger;

any

indirect

benefits

that

may

accrue

to

the

adviser

and

its

affiliates

as

a

result

of

the

adviser’s

relationship

with

the

fund;

performance

and

expenses

of

comparable

funds;

the

profitability

of

acting

as

adviser

to

the

fund;

and

the

extent

to

which

the

independent

Board

members,

who

are

not

“interested

persons”

of

a

fund

as

defined

by

the

1940

Act

(“Independent

Trustees”),

are

fully

informed

about

all

facts

bearing

on

the

adviser’s

services

and

fees.

The

Board

is

aware

of

these

factors

and

takes

them

into

account

in

its

review

of

the

Management

Agreement

for

the

Funds.

Each

member

of

the

Board

considered

and

weighed

these

factors

in

light

of

his

or

her

experience

in

governing

the

Trust.

The

Board

is

assisted

in

its

deliberations

by

the

advice

of

independent

legal

counsel

to

the

Independent

Trustees

(“Independent

Trustee

Counsel”).

In

this

regard,

the

Board

requests

and

receives

a

significant

amount

of

information

about

the

Funds

and

the

Manager.

Some

of

this

information

is

provided

at

each

regular

meeting

of

the

Board;

additional

information

is

provided

in

connection

with

the

particular

meetings

at

which

the

Board’s

formal

review

of

the

Management

Agreement

occurs.

In

between

regularly

scheduled

meetings,

the

Board

may

receive

information

on

particular

matters

as

the

need

arises.

Thus,

the

Board’s

evaluation

of

the

Management

Agreement

is

informed

by

reports

covering

such

matters

as:

the

Manager’s

investment

philosophy,

personnel

and

processes,

and

the

Funds’

investment

performance

(in

absolute

terms

as

well

as

in

relationship

to

its

benchmark

and

certain

competitor

or

“peer

group”

funds).

In

connection

with

comparing

the

performance

of

each

Fund

versus

its

benchmark,

the

Board

receives

reports

on

the

extent

to

which

the

Fund’s

performance

may

be

attributed

to

various

applicable

factors,

such

as

asset

class

allocation

decisions

and

volatility

management

strategies,

if

applicable,

the

performance

of

the

underlying

funds,

rebalancing

decisions,

and

the

impact

of

cash

positions

and

Fund

fees

and

expenses.

The

Board

also

receives

reports

on

the

Funds’

expenses

(including

the

advisory

fee

itself

and

the

overall

expense

structure

of

the

Funds,

both

in

absolute

terms

and

relative

to

peer

group

and/or

competing

funds,

with

due

regard

for

the

Expense

Limitation

Agreement

and

additional

voluntary

expense

limitations);

the

use

and

allocation

of

any

brokerage

commissions

derived

from

trading

the

Funds’

portfolio

securities;

the

nature,

extent

and

quality

of

the

advisory

and

other

services

provided

to

the

Funds

by

the

Manager

and

its

affiliates;

compliance

and

audit

reports

concerning

the

Funds

and

the

companies

that

service

them;

and

relevant

developments

in

the

mutual

fund

industry

and

how

the

Funds

and/or

the

Manager

are

responding

to

them.

The

Board

also

receives

financial

information

about

the

Manager,

including

reports

on

the

compensation

and

benefits

the

Manager

derives

from

its

relationships

with

the

Funds.

These

reports

cover

not

only

the

fees

under

the

Management

Agreement,

but

also

the

fees,

if

any,

received

for

providing

other

services

to

the

Funds.

The

reports

also

discuss

any

indirect

or

“fall-out”

benefits

the

Manager

or

its

affiliates

may

derive

from

their

relationships

with

the

Funds.

The

Management

Agreement

was

most

recently

considered

at

Board

meetings

held

in

the

summer

and

fall

of

2025.

Information

relevant

to

the

approval

of

the

Management

Agreement

was

considered

at

Board

meetings

held

June

9

and

10,

2025,

and

September

23,

2025,

as

well

as

at

various

other

meetings

preceding

those

meetings.

Accordingly,

the

Management

Agreement

was

approved

by

the

Board

at

an

in-person

meeting

on

September

23,

2025.

At

such

meeting

the

Board

also

approved

the

Expense

Limitation

Agreement

between

the

Manager

and

the

Trust

for

the

period

ending

April

30,

2027.

In

connection

with

such

meetings,

the

Board

requested

and

evaluated

extensive

materials

from

the

Manager,

including

performance

and

expense

information

for

other

investment

companies

with

similar

investment

objectives

derived

from

data

compiled

by

an

independent

third-party

provider

and

other

sources

believed

to

be

reliable

by

the

Manager

and

the

Trustees.

Prior

to

voting,

the

Trustees

reviewed

the

proposed

approval

of

the

Management

Agreement

with

management

and

with

Independent

Trustee

Counsel

and

received

a

memorandum

from

such

counsel

discussing

the

legal

standards

for

their

consideration

of

the

proposed

approval.

The

Independent

Trustees

also

discussed

the

proposed

approval

in

private

sessions

with

Independent

Trustee

Counsel

at

which

no

representatives

of

the

Manager

were

present.

In

reaching

their

determinations

relating

to

the

approval

of

the

Management

Agreement,

in

respect

of

each

Fund,

each

member

of

the

Board

considered

all

factors

he

or

she

believed

relevant.

The

Board

based

its

decision

to

approve

91

the

Management

Agreement

on

the

totality

of

the

circumstances

and

relevant

factors,

and

with

a

view

to

past

and

future

long-term

considerations.

Not

all

of

the

factors

and

considerations

discussed

above

and

below

are

necessarily

relevant

to

every

Fund,

and

the

Board

did

not

assign

relative

weights

to

factors

discussed

herein

or

deem

any

one

or

group

of

them

to

be

controlling

in

and

of

themselves.

Form

N-CSR

filings

must

include

a

discussion

of

certain

factors

relating

to

the

selection

of

the

investment

adviser

and

the

approval

of

advisory

fees.

The

“factors”

enumerated

by

the

SEC

are

set

forth

below

in

italics,

as

well

as

the

Board’s

conclusions

regarding

such

factors:

(1)

The

nature,

extent

and

quality

of

services

provided

by

the

Manager.

The

Trustees

noted

that

the

Manager,

subject

to

the

oversight

of

the

Board,

administers

each

Fund’s

business

and

other

affairs.

The

Trustees

noted

that

the

Manager

also

provides

the

Trust

and

each

Fund

with

such

administrative

and

other

services

(exclusive

of,

and

in

addition

to,

any

such

services

provided

by

any

other

service

providers

retained

by

the

Trust

on

behalf

of

the

Funds)

and

executive

and

other

personnel

as

are

necessary

for

the

operation

of

the

Trust

and

the

Funds.

Except

for

the

Trust’s

Chief

Compliance

Officer

and

certain

compliance

staff,

the

Manager

pays

all

of

the

compensation

of

Trustees

and

officers

of

the

Trust

who

are

employees

of

the

Manager

or

its

affiliates.

The

Board

considered

the

scope

and

quality

of

services

provided

by

the

Manager

and

noted

that

the

scope

of

the

services

provided

has

continued

to

expand

as

a

result

of

regulatory

and

other

developments.

The

Board

noted,

for

example,

that

the

Manager

is

responsible

for

maintaining

and

monitoring

its

own

compliance

program,

and

this

compliance

program

has

been

continuously

refined

and

enhanced

in

light

of

new

regulatory

requirements.

The

Board

considered

the

capabilities

and

resources

which

the

Manager

has

dedicated

to

performing

services

on

behalf

of

the

Trust

and

its

Funds.

The

quality

of

administrative

and

other

services,

including

the

Manager’s

role

in

coordinating

the

activities

of

the

Trust’s

other

service

providers,

also

were

considered.

The

Board

concluded

that,

overall,

they

were

satisfied

with

the

nature,

extent

and

quality

of

services

provided

(and

expected

to

be

provided)

to

the

Trust

and

to

each

of

the

Funds

under

the

Management

Agreement.

(2)

The

investment

performance

of

the

Funds

and

the

Manager.

In

connection

with

every

quarterly

Board

meeting

and

the

summer

and

fall

2025

contract

review

process,

Trustees

received

extensive

information

on

the

performance

results

of

each

Fund.

This

included,

for

example,

performance

information

on

absolute

total

return,

performance

versus

the

appropriate

benchmark(s)

and

performance

versus

peer

groups

as

reported

by

Lipper,

the

contribution

to

performance

of

the

Manager’s

asset

class

allocation

decisions

and

volatility

management

strategies,

if

applicable,

the

performance

of

the

underlying

funds,

and

the

impact

on

performance

of

rebalancing

decisions,

cash

and

Fund

fees.

This

included

Lipper

performance

information

on

the

Funds

for

the

previous

quarter,

and

previous

one-,

three-

and

five-year

periods,

to

the

extent

available.

For

example,

in

connection

with

the

Board

meetings

held

June

9

and

10,

2025,

and

September

23,

2025,

the

Manager

reported

that,

for

the

five-year

period

ended

December

31,

2024,

three

Funds

were

in

the

top

40%,

three

were

in

the

middle

20%,

and

three

were

in

the

bottom

40%

of

their

respective

Lipper

peer

groups.

The

Manager

reported

that

for

the

three-year

period

ended

December

31,

2024,

four

Funds

were

in

the

top

40%,

three

were

in

the

middle

20%,

and

two

were

in

the

bottom

40%

of

their

respective

Lipper

peer

groups.

For

the

one-year

period

ended

December

31,

2024,

three

Funds

were

in

the

top

40%,

four

were

in

the

middle

20%,

and

two

were

in

the

bottom

40%

of

their

respective

Lipper

peer

groups.

The

Manager

also

reported

on

the

performance

of

the

MVP

Funds

compared

to

custom

managed-volatility

peer

groups.

For

the

five-year

period

ended

December

31,

2024,

six

Funds

were

in

the

top

40%

and

one

was

in

the

middle

20%

of

its

respective

custom

managed-volatility

peer

group.

For

the

three-year

period

ended

December

31,

2024,

seven

Funds

were

in

the

top

40%

of

their

respective

custom

managed-volatility

peer

groups.

For

the

one-year

period

ended

December

31,

2024,

three

Funds

were

in

the

top

40%,

one

was

in

the

middle

20%,

and

three

were

in

the

bottom

40%

of

their

respective

custom

managed-volatility

peer

groups.

The

Board

members

discussed

with

the

Manager

and

considered

the

impact

of

the

volatility

management

strategies

on

performance

in

different

market

environments,

where

applicable,

and

considered

whether

they

were

operating

as

intended.

The

Board

noted,

in

particular,

the

impact

on

longer-term

performance

of

certain

characteristics

of

the

Funds’

volatility

management

strategies

in

relation

to

volatility

experienced

as

a

result

of

the

COVID-19

pandemic,

and

that

relative

performance

had

improved

as

the

markets

stabilized.

At

the

Board

meeting

held

September

23,

2025,

the

Board

also

received

updated

performance

information

for

the

Funds,

including

updated

Lipper

peer

group

ranking

information,

for

various

periods

ending

June

30,

2025.

At

the

Board

meeting

held

September

23,

2025,

the

Trustees

determined

that

the

investment

performance

of

the

Funds

was

acceptable.

(3)

The

costs

of

services

to

be

provided

and

profits

to

be

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

the

Funds.

The

Board

considered

that

the

Manager

receives

an

advisory

fee

from

each

of

the

Funds.

The

Manager

reported

that

for

the

four

MVP

Index

Strategy

Funds,

the

advisory

fee

paid

was

in

the

37th

percentile

of

the

customized

peer

group.

The

Manager

reported

that

for

the

AZL

DFA

Multi-Strategy

Fund,

the

advisory

fee

paid

was

in

the

4th

percentile.

The

Manager

reported

that

for

the

AZL

Balanced

Index

Strategy

Fund,

the

advisory

fee

paid

was

in

the

1st

percentile

and

for

the

AZL

MVP

DFA

Multi-Strategy,

AZL

MVP

FIAM

Multi-Strategy,

and

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Funds,

the

advisory

fee

paid

was

in

the

2nd

percentile.

(A

lower

percentile

reflects

lower

fund

fees

and

is

better

for

fund

shareholders.)

Trustees

were

provided

with

information

on

the

total

expense

ratios

of

the

Funds

and

other

funds

in

the

customized

peer

groups,

and

the

Manager

reported

upon

the

challenges

in

making

peer

group

comparisons

for

the

Funds.

The

Board

further

considered

and

found

that

the

advisory

fee

paid

to

the

Manager

with

respect

to

each

Fund

was

based

on

services

provided

to

the

Fund

that

were

in

addition

to,

rather

than

duplicative

of,

the

services

provided

pursuant

to

the

advisory

agreements

for

the

underlying

funds

in

which

the

Fund

invests.

The

Manager

provided

information

concerning

the

profitability

of

the

Manager’s

investment

advisory

activities

for

the

period

from

2022

through

2024.

The

Board

recognized

that

it

is

difficult

to

make

comparisons

of

profitability

from

investment

company

advisory

agreements

because

comparative

information

is

not

generally

publicly

available

and

is

affected

by

numerous

factors,

including

the

structure

of

the

particular

adviser,

the

types

of

funds

it

manages,

its

business

mix,

numerous

assumptions

regarding

allocation

of

expenses

and

the

adviser’s

capital

structure

and

cost

of

capital.

In

considering

profitability

information,

the

Board

considered

the

possible

effect

of

certain

fall-out

benefits

to

the

Manager

and

its

affiliates.

The

Board

focused

on

profitability

of

the

Manager’s

relationships

with

the

Funds

before

taxes

and

distribution

expenses.

The

Board

recognized

that

the

Manager

should

earn

a

reasonable

level

of

profits

for

the

services

it

provides

to

each

Fund.

(4)

and

(5)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Funds

grow,

and

whether

fee

levels

reflect

these

economies

of

scale.

The

Board

noted

that

the

advisory

fee

schedules

for

the

Funds

do

not

contain

breakpoints

that

reduce

the

fee

rate

on

assets

above

specified

levels.

The

Board

recognized

that

breakpoints

may

be

an

appropriate

way

for

the

Manager

to

share

its

economies

of

scale,

if

any,

with

Funds

that

have

substantial

assets.

The

Board

found

there

was

no

uniform

methodology

for

establishing

breakpoints

that

give

effect

to

Fund-specific

services

provided

by

the

Manager.

The

Board

noted

that

in

the

fund

industry

as

a

whole,

as

well

as

among

funds

similar

to

the

Funds,

there

is

no

uniformity

or

pattern

in

the

fees

and

asset

levels

at

which

breakpoints

(if

any)

apply.

Depending

on

the

age,

size,

and

other

characteristics

of

a

particular

fund

and

its

manager’s

cost

structure,

different

conclusions

can

be

drawn

as

to

whether

there

are

economies

of

scale

to

be

realized

at

any

particular

level

of

assets,

notwithstanding

the

intuitive

conclusion

that

such

economies

exist,

or

will

be

realized

at

some

level

of

total

assets.

Moreover,

because

different

managers

have

different

cost

structures

and

service

models,

it

is

difficult

to

draw

meaningful

92

conclusions

from

the

breakpoints

that

may

have

been

adopted

by

other

funds.

The

Board

also

noted

that

the

advisory

agreements

for

many

funds

do

not

have

breakpoints

at

all,

or

if

breakpoints

exist,

they

may

be

at

asset

levels

significantly

greater

than

those

of

the

individual

Funds.

The

Board

noted

that

the

total

assets

in

all

of

the

Funds,

as

of

June

30,

2025,

were

approximately

$8

billion

and

that

the

largest

Fund,

the

AZL

MVP

Growth

Index

Strategy

Fund,

had

assets

of

approximately

$1.75

billion.

The

Board

noted

that

the

Manager

has

agreed

to

temporarily

limit

Fund

expenses

under

the

Expense

Limitation

Agreement,

which

has

the

effect

of

reducing

expenses

similar

to

implementation

of

advisory

fee

breakpoints.

The

Manager

has

committed

to

continue

to

consider

the

continuation

of

expense

limits

and/or

advisory

fee

breakpoints

as

Fund

assets

change.

The

Board

receives

quarterly

reports

on

the

level

of

Fund

assets.

The

Board

expects

to

continue

to

consider:

(a)

the

extent

to

which

economies

of

scale

have

been

realized,

and

(b)

whether

the

advisory

fee

should

be

modified,

either

in

connection

with

the

next

renewal

of

the

Management

Agreement

or

by

modifying

the

Expense

Limitation

Agreement,

to

reflect

such

economies

of

scale,

if

any.

Having

taken

these

factors

into

account,

the

Board

concluded

that

the

absence

of

breakpoints

in

the

Funds’

advisory

fee

rate

schedules

was

acceptable

under

each

Fund’s

circumstances.

In

conclusion,

after

full

consideration

of

the

above

factors,

as

well

as

such

other

factors

as

each

member

of

the

Board

considered

instructive

in

evaluating

the

Management

Agreement,

the

Board

concluded

that

the

advisory

fees

were

reasonable,

and

that

the

continuation

of

the

Management

Agreement

was

in

the

best

interest

of

the

Funds.

ANNRPT1225

02/26

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

Annual

Financial

Statements

and

Other

Information

December

31,

2025

Table

of

Contents

AZL®

MVP

Global

Balanced

Index

Strategy

Fund

Financial

Statements

(Form

N-CSR

Item

7)

Schedule

of

Portfolio

Investments

Page

96

Statement

of

Assets

and

Liabilities

Page

97

Statement

of

Operations

Page

97

Statements

of

Changes

in

Net

Assets

Page

98

Financial

Highlights

Page

99

Notes

to

the

Financial

Statements

Page

100

Report

of

Independent

Registered

Public

Accounting

Firm

Page

107

Other

Federal

Income

Tax

Information

(Unaudited)

Page

108

Other

Information

(Form

N-CSR

Items

8-11)

(Unaudited)

Item

8.

Changes

in

and

Disagreements

with

Accountants

Page

109

Item

9.

Proxy

Disclosures

Page

109

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

Page

109

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Page

110

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

December

31,

2025

96

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

December

3

1

,

2025

.

Shares

Value

Private

Placements

(0.0%

†

):

Health

Care

Providers

&

Services

(0.0%

†

):

145,123

Grand

Rounds,

Inc.,

Series

C,

0.00%*(a)(b)

$

116,098‌

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)

116,101‌

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

2/5/26

@

100*(a)(b)

5,233‌

Principal

Amount

Value

Corporate

Bonds,

continued

Paper

&

Forest

Products,

continued

$

730,672

Quintis

Australia

Pty,

Ltd.,

12.00%,

10/1/28,

Callable

2/5/26

@

106*(a)(b)

$

—‌

Total

Corporate

Bonds

(Cost

$783,003)

5,233‌

Shares

Affiliated

Investment

Companies

(95.0%):

Fixed

Income

Fund

(47.5%):

20,135,615

AZL

Enhanced

Bond

Index

Fund

196,724,962‌

International

Equity

Fund

(47.5%):

9,462,169

AZL

MSCI

Global

Equity

Index

Fund,

Class

2

196,813,111‌

Total

Affiliated

Investment

Companies

(Cost

$316,742,417)

393,538,073‌

Total

Investment

Securities

(Cost

$318,178,697

)

—

95.0%

(d)

393,659,407‌

Net

other

assets

(liabilities)

—

5.0%

20,516,496‌

Net

Assets

—

100.0%

$

414,175,903‌

†

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

December

31,

2025.

(c)

Defaulted

bond.

(d)

See

Federal

Tax

Information

listed

in

the

Notes

to

the

Financial

Statements.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Futures

Contracts

At

December

31,

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

March

Futures

(U.S.

Dollar)

3/20/26

29

$

9,994,125

$

4,304

U.S.

Treasury

10-Year

Note

March

Futures

(U.S.

Dollar)

3/20/26

92

10,344,250

(88,434)

$

(84,130)

AZL

MVP

Global

Balanced

Index

Strategy

Fund

97

See

accompanying

notes

to

the

financial

statements.

Statement

of

Assets

and

Liabilities

December

31,

2025

Statement

of

Operations

For

the

Year

Ended

December

31,

2025

Assets:

Investments

in

affiliates,

at

cost

$

316,742,417‌

Investments

in

non-affiliates,

at

cost

1,436,280‌

aaa

aaa

Investments

in

affiliates,

at

value

$

393,538,073‌

Investments

in

non-affiliates,

at

value

121,334‌

Deposit

at

broker

for

futures

contracts

collateral

20,700,121‌

Interest

and

dividends

receivable

53,740‌

Receivable

for

investments

sold

173,894‌

Prepaid

expenses

1,919‌

Reclaims

receivable

11,359‌

Total

Assets

414,600,440‌

Liabilities:

Cash

overdraft

173,894‌

Payable

for

capital

shares

redeemed

172,123‌

Management

fees

payable

35,362‌

Administration

fees

payable

13,645‌

Custodian

fees

payable

2,747‌

Administrative

and

compliance

services

fees

payable

1,043‌

Transfer

agent

fees

payable

1,238‌

Trustee

fees

payable

2,656‌

Other

accrued

liabilities

21,829‌

Total

Liabilities

424,537‌

Commitments

and

contingent

liabilities^

Net

Assets

$

414,175,903‌

Net

Assets

Consist

of:

Paid-in

capital

$

347,008,771‌

Total

distributable

earnings

67,167,132‌

Net

Assets

$

414,175,903‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

34,706,031‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

11.93‌

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Investment

Income:

Dividends

from

affiliates

$

11,333,923‌

Interest

680,865‌

Dividends

from

non-affiliates

80‌

Total

Investment

Income

12,014,868‌

Expenses:

Management

fees

429,016‌

Administration

fees

88,156‌

Custodian

fees

19,099‌

Administrative

and

compliance

services

fees

12,903‌

Transfer

agent

fees

8,377‌

Trustee

fees

22,423‌

Professional

fees

28,904‌

Shareholder

reports

8,468‌

Other

expenses

9,127‌

Total

expenses

626,473‌

Net

Investment

Income/(Loss)

11,388,395‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments:

Net

realized

gains/(losses)

on

securities

and

foreign

currencies

(283,549‌)

Net

realized

gains/(losses)

on

affiliated

underlying

funds

16,870,766‌

Net

realized

gains

distributions

from

affiliated

underlying

funds

3,281,395‌

Net

realized

gains/(losses)

on

futures

contracts

(9,641,497‌)

Change

in

net

unrealized

appreciation/(depreciation)

on

securities

and

foreign

currencies

368,279‌

Change

in

net

unrealized

appreciation/(depreciation)

on

affiliated

underlying

funds

21,364,668‌

Change

in

net

unrealized

appreciation/(depreciation)

on

futures

contracts

436,279‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments

32,396,341‌

Change

in

Net

Assets

Resulting

From

Operations

$

43,784,736‌

AZL

MVP

Global

Balanced

Index

Strategy

Fund

98

See

accompanying

notes

to

the

financial

statements.

