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

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Statement Regarding the Trust’s Liquidity Risk Management Program

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This report is submitted for the general information of the shareholder of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus, which contains details concerning the sales charges and other pertinent information.

AZL Balanced Index Strategy Fund

Expense Examples

(Unaudited)

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

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

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


	Beginning Account Value 1/1/22			Ending Account Value 6/30/22			Expenses Paid During Period 1/1/22 - 6/30/22*			Annualized Expense Ratio During Period 1/1/22 - 6/30/22

AZL Balanced Index Strategy Fund		$	1,000.00		$	845.80		$	0.37		0.08	%

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


	Beginning Account Value 1/1/22			Ending Account Value 6/30/22			Expenses Paid During Period 1/1/22 - 6/30/22*			Annualized Expense Ratio During Period 1/1/22 - 6/30/22

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

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Fixed Income Fund		51.5	%

Domestic Equity Funds		36.3

International Equity Fund		12.2


Total Investment Securities		100.0

Net other assets (liabilities)		—	^†


Net Assets		100.0	%

†	Represents less than 0.05%.

AZL Balanced Index Strategy Fund

Schedule of Portfolio Investments

June 30, 2022 (Unaudited)


Shares			Value
Affiliated Investment Companies (100.0%):
Domestic Equity Funds (36.3%):
	1,135,355	AZL Mid Cap Index Fund, Class 2	$	25,727,143
	4,594,649	AZL S&P 500 Index Fund, Class 2		89,503,772
	1,036,288	AZL Small Cap Stock Index Fund, Class 2		14,031,343

				129,262,258

Fixed Income Fund (51.5%):
	18,410,934	AZL Enhanced Bond Index Fund		183,188,794

International Equity Fund (12.2%):
	2,844,526	AZL International Index Fund, Class 2		43,578,139

	Total Affiliated Investment Companies (Cost $296,655,961)			356,029,191

	Total Investment Securities (Cost $296,655,961) — 100.0%			356,029,191
	Net other assets (liabilities) — 0.0%^†			10,036

	Net Assets — 100.0%		$	356,039,227

Percentages indicated are based on net assets as of June 30, 2022.

†	Represents less than 0.05%.

See accompanying notes to the financial statements.

AZL Balanced Index Strategy Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:
Investments in affiliates, at cost	$	296,655,961

Investments in affiliates, at value	$	356,029,191
Receivable for capital shares issued		44,499
Receivable for affiliated investments sold		59,745
Prepaid expenses		1,160

Total Assets		356,134,595

Liabilities:
Cash overdraft		59,726
Payable for capital shares redeemed		4,804
Manager fees payable		14,944
Administration fees payable		5,775
Custodian fees payable		109
Administrative and compliance services fees payable		323
Transfer agent fees payable		710
Trustee fees payable		2,763
Other accrued liabilities		6,214

Total Liabilities		95,368

Net Assets	$	356,039,227

Net Assets Consist of:
Paid in capital	$	264,052,003
Total distributable earnings		91,987,224

Net Assets	$	356,039,227

Shares of beneficial interest (unlimited number of shares authorized, no par value)		23,431,904
Net Asset Value (offering and redemption price per share)	$	15.19

Statement of Operations

For the Six Months Ended June 30, 2022

(Unaudited)


Investment Income:
Dividends from non-affiliates	$	15

Total Investment Income		15

Expenses:
Management fees		98,935
Administration fees		30,488
Custodian fees		574
Administrative and compliance services fees		2,410
Transfer agent fees		2,512
Trustee fees		9,519
Professional fees		8,177
Shareholder reports		4,450
Other expenses		2,500

Total expenses		159,565

Net Investment Income/(Loss)		(159,550	)

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on affiliated underlying funds		1,881,345
Change in net unrealized appreciation/depreciation on affiliated underlying funds		(68,616,157	)

Net realized and Change in net unrealized gains/losses on investments		(66,734,812	)

Change in Net Assets Resulting From Operations	$	(66,894,362	)

See accompanying notes to the financial statements.

AZL Balanced Index Strategy Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2022				For the Year Ended December 31, 2021
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(159,550	)		$	3,700,360
Net realized gains/(losses) on investments			1,881,345				29,274,448
Change in unrealized appreciation/depreciation on investments			(68,616,157	)			8,822,387

Change in net assets resulting from operations			(66,894,362	)			41,797,195

Distributions to Shareholders:
Distributions			—				(29,204,021	)

Change in net assets resulting from distributions to shareholders			—				(29,204,021	)

Capital Transactions:
Proceeds from shares issued			2,214,949				33,603,341
Proceeds from dividends reinvested			—				29,204,021
Value of shares redeemed			(24,455,589	)			(47,478,927	)

Change in net assets resulting from capital transactions			(22,240,640	)			15,328,435

Change in net assets			(89,135,002	)			27,921,609
Net Assets:
Beginning of period			445,174,229				417,252,620

End of period		$	356,039,227			$	445,174,229

Share Transactions:
Shares issued			131,597				1,833,889
Dividends reinvested			—				1,683,229
Shares redeemed			(1,487,295	)			(2,604,847	)

Change in shares			(1,355,698	)			912,271

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

See accompanying notes to the financial statements.

AZL Balanced Index Strategy Fund

Financial Highlights

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


	Six Months Ended June 30, 2022				Year Ended December 31, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017
	(Unaudited)

Net Asset Value, Beginning of Period		$	17.96			$	17.48			$	16.46			$	14.89			$	16.34			$	15.75

Investment Activities:
Net Investment Income/(Loss)			(0.01	)(a)			0.15	(a)			0.33	(a)			0.30	(a)			0.31				0.15
Net Realized and Unrealized Gains/(Losses) on Investments			(2.76	)			1.56				1.62				2.22				(0.99	)			1.62

Total from Investment Activities			(2.77	)			1.71				1.95				2.52				(0.68	)			1.77

Distributions to Shareholders From:
Net Investment Income			—				(0.34	)			(0.33	)			(0.38	)			(0.16	)			(0.38	)
Net Realized Gains			—				(0.89	)			(0.60	)			(0.57	)			(0.61	)			(0.80	)

Total Dividends			—				(1.23	)			(0.93	)			(0.95	)			(0.77	)			(1.18	)

Net Asset Value, End of Period		$	15.19			$	17.96			$	17.48			$	16.46			$	14.89			$	16.34

Total Return(b)			(15.42	)%(c)			10.04	%			12.24	%			17.24	%			(4.36	)%			11.50	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	356,039			$	445,174			$	417,253			$	397,402			$	386,189			$	448,381
Net Investment Income/(Loss)(d)			(0.08	)%			0.85	%			2.01	%			1.87	%			1.82	%			0.78	%
Expenses Before Reductions*(d)(e)			0.08	%			0.08	%			0.09	%			0.09	%			0.08	%			0.08	%
Expenses Net of Reductions*(d)			0.08	%			0.08	%			0.09	%			0.09	%			0.08	%			0.08	%
Portfolio Turnover Rate			1	%(c)			13	%			19	%			5	%			5	%			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)	Not annualized for periods less than one year.

(d)	Annualized for periods less than one year.

(e)	Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

See accompanying notes to the financial statements.

AZL Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies”. The Trust consists of 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL Balanced Index Strategy Fund (the “Fund”), and 11 are presented in separate reports. The Fund is a diversified series of the Trust.

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

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

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

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles (“U.S. GAAP”). The preparation of financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Security Valuation

The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 4 below.

Investment Transactions and Investment Income

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

Distributions to Shareholders

Distributions to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of distributions from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Distributions to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

Expense Allocation

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

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

Affiliated Securities Transactions

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period ended June 30, 2022, the Fund did not engage in any Rule 17a-7 transactions.

3. Fees and Transactions with Affiliates and Other Parties

AZL Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2023. Expenses incurred for investment advisory and management services are reflected on the Statement of Operations as “Management fees.”

For the period ended June 30, 2022, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit

AZL Balanced Index Strategy Fund		0.05	%		0.20	%

Any amounts contractually waived or reimbursed by the Manager with respect to the annual expense limit in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the period are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2022, there were no remaining contractual reimbursements subject to repayment by the Fund in subsequent years.

Management fees which the Manager waived prior to any application of expense limit are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the period can be found on the Statement of Operations. During the period ended June 30, 2022, there were no such waivers.

The Manager or an affiliate of the Manager serves as the investment adviser of certain underlying funds in which the Fund invests. At June 30, 2022, these underlying funds are noted as Affiliated Investment Companies in the Fund’s Schedule of Portfolio Investments. Additional information, including financial statements, about these Funds is available at www.allianzlife.com. The Manager or an affiliate of the Manager is paid a separate fee from the underlying funds for such services. A summary of the Fund’s investments in affiliated investment companies for the period ended June 30, 2022 is as follows:


	Value 12/31/2021			Purchases at Cost			Proceeds from Sales				Net Realized Gains(Losses)				Change in Net Unrealized Appreciation/ Depreciation				Value 6/30/2022			Shares as of 6/30/2022		Dividend Income			Net Realized Gains Distributions from Affiliated Underlying Funds

AZL Enhanced Bond Index Fund		$	219,744,177		$	1,130,760		$	(14,088,604	)		$	(1,955,834	)		$	(21,641,705	)		$	183,188,794		18,410,934		$	—		$	—
AZL International Index Fund, Class 2			56,332,794			24,328			(2,313,799	)			402,529				(10,867,713	)			43,578,139		2,844,526			—			—
AZL Mid Cap Index Fund, Class 2			34,268,489						(2,044,347	)			648,371				(7,145,370	)			25,727,143		1,135,355			—			—
AZL S&P 500 Index Fund, Class 2			116,684,094			884,674			(5,320,737	)			2,597,079				(25,341,338	)			89,503,772		4,594,649			—			—
AZL Small Cap Stock Index Fund, Class 2			18,213,442			—			(751,268	)			189,200				(3,620,031	)			14,031,343		1,036,288			—			—

		$	445,242,996		$	2,039,762		$	(24,518,755	)		$	1,881,345			$	(68,616,157	)		$	356,029,191		28,021,752		$	—		$	—

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

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

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

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

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

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

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.

AZL Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

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

The following is a summary of the valuation inputs used as of June 30, 2022 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total

Affiliated Investment Companies		$	356,029,191		$	—		$	—		$	356,029,191

Total Investment Securities		$	356,029,191		$	—		$	—		$	356,029,191

5. Security Purchases and Sales

For the period ended June 30, 2022, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL Balanced Index Strategy Fund		$	2,039,763		$	24,518,756

6. Investment Risks

The risks below are presented in an order intended to facilitate readability. Their order does not imply that the realization of one risk is more likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk.

Derivatives Risk: The Fund may invest directly or through affiliated or unaffiliated mutual funds or unregistered investment pools in derivative instruments such as futures, options, and options on futures. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The other party to a derivatives contract could default. During the period ended June 30, 2022, the Fund did not directly invest in derivatives.

Foreign Securities Risk: Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in currency values, adverse political, social or economic developments, and differences in social and economic developments or policies.

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

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

Market Risk: The market price of securities owned by the underlying funds may go up or down, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment, as well as natural disasters, and outbreaks of infectious illnesses or other widespread public health issues.

7. Coronavirus (COVID-19) Pandemic

The current outbreak of the novel strain of coronavirus, COVID-19, has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain the spread of COVID-19 have resulted in travel restrictions, closed international borders, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, defaults and other significant economic impacts, all of which have disrupted global economic activity across many industries and may exacerbate other pre-existing political, social and economic risks, locally or globally. The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

8. Recent Regulatory Pronouncements

The SEC adopted Rule 18f-4 and Rule 2a-5 under the 1940 Act. Rule 18f-4 governs the use of derivatives by registered investment companies, and Rule 2a-5 governs fair value determinations. The Fund, as applicable, will comply with both rules by their compliance dates of August 19, 2022 and September 8, 2022 for Rule 18f-4 and Rule 2a-5, respectively. Management believes these rules will not have a significant impact on the Fund’s operations and will not impact the Fund’s beginning net assets, current period results from operations, or any prior period information presented in the financial statements.

9. Federal Tax Information

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

AZL Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

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

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2021 was $319,368,454. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	125,874,542
Unrealized (depreciation)		—

Net unrealized appreciation/(depreciation)	$	125,874,542

The tax character of dividends paid to shareholders during the year ended December 31, 2021 was as follows:


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

AZL Balanced Index Strategy Fund		$	7,990,462		$	21,213,559		$	29,204,021

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

At December 31, 2021, the components of accumulated earnings on a tax basis were as follows:


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

AZL Balanced Index Strategy Fund		$	8,497,243		$	24,509,801		$	—		$	125,874,542		$	158,881,586

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

10. Ownership and Principal Holders

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.

Other Information (Unaudited)

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

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

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

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

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

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

At a meeting of the Board held on February 22, 2022, the Program Administrators provided their annual written report (the “Report”) to the Board addressing the operation of the Program and assessing its adequacy and effectiveness of implementation for the annual period from January 1, 2021 through December 31, 2021 (the “Reporting Period”). This Report included an overview of the operation of the Program, including liquidity events relevant to the Funds, if any, during the Reporting Period and conclusions with respect to the adequacy of the policies and procedures of the Program and the effectiveness of Program implementation. The Report also included a summary of the annual assessment of each Fund’s liquidity risk, which took into account the following factors enumerated in the Liquidity Rule and identified in the Program, as applicable:

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

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

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

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

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

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

During the Reporting Period, each Fund maintained a designated HLIM. The Report stated that the Program Administrators reviewed each Fund’s HLIM as provided in the Program and concluded that each Fund’s applicable HLIM operated as intended during the Reporting Period. During the Reporting Period, no Fund fell below its designated HLIM. The Report also noted that the Program Administrators determined that each Fund primarily holds assets which are highly liquid investments and that, therefore, none of the Funds are required to maintain an HLIM pursuant to the Liquidity Rule or the Program. Consequently, the Program Administrators determined to remove the HLIM for all Funds. This determination is subject to review by the Program Administrators at least annually.

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

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

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0622 08/22

AZL^® DFA Multi-Strategy Fund

Semi-Annual Report

June 30, 2022

(Unaudited)

LOGO

Table of Contents

Page 1

Page 2

Page 3

Page 3

Page 4

Page 5

Page 6

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 10

Page 11

AZL DFA Multi-Strategy Fund

Expense Examples

(Unaudited)

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

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

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


	Beginning Account Value 1/1/22			Ending Account Value 6/30/22			Expenses Paid During Period 1/1/22 - 6/30/22*			Annualized Expense Ratio During Period 1/1/22 - 6/30/22

AZL DFA Multi-Strategy Fund		$	1,000.00		$	863.30		$	0.32		0.07	%


	Beginning Account Value 1/1/22			Ending Account Value 6/30/22			Expenses Paid During Period 1/1/22 - 6/30/22*			Annualized Expense Ratio During Period 1/1/22 - 6/30/22

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

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Domestic Equity Funds		46.8	%

Fixed Income Fund		41.6

International Equity Fund		11.7


Total Investment Securities		100.1

Net other assets (liabilities)		(0.1	)


Net Assets		100.0	%

AZL DFA Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2022 (Unaudited)


Shares			Value
Affiliated Investment Companies (100.1%):
Domestic Equity Funds (46.8%):
	20,292,404	AZL DFA U.S. Core Equity Fund	$	278,614,709
	6,070,321	AZL DFA U.S. Small Cap Fund		73,450,882

				352,065,591

Fixed Income Fund (41.6%):
	35,052,070	AZL DFA Five-Year Global Fixed Income Fund		312,313,940

International Equity Fund (11.7%):
	8,689,465	AZL DFA International Core Equity Fund		88,111,172

	Total Affiliated Investment Companies (Cost $702,499,237)			752,490,703

	Total Investment Securities (Cost $702,499,237) — 100.1%			752,490,703
	Net other assets (liabilities) — (0.1)%			(713,545	)

	Net Assets — 100.0%		$	751,777,158

Percentages indicated are based on net assets as of June 30, 2022.

