AZL

Balanced

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2025

(Unaudited)

1

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2025

.

Shares

Value

Affiliated

Investment

Companies

(

100

.3

%

):

Domestic

Equity

Funds

(

34

.5

%

):

453,612

AZL

Mid

Cap

Index

Fund,

Class

2

$

9,181,107‌

4,223,430

AZL

S&P

500

Index

Fund,

Class

2

95,956,328‌

528,361

AZL

Small

Cap

Stock

Index

Fund,

Class

2

5,981,051‌

111,118,486‌

Fixed

Income

Fund

(

51

.3

%

):

16,783,494

AZL

Enhanced

Bond

Index

Fund

164,981,743‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(

14

.5

%

):

2,484,931

AZL

International

Index

Fund,

Class

2

$

46,468,213‌

Total

Affiliated

Investment

Companies

(Cost

$257,416,081)

322,568,442‌

Total

Investment

Securities

(Cost

$

257,416,081

)

—

100

.3

%

322,568,442‌

Net

other

assets

(liabilities)

—

(

0

.3

)

%

(

835,759‌

)

Net

Assets

—

100.0%

$

321,732,683‌

AZL

DFA

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2025

(Unaudited)

2

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2025

.

Shares

Value

Affiliated

Investment

Companies

(

100

.1

%

):

Domestic

Equity

Fund

(

42

.2

%

):

17,965,961

AZL

DFA

U.S.

Core

Equity

Fund

$

266,435,204‌

Fixed

Income

Fund

(

41

.1

%

):

26,452,691

AZL

Enhanced

Bond

Index

Fund

260,029,949‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(

16

.8

%

):

9,974,060

AZL

DFA

International

Core

Equity

Fund

$

106,123,995‌

Total

Affiliated

Investment

Companies

(Cost

$545,626,284)

632,589,148‌

Total

Investment

Securities

(Cost

$

545,626,284

)

—

100

.1

%

632,589,148‌

Net

other

assets

(liabilities)

—

(

0

.1

)

%

(

367,999‌

)

Net

Assets

—

100.0%

$

632,221,149‌

AZL

MVP

Balanced

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2025

(Unaudited)

3

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2025

.

Shares

Value

Affiliated

Investment

Companies

(

95

.0

%

):

Domestic

Equity

Funds

(

32

.2

%

):

988,433

AZL

Mid

Cap

Index

Fund,

Class

2

$

20,005,879‌

8,549,910

AZL

S&P

500

Index

Fund,

Class

2

194,253,956‌

1,152,487

AZL

Small

Cap

Stock

Index

Fund,

Class

2

13,046,150‌

227,305,985‌

Fixed

Income

Fund

(

48

.6

%

):

34,840,745

AZL

Enhanced

Bond

Index

Fund

342,484,520‌

International

Equity

Fund

(

14

.2

%

):

5,356,461

AZL

International

Index

Fund,

Class

2

100,165,816‌

Total

Affiliated

Investment

Companies

(Cost

$611,462,551)

669,956,321‌

Shares

Value

Unaffiliated

Investment

Company

(

0

.3

%

):

Money

Market

Funds

(

0

.3

%

):

1,786,554

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

4.17%(a)

$

1,786,554‌

Total

Unaffiliated

Investment

Company

(Cost

$1,786,554)

1,786,554‌

Total

Investment

Securities

(Cost

$

613,249,105

)

—

95

.3

%

671,742,875‌

Net

other

assets

(liabilities)

—

4

.7

%

32,956,033‌

Net

Assets

—

100.0%

$

704,698,908‌

(a)

The

rate

represents

the

effective

yield

at

March

31,

2025.

Futures

Contracts

At

March

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

June

Futures

(U.S.

Dollar)

6/20/25

62

$

17,525,075‌

$

(

113,898‌

)

U.S.

Treasury

10-Year

Note

June

Futures

(U.S.

Dollar)

6/18/25

157

17,461,344‌

107,761‌

$

(

6,137‌

)

AZL

MVP

DFA

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2025

(Unaudited)

4

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2025

.