Statements

of

Changes

in

Net

Assets

For

the

Year

Ended

December

31,

2025

For

the

Year

Ended

December

31,

2024

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

11,388,395‌

$

11,998,576‌

Net

realized

gains/(losses)

on

investments

10,227,115‌

14,740,413‌

Change

in

unrealized

appreciation/(depreciation)

on

investments

22,169,226‌

17,306,166‌

Change

in

net

assets

resulting

from

operations

43,784,736‌

44,045,155‌

Distributions

to

Shareholders:

Distributions

(11,998,553‌)

(7,719,756‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(11,998,553‌)

(7,719,756‌)

Capital

Transactions:

Proceeds

from

shares

issued

844,522‌

275,252‌

Proceeds

from

dividends

reinvested

11,998,553‌

7,719,756‌

Value

of

shares

redeemed

(83,591,671‌)

(97,608,681‌)

Change

in

net

assets

resulting

from

capital

transactions

(70,748,596‌)

(89,613,673‌)

Change

in

net

assets

(38,962,413‌)

(53,288,274‌)

Net

Assets:

Beginning

of

period

453,138,316‌

506,426,590‌

End

of

period

$

414,175,903‌

$

453,138,316‌

Share

Transactions:

Shares

issued

75,497‌

24,910‌

Dividends

reinvested

1,018,553‌

687,423‌

Shares

redeemed

(7,297,990‌)

(9,002,481‌)

Change

in

shares

(6,203,940‌)

(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.)

99

See

accompanying

notes

to

the

financial

statements.

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$11.08

$10.29

$9.44

$12.31

$12.31

Investment

Activities:

Net

Investment

Income/(Loss)(a)

0.30

‌

0.27

‌

0.14

‌

0.12

‌

0.08

‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0.89

‌

0.70

‌

1.12

‌

(2.12

)

0.89

‌

Total

from

Investment

Activities

1.19

‌

0.97

‌

1.26

‌

(2.00

)

0.97

‌

Distributions

to

Shareholders

From:

Net

Investment

Income

(0.34

)

(0.18

)

(0.41

)

(0.32

)

(0.20

)

Net

Realized

Gains

—

‌

—

‌

—

‌

(0.55

)

(0.77

)

Total

Dividends

(0.34

)

(0.18

)

(0.41

)

(0.87

)

(0.97

)

Net

Asset

Value,

End

of

Period

$11.93

$11.08

$10.29

$9.44

$12.31

Total

Return

(b)

10.79

%

9.44

%

13.85

%

(16.09

)%

8.05

%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$414,176

$453,138

$506,427

$517,879

$691,209

Net

Investment

Income/(Loss)

2.65

%

2.47

%

1.44

%

1.18

%

0.61

%

Expenses

Before

Reductions*(c)

0.15

%

0.14

%

0.14

%

0.13

%

0.13

%

Expenses

Net

of

Reductions*

0.15

%

0.14

%

0.14

%

0.13

%

0.13

%

Portfolio

Turnover

Rate

5

%

3

%

6

%

5

%

5

%

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

(a)

Calculated

using

the

average

shares

method.

(b)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(c)

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

December

31,

2025

100

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

December

31,

2025

101

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

year

ended December

31,

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

year

ended December

31,

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

year

ended December

31,

2025,

the

monthly

average

notional

amount

for

long

contracts

was

$18.5

million,

and

the

monthly

average

notional

amount

for

short

contracts

was

$6.1

million.

Realized

gains

and

losses

are

reported

as

“Net

realized

gains/(losses)

on

futures

contracts”

on

the

Statement

of

Operations.

Summary

of

Derivative

Instruments

The

following

is

a

summary

of

the

values

of

derivative

instruments

on

the

Fund’s

Statement

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

December

31,

2025: 

The

following

is

a

summary

of

the

effect

of

derivative

instruments

on

the

Statement

of

Operations,

categorized

by

risk

exposure,

for

the

year

ended December

31,

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*

$4,304

Payable

for

variation

margin

on

futures

contracts*

$—

Interest

Rate

Risk

–

137,439

–

–

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$—

Payable

for

variation

margin

on

futures

contracts*

$

88,434

*

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

$

(

9,931,123

)

$

3

44,638

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

$289,626

$91,641

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

102

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

assume

certain

expenses

of

the

Fund

to

limit

the

annual

expenses,

excluding

(i)

brokerage

expenses

(including

any

costs

incidental

to

transactions

in

portfolio

securities

or

instruments),

(ii)

acquired

fund

fees

and

expenses,

(iii)

taxes,

(iv)

interest

(including

borrowing

costs

and

dividend

expenses

on

securities

sold

short

and

overdraft

charges),

(v)

litigation

expenses

(including

litigation

to

which

the

Trust

or

the

Fund

may

be

a

party

and

indemnification

of

the

Trustees

and

officers

with

respect

thereto),

and

(vi)

other

extraordinary

or

non-routine

expenses

(including

expenses

arising

from

mergers,

acquisitions

or

similar

transactions

involving

the

Fund),

based

on

the

average

net

assets

of

the

Fund,

through

April

30,

2027.

Expenses

incurred

for

investment

advisory

and

management

services

are

reflected

on

the

Statement

of

Operations

as

“Management

fees.”

For

the

year

ended December

31,

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

year

are

reflected

on

the

Statement

of

Operations

as

“Recoupment

of

prior

expenses

reimbursed

by

the

Manager.”

At

December

31,

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

year

can

be

found

on

the

Statement

of

Operations,

as

applicable.

During

the

year

ended December

31,

2025,

there

were

no

such

waivers.

The

Manager

serves

as

the

investment

adviser

of the

underlying

funds

in

which

the

Fund

invests. At

December

31,

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

year

ended December

31,

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,

through

September

30,

2025,

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”

or

the

“Custodian”)

serves

as

the

Trust’s

custodian.

For

these

services

as

custodian,

the

Funds

pay

BNY

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

12/31/25

Shares

as

of

12/31/25

Dividend

Income

Net

Realized

Gains

Distributions

from

Affiliated

Underlying

Funds

AZL

Enhanced

Bond

Index

Fund

$

216,921,097‌

$

9,086,801‌

$

(33,919,430‌)

$

(4,921,539‌)

$

9,558,033‌

$

196,724,962‌

20,135,615‌

$

9,031,747‌

$

—‌

AZL

MSCI

Global

Equity

Index

Fund,

Class

2

213,595,597‌

12,495,355‌

(62,876,781‌)

21,792,305‌

11,806,635‌

196,813,111‌

9,462,169‌

2,302,176‌

3,281,395‌

$

430,516,694‌

$

21,582,156‌

$

(96,796,211‌)

$

16,870,766‌

$

21,364,668‌

$

393,538,073‌

$

11,333,923‌

$

3,281,395‌

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

103

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.

In

the

event

that

unobservable

inputs

are

used

when

determining

valuations,

the

securities

will

be

classified

as

Level

3

in

the

fair

value

hierarchy.

Altering

one

or

more

unobservable

inputs

may

result

in

a

significant

change

to

a

Level

3

security’s

fair

value

measurement.

When

determining

the

fair

value

of

securities,

some

of

the

factors

influencing

the

valuation

include:

the

nature

of

any

restrictions

on

disposition

of

the

securities;

assessment

of

the

general

liquidity

of

the

securities;

the

issuer’s

financial

condition

and

the

markets

in

which

it

does

business;

the

cost

of

the

investment;

the

size

of

the

holding

and

the

capitalization

of

the

issuer;

the

prices

of

any

recent

transactions

or

bids/offers

for

such

securities

or

any

comparable

securities;

and

any

other

information

deemed

reliable

by

the

Manager

regarding

the

issuer

or

the

markets

or

industry

in

which

it

operates. 

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 December

31,

2025

in

valuing

the

Fund’s

investments

based

upon

the

three

levels

defined

above:

Investment

Securities:

Level

1

Level

2

Level

3

Total

Private

Placements

+

$

—

$

—

$

116,101

$

116,101

Convertible

Bond

+

—

—

—

#

—

Corporate

Bonds

+

—

—

5,233

5,233

Affiliated

Investment

Companies

393,538,073

—

—

393,538,073

Total

Investment

Securities

393,538,073

—

121,334

393,659,407

Other

Financial

Instruments:

*

Futures

Contracts

(84,130)

—

—

(84,130)

Total

Investments

$393,453,943

$—

$121,334

$393,575,277

+

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

December

31,

2025.

*

Other

Financial

Instruments

include

any

derivative

instruments,

such

as

futures

contracts.  These

investments

are

generally

presented

in

the

Statement

of

Assets

and

Liabilities

at

variation

margin.

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

104

5.

Security

Purchases

and

Sales

For

the

year

ended December

31,

2025,

cost

of

purchases

and

proceeds

from

sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

were

as

follows: 

6.

Restricted

Securities

A

restricted

security

is

a

security

which

has

been

purchased

through

a

private

offering

and

cannot

be

resold

to

the

general

public

without

prior

registration

under

the

1933

Act

or

pursuant

to

the

resale

limitations

provided

by

Rule

144A

under

the

1933

Act,

or

an

exemption

from

the

registration

requirements

of

the

1933

Act.

Whether

a

restricted

security

is

illiquid

is

determined

pursuant

to

guidelines

established

by

the

Trustees.

Not

all

restricted

securities

are

considered

illiquid.

The

illiquid

restricted

securities

held

as

of

December

31,

2025

are

identified

below.

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

a

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.

Purchases

Sales

AZL

MVP

Global

Balanced

Index

Strategy

Fund

$21,582,156

$96,796,211

Security

Acquisition

Date

(a)

Acquisition

Cost

Shares

or

Principal

Amount

($)

Value

Percentage

of

Net

Assets

Grand

Rounds,

Inc.,

Series

C

3/31/15

$

399,608‌

145,123

$

116,098

0.03%

Jawbone

1/24/17

–

23,389

–

0.00%

Quintis

Australia

Pty,

Ltd.

,

7.50%

,

10/1/26

,

Callable

2/25/26

@

100

10/25/18

52,331

52,331

5,233

0.00%

Quintis

Australia

Pty,

Ltd.

,

12.00%

,

10/1/28

,

Callable

2/25/26

@

106

10/25/18

730,672

730,672

–

0.00%

Quintis

Pty,

Ltd.

10/25/18

253,669

386,370

3

0.00%

REI

Agro,

Ltd.,

Registered

Shares

,

5.50%

,

11/13/14

2/7/12

–

400,000

–

0.00%

(a)

Acquisition

date

represents

the

initial

purchase

date

of

the

security.

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

105

Quantitative

Investing

Risk

:

The

value

of

securities

selected

using

quantitative

analysis

can

react

differently

to

issuer,

political,

market,

and

economic

developments

than

the

market

as

a

whole

or

securities

selected

using

only

fundamental

analysis.

The

factors

used

in

quantitative

analysis

and

the

weight

placed

on

those

factors

may

not

be

predictive

of

a

security's

value.

In

addition,

factors

that

affect

a

security's

value

can

change

over

time

and

these

changes

may

not

be

reflected

in

the

quantitative

model.

A

quantitative

model

can

be

adversely

affected

by

errors

or

imperfections

in

the

factors

or

the

data

on

which

evaluations

are

based,

or

by

technical

issues

with

construction

or

implementation

of

the

model,

which

in

any

case

may

result

in

a

failure

of

the

portfolio

to

perform

as

expected

or

a

failure

to

identify

securities

that

will

perform

well

in

the

future.

8.

Federal

Tax

Information

It

is

the

policy

of

the

Fund

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

under

Subchapter

M

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provisions

for

federal

income

taxes

are

required

in

the

financial

statements.

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,

2025 is

$321,357,364.

The

gross

unrealized

appreciation/

(depreciation)

on

a

tax

basis is

as

follows:

As

of

the

end

of

its

tax

year

ended

December

31,

2025,

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,

2025,

the

Fund

utilized

$1,736,382

in

CLCFs

to

offset

capital

gains. 

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31,

2025 was

as

follows: 

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31,

2024 was

as

follows: 

At

December

31,

2025,

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 December

31,

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.

Unrealized

appreciation

$94,301,056

Unrealized

depreciation

(21,999,013)

Net

unrealized

appreciation/(depreciation)

$72,302,043

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions(a)

AZL

MVP

Global

Balanced

Index

Strategy

Fund

$11,998,553

$–

$11,998,553

(a)

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

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

$29,410,759

$—

$—

$72,302,596

$101,713,355

(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

December

31,

2025

106

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

officers

of

the

Trust,

as

listed

in

the

Trust’s

Statement

of

Additional

Information,

act

as

the

Fund’s

chief

operating

decision

maker

(“CODM”).

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.

11.

Recent

Accounting

Pronouncements

During

the

reporting

period,

the

Fund

adopted

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

(“ASU

2023-09”).

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disclosure

of

income

taxes

paid

by

jurisdiction

if

the

quantitative

threshold

is

met.

The

Fund

did

not

pay

a

significant

amount

of

foreign

or

U.S.

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements. 

12.

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.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

107

To

the

Board

of

Trustees

of

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

and

Shareholders

of

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

portfolio

investments,

of

AZL

MVP

Global

Balanced

Index

Strategy

Fund

(one

of

the

funds

constituting

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

2025,

the

related

statement

of

operations

for

the

year

ended

December

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

custodian,

transfer

agent,

issuers

of

privately

held

securities

and

broker;

when

replies

were

not

received

from

issuers

of

privately

held

securities,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

New

York,

New

York

February

20,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Allianz

Variable

Insurance

Products

complex

since

2018.

108

Other

Federal

Income

Tax

Information

(Unaudited)

For

the

year

ended

December

31,

2025,

7.97%

of

the

total

ordinary

income

dividends

paid

by

the

Fund

qualify

for

the

corporate

dividends

received

deductions

available

to

corporate

shareholders.

109

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

Fund

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.

110

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Subject

to

the

general

supervision

of

the

Board

of

Trustees

(the

“Board”

or

“Trustees”)

and

in

accordance

with

the

investment

objectives

and

restrictions

of

each

separate

series

(each

a

“Fund,”

together,

the

“Funds”)

of

the

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

(the

“Trust”),

investment

advisory

services

are

provided

to

the

Funds

by

Allianz

Investment

Management

LLC

(the

“Manager”).

The

Manager

manages

each

Fund

pursuant

to

an

investment

management

agreement

(the

“Management

Agreement”)

with

the

Trust

in

respect

of

each

such

Fund.

The

Management

Agreement

provides

that

the

Manager,

subject

to

the

supervision

and

approval

of

the

Board,

is

responsible

for

the

management

of

each

Fund.

For

management

services,

each

Fund

pays

the

Manager

an

investment

advisory

fee

based

upon

each

Fund’s

average

daily

net

assets.

The

Manager

has

contractually

agreed

to

limit

the

expenses

of

each

Fund

by

reimbursing

the

Fund

if

and

when

total

Fund

operating

expenses

exceed

certain

amounts

until

at

least

April

30,

2027

(the

“Expense

Limitation

Agreement”).

In

reviewing

the

services

provided

by

the

Manager

and

the

terms

of

the

Management

Agreement,

the

Board

receives

and

reviews

information

related

to

the

Manager’s

experience

and

expertise

in

the

variable

insurance

marketplace.

In

addition,

the

Board

receives

information

regarding

the

Manager’s

expertise

with

regard

to

portfolio

diversification

and

asset

allocation

requirements

within

variable

insurance

products

issued

by

Allianz

Life

Insurance

Company

of

North

America

(“Allianz

Life”)

and

its

subsidiary,

Allianz

Life

Insurance

Company

of

New

York

(“Allianz

of

New

York”).

Currently,

the

Funds

are

offered

only

through

Allianz

Life

and

Allianz

of

New

York

variable

products,

and

not

in

the

retail

fund

market.

As

required

by

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Board

has

reviewed

and

approved

the

Management

Agreement

with

the

Manager.

The

Board’s

decision

to

approve

this

contract

reflects

the

exercise

of

its

business

judgment

on

whether

to

approve

new

arrangements

and

continue

the

existing

arrangements.

During

its

review

of

the

contract,

the

Board

considered

many

factors,

among

the

most

material

of

which

are:

the

Fund’s

investment

objectives

and

long-term

performance;

the

Manager’s

management

philosophy,

personnel,

processes

and

investment

performance,

including

its

compliance

history

and

the

adequacy

of

its

compliance

processes;

the

preferences

and

expectations

of

Fund

shareholders

(and

underlying

contract

owners)

and

their

relative

sophistication;

the

continuing

state

of

competition

in

the

mutual

fund

industry;

and

comparable

fees

in

the

mutual

fund

industry.

The

Board

also

considered

the

compensation

and

benefits

received

by

the

Manager.

This

includes

fees

received

for

services

provided

to

a

Fund

by

employees

of

the

Manager

or

of

affiliates

of

the

Manager

and

research

services

received

by

the

Manager

from

brokers

that

execute

Fund

trades,

as

well

as

advisory

fees.

The

Board

considered

the

fact

that:

(1)

the

Manager

and

the

Trust

are

parties

to

an

Administrative

Services

Agreement

and

a

Compliance

Services

Agreement,

under

which

the

Manager

is

compensated

by

the

Trust

for

performing

certain

administrative

and

compliance

services

including

providing

an

employee

of

the

Manager

or

one

of

its

affiliates

to

act

as

the

Trust’s

Chief

Compliance

Officer;

and

(2)

Allianz

Life

Financial

Services,

LLC,

an

affiliated

person

of

the

Manager,

is

a

registered

securities

broker-dealer

and

received

(along

with

its

affiliated

persons)

payments

made

by

the

underlying

funds

pursuant

to

Rule

12b

1.

The

Board

is

aware

that

various

courts

have

interpreted

provisions

of

the

1940

Act

and

have

indicated

in

their

decisions

that

the

following

factors

may

be

relevant

to

an

adviser’s

compensation:

the

nature,

extent

and

quality

of

the

services

provided

by

the

adviser,

including

the

performance

of

the

fund;

the

adviser’s

cost

of

providing

the

services;

the

extent

to

which

the

adviser

may

realize

“economies

of

scale”

as

the

fund

grows

larger;

any

indirect

benefits

that

may

accrue

to

the

adviser

and

its

affiliates

as

a

result

of

the

adviser’s

relationship

with

the

fund;

performance

and

expenses

of

comparable

funds;

the

profitability

of

acting

as

adviser

to

the

fund;

and

the

extent

to

which

the

independent

Board

members,

who

are

not

“interested

persons”

of

a

fund

as

defined

by

the

1940

Act

(“Independent

Trustees”),

are

fully

informed

about

all

facts

bearing

on

the

adviser’s

services

and

fees.

The

Board

is

aware

of

these

factors

and

takes

them

into

account

in

its

review

of

the

Management

Agreement

for

the

Funds.

Each

member

of

the

Board

considered

and

weighed

these

factors

in

light

of

his

or

her

experience

in

governing

the

Trust.

The

Board

is

assisted

in

its

deliberations

by

the

advice

of

independent

legal

counsel

to

the

Independent

Trustees

(“Independent

Trustee

Counsel”).

In

this

regard,

the

Board

requests

and

receives

a

significant

amount

of

information

about

the

Funds

and

the

Manager.

Some

of

this

information

is

provided

at

each

regular

meeting

of

the

Board;

additional

information

is

provided

in

connection

with

the

particular

meetings

at

which

the

Board’s

formal

review

of

the

Management

Agreement

occurs.

In

between

regularly

scheduled

meetings,

the

Board

may

receive

information

on

particular

matters

as

the

need

arises.

Thus,

the

Board’s

evaluation

of

the

Management

Agreement

is

informed

by

reports

covering

such

matters

as:

the

Manager’s

investment

philosophy,

personnel

and

processes,

and

the

Funds’

investment

performance

(in

absolute

terms

as

well

as

in

relationship

to

its

benchmark

and

certain

competitor

or

“peer

group”

funds).