See accompanying notes to the financial statements.

AZL DFA Multi-Strategy Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:
Investments in affiliates, at cost	$	702,499,237

Investments in affiliates, at value	$	752,490,703
Interest and dividends receivable		1
Receivable for affiliated investments sold		115,318
Prepaid expenses		2,396

Total Assets		752,608,418

Liabilities:
Cash overdraft		115,317
Payable for capital shares redeemed		651,157
Manager fees payable		31,757
Administration fees payable		7,407
Custodian fees payable		196
Administrative and compliance services fees payable		853
Transfer agent fees payable		885
Trustee fees payable		7,200
Other accrued liabilities		16,488

Total Liabilities		831,260

Net Assets	$	751,777,158

Net Assets Consist of:
Paid in capital	$	618,318,987
Total distributable earnings		133,458,171

Net Assets	$	751,777,158

Shares of beneficial interest (unlimited number of shares authorized, no par value)		56,394,428
Net Asset Value (offering and redemption price per share)	$	13.33

Statement of Operations

For the Six Months Ended June 30, 2022

(Unaudited)


Investment Income:
Dividends from non-affiliates	$	1

Total Investment Income		1

Expenses:
Management fees		209,634
Administration fees		32,504
Custodian fees		846
Administrative and compliance services fees		5,185
Transfer agent fees		2,612
Trustee fees		20,512
Professional fees		17,645
Shareholder reports		9,851
Other expenses		5,600

Total expenses		304,389

Net Investment Income/(Loss)		(304,388	)

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on affiliated underlying funds		3,150,635
Change in net unrealized appreciation/depreciation on affiliated underlying funds		(126,142,507	)

Net realized and Change in net unrealized gains/losses on investments		(122,991,872	)

Change in Net Assets Resulting From Operations	$	(123,296,260	)

See accompanying notes to the financial statements.

AZL DFA Multi-Strategy Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2022				For the Year Ended December 31, 2021
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(304,388	)		$	4,802,539
Net realized gains/(losses) on investments			3,150,635				77,843,439
Change in unrealized appreciation/depreciation on investments			(126,142,507	)			41,094,500

Change in net assets resulting from operations			(123,296,260	)			123,740,478

Distributions to Shareholders:
Distributions			—				(61,195,147	)

Change in net assets resulting from distributions to shareholders			—				(61,195,147	)

Capital Transactions:
Proceeds from shares issued			140,182				4,709,796
Proceeds from dividends reinvested			—				61,195,146
Value of shares redeemed			(62,710,864	)			(131,578,754	)

Change in net assets resulting from capital transactions			(62,570,682	)			(65,673,812	)

Change in net assets			(185,866,942	)			(3,128,481	)
Net Assets:
Beginning of period			937,644,100				940,772,581

End of period		$	751,777,158			$	937,644,100

Share Transactions:
Shares issued			9,914				298,193
Dividends reinvested			—				4,093,321
Shares redeemed			(4,358,219	)			(8,451,340	)

Change in shares			(4,348,305	)			(4,059,826	)

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

See accompanying notes to the financial statements.

AZL DFA Multi-Strategy Fund

Financial Highlights


	Six Months Ended June 30, 2022				Year Ended December 31, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017
	(Unaudited)

Net Asset Value, Beginning of Period		$	15.44			$	14.52			$	14.36			$	12.99			$	14.19			$	12.69

Investment Activities:
Net Investment Income/(Loss)			(0.01	)(a)			0.08	(a)			0.22	(a)			0.38	(a)			0.15				0.15
Net Realized and Unrealized Gains/(Losses) on Investments			(2.10	)			1.89				1.20				1.73				(0.97	)			1.46

Total from Investment Activities			(2.11	)			1.97				1.42				2.11				(0.82	)			1.61

Distributions to Shareholders From:
Net Investment Income			—				(0.25	)			(0.45	)			(0.16	)			(0.17	)			(0.11	)
Net Realized Gains			—				(0.80	)			(0.81	)			(0.58	)			(0.21	)			—

Total Dividends			—				(1.05	)			(1.26	)			(0.74	)			(0.38	)			(0.11	)

Net Asset Value, End of Period		$	13.33			$	15.44			$	14.52			$	14.36			$	12.99			$	14.19

Total Return(b)			(13.67	)%(c)			13.81	%			10.64	%			16.57	%			(5.91	)%			12.69	%

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	751,777			$	937,644			$	940,773			$	983,277			$	972,134			$	1,204,197
Net Investment Income/(Loss)(d)			(0.07	)%			0.50	%			1.60	%			2.74	%			0.84	%			1.02	%
Expenses Before Reductions*(d)(e)			0.07	%			0.07	%			0.08	%			0.07	%			0.07	%			0.07	%
Expenses Net of Reductions*(d)			0.07	%			0.07	%			0.08	%			0.07	%			0.07	%			0.07	%
Portfolio Turnover Rate			—	(c)(f)			6	%			18	%			6	%			7	%			2	%

*	The expense ratios exclude the impact of fees/expenses paid by each underlying fund.

(a)	Calculated using the average shares method.

(b)	The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c)	Not annualized for periods less than one year.

(d)	Annualized for periods less than one year.

(e)	Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(f)	Represents less than 0.5%.

See accompanying notes to the financial statements.

AZL DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies”. The Trust consists of 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL DFA Multi-Strategy Fund (the “Fund”), and 11 are presented in separate reports. The Fund is a diversified series of the Trust.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Distributions to Shareholders

Expense Allocation

Affiliated Securities Transactions

3. Fees and Transactions with Affiliates and Other Parties

AZL DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

For the period ended June 30, 2022, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit

AZL DFA Multi-Strategy Fund		0.05	%		0.20	%


	Value 12/31/2021			Purchases at Cost			Proceeds from Sales				Net Realized Gains(Losses)				Change in Net Unrealized Appreciation/ Depreciation				Value 6/30/2022			Shares as of 6/30/2022		Dividend Income			Net Realized Gains Distributions from Affiliated Underlying Funds

AZL DFA Five-Year Global Fixed Income Fund		$	367,167,703		$	78,841		$	(33,022,895	)		$	(3,443,983	)		$	(18,465,726	)		$	312,313,940		35,052,070		$	—		$	—

AZL DFA International Core Equity Fund			112,815,044			—			(5,607,381	)			931,375				(20,027,866	)			88,111,172		8,689,465			—			—

AZL DFA U.S. Core Equity Fund			360,655,079			—			(16,841,434	)			3,811,623				(69,010,559	)			278,614,709		20,292,404			—			—

AZL DFA U.S. Small Cap Fund			97,278,433			—			(7,040,815	)			1,851,620				(18,638,356	)			73,450,882		6,070,321			—			—

		$	937,916,259		$	78,841		$	(62,512,525	)		$	3,150,635			$	(126,142,507	)		$	752,490,703		70,104,260		$	—		$	—

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

AZL DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2022 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total

Affiliated Investment Companies		$	752,490,703		$	—		$	—		$	752,490,703

Total Investment Securities		$	752,490,703		$	—		$	—		$	752,490,703

5. Security Purchases and Sales

For the period ended June 30, 2022, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL DFA Multi-Strategy Fund		$	78,842		$	62,512,525

6. Investment Risks

7. Coronavirus (COVID-19) Pandemic

8. Recent Regulatory Pronouncements

AZL DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

9. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2021 was $763,672,724. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	191,267,637
Unrealized (depreciation)		(17,024,102	)

Net unrealized appreciation/(depreciation)	$	174,243,535

The tax character of dividends paid to shareholders during the year ended December 31, 2021 was as follows:


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

AZL DFA Multi-Strategy Fund		$	14,639,563		$	46,555,584		$	61,195,147

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

At December 31, 2021, the components of accumulated earnings on a tax basis were as follows:


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

AZL DFA Multi-Strategy Fund		$	8,932,242		$	73,578,654		$	—		$	174,243,535		$	256,754,431

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

10. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2022, 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 these shareholders could have a material impact to the Fund. As of June 30, 2022, the Fund had a controlling interest (in excess of 50%) in the AZL DFA Five-Year Global Fixed Income Fund, AZL DFA U.S. Core Equity Fund and AZL DFA US Small Cap Fund, which are affiliated with the Manager. Investment activities of these shareholders could have a material impact to the Fund.

11. Subsequent Events

Other Information (Unaudited)

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

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

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

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

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0622 08/22

AZL^® MVP Balanced Index Strategy Fund

Semi-Annual Report

June 30, 2022

(Unaudited)

LOGO

Table of Contents

Page 1

Page 2

Page 3

Page 3

Page 4

Page 5

Page 6

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 11

Page 12

AZL MVP Balanced Index Strategy Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 1/1/22			Ending Account Value 6/30/22			Expenses Paid During Period 1/1/22 - 6/30/22*			Annualized Expense Ratio During Period 1/1/22 - 6/30/22

AZL MVP Balanced Index Strategy Fund		$	1,000.00		$	854.00		$	0.64		0.14	%


	Beginning Account Value 1/1/22			Ending Account Value 6/30/22			Expenses Paid During Period 1/1/22 - 6/30/22*			Annualized Expense Ratio During Period 1/1/22 - 6/30/22

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

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Fixed Income Fund		49.2	%

Domestic Equity Funds		33.6

International Equity Fund		12.1


Total Investment Securities		94.9

Net other assets (liabilities)		5.1


Net Assets		100.0	%

AZL MVP Balanced Index Strategy Fund

Schedule of Portfolio Investments

June 30, 2022 (Unaudited)


Shares			Value
Affiliated Investment Companies (94.9%):
Domestic Equity Funds (33.6%):
	823,018	AZL Mid Cap Index Fund, Class 2	$	18,649,583
	2,997,544	AZL S&P 500 Index Fund, Class 2		58,392,166
	749,064	AZL Small Cap Stock Index Fund, Class 2		10,142,329

				87,184,078

Fixed Income Fund (49.2%):
	12,860,143	AZL Enhanced Bond Index Fund		127,958,423

International Equity Fund (12.1%):
	2,059,989	AZL International Index Fund, Class 2		31,559,031

	Total Affiliated Investment Companies (Cost $224,953,364)			246,701,532

	Total Investment Securities (Cost $224,953,364) — 94.9%			246,701,532
	Net other assets (liabilities) — 5.1%			13,200,917

	Net Assets — 100.0%		$	259,902,449

Percentages indicated are based on net assets as of June 30, 2022.

Futures Contracts

At June 30, 2022, the Fund’s open futures contracts were as follows:

Short Futures


Description	Expiration Date		Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)

S&P 500 Index E-Mini September Futures (U.S. Dollar)		9/16/22		223	$	(42,252,925	)	$	2,597,392

								$	2,597,392

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)

U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		9/21/22		54	$	6,400,688	$	1,001

							$	1,001

Total Net Futures Contracts							$	2,598,393

See accompanying notes to the financial statements.

AZL MVP Balanced Index Strategy Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:
Investments in affiliates, at cost	$	224,953,364

Investments in affiliates, at value	$	246,701,532
Cash		17,589
Deposit at broker for futures contracts collateral		13,350,673
Interest and dividends receivable		13,277
Prepaid expenses		838

Total Assets		260,083,909

Liabilities:
Payable for affiliated investments purchased		17,589
Payable for capital shares redeemed		125,352
Payable for variation margin on futures contracts		4,769
Manager fees payable		21,703
Administration fees payable		5,007
Custodian fees payable		117
Administrative and compliance services fees payable		207
Transfer agent fees payable		620
Trustee fees payable		1,761
Other accrued liabilities		4,335

Total Liabilities		181,460

Net Assets	$	259,902,449

Net Assets Consist of:
Paid in capital	$	239,003,171
Total distributable earnings		20,899,278

Net Assets	$	259,902,449

Shares of beneficial interest (unlimited number of shares authorized, no par value)		21,170,610
Net Asset Value (offering and redemption price per share)	$	12.28

Statement of Operations

For the Six Months Ended June 30, 2022

(Unaudited)


Investment Income:
Interest	$	37,215
Dividends from non-affiliates		8

Total Investment Income		37,223

Expenses:
Management fees		143,520
Administration fees		29,859
Custodian fees		698
Administrative and compliance services fees		1,735
Transfer agent fees		2,475
Trustee fees		6,861
Professional fees		5,890
Shareholder reports		3,746
Other expenses		2,042

Total expenses		196,826

Net Investment Income/(Loss)		(159,603	)

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on affiliated underlying funds		1,555,208
Net realized gains/(losses) on futures contracts		(2,519,790	)
Change in net unrealized appreciation/depreciation on affiliated underlying funds		(47,456,022	)
Change in net unrealized appreciation/depreciation on futures contracts		2,398,387

Net realized and Change in net unrealized gains/losses on investments		(46,022,217	)

Change in Net Assets Resulting From Operations	$	(46,181,820	)

See accompanying notes to the financial statements.

AZL MVP Balanced Index Strategy Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2022				For the Year Ended December 31, 2021
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(159,603	)		$	2,411,227
Net realized gains/(losses) on investments			(964,582	)			21,469,001
Change in unrealized appreciation/depreciation on investments			(45,057,635	)			7,225,526

Change in net assets resulting from operations			(46,181,820	)			31,105,754

Distributions to Shareholders:
Distributions			—				(22,484,516	)

Change in net assets resulting from distributions to shareholders			—				(22,484,516	)

Capital Transactions:
Proceeds from shares issued			2,306,446				15,897,547
Proceeds from dividends reinvested			—				22,484,516
Value of shares redeemed			(20,939,794	)			(42,773,216	)

Change in net assets resulting from capital transactions			(18,633,348	)			(4,391,153	)

Change in net assets			(64,815,168	)			4,230,085
Net Assets:
Beginning of period			324,717,617				320,487,532

End of period		$	259,902,449			$	324,717,617

Share Transactions:
Shares issued			174,265				1,079,752
Dividends reinvested			—				1,618,756
Shares redeemed			(1,588,944	)			(2,935,821	)

Change in shares			(1,414,679	)			(237,313	)

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

See accompanying notes to the financial statements.

AZL MVP Balanced Index Strategy Fund

Financial Highlights


	Six Months Ended June 30, 2022				Year Ended December 31, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017
	(Unaudited)

Net Asset Value, Beginning of Period		$	14.38			$	14.04			$	13.90			$	12.37			$	13.38			$	12.74

Investment Activities:
Net Investment Income/(Loss)			(0.01	)(a)			0.11	(a)			0.24	(a)			0.25	(a)			0.24				0.11
Net Realized and Unrealized Gains/(Losses) on Investments			(2.09	)			1.26				0.54				1.82				(0.82	)			1.32

Total from Investment Activities			(2.10	)			1.37				0.78				2.07				(0.58	)			1.43

Distributions to Shareholders From:
Net Investment Income			—				(0.26	)			(0.27	)			(0.29	)			(0.11	)			(0.26	)
Net Realized Gains			—				(0.77	)			(0.37	)			(0.25	)			(0.32	)			(0.53	)

Total Dividends			—				(1.03	)			(0.64	)			(0.54	)			(0.43	)			(0.79	)

Net Asset Value, End of Period		$	12.28			$	14.38			$	14.04			$	13.90			$	12.37			$	13.38

Total Return(b)			(14.60	)%(c)			10.02	%			5.98	%			16.92	%			(4.44	)%			11.40	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	259,902			$	324,718			$	320,488			$	331,516			$	301,934			$	322,231
Net Investment Income/(Loss)(d)			(0.11	)%			0.74	%			1.82	%			1.84	%			1.79	%			0.72	%
Expenses Before Reductions*(d)(e)			0.14	%			0.13	%			0.14	%			0.14	%			0.13	%			0.13	%
Expenses Net of Reductions*(d)			0.14	%			0.13	%			0.14	%			0.14	%			0.13	%			0.13	%
Portfolio Turnover Rate			—	(c)(f)			10	%			13	%			9	%			7	%			9	%

*	The expense ratios exclude the impact of fees/expenses paid by each underlying fund.