Shares

Value

Affiliated

Investment

Companies

(

95

.1

%

):

Domestic

Equity

Fund

(

39

.2

%

):

32,721,796

AZL

DFA

U.S.

Core

Equity

Fund

$

485,264,236‌

Fixed

Income

Fund

(

39

.1

%

):

49,219,071

AZL

Enhanced

Bond

Index

Fund

483,823,465‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(

16

.8

%

):

19,523,085

AZL

DFA

International

Core

Equity

Fund

$

207,725,626‌

Total

Affiliated

Investment

Companies

(Cost

$1,094,135,658)

1,176,813,327‌

Total

Investment

Securities

(Cost

$

1,094,135,658

)

—

95

.1

%

1,176,813,327‌

Net

other

assets

(liabilities)

—

4

.9

%

60,935,920‌

Net

Assets

—

100.0%

$

1,237,749,247‌

Futures

Contracts

At

March

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

June

Futures

(U.S.

Dollar)

6/20/25

132

$

37,311,450‌

$

(

244,146‌

)

U.S.

Treasury

10-Year

Note

June

Futures

(U.S.

Dollar)

6/18/25

221

24,579,344‌

151,646‌

$

(

92,500‌

)

AZL

MVP

FIAM

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2025

(Unaudited)

5

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2025

.

Shares

Value

Affiliated

Investment

Company

(

95

.1

%

):

Balanced

Funds

(

95

.1

%

):

18,145,004

AZL

Fidelity

Institutional

Asset

Management

Multi-

Strategy

Fund,

Class

2

$

272,537,963

Total

Affiliated

Investment

Company

(Cost

$224,580,499)

272,537,963

Unaffiliated

Investment

Company

(

0

.3

%

):

Money

Market

Funds

(

0

.3

%

):

851,675

Dreyfus

Treasury

Securities

Cash

Management

Fund,

Institutional

Shares,

4.17%(a)

851,675

Total

Unaffiliated

Investment

Company

(Cost

$851,675)

851,675

Total

Investment

Securities

(Cost

$

225,432,174

)

—

95

.4

%

273,389,638

Net

other

assets

(liabilities)

—

4

.6

%

13,270,489

Net

Assets

—

100.0%

$

286,660,127

(a)

The

rate

represents

the

effective

yield

at

March

31,

2025.

Futures

Contracts

At

March

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

June

Futures

(U.S.

Dollar)

6/20/25

20

$

5,653,250‌

$

(

40,686‌

)

U.S.

Treasury

10-Year

Note

June

Futures

(U.S.

Dollar)

6/18/25

76

8,452,625‌

52,212‌

$

11,526‌

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2025

(Unaudited)

6

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Amounts

shown

as

“—

“

are

either

$0

or

round

to

less

than

$1.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2025

.

Shares

Value

Private

Placements

(

0

.1

%

):

Health

Care

Providers

&

Services

(

0

.1

%

):

145,123

Grand

Rounds,

Inc.,

Series

C,

0.00%*(a)(b)

$

108,842

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

Software

(

0

.0

%

†

):

5,547

Lookout,

Inc.,

0.00%*(a)(b)

3,772

63,925

Lookout,

Inc.,

Series

F,

Preferred

Shares,

0.00%*(a)

(b)

86,299

90,071

Total

Private

Placements

(Cost

$1,138,655)

198,916

Principal

Amount

Convertible

Bond

(

0

.0

%

†

):

Food

Products

(

0

.0

%

†

):

$

400,000

REI

Agro,

Ltd.,

Registered

Shares,

5.50%,

11/13/14*(a)(b)(c)

—

Total

Convertible

Bond

(Cost

$—)

—

Principal

Amount

Value

Corporate

Bonds

(

0

.0

%

†

):

Paper

&

Forest

Products

(

0

.0

%

†

):

$

52,331

Quintis

Australia

Pty,

Ltd.,

7.50%,

10/1/26,

Callable

5/4/25

@

100*(a)(b)

$

6,672

730,672

Quintis

Australia

Pty,

Ltd.,

12.00%,

10/1/28,

Callable

5/4/25

@

109*(a)(b)