In

connection

with

comparing

the

performance

of

each

Fund

versus

its

benchmark,

the

Board

receives

reports

on

the

extent

to

which

the

Fund’s

performance

may

be

attributed

to

various

applicable

factors,

such

as

asset

class

allocation

decisions

and

volatility

management

strategies,

if

applicable,

the

performance

of

the

underlying

funds,

rebalancing

decisions,

and

the

impact

of

cash

positions

and

Fund

fees

and

expenses.

The

Board

also

receives

reports

on

the

Funds’

expenses

(including

the

advisory

fee

itself

and

the

overall

expense

structure

of

the

Funds,

both

in

absolute

terms

and

relative

to

peer

group

and/or

competing

funds,

with

due

regard

for

the

Expense

Limitation

Agreement

and

additional

voluntary

expense

limitations);

the

use

and

allocation

of

any

brokerage

commissions

derived

from

trading

the

Funds’

portfolio

securities;

the

nature,

extent

and

quality

of

the

advisory

and

other

services

provided

to

the

Funds

by

the

Manager

and

its

affiliates;

compliance

and

audit

reports

concerning

the

Funds

and

the

companies

that

service

them;

and

relevant

developments

in

the

mutual

fund

industry

and

how

the

Funds

and/or

the

Manager

are

responding

to

them.

The

Board

also

receives

financial

information

about

the

Manager,

including

reports

on

the

compensation

and

benefits

the

Manager

derives

from

its

relationships

with

the

Funds.

These

reports

cover

not

only

the

fees

under

the

Management

Agreement,

but

also

the

fees,

if

any,

received

for

providing

other

services

to

the

Funds.

The

reports

also

discuss

any

indirect

or

“fall-out”

benefits

the

Manager

or

its

affiliates

may

derive

from

their

relationships

with

the

Funds.

The

Management

Agreement

was

most

recently

considered

at

Board

meetings

held

in

the

summer

and

fall

of

2025.

Information

relevant

to

the

approval

of

the

Management

Agreement

was

considered

at

Board

meetings

held

June

9

and

10,

2025,

and

September

23,

2025,

as

well

as

at

various

other

meetings

preceding

those

meetings.

Accordingly,

the

Management

Agreement

was

approved

by

the

Board

at

an

in-person

meeting

on

September

23,

2025.

At

such

meeting

the

Board

also

approved

the

Expense

Limitation

Agreement

between

the

Manager

and

the

Trust

for

the

period

ending

April

30,

2027.

In

connection

with

such

meetings,

the

Board

requested

and

evaluated

extensive

materials

from

the

Manager,

including

performance

and

expense

information

for

other

investment

companies

with

similar

investment

objectives

derived

from

data

compiled

by

an

independent

third-party

provider

and

other

sources

believed

to

be

reliable

by

the

Manager

and

the

Trustees.

Prior

to

voting,

the

Trustees

reviewed

the

proposed

approval

of

the

Management

Agreement

with

management

and

with

Independent

Trustee

Counsel

and

received

a

memorandum

from

such

counsel

discussing

the

legal

standards

for

their

consideration

of

the

proposed

approval.

The

Independent

Trustees

also

discussed

the

proposed

approval

in

private

sessions

with

Independent

Trustee

Counsel

at

which

no

representatives

of

the

Manager

were

present.

In

reaching

their

determinations

relating

to

the

approval

of

the

Management

Agreement,

in

respect

of

each

Fund,

each

member

of

the

Board

considered

all

factors

he

or

she

believed

relevant.

The

Board

based

its

decision

to

approve

111

the

Management

Agreement

on

the

totality

of

the

circumstances

and

relevant

factors,

and

with

a

view

to

past

and

future

long-term

considerations.

Not

all

of

the

factors

and

considerations

discussed

above

and

below

are

necessarily

relevant

to

every

Fund,

and

the

Board

did

not

assign

relative

weights

to

factors

discussed

herein

or

deem

any

one

or

group

of

them

to

be

controlling

in

and

of

themselves.

Form

N-CSR

filings

must

include

a

discussion

of

certain

factors

relating

to

the

selection

of

the

investment

adviser

and

the

approval

of

advisory

fees.

The

“factors”

enumerated

by

the

SEC

are

set

forth

below

in

italics,

as

well

as

the

Board’s

conclusions

regarding

such

factors:

(1)

The

nature,

extent

and

quality

of

services

provided

by

the

Manager.

The

Trustees

noted

that

the

Manager,

subject

to

the

oversight

of

the

Board,

administers

each

Fund’s

business

and

other

affairs.

The

Trustees

noted

that

the

Manager

also

provides

the

Trust

and

each

Fund

with

such

administrative

and

other

services

(exclusive

of,

and

in

addition

to,

any

such

services

provided

by

any

other

service

providers

retained

by

the

Trust

on

behalf

of

the

Funds)

and

executive

and

other

personnel

as

are

necessary

for

the

operation

of

the

Trust

and

the

Funds.

Except

for

the

Trust’s

Chief

Compliance

Officer

and

certain

compliance

staff,

the

Manager

pays

all

of

the

compensation

of

Trustees

and

officers

of

the

Trust

who

are

employees

of

the

Manager

or

its

affiliates.

The

Board

considered

the

scope

and

quality

of

services

provided

by

the

Manager

and

noted

that

the

scope

of

the

services

provided

has

continued

to

expand

as

a

result

of

regulatory

and

other

developments.

The

Board

noted,

for

example,

that

the

Manager

is

responsible

for

maintaining

and

monitoring

its

own

compliance

program,

and

this

compliance

program

has

been

continuously

refined

and

enhanced

in

light

of

new

regulatory

requirements.

The

Board

considered

the

capabilities

and

resources

which

the

Manager

has

dedicated

to

performing

services

on

behalf

of

the

Trust

and

its

Funds.

The

quality

of

administrative

and

other

services,

including

the

Manager’s

role

in

coordinating

the

activities

of

the

Trust’s

other

service

providers,

also

were

considered.

The

Board

concluded

that,

overall,

they

were

satisfied

with

the

nature,

extent

and

quality

of

services

provided

(and

expected

to

be

provided)

to

the

Trust

and

to

each

of

the

Funds

under

the

Management

Agreement.

(2)

The

investment

performance

of

the

Funds

and

the

Manager.

In

connection

with

every

quarterly

Board

meeting

and

the

summer

and

fall

2025

contract

review

process,

Trustees

received

extensive

information

on

the

performance

results

of

each

Fund.

This

included,

for

example,

performance

information

on

absolute

total

return,

performance

versus

the

appropriate

benchmark(s)

and

performance

versus

peer

groups

as

reported

by

Lipper,

the

contribution

to

performance

of

the

Manager’s

asset

class

allocation

decisions

and

volatility

management

strategies,

if

applicable,

the

performance

of

the

underlying

funds,

and

the

impact

on

performance

of

rebalancing

decisions,

cash

and

Fund

fees.

This

included

Lipper

performance

information

on

the

Funds

for

the

previous

quarter,

and

previous

one-,

three-

and

five-year

periods,

to

the

extent

available.

For

example,

in

connection

with

the

Board

meetings

held

June

9

and

10,

2025,

and

September

23,

2025,

the

Manager

reported

that,

for

the

five-year

period

ended

December

31,

2024,

three

Funds

were

in

the

top

40%,

three

were

in

the

middle

20%,

and

three

were

in

the

bottom

40%

of

their

respective

Lipper

peer

groups.

The

Manager

reported

that

for

the

three-year

period

ended

December

31,

2024,

four

Funds

were

in

the

top

40%,

three

were

in

the

middle

20%,

and

two

were

in

the

bottom

40%

of

their

respective

Lipper

peer

groups.

For

the

one-year

period

ended

December

31,

2024,

three

Funds

were

in

the

top

40%,

four

were

in

the

middle

20%,

and

two

were

in

the

bottom

40%

of

their

respective

Lipper

peer

groups.

The

Manager

also

reported

on

the

performance

of

the

MVP

Funds

compared

to

custom

managed-volatility

peer

groups.

For

the

five-year

period

ended

December

31,

2024,

six

Funds

were

in

the

top

40%

and

one

was

in

the

middle

20%

of

its

respective

custom

managed-volatility

peer

group.

For

the

three-year

period

ended

December

31,

2024,

seven

Funds

were

in

the

top

40%

of

their

respective

custom

managed-volatility

peer

groups.

For

the

one-year

period

ended

December

31,

2024,

three

Funds

were

in

the

top

40%,

one

was

in

the

middle

20%,

and

three

were

in

the

bottom

40%

of

their

respective

custom

managed-volatility

peer

groups.

The

Board

members

discussed

with

the

Manager

and

considered

the

impact

of

the

volatility

management

strategies

on

performance

in

different

market

environments,

where

applicable,

and

considered

whether

they

were

operating

as

intended.

The

Board

noted,

in

particular,

the

impact

on

longer-term

performance

of

certain

characteristics

of

the

Funds’

volatility

management

strategies

in

relation

to

volatility

experienced

as

a

result

of

the

COVID-19

pandemic,

and

that

relative

performance

had

improved

as

the

markets

stabilized.

At

the

Board

meeting

held

September

23,

2025,

the

Board

also

received

updated

performance

information

for

the

Funds,

including

updated

Lipper

peer

group

ranking

information,

for

various

periods

ending

June

30,

2025.

At

the

Board

meeting

held

September

23,

2025,

the

Trustees

determined

that

the

investment

performance

of

the

Funds

was

acceptable.

(3)

The

costs

of

services

to

be

provided

and

profits

to

be

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

the

Funds.

The

Board

considered

that

the

Manager

receives

an

advisory

fee

from

each

of

the

Funds.

The

Manager

reported

that

for

the

four

MVP

Index

Strategy

Funds,

the

advisory

fee

paid

was

in

the

37th

percentile

of

the

customized

peer

group.

The

Manager

reported

that

for

the

AZL

DFA

Multi-Strategy

Fund,

the

advisory

fee

paid

was

in

the

4th

percentile.

The

Manager

reported

that

for

the

AZL

Balanced

Index

Strategy

Fund,

the

advisory

fee

paid

was

in

the

1st

percentile

and

for

the

AZL

MVP

DFA

Multi-Strategy,

AZL

MVP

FIAM

Multi-Strategy,

and

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Funds,

the

advisory

fee

paid

was

in

the

2nd

percentile.

(A

lower

percentile

reflects

lower

fund

fees

and

is

better

for

fund

shareholders.)

Trustees

were

provided

with

information

on

the

total

expense

ratios

of

the

Funds

and

other

funds

in

the

customized

peer

groups,

and

the

Manager

reported

upon

the

challenges

in

making

peer

group

comparisons

for

the

Funds.

The

Board

further

considered

and

found

that

the

advisory

fee

paid

to

the

Manager

with

respect

to

each

Fund

was

based

on

services

provided

to

the

Fund

that

were

in

addition

to,

rather

than

duplicative

of,

the

services

provided

pursuant

to

the

advisory

agreements

for

the

underlying

funds

in

which

the

Fund

invests.

The

Manager

provided

information

concerning

the

profitability

of

the

Manager’s

investment

advisory

activities

for

the

period

from

2022

through

2024.

The

Board

recognized

that

it

is

difficult

to

make

comparisons

of

profitability

from

investment

company

advisory

agreements

because

comparative

information

is

not

generally

publicly

available

and

is

affected

by

numerous

factors,

including

the

structure

of

the

particular

adviser,

the

types

of

funds

it

manages,

its

business

mix,

numerous

assumptions

regarding

allocation

of

expenses

and

the

adviser’s

capital

structure

and

cost

of

capital.

In

considering

profitability

information,

the

Board

considered

the

possible

effect

of

certain

fall-out

benefits

to

the

Manager

and

its

affiliates.

The

Board

focused

on

profitability

of

the

Manager’s

relationships

with

the

Funds

before

taxes

and

distribution

expenses.

The

Board

recognized

that

the

Manager

should

earn

a

reasonable

level

of

profits

for

the

services

it

provides

to

each

Fund.

(4)

and

(5)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Funds

grow,

and

whether

fee

levels

reflect

these

economies

of

scale.

The

Board

noted

that

the

advisory

fee

schedules

for

the

Funds

do

not

contain

breakpoints

that

reduce

the

fee

rate

on

assets

above

specified

levels.

The

Board

recognized

that

breakpoints

may

be

an

appropriate

way

for

the

Manager

to

share

its

economies

of

scale,

if

any,

with

Funds

that

have

substantial

assets.

The

Board

found

there

was

no

uniform

methodology

for

establishing

breakpoints

that

give

effect

to

Fund-specific

services

provided

by

the

Manager.

The

Board

noted

that

in

the

fund

industry

as

a

whole,

as

well

as

among

funds

similar

to

the

Funds,

there

is

no

uniformity

or

pattern

in

the

fees

and

asset

levels

at

which

breakpoints

(if

any)

apply.

Depending

on

the

age,

size,

and

other

characteristics

of

a

particular

fund

and

its

manager’s

cost

structure,

different

conclusions

can

be

drawn

as

to

whether

there

are

economies

of

scale

to

be

realized

at

any

particular

level

of

assets,

notwithstanding

the

intuitive

conclusion

that

such

economies

exist,

or

will

be

realized

at

some

level

of

total

assets.

Moreover,

because

different

managers

have

different

cost

structures

and

service

models,

it

is

difficult

to

draw

meaningful

112

conclusions

from

the

breakpoints

that

may

have

been

adopted

by

other

funds.

The

Board

also

noted

that

the

advisory

agreements

for

many

funds

do

not

have

breakpoints

at

all,

or

if

breakpoints

exist,

they

may

be

at

asset

levels

significantly

greater

than

those

of

the

individual

Funds.

The

Board

noted

that

the

total

assets

in

all

of

the

Funds,

as

of

June

30,

2025,

were

approximately

$8

billion

and

that

the

largest

Fund,

the

AZL

MVP

Growth

Index

Strategy

Fund,

had

assets

of

approximately

$1.75

billion.

The

Board

noted

that

the

Manager

has

agreed

to

temporarily

limit

Fund

expenses

under

the

Expense

Limitation

Agreement,

which

has

the

effect

of

reducing

expenses

similar

to

implementation

of

advisory

fee

breakpoints.

The

Manager

has

committed

to

continue

to

consider

the

continuation

of

expense

limits

and/or

advisory

fee

breakpoints

as

Fund

assets

change.

The

Board

receives

quarterly

reports

on

the

level

of

Fund

assets.

The

Board

expects

to

continue

to

consider:

(a)

the

extent

to

which

economies

of

scale

have

been

realized,

and

(b)

whether

the

advisory

fee

should

be

modified,

either

in

connection

with

the

next

renewal

of

the

Management

Agreement

or

by

modifying

the

Expense

Limitation

Agreement,

to

reflect

such

economies

of

scale,

if

any.

Having

taken

these

factors

into

account,

the

Board

concluded

that

the

absence

of

breakpoints

in

the

Funds’

advisory

fee

rate

schedules

was

acceptable

under

each

Fund’s

circumstances.

In

conclusion,

after

full

consideration

of

the

above

factors,

as

well

as

such

other

factors

as

each

member

of

the

Board

considered

instructive

in

evaluating

the

Management

Agreement,

the

Board

concluded

that

the

advisory

fees

were

reasonable,

and

that

the

continuation

of

the

Management

Agreement

was

in

the

best

interest

of

the

Funds.

ANNRPT1225

02/26

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

Annual

Financial

Statements

and

Other

Information

December

31,

2025

Table

of

Contents

AZL®

MVP

Growth

Index

Strategy

Fund

Financial

Statements

(Form

N-CSR

Item

7)

Schedule

of

Portfolio

Investments

Page

116

Statement

of

Assets

and

Liabilities

Page

117

Statement

of

Operations

Page

117

Statements

of

Changes

in

Net

Assets

Page

118

Financial

Highlights

Page

119

Notes

to

the

Financial

Statements

Page

120

Report

of

Independent

Registered

Public

Accounting

Firm

Page

126

Other

Federal

Income

Tax

Information

(Unaudited)

Page

127

Other

Information

(Form

N-CSR

Items

8-11)

(Unaudited)

Item

8.

Changes

in

and

Disagreements

with

Accountants

Page

128

Item

9.

Proxy

Disclosures

Page

128

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

Page

128

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Page

129

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

December

31,

2025

116

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

December

31,

2025

.

Shares

Value

Affiliated

Investment

Companies

(95.0%):

Domestic

Equity

Funds

(50.4%):

4,713,027

AZL

Mid

Cap

Index

Fund,

Class

2

$

77,387,901‌

31,559,822

AZL

S&P

500

Index

Fund,

Class

2

726,507,099‌

4,647,540

AZL

Small

Cap

Stock

Index

Fund,

Class

2

51,866,551‌

855,761,551‌

Fixed

Income

Fund

(23.4%):

40,701,916

AZL

Enhanced

Bond

Index

Fund

397,657,721‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(21.2%):

16,423,073

AZL

International

Index

Fund,

Class

2

$

359,665,304‌

Total

Affiliated

Investment

Companies

(Cost

$1,215,165,919)

1,613,084,576‌

Total

Investment

Securities

(Cost

$1,215,165,919

)

—

95.0%

(a)

1,613,084,576‌

Net

other

assets

(liabilities)

—

5.0%

84,383,481‌

Net

Assets

—

100.0%

$

1,697,468,057‌

(a)

See

Federal

Tax

Information

listed

in

the

Notes

to

the

Financial

Statements.

Futures

Contracts

At

December

31,

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

March

Futures

(U.S.

Dollar)

3/20/26

184

$

63,411,000‌

$

23,768‌

U.S.

Treasury

10-Year

Note

March

Futures

(U.S.

Dollar)

3/20/26

189

21,250,688‌

(179,374‌)

$

(155,606‌)

AZL

MVP

Growth

Index

Strategy

Fund

117

See

accompanying

notes

to

the

financial

statements.

Statement

of

Assets

and

Liabilities

December

31,

2025

Statement

of

Operations

For

the

Year

Ended

December

31,

2025

Assets:

Investments

in

affiliates,

at

cost

$

1,215,165,919‌

aa

aa

Investments

in

affiliates,

at

value

$

1,613,084,576‌

Deposit

at

broker

for

futures

contracts

collateral

84,827,905‌

Interest

and

dividends

receivable

220,652‌

Receivable

for

affiliated

investments

sold

594,935‌

Prepaid

expenses

7,841‌

Total

Assets

1,698,735,909‌

Liabilities:

Cash

overdraft

594,935‌

Payable

for

capital

shares

redeemed

408,815‌

Management

fees

payable

145,202‌

Administration

fees

payable

14,088‌

Custodian

fees

payable

8,587‌

Administrative

and

compliance

services

fees

payable

4,067‌

Transfer

agent

fees

payable

1,220‌

Trustee

fees

payable

10,357‌

Other

accrued

liabilities

80,581‌

Total

Liabilities

1,267,852‌

Commitments

and

contingent

liabilities^

Net

Assets

$

1,697,468,057‌

Net

Assets

Consist

of:

Paid-in

capital

$

1,331,663,526‌

Total

distributable

earnings

365,804,531‌

Net

Assets

$

1,697,468,057‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

114,871,518‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

14.78‌

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Investment

Income:

Dividends

from

affiliates

$

35,133,322‌

Interest

3,139,589‌

Dividends

from

non-affiliates

104‌

Total

Investment

Income

38,273,015‌

Expenses:

Management

fees

1,747,218‌

Administration

fees

96,680‌

Custodian

fees

55,071‌

Administrative

and

compliance

services

fees

52,297‌

Transfer

agent

fees

8,850‌

Trustee

fees

90,817‌

Professional

fees

117,054‌

Shareholder

reports

21,024‌

Other

expenses

38,143‌

Total

expenses

2,227,154‌

Net

Investment

Income/(Loss)

36,045,861‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments:

Net

realized

gains/(losses)

on

affiliated

underlying

funds

47,877,313‌

Net

realized

gains

distributions

from

affiliated

underlying

funds

160,084,904‌

Net

realized

gains/(losses)

on

futures

contracts

(61,570,618‌)

Change

in

net

unrealized

appreciation/(depreciation)

on

affiliated

underlying

funds

8,413,475‌

Change

in

net

unrealized

appreciation/(depreciation)

on

futures

contracts

2,361,757‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments

157,166,831‌

Change

in

Net

Assets

Resulting

From

Operations

$

193,212,692‌

AZL

MVP

Growth

Index

Strategy

Fund

118

See

accompanying

notes

to

the

financial

statements.

Statements

of

Changes

in

Net

Assets

For

the

Year

Ended

December

31,

2025

For

the

Year

Ended

December

31,

2024

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

36,045,861‌

$

40,207,653‌

Net

realized

gains/(losses)

on

investments

146,391,599‌

166,769,996‌

Change

in

unrealized

appreciation/(depreciation)

on

investments

10,775,232‌

17,851,544‌

Change

in

net

assets

resulting

from

operations

193,212,692‌

224,829,193‌

Distributions

to

Shareholders:

Distributions

(190,478,418‌)

(107,317,081‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(190,478,418‌)

(107,317,081‌)

Capital

Transactions:

Proceeds

from

shares

issued

2,976,785‌

4,655,717‌

Proceeds

from

dividends

reinvested

190,478,418‌

107,317,081‌

Value

of

shares

redeemed

(339,036,306‌)

(388,997,620‌)

Change

in

net

assets

resulting

from

capital

transactions

(145,581,103‌)

(277,024,822‌)

Change

in

net

assets

(142,846,829‌)

(159,512,710‌)

Net

Assets:

Beginning

of

period

1,840,314,886‌

1,999,827,596‌

End

of

period

$

1,697,468,057‌

$

1,840,314,886‌

Share

Transactions:

Shares

issued

199,412‌

309,767‌

Dividends

reinvested

13,091,300‌

7,168,810‌

Shares

redeemed

(22,543,973‌)

(26,179,677‌)

Change

in

shares

(9,253,261‌)

(18,701,100‌)

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.)