(a)	Calculated using the average shares method.

(b)	The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c)	Not annualized for periods less than one year.

(d)	Annualized for periods less than one year.

(e)	Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(f)	Represents less than 0.5%.

See accompanying notes to the financial statements.

AZL MVP Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies”. The Trust consists of 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Balanced Index Strategy Fund (the “Fund”), and 11 are presented in separate reports. The Fund is a diversified series of the Trust.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Distributions to Shareholders

Expense Allocation

Affiliated Securities Transactions

Derivative Instruments

AZL MVP Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

money market funds, and short-term debt funds to satisfy all applicable margin requirements and to provide additional portfolio liquidity to satisfy large redemptions and any margin calls. Due to the leverage provided by derivatives, the notional value of the Fund’s derivative positions could exceed 20% of the Fund’s value. The Fund may also use futures to gain equity exposure and may hold cash as a buffer in the event of market shocks.

Futures Contracts

During the period ended June 30, 2022, the Fund invested in futures contracts to reduce volatility and limit the need to decrease or increase allocations to underlying funds. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the period ended June 30, 2022, the monthly average notional amount for long contracts was $9.4 million, and the monthly average notional amount for short contracts was $15.9 million. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2022:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total
Value

Statement of Assets and Liabilities Location

Total
Value

Equity Risk

Futures Contracts

Receivable for variation margin on futures contracts*

2,597,392

Payable for variation margin on futures contracts*

—

Interest Rate Risk

Futures Contracts

Receivable for variation margin on futures contracts*

1,001

Payable for variation margin on futures contracts*

—

For futures contracts, the amounts represent the cumulative appreciation/depreciation of these futures contracts as reported in the Schedule of Portfolio Investments. Only current day’s variation margin, if any, is reported within the Statement of Assets and Liabilities as variation margin on futures contracts.

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2022:


Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized			Change in Net Unrealized Appreciation/ Depreciation on Derivatives Recognized

Equity Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts	$	(1,961,354	)	$	2,481,376

Interest Rate Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts		(558,436	)		(82,989	)

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2023. Expenses incurred for investment advisory and management services are reflected on the Statement of Operations as “Management fees.”

For the period ended June 30, 2022, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit

AZL MVP Balanced Index Strategy Fund		0.10	%		0.20	%

AZL MVP Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)


	Value 12/31/2021			Purchases at Cost			Proceeds from Sales				Net Realized Gains(Losses)				Change in Net Unrealized Appreciation/ Depreciation				Value 6/30/2022			Shares as of 6/30/2022		Dividend Income			Net Realized Gains Distributions from Affiliated Underlying Funds

AZL Enhanced Bond Index Fund		$	152,852,171		$	—		$	(8,608,356	)		$	(1,033,835	)		$	(15,251,557	)		$	127,958,423		12,860,143		$	—		$	—
AZL International Index Fund, Class 2			41,204,618			112,192			(2,187,203	)			427,238				(7,997,814	)			31,559,031		2,059,989			—			—
AZL Mid Cap Index Fund, Class 2			24,548,632			—			(1,196,056	)			298,715				(5,001,708	)			18,649,583		823,018			—			—
AZL S&P 500 Index Fund, Class 2			77,077,394			145,431			(3,946,627	)			1,793,470				(16,677,502	)			58,392,166		2,997,544			—			—
AZL Small Cap Stock Index Fund, Class 2			12,881,687			88,236			(369,773	)			69,620				(2,527,441	)			10,142,329		749,064			—			—

		$	308,564,502		$	345,859		$	(16,308,015	)		$	1,555,208			$	(47,456,022	)		$	246,701,532		19,489,758		$	—		$	—

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

AZL MVP Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2022 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total

Affiliated Investment Companies		$	246,701,532		$	—		$	—		$	246,701,532

Total Investment Securities			246,701,532			—			—			246,701,532

Other Financial Instruments:*
Futures Contracts			2,598,392			—			—			2,598,392

Total Investments		$	249,299,924		$	—		$	—		$	249,299,924

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

5. Security Purchases and Sales

For the period ended June 30, 2022, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL MVP Balanced Index Strategy Fund		$	345,862		$	16,308,015

6. Investment Risks

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

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.

7. Coronavirus (COVID-19) Pandemic

8. Recent Regulatory Pronouncements

9. Federal Tax Information

AZL MVP Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2021 was $242,824,199. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	65,740,303
Unrealized (depreciation)		—

Net unrealized appreciation/(depreciation)	$	65,740,303

The tax character of dividends paid to shareholders during the year ended December 31, 2021 was as follows:


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

AZL MVP Balanced Index Strategy Fund		$	12,933,774		$	9,550,742		$	22,484,516

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

At December 31, 2021, the components of accumulated earnings on a tax basis were as follows:


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

AZL MVP Balanced Index Strategy Fund		$	12,671,466		$	10,911,345		$	—		$	65,740,303		$	89,323,114

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

10. Ownership and Principal Holders

11. Subsequent Events

Other Information (Unaudited)

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

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

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

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

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0622 08/22

AZL^® MVP DFA Multi-Strategy Fund

Semi-Annual Report

June 30, 2022

(Unaudited)

LOGO

Page 1

Page 2

Page 3

Page 3

Page 4

Page 5

Page 6

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 11

Page 12

AZL MVP DFA Multi-Strategy Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 1/1/22			Ending Account Value 6/30/22			Expenses Paid During Period 1/1/22 - 6/30/22*			Annualized Expense Ratio During Period 1/1/22 - 6/30/22

AZL MVP DFA Multi-Strategy Fund		$	1,000.00		$	869.80		$	0.70		0.15	%


	Beginning Account Value 1/1/22			Ending Account Value 6/30/22			Expenses Paid During Period 1/1/22 - 6/30/22*			Annualized Expense Ratio During Period 1/1/22 - 6/30/22

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

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Domestic Equity Funds		43.6	%

Fixed Income Fund		39.6

International Equity Fund		11.6


Total Investment Securities		94.8

Net other assets (liabilities)		5.2


Net Assets		100.0	%

AZL MVP DFA Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2022 (Unaudited)


Shares			Value
Affiliated Investment Companies (94.8%):
Domestic Equity Funds (43.6%):
	2,019,448	AZL DFA U.S. Core Equity Fund	$	27,727,017
	653,241	AZL DFA U.S. Small Cap Fund		7,904,213

				35,631,230

Fixed Income Fund (39.6%):
	3,634,123	AZL DFA Five-Year Global Fixed Income Fund		32,380,037

International Equity Fund (11.6%):
	935,746	AZL DFA International Core Equity Fund		9,488,466

	Total Affiliated Investment Companies (Cost $72,383,854)			77,499,733

	Total Investment Securities (Cost $72,383,854) — 94.8%			77,499,733
	Net other assets (liabilities) — 5.2%			4,233,517

	Net Assets — 100.0%		$	81,733,250

Percentages indicated are based on net assets as of June 30, 2022.

Futures Contracts

At June 30, 2022, the Fund’s open futures contracts were as follows:

Short Futures


Description	Expiration Date		Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)

S&P 500 Index E-Mini September Futures (U.S. Dollar)		9/16/22		62	$	(11,747,450	)	$	842,837

								$	842,837

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)

U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		9/21/22		14	$	1,659,438	$	(4,476	)

							$	(4,476	)

Total Net Futures Contracts							$	838,361

See accompanying notes to the financial statements.

AZL MVP DFA Multi-Strategy Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:
Investments in affiliates, at cost	$	72,383,854

Investments in affiliates, at value	$	77,499,733
Deposit at broker for futures contracts collateral		4,256,558
Interest and dividends receivable		4,188
Receivable for affiliated investments sold		37,232
Prepaid expenses		252

Total Assets		81,797,963

Liabilities:
Cash overdraft		37,230
Payable for capital shares redeemed		15,911
Payable for variation margin on futures contracts		1,590
Manager fees payable		4,426
Administration fees payable		3,592
Custodian fees payable		72
Administrative and compliance services fees payable		49
Transfer agent fees payable		450
Trustee fees payable		414
Other accrued liabilities		979

Total Liabilities		64,713

Net Assets	$	81,733,250

Net Assets Consist of:
Paid in capital	$	79,141,574
Total distributable earnings		2,591,676

Net Assets	$	81,733,250

Shares of beneficial interest (unlimited number of shares authorized, no par value)		7,699,469
Net Asset Value (offering and redemption price per share)	$	10.62

Statement of Operations

For the Six Months Ended June 30, 2022

(Unaudited)


Investment Income:
Interest	$	11,675
Dividends from non-affiliates		6

Total Investment Income		11,681

Expenses:
Management fees		90,191
Administration fees		28,704
Custodian fees		579
Administrative and compliance services fees		539
Transfer agent fees		2,408
Trustee fees		2,131
Professional fees		1,835
Shareholder reports		1,168
Other expenses		590

Total expenses before reductions		128,145
Less Management fees contractually waived		(45,095	)
Less expenses contractually waived/reimbursed by the Manager		(15,406	)

Net expenses		67,644

Net Investment Income/(Loss)		(55,963	)

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on affiliated underlying funds		138,275
Net realized gains/(losses) on futures contracts		(886,268	)
Change in net unrealized appreciation/depreciation on affiliated underlying funds		(12,675,425	)
Change in net unrealized appreciation/depreciation on futures contracts		779,030

Net realized and Change in net unrealized gains/losses on investments		(12,644,388	)

Change in Net Assets Resulting From Operations	$	(12,700,351	)

See accompanying notes to the financial statements.

AZL MVP DFA Multi-Strategy Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2022				For the Year Ended December 31, 2021
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(55,963	)		$	404,032
Net realized gains/(losses) on investments			(747,993	)			7,098,818
Change in unrealized appreciation/depreciation on investments			(11,896,395	)			4,745,683

Change in net assets resulting from operations			(12,700,351	)			12,248,533

Distributions to Shareholders:
Distributions			—				(7,170,758	)

Change in net assets resulting from distributions to shareholders			—				(7,170,758	)

Capital Transactions:
Proceeds from shares issued			789,207				11,200,599
Proceeds from dividends reinvested			—				7,170,758
Value of shares redeemed			(6,334,141	)			(14,138,661	)

Change in net assets resulting from capital transactions			(5,544,934	)			4,232,696

Change in net assets			(18,245,285	)			9,310,471
Net Assets:
Beginning of period			99,978,535				90,668,064

End of period		$	81,733,250			$	99,978,535

Share Transactions:
Shares issued			69,519				894,545
Dividends reinvested			—				606,663
Shares redeemed			(561,131	)			(1,137,291	)

Change in shares			(491,612	)			363,917

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

See accompanying notes to the financial statements.

AZL MVP DFA Multi-Strategy Fund

Financial Highlights


	Six Months Ended June 30, 2022				Year Ended December 31, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017
	(Unaudited)

Net Asset Value, Beginning of Period		$	12.21			$	11.58			$	12.03			$	10.65			$	11.60			$	10.36

Investment Activities:
Net Investment Income/(Loss)			(0.01	)(a)			0.05	(a)			0.16	(a)			0.31	(a)			0.08				0.09
Net Realized and Unrealized Gains/(Losses) on Investments			(1.58	)			1.51				0.22				1.36				(0.79	)			1.21

Total from Investment Activities			(1.59	)			1.56				0.38				1.67				(0.71	)			1.30

Distributions to Shareholders From:
Net Investment Income			—				(0.17	)			(0.34	)			(0.11	)			(0.08	)			(0.05	)
Net Realized Gains			—				(0.76	)			(0.49	)			(0.18	)			(0.16	)			(0.01	)

Total Dividends			—				(0.93	)			(0.83	)			(0.29	)			(0.24	)			(0.06	)

Net Asset Value, End of Period		$	10.62			$	12.21			$	11.58			$	12.03			$	10.65			$	11.60

Total Return(b)			(13.02	)%(c)			13.74	%			3.77	%			15.81	%			(6.22	)%			12.55	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	81,733			$	99,979			$	90,668			$	95,959			$	86,601			$	77,757
Net Investment Income/(Loss)(d)			(0.12	)%			0.42	%			1.44	%			2.71	%			0.91	%			0.96	%
Expenses Before Reductions*(d)(e)			0.28	%			0.29	%			0.30	%			0.29	%			0.29	%			0.30	%
Expenses Net of Reductions*(d)			0.15	%			0.15	%			0.15	%			0.15	%			0.15	%			0.15	%
Portfolio Turnover Rate			1	%(c)			13	%			18	%			10	%			16	%			15	%

*	The expense ratios exclude the impact of fees/expenses paid by each underlying fund.

(a)	Calculated using the average shares method.

(b)	The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c)	Not annualized for periods less than one year.

(d)	Annualized for periods less than one year.

(e)	Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

See accompanying notes to the financial statements.

AZL MVP DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies”. The Trust consists of 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP DFA Multi-Strategy Fund (the “Fund”), and 11 are presented in separate reports. The Fund is a diversified series of the Trust.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Distributions to Shareholders

Expense Allocation

Affiliated Securities Transactions

Derivative Instruments

AZL MVP DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

Futures Contracts

During the period ended June 30, 2022, the Fund invested in futures contracts to reduce volatility and limit the need to decrease or increase allocations to underlying funds. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the period ended June 30, 2022, the monthly average notional amount for long contracts was $2.2 million, and the monthly average notional amount for short contracts was $3.9 million. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2022:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total
Value

Statement of Assets and Liabilities Location

Total
Value

Equity Risk

Futures Contracts

Receivable for variation margin on futures contracts*

842,837

Payable for variation margin on futures contracts*

—

Interest Rate Risk

Futures Contracts

Receivable for variation margin on futures contracts*

—

Payable for variation margin on futures contracts*

4,476

For futures contracts, the amounts represent the cumulative appreciation/depreciation of these futures contracts as reported in the Schedule of Portfolio Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities as variation margin on futures contracts.

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2022:


Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized			Change in Net Unrealized Appreciation/ Depreciation on Derivatives Recognized

Equity Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts	$	(758,005	)	$	802,953

Interest Rate Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts		(128,263	)		(23,923	)

3. Fees and Transactions with Affiliates and Other Parties

For the period ended June 30, 2022, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Annual Expense Limit

AZL MVP DFA Multi-Strategy Fund		0.20	%		0.15	%

*	The Manager waived, prior to any application of expense limit, the management fee to 0.10% on all assets. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2023.