—

Total

Corporate

Bonds

(Cost

$783,003)

6,672

Shares

Affiliated

Investment

Companies

(

95

.0

%

):

Fixed

Income

Fund

(

48

.5

%

):

21,501,539

AZL

Enhanced

Bond

Index

Fund

+

211,360,131

International

Equity

Fund

(

46

.5

%

):

11,606,488

AZL

MSCI

Global

Equity

Index

Fund,

Class

2

+

202,301,093

Total

Affiliated

Investment

Companies

(Cost

$356,479,574)

413,661,224

Total

Investment

Securities

(Cost

$

358,401,232

)

—

95

.1

%

413,866,812

Net

other

assets

(liabilities)

—

4

.9

%

21,391,462

Net

Assets

—

100.0%

$

435,258,274

†

Represents

less

than

0.05%.

*

Non-income

producing

security.

+

Affiliated

Securities

(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

March

31,

2025.

(c)

Defaulted

bond.

Futures

Contracts

At

March

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

June

Futures

(U.S.

Dollar)

6/20/25

38

$

10,741,175‌

$

(

75,946‌

)

U.S.

Treasury

10-Year

Note

June

Futures

(U.S.

Dollar)

6/18/25

97

10,788,219‌

66,591‌

$

(

9,355‌

)

AZL

MVP

Growth

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2025

(Unaudited)

7

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2025

.

Shares

Value

Affiliated

Investment

Companies

(

95

.0

%

):

Domestic

Equity

Funds

(

49

.2

%

):

3,752,724

AZL

Mid

Cap

Index

Fund,

Class

2

$

75,955,141‌

32,468,973

AZL

S&P

500

Index

Fund,

Class

2

737,695,064‌

4,387,964

AZL

Small

Cap

Stock

Index

Fund,

Class

2

49,671,752‌

863,321,957‌

Fixed

Income

Fund

(

24

.5

%

):

43,771,357

AZL

Enhanced

Bond

Index

Fund

430,272,441‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(

21

.3

%

):

19,917,326

AZL

International

Index

Fund,

Class

2

$

372,454,004‌

Total

Affiliated

Investment

Companies

(Cost

$1,291,864,431)

1,666,048,402‌

Total

Investment

Securities

(Cost

$

1,291,864,431

)

—

95

.0

%

1,666,048,402‌

Net

other

assets

(liabilities)

—

5

.0

%

87,200,864‌

Net

Assets

—

100.0%

$

1,753,249,266‌

Futures

Contracts

At

March

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

June

Futures

(U.S.

Dollar)

6/20/25

235

$

66,425,688‌

$

(

445,942‌

)

U.S.

Treasury

10-Year

Note

June

Futures

(U.S.

Dollar)

6/18/25

195

21,687,656‌

133,805‌

$

(

312,137‌

)

AZL

MVP

Moderate

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2025

(Unaudited)

8

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2025

.

Shares

Value

Affiliated

Investment

Companies

(

95

.0

%

):

Domestic

Equity

Funds

(

39

.1

%

):

530,863

AZL

Mid

Cap

Index

Fund,

Class

2

$

10,744,664‌

4,736,869

AZL

S&P

500

Index

Fund,

Class

2

107,621,666‌

665,252

AZL

Small

Cap

Stock

Index

Fund,

Class

2

7,530,649‌

125,896,979‌

Fixed

Income

Fund

(

39

.1

%

):

12,790,626

AZL

Enhanced

Bond

Index

Fund

125,731,853‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(

16

.8

%

):

2,889,885

AZL

International

Index

Fund,

Class

2

$

54,040,858‌

Total

Affiliated

Investment

Companies

(Cost

$267,373,335)

305,669,690‌

Total

Investment

Securities

(Cost

$

267,373,335

)

—

95

.0

%

305,669,690‌

Net

other

assets

(liabilities)

—

5

.0

%

15,946,527‌

Net

Assets

—

100.0%

$

321,616,217‌

Futures

Contracts

At

March

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

June

Futures

(U.S.