119

See

accompanying

notes

to

the

financial

statements.

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$14.83

$14.00

$12.50

$16.66

$15.77

Investment

Activities:

Net

Investment

Income/(Loss)(a)

0.31

‌

0.31

‌

0.20

‌

0.19

‌

0.14

‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

1.41

‌

1.39

‌

1.84

‌

(2.76

)

2.36

‌

Total

from

Investment

Activities

1.72

‌

1.70

‌

2.04

‌

(2.57

)

2.50

‌

Distributions

to

Shareholders

From:

Net

Investment

Income

(0.38

)

(0.24

)

(0.27

)

(0.26

)

(0.30

)

Net

Realized

Gains

(1.39

)

(0.63

)

(0.27

)

(1.33

)

(1.31

)

Total

Dividends

(1.77

)

(0.87

)

(0.54

)

(1.59

)

(1.61

)

Net

Asset

Value,

End

of

Period

$14.78

$14.83

$14.00

$12.50

$16.66

Total

Return

(b)

11.80

%

12.10

%

16.81

%

(15.10

)%

16.40

%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$1,697,468

$1,840,315

$1,999,828

$1,982,487

$2,641,569

Net

Investment

Income/(Loss)

2.06

%

2.06

%

1.50

%

1.32

%

0.82

%

Expenses

Before

Reductions*(c)

0.13

%

0.12

%

0.12

%

0.12

%

0.12

%

Expenses

Net

of

Reductions*

0.13

%

0.12

%

0.12

%

0.12

%

0.12

%

Portfolio

Turnover

Rate

12

%

14

%

4

%

10

%

6

%

*

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)

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

December

31,

2025

120

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

year

ended December

31,

2025,

the

Fund

did

not

engage

in

any

Rule

17a-7

transactions.

AZL

MVP

Growth

Index

Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

121

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

year

ended December

31,

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

year

ended December

31,

2025,

the

monthly

average

notional

amount

for

long

contracts

was

$84.1

million,

and

the

monthly

average

notional

amount

for

short

contracts

was

$38.4

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

December

31,

2025: 

The

following

is

a

summary

of

the

effect

of

derivative

instruments

on

the

Statement

of

Operations,

categorized

by

risk

exposure,

for

the

year

ended December

31,

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

assume

certain

expenses

of

the

Fund

to

limit

the

annual

expenses,

excluding

(i)

brokerage

expenses

(including

any

costs

incidental

to

transactions

in

portfolio

securities

or

instruments),

(ii)

acquired

fund

fees

and

expenses,

(iii)

taxes,

(iv)

interest

(including

borrowing

costs

and

dividend

expenses

on

securities

sold

short

and

overdraft

charges),

(v)

litigation

expenses

(including

litigation

to

which

the

Trust

or

the

Fund

may

be

a

party

and

indemnification

of

the

Trustees

and

officers

with

respect

thereto),

and

(vi)

other

extraordinary

or

non-routine

expenses

(including

expenses

arising

from

mergers,

acquisitions

or

similar

transactions

involving

the

Fund),

based

on

the

average

net

assets

of

the

Fund,

through

April

30,

2027.

Expenses

incurred

for

investment

advisory

and

management

services

are

reflected

on

the

Statement

of

Operations

as

“Management

fees.”

For

the

year

ended December

31,

2025,

the

annual

management

fee rate

due

to

the

Manager

and

the

annual

expense

limit

were

as

follows:

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*

$23,768

Payable

for

variation

margin

on

futures

contracts*

$—

Interest

Rate

Risk

–

351,837

–

–

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$—

Payable

for

variation

margin

on

futures

contracts*

$

179,374

*

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

$

(

62,415,996

)

$

2,179,15

0

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

$845,378

$182,607

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

December

31,

2025

122

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

year

are

reflected

on

the

Statement

of

Operations

as

“Recoupment

of

prior

expenses

reimbursed

by

the

Manager.”

At

December

31,

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

year

can

be

found

on

the

Statement

of

Operations,

as

applicable.

During

the

year

ended December

31,

2025,

there

were

no

such

waivers.

The

Manager

serves

as

the

investment

adviser

of the

underlying

funds

in

which

the

Fund

invests. At

December

31,

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

year

ended December

31,

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,

through

September

30,

2025,

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”

or

the

“Custodian”)

serves

as

the

Trust’s

custodian.

For

these

services

as

custodian,

the

Funds

pay

BNY

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)

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

/

(Losses)

Change

in

Net

Unrealized

Appreciation

/

(

Depreciation

)

Value

12/31/25

Shares

as

of

12/31/25

Dividend

Income

Net

Realized

Gains

Distributions

from

Affiliated

Underlying

Funds

AZL

Enhanced

Bond

Index

Fund

$

441,903,068‌

$

17,665,169‌

$

(70,881,346‌)

$

(9,261,675‌)

$

18,232,505‌

$

397,657,721‌

40,701,916‌

$

17,665,170‌

$

—‌

AZL

International

Index

Fund,

Class

2

378,673,601‌

12,827,448‌

(119,181,715‌)

22,562,666‌

64,783,304‌

359,665,304‌

16,423,073‌

8,848,492‌

3,978,956‌

AZL

Mid

Cap

Index

Fund,

Class

2

84,611,702‌

24,034,743‌

(12,765,671‌)

(989,307‌)

(17,503,566‌)

77,387,901‌

4,713,027‌

934,595‌

23,100,148‌

AZL

S&P

500

Index

Fund,

Class

2

786,869,284‌

132,208,808‌

(176,624,732‌)

35,614,887‌

(51,561,148‌)

726,507,099‌

31,559,822‌

6,973,636‌

125,176,273‌

AZL

Small

Cap

Stock

Index

Fund,

Class

2

56,994,906‌

8,540,957‌

(8,082,434‌)

(49,258‌)

(5,537,620‌)

51,866,551‌

4,647,540‌

711,429‌

7,829,527‌

$

1,749,052,561‌

$

195,277,125‌

$

(387,535,898‌)

$

47,877,313‌

$

8,413,475‌

$

1,613,084,576‌

$

35,133,322‌

$

160,084,904‌

AZL

MVP

Growth

Index

Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

123

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.

In

the

event

that

unobservable

inputs

are

used

when

determining

valuations,

the

securities

will

be

classified

as

Level

3

in

the

fair

value

hierarchy.

Altering

one

or

more

unobservable

inputs

may

result

in

a

significant

change

to

a

Level

3

security’s

fair

value

measurement.

When

determining

the

fair

value

of

securities,

some

of

the

factors

influencing

the

valuation

include:

the

nature

of

any

restrictions

on

disposition

of

the

securities;

assessment

of

the

general

liquidity

of

the

securities;

the

issuer’s

financial

condition

and

the

markets

in

which

it

does

business;

the

cost

of

the

investment;

the

size

of

the

holding

and

the

capitalization

of

the

issuer;

the

prices

of

any

recent

transactions

or

bids/offers

for

such

securities

or

any

comparable

securities;

and

any

other

information

deemed

reliable

by

the

Manager

regarding

the

issuer

or

the

markets

or

industry

in

which

it

operates. 

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

December

31,

2025

in

valuing

the

Fund’s

investments

based

upon

the

three

levels

defined

above:

5.

Security

Purchases

and

Sales

For

the

year

ended December

31,

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.

Investment

Securities:

Level

1

Level

2

Level

3

Total

Affiliated

Investment

Companies

$

1,613,084,576

$

—

$

—

$

1,613,084,576

Total

Investment

Securities

1,613,084,576

—

—

1,613,084,576

Other

Financial

Instruments:

*

Futures

Contracts

(155,606)

—

—

(155,606)

Total

Investments

$1,612,928,970

$—

$—

$1,612,928,970

*

Other

Financial

Instruments

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

$195,277,125

$387,535,898

AZL

MVP

Growth

Index

Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

124

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

a

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.

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,

2025 is

$1,246,396,120.

The

gross

unrealized

appreciation/

(depreciation)

on

a

tax

basis is

as

follows:

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31,

2025 was

as

follows: 

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31,

2024 was

as

follows: 

At

December

31,

2025,

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

December

31,

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.

Unrealized

appreciation

$400,096,008

Unrealized

depreciation

(33,407,552)

Net

unrealized

appreciation/(depreciation)

$366,688,456

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions(a)

AZL

MVP

Growth

Index

Strategy

Fund

$118,528,147

$71,950,271

$190,478,418

(a)

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

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

$75,685,516

$171,134,318

$—

$366,688,456

$613,508,290

(a)

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

are

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

mark-to-market

of

futures

contracts

and

straddles.

AZL

MVP

Growth

Index

Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

125

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

officers

of

the

Trust,

as

listed

in

the

Trust’s

Statement

of

Additional

Information,

act

as

the

Fund’s

chief

operating

decision

maker

(“CODM”).

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.

Recent

Accounting

Pronouncements

During

the

reporting

period,

the

Fund

adopted

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

(“ASU

2023-09”).

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disclosure

of

income

taxes

paid

by

jurisdiction

if

the

quantitative

threshold

is

met.

The

Fund

did

not

pay

a

significant

amount

of

foreign

or

U.S.

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements. 

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.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

126

To

the

Board

of

Trustees

of

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

and

Shareholders

of

AZL

MVP

Growth

Index

Strategy

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

portfolio

investments,

of

AZL

MVP

Growth

Index

Strategy

Fund

(one

of

the

funds

constituting

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

2025,

the

related

statement

of

operations

for

the

year

ended

December

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

transfer

agent

and

broker.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

New

York,

New

York

February

20,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Allianz

Variable

Insurance

Products

complex

since

2018.

127

Other

Federal

Income

Tax

Information

(Unaudited)

For

the

year

ended

December

31,

2025,

8.62%

of

the

total

ordinary

income

dividends

paid

by

the

Fund

qualify

for

the

corporate

dividends

received

deductions

available

to

corporate

shareholders.

During

the

year

ended

December

31,

2025,

the

Fund

declared

net

short-term

capital

gain

distributions

of

$77,689,763.

During

the

year

ended

December

31,

2025,

the

Fund

declared

net

long-term

capital

gain

distributions

of

$71,950,271.

128

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

Fund

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.

129

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Subject

to

the

general

supervision

of

the

Board

of

Trustees

(the

“Board”

or

“Trustees”)

and

in

accordance

with

the

investment

objectives

and

restrictions

of

each

separate

series

(each

a

“Fund,”

together,

the

“Funds”)

of

the

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

(the

“Trust”),

investment

advisory

services

are

provided

to

the

Funds

by

Allianz

Investment

Management

LLC

(the

“Manager”).

The

Manager

manages

each

Fund

pursuant

to

an

investment

management

agreement

(the

“Management

Agreement”)

with

the

Trust

in

respect

of

each

such

Fund.

The

Management

Agreement

provides

that

the

Manager,

subject

to

the

supervision

and

approval

of

the

Board,

is

responsible

for

the

management

of

each

Fund.

For

management

services,

each

Fund

pays

the

Manager

an

investment

advisory

fee

based

upon

each

Fund’s

average

daily

net

assets.

The

Manager

has

contractually

agreed

to

limit

the

expenses

of

each

Fund

by

reimbursing

the

Fund

if

and

when

total

Fund

operating

expenses

exceed

certain

amounts

until

at

least

April

30,

2027

(the

“Expense

Limitation

Agreement”).

In

reviewing

the

services

provided

by

the

Manager

and

the

terms

of

the

Management

Agreement,

the

Board

receives

and

reviews

information

related

to

the

Manager’s

experience

and

expertise

in

the

variable

insurance

marketplace.

In

addition,

the

Board

receives

information

regarding

the

Manager’s

expertise

with

regard

to

portfolio

diversification

and

asset

allocation

requirements

within

variable

insurance

products

issued

by

Allianz

Life

Insurance

Company

of

North

America

(“Allianz

Life”)

and

its

subsidiary,

Allianz

Life

Insurance

Company

of

New

York

(“Allianz

of

New

York”).

Currently,

the

Funds

are

offered

only

through

Allianz

Life

and

Allianz

of

New

York

variable

products,

and

not

in

the

retail

fund

market.

As

required

by

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Board

has

reviewed

and

approved

the

Management

Agreement

with

the

Manager.

The

Board’s

decision

to

approve

this

contract

reflects

the

exercise

of

its

business

judgment

on

whether

to

approve

new

arrangements

and

continue

the

existing

arrangements.

During

its

review

of

the

contract,

the

Board

considered

many

factors,

among

the

most

material

of

which

are:

the

Fund’s

investment

objectives

and

long-term

performance;

the

Manager’s

management

philosophy,

personnel,

processes

and

investment

performance,

including

its

compliance

history

and

the

adequacy

of

its

compliance

processes;

the

preferences

and

expectations

of

Fund

shareholders

(and

underlying

contract

owners)

and

their

relative

sophistication;

the

continuing

state

of

competition

in

the

mutual

fund

industry;

and

comparable

fees

in

the

mutual

fund

industry.

The

Board

also

considered

the

compensation

and

benefits

received

by

the

Manager.

This

includes

fees

received

for

services

provided

to

a

Fund

by

employees

of

the

Manager

or

of

affiliates

of

the

Manager

and

research

services

received

by

the

Manager

from

brokers

that

execute

Fund

trades,

as

well

as

advisory

fees.

The

Board

considered

the

fact

that:

(1)

the

Manager

and

the

Trust

are

parties

to

an

Administrative

Services

Agreement

and

a

Compliance

Services

Agreement,

under

which

the

Manager

is

compensated

by

the

Trust

for

performing

certain

administrative

and

compliance

services

including

providing

an

employee

of

the

Manager

or

one

of

its

affiliates

to

act

as

the

Trust’s

Chief

Compliance

Officer;

and

(2)

Allianz

Life

Financial

Services,

LLC,

an

affiliated

person

of

the

Manager,

is

a

registered

securities

broker-dealer

and

received

(along

with

its

affiliated

persons)

payments

made

by

the

underlying

funds

pursuant

to

Rule

12b

1.

The

Board

is

aware

that

various

courts

have

interpreted

provisions

of

the

1940

Act

and

have

indicated

in

their

decisions

that

the

following

factors

may

be

relevant

to

an

adviser’s

compensation:

the

nature,

extent

and

quality

of

the

services

provided

by

the

adviser,

including

the

performance

of

the

fund;

the

adviser’s

cost

of

providing

the

services;

the

extent

to

which

the

adviser

may

realize

“economies

of

scale”

as

the

fund

grows

larger;

any

indirect

benefits

that

may

accrue

to

the

adviser

and

its

affiliates

as

a

result

of

the

adviser’s

relationship

with

the

fund;

performance

and

expenses

of

comparable

funds;

the

profitability

of

acting

as

adviser

to

the

fund;

and

the

extent

to

which

the

independent

Board

members,

who

are

not

“interested

persons”

of

a

fund

as

defined

by

the

1940

Act

(“Independent

Trustees”),

are

fully

informed

about

all

facts

bearing

on

the

adviser’s

services

and

fees.

The

Board

is

aware

of

these

factors

and

takes

them

into

account

in

its

review

of

the

Management

Agreement

for

the

Funds.

Each

member

of

the

Board

considered

and

weighed

these

factors

in

light

of

his

or

her

experience

in

governing

the

Trust.

The

Board

is

assisted

in

its

deliberations

by

the

advice

of

independent

legal

counsel

to

the

Independent

Trustees

(“Independent

Trustee

Counsel”).

In

this

regard,

the

Board

requests

and

receives

a

significant

amount

of

information

about

the

Funds

and

the

Manager.

Some

of

this

information

is

provided

at

each

regular

meeting

of

the

Board;

additional

information

is

provided

in

connection

with

the

particular

meetings

at

which

the

Board’s

formal

review

of

the

Management

Agreement

occurs.

In

between

regularly

scheduled

meetings,

the

Board

may

receive

information

on

particular

matters

as

the

need

arises.

Thus,

the

Board’s

evaluation

of

the

Management

Agreement

is

informed

by

reports

covering

such

matters

as:

the

Manager’s

investment

philosophy,

personnel

and

processes,

and

the

Funds’

investment

performance

(in

absolute

terms

as

well

as

in

relationship

to

its

benchmark

and

certain

competitor

or

“peer

group”

funds).

In

connection

with

comparing

the

performance

of

each

Fund

versus

its

benchmark,

the

Board

receives

reports

on

the

extent

to

which

the

Fund’s

performance

may

be

attributed

to

various

applicable

factors,

such

as

asset

class

allocation

decisions

and

volatility

management

strategies,

if

applicable,

the

performance

of

the

underlying

funds,

rebalancing

decisions,

and

the

impact

of

cash

positions

and

Fund

fees

and

expenses.

The

Board

also

receives

reports

on

the

Funds’

expenses

(including

the

advisory

fee

itself

and

the

overall

expense

structure

of

the

Funds,

both

in

absolute

terms

and

relative

to

peer

group

and/or

competing

funds,

with

due

regard

for

the

Expense

Limitation

Agreement

and

additional

voluntary

expense

limitations);

the

use

and

allocation

of

any

brokerage

commissions

derived

from

trading

the

Funds’

portfolio

securities;

the

nature,

extent

and

quality

of

the

advisory

and

other

services

provided

to

the

Funds

by

the

Manager

and

its

affiliates;

compliance

and

audit

reports

concerning

the

Funds

and

the

companies

that

service

them;

and

relevant

developments

in

the

mutual

fund

industry

and

how

the

Funds

and/or

the

Manager

are

responding

to

them.

The

Board

also

receives

financial

information

about

the

Manager,

including

reports

on

the

compensation

and

benefits

the

Manager

derives

from

its

relationships

with

the

Funds.

These

reports

cover

not

only

the

fees

under

the

Management

Agreement,

but

also

the

fees,

if

any,

received

for

providing

other

services

to

the

Funds.

The

reports

also

discuss

any

indirect

or

“fall-out”

benefits

the

Manager

or

its

affiliates

may

derive

from

their

relationships

with

the

Funds.

The

Management

Agreement

was

most

recently

considered

at

Board

meetings

held

in

the

summer

and

fall

of

2025.

Information

relevant

to

the

approval

of

the

Management

Agreement

was

considered

at

Board

meetings

held

June

9

and

10,

2025,

and

September

23,

2025,

as

well

as

at

various

other

meetings

preceding

those

meetings.

Accordingly,

the

Management

Agreement

was

approved

by

the

Board

at

an

in-person

meeting

on

September

23,

2025.

At

such

meeting

the

Board

also

approved

the

Expense

Limitation

Agreement

between

the

Manager

and

the

Trust

for

the

period

ending

April

30,

2027.

In

connection

with

such

meetings,

the

Board

requested

and

evaluated

extensive

materials

from

the

Manager,

including

performance

and

expense

information

for

other

investment

companies

with

similar

investment

objectives

derived

from

data

compiled

by

an

independent

third-party

provider

and

other

sources

believed

to

be

reliable

by

the

Manager

and

the

Trustees.

Prior

to

voting,

the

Trustees

reviewed

the

proposed

approval

of

the

Management

Agreement

with

management

and

with

Independent

Trustee

Counsel

and

received

a

memorandum

from

such

counsel

discussing

the

legal

standards

for

their

consideration

of

the

proposed

approval.

The

Independent

Trustees

also

discussed

the

proposed

approval

in

private

sessions

with

Independent

Trustee

Counsel

at

which

no

representatives

of

the

Manager

were

present.

In

reaching

their

determinations

relating

to

the

approval

of

the

Management

Agreement,

in

respect

of

each

Fund,

each

member

of

the

Board

considered

all

factors

he

or

she

believed

relevant.

The

Board

based

its

decision

to

approve

130

the

Management

Agreement

on

the

totality

of

the

circumstances

and

relevant

factors,

and

with

a

view

to

past

and

future

long-term

considerations.

Not

all

of

the

factors

and

considerations

discussed

above

and

below

are

necessarily

relevant

to

every

Fund,

and

the

Board

did

not

assign

relative

weights

to

factors

discussed

herein

or

deem

any

one

or

group

of

them

to

be

controlling

in

and

of

themselves.

Form

N-CSR

filings

must

include

a

discussion

of

certain

factors

relating

to

the

selection

of

the

investment

adviser

and

the

approval

of

advisory

fees.

The

“factors”

enumerated

by

the

SEC

are

set

forth

below

in

italics,

as

well

as

the

Board’s

conclusions

regarding

such

factors:

(1)

The

nature,

extent

and

quality

of

services

provided

by

the

Manager.

The

Trustees

noted

that

the

Manager,

subject

to

the

oversight

of

the

Board,

administers

each

Fund’s

business

and

other

affairs.

The

Trustees

noted

that

the

Manager

also

provides

the

Trust

and

each

Fund

with

such

administrative

and

other

services

(exclusive

of,

and

in

addition

to,

any

such

services

provided

by

any

other

service

providers

retained

by

the

Trust

on

behalf

of

the

Funds)

and

executive

and

other

personnel

as

are

necessary

for

the

operation

of

the

Trust

and

the

Funds.

Except

for

the

Trust’s

Chief

Compliance

Officer

and

certain

compliance

staff,

the

Manager

pays

all

of

the

compensation

of

Trustees

and

officers

of

the

Trust

who

are

employees

of

the

Manager

or

its

affiliates.