AZL MVP DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

At June 30, 2022, the contractual reimbursements subject to repayment by the Fund in subsequent years were as follows:


	Expires 12/31/2022			Expires 12/31/2023			Expires 12/31/2024			Expires 12/31/2025			Total

AZL MVP DFA Multi-Strategy Fund		$	34,113		$	42,695		$	34,818		$	15,406		$	127,032


	Value 12/31/2021			Purchases at Cost			Proceeds from Sales				Net Realized Gains(Losses)				Change in Net Unrealized Appreciation/ Depreciation				Value 6/30/2022			Shares as of 6/30/2022		Dividend Income			Net Realized Gains Distributions from Affiliated Underlying Funds

AZL DFA Five-Year Global Fixed Income Fund		$	37,767,059		$	26,026		$	(3,166,501	)		$	(319,851	)		$	(1,926,696	)		$	32,380,037		3,634,123		$	—		$	—
AZL DFA International Core Equity Fund			12,108,383			37,138			(604,302	)			106,999				(2,159,752	)			9,488,466		935,746			—			—
AZL DFA U.S. Core Equity Fund			35,037,922			391,990			(1,253,977	)			254,509				(6,703,427	)			27,727,017		2,019,448			—			—
AZL DFA U.S. Small Cap Fund			10,092,382			—			(399,237	)			96,618				(1,885,550	)			7,904,213		653,241			—			—

		$	95,005,746		$	455,154		$	(5,424,017	)		$	138,275			$	(12,675,425	)		$	77,499,733		7,242,558		$	—		$	—

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

AZL MVP DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2022 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total

Affiliated Investment Companies		$	77,499,733		$	—		$	—		$	77,499,733

Total Investment Securities			77,499,733			—			—			77,499,733

Other Financial Instruments:*
Futures Contracts			838,361			—			—			838,361

Total Investments		$	78,338,094		$	—		$	—		$	78,338,094

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

5. Security Purchases and Sales

For the period ended June 30, 2022, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL MVP DFA Multi-Strategy Fund		$	455,154		$	5,424,017

6. Investment 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.

7. Coronavirus (COVID-19) Pandemic

8. Recent Regulatory Pronouncements

9. Federal Tax Information

AZL MVP DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2021 was $78,157,252. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	18,368,801
Unrealized (depreciation)		(1,520,307	)

Net unrealized appreciation/(depreciation)	$	16,848,494

The tax character of dividends paid to shareholders during the year ended December 31, 2021 was as follows:


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

AZL MVP DFA Multi-Strategy Fund		$	3,153,404		$	4,017,354		$	7,170,758

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

At December 31, 2021, the components of accumulated earnings on a tax basis were as follows:


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

AZL MVP DFA Multi-Strategy Fund		$	3,205,862		$	3,816,243		$	—		$	16,848,494		$	23,870,599

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

10. Ownership and Principal Holders

11. Subsequent Events

Other Information (Unaudited)

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

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

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

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

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0622 08/22

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

Semi-Annual Report

June 30, 2022

(Unaudited)

LOGO

Table of Contents

Page 1

Page 2

Page 3

Page 3

Page 4

Page 5

Page 6

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 11

Page 12

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

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 1/1/22			Ending Account Value 6/30/22			Expenses Paid During Period 1/1/22 - 6/30/22*			Annualized Expense Ratio During Period 1/1/22 - 6/30/22

AZL MVP FIAM Multi-Strategy Fund		$	1,000.00		$	874.50		$	0.65		0.14	%


	Beginning Account Value 1/1/22			Ending Account Value 6/30/22			Expenses Paid During Period 1/1/22 - 6/30/22*			Annualized Expense Ratio During Period 1/1/22 - 6/30/22

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

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Balanced Funds		94.3	%


Total Investment Securities		94.3

Net other assets (liabilities)		5.7


Net Assets		100.0	%

AZL MVP FIAM Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2022 (Unaudited)


Shares			Value
Affiliated Investment Company (94.3%):
Balanced Funds (94.3%):
	13,664,028	AZL Fidelity Institutional Asset Management Multi-Strategy Fund	$	185,967,421

	Total Affiliated Investment Company (Cost $168,963,043)			185,967,421

	Total Investment Securities (Cost $168,963,043) — 94.3%			185,967,421
	Net other assets (liabilities) — 5.7%			11,233,255

	Net Assets — 100.0%		$	197,200,676

Percentages indicated are based on net assets as of June 30, 2022.

Futures Contracts

At June 30, 2022, the Fund’s open futures contracts were as follows:

Short Futures


Description	Expiration Date		Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)

S&P 500 Index E-Mini September Futures (U.S. Dollar)		9/16/22		220	$	(41,684,500	)	$	2,692,426

								$	2,692,426

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)

U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		9/21/22		55	$	6,519,219	$	34,419

							$	34,419

Total Net Futures Contracts							$	2,726,845

See accompanying notes to the financial statements.

AZL MVP FIAM Multi-Strategy Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:
Investments in affiliates, at cost	$	168,963,043

Investments in affiliates, at value	$	185,967,421
Deposit at broker for futures contracts collateral		11,319,212
Interest and dividends receivable		11,061
Receivable for affiliated investments sold		75,498
Prepaid expenses		638

Total Assets		197,373,830

Liabilities:
Cash overdraft		75,546
Payable for capital shares redeemed		63,218
Payable for variation margin on futures contracts		7,949
Manager fees payable		16,471
Administration fees payable		4,639
Custodian fees payable		99
Administrative and compliance services fees payable		147
Transfer agent fees payable		577
Trustee fees payable		1,247
Other accrued liabilities		3,261

Total Liabilities		173,154

Net Assets	$	197,200,676

Net Assets Consist of:
Paid in capital	$	189,135,644
Total distributable earnings		8,065,032

Net Assets	$	197,200,676

Shares of beneficial interest (unlimited number of shares authorized, no par value)		16,638,915
Net Asset Value (offering and redemption price per share)	$	11.85

Statement of Operations

For the Six Months Ended June 30, 2022

(Unaudited)


Investment Income:
Interest	$	27,424
Dividends from non-affiliates		15

Total Investment Income		27,439

Expenses:
Management fees		108,309
Administration fees		29,495
Custodian fees		633
Administrative and compliance services fees		1,307
Transfer agent fees		2,455
Trustee fees		5,170
Professional fees		4,439
Shareholder reports		3,365
Other expenses		1,353

Total expenses		156,526

Net Investment Income/(Loss)		(129,087	)

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on affiliated underlying funds		1,437,127
Net realized gains/(losses) on futures contracts		(912,798	)
Change in net unrealized appreciation/depreciation on affiliated transactions		(32,574,487	)
Change in net unrealized appreciation/depreciation on futures contracts		2,575,756

Net realized and Change in net unrealized gains/losses on investments		(29,474,402	)

Change in Net Assets Resulting From Operations	$	(29,603,489	)

See accompanying notes to the financial statements.

AZL MVP FIAM Multi-Strategy Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2022				For the Year Ended December 31, 2021
	(Unaudited)

Change In Net Assets:
Operations:
Net investment income/(loss)		$	(129,087	)		$	881,696
Net realized gains/(losses) on investments			524,329				9,228,087
Change in unrealized appreciation/depreciation on investments			(29,998,731	)			16,675,005

Change in net assets resulting from operations			(29,603,489	)			26,784,788

Distributions to Shareholders:
Distributions			—				(15,134,637	)

Change in net assets resulting from distributions to shareholders			—				(15,134,637	)

Capital Transactions:
Proceeds from shares issued			800,605				4,587,179
Proceeds from dividends reinvested			—				15,134,637
Value of shares redeemed			(17,784,979	)			(42,501,630	)

Change in net assets resulting from capital transactions			(16,984,374	)			(22,779,814	)

Change in net assets			(46,587,863	)			(11,129,663	)
Net Assets:
Beginning of period			243,788,539				254,918,202

End of period		$	197,200,676			$	243,788,539

Share Transactions:
Shares issued			65,542				337,882
Dividends reinvested			—				1,160,632
Shares redeemed			(1,416,090	)			(3,113,533	)

Change in shares			(1,350,548	)			(1,615,019	)

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

See accompanying notes to the financial statements.

AZL MVP FIAM Multi-Strategy Fund

Financial Highlights


	Six Months Ended June 30, 2022				Year Ended December 31, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017
	(Unaudited)

Net Asset Value, Beginning of Period		$	13.55			$	13.00			$	12.47			$	11.17			$	11.81			$	10.79

Investment Activities:
Net Investment Income/(Loss)			(0.01	)(a)			0.05	(a)			0.27	(a)			0.27	(a)			0.28				—	(b)
Net Realized and Unrealized
Gains/(Losses) on Investments			(1.69	)			1.36				0.61				1.52				(0.52	)			1.17

Total from Investment Activities			(1.70	)			1.41				0.88				1.79				(0.24	)			1.17

Distributions to Shareholders From:
Net Investment Income			—				(0.36	)			(0.35	)			(0.49	)			(0.40	)			(0.15	)
Net Realized Gains			—				(0.50	)			—				—				—				—

Total Dividends			—				(0.86	)			(0.35	)			(0.49	)			(0.40	)			(0.15	)

Net Asset Value, End of Period		$	11.85			$	13.55			$	13.00			$	12.47			$	11.17			$	11.81

Total Return(c)			(12.55	)%(d)			11.07	%			7.16	%			16.25	%			(2.14	)%			10.93	%
Ratios to Average Net
Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	197,201			$	243,789			$	254,918			$	265,363			$	245,936			$	274,843
Net Investment Income/(Loss)(e)			(0.12	)%			0.35	%			2.19	%			2.24	%			2.12	%			(0.09	)%
Expenses Before Reductions*(e)(f)			0.14	%			0.14	%			0.15	%			0.14	%			0.14	%			0.13	%
Expenses Net of Reductions*(e)			0.14	%			0.14	%			0.15	%			0.14	%			0.14	%			0.13	%
Portfolio Turnover Rate			—	(b)(d)			3	%			6	%			7	%			7	%			4	%

*	The expense ratios exclude the impact of fees/expenses paid by each underlying fund.

(a)	Calculated using the average shares method.

(b)	Represents less than $0.005 or 0.5%.

(c)	The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(d)	Not annualized for periods less than one year.

(e)	Annualized for periods less than one year.

(f)	Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

See accompanying notes to the financial statements.

AZL MVP FIAM Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies”. The Trust consists of 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP FIAM Multi-Strategy Fund (the “Fund”), and 11 are presented in separate reports. The Fund is a diversified series of the Trust.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Distributions to Shareholders

Expense Allocation

Affiliated Securities Transactions

Derivative Instruments

AZL MVP FIAM Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

market funds, and short-term debt funds to satisfy all applicable margin requirements and to provide additional portfolio liquidity to satisfy large redemptions and any margin calls. Due to the leverage provided by derivatives, the notional value of the Fund’s derivative positions could exceed 20% of the Fund’s value. The Fund may also use futures to gain equity exposure and may hold cash as a buffer in the event of market shocks.

Futures Contracts

During the period ended June 30, 2022, the Fund invested in futures contracts to reduce volatility and limit the need to decrease or increase allocations to underlying funds. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the period ended June 30, 2022, the monthly average notional amount for long contracts was $6.9 million, and the monthly average notional amount for short contracts was $19.4 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 June 30, 2022:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total
Value

Statement of Assets and Liabilities Location

Total
Value

Equity Risk

Futures Contracts

Receivable for variation margin on futures contracts*

$2,692,426

Payable for variation margin on futures contracts*

$—

Interest Rate Risk

Futures Contracts

Receivable for variation margin on futures contracts*

34,419

Payable for variation margin on futures contracts*

—

For futures contracts, the amounts represent the cumulative appreciation/depreciation of these futures contracts as reported in the Schedule of Portfolio Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities as variation margin on futures contracts.

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2022:


Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized			Change in Net Unrealized Appreciation/Depreciation on Derivatives Recognized

Equity Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts	$	(427,614	)	$	2,618,704

Interest Rate Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts		(485,184	)		(42,948	)

3. Fees and Transactions with Affiliates and Other Parties

For the period ended June 30, 2022, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit

AZL MVP FIAM Multi-Strategy Fund		0.10	%		0.15	%

AZL MVP FIAM Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)


	Value 12/31/2021			Purchases at Cost			Proceeds from Sales				Net Realized Gains(Losses)			Change in Net Unrealized Appreciation/ Depreciation				Value 6/30/2022			Shares as of 6/30/2022		Dividend Income			Net Realized Gains Distributions from Affiliated Underlying Funds

AZL FIAM Multi-Strategy Fund		$	231,703,402		$	—		$	(14,598,621	)		$	1,437,127		$	(32,574,487	)		$	185,967,421		13,664,028		$	—		$	—

		$	231,703,402		$	—		$	(14,598,621	)		$	1,437,127		$	(32,574,487	)		$	185,967,421		13,664,028		$	—		$	—

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

The following is a summary of the valuation inputs used as of June 30, 2022 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total
Affiliated Investment Company		$	185,967,421		$	—		$	—		$	185,967,421

Total Investment Securities			185,967,421			—			—			185,967,421

Other Financial Instruments:*
Futures Contracts			2,726,845			—			—			2,726,845

Total Investments		$	188,694,266		$	—		$	—		$	188,694,266

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

AZL MVP FIAM Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

5. Security Purchases and Sales

For the period ended June 30, 2022, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL MVP FIAM Multi-Strategy Fund		$	—		$	14,598,619

6. Investment Risks

7. Coronavirus (COVID-19) Pandemic

8. Recent Regulatory Pronouncements

9. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2021 was $185,158,767. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	46,544,635
Unrealized (depreciation)		—

Net unrealized appreciation/(depreciation)	$	46,544,635

AZL MVP FIAM Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

The tax character of dividends paid to shareholders during the year ended December 31, 2021 was as follows:


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

AZL MVP FIAM Multi-Strategy Fund		$	6,339,708		$	8,794,929		$	15,134,637

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

At December 31, 2021, the components of accumulated earnings on a tax basis were as follows:


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

AZL MVP FIAM Multi-Strategy Fund		$	7,184,221		$	3,099,513		$	—		$	46,544,635		$	56,828,369

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

10. Ownership and Principal Holders

11. Subsequent Events

Other Information (Unaudited)

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

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

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

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

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0622 08/22

AZL^® MVP Fusion^SM Balanced Fund

Semi-Annual Report

June 30, 2022

(Unaudited)

LOGO

Table of Contents

Page 1

Page 2

Page 3

Page 3

Page 4

Page 5

Page 6

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 11

Page 12

AZL MVP Fusion Balanced Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 1/1/22			Ending Account Value 6/30/22			Expenses Paid During Period 1/1/22 - 6/30/22*			Annualized Expense Ratio During Period 1/1/22 - 6/30/22

AZL MVP Fusion Balanced Fund		$	1,000.00		$	854.50		$	0.78		0.17	%


	Beginning Account Value 1/1/22			Ending Account Value 6/30/22			Expenses Paid During Period 1/1/22 - 6/30/22*			Annualized Expense Ratio During Period 1/1/22 - 6/30/22

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

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Fixed Income Funds		49.2	%

Domestic Equity Funds		31.1

International Equity Funds		14.7


Total Investment Securities		95.0

Net other assets (liabilities)		5.0


Net Assets		100.0	%

AZL MVP Fusion Balanced Fund

Schedule of Portfolio Investments

June 30, 2022 (Unaudited)


Shares			Value
Affiliated Investment Companies (95.0%):
Domestic Equity Funds (31.1%):
	1,130,961	AZL DFA U.S. Core Equity Fund	$	15,528,098
	782,897	AZL DFA U.S. Small Cap Fund		9,473,051
	928,107	AZL Gateway Fund		13,086,314
	677,402	AZL Mid Cap Index Fund, Class 2		15,349,935
	3,738,914	AZL Russell 1000 Growth Index Fund, Class 2		63,150,251
	5,170,782	AZL Russell 1000 Value Index Fund, Class 2		68,616,275
	701,050	AZL Small Cap Stock Index Fund, Class 2		9,492,219

				194,696,143

Fixed Income Funds (49.2%):
	4,907,919	AZL Enhanced Bond Index Fund		48,833,794
	6,872,133	AZL Fidelity Institutional Asset Management Total Bond Fund, Class 2		64,529,329
	7,237,770	AZL MetWest Total Return Bond Fund		64,633,283
	3,354,001	PIMCO VIT Income Portfolio		32,500,271
	3,369,146	PIMCO VIT Low Duration Portfolio		32,647,022
	6,865,036	PIMCO VIT Total Return Portfolio		64,599,986

				307,743,685

International Equity Funds (14.7%):
	2,116,538	AZL DFA International Core Equity Fund		21,461,693
	3,386,482	AZL International Index Fund, Class 2		51,880,908
	2,822,820	AZL MSCI Emerging Markets Equity Index Fund, Class 2		18,517,699

				91,860,300

	Total Affiliated Investment Companies (Cost $583,886,184)			594,300,128

	Total Investment Securities (Cost $583,886,184) — 95.0%			594,300,128
	Net other assets (liabilities) — 5.0%			31,127,297

	Net Assets — 100.0%		$	625,427,425

Percentages indicated are based on net assets as of June 30, 2022.