Dollar)

6/20/25

34

$

9,610,525‌

$

(

67,974‌

)

U.S.

Treasury

10-Year

Note

June

Futures

(U.S.

Dollar)

6/18/25

57

6,339,469‌

39,112‌

$

(

28,862‌

)

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Schedule

of

Portfolio

Investments

March

31,

2025

(Unaudited)

9

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2025

.

Shares

Value

Affiliated

Investment

Companies

(

95

.0

%

):

Domestic

Equity

Funds

(

76

.5

%

):

11,848,097

AZL

S&P

500

Index

Fund,

Class

2

$

269,188,755‌

29,370,030

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

517,206,230‌

786,394,985‌

Shares

Value

Affiliated

Investment

Companies,

continued

Fixed

Income

Fund

(

18

.5

%

):

19,398,700

AZL

Enhanced

Bond

Index

Fund

$

190,689,223‌

Total

Affiliated

Investment

Companies

(Cost

$833,973,442)

977,084,208‌

Total

Investment

Securities

(Cost

$

833,973,442

)

—

95

.0

%

977,084,208‌

Net

other

assets

(liabilities)

—

5

.0

%

51,029,945‌

Net

Assets

—

100.0%

$

1,028,114,153‌

Futures

Contracts

At

March

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

June

Futures

(U.S.

Dollar)

6/20/25

110

$

31,092,875‌

$

(

201,179‌

)

U.S.

Treasury

10-Year

Note

June

Futures

(U.S.

Dollar)

6/18/25

184

20,464,250‌

126,257‌

$

(

74,922‌

)

ALLIANZ

VARIABLE

INSURANCE

PRODUCTS

FUND

OF

FUND

TRUST

NOTES

TO

THE

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2025

(Unaudited)

10

1.

Related

Party

Transactions

Allianz

Investment

Management

LLC

(the

“Manager”)

or

an

affiliate

of

the

Manager

serves

as

the

investment

adviser

of

certain

underlying

funds

in

which

each

Fund

invests.

At

March

31,

2025,

the

following

investments

in

underlying

funds

are

noted

as

Affiliated

Investment

Companies

in

each

Fund’s

Schedule

of

Portfolio

Investments.

Value

12/31/2

4

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

03/31

/2

5

Shares

as

of

03/31

/2

5

AZL

Balanced

Index

Strategy

Fund

AZL

Enhanced

Bond

Index

Fund

$

167,169,124

$ 

693,933

$

(7,374,972

)

$ 

(1,134,041

)

$ 

5,627,699

$

164,981,743

16,783,494

AZL

International

Index

Fund,

Class

2

45,253,594

14,730

(2,320,433

)

543,911

2,976,411

46,468,213

2,484,931

AZL

Mid

Cap

Index

Fund,

Class

2

10,318,624

—

(536,628

)

83,835

(684,724)

9,181,107

453,612

AZL

S&P

500

Index

Fund,

Class

2

103,147,864

190,575

(3,052,768

)

2,076,667

(6,406,010)

95,956,328

4,223,430

AZL

Small

Cap

Stock

Index

Fund,

Class

2

6,991,253

—

(420,865

)

56,341

(645,678)

5,981,051

528,361

$

332,880,459

$ 

899,238

$

(13,705,666‌)

$ 

1,626,713

$ 

867,698

$

322,568,442

24,473,828

Value

12/31/2

4

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

03

/3

1

/2

5

Shares

as

of

03/31

/2

5

AZL

DFA

Multi-Strategy

Fund

AZL

DFA

International

Core

Equity

Fund

$

107,830,064

$ 

156,570

$

(9,451,977

)

$ 

686,159

$ 

6,903,179

$

106,123,995

9,974,060

AZL

DFA

U.S.