The

Board

considered

the

scope

and

quality

of

services

provided

by

the

Manager

and

noted

that

the

scope

of

the

services

provided

has

continued

to

expand

as

a

result

of

regulatory

and

other

developments.

The

Board

noted,

for

example,

that

the

Manager

is

responsible

for

maintaining

and

monitoring

its

own

compliance

program,

and

this

compliance

program

has

been

continuously

refined

and

enhanced

in

light

of

new

regulatory

requirements.

The

Board

considered

the

capabilities

and

resources

which

the

Manager

has

dedicated

to

performing

services

on

behalf

of

the

Trust

and

its

Funds.

The

quality

of

administrative

and

other

services,

including

the

Manager’s

role

in

coordinating

the

activities

of

the

Trust’s

other

service

providers,

also

were

considered.

The

Board

concluded

that,

overall,

they

were

satisfied

with

the

nature,

extent

and

quality

of

services

provided

(and

expected

to

be

provided)

to

the

Trust

and

to

each

of

the

Funds

under

the

Management

Agreement.

(2)

The

investment

performance

of

the

Funds

and

the

Manager.

In

connection

with

every

quarterly

Board

meeting

and

the

summer

and

fall

2025

contract

review

process,

Trustees

received

extensive

information

on

the

performance

results

of

each

Fund.

This

included,

for

example,

performance

information

on

absolute

total

return,

performance

versus

the

appropriate

benchmark(s)

and

performance

versus

peer

groups

as

reported

by

Lipper,

the

contribution

to

performance

of

the

Manager’s

asset

class

allocation

decisions

and

volatility

management

strategies,

if

applicable,

the

performance

of

the

underlying

funds,

and

the

impact

on

performance

of

rebalancing

decisions,

cash

and

Fund

fees.

This

included

Lipper

performance

information

on

the

Funds

for

the

previous

quarter,

and

previous

one-,

three-

and

five-year

periods,

to

the

extent

available.

For

example,

in

connection

with

the

Board

meetings

held

June

9

and

10,

2025,

and

September

23,

2025,

the

Manager

reported

that,

for

the

five-year

period

ended

December

31,

2024,

three

Funds

were

in

the

top

40%,

three

were

in

the

middle

20%,

and

three

were

in

the

bottom

40%

of

their

respective

Lipper

peer

groups.

The

Manager

reported

that

for

the

three-year

period

ended

December

31,

2024,

four

Funds

were

in

the

top

40%,

three

were

in

the

middle

20%,

and

two

were

in

the

bottom

40%

of

their

respective

Lipper

peer

groups.

For

the

one-year

period

ended

December

31,

2024,

three

Funds

were

in

the

top

40%,

four

were

in

the

middle

20%,

and

two

were

in

the

bottom

40%

of

their

respective

Lipper

peer

groups.

The

Manager

also

reported

on

the

performance

of

the

MVP

Funds

compared

to

custom

managed-volatility

peer

groups.

For

the

five-year

period

ended

December

31,

2024,

six

Funds

were

in

the

top

40%

and

one

was

in

the

middle

20%

of

its

respective

custom

managed-volatility

peer

group.

For

the

three-year

period

ended

December

31,

2024,

seven

Funds

were

in

the

top

40%

of

their

respective

custom

managed-volatility

peer

groups.

For

the

one-year

period

ended

December

31,

2024,

three

Funds

were

in

the

top

40%,

one

was

in

the

middle

20%,

and

three

were

in

the

bottom

40%

of

their

respective

custom

managed-volatility

peer

groups.

The

Board

members

discussed

with

the

Manager

and

considered

the

impact

of

the

volatility

management

strategies

on

performance

in

different

market

environments,

where

applicable,

and

considered

whether

they

were

operating

as

intended.

The

Board

noted,

in

particular,

the

impact

on

longer-term

performance

of

certain

characteristics

of

the

Funds’

volatility

management

strategies

in

relation

to

volatility

experienced

as

a

result

of

the

COVID-19

pandemic,

and

that

relative

performance

had

improved

as

the

markets

stabilized.

At

the

Board

meeting

held

September

23,

2025,

the

Board

also

received

updated

performance

information

for

the

Funds,

including

updated

Lipper

peer

group

ranking

information,

for

various

periods

ending

June

30,

2025.

At

the

Board

meeting

held

September

23,

2025,

the

Trustees

determined

that

the

investment

performance

of

the

Funds

was

acceptable.

(3)

The

costs

of

services

to

be

provided

and

profits

to

be

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

the

Funds.

The

Board

considered

that

the

Manager

receives

an

advisory

fee

from

each

of

the

Funds.

The

Manager

reported

that

for

the

four

MVP

Index

Strategy

Funds,

the

advisory

fee

paid

was

in

the

37th

percentile

of

the

customized

peer

group.

The

Manager

reported

that

for

the

AZL

DFA

Multi-Strategy

Fund,

the

advisory

fee

paid

was

in

the

4th

percentile.

The

Manager

reported

that

for

the

AZL

Balanced

Index

Strategy

Fund,

the

advisory

fee

paid

was

in

the

1st

percentile

and

for

the

AZL

MVP

DFA

Multi-Strategy,

AZL

MVP

FIAM

Multi-Strategy,

and

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Funds,

the

advisory

fee

paid

was

in

the

2nd

percentile.

(A

lower

percentile

reflects

lower

fund

fees

and

is

better

for

fund

shareholders.)

Trustees

were

provided

with

information

on

the

total

expense

ratios

of

the

Funds

and

other

funds

in

the

customized

peer

groups,

and

the

Manager

reported

upon

the

challenges

in

making

peer

group

comparisons

for

the

Funds.

The

Board

further

considered

and

found

that

the

advisory

fee

paid

to

the

Manager

with

respect

to

each

Fund

was

based

on

services

provided

to

the

Fund

that

were

in

addition

to,

rather

than

duplicative

of,

the

services

provided

pursuant

to

the

advisory

agreements

for

the

underlying

funds

in

which

the

Fund

invests.

The

Manager

provided

information

concerning

the

profitability

of

the

Manager’s

investment

advisory

activities

for

the

period

from

2022

through

2024.

The

Board

recognized

that

it

is

difficult

to

make

comparisons

of

profitability

from

investment

company

advisory

agreements

because

comparative

information

is

not

generally

publicly

available

and

is

affected

by

numerous

factors,

including

the

structure

of

the

particular

adviser,

the

types

of

funds

it

manages,

its

business

mix,

numerous

assumptions

regarding

allocation

of

expenses

and

the

adviser’s

capital

structure

and

cost

of

capital.

In

considering

profitability

information,

the

Board

considered

the

possible

effect

of

certain

fall-out

benefits

to

the

Manager

and

its

affiliates.

The

Board

focused

on

profitability

of

the

Manager’s

relationships

with

the

Funds

before

taxes

and

distribution

expenses.

The

Board

recognized

that

the

Manager

should

earn

a

reasonable

level

of

profits

for

the

services

it

provides

to

each

Fund.

(4)

and

(5)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Funds

grow,

and

whether

fee

levels

reflect

these

economies

of

scale.

The

Board

noted

that

the

advisory

fee

schedules

for

the

Funds

do

not

contain

breakpoints

that

reduce

the

fee

rate

on

assets

above

specified

levels.

The

Board

recognized

that

breakpoints

may

be

an

appropriate

way

for

the

Manager

to

share

its

economies

of

scale,

if

any,

with

Funds

that

have

substantial

assets.

The

Board

found

there

was

no

uniform

methodology

for

establishing

breakpoints

that

give

effect

to

Fund-specific

services

provided

by

the

Manager.

The

Board

noted

that

in

the

fund

industry

as

a

whole,

as

well

as

among

funds

similar

to

the

Funds,

there

is

no

uniformity

or

pattern

in

the

fees

and

asset

levels

at

which

breakpoints

(if

any)

apply.

Depending

on

the

age,

size,

and

other

characteristics

of

a

particular

fund

and

its

manager’s

cost

structure,

different

conclusions

can

be

drawn

as

to

whether

there

are

economies

of

scale

to

be

realized

at

any

particular

level

of

assets,

notwithstanding

the

intuitive

conclusion

that

such

economies

exist,

or

will

be

realized

at

some

level

of

total

assets.

Moreover,

because

different

managers

have

different

cost

structures

and

service

models,

it

is

difficult

to

draw

meaningful

131

conclusions

from

the

breakpoints

that

may

have

been

adopted

by

other

funds.

The

Board

also

noted

that

the

advisory

agreements

for

many

funds

do

not

have

breakpoints

at

all,

or

if

breakpoints

exist,

they

may

be

at

asset

levels

significantly

greater

than

those

of

the

individual

Funds.

The

Board

noted

that

the

total

assets

in

all

of

the

Funds,

as

of

June

30,

2025,

were

approximately

$8

billion

and

that

the

largest

Fund,

the

AZL

MVP

Growth

Index

Strategy

Fund,

had

assets

of

approximately

$1.75

billion.

The

Board

noted

that

the

Manager

has

agreed

to

temporarily

limit

Fund

expenses

under

the

Expense

Limitation

Agreement,

which

has

the

effect

of

reducing

expenses

similar

to

implementation

of

advisory

fee

breakpoints.

The

Manager

has

committed

to

continue

to

consider

the

continuation

of

expense

limits

and/or

advisory

fee

breakpoints

as

Fund

assets

change.

The

Board

receives

quarterly

reports

on

the

level

of

Fund

assets.

The

Board

expects

to

continue

to

consider:

(a)

the

extent

to

which

economies

of

scale

have

been

realized,

and

(b)

whether

the

advisory

fee

should

be

modified,

either

in

connection

with

the

next

renewal

of

the

Management

Agreement

or

by

modifying

the

Expense

Limitation

Agreement,

to

reflect

such

economies

of

scale,

if

any.

Having

taken

these

factors

into

account,

the

Board

concluded

that

the

absence

of

breakpoints

in

the

Funds’

advisory

fee

rate

schedules

was

acceptable

under

each

Fund’s

circumstances.

In

conclusion,

after

full

consideration

of

the

above

factors,

as

well

as

such

other

factors

as

each

member

of

the

Board

considered

instructive

in

evaluating

the

Management

Agreement,

the

Board

concluded

that

the

advisory

fees

were

reasonable,

and

that

the

continuation

of

the

Management

Agreement

was

in

the

best

interest

of

the

Funds.

ANNRPT1225

02/26

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

Annual

Financial

Statements

and

Other

Information

December

31,

2025

Table

of

Contents

AZL®

MVP

Moderate

Index

Strategy

Fund

Financial

Statements

(Form

N-CSR

Item

7)

Schedule

of

Portfolio

Investments

Page

135

Statement

of

Assets

and

Liabilities

Page

136

Statement

of

Operations

Page

136

Statements

of

Changes

in

Net

Assets

Page

137

Financial

Highlights

Page

138

Notes

to

the

Financial

Statements

Page

139

Report

of

Independent

Registered

Public

Accounting

Firm

Page

145

Other

Federal

Income

Tax

Information

(Unaudited)

Page

146

Other

Information

(Form

N-CSR

Items

8-11)

(Unaudited)

Item

8.

Changes

in

and

Disagreements

with

Accountants

Page

147

Item

9.

Proxy

Disclosures

Page

147

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

Page

147

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Page

148

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

December

31,

2025

135

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

December

31,

2025

.

Shares

Value

Affiliated

Investment

Companies

(95.0%):

Domestic

Equity

Funds

(40.4%):

650,320

AZL

Mid

Cap

Index

Fund,

Class

2

$

10,678,255‌

4,567,972

AZL

S&P

500

Index

Fund,

Class

2

105,154,726‌

677,237

AZL

Small

Cap

Stock

Index

Fund,

Class

2

7,557,963‌

123,390,944‌

Fixed

Income

Fund

(38.0%):

11,857,099

AZL

Enhanced

Bond

Index

Fund

115,843,854‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(16.6%):

2,311,768

AZL

International

Index

Fund,

Class

2

$

50,627,727‌

Total

Affiliated

Investment

Companies

(Cost

$248,332,196)

289,862,525‌

Total

Investment

Securities

(Cost

$248,332,19

6

)

—

95.0%

(a)

289,862,525‌

Net

other

assets

(liabilities)

—

5.0%

15,145,964‌

Net

Assets

—

100.0%

$

305,008,489‌

(a)

See

Federal

Tax

Information

listed

in

the

Notes

to

the

Financial

Statements.

Futures

Contracts

At

December

31,

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

March

Futures

(U.S.

Dollar)

3/20/26

26

$

8,960,250‌

$

3,012‌

U.S.

Treasury

10-Year

Note

March

Futures

(U.S.

Dollar)

3/20/26

54

6,071,625‌

(51,087‌)

$

(48,075‌)

AZL

MVP

Moderate

Index

Strategy

Fund

136

See

accompanying

notes

to

the

financial

statements.

Statement

of

Assets

and

Liabilities

December

31,

2025

Statement

of

Operations

For

the

Year

Ended

December

31,

2025

Assets:

Investments

in

affiliates,

at

cost

$

248,332,196‌

aa

aaa

Investments

in

affiliates,

at

value

$

289,862,525‌

Deposit

at

broker

for

futures

contracts

collateral

15,246,315‌

Interest

and

dividends

receivable

39,700‌

Receivable

for

affiliated

investments

sold

91,633‌

Prepaid

expenses

1,414‌

Total

Assets

305,241,587‌

Liabilities:

Cash

overdraft

91,633‌

Payable

for

capital

shares

redeemed

82,966‌

Management

fees

payable

22,784‌

Administration

fees

payable

13,676‌

Custodian

fees

payable

1,762‌

Administrative

and

compliance

services

fees

payable

778‌

Transfer

agent

fees

payable

1,247‌

Trustee

fees

payable

1,981‌

Other

accrued

liabilities

16,271‌

Total

Liabilities

233,098‌

Commitments

and

contingent

liabilities^

Net

Assets

$

305,008,489‌

Net

Assets

Consist

of:

Paid-in

capital

$

256,238,936‌

Total

distributable

earnings

48,769,553‌

Net

Assets

$

305,008,489‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

22,821,652‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

13.36‌

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Investment

Income:

Dividends

from

affiliates

$

7,804,880‌

Interest

521,961‌

Dividends

from

non-affiliates

2‌

Total

Investment

Income

8,326,843‌

Expenses:

Management

fees

317,023‌

Administration

fees

86,710‌

Custodian

fees

12,072‌

Administrative

and

compliance

services

fees

9,473‌

Transfer

agent

fees

8,269‌

Trustee

fees

16,428‌

Professional

fees

21,206‌

Shareholder

reports

6,413‌

Other

expenses

6,716‌

Total

expenses

before

reductions

484,310‌

Less

expense

contractually

waived/reimbursed

by

the

Manager

(9,713‌)

Net

expenses

474,597‌

Net

Investment

Income/(Loss)

7,852,246‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments:

Net

realized

gains/(losses)

on

affiliated

underlying

funds

7,520,639‌

Net

realized

gains

distributions

from

affiliated

underlying

funds

22,768,360‌

Net

realized

gains/(losses)

on

futures

contracts

(7,905,998‌)

Change

in

net

unrealized

appreciation/(depreciation)

on

affiliated

underlying

funds

3,091,071‌

Change

in

net

unrealized

appreciation/(depreciation)

on

futures

contracts

366,259‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments

25,840,331‌

Change

in

Net

Assets

Resulting

From

Operations

$

33,692,577‌

AZL

MVP

Moderate

Index

Strategy

Fund

137

See

accompanying

notes

to

the

financial

statements.

Statements

of

Changes

in

Net

Assets

For

the

Year

Ended

December

31,

2025

For

the

Year

Ended

December

31,

2024

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

7,852,246‌

$

8,346,542‌

Net

realized

gains/(losses)

on

investments

22,383,001‌

26,851,806‌

Change

in

unrealized

appreciation/(depreciation)

on

investments

3,457,330‌

(710,379‌)

Change

in

net

assets

resulting

from

operations

33,692,577‌

34,487,969‌

Distributions

to

Shareholders:

Distributions

(32,792,495‌)

(18,037,204‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(32,792,495‌)

(18,037,204‌)

Capital

Transactions:

Proceeds

from

shares

issued

56,705‌

173,620‌

Proceeds

from

dividends

reinvested

32,792,494‌

18,037,204‌

Value

of

shares

redeemed

(63,590,406‌)

(79,126,975‌)

Change

in

net

assets

resulting

from

capital

transactions

(30,741,207‌)

(60,916,151‌)

Change

in

net

assets

(29,841,125‌)

(44,465,386‌)

Net

Assets:

Beginning

of

period

334,849,614‌

379,315,000‌

End

of

period

$

305,008,489‌

$

334,849,614‌

Share

Transactions:

Shares

issued

4,279‌

12,912‌

Dividends

reinvested

2,488,050‌

1,327,241‌

Shares

redeemed

(4,665,699‌)

(5,881,048‌)

Change

in

shares

(2,173,370‌)

(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.)

138

See

accompanying

notes

to

the

financial

statements.

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$13.40

$12.84

$11.61

$15.50

$15.11

Investment

Activities:

Net

Investment

Income/(Loss)(a)

0.34

‌

0.31

‌

0.18

‌

0.17

‌

0.12

‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

1.14

‌

0.98

‌

1.46

‌

(2.60

)

1.70

‌

Total

from

Investment

Activities

1.48

‌

1.29

‌

1.64

‌

(2.43

)

1.82

‌

Distributions

to

Shareholders

From:

Net

Investment

Income

(0.39

)

(0.23

)

(0.24

)

(0.28

)

(0.30

)

Net

Realized

Gains

(1.13

)

(0.50

)

(0.17

)

(1.18

)

(1.13

)

Total

Dividends

(1.52

)

(0.73

)

(0.41

)

(1.46

)

(1.43

)

Net

Asset

Value,

End

of

Period

$13.36

$13.40

$12.84

$11.61

$15.50

Total

Return

(b)

11.26

%

9.93

%

14.59

%

(15.38

)%

12.46

%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$305,008

$334,850

$379,315

$391,943

$523,972

Net

Investment

Income/(Loss)

2.48

%

2.32

%

1.49

%

1.31

%

0.76

%

Expenses

Before

Reductions*(c)

0.15

%

0.15

%

0.14

%

0.13

%

0.13

%

Expenses

Net

of

Reductions*

0.15

%

0.15

%

0.14

%

0.13

%

0.13

%

Portfolio

Turnover

Rate

12

%

12

%

3

%

8

%

6

%

*

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)

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

December

31,

2025

139

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

year

ended December

31,

2025,

the

Fund

did

not

engage

in

any

Rule

17a-7

transactions.

AZL

MVP

Moderate

Index

Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

140

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

year

ended December

31,

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

year

ended December

31,

2025,

the

monthly

average

notional

amount

for

long

contracts

was

$14.2

million,

and

the

monthly

average

notional

amount

for

short

contracts

was

$5.0

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

December

31,

2025: 

The

following

is

a

summary

of

the

effect

of

derivative

instruments

on

the

Statement

of

Operations,

categorized

by

risk

exposure,

for

the

year

ended December

31,

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

assume

certain

expenses

of

the

Fund

to

limit

the

annual

expenses,

excluding

(i)

brokerage

expenses

(including

any

costs

incidental

to

transactions

in

portfolio

securities

or

instruments),

(ii)

acquired

fund

fees

and

expenses,

(iii)

taxes,

(iv)

interest

(including

borrowing

costs

and

dividend

expenses

on

securities

sold

short

and

overdraft

charges),

(v)

litigation

expenses

(including

litigation

to

which

the

Trust

or

the

Fund

may

be

a

party

and

indemnification

of

the

Trustees

and

officers

with

respect

thereto),

and

(vi)

other

extraordinary

or

non-routine

expenses

(including

expenses

arising

from

mergers,

acquisitions

or

similar

transactions

involving

the

Fund),

based

on

the

average

net

assets

of

the

Fund,

through

April

30,

2027.

Expenses

incurred

for

investment

advisory

and

management

services

are

reflected

on

the

Statement

of

Operations

as

“Management

fees.”

For

the

year

ended December

31,

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

year

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*

$3,012

Payable

for

variation

margin

on

futures

contracts*

$—

Interest

Rate

Risk

–

88,902

–

–

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$—

Payable

for

variation

margin

on

futures

contracts*

$

51,087

*

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

$

(

8,090,629

)

$

310,766

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

$184,631

$55,493

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

December

31,

2025

141

At

December

31,

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

year

can

be

found

on

the

Statement

of

Operations,

as

applicable.

During

the

year

ended December

31,

2025,

there

were

no

such

waivers.

The

Manager

serves

as

the

investment

adviser

of

the

underlying

funds

in

which

the

Fund

invests.

At

December

31,

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

year

ended December

31,

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,

through

September

30,

2025,

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”

or

the

“Custodian”)

serves

as

the

Trust’s

custodian.