Futures Contracts

At June 30, 2022, the Fund’s open futures contracts were as follows:

Short Futures


Description	Expiration Date		Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)

S&P 500 Index E-Mini September Futures (U.S. Dollar)		9/16/22		493	$	(93,411,175	)	$	5,228,982

								$	5,228,982

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)

U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		9/21/22		128	$	15,172,000	$	(10,117	)

							$	(10,117	)

Total Net Futures Contracts							$	5,218,865

See accompanying notes to the financial statements.

AZL MVP Fusion Balanced Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:
Investments in affiliates, at cost	$	583,886,184

Investments in affiliates, at value	$	594,300,128
Deposit at broker for futures contracts collateral		31,367,283
Interest and dividends receivable		288,803
Receivable for affiliated investments sold		218,996
Prepaid expenses		2,020

Total Assets		626,177,230

Liabilities:
Cash overdraft		476,081
Payable for capital shares redeemed		153,798
Payable for variation margin on futures contracts		13,114
Manager fees payable		78,636
Administration fees payable		7,075
Custodian fees payable		247
Administrative and compliance services fees payable		657
Transfer agent fees payable		855
Trustee fees payable		5,689
Other accrued liabilities		13,653

Total Liabilities		749,805

Net Assets	$	625,427,425

Net Assets Consist of:
Paid in capital	$	591,360,471
Total distributable earnings		34,066,954

Net Assets	$	625,427,425

Shares of beneficial interest (unlimited number of shares authorized, no par value)		62,298,788
Net Asset Value (offering and redemption price per share)	$	10.04

Statement of Operations

For the Six Months Ended June 30, 2022

(Unaudited)


Investment Income:
Dividends from affiliates	$	1,465,813
Interest		88,616
Dividends from non-affiliates		1

Total Investment Income		1,554,430

Expenses:
Management fees		695,871
Administration fees		31,777
Custodian fees		1,091
Administrative and compliance services fees		4,263
Transfer agent fees		2,575
Trustee fees		16,811
Professional fees		14,421
Shareholder reports		8,755
Other expenses		4,686

Total expenses before reductions		780,250
Less Management fees contractually waived		(173,971	)

Net expenses		606,279

Net Investment Income/(Loss)		948,151

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on affiliated underlying funds		1,706,986
Net realized gains/(losses) on futures contracts		(6,877,497	)
Change in net unrealized appreciation/depreciation on affiliated underlying funds		(111,579,808	)
Change in net unrealized appreciation/depreciation on futures contracts		4,725,274

Net realized and Change in net unrealized gains/losses on investments		(112,025,045	)

Change in Net Assets Resulting From Operations	$	(111,076,894	)

See accompanying notes to the financial statements.

AZL MVP Fusion Balanced Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2022				For the Year Ended December 31, 2021
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	948,151			$	8,631,674
Net realized gains/(losses) on investments			(5,170,511	)			58,611,047
Change in unrealized appreciation/depreciation on investments			(106,854,534	)			5,241,201

Change in net assets resulting from operations			(111,076,894	)			72,483,922

Distributions to Shareholders:
Distributions			—				(17,895,771	)

Change in net assets resulting from distributions to shareholders			—				(17,895,771	)

Capital Transactions:
Proceeds from shares issued			662,666				1,993,876
Proceeds from dividends reinvested			—				17,895,770
Value of shares redeemed			(49,265,914	)			(117,103,853	)

Change in net assets resulting from capital transactions			(48,603,248	)			(97,214,207	)

Change in net assets			(159,680,142	)			(42,626,056	)
Net Assets:
Beginning of period			785,107,567				827,733,623

End of period		$	625,427,425			$	785,107,567

Share Transactions:
Shares issued			61,340				173,506
Dividends reinvested			—				1,567,055
Shares redeemed			(4,573,938	)			(10,136,507	)

Change in shares			(4,512,598	)			(8,395,946	)

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

See accompanying notes to the financial statements.

AZL MVP Fusion Balanced Fund

Financial Highlights


	Six Months Ended June 30, 2022				Year Ended December 31, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017
	(Unaudited)

Net Asset Value, Beginning of Period		$	11.75			$	11.01			$	11.24			$	10.44			$	11.91			$	11.88

Investment Activities:
Net Investment Income/(Loss)			0.01	(a)			0.12	(a)			0.20	(a)			0.22	(a)			0.22				0.14
Net Realized and Unrealized Gains/(Losses) on Investments			(1.72	)			0.89				0.18				1.38				(0.83	)			1.27

Total from Investment Activities			(1.71	)			1.01				0.38				1.60				(0.61	)			1.41

Distributions to Shareholders From:
Net Investment Income			—				(0.27	)			(0.26	)			(0.29	)			(0.15	)			(0.22	)
Net Realized Gains			—				—				(0.35	)			(0.51	)			(0.71	)			(1.16	)

Total Dividends			—				(0.27	)			(0.61	)			(0.80	)			(0.86	)			(1.38	)

Net Asset Value, End of Period		$	10.04			$	11.75			$	11.01			$	11.24			$	10.44			$	11.91

Total Return(b)			(14.55	)%(c)			9.20	%			3.78	%			15.76	%			(5.40	)%			12.23	%

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	625,427			$	785,108			$	827,734			$	923,719			$	919,206			$	1,099,494
Net Investment Income/(Loss)(d)			0.27	%			1.06	%			1.88	%			1.95	%			1.74	%			1.00	%
Expenses Before Reductions*(d)(e)			0.22	%			0.22	%			0.23	%			0.23	%			0.22	%			0.22	%
Expenses Net of Reductions*(d)			0.17	%			0.17	%			0.23	%			0.23	%			0.22	%			0.22	%
Portfolio Turnover Rate			—	(c)(f)			9	%			17	%			12	%			15	%			17	%

*	The expense ratios exclude the impact of fees/expenses paid by each underlying fund.

(a)	Calculated using the average shares method.

(b)	The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c)	Not annualized for periods less than one year.

(d)	Annualized for periods less than one year.

(e)	Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(f)	Represents less than 0.5%.

See accompanying notes to the financial statements.

AZL MVP Fusion Balanced Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies”. The Trust consists of 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Fusion Balanced Fund (the “Fund”), and 11 are presented in separate reports. The Fund is a diversified series of the Trust.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Distributions to Shareholders

Expense Allocation

Affiliated Securities Transactions

Derivative Instruments

AZL MVP Fusion Balanced Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

Futures Contracts

During the period ended June 30, 2022, the Fund invested in futures contracts to reduce volatility and limit the need to decrease or increase allocations to underlying funds. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the period ended June 30, 2022, the monthly average notional amount for long contracts was $22.7 million, and the monthly average notional amount for short contracts was $32.7 million. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2022:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total
Value

Statement of Assets and Liabilities Location

Total
Value

Equity Risk

Futures Contracts

Receivable for variation margin on futures contracts*

5,228,982

Payable for variation margin on futures contracts*

—

Interest Rate Risk

Futures Contracts

Receivable for variation margin on futures contracts*

—

Payable for variation margin on futures contracts*

10,117

For futures contracts, the amounts represent the cumulative appreciation/depreciation of these futures contracts as reported in the Schedule of Portfolio Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities as variation margin on futures contracts.

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2022:


Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized			Change in Net Unrealized Appreciation/Depreciation on Derivatives Recognized

Equity Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts	$	(5,527,884	)	$	4,941,908

Interest Rate Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts		(1,349,613	)		(216,634	)

3. Fees and Transactions with Affiliates and Other Parties

For the period ended June 30, 2022, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Annual Expense Limit

AZL MVP Fusion Balanced Fund		0.20	%		0.30	%

*	The Manager waived, prior to any application of expense limit, the management fee to 0.15% on all assets. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2023.

AZL MVP Fusion Balanced Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)


	Value 12/31/2021			Purchases at Cost			Proceeds from Sales				Net Realized Gains(Losses)				Change in Net Unrealized Appreciation/ Depreciation				Value 6/30/2022			Shares as of 6/30/2022		Dividend Income			Net Realized Gains Distributions from Affiliated Underlying Funds

AZL DFA International Core Equity Fund		$	27,941,892		$	—		$	(1,807,574	)		$	384,992			$	(5,057,617	)		$	21,461,693		2,116,538		$	—		$	—
AZL DFA U.S. Core Equity Fund			20,086,112			—			(919,702	)			352,207				(3,990,519	)			15,528,098		1,130,961			—			—
AZL DFA U.S. Small Cap Fund			12,121,637			—			(503,898	)			136,031				(2,280,719	)			9,473,051		782,897			—			—
AZL Enhanced Bond Index Fund			58,465,846			—			(3,345,416	)			(443,346	)			(5,843,290	)			48,833,794		4,907,919			—			—
AZL FIAM Total Bond Fund, Class 2			77,791,210			—			(4,590,521	)			(364,781	)			(8,306,579	)			64,529,329		6,872,133			—			—
AZL Gateway Fund			15,879,837			—			(875,971	)			142,780				(2,060,332	)			13,086,314		928,107			—			—
AZL International Index Fund, Class 2			67,404,093			—			(3,011,261	)			498,638				(13,010,562	)			51,880,908		3,386,482			—			—
AZL MetWest Total Return Bond Fund			77,636,975			—			(4,249,772	)			(697,176	)			(8,056,744	)			64,633,283		7,237,770			—			—
AZL Mid Cap Index Fund, Class 2			20,096,921			—			(898,864	)			229,538				(4,077,660	)			15,349,935		677,402			—			—
AZL MSCI Emerging Markets Equity Index Fund, Class 2			22,761,576			—			(321,860	)			23,852				(3,945,869	)			18,517,699		2,822,820			—			—
AZL Russell 1000 Growth Index Fund, Class 2			88,312,742			78,445			(301,079	)			44,724				(24,984,581	)			63,150,251		3,738,914			—			—
AZL Russell 1000 Value Index Fund, Class 2			88,988,474			—			(9,875,988	)			2,149,276				(12,645,487	)			68,616,275		5,170,782			—			—
AZL Small Cap Stock Index Fund, Class 2			12,091,075			—			(302,792	)			53,291				(2,349,355	)			9,492,219		701,050			—			—
PIMCO VIT Income Portfolio			39,472,198			528,070			(3,275,193	)			27,981				(4,252,785	)			32,500,271		3,354,001			528,070			—
PIMCO VIT Low Duration Portfolio			39,176,597			165,300			(4,720,161	)			(185,734	)			(1,788,980	)			32,647,022		3,369,146			165,300			—
PIMCO VIT Total Return Portfolio			77,857,428			772,443			(4,455,869	)			(645,287	)			(8,928,729	)			64,599,986		6,865,036			772,443			—

		$	746,084,613		$	1,544,258		$	(43,455,921	)		$	1,706,986			$	(111,579,808	)		$	594,300,128		54,061,958		$	1,465,813		$	—

AZL MVP Fusion Balanced Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

The following is a summary of the valuation inputs used as of June 30, 2022 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total

Affiliated Investment Companies		$	594,300,128		$	—		$	—		$	594,300,128

Total Investment Securities			594,300,128			—			—			594,300,128

Other Financial Instruments:*
Future Contracts			5,218,865			—			—			5,218,865

Total Investments		$	599,518,993		$	—		$	—		$	599,518,993

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

5. Security Purchases and Sales

For the period ended June 30, 2022, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL MVP Fusion Balanced Fund		$	1,544,258		$	43,455,924

6. Investment Risks

7. Coronavirus (COVID-19) Pandemic

AZL MVP Fusion Balanced Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

operations and supply chains, layoffs, lower consumer demand, defaults and other significant economic impacts, all of which have disrupted global economic activity across many industries and may exacerbate other pre-existing political, social and economic risks, locally or globally. The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

8. Recent Regulatory Pronouncements

9. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2021 was $634,832,974. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	111,271,047
Unrealized (depreciation)		(19,408	)

Net unrealized appreciation/(depreciation)	$	111,251,639

During the year ended December 31, 2021, the Fund utilized $25,345,756 in capital loss carry forwards (“CLCFs”) to offset capital gains. As of the end of its tax year ended December 31, 2021, the Fund had no remaining CLCFs.

The tax character of dividends paid to shareholders during the year ended December 31, 2021 was as follows:


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

AZL MVP Fusion Balanced Fund		$	17,895,771		$	—		$	17,895,771

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

At December 31, 2021, the components of accumulated earnings on a tax basis were as follows:


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

AZL MVP Fusion Balanced Fund		$	16,011,103		$	25,319,801		$	—		$	111,251,639		$	152,582,543

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

10. Ownership and Principal Holders

11. Subsequent Events

Other Information (Unaudited)

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

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

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

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

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0622 08/22

AZL^® MVP Fusion^SM Conservative Fund

Semi-Annual Report

June 30, 2022

(Unaudited)

LOGO

Table of Contents

Page 1

Page 2

Page 3

Page 3

Page 4

Page 5

Page 6

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 11

Page 12

AZL MVP Fusion Conservative Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 1/1/22			Ending Account Value 6/30/22			Expenses Paid During Period 1/1/22 - 6/30/22*			Annualized Expense Ratio During Period 1/1/22 - 6/30/22

AZL MVP Fusion Conservative Fund		$	1,000.00		$	867.30		$	0.93		0.20	%


	Beginning Account Value 1/1/22			Ending Account Value 6/30/22			Expenses Paid During Period 1/1/22 - 6/30/22*			Annualized Expense Ratio During Period 1/1/22 - 6/30/22

AZL MVP Fusion Conservative Fund		$	1,000.00		$	1,023.80		$	1.00		0.20	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Fixed Income Funds		63.2	%

Domestic Equity Funds		22.8

International Equity Funds		9.2


Total Investment Securities		95.2

Net other assets (liabilities)		4.8


Net Assets		100.0	%

AZL MVP Fusion Conservative Fund

Schedule of Portfolio Investments

June 30, 2022 (Unaudited)


Shares			Value
Affiliated Investment Companies (95.2%):
Domestic Equity Funds (22.8%):
	223,281	AZL DFA U.S. Core Equity Fund	$	3,065,654
	145,967	AZL DFA U.S. Small Cap Fund		1,766,195
	194,138	AZL Gateway Fund		2,737,342
	152,758	AZL Mid Cap Index Fund, Class 2		3,461,507
	838,015	AZL Russell 1000 Growth Index Fund, Class 2		14,154,080
	1,077,344	AZL Russell 1000 Value Index Fund, Class 2		14,296,350
	163,253	AZL Small Cap Stock Index Fund, Class 2		2,210,446

				41,691,574

Fixed Income Funds (63.2%):
	1,836,737	AZL Enhanced Bond Index Fund		18,275,535
	2,581,640	AZL Fidelity Institutional Asset Management Total Bond Fund, Class 2		24,241,600
	2,718,487	AZL MetWest Total Return Bond Fund		24,276,090
	1,157,293	PIMCO VIT Income Portfolio		11,214,173
	1,358,135	PIMCO VIT Low Duration Portfolio		13,160,331
	2,578,480	PIMCO VIT Total Return Portfolio		24,263,499

				115,431,228

International Equity Funds (9.2%):
	433,739	AZL DFA International Core Equity Fund		4,398,111
	634,417	AZL International Index Fund, Class 2		9,719,263
	417,606	AZL MSCI Emerging Markets Equity Index Fund, Class 2		2,739,493

				16,856,867

	Total Affiliated Investment Companies (Cost $179,682,956)			173,979,669

	Total Investment Securities (Cost $179,682,956) — 95.2%			173,979,669
	Net other assets (liabilities) — 4.8%			8,845,569

	Net Assets — 100.0%		$	182,825,238

Percentages indicated are based on net assets as of June 30, 2022.