Core

Equity

Fund

285,983,124

36,779

(7,354,945

)

2,722,313

(14,952,067)

266,435,204

17,965,961

AZL

Enhanced

Bond

Index

Fund

267,018,997

—

(14,049,751)

268,875

6,791,828

260,029,949

26,452,691

$

660,832,185

$ 

193,34

9

$

(30,856,673

)

$ 

3,677,347

$ 

(1,257,060)

$

632,589,148

54,392,712

Value

12/31/2

4

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

03/31

/2

5

Shares

as

of

03/31

/2

5

AZL

MVP

Balanced

Index

Strategy

Fund

AZL

Enhanced

Bond

Index

Fund

$

350,111,957

$

—

$

(16,917,501

)

$

(1,921,593)

$

11,211,657

$

342,484,520

34,840,745

AZL

International

Index

Fund,

Class

2

100,108,056

394,096

(8,104,969

)

1,116,250

6,652,383

100,165,816

5,356,461

AZL

Mid

Cap

Index

Fund,

Class

2

21,689,065

—

(361,780

)

54,014

(1,375,420)

20,005,879

988,433

AZL

S&P

500

Index

Fund,

Class

2

206,817,218

1,774,818

(5,656,791

)

1,661,855

(10,343,144)

194,253,956

8,549,910

AZL

Small

Cap

Stock

Index

Fund,

Class

2

14,443,473

—

(97,992

)

11,603

(1,310,934)

13,046,150

1,152,487

$

693,169,769

$

2,168,914

$

(31,139,033

)

$

922,129

$

4,834,542

$

669,956,321

50,888,036

Value

12/31/2

4

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

03/31

/2

5

Shares

as

of

03/31

/2

5

AZL

MVP

DFA

Multi-Strategy

Fund

AZL

DFA

International

Core

Equity

Fund

$

210,253,639

$

—

$

(17,344,972

)

$

1,378,887

$

13,438,072

$

207,725,626

19,523,085

AZL

DFA

U.S.

Core

Equity

Fund

521,652,873

1,133,776

(15,289,179

)

3,236,844

(25,470,078)

485,264,236

32,721,796

AZL

Enhanced

Bond

Index

Fund

496,168,465

—

(25,502,526

)

19,036

13,138,490

483,823,465

49,219,071

$

1,228,074,977

$

1,133,776

$

(58,136,677

)

$

4,634,767

$

1,106,484

$

1,176,813,327

101,463,952

ALLIANZ

VARIABLE

INSURANCE

PRODUCTS

FUND

OF

FUND

TRUST

NOTES

TO

THE

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2025

(Unaudited)

11

Value

12/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

03/31/25

Shares

as

of

03/31/25

AZL

MVP

FIAM

Multi-Strategy

Fund

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund,

Class

2

$

281,458,614

$

3,837,702

$

(11,580,710

)

$

1,911,894

$

(3,089,537)

$

272,537,963

18,145,004

Value

12/31/2

4

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

03/31

/2

5

Shares

as

of

03/31

/2

5

AZL

MVP

Global

Balanced

Index

Strategy

Fund

AZL

Enhanced

Bond

Index

Fund

$

216,921,097

$

—

$

(11,326,975

)

$

(1,723,736

)

$

7,489,745

$

211,360,131

21,501,539

AZL

MSCI

Global

Equity

Index

Fund,

Class

2

213,595,597

643,504

(9,050,945

)

2,852,020

(5,739,083)

202,301,093

11,606,488

$

430,516,694

$

643,504

$

(20,377,920

)

$

1,128,284

$

1,750,662

$

413,661,224

33,108,027

Value

12/31/2

4

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

03

/3

1

/2

5

Shares

as

of

03/31

/2

5

AZL

MVP

Growth

Index

Strategy

Fund

AZL

Enhanced

Bond

Index

Fund

$

441,903,068

$

—

$

(23,410,680)

$

(3,062,273)

$

14,842,326

$

430,272,441

43,771,357

AZL

International

Index

Fund,

Class

2

378,673,601

981,557

(36,983,972

)

8,339,699

21,443,119

372,454,004

19,917,326

AZL

Mid

Cap

Index

Fund,

Class

2

84,611,702

—

(3,669,790

)

578,302

(5,565,073)

75,955,141

3,752,724

AZL

S&P

500

Index

Fund,

Class

2

786,869,284

769,678

(16,486,119

)

7,368,333

(40,826,112)