For

these

services

as

custodian,

the

Funds

pay

BNY

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

$9,713

$9,713

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

/

(Losses)

Change

in

Net

Unrealized

Appreciation

/

(

Depreciation

)

Value

12/31/25

Shares

as

of

12/31/25

Dividend

Income

Net

Realized

Gains

Distributions

from

Affiliated

Underlying

Funds

AZL

Enhanced

Bond

Index

Fund

$

128,943,747‌

$

5,341,369‌

$

(21,189,739‌)

$

(2,455,545‌)

$

5,204,022‌

$

115,843,854‌

11,857,099‌

$

5,341,369‌

$

—‌

AZL

International

Index

Fund,

Class

2

54,231,035‌

1,790,110‌

(17,914,380‌)

3,697,523‌

8,823,439‌

50,627,727‌

2,311,768‌

1,234,835‌

555,276‌

AZL

Mid

Cap

Index

Fund,

Class

2

11,625,078‌

3,802,778‌

(2,367,791‌)

186,976‌

(2,568,786‌)

10,678,255‌

650,320‌

124,337‌

3,073,201‌

AZL

S&P

500

Index

Fund,

Class

2

115,279,762‌

23,813,590‌

(32,339,648‌)

5,886,597‌

(7,485,575‌)

105,154,726‌

4,567,972‌

1,006,000‌

18,057,629‌

AZL

Small

Cap

Stock

Index

Fund,

Class

2

8,282,384‌

1,759,836‌

(1,807,316‌)

205,088‌

(882,029‌)

7,557,963‌

677,237‌

98,339‌

1,082,254‌

$

318,362,006‌

$

36,507,683‌

$

(75,618,874‌)

$

7,520,639‌

$

3,091,071‌

$

289,862,525‌

$

7,804,880‌

$

22,768,360‌

AZL

MVP

Moderate

Index

Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

142

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.

In

the

event

that

unobservable

inputs

are

used

when

determining

valuations,

the

securities

will

be

classified

as

Level

3

in

the

fair

value

hierarchy.

Altering

one

or

more

unobservable

inputs

may

result

in

a

significant

change

to

a

Level

3

security’s

fair

value

measurement.

When

determining

the

fair

value

of

securities,

some

of

the

factors

influencing

the

valuation

include:

the

nature

of

any

restrictions

on

disposition

of

the

securities;

assessment

of

the

general

liquidity

of

the

securities;

the

issuer’s

financial

condition

and

the

markets

in

which

it

does

business;

the

cost

of

the

investment;

the

size

of

the

holding

and

the

capitalization

of

the

issuer;

the

prices

of

any

recent

transactions

or

bids/offers

for

such

securities

or

any

comparable

securities;

and

any

other

information

deemed

reliable

by

the

Manager

regarding

the

issuer

or

the

markets

or

industry

in

which

it

operates. 

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

December

31,

2025

in

valuing

the

Fund’s

investments

based

upon

the

three

levels

defined

above:

5.

Security

Purchases

and

Sales

For

the

year

ended December

31,

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.

Investment

Securities:

Level

1

Level

2

Level

3

Total

Affiliated

Investment

Companies

$

289,862,525

$

—

$

—

$

289,862,525

Total

Investment

Securities

289,862,525

—

—

289,862,525

Other

Financial

Instruments:

*

Futures

Contracts

(48,075)

—

—

(48,075)

Total

Investments

$289,814,450

$—

$—

$289,814,450

*

Other

Financial

Instruments

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

$36,507,683

$75,618,874

AZL

MVP

Moderate

Index

Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

143

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

a

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.

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,

2025 is

$252,393,288.

The

gross

unrealized

appreciation/

(depreciation)

on

a

tax

basis is

as

follows:

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31,

2025 was

as

follows: 

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31,

2024 was

as

follows: 

At

December

31,

2025,

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

December

31,

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.

Unrealized

appreciation

$48,386,759

Unrealized

depreciation

(10,917,522)

Net

unrealized

appreciation/(depreciation)

$37,469,237

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions(a)

AZL

MVP

Moderate

Index

Strategy

Fund

$21,950,341

$10,842,154

$32,792,495

(a)

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

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

$13,996,685

$24,150,157

$—

$37,469,237

$75,616,079

(a)

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

are

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

mark-to-market

of

futures

contracts

and

straddles.

AZL

MVP

Moderate

Index

Strategy

Fund

Notes

to

the

Financial

Statements

December

31,

2025

144

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

officers

of

the

Trust,

as

listed

in

the

Trust’s

Statement

of

Additional

Information,

act

as

the

Fund’s

chief

operating

decision

maker

(“CODM”).

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.

Recent

Accounting

Pronouncements

During

the

reporting

period,

the

Fund

adopted

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

(“ASU

2023-09”).

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disclosure

of

income

taxes

paid

by

jurisdiction

if

the

quantitative

threshold

is

met.

The

Fund

did

not

pay

a

significant

amount

of

foreign

or

U.S.

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements. 

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.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

145

To

the

Board

of

Trustees

of

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

and

Shareholders

of

AZL

MVP

Moderate

Index

Strategy

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

portfolio

investments,

of

AZL

MVP

Moderate

Index

Strategy

Fund

(one

of

the

funds

constituting

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

2025,

the

related

statement

of

operations

for

the

year

ended

December

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

transfer

agent

and

broker.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

New

York,

New

York

February

20,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Allianz

Variable

Insurance

Products

complex

since

2018.

146

Other

Federal

Income

Tax

Information

(Unaudited)

For

the

year

ended

December

31,

2025,

6.88%

of

the

total

ordinary

income

dividends

paid

by

the

Fund

qualify

for

the

corporate

dividends

received

deductions

available

to

corporate

shareholders.

During

the

year

ended

December

31,

2025,

the

Fund

declared

net

short-term

capital

gain

distributions

of

$13,512,359.

During

the

year

ended

December

31,

2025,

the

Fund

declared

net

long-term

capital

gain

distributions

of

$10,842,154.

147

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

Fund

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.

148

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Subject

to

the

general

supervision

of

the

Board

of

Trustees

(the

“Board”

or

“Trustees”)

and

in

accordance

with

the

investment

objectives

and

restrictions

of

each

separate

series

(each

a

“Fund,”

together,

the

“Funds”)

of

the

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

(the

“Trust”),

investment

advisory

services

are

provided

to

the

Funds

by

Allianz

Investment

Management

LLC

(the

“Manager”).

The

Manager

manages

each

Fund

pursuant

to

an

investment

management

agreement

(the

“Management

Agreement”)

with

the

Trust

in

respect

of

each

such

Fund.

The

Management

Agreement

provides

that

the

Manager,

subject

to

the

supervision

and

approval

of

the

Board,

is

responsible

for

the

management

of

each

Fund.

For

management

services,

each

Fund

pays

the

Manager

an

investment

advisory

fee

based

upon

each

Fund’s

average

daily

net

assets.

The

Manager

has

contractually

agreed

to

limit

the

expenses

of

each

Fund

by

reimbursing

the

Fund

if

and

when

total

Fund

operating

expenses

exceed

certain

amounts

until

at

least

April

30,

2027

(the

“Expense

Limitation

Agreement”).

In

reviewing

the

services

provided

by

the

Manager

and

the

terms

of

the

Management

Agreement,

the

Board

receives

and

reviews

information

related

to

the

Manager’s

experience

and

expertise

in

the

variable

insurance

marketplace.

In

addition,

the

Board

receives

information

regarding

the

Manager’s

expertise

with

regard

to

portfolio

diversification

and

asset

allocation

requirements

within

variable

insurance

products

issued

by

Allianz

Life

Insurance

Company

of

North

America

(“Allianz

Life”)

and

its

subsidiary,

Allianz

Life

Insurance

Company

of

New

York

(“Allianz

of

New

York”).

Currently,

the

Funds

are

offered

only

through

Allianz

Life

and

Allianz

of

New

York

variable

products,

and

not

in

the

retail

fund

market.

As

required

by

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Board

has

reviewed

and

approved

the

Management

Agreement

with

the

Manager.

The

Board’s

decision

to

approve

this

contract

reflects

the

exercise

of

its

business

judgment

on

whether

to

approve

new

arrangements

and

continue

the

existing

arrangements.

During

its

review

of

the

contract,

the

Board

considered

many

factors,

among

the

most

material

of

which

are:

the

Fund’s

investment

objectives

and

long-term

performance;

the

Manager’s

management

philosophy,

personnel,

processes

and

investment

performance,

including

its

compliance

history

and

the

adequacy

of

its

compliance

processes;

the

preferences

and

expectations

of

Fund

shareholders

(and

underlying

contract

owners)

and

their

relative

sophistication;

the

continuing

state

of

competition

in

the

mutual

fund

industry;

and

comparable

fees

in

the

mutual

fund

industry.

The

Board

also

considered

the

compensation

and

benefits

received

by

the

Manager.

This

includes

fees

received

for

services

provided

to

a

Fund

by

employees

of

the

Manager

or

of

affiliates

of

the

Manager

and

research

services

received

by

the

Manager

from

brokers

that

execute

Fund

trades,

as

well

as

advisory

fees.

The

Board

considered

the

fact

that:

(1)

the

Manager

and

the

Trust

are

parties

to

an

Administrative

Services

Agreement

and

a

Compliance

Services

Agreement,

under

which

the

Manager

is

compensated

by

the

Trust

for

performing

certain

administrative

and

compliance

services

including

providing

an

employee

of

the

Manager

or

one

of

its

affiliates

to

act

as

the

Trust’s

Chief

Compliance

Officer;

and

(2)

Allianz

Life

Financial

Services,

LLC,

an

affiliated

person

of

the

Manager,

is

a

registered

securities

broker-dealer

and

received

(along

with

its

affiliated

persons)

payments

made

by

the

underlying

funds

pursuant

to

Rule

12b

1.

The

Board

is

aware

that

various

courts

have

interpreted

provisions

of

the

1940

Act

and

have

indicated

in

their

decisions

that

the

following

factors

may

be

relevant

to

an

adviser’s

compensation:

the

nature,

extent

and

quality

of

the

services

provided

by

the

adviser,

including

the

performance

of

the

fund;

the

adviser’s

cost

of

providing

the

services;

the

extent

to

which

the

adviser

may

realize

“economies

of

scale”

as

the

fund

grows

larger;

any

indirect

benefits

that

may

accrue

to

the

adviser

and

its

affiliates

as

a

result

of

the

adviser’s

relationship

with

the

fund;

performance

and

expenses

of

comparable

funds;

the

profitability

of

acting

as

adviser

to

the

fund;

and

the

extent

to

which

the

independent

Board

members,

who

are

not

“interested

persons”

of

a

fund

as

defined

by

the

1940

Act

(“Independent

Trustees”),

are

fully

informed

about

all

facts

bearing

on

the

adviser’s

services

and

fees.

The

Board

is

aware

of

these

factors

and

takes

them

into

account

in

its

review

of

the

Management

Agreement

for

the

Funds.

Each

member

of

the

Board

considered

and

weighed

these

factors

in

light

of

his

or

her

experience

in

governing

the

Trust.

The

Board

is

assisted

in

its

deliberations

by

the

advice

of

independent

legal

counsel

to

the

Independent

Trustees

(“Independent

Trustee

Counsel”).

In

this

regard,

the

Board

requests

and

receives

a

significant

amount

of

information

about

the

Funds

and

the

Manager.

Some

of

this

information

is

provided

at

each

regular

meeting

of

the

Board;

additional

information

is

provided

in

connection

with

the

particular

meetings

at

which

the

Board’s

formal

review

of

the

Management

Agreement

occurs.

In

between

regularly

scheduled

meetings,

the

Board

may

receive

information

on

particular

matters

as

the

need

arises.

Thus,

the

Board’s

evaluation

of

the

Management

Agreement

is

informed

by

reports

covering

such

matters

as:

the

Manager’s

investment

philosophy,

personnel

and

processes,

and

the

Funds’

investment

performance

(in

absolute

terms

as

well

as

in

relationship

to

its

benchmark

and

certain

competitor

or

“peer

group”

funds).

In

connection

with

comparing

the

performance

of

each

Fund

versus

its

benchmark,

the

Board

receives

reports

on

the

extent

to

which

the

Fund’s

performance

may

be

attributed

to

various

applicable

factors,

such

as

asset

class

allocation

decisions

and

volatility

management

strategies,

if

applicable,

the

performance

of

the

underlying

funds,

rebalancing

decisions,

and

the

impact

of

cash

positions

and

Fund

fees

and

expenses.

The

Board

also

receives

reports

on

the

Funds’

expenses

(including

the

advisory

fee

itself

and

the

overall

expense

structure

of

the

Funds,

both

in

absolute

terms

and

relative

to

peer

group

and/or

competing

funds,

with

due

regard

for

the

Expense

Limitation

Agreement

and

additional

voluntary

expense

limitations);

the

use

and

allocation

of

any

brokerage

commissions

derived

from

trading

the

Funds’

portfolio

securities;

the

nature,

extent

and

quality

of

the

advisory

and

other

services

provided

to

the

Funds

by

the

Manager

and

its

affiliates;

compliance

and

audit

reports

concerning

the

Funds

and

the

companies

that

service

them;

and

relevant

developments

in

the

mutual

fund

industry

and

how

the

Funds

and/or

the

Manager

are

responding

to

them.

The

Board

also

receives

financial

information

about

the

Manager,

including

reports

on

the

compensation

and

benefits

the

Manager

derives

from

its

relationships

with

the

Funds.

These

reports

cover

not

only

the

fees

under

the

Management

Agreement,

but

also

the

fees,

if

any,

received

for

providing

other

services

to

the

Funds.

The

reports

also

discuss

any

indirect

or

“fall-out”

benefits

the

Manager

or

its

affiliates

may

derive

from

their

relationships

with

the

Funds.

The

Management

Agreement

was

most

recently

considered

at

Board

meetings

held

in

the

summer

and

fall

of

2025.

Information

relevant

to

the

approval

of

the

Management

Agreement

was

considered

at

Board

meetings

held

June

9

and

10,

2025,

and

September

23,

2025,

as

well

as

at

various

other

meetings

preceding

those

meetings.

Accordingly,

the

Management

Agreement

was

approved

by

the

Board

at

an

in-person

meeting

on

September

23,

2025.

At

such

meeting

the

Board

also

approved

the

Expense

Limitation

Agreement

between

the

Manager

and

the

Trust

for

the

period

ending

April

30,

2027.

In

connection

with

such

meetings,

the

Board

requested

and

evaluated

extensive

materials

from

the

Manager,

including

performance

and

expense

information

for

other

investment

companies

with

similar

investment

objectives

derived

from

data

compiled

by

an

independent

third-party

provider

and

other

sources

believed

to

be

reliable

by

the

Manager

and

the

Trustees.

Prior

to

voting,

the

Trustees

reviewed

the

proposed

approval

of

the

Management

Agreement

with

management

and

with

Independent

Trustee

Counsel

and

received

a

memorandum

from

such

counsel

discussing

the

legal

standards

for

their

consideration

of

the

proposed

approval.

The

Independent

Trustees

also

discussed

the

proposed

approval

in

private

sessions

with

Independent

Trustee

Counsel

at

which

no

representatives

of

the

Manager

were

present.

In

reaching

their

determinations

relating

to

the

approval

of

the

Management

Agreement,

in

respect

of

each

Fund,

each

member

of

the

Board

considered

all

factors

he

or

she

believed

relevant.

The

Board

based

its

decision

to

approve

149

the

Management

Agreement

on

the

totality

of

the

circumstances

and

relevant

factors,

and

with

a

view

to

past

and

future

long-term

considerations.

Not

all

of

the

factors

and

considerations

discussed

above

and

below

are

necessarily

relevant

to

every

Fund,

and

the

Board

did

not

assign

relative

weights

to

factors

discussed

herein

or

deem

any

one

or

group

of

them

to

be

controlling

in

and

of

themselves.

Form

N-CSR

filings

must

include

a

discussion

of

certain

factors

relating

to

the

selection

of

the

investment

adviser

and

the

approval

of

advisory

fees.

The

“factors”

enumerated

by

the

SEC

are

set

forth

below

in

italics,

as

well

as

the

Board’s

conclusions

regarding

such

factors:

(1)

The

nature,

extent

and

quality

of

services

provided

by

the

Manager.

The

Trustees

noted

that

the

Manager,

subject

to

the

oversight

of

the

Board,

administers

each

Fund’s

business

and

other

affairs.

The

Trustees

noted

that

the

Manager

also

provides

the

Trust

and

each

Fund

with

such

administrative

and

other

services

(exclusive

of,

and

in

addition

to,

any

such

services

provided

by

any

other

service

providers

retained

by

the

Trust

on

behalf

of

the

Funds)

and

executive

and

other

personnel

as

are

necessary

for

the

operation

of

the

Trust

and

the

Funds.

Except

for

the

Trust’s

Chief

Compliance

Officer

and

certain

compliance

staff,

the

Manager

pays

all

of

the

compensation

of

Trustees

and

officers

of

the

Trust

who

are

employees

of

the

Manager

or

its

affiliates.

The

Board

considered

the

scope

and

quality

of

services

provided

by

the

Manager

and

noted

that

the

scope

of

the

services

provided

has

continued

to

expand

as

a

result

of

regulatory

and

other

developments.

The

Board

noted,

for

example,

that

the

Manager

is

responsible

for

maintaining

and

monitoring

its

own

compliance

program,

and

this

compliance

program

has

been

continuously

refined

and

enhanced

in

light

of

new

regulatory

requirements.

The

Board

considered

the

capabilities

and

resources

which

the

Manager

has

dedicated

to

performing

services

on

behalf

of

the

Trust

and

its

Funds.

The

quality

of

administrative

and

other

services,

including

the

Manager’s

role

in

coordinating

the

activities

of

the

Trust’s

other

service

providers,

also

were

considered.

The

Board

concluded

that,

overall,

they

were

satisfied

with

the

nature,

extent

and

quality

of

services

provided

(and

expected

to

be

provided)

to

the

Trust

and

to

each

of

the

Funds

under

the

Management

Agreement.

(2)

The

investment

performance

of

the

Funds

and

the

Manager.

In

connection

with

every

quarterly

Board

meeting

and

the

summer

and

fall

2025

contract

review

process,

Trustees

received

extensive

information

on

the

performance

results

of

each

Fund.

This

included,

for

example,

performance

information

on

absolute

total

return,

performance

versus

the

appropriate

benchmark(s)

and

performance

versus

peer

groups

as

reported

by

Lipper,

the

contribution

to

performance

of

the

Manager’s

asset

class

allocation

decisions

and

volatility

management

strategies,

if

applicable,

the

performance

of

the

underlying

funds,

and

the

impact

on

performance

of

rebalancing

decisions,

cash

and

Fund

fees.

This

included

Lipper

performance

information

on

the

Funds

for

the

previous

quarter,

and

previous

one-,

three-

and

five-year

periods,

to

the

extent

available.

For

example,

in

connection

with

the

Board

meetings

held

June

9

and

10,

2025,

and

September

23,

2025,

the

Manager

reported

that,

for

the

five-year

period

ended

December

31,

2024,

three

Funds

were

in

the

top

40%,

three

were

in

the

middle

20%,

and

three

were

in

the

bottom

40%

of

their

respective

Lipper

peer

groups.

The

Manager

reported

that

for

the

three-year

period

ended

December

31,

2024,

four

Funds

were

in

the

top

40%,

three

were

in

the

middle

20%,

and

two

were

in

the

bottom

40%

of

their

respective

Lipper

peer

groups.

For

the

one-year

period

ended

December

31,

2024,

three

Funds

were

in

the

top

40%,

four

were

in

the

middle

20%,

and

two

were

in

the

bottom

40%

of

their

respective

Lipper

peer

groups.

The

Manager

also

reported

on

the

performance

of

the

MVP

Funds

compared

to

custom

managed-volatility

peer

groups.

For

the

five-year

period

ended

December

31,

2024,

six

Funds

were

in

the

top

40%

and

one

was

in

the

middle

20%

of

its

respective

custom

managed-volatility

peer

group.

For

the

three-year

period

ended

December

31,

2024,

seven

Funds

were

in

the

top

40%

of

their

respective

custom

managed-volatility

peer

groups.

For

the

one-year

period

ended

December

31,

2024,

three

Funds

were

in

the

top

40%,

one

was

in

the

middle

20%,

and

three

were

in

the

bottom

40%

of

their

respective

custom

managed-volatility

peer

groups.

The

Board

members

discussed

with

the

Manager

and

considered

the

impact

of

the

volatility

management

strategies

on

performance

in

different

market

environments,

where

applicable,

and

considered

whether

they

were

operating

as

intended.

The

Board

noted,

in

particular,

the

impact

on

longer-term

performance

of

certain

characteristics

of

the

Funds’

volatility

management

strategies

in

relation

to

volatility

experienced

as

a

result

of

the

COVID-19

pandemic,

and

that

relative

performance

had

improved

as

the

markets

stabilized.

At

the

Board

meeting

held

September

23,

2025,

the

Board

also

received

updated

performance

information

for

the

Funds,

including

updated

Lipper

peer

group

ranking

information,

for

various

periods

ending

June

30,

2025.

At

the

Board

meeting

held

September

23,

2025,

the

Trustees

determined

that

the

investment

performance

of

the

Funds

was

acceptable.

(3)

The

costs

of

services

to

be

provided

and

profits

to

be

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

the

Funds.

The

Board

considered

that

the

Manager

receives

an

advisory

fee

from

each

of

the

Funds.

The

Manager

reported

that

for

the

four

MVP

Index

Strategy

Funds,

the

advisory

fee

paid

was

in

the

37th

percentile

of

the

customized

peer

group.

The

Manager

reported

that

for

the

AZL

DFA

Multi-Strategy

Fund,

the

advisory

fee

paid

was

in

the

4th

percentile.

The

Manager

reported

that

for

the

AZL

Balanced

Index

Strategy

Fund,

the

advisory

fee

paid

was

in

the

1st

percentile

and

for

the

AZL

MVP

DFA

Multi-Strategy,

AZL

MVP

FIAM

Multi-Strategy,

and

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Funds,

the

advisory

fee

paid

was

in

the

2nd

percentile.