Futures Contracts

At June 30, 2022, the Fund’s open futures contracts were as follows:

Short 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)		9/16/22		131	$	(24,821,225	)	$	929,625

								$	929,625

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)

U.S. Treasury 10-Year Note March Futures (U.S. Dollar)		9/21/22		48	$	5,689,500	$	(29,687	)

							$	(29,687	)

Total Net Futures Contracts							$	899,938

See accompanying notes to the financial statements.

AZL MVP Fusion Conservative Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:
Investments in affiliates, at cost	$	179,682,956

Investments in affiliates, at value		173,979,669
Deposit at broker for futures contracts collateral		9,158,132
Interest and dividends receivable		104,124
Receivable for investments sold		496,337
Prepaid expenses		581

Total Assets		183,738,843

Liabilities:
Cash overdraft		591,430
Payable for capital shares redeemed		285,380
Payable for variation margin on futures contracts		5,166
Manager fees payable		22,947
Administration fees payable		4,307
Custodian fees payable		138
Administrative and compliance services fees payable		128
Transfer agent fees payable		536
Trustee fees payable		1,077
Other accrued liabilities		2,496

Total Liabilities		913,605

Net Assets	$	182,825,238

Net Assets Consist of:
Paid in capital	$	180,713,002
Total distributable earnings		2,112,236

Net Assets	$	182,825,238

Shares of beneficial interest (unlimited number of shares authorized, no par value)		17,052,717
Net Asset Value (offering and redemption price per share)	$	10.72

Statement of Operations

For the Six Months Ended June 30, 2022

(Unaudited)


Investment Income:
Dividends from affiliates	$	533,272
Interest		26,432
Dividends from non-affiliates		46

Total Investment Income		559,750

Expenses:
Management fees		199,813
Administration fees		29,131
Custodian fees		952
Administrative and compliance services fees		1,196
Transfer agent fees		2,427
Trustee fees		4,736
Professional fees		4,067
Shareholder reports		2,409
Other expenses		1,269

Total expenses before reductions		246,000
Less Management fees contractually waived		(49,954	)

Net expenses		196,046

Net Investment Income/(Loss)		363,704

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on affiliated underlying funds		751,692
Net realized gains/(losses) on futures contracts		(1,207,077	)
Change in net unrealized appreciation/depreciation on affiliated underlying funds		(29,447,119	)
Change in net unrealized appreciation/depreciation on futures contracts		762,933

Net realized and Change in net unrealized gains/losses on investments		(29,139,571	)

Change in Net Assets Resulting From Operations	$	(28,775,867	)

See accompanying notes to the financial statements.

AZL MVP Fusion Conservative Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2022				For the Year Ended December 31, 2021
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	363,704			$	2,674,716
Net realized gains/(losses) on investments			(455,385	)			16,146,670
Change in unrealized appreciation/depreciation on investments			(28,684,186	)			(4,710,756	)

Change in net assets resulting from operations			(28,775,867	)			14,110,630

Distributions to Shareholders:
Distributions			—				(5,520,754	)

Change in net assets resulting from distributions to shareholders			—				(5,520,754	)

Capital Transactions:
Proceeds from shares issued			5,925,081				22,638,031
Proceeds from dividends reinvested			—				5,520,754
Value of shares redeemed			(21,923,712	)			(49,266,734	)

Change in net assets resulting from capital transactions			(15,998,631	)			(21,107,949	)

Change in net assets			(44,774,498	)			(12,518,073	)
Net Assets:
Beginning of period			227,599,736				240,117,809

End of period		$	182,825,238			$	227,599,736

Share Transactions:
Shares issued			518,919				1,843,209
Dividends reinvested			—				455,884
Shares redeemed			(1,885,548	)			(4,002,802	)

Change in shares			(1,366,629	)			(1,703,709	)

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

See accompanying notes to the financial statements.

AZL MVP Fusion Conservative Fund

Financial Highlights


	Six Months Ended June 30, 2022				Year Ended December 31, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017
	(Unaudited)

Net Asset Value, Beginning of Period		$	12.36			$	11.93			$	11.96			$	11.16			$	12.23			$	11.89

Investment Activities:
Net Investment Income/(Loss)			0.02	(a)			0.14	(a)			0.23	(a)			0.25	(a)			0.23				0.16
Net Realized and Unrealized Gains/(Losses) on Investments			(1.66	)			0.59				0.31				1.24				(0.67	)			0.93

Total from Investment Activities			(1.64	)			0.73				0.54				1.49				(0.44	)			1.09

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

Total Dividends			—				(0.30	)			(0.57	)			(0.69	)			(0.63	)			(0.75	)

Net Asset Value, End of Period		$	10.72			$	12.36			$	11.93			$	11.96			$	11.16			$	12.23

Total Return(b)			(13.27	)%(c)			6.15	%			4.79	%			13.54	%			(3.75	)%			9.31	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	182,825			$	227,600			$	240,118			$	249,093			$	235,129			$	268,572
Net Investment Income/(Loss)(d)			0.36	%			1.14	%			1.96	%			2.11	%			1.83	%			1.14	%
Expenses Before Reductions*(d)(e)			0.25	%			0.24	%			0.25	%			0.25	%			0.24	%			0.23	%
Expenses Net of Reductions*(d)			0.20	%			0.19	%			0.25	%			0.25	%			0.24	%			0.23	%
Portfolio Turnover Rate			3	%(c)			15	%			17	%			21	%			16	%			18	%

*	The expense ratios exclude the impact of fees/expenses paid by each underlying fund.

(a)	Calculated using the average shares method.

(b)	The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c)	Not annualized for periods less than one year.

(d)	Annualized for periods less than one year.

(e)	Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

See accompanying notes to the financial statements.

AZL MVP Fusion Conservative Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies”. The Trust consists of 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Fusion Conservative Fund (the “Fund”), and 11 are presented in separate reports. The Fund is a diversified series of the Trust.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Distributions to Shareholders

Expense Allocation

Affiliated Securities Transactions

Derivative Instruments

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

AZL MVP Fusion Conservative Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

calls. Due to the leverage provided by derivatives, the notional value of the Fund’s derivative positions could exceed 20% of the Fund’s value. The Fund may also use futures to gain equity exposure and may hold cash as a buffer in the event of market shocks.

Futures Contracts

During the period ended June 30, 2022, the Fund invested in futures contracts to reduce volatility and limit the need to decrease or increase allocations to underlying funds. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the period ended June 30, 2022, the monthly average notional amount for long contracts was $7.5 million, and the monthly average notional amount for short contracts was $6.9 million. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2022:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total
Value

Statement of Assets and Liabilities Location

Total
Value

Equity Risk

Futures Contracts

Receivable for variation margin on futures contracts*

929,625

Payable for variation margin on futures contracts*

—

Interest Rate Risk

Futures Contracts

Receivable for variation margin on futures contracts*

—

Payable for variation margin on futures contracts*

29,687

For futures contracts, the amounts represent the cumulative appreciation/depreciation of these futures contracts as reported in the Schedule of Portfolio Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities as variation margin on futures contracts.

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2022:


Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized			Change in Net Unrealized Appreciation/ Depreciation on Derivatives Recognized

Equity Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts	$	(718,114	)		$869,847

Interest Rate Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts		(488,963	)		(106,914)

3. Fees and Transactions with Affiliates and Other Parties

For the period ended June 30, 2022, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Annual Expense Limit

AZL MVP Fusion Conservative Fund		0.20	%		0.35	%

*	The Manager waived, prior to any application of expense limit, the management fee to 0.15% on all assets. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2023.

AZL MVP Fusion Conservative Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

www.allianzlife.com. The Manager or an affiliate of the Manager is paid a separate fee from the underlying funds for such services. A summary of the Fund’s investments in affiliated investment companies for the period ended June 30, 2022 is as follows:


	Value 12/31/2021			Purchases at Cost			Proceeds from Sales				Net Realized Gains(Losses)				Change in Net Unrealized Appreciation/ Depreciation				Value 6/30/2022			Shares as of 6/30/2022		Dividend Income			Net Realized Gains Distributions from Affiliated Underlying Funds

AZL DFA International Core Equity Fund		$	5,768,878		$	73,630		$	(501,014	)		$	118,631			$	(1,062,014	)		$	4,398,111		433,739		$	—		$	—

AZL DFA U.S. Core Equity Fund			4,043,677			65,494			(328,626	)			124,825				(839,716	)			3,065,654		223,281			—			—

AZL DFA U.S. Small Cap Fund			2,308,939			30,390			(177,283	)			53,866				(449,717	)			1,766,195		145,967			—			—

AZL Enhanced Bond Index Fund			22,145,524			35,205			(1,575,182	)			(143,923	)			(2,186,089	)			18,275,535		1,836,737			—			—

AZL FIAM Total Bond Fund, Class 2			29,547,272			128,579			(2,210,049	)			(93,168	)			(3,131,034	)			24,241,600		2,581,640			—			—

AZL Gateway Fund			3,429,976			11,915			(303,428	)			58,221				(459,342	)			2,737,342		194,138			—			—

AZL International Index Fund, Class 2			12,593,893			281,147			(849,636	)			158,990				(2,465,131	)			9,719,263		634,417			—			—

AZL MetWest Total Return Bond Fund			29,522,395			148,860			(2,137,830	)			(273,219	)			(2,984,116	)			24,276,090		2,718,487			—			—

AZL Mid Cap Index Fund, Class 2			4,620,535			121,494			(419,793	)			155,613				(1,016,342	)			3,461,507		152,758			—			—

AZL MSCI Emerging Markets Equity Index Fund, Class 2			3,429,809			149,536			(284,183	)			31,713				(587,382	)			2,739,493		417,606			—			—

AZL Russell 1000 Growth Index Fund, Class 2			18,402,908			2,467,361			(1,476,861	)			22,215				(5,261,543	)			14,154,080		838,015			—			—

AZL Russell 1000 Value Index Fund, Class 2			18,552,106			767,381			(2,864,184	)			686,529				(2,845,482	)			14,296,350		1,077,344			—			—

AZL Small Cap Stock Index Fund, Class 2			2,893,033			86,716			(241,888	)			95,353				(622,768	)			2,210,446		163,253			—			—

PIMCO VIT Income Portfolio			13,656,413			179,773			(1,184,355	)			34,871				(1,472,529	)			11,214,173		1,157,293			179,772			—

PIMCO VIT Low Duration Portfolio			15,816,060			67,090			(1,941,135	)			(63,500	)			(718,184	)			13,160,331		1,358,135			65,681			—

PIMCO VIT Total Return Portfolio			29,598,029			447,615			(2,221,090	)			(215,325	)			(3,345,730	)			24,263,499		2,578,480			287,819			—

		$	216,329,447		$	5,062,186		$	(18,716,537	)		$	751,692			$	(29,447,119	)		$	173,979,669		16,511,290		$	533,272		$	—

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

AZL MVP Fusion Conservative Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2022 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total

Affiliated Investment Companies		$	173,979,669		$	—		$	—		$	173,979,669

Total Investment Securities			173,979,669			—			—			173,979,669

Other Financial Instruments:*
Futures Contracts			899,938			—			—			899,938

Total Investments		$	174,879,607		$	—		$	—		$	174,879,607

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

5. Security Purchases and Sales

For the period ended June 30, 2022, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL MVP Fusion Conservative Fund		$	5,062,188		$	18,716,539

6. Investment Risks

7. Coronavirus (COVID-19) Pandemic

AZL MVP Fusion Conservative Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

8. Recent Regulatory Pronouncements

9. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2021 was $195,760,682. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	20,805,292
Unrealized (depreciation)		(236,527	)

Net unrealized appreciation/(depreciation)	$	20,568,765

During the year ended December 31, 2021, the Fund utilized $6,450,682 in capital loss carry forwards (“CLCFs”) to offset capital gains. As of the end of its tax year ended December 31, 2021, the Fund had no remaining CLCFs.

The tax character of dividends paid to shareholders during the year ended December 31, 2021 was as follows:


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

AZL MVP Fusion Conservative Fund		$	5,520,754		$	—		$	5,520,754

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

At December 31, 2021, the components of accumulated earnings on a tax basis were as follows:


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

AZL MVP Fusion Conservative Fund		$	5,294,184		$	6,167,412		$	—		$	20,568,765		$	32,030,361

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

10. Ownership and Principal Holders

11. Subsequent Events

Other Information (Unaudited)

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

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

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

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

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The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0622 08/22

AZL^® MVP Fusion^SM Moderate Fund

Semi-Annual Report

June 30, 2022

(Unaudited)

LOGO

Table of Contents

Page 1

Page 2

Page 3

Page 3

Page 4

Page 5

Page 6

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 11

Page 12

AZL MVP Fusion Moderate Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 1/1/22			Ending Account Value 6/30/22			Expenses Paid During Period 1/1/22 - 6/30/22*			Annualized Expense Ratio During Period 1/1/22 - 6/30/22

AZL MVP Fusion Moderate Fund		$	1,000.00		$	845.90		$	0.78		0.17	%


	Beginning Account Value 1/1/22			Ending Account Value 6/30/22			Expenses Paid During Period 1/1/22 - 6/30/22*			Annualized Expense Ratio During Period 1/1/22 - 6/30/22

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

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Fixed Income Funds		39.5	%

Domestic Equity Funds		36.8

International Equity Funds		18.7


Total Investment Securities		95.0

Net other assets (liabilities)		5.0


Net Assets		100.0	%

AZL MVP Fusion Moderate Fund

Schedule of Portfolio Investments

June 30, 2022 (Unaudited)


Shares			Value
Affiliated Investment Companies (95.0%):
Domestic Equity Funds (36.8%):
	4,679,523	AZL DFA U.S. Core Equity Fund	$	64,249,853
	2,120,690	AZL DFA U.S. Small Cap Fund		25,660,351
	2,676,917	AZL Gateway Fund		37,744,528
	2,195,244	AZL Mid Cap Index Fund, Class 2		49,744,232
	9,322,813	AZL Russell 1000 Growth Index Fund, Class 2		157,462,306
	12,821,044	AZL Russell 1000 Value Index Fund, Class 2		170,135,254
	1,899,011	AZL Small Cap Stock Index Fund, Class 2		25,712,607

				530,709,131

Fixed Income Funds (39.5%):
	9,472,514	AZL Enhanced Bond Index Fund		94,251,517
	13,129,685	AZL Fidelity Institutional Asset Management Total Bond Fund, Class 2		123,287,738
	13,825,623	AZL MetWest Total Return Bond Fund		123,462,809
	6,230,779	PIMCO VIT Income Portfolio		60,376,244
	4,747,017	PIMCO VIT Low Duration Portfolio		45,998,593
	13,113,643	PIMCO VIT Total Return Portfolio		123,399,383

				570,776,284

International Equity Funds (18.7%):
	6,987,824	AZL DFA International Core Equity Fund		70,856,531
	9,261,500	AZL International Index Fund, Class 2		141,886,173
	8,728,162	AZL MSCI Emerging Markets Equity Index Fund, Class 2		57,256,745

				269,999,449

	Total Affiliated Investment Companies (Cost $1,318,867,009)			1,371,484,864

	Total Investment Securities (Cost $1,318,867,009) — 95.0%			1,371,484,864
	Net other assets (liabilities) — 5.0%			71,442,145

	Net Assets — 100.0%		$	1,442,927,009

Percentages indicated are based on net assets as of June 30, 2022.