737,695,064

32,468,973

AZL

Small

Cap

Stock

Index

Fund,

Class

2

56,994,90

6

—

(2,410,864

)

303,181

(5,215,471)

49,671,752

4,387,964

$

1,749,052,561

$

1,751,235

$

(82,961,425

)

$

13,527,242

$

(15,321,211)

$

1,666,048,402

104,298,344

Value

12/31/2

4

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

03

/3

1

/2

5

Shares

as

of

03

/3

1

/2

5

AZL

MVP

Moderate

Index

Strategy

Fund

AZL

Enhanced

Bond

Index

Fund

$

128,943,747

$

—

$

(6,640,675

)

$

(812,162

)

$

4,240,943

$

125,731,853

12,790,626

AZL

International

Index

Fund,

Class

2

54,231,035

5,721

(4,439,132

)

1,008,120

3,235,114

54,040,858

2,889,885

AZL

Mid

Cap

Index

Fund,

Class

2

11,625,078

—

(169,970

)

28,973

(739,417)

10,744,664

530,863

AZL

S&P

500

Index

Fund,

Class

2

115,279,762

229,350

(3,033,027

)

1,273,390

(6,127,809)

107,621,666

4,736,869

AZL

Small

Cap

Stock

Index

Fund,

Class

2

8,282,384

(1)

—

—

(751,734)

7,530,649

665,252

$

318,362,006

$

235,070

$

(14,282,804

)

$

1,498,321

$

(142,903)

$

305,669,690

21,613,495

Value

12/31/2

4

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

03

/3

1

/2

5

Shares

as

of

03

/3

1

/2

5

AZL

MVP

T.

Rowe

Capital

Appreciation

Plus

Fund

AZL

Enhanced

Bond

Index

Fund

$

195,638,116

$

776,883

$

(10,963,551

)

$

(1,959,001

)

$

7,196,776

$

190,689,223

19,398,700

AZL

S&P

500

Index

Fund,

Class

2

288,814,630

2,371,649

(10,000,040

)

4,207,801

(16,205,285)

269,188,755

11,848,097

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

540,887,047

582,832

(22,767,351

)

2,148,601

(3,644,899)

517,206,230

29,370,030

$

1,025,339,793

$

3,731,364

$

(43,730,942

)

$

4,397,401

$

(12,653,408)

$

977,084,208

60,616,827

ALLIANZ

VARIABLE

INSURANCE

PRODUCTS

FUND

OF

FUND

TRUST

NOTES

TO

THE

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2025

(Unaudited)

12

2.

Restricted

Securities

A

restricted

security

is

a

security

which

has

been

purchased

through

a

private

offering

and

cannot

be

resold

to

the

general

public

without

prior

registration

under

the

Securities

Act

of

1933

(the

“1933

Act”)

or

pursuant

to

the

resale

limitations

provided

by

Rule

144A

under

the

1933

Act,

or

an

exemption

from

the

registration

requirements

of

the

1933

Act.

Whether

a

restricted

security

is

illiquid

is

determined

pursuant

to

guidelines

established

by

the

Trustees.

Not

all

restricted

securities

are

considered

illiquid.

The

illiquid

restricted

securities

held

as

of

March

31,

2025

are

identified

below.

AZL

MVP

Global

Balanced

Index

Strategy

Fund

(a)

Acquisition

date

represents

the

initial

purchase

date

of

the

security.

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

$

108

,

842‌

0.00%

Jawbone

1/24/17

–‌

23,389‌

–‌

0.00%

Lookout,

Inc.,

Series

F,

Preferred

Shares

9/19/14

481,99

4‌

63,925‌

86,299‌

0.00%

Lookout,

Inc.

3/4/15

3,384‌

5,547‌

3

,

772‌

0.00%

Quintis

Australia

Pty,

Ltd.,

7.50%,

10/1/26,

Callable

5/4/25

@

100.00

10/25/18

52,331‌

52,331‌

6

,

672‌

0.00%

Quintis

Australia

Pty,

Ltd.,

12.00%,

10/1/28,

Callable

5/4/25

@

109.00

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%