(A

lower

percentile

reflects

lower

fund

fees

and

is

better

for

fund

shareholders.)

Trustees

were

provided

with

information

on

the

total

expense

ratios

of

the

Funds

and

other

funds

in

the

customized

peer

groups,

and

the

Manager

reported

upon

the

challenges

in

making

peer

group

comparisons

for

the

Funds.

The

Board

further

considered

and

found

that

the

advisory

fee

paid

to

the

Manager

with

respect

to

each

Fund

was

based

on

services

provided

to

the

Fund

that

were

in

addition

to,

rather

than

duplicative

of,

the

services

provided

pursuant

to

the

advisory

agreements

for

the

underlying

funds

in

which

the

Fund

invests.

The

Manager

provided

information

concerning

the

profitability

of

the

Manager’s

investment

advisory

activities

for

the

period

from

2022

through

2024.

The

Board

recognized

that

it

is

difficult

to

make

comparisons

of

profitability

from

investment

company

advisory

agreements

because

comparative

information

is

not

generally

publicly

available

and

is

affected

by

numerous

factors,

including

the

structure

of

the

particular

adviser,

the

types

of

funds

it

manages,

its

business

mix,

numerous

assumptions

regarding

allocation

of

expenses

and

the

adviser’s

capital

structure

and

cost

of

capital.

In

considering

profitability

information,

the

Board

considered

the

possible

effect

of

certain

fall-out

benefits

to

the

Manager

and

its

affiliates.

The

Board

focused

on

profitability

of

the

Manager’s

relationships

with

the

Funds

before

taxes

and

distribution

expenses.

The

Board

recognized

that

the

Manager

should

earn

a

reasonable

level

of

profits

for

the

services

it

provides

to

each

Fund.

(4)

and

(5)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Funds

grow,

and

whether

fee

levels

reflect

these

economies

of

scale.

The

Board

noted

that

the

advisory

fee

schedules

for

the

Funds

do

not

contain

breakpoints

that

reduce

the

fee

rate

on

assets

above

specified

levels.

The

Board

recognized

that

breakpoints

may

be

an

appropriate

way

for

the

Manager

to

share

its

economies

of

scale,

if

any,

with

Funds

that

have

substantial

assets.

The

Board

found

there

was

no

uniform

methodology

for

establishing

breakpoints

that

give

effect

to

Fund-specific

services

provided

by

the

Manager.

The

Board

noted

that

in

the

fund

industry

as

a

whole,

as

well

as

among

funds

similar

to

the

Funds,

there

is

no

uniformity

or

pattern

in

the

fees

and

asset

levels

at

which

breakpoints

(if

any)

apply.

Depending

on

the

age,

size,

and

other

characteristics

of

a

particular

fund

and

its

manager’s

cost

structure,

different

conclusions

can

be

drawn

as

to

whether

there

are

economies

of

scale

to

be

realized

at

any

particular

level

of

assets,

notwithstanding

the

intuitive

conclusion

that

such

economies

exist,

or

will

be

realized

at

some

level

of

total

assets.

Moreover,

because

different

managers

have

different

cost

structures

and

service

models,

it

is

difficult

to

draw

meaningful

150

conclusions

from

the

breakpoints

that

may

have

been

adopted

by

other

funds.

The

Board

also

noted

that

the

advisory

agreements

for

many

funds

do

not

have

breakpoints

at

all,

or

if

breakpoints

exist,

they

may

be

at

asset

levels

significantly

greater

than

those

of

the

individual

Funds.

The

Board

noted

that

the

total

assets

in

all

of

the

Funds,

as

of

June

30,

2025,

were

approximately

$8

billion

and

that

the

largest

Fund,

the

AZL

MVP

Growth

Index

Strategy

Fund,

had

assets

of

approximately

$1.75

billion.

The

Board

noted

that

the

Manager

has

agreed

to

temporarily

limit

Fund

expenses

under

the

Expense

Limitation

Agreement,

which

has

the

effect

of

reducing

expenses

similar

to

implementation

of

advisory

fee

breakpoints.

The

Manager

has

committed

to

continue

to

consider

the

continuation

of

expense

limits

and/or

advisory

fee

breakpoints

as

Fund

assets

change.

The

Board

receives

quarterly

reports

on

the

level

of

Fund

assets.

The

Board

expects

to

continue

to

consider:

(a)

the

extent

to

which

economies

of

scale

have

been

realized,

and

(b)

whether

the

advisory

fee

should

be

modified,

either

in

connection

with

the

next

renewal

of

the

Management

Agreement

or

by

modifying

the

Expense

Limitation

Agreement,

to

reflect

such

economies

of

scale,

if

any.

Having

taken

these

factors

into

account,

the

Board

concluded

that

the

absence

of

breakpoints

in

the

Funds’

advisory

fee

rate

schedules

was

acceptable

under

each

Fund’s

circumstances.

In

conclusion,

after

full

consideration

of

the

above

factors,

as

well

as

such

other

factors

as

each

member

of

the

Board

considered

instructive

in

evaluating

the

Management

Agreement,

the

Board

concluded

that

the

advisory

fees

were

reasonable,

and

that

the

continuation

of

the

Management

Agreement

was

in

the

best

interest

of

the

Funds.

ANNRPT1225

02/26

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

Annual

Financial

Statements

and

Other

Information

December

31,

2025

Table

of

Contents

AZL®

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Financial

Statements

(Form

N-CSR

Item

7)

Schedule

of

Portfolio

Investments

Page

154

Statement

of

Assets

and

Liabilities

Page

155

Statement

of

Operations

Page

155

Statements

of

Changes

in

Net

Assets

Page

156

Financial

Highlights

Page

157

Notes

to

the

Financial

Statements

Page

158

Report

of

Independent

Registered

Public

Accounting

Firm

Page

164

Other

Federal

Income

Tax

Information

(Unaudited)

Page

165

Other

Information

(Form

N-CSR

Items

8-11)

(Unaudited)

Item

8.

Changes

in

and

Disagreements

with

Accountants

Page

166

Item

9.

Proxy

Disclosures

Page

166

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

Page

166

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Page

167

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

December

31,

2025

154

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

December

31,

2025

.

Shares

Value

Affiliated

Investment

Companies

(95.0%):

Domestic

Equity

Funds

(77.0%):

11,193,740

AZL

S&P

500

Index

Fund,

Class

2

$

257,679,886‌

28,418,851

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

479,141,825‌

736,821,711‌

Shares

Value

Affiliated

Investment

Companies,

continued

Fixed

Income

Fund

(18.0%):

17,597,675

AZL

Enhanced

Bond

Index

Fund

$

171,929,288‌

Total

Affiliated

Investment

Companies

(Cost

$803,054,971)

908,750,999‌

Total

Investment

Securities

(Cost

$803,054,971

)

—

95.0%

(a)

908,750,999‌

Net

other

assets

(liabilities)

—

5.0%

47,404,932‌

Net

Assets

—

100.0%

$

956,155,931‌

(a)

See

Federal

Tax

Information

listed

in

the

Notes

to

the

Financial

Statements.

Futures

Contracts

At

December

31,

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

March

Futures

(U.S.

Dollar)

3/20/26

82

$

28,259,250‌

$

10,445‌

U.S.

Treasury

10-Year

Note

March

Futures

(U.S.

Dollar)

3/20/26

170

19,114,375‌

(162,412‌)

$

(151,967‌)

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

155

See

accompanying

notes

to

the

financial

statements.

Statement

of

Assets

and

Liabilities

December

31,

2025

Statement

of

Operations

For

the

Year

Ended

December

31,

2025

Assets:

Investments

in

affiliates,

at

cost

$

803,054,971‌

aaa

aaa

Investments

in

affiliates,

at

value

$

908,750,999‌

Deposit

at

broker

for

futures

contracts

collateral

47,765,549‌

Interest

and

dividends

receivable

124,463‌

Receivable

for

affiliated

investments

sold

65,646‌

Receivable

for

variation

margin

on

futures

contracts

2,348‌

Prepaid

expenses

4,489‌

Total

Assets

956,713,494‌

Liabilities:

Cash

overdraft

65,646‌

Payable

for

capital

shares

redeemed

334,788‌

Management

fees

payable

81,865‌

Administration

fees

payable

13,510‌

Custodian

fees

payable

6,229‌

Administrative

and

compliance

services

fees

payable

2,308‌

Transfer

agent

fees

payable

1,200‌

Trustee

fees

payable

5,877‌

Other

accrued

liabilities

46,140‌

Total

Liabilities

557,563‌

Commitments

and

contingent

liabilities^

Net

Assets

$

956,155,931‌

Net

Assets

Consist

of:

Paid-in

capital

$

784,142,807‌

Total

distributable

earnings

172,013,12

4‌

Net

Assets

$

956,155,931‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

76,778,857‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

12.45‌

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Investment

Income:

Dividends

from

affiliates

$

21,707,486‌

Interest

1,779,541‌

Dividends

from

non-affiliates

148‌

Total

Investment

Income

23,487,175‌

Expenses:

Management

fees

1,012,336‌

Administration

fees

91,517‌

Custodian

fees

35,685‌

Administrative

and

compliance

services

fees

30,289‌

Transfer

agent

fees

8,547‌

Trustee

fees

52,476‌

Professional

fees

67,753‌

Shareholder

reports

11,773‌

Other

expenses

21,938‌

Total

expenses

1,332,314‌

Net

Investment

Income/(Loss)

22,154,861‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments:

Net

realized

gains/(losses)

on

affiliated

underlying

funds

31,393,320‌

Net

realized

gains

distributions

from

affiliated

underlying

funds

107,080,271‌

Net

realized

gains/(losses)

on

futures

contracts

(31,175,459‌)

Change

in

net

unrealized

appreciation/(depreciation)

on

affiliated

underlying

funds

(50,068,146‌)

Change

in

net

unrealized

appreciation/(depreciation)

on

futures

contracts

1,212,117‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments

58,442,103‌

Change

in

Net

Assets

Resulting

From

Operations

$

80,596,964‌

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

156

See

accompanying

notes

to

the

financial

statements.

Statements

of

Changes

in

Net

Assets

For

the

Year

Ended

December

31,

2025

For

the

Year

Ended

December

31,

2024

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

22,154,861‌

$

24,287,452‌

Net

realized

gains/(losses)

on

investments

107,298,132‌

63,377,019‌

Change

in

unrealized

appreciation/(depreciation)

on

investments

(48,856,029‌)

55,201,843‌

Change

in

net

assets

resulting

from

operations

80,596,964‌

142,866,314‌

Distributions

to

Shareholders:

Distributions

(84,081,601‌)

(95,003,090‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(84,081,601‌)

(95,003,090‌)

Capital

Transactions:

Proceeds

from

shares

issued

4,409,824‌

4,860,343‌

Proceeds

from

dividends

reinvested

84,081,601‌

95,003,090‌

Value

of

shares

redeemed

(208,182,995‌)

(228,621,343‌)

Change

in

net

assets

resulting

from

capital

transactions

(119,691,570‌)

(128,757,910‌)

Change

in

net

assets

(123,176,207‌)

(80,894,686‌)

Net

Assets:

Beginning

of

period

1,079,332,138‌

1,160,226,824‌

End

of

period

$

956,155,931‌

$

1,079,332,138‌

Share

Transactions:

Shares

issued

350,139‌

371,715‌

Dividends

reinvested

6,775,310‌

7,612,427‌

Shares

redeemed

(16,488,130‌)

(17,918,496‌)

Change

in

shares

(9,362,681‌)

(9,934,354‌)

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.)

157

See

accompanying

notes

to

the

financial

statements.

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Net

Asset

Value,

Beginning

of

Period

$12.53

$12.08

$11.23

$15.13

$14.07

Investment

Activities:

Net

Investment

Income/(Loss)(a)

0

.28

‌

0

.27

‌

0

.16

‌

0

.11

‌

0

.12

‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0

.77

‌

1

.32

‌

1

.69

‌

(

2

.21

)

2

.21

‌

Total

from

Investment

Activities

1

.05

‌

1

.59

‌

1

.85

‌

(

2

.10

)

2

.33

‌

Distributions

to

Shareholders

From:

Net

Investment

Income

(

0

.46

)

(

0

.65

)

(

1

.00

)

(

1

.02

)

(

0

.55

)

Net

Realized

Gains

(

0

.67

)

(

0

.49

)

—

‌

(

0

.78

)

(

0

.72

)

Total

Dividends

(

1

.13

)

(

1

.14

)

(

1

.00

)

(

1

.80

)

(

1

.27

)

Net

Asset

Value,

End

of

Period

$12.45

$12.53

$12.08

$11.23

$15.13

Total

Return

(b)

8

.39

%

13.23

%

17.36

%

(

13.71

)

%

17.04

%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$956,156

$1,079,332

$1,160,227

$1,152,334

$1,477,978

Net

Investment

Income/(Loss)

2

.19

%

2

.13

%

1

.37

%

0

.85

%

0

.78

%

Expenses

Before

Reductions*(c)

0

.13

%

0

.13

%

0

.13

%

0

.12

%

0

.12

%

Expenses

Net

of

Reductions*

0

.13

%

0

.13

%

0

.13

%

0

.12

%

0

.12

%

Portfolio

Turnover

Rate

14

%

5

%

9

%

10

%

10

%

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

(a)

Calculated

using

the

average

shares

method.

(b)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(c)

Excludes

fee

reductions,

if

any.

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

December

31,

2025

158

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

year

ended December

31,

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

December

31,

2025

159

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

year

ended December

31,

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

year

ended December

31,

2025,

the

monthly

average

notional

amount

for

long

contracts

was

$45.9

million,

and

the

monthly

average

notional

amount

for

short

contracts

was

$21.0

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

December

31,

2025: 

The

following

is

a

summary

of

the

effect

of

derivative

instruments

on

the

Statement

of

Operations,

categorized

by

risk

exposure,

for

the

year

ended December

31,

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

assume

certain

expenses

of

the

Fund

to

limit

the

annual

expenses,

excluding

(i)

brokerage

expenses

(including

any

costs

incidental

to

transactions

in

portfolio

securities

or

instruments),

(ii)

acquired

fund

fees

and

expenses,

(iii)

taxes,

(iv)

interest

(including

borrowing

costs

and

dividend

expenses

on

securities

sold

short

and

overdraft

charges),

(v)

litigation

expenses

(including

litigation

to

which

the

Trust

or

the

Fund

may

be

a

party

and

indemnification

of

the

Trustees

and

officers

with

respect

thereto),

and

(vi)

other

extraordinary

or

non-routine

expenses

(including

expenses

arising

from

mergers,

acquisitions

or

similar

transactions

involving

the

Fund),

based

on

the

average

net

assets

of

the

Fund,

through

April

30,

2027.

Expenses

incurred

for

investment

advisory

and

management

services

are

reflected

on

the

Statement

of

Operations

as

“Management

fees.”

For

the

year

ended December

31,

2025,

the

annual

management

fee rate

due

to

the

Manager

and

the

annual

expense

limit

were

as

follows:

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*

$10,445

Payable

for

variation

margin

on

futures

contracts*

$—

Interest

Rate

Risk

–

327,810

–

–

–

Futures

Contracts

Receivable

for

variation

margin

on

futures

contracts*

$—

Payable

for

variation

margin

on

futures

contracts*

$162,412

*

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

$

(

31,878,

202

)

$

1,031

,619

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

$702,743

$180,498

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

December

31,

2025

160

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

year

are

reflected

on

the

Statement

of

Operations

as

“Recoupment

of

prior

expenses

reimbursed

by

the

Manager.”

At

December

31,

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

year

can

be

found

on

the

Statement

of

Operations,

as

applicable.

During

the

year

ended December

31,

2025,

there

were

no

such

waivers.

The

Manager

serves

as

the

investment

adviser

of the

underlying

funds

in

which

the

Fund

invests. At

December

31,

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

year

ended December

31,

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,

through

September

30,

2025,

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”

or

the

“Custodian”)

serves

as

the

Trust’s

custodian.

For

these

services

as

custodian,

the

Funds

pay

BNY

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

12/31/25

Shares

as

of

12/31/25

Dividend

Income

Net

Realized

Gains

Distributions

from

Affiliated

Underlying

Funds

AZL

Enhanced

Bond

Index

Fund

$

195,638,116‌

$

9,072,896‌

$

(36,866,855‌)

$

(5,608,968‌)

$

9,694,099‌

$

171,929,288‌

17,597,675‌

$

8,038,083‌

$

—‌

AZL

S&P

500

Index

Fund,

Class

2

288,814,630‌

49,250,379‌

(76,603,501‌)

27,792,713‌

(31,574,335‌)

257,679,886‌

11,193,740‌

2,514,593‌

45,136,771‌

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

540,887,047‌

73,098,312‌

(115,865,199‌)

9,209,575‌

(28,187,910‌)

479,141,825‌

28,418,851‌

11,154,810‌

61,943,500‌

$

1,025,339,79

3‌

$

131,421,587‌

$

(229,335,555‌)

$

31,393,320‌

$

(50,068,146‌)

$

908,750,999‌

$

21,707,486‌

$

107,080,271‌

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Notes

to

the

Financial

Statements

December

31,

2025

161

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.

In

the

event

that

unobservable

inputs

are

used

when

determining

valuations,

the

securities

will

be

classified

as

Level

3

in

the

fair

value

hierarchy.

Altering

one

or

more

unobservable

inputs

may

result

in

a

significant

change

to

a

Level

3

security’s

fair

value

measurement.

When

determining

the

fair

value

of

securities,

some

of

the

factors

influencing

the

valuation

include:

the

nature

of

any

restrictions

on

disposition

of

the

securities;

assessment

of

the

general

liquidity

of

the

securities;

the

issuer’s

financial

condition

and

the

markets

in

which

it

does

business;

the

cost

of

the

investment;

the

size

of

the

holding

and

the

capitalization

of

the

issuer;

the

prices

of

any

recent

transactions

or

bids/offers

for

such

securities

or

any

comparable

securities;

and

any

other

information

deemed

reliable

by

the

Manager

regarding

the

issuer

or

the

markets

or

industry

in

which

it

operates. 

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

December

31,

2025

in

valuing

the

Fund’s

investments

based

upon

the

three

levels

defined

above:

5.

Security

Purchases

and

Sales

For

the

year

ended December

31,

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.

Investment

Securities:

Level

1

Level

2

Level

3

Total

Affiliated

Investment

Companies

$

908,750,999

$

—

$

—

$

908,750,999

Total

Investment

Securities

908,750,999

—

—

908,750,999

Other

Financial

Instruments:

*

Futures

Contracts

(151,967)

—

—

(151,967)

Total

Investments

$908,599,032

$—

$—

$908,599,032

*

Other

Financial

Instruments

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

$131,421,587

$229,335,555

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Notes

to

the

Financial

Statements

December

31,

2025

162

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

a

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.

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,

2025 is

$809,067,785.

The

gross

unrealized

appreciation/

(depreciation)

on

a

tax

basis is

as

follows:

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31,

2025 was

as

follows: 

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31,

2024 was

as

follows: 

At

December

31,

2025,

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 December

31,

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.

As

of

December

31,

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.

Unrealized

appreciation

$114,744,173

Unrealized

depreciation

(15,060,959)

Net

unrealized

appreciation/(depreciation)

$99,683,214

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions(a)

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

$64,766,476

$19,315,125

$84,081,601

(a)

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

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

$59,033,339

$100,491,894

$—

$99,683,214

$259,208,447

(a)

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

are

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

mark-to-market

of

futures

contracts

and

straddles.

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Notes

to

the

Financial

Statements

December

31,

2025

163

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

officers

of

the

Trust,

as

listed

in

the

Trust’s

Statement

of

Additional

Information,

act

as

the

Fund’s

chief

operating

decision

maker

(“CODM”).

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.

Recent

Accounting

Pronouncements

During

the

reporting

period,

the

Fund

adopted

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

(“ASU

2023-09”).

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disclosure

of

income

taxes

paid

by

jurisdiction

if

the

quantitative

threshold

is

met.

The

Fund

did

not

pay

a

significant

amount

of

foreign

or

U.S.

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements. 

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.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

164

To

the

Board

of

Trustees

of

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

and

Shareholders

of

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

portfolio

investments,

of

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

(one

of

the

funds

constituting

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

2025,

the

related

statement

of

operations

for

the

year

ended

December

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

transfer

agent

and

broker.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

New

York,

New

York

February

20,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Allianz

Variable

Insurance

Products

complex

since

2018.

165

Other

Federal

Income

Tax

Information

(Unaudited)

For

the

year

ended

December

31,

2025,

6.59%

of

the

total

ordinary

income

dividends

paid

by

the

Fund

qualify

for

the

corporate

dividends

received

deductions

available

to

corporate

shareholders.

During

the

year

ended

December

31,

2025,

the

Fund

declared

net

short-term

capital

gain

distributions

of

$30,337,893.

During

the

year

ended

December

31,

2025,

the

Fund

declared

net

long-term

capital

gain

distributions

of

$19,315,125.

166

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

Fund

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.

167

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Subject

to

the

general

supervision

of

the

Board

of

Trustees

(the

“Board”

or

“Trustees”)

and

in

accordance

with

the

investment

objectives

and

restrictions

of

each

separate

series

(each

a

“Fund,”

together,

the

“Funds”)

of

the

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

(the

“Trust”),

investment

advisory

services

are

provided

to

the

Funds

by

Allianz

Investment

Management

LLC

(the

“Manager”).