Futures Contracts

At June 30, 2022, the Fund’s open futures contracts were as follows:


Short Futures
Description	Expiration Date		Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)

S&P 500 Index E-Mini September Futures (U.S. Dollar)		9/16/22		1,108	$	(209,938,300	)	$	13,098,035

								$	13,098,035

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)

U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		9/21/22		238	$	28,210,438	$	(9,950	)

							$	(9,950	)

Total Net Futures Contracts							$	13,088,085

See accompanying notes to the financial statements.

AZL MVP Fusion Moderate Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:
Investments in affiliates, at cost	$	1,318,867,009

Investments in affiliates, at value	$	1,371,484,864
Deposit at broker for futures contracts collateral		72,480,330
Interest and dividends receivable		542,889
Receivable for affiliated investments sold		597,365
Prepaid expenses		4,735

Total Assets		1,445,110,183

Liabilities:
Cash overdraft		1,067,489
Payable for capital shares redeemed		844,740
Payable for variation margin on futures contracts		22,653
Manager fees payable		182,041
Administration fees payable		9,639
Custodian fees payable		377
Administrative and compliance services fees payable		1,865
Transfer agent fees payable		1,110
Trustee fees payable		16,192
Other accrued liabilities		37,068

Total Liabilities		2,183,174

Net Assets	$	1,442,927,009

Net Assets Consist of:
Paid in capital	$	1,328,832,153
Total distributable earnings		114,094,856

Net Assets	$	1,442,927,009

Shares of beneficial interest (unlimited number of shares authorized, no par value)		142,872,063
Net Asset Value (offering and redemption price per share)	$	10.10

Statement of Operations

For the Six Months Ended June 30, 2022

(Unaudited)


Investment Income:
Dividends from affiliates	$	2,703,633
Interest		204,786

Total Investment Income		2,908,419

Expenses:
Management fees		1,618,679
Administration fees		35,446
Custodian fees		1,354
Administrative and compliance services fees		9,976
Transfer agent fees		2,743
Trustee fees		39,324
Professional fees		33,731
Shareholder reports		18,309
Other expenses		10,733

Total expenses before reductions		1,770,295
Less Management fees contractually waived		(404,677	)

Net expenses		1,365,618

Net Investment Income/(Loss)		1,542,801

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on affiliated underlying funds		4,668,583
Net realized gains/(losses) on futures contracts		(17,465,064	)
Change in net unrealized appreciation/depreciation on affiliated underlying funds		(274,967,513	)
Change in net unrealized appreciation/depreciation on futures contracts		11,902,515

Net realized and Change in net unrealized gains/losses on investments		(275,861,479	)

Change in Net Assets Resulting From Operations	$	(274,318,678	)

See accompanying notes to the financial statements.

AZL MVP Fusion Moderate Fund

Statement of Changes in Net Assets


	For the Six Months Ended June 30, 2022				For the Year Ended December 31, 2021
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	1,542,801			$	19,108,158
Net realized gains/(losses) on investments			(12,796,481	)			140,772,455
Change in unrealized appreciation/depreciation on investments			(263,064,998	)			38,699,650

Change in net assets resulting from operations			(274,318,678	)			198,580,263

Distributions to Shareholders:
Distributions			—				(38,601,462	)

Change in net assets resulting from distributions to shareholders			—				(38,601,462	)

Capital Transactions:
Proceeds from shares issued			782,752				4,491,735
Proceeds from dividends reinvested			—				38,601,462
Value of shares redeemed			(115,547,369	)			(264,486,763	)

Change in net assets resulting from capital transactions			(114,764,617	)			(221,393,566	)

Change in net assets			(389,083,295	)			(61,414,765	)
Net Assets:
Beginning of period			1,832,010,304				1,893,425,069

End of period		$	1,442,927,009			$	1,832,010,304

Share Transactions:
Shares issued			73,020				394,315
Dividends reinvested			—				3,345,014
Shares redeemed			(10,614,359	)			(22,707,643	)

Change in shares			(10,541,339	)			(18,968,314	)

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

See accompanying notes to the financial statements.

AZL MVP Fusion Moderate Fund

Financial Highlights


	Six Months Ended June 30, 2022				Year Ended December 31, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017
	(Unaudited)

Net Asset Value, Beginning of Period		$	11.94			$	10.98			$	11.16			$	10.31			$	11.97			$	11.60

Investment Activities:
Net Investment Income/(Loss)			0.01	(a)			0.12	(a)			0.19	(a)			0.20	(a)			0.21				0.12
Net Realized and Unrealized Gains/(Losses) on Investments			(1.85	)			1.09				0.26				1.53				(0.93	)			1.46

Total from Investment Activities			(1.84	)			1.21				0.45				1.73				(0.72	)			1.58

Distributions to Shareholders From:
Net Investment Income			—				(0.25	)			(0.23	)			(0.29	)			(0.14	)			(0.20	)
Net Realized Gains			—				—				(0.40	)			(0.59	)			(0.80	)			(1.01	)

Total Dividends			—				(0.25	)			(0.63	)			(0.88	)			(0.94	)			(1.21	)

Net Asset Value, End of Period		$	10.10			$	11.94			$	10.98			$	11.16			$	10.31			$	11.97

Total Return(b)			(15.41	)%(c)			11.09	%			4.54	%			17.31	%			(6.46	)%			13.98	%

Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	1,442,927			$	1,832,010			$	1,893,425			$	2,032,770			$	1,953,730			$	2,361,486
Net Investment Income/(Loss)(d)			0.19	%			1.01	%			1.84	%			1.81	%			1.66	%			0.90	%
Expenses Before Reductions(d)(e)			0.22	%			0.22	%			0.22	%			0.22	%			0.22	%			0.22	%
Expenses Net of Reductions(d)			0.17	%			0.17	%			0.22	%			0.22	%			0.22	%			0.22	%
Portfolio Turnover Rate			—	(c)(f)			10	%			18	%			12	%			18	%			17	%

*	The expense ratios exclude the impact of fees/expenses paid by each underlying fund.

(a)	Calculated using the average shares method.

(b)	The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c)	Not annualized for periods less than one year.

(d)	Annualized for periods less than one year.

(e)	Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(f)	Represents less than 0.5%.

See accompanying notes to the financial statements.

AZL MVP Fusion Moderate Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies”. The Trust consists of 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Fusion Moderate Fund (the “Fund”), and 11 are presented in separate reports. The Fund is a diversified series of the Trust.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Distributions to Shareholders

Expense Allocation

Affiliated Securities Transactions

Derivative Instruments

AZL MVP Fusion Moderate Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

Futures Contracts

During the period ended June 30, 2022, the Fund invested in futures contracts to reduce volatility and limit the need to decrease or increase allocations to underlying funds. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the period ended June 30, 2022, the monthly average notional amount for long contracts was $53.3 million, and the monthly average notional amount for short contracts was $73.5 million. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2022:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total
Value

Statement of Assets and Liabilities Location

Total
Value

Equity Risk

Futures Contracts

Receivable for variation margin on futures contracts*

13,098,035

Payable for variation margin on futures contracts*

—

Interest Rate Risk

Futures Contracts

Receivable for variation margin on futures contracts*

—

Payable for variation margin on futures contracts*

9,950

For futures contracts, the amounts represent the cumulative appreciation/depreciation of these futures contracts as reported in the Schedule of Portfolio Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities as variation margin on futures contracts.

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2022:


Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized			Change in Net Unrealized Appreciation/Depreciation on Derivatives Recognized

Equity Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts	$	(14,958,731	)	$	12,295,762

Interest Rate Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts		(2,506,333	)		(393,247	)

3. Fees and Transactions with Affiliates and Other Parties

For the period ended June 30, 2022, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Annual Expense Limit

AZL MVP Fusion Moderate Fund		0.20	%		0.30	%

*	The Manager waived, prior to any application of expense limit, the management fee to 0.15% on all assets. The Manager reserves the right to increase the management fee to the amount shown in the table above (i.e., discontinue the waiver) at any time after April 30, 2023.

AZL MVP Fusion Moderate Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)


	Value 12/31/2021			Purchases at Cost			Proceeds from Sales				Net Realized Gains(Losses)				Change in Net Unrealized Appreciation/ Depreciation				Value 6/30/2022			Shares as of 6/30/2022		Dividend Income			Net Realized Gains Distributions from Affiliated Underlying Funds

AZL DFA International Core Equity Fund		$	93,180,597		$	—		$	(6,860,078	)		$	1,483,104			$	(16,947,092	)		$	70,856,531		6,987,824		$	—		$	—
AZL DFA U.S. Core Equity Fund			84,150,832			—			(4,801,781	)			1,616,758				(16,715,956	)			64,249,853		4,679,523			—			—
AZL DFA U.S. Small Cap Fund			33,221,577			—			(1,729,734	)			474,447				(6,305,939	)			25,660,351		2,120,690			—			—
AZL Enhanced Bond Index Fund			114,082,224			—			(7,576,913	)			(1,135,108	)			(11,118,686	)			94,251,517		9,472,514			—			—
AZL FIAM Total Bond Fund, Class 2			150,037,904			—			(10,053,996	)			(1,152,279	)			(15,543,891	)			123,287,738		13,129,685			—			—
AZL Gateway Fund			46,426,902			—			(3,112,146	)			170,008				(5,740,236	)			37,744,528		2,676,917			—			—
AZL International Index Fund, Class 2			185,015,693			—			(8,807,613	)			1,458,238				(35,780,145	)			141,886,173		9,261,500			—			—
AZL MetWest Total Return Bond Fund			149,740,460			—			(9,420,080	)			(1,747,333	)			(15,110,238	)			123,462,809		13,825,623			—			—
AZL Mid Cap Index Fund, Class 2			65,527,708			—			(3,313,692	)			865,816				(13,335,600	)			49,744,232		2,195,244			—			—
AZL MSCI Emerging Markets Equity Index Fund, Class 2			69,388,891			—			—				—				(12,132,146	)			57,256,745		8,728,162			—			—
AZL Russell 1000 Growth Index Fund, Class 2			219,697,935			—			(52,290	)			17,282				(62,200,621	)			157,462,306		9,322,813			—			—
AZL Russell 1000 Value Index Fund, Class 2			221,679,438			—			(25,452,952	)			4,520,104				(30,611,336	)			170,135,254		12,821,044			—			—
AZL Small Cap Stock Index Fund, Class 2			32,993,204			—			(1,038,335	)			182,857				(6,425,119	)			25,712,607		1,899,011			—			—
PIMCO VIT Income Portfolio			73,715,110			987,986			(6,417,124	)			(252,302	)			(7,657,426	)			60,376,244		6,230,779			987,985			—
PIMCO VIT Low Duration Portfolio			52,466,332			231,002			(3,956,657	)			(237,618	)			(2,504,466	)			45,998,593		4,747,017			231,003			—
PIMCO VIT Total Return Portfolio			150,165,203			1,484,644			(9,816,457	)			(1,595,391	)			(16,838,616	)			123,399,383		13,113,643			1,484,645			—

		$	1,741,490,010		$	2,703,632		$	(102,409,848	)		$	4,668,583			$	(274,967,513	)		$	1,371,484,864		121,211,989		$	2,703,633		$	—

AZL MVP Fusion Moderate Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

The following is a summary of the valuation inputs used as of June 30, 2022 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total

Affiliated Investment Companies		$	1,371,484,864		$	—		$	—		$	1,371,484,864

Total Investment Securities			1,371,484,864			—			—			1,371,484,864

Other Financial Instruments:*
Futures Contracts			13,088,085			—			—			13,088,085

Total Investments		$	1,384,572,949		$	—		$	—		$	1,384,572,949

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

5. Security Purchases and Sales

For the period ended June 30, 2022, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL MVP Fusion Moderate Fund		$	2,703,633		$	102,409,849

6. Investment Risks

7. Coronavirus (COVID-19) Pandemic

AZL MVP Fusion Moderate Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

8. Recent Regulatory Pronouncements

9. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2021 was $1,441,287,634. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	300,758,923
Unrealized (depreciation)		(556,547	)

Net unrealized appreciation/(depreciation)	$	300,202,376

During the year ended December 31, 2021, the Fund utilized $55,887,596 in capital loss carry forwards (“CLCFs”) to offset capital gains. As of the end of its tax year ended December 31, 2021, the Fund had no remaining CLCFs.

The tax character of dividends paid to shareholders during the year ended December 31, 2021 was as follows:


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

AZL MVP Fusion Moderate Fund		$	38,601,462		$	—		$	38,601,462

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

At December 31, 2021, the components of accumulated earnings on a tax basis were as follows:


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

AZL MVP Fusion Moderate Fund		$	34,229,615		$	68,869,325		$	—		$	300,202,376		$	403,301,316

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

10. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2022, 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 these shareholders could have a material impact to the Fund. As of June 30, 2022, the Fund had a controlling interest (in excess of 50%) in the AZL DFA Five-Year Global Fixed Income Fund and AZL MetWest Total Return Bond Fund, which are affiliated with the Manager. Investment activities of these shareholders could have a material impact to the Fund.

11. Subsequent Events

Other Information (Unaudited)

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

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

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

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

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0622 08/22

AZL^® MVP Global Balanced Index Strategy Fund

Semi-Annual Report

June 30, 2022

(Unaudited)

LOGO

Page 1

Page 2

Page 3

Page 3

Page 4

Page 5

Page 6

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 12

Page 13

AZL MVP Global Balanced Index Strategy Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 1/1/22			Ending Account Value 6/30/22			Expenses Paid During Period 1/1/22 - 6/30/22*			Annualized Expense Ratio During Period 1/1/22 - 6/30/22

AZL MVP Global Balanced Index Strategy Fund		$	1,000.00		$	850.50		$	0.60		0.13	%


	Beginning Account Value 1/1/22			Ending Account Value 6/30/22			Expenses Paid During Period 1/1/22 - 6/30/22*			Annualized Expense Ratio During Period 1/1/22 - 6/30/22

AZL MVP Global Balanced Index Strategy Fund		$	1,000.00		$	1,024.15		$	0.65		0.13	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Fixed Income Fund		49.1	%

International Equity Funds		45.6	%

Corporate Bonds		0.1	%

Private Placements		0.1	%

Common Stocks		0.1	%

Convertible Bond		—	^†


Total Investment Securities		95.0

Net other assets (liabilities)		5.0


Net Assets		100.0	%

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

United States		94.9	%

Australia		0.1

India		—	^†


Total Investment Securities		95.0

Net other assets (liabilities)		5.0


Net Assets		100.0	%

†	Represents less than 0.05%.