The

Manager

manages

each

Fund

pursuant

to

an

investment

management

agreement

(the

“Management

Agreement”)

with

the

Trust

in

respect

of

each

such

Fund.

The

Management

Agreement

provides

that

the

Manager,

subject

to

the

supervision

and

approval

of

the

Board,

is

responsible

for

the

management

of

each

Fund.

For

management

services,

each

Fund

pays

the

Manager

an

investment

advisory

fee

based

upon

each

Fund’s

average

daily

net

assets.

The

Manager

has

contractually

agreed

to

limit

the

expenses

of

each

Fund

by

reimbursing

the

Fund

if

and

when

total

Fund

operating

expenses

exceed

certain

amounts

until

at

least

April

30,

2027

(the

“Expense

Limitation

Agreement”).

In

reviewing

the

services

provided

by

the

Manager

and

the

terms

of

the

Management

Agreement,

the

Board

receives

and

reviews

information

related

to

the

Manager’s

experience

and

expertise

in

the

variable

insurance

marketplace.

In

addition,

the

Board

receives

information

regarding

the

Manager’s

expertise

with

regard

to

portfolio

diversification

and

asset

allocation

requirements

within

variable

insurance

products

issued

by

Allianz

Life

Insurance

Company

of

North

America

(“Allianz

Life”)

and

its

subsidiary,

Allianz

Life

Insurance

Company

of

New

York

(“Allianz

of

New

York”).

Currently,

the

Funds

are

offered

only

through

Allianz

Life

and

Allianz

of

New

York

variable

products,

and

not

in

the

retail

fund

market.

As

required

by

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Board

has

reviewed

and

approved

the

Management

Agreement

with

the

Manager.

The

Board’s

decision

to

approve

this

contract

reflects

the

exercise

of

its

business

judgment

on

whether

to

approve

new

arrangements

and

continue

the

existing

arrangements.

During

its

review

of

the

contract,

the

Board

considered

many

factors,

among

the

most

material

of

which

are:

the

Fund’s

investment

objectives

and

long-term

performance;

the

Manager’s

management

philosophy,

personnel,

processes

and

investment

performance,

including

its

compliance

history

and

the

adequacy

of

its

compliance

processes;

the

preferences

and

expectations

of

Fund

shareholders

(and

underlying

contract

owners)

and

their

relative

sophistication;

the

continuing

state

of

competition

in

the

mutual

fund

industry;

and

comparable

fees

in

the

mutual

fund

industry.

The

Board

also

considered

the

compensation

and

benefits

received

by

the

Manager.

This

includes

fees

received

for

services

provided

to

a

Fund

by

employees

of

the

Manager

or

of

affiliates

of

the

Manager

and

research

services

received

by

the

Manager

from

brokers

that

execute

Fund

trades,

as

well

as

advisory

fees.

The

Board

considered

the

fact

that:

(1)

the

Manager

and

the

Trust

are

parties

to

an

Administrative

Services

Agreement

and

a

Compliance

Services

Agreement,

under

which

the

Manager

is

compensated

by

the

Trust

for

performing

certain

administrative

and

compliance

services

including

providing

an

employee

of

the

Manager

or

one

of

its

affiliates

to

act

as

the

Trust’s

Chief

Compliance

Officer;

and

(2)

Allianz

Life

Financial

Services,

LLC,

an

affiliated

person

of

the

Manager,

is

a

registered

securities

broker-dealer

and

received

(along

with

its

affiliated

persons)

payments

made

by

the

underlying

funds

pursuant

to

Rule

12b

1.

The

Board

is

aware

that

various

courts

have

interpreted

provisions

of

the

1940

Act

and

have

indicated

in

their

decisions

that

the

following

factors

may

be

relevant

to

an

adviser’s

compensation:

the

nature,

extent

and

quality

of

the

services

provided

by

the

adviser,

including

the

performance

of

the

fund;

the

adviser’s

cost

of

providing

the

services;

the

extent

to

which

the

adviser

may

realize

“economies

of

scale”

as

the

fund

grows

larger;

any

indirect

benefits

that

may

accrue

to

the

adviser

and

its

affiliates

as

a

result

of

the

adviser’s

relationship

with

the

fund;

performance

and

expenses

of

comparable

funds;

the

profitability

of

acting

as

adviser

to

the

fund;

and

the

extent

to

which

the

independent

Board

members,

who

are

not

“interested

persons”

of

a

fund

as

defined

by

the

1940

Act

(“Independent

Trustees”),

are

fully

informed

about

all

facts

bearing

on

the

adviser’s

services

and

fees.

The

Board

is

aware

of

these

factors

and

takes

them

into

account

in

its

review

of

the

Management

Agreement

for

the

Funds.

Each

member

of

the

Board

considered

and

weighed

these

factors

in

light

of

his

or

her

experience

in

governing

the

Trust.

The

Board

is

assisted

in

its

deliberations

by

the

advice

of

independent

legal

counsel

to

the

Independent

Trustees

(“Independent

Trustee

Counsel”).

In

this

regard,

the

Board

requests

and

receives

a

significant

amount

of

information

about

the

Funds

and

the

Manager.

Some

of

this

information

is

provided

at

each

regular

meeting

of

the

Board;

additional

information

is

provided

in

connection

with

the

particular

meetings

at

which

the

Board’s

formal

review

of

the

Management

Agreement

occurs.

In

between

regularly

scheduled

meetings,

the

Board

may

receive

information

on

particular

matters

as

the

need

arises.

Thus,

the

Board’s

evaluation

of

the

Management

Agreement

is

informed

by

reports

covering

such

matters

as:

the

Manager’s

investment

philosophy,

personnel

and

processes,

and

the

Funds’

investment

performance

(in

absolute

terms

as

well

as

in

relationship

to

its

benchmark

and

certain

competitor

or

“peer

group”

funds).

In

connection

with

comparing

the

performance

of

each

Fund

versus

its

benchmark,

the

Board

receives

reports

on

the

extent

to

which

the

Fund’s

performance

may

be

attributed

to

various

applicable

factors,

such

as

asset

class

allocation

decisions

and

volatility

management

strategies,

if

applicable,

the

performance

of

the

underlying

funds,

rebalancing

decisions,

and

the

impact

of

cash

positions

and

Fund

fees

and

expenses.

The

Board

also

receives

reports

on

the

Funds’

expenses

(including

the

advisory

fee

itself

and

the

overall

expense

structure

of

the

Funds,

both

in

absolute

terms

and

relative

to

peer

group

and/or

competing

funds,

with

due

regard

for

the

Expense

Limitation

Agreement

and

additional

voluntary

expense

limitations);

the

use

and

allocation

of

any

brokerage

commissions

derived

from

trading

the

Funds’

portfolio

securities;

the

nature,

extent

and

quality

of

the

advisory

and

other

services

provided

to

the

Funds

by

the

Manager

and

its

affiliates;

compliance

and

audit

reports

concerning

the

Funds

and

the

companies

that

service

them;

and

relevant

developments

in

the

mutual

fund

industry

and

how

the

Funds

and/or

the

Manager

are

responding

to

them.

The

Board

also

receives

financial

information

about

the

Manager,

including

reports

on

the

compensation

and

benefits

the

Manager

derives

from

its

relationships

with

the

Funds.

These

reports

cover

not

only

the

fees

under

the

Management

Agreement,

but

also

the

fees,

if

any,

received

for

providing

other

services

to

the

Funds.

The

reports

also

discuss

any

indirect

or

“fall-out”

benefits

the

Manager

or

its

affiliates

may

derive

from

their

relationships

with

the

Funds.

The

Management

Agreement

was

most

recently

considered

at

Board

meetings

held

in

the

summer

and

fall

of

2025.

Information

relevant

to

the

approval

of

the

Management

Agreement

was

considered

at

Board

meetings

held

June

9

and

10,

2025,

and

September

23,

2025,

as

well

as

at

various

other

meetings

preceding

those

meetings.

Accordingly,

the

Management

Agreement

was

approved

by

the

Board

at

an

in-person

meeting

on

September

23,

2025.

At

such

meeting

the

Board

also

approved

the

Expense

Limitation

Agreement

between

the

Manager

and

the

Trust

for

the

period

ending

April

30,

2027.

In

connection

with

such

meetings,

the

Board

requested

and

evaluated

extensive

materials

from

the

Manager,

including

performance

and

expense

information

for

other

investment

companies

with

similar

investment

objectives

derived

from

data

compiled

by

an

independent

third-party

provider

and

other

sources

believed

to

be

reliable

by

the

Manager

and

the

Trustees.

Prior

to

voting,

the

Trustees

reviewed

the

proposed

approval

of

the

Management

Agreement

with

management

and

with

Independent

Trustee

Counsel

and

received

a

memorandum

from

such

counsel

discussing

the

legal

standards

for

their

consideration

of

the

proposed

approval.

The

Independent

Trustees

also

discussed

the

proposed

approval

in

private

sessions

with

Independent

Trustee

Counsel

at

which

no

representatives

of

the

Manager

were

present.

In

reaching

their

determinations

relating

to

the

approval

of

the

Management

Agreement,

in

respect

of

each

Fund,

each

member

of

the

Board

considered

all

factors

he

or

she

believed

relevant.

The

Board

based

its

decision

to

approve

168

the

Management

Agreement

on

the

totality

of

the

circumstances

and

relevant

factors,

and

with

a

view

to

past

and

future

long-term

considerations.

Not

all

of

the

factors

and

considerations

discussed

above

and

below

are

necessarily

relevant

to

every

Fund,

and

the

Board

did

not

assign

relative

weights

to

factors

discussed

herein

or

deem

any

one

or

group

of

them

to

be

controlling

in

and

of

themselves.

Form

N-CSR

filings

must

include

a

discussion

of

certain

factors

relating

to

the

selection

of

the

investment

adviser

and

the

approval

of

advisory

fees.

The

“factors”

enumerated

by

the

SEC

are

set

forth

below

in

italics,

as

well

as

the

Board’s

conclusions

regarding

such

factors:

(1)

The

nature,

extent

and

quality

of

services

provided

by

the

Manager.

The

Trustees

noted

that

the

Manager,

subject

to

the

oversight

of

the

Board,

administers

each

Fund’s

business

and

other

affairs.

The

Trustees

noted

that

the

Manager

also

provides

the

Trust

and

each

Fund

with

such

administrative

and

other

services

(exclusive

of,

and

in

addition

to,

any

such

services

provided

by

any

other

service

providers

retained

by

the

Trust

on

behalf

of

the

Funds)

and

executive

and

other

personnel

as

are

necessary

for

the

operation

of

the

Trust

and

the

Funds.

Except

for

the

Trust’s

Chief

Compliance

Officer

and

certain

compliance

staff,

the

Manager

pays

all

of

the

compensation

of

Trustees

and

officers

of

the

Trust

who

are

employees

of

the

Manager

or

its

affiliates.

The

Board

considered

the

scope

and

quality

of

services

provided

by

the

Manager

and

noted

that

the

scope

of

the

services

provided

has

continued

to

expand

as

a

result

of

regulatory

and

other

developments.

The

Board

noted,

for

example,

that

the

Manager

is

responsible

for

maintaining

and

monitoring

its

own

compliance

program,

and

this

compliance

program

has

been

continuously

refined

and

enhanced

in

light

of

new

regulatory

requirements.

The

Board

considered

the

capabilities

and

resources

which

the

Manager

has

dedicated

to

performing

services

on

behalf

of

the

Trust

and

its

Funds.

The

quality

of

administrative

and

other

services,

including

the

Manager’s

role

in

coordinating

the

activities

of

the

Trust’s

other

service

providers,

also

were

considered.

The

Board

concluded

that,

overall,

they

were

satisfied

with

the

nature,

extent

and

quality

of

services

provided

(and

expected

to

be

provided)

to

the

Trust

and

to

each

of

the

Funds

under

the

Management

Agreement.

(2)

The

investment

performance

of

the

Funds

and

the

Manager.

In

connection

with

every

quarterly

Board

meeting

and

the

summer

and

fall

2025

contract

review

process,

Trustees

received

extensive

information

on

the

performance

results

of

each

Fund.

This

included,

for

example,

performance

information

on

absolute

total

return,

performance

versus

the

appropriate

benchmark(s)

and

performance

versus

peer

groups

as

reported

by

Lipper,

the

contribution

to

performance

of

the

Manager’s

asset

class

allocation

decisions

and

volatility

management

strategies,

if

applicable,

the

performance

of

the

underlying

funds,

and

the

impact

on

performance

of

rebalancing

decisions,

cash

and

Fund

fees.

This

included

Lipper

performance

information

on

the

Funds

for

the

previous

quarter,

and

previous

one-,

three-

and

five-year

periods,

to

the

extent

available.

For

example,

in

connection

with

the

Board

meetings

held

June

9

and

10,

2025,

and

September

23,

2025,

the

Manager

reported

that,

for

the

five-year

period

ended

December

31,

2024,

three

Funds

were

in

the

top

40%,

three

were

in

the

middle

20%,

and

three

were

in

the

bottom

40%

of

their

respective

Lipper

peer

groups.

The

Manager

reported

that

for

the

three-year

period

ended

December

31,

2024,

four

Funds

were

in

the

top

40%,

three

were

in

the

middle

20%,

and

two

were

in

the

bottom

40%

of

their

respective

Lipper

peer

groups.

For

the

one-year

period

ended

December

31,

2024,

three

Funds

were

in

the

top

40%,

four

were

in

the

middle

20%,

and

two

were

in

the

bottom

40%

of

their

respective

Lipper

peer

groups.

The

Manager

also

reported

on

the

performance

of

the

MVP

Funds

compared

to

custom

managed-volatility

peer

groups.

For

the

five-year

period

ended

December

31,

2024,

six

Funds

were

in

the

top

40%

and

one

was

in

the

middle

20%

of

its

respective

custom

managed-volatility

peer

group.

For

the

three-year

period

ended

December

31,

2024,

seven

Funds

were

in

the

top

40%

of

their

respective

custom

managed-volatility

peer

groups.

For

the

one-year

period

ended

December

31,

2024,

three

Funds

were

in

the

top

40%,

one

was

in

the

middle

20%,

and

three

were

in

the

bottom

40%

of

their

respective

custom

managed-volatility

peer

groups.

The

Board

members

discussed

with

the

Manager

and

considered

the

impact

of

the

volatility

management

strategies

on

performance

in

different

market

environments,

where

applicable,

and

considered

whether

they

were

operating

as

intended.

The

Board

noted,

in

particular,

the

impact

on

longer-term

performance

of

certain

characteristics

of

the

Funds’

volatility

management

strategies

in

relation

to

volatility

experienced

as

a

result

of

the

COVID-19

pandemic,

and

that

relative

performance

had

improved

as

the

markets

stabilized.

At

the

Board

meeting

held

September

23,

2025,

the

Board

also

received

updated

performance

information

for

the

Funds,

including

updated

Lipper

peer

group

ranking

information,

for

various

periods

ending

June

30,

2025.

At

the

Board

meeting

held

September

23,

2025,

the

Trustees

determined

that

the

investment

performance

of

the

Funds

was

acceptable.

(3)

The

costs

of

services

to

be

provided

and

profits

to

be

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

the

Funds.

The

Board

considered

that

the

Manager

receives

an

advisory

fee

from

each

of

the

Funds.

The

Manager

reported

that

for

the

four

MVP

Index

Strategy

Funds,

the

advisory

fee

paid

was

in

the

37th

percentile

of

the

customized

peer

group.

The

Manager

reported

that

for

the

AZL

DFA

Multi-Strategy

Fund,

the

advisory

fee

paid

was

in

the

4th

percentile.

The

Manager

reported

that

for

the

AZL

Balanced

Index

Strategy

Fund,

the

advisory

fee

paid

was

in

the

1st

percentile

and

for

the

AZL

MVP

DFA

Multi-Strategy,

AZL

MVP

FIAM

Multi-Strategy,

and

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Funds,

the

advisory

fee

paid

was

in

the

2nd

percentile.

(A

lower

percentile

reflects

lower

fund

fees

and

is

better

for

fund

shareholders.)

Trustees

were

provided

with

information

on

the

total

expense

ratios

of

the

Funds

and

other

funds

in

the

customized

peer

groups,

and

the

Manager

reported

upon

the

challenges

in

making

peer

group

comparisons

for

the

Funds.

The

Board

further

considered

and

found

that

the

advisory

fee

paid

to

the

Manager

with

respect

to

each

Fund

was

based

on

services

provided

to

the

Fund

that

were

in

addition

to,

rather

than

duplicative

of,

the

services

provided

pursuant

to

the

advisory

agreements

for

the

underlying

funds

in

which

the

Fund

invests.

The

Manager

provided

information

concerning

the

profitability

of

the

Manager’s

investment

advisory

activities

for

the

period

from

2022

through

2024.

The

Board

recognized

that

it

is

difficult

to

make

comparisons

of

profitability

from

investment

company

advisory

agreements

because

comparative

information

is

not

generally

publicly

available

and

is

affected

by

numerous

factors,

including

the

structure

of

the

particular

adviser,

the

types

of

funds

it

manages,

its

business

mix,

numerous

assumptions

regarding

allocation

of

expenses

and

the

adviser’s

capital

structure

and

cost

of

capital.

In

considering

profitability

information,

the

Board

considered

the

possible

effect

of

certain

fall-out

benefits

to

the

Manager

and

its

affiliates.

The

Board

focused

on

profitability

of

the

Manager’s

relationships

with

the

Funds

before

taxes

and

distribution

expenses.

The

Board

recognized

that

the

Manager

should

earn

a

reasonable

level

of

profits

for

the

services

it

provides

to

each

Fund.

(4)

and

(5)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Funds

grow,

and

whether

fee

levels

reflect

these

economies

of

scale.

The

Board

noted

that

the

advisory

fee

schedules

for

the

Funds

do

not

contain

breakpoints

that

reduce

the

fee

rate

on

assets

above

specified

levels.

The

Board

recognized

that

breakpoints

may

be

an

appropriate

way

for

the

Manager

to

share

its

economies

of

scale,

if

any,

with

Funds

that

have

substantial

assets.

The

Board

found

there

was

no

uniform

methodology

for

establishing

breakpoints

that

give

effect

to

Fund-specific

services

provided

by

the

Manager.

The

Board

noted

that

in

the

fund

industry

as

a

whole,

as

well

as

among

funds

similar

to

the

Funds,

there

is

no

uniformity

or

pattern

in

the

fees

and

asset

levels

at

which

breakpoints

(if

any)

apply.

Depending

on

the

age,

size,

and

other

characteristics

of

a

particular

fund

and

its

manager’s

cost

structure,

different

conclusions

can

be

drawn

as

to

whether

there

are

economies

of

scale

to

be

realized

at

any

particular

level

of

assets,

notwithstanding

the

intuitive

conclusion

that

such

economies

exist,

or

will

be

realized

at

some

level

of

total

assets.

Moreover,

because

different

managers

have

different

cost

structures

and

service

models,

it

is

difficult

to

draw

meaningful

169

conclusions

from

the

breakpoints

that

may

have

been

adopted

by

other

funds.

The

Board

also

noted

that

the

advisory

agreements

for

many

funds

do

not

have

breakpoints

at

all,

or

if

breakpoints

exist,

they

may

be

at

asset

levels

significantly

greater

than

those

of

the

individual

Funds.

The

Board

noted

that

the

total

assets

in

all

of

the

Funds,

as

of

June

30,

2025,

were

approximately

$8

billion

and

that

the

largest

Fund,

the

AZL

MVP

Growth

Index

Strategy

Fund,

had

assets

of

approximately

$1.75

billion.

The

Board

noted

that

the

Manager

has

agreed

to

temporarily

limit

Fund

expenses

under

the

Expense

Limitation

Agreement,

which

has

the

effect

of

reducing

expenses

similar

to

implementation

of

advisory

fee

breakpoints.

The

Manager

has

committed

to

continue

to

consider

the

continuation

of

expense

limits

and/or

advisory

fee

breakpoints

as

Fund

assets

change.

The

Board

receives

quarterly

reports

on

the

level

of

Fund

assets.

The

Board

expects

to

continue

to

consider:

(a)

the

extent

to

which

economies

of

scale

have

been

realized,

and

(b)

whether

the

advisory

fee

should

be

modified,

either

in

connection

with

the

next

renewal

of

the

Management

Agreement

or

by

modifying

the

Expense

Limitation

Agreement,

to

reflect

such

economies

of

scale,

if

any.

Having

taken

these

factors

into

account,

the

Board

concluded

that

the

absence

of

breakpoints

in

the

Funds’

advisory

fee

rate

schedules

was

acceptable

under

each

Fund’s

circumstances.

In

conclusion,

after

full

consideration

of

the

above

factors,

as

well

as

such

other

factors

as

each

member

of

the

Board

considered

instructive

in

evaluating

the

Management

Agreement,

the

Board

concluded

that

the

advisory

fees

were

reasonable,

and

that

the

continuation

of

the

Management

Agreement

was

in

the

best

interest

of

the

Funds.

ANNRPT1225

02/26

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. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration paid to Trustees, Officers, and others 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.

Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.

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)      The Code of Ethics is attached hereto. 

(a)(2)      Not applicable. 

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

(a)(4)      Not applicable.

(a)(5)      Not applicable

(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  February 20, 2026                                   

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 February 20, 2026                                                   

By (Signature and Title) /s/ Monique Labbe                                                                                                                                 

                                                Monique Labbe, Principal Financial Officer

Date February 20, 2026