AZL MVP Global Balanced Index Strategy Fund

Schedule of Portfolio Investments

June 30, 2022 (Unaudited)


Shares			Value

Common Stocks (0.1%):
Materials (0.1%):
	145,123	Project Barkley(a)	$	198,819

Paper & Forest Products (0.0%^†):
	386,370	Quintis Pty, Ltd.(a)(b)		28,876

	Total Common Stocks (Cost $653,277)			227,695

Private Placements (0.1%):
Household Durables (0.0%^†):
	23,389	Jawbone, 0.00%(a)(b)		—

Internet Software & Services (0.1%):
	5,547	Lookout, Inc., 0.00%(a)(b)		48,426
	63,925	Lookout, Inc. Preferred Shares, Series F, 0.00%(a)(b)		558,065

				606,491

	Total Private Placements (Cost $485,379)			606,491

Convertible Bond (0.0%^†):
Food Products (0.0%^†):
	400,000	REI Agro, Ltd., Registered Shares, 5.50%, 12/8/19(a)(b)(c)		—

	Total Convertible Bond (Cost $—)			—


Shares			Value

Corporate Bonds (0.1%):
Paper & Forest Products (0.1%):
	52,331	Quintis Pty, Ltd., 7.50%, 10/1/26, Callable 8/8/22 @ 105.63(a)(b)	$	52,331
	730,672	Quintis Pty, Ltd., 0.00%, 10/1/28, Callable 8/8/22 @ 96(a)(b)		730,672

				783,003

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

Affiliated Investment Companies (94.7%):
Fixed Income Fund (49.1%):
	27,432,568	AZL Enhanced Bond Index Fund		272,954,054

				272,954,054

International Equity Funds (45.6%):
	4,151,321	AZL MSCI Emerging Markets Equity Index Fund, Class 2		27,232,667
	16,916,819	AZL MSCI Global Equity Index Fund		226,347,036

				253,579,703

	Total Affiliated Investment Companies (Cost $522,750,072)			526,533,757

	Total Investment Securities (Cost $524,671,731) — 94.9%			528,150,946
	Net other assets (liabilities) — 5.0%			27,876,055

	Net Assets — 100.0%		$	556,027,001

See accompanying notes to the financial statements.

Percentages indicated are based on net assets as of June 30, 2022.

†	Represents less than 0.05%.

(a)	Security was valued using unobservable inputs in good faith pursuant to procedures approved by the Board of Trustees as of June 30, 2022. The total of all such securities represent 0.29% of the net assets of the fund.

(b)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-adviser has deemed these securities to be illiquid based on procedures approved by the Board of Trustees. As of June 30, 2022, these securities represent 0.26% of the net assets of the fund.

(c)	Defaulted bond.

Amounts shown as “—“ are either 0 or round to less than 1.

Futures Contracts

At June 30, 2022, the Fund’s open futures contracts were as follows:

Short Futures


Description	Expiration Date		Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)

S&P 500 Index E-Mini September Futures (U.S. Dollar)		9/16/22		404	$	(76,547,900	)	$	4,445,393

								$	4,445,393

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)

U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		9/21/22		116	$	13,749,625	$	(21,843	)

							$	(21,843	)

Total Net Futures Contracts							$	4,423,550

AZL MVP Global Balanced Index Strategy Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	1,921,659
Investments in affiliates, at cost		522,750,072

Investments in non-affiliates, at value	$	1,617,189
Investments in affiliates, at value		526,533,757
Deposit at broker for futures contracts collateral		28,342,722
Interest and dividends receivable		29,277
Receivable for investments sold		169,190
Reclaims receivable		90,568
Prepaid expenses		1,776

Total Assets		556,784,479

Liabilities:
Cash overdraft		169,026
Payable for capital shares redeemed		505,512
Payable for variation margin on futures contracts		11,525
Manager fees payable		46,443
Administration fees payable		5,705
Custodian fees payable		2,482
Administrative and compliance services fees payable		474
Transfer agent fees payable		693
Trustee fees payable		4,085
Other accrued liabilities		11,533

Total Liabilities		757,478

Net Assets	$	556,027,001

Net Assets Consist of:
Paid in capital	$	550,836,746
Total distributable earnings		5,190,255

Net Assets	$	556,027,001

Shares of beneficial interest (unlimited number of shares authorized, no par value)		53,101,904
Net Asset Value (offering and redemption price per share)	$	10.47

Statement of Operations

For the Six Months Ended June 30, 2022

(Unaudited)


Investment Income:
Interest	$	80,657

Total Investment Income		80,657

Expenses:
Management fees		306,554
Administration fees		27,921
Custodian fees		11,386
Administrative and compliance services fees		3,327
Transfer agent fees		2,273
Trustee fees		13,130
Professional fees		11,265
Shareholder reports		9,905
Other expenses		3,620

Total expenses		389,381

Net Investment Income/(Loss)		(308,724	)

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on securities and foreign currencies		(340	)
Net realized gains/(losses) on affiliated underlying funds		857,970
Net realized gains/(losses) on futures contracts		(4,869,278	)
Change in net unrealized appreciation/depreciation on securities and foreign currencies		(392,117	)
Change in net unrealized appreciation/depreciation on affiliated underlying funds		(100,119,983	)
Change in net unrealized appreciation/depreciation on futures contracts		3,993,203

Net realized and Change in net unrealized gains/losses on investments		(100,530,545	)

Change in Net Assets Resulting From Operations	$	(100,839,269	)

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

See accompanying notes to the financial statements.

AZL MVP Global Balanced Index Strategy Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2022				For the Year Ended December 31, 2021
	(Unaudited)

Change In Net Assets:
Operations:
Net investment income/(loss)		$	(308,724	)		$	4,331,659
Net realized gains/(losses) on investments			(4,011,648	)			40,077,421
Change in unrealized appreciation/depreciation on investments			(96,518,897	)			10,489,059

Change in net assets resulting from operations			(100,839,269	)			54,898,139

Distributions to Shareholders:
Distributions			—				(51,326,070	)

Change in net assets resulting from distributions to shareholders			—				(51,326,070	)

Capital Transactions:
Proceeds from shares issued			469,224				1,510,549
Proceeds from dividends reinvested			—				51,326,070
Proceeds from in-kind shares issued			—				—
Value of shares redeemed			(34,811,671	)			(82,125,254	)

Change in net assets resulting from capital transactions			(34,342,447	)			(29,288,635	)

Change in net assets			(135,181,716	)			(25,716,566	)
Net Assets:
Beginning of period			691,208,717				716,925,283

End of period		$	556,027,001			$	691,208,717

Share Transactions:
Shares issued			41,730				121,489
Shares from in-kind transactions			—				—
Dividends reinvested			—				4,298,666
Shares redeemed			(3,090,949	)			(6,486,089	)

Change in shares			(3,049,219	)			(2,065,934	)

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

See accompanying notes to the financial statements.

AZL MVP Global Balanced Index Strategy Fund

Financial Highlights


	Six Months Ended June 30, 2022				Year Ended December 31, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019^†				Year Ended December 31, 2018				Year Ended December 31, 2017
	(Unaudited)

Net Asset Value, Beginning of Period		$	12.31			$	12.31			$	12.99			$	11.62			$	12.59			$	11.33

Investment Activities:
Net Investment Income/(Loss)			(0.01	)(a)			0.08	(a)			0.19	(a)			0.18	(a)			0.18				0.11
Net Realized and Unrealized Gains/(Losses) on Investments			(1.83	)			0.89				0.73				1.68				(0.90	)			1.20

Total from Investment Activities			(1.84	)			0.97				0.92				1.86				(0.72	)			1.31

Distributions to Shareholders From:
Net Investment Income			—				(0.20	)			(1.22	)			(0.23	)			(0.18	)			(0.05	)
Net Realized Gains			—				(0.77	)			(0.38	)			(0.26	)			(0.07	)			—

Total Dividends			—				(0.97	)			(1.60	)			(0.49	)			(0.25	)			(0.05	)

Net Asset Value, End of Period		$	10.47			$	12.31			$	12.31			$	12.99			$	11.62			$	12.59

Total Return(b)			(14.95	)%(c)			8.05	%			7.81	%			16.20	%			(5.77	)%			11.54	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	556,027			$	691,209			$	716,925			$	763,705			$	735,489			$	834,164
Net Investment Income/(Loss)(d)			(0.10	)%			0.61	%			1.49	%			1.40	%			1.43	%			0.97	%
Expenses Before Reductions*(d)(e)			0.13	%			0.13	%			0.13	%			0.66	%			0.69	%			0.71	%
Expenses Net of Reductions*(d)			0.13	%			0.13	%			0.13	%			0.66	%			0.69	%			0.71	%
Portfolio Turnover Rate			—	(c)(f)			5	%			9	%			103	%(g)			39	%			40	%

*	The expense ratios exclude the impact of fees/expenses paid by each underlying fund.

†	The amounts shown, where applicable, are consolidated through December 6, 2019. (See Note 2 — Consolidation of Subsidiaries.)

(a)	Calculated using the average shares method.

(b)	The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c)	Not annualized for periods less than one year.

(d)	Annualized for periods less than one year.

(e)	Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(f)	Represents less than 0.5%.

(g)	Portfolio turnover increased significantly during the year due to a change in investment strategy of the Fund.

See accompanying notes to the financial statements.

AZL MVP Global Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies”. The Trust consists of 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Global Balanced Index Strategy Fund (the “Fund”), and 11 are presented in separate reports. The Fund is a diversified series of the Trust.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Foreign Currency Translation and Withholding Taxes

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss on investments and foreign currencies.

Income received by the Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. The Fund accrues such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which it invests.

Distributions to Shareholders

Expense Allocation

AZL MVP Global Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

Affiliated Securities Transactions

Derivative Instruments

Futures Contracts

During the period ended June 30, 2022, the Fund invested in futures contracts to reduce volatility and limit the need to decrease or increase allocations to underlying funds. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the period ended June 30, 2022, the monthly average notional amount for long contracts was $20.0 million, and the monthly average notional amount for short contracts was $30.4 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 June 30, 2022:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total
Value

Statement of Assets and Liabilities Location

Total
Value

Equity Risk

Futures Contracts

Receivable for variation margin on futures contracts*

4,445,393

Payable for variation margin on futures contracts*

—

Interest Rate Risk

Futures Contracts

Receivable for variation margin on futures contracts*

—

Payable for variation margin on futures contracts*

21,843

For futures contracts, the amounts represent the cumulative appreciation/depreciation of these futures contracts as reported in the Schedule of Portfolio Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities as variation margin on futures contracts.

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2022:


Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized			Change in Net Unrealized Appreciation/Depreciation on Derivatives Recognized

Equity Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts	$	(3,715,582	)	$	4,196,479

Interest Rate Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts		(1,153,696	)		(203,276	)

3. Fees and Transactions with Affiliates and Other Parties

AZL MVP Global Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

For the period ended June 30, 2022, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit

AZL MVP Global Balanced Index Strategy Fund		0.10	%		0.15	%


	Value 12/31/2021			Purchases at Cost			Proceeds from Sales				Net Realized Gains(Losses)				Change in Net Unrealized Appreciation/ Depreciation				Value 6/30/2022			Shares as of 6/30/2022		Dividend Income			Net Realized Gains Distributions from Affiliated Underlying Funds

AZL Enhanced Bond Index Fund		$	323,676,941		$	98,469		$	(16,111,156	)		$	(2,159,967	)		$	(32,550,233	)		$	272,954,054		27,432,568		$	—		$	—
AZL MSCI Emerging Markets Equity Index Fund, Class 2			34,089,504			—			(1,090,867	)			79,533				(5,845,503	)			27,232,667		4,151,321			—			—
AZL MSCI Global Equity Index Fund			297,133,346			506,868			(12,507,335	)			2,938,404				(61,724,247	)			226,347,036		16,916,819			—			—

		$	654,899,791		$	605,337		$	(29,709,358	)		$	857,970			$	(100,119,983	)		$	526,533,757		48,500,708		$	—		$	—

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

AZL MVP Global Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

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

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

Other assets and securities for which market quotations are not readily available, or are deemed unreliable are valued at fair value as determined in good faith by the Trustees or persons acting on the behalf of the Trustees. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

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

The following is a summary of the valuation inputs used as of June 30, 2022 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3				Total

Common Stocks+		$	—		$	—		$	227,695			$	227,695
Private Placements+			—			—			606,491				606,491
Convertible Bond+			—			—			—	#			—
Corporate Bonds+			—			—			783,003				783,003
Affiliated Investment Companies			526,533,757			—			—				526,533,757

Total Investment Securities			526,533,757			—			1,617,189				528,150,946

Other Financial Instruments:*
Futures Contracts			4,423,550			—			—				4,423,550

Total Investments		$	530,957,307		$	—		$	1,617,189			$	532,574,496

+	For detailed industry descriptions, see the accompanying Schedule of Portfolio Investments.

#	Represents the interest in securities that were determined to have a value of zero at June 30, 2022.

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

5. Security Purchases and Sales

For the period ended June 30, 2022, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL MVP Global Balanced Index Strategy Fund		$	607,349		$	29,709,358

AZL MVP Global Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

6. Restricted Securities

A restricted security is a security which has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (the “1933 Act”) or pursuant to the resale limitations provided by Rule 144A under the 1933 Act, or an exemption from the registration requirements of the 1933 Act. Whether a restricted security is illiquid is determined pursuant to guidelines established by the Trustees. Not all restricted securities are considered illiquid. The illiquid restricted securities held as of June 30, 2022 are identified below.


Security	Acquisition Date(a)		Acquisition Cost			Shares or Principal Amount			Fair Value			Percentage of Net Assets

Jawbone,		1/24/17		$	—		$	23,389		$	—		0.00	%

Lookout, Inc.,		3/4/15			3,384			5,547			48,426		0.01	%

Lookout, Inc. Preferred Shares, Series F,		9/19/14			481,995			63,925			558,065		0.10	%

Quintis Pty, Ltd., 0.00%, 10/1/28, Callable 8/8/22 @ 96.00		10/25/18			730,672			730,672			730,672		0.13	%

Quintis Pty, Ltd.,		10/25/18			370,915			386,370			28,876		0.01	%

Quintis Pty, Ltd., 7.50%, 10/1/26, Callable 8/8/22 @ 105.63		10/25/18			50,319			52,331			52,331		0.01	%

REI Agro, Ltd., Registered Shares, 5.50%, 12/8/19		12/7/12			—			400,000			—		0.00	%

(a)	Acquisition date represents the initial purchase date of the security.

7. Investment Risks

8. Coronavirus (COVID-19) Pandemic

9. Recent Regulatory Pronouncements

AZL MVP Global Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

10. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2021 was $553,494,716. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	103,605,428
Unrealized (depreciation)		(202,526	)

Net unrealized appreciation/(depreciation)	$	103,402,902

The tax character of dividends paid to shareholders during the year ended December 31, 2021 was as follows:


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

AZL MVP Global Balanced Index Strategy Fund		$	37,629,606		$	13,696,464		$	51,326,070

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

At December 31, 2021, the components of accumulated earnings on a tax basis were as follows:


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

AZL MVP Global Balanced Index Strategy Fund		$	35,754,613		$	8,807,192		$	—		$	103,401,685		$	147,963,490

(a)

The difference between book-basis and tax-basis unrealized appreciation/depreciation was attributable primarily to tax deferral of losses on wash sales, foreign currency gains or losses, mark-to-market of passive foreign investment companies, return of capital from underlying investments, straddles and other miscellaneous differences.

11. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2022, 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 these shareholders could have a material impact to the Fund. As of June 30, 2022, the Fund had a controlling interest (in excess of 50%) in the AZL MSCI Global Equity Index Fund, which are affiliated with the Manager. Investment activities of these shareholders could have a material impact to the Fund.

12. Subsequent Events

Other Information (Unaudited)

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

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

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

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

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0622 08/22

AZL^® MVP Growth Index Strategy Fund

Semi-Annual Report

June 30, 2022

(Unaudited)

LOGO

Page 1

Page 2

Page 3

Page 3

Page 4

Page 5

Page 6

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 11

Page 12

AZL MVP Growth Index Strategy Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 1/1/22			Ending Account Value 6/30/22			Expenses Paid During Period 1/1/22 - 6/30/22*			Annualized Expense Ratio During Period 1/1/22 - 6/30/22

AZL MVP Growth Index Strategy Fund		$	1,000.00		$	838.50		$	0.55		0.12	%


	Beginning Account Value 1/1/22			Ending Account Value 6/30/22			Expenses Paid During Period 1/1/22 - 6/30/22*			Annualized Expense Ratio During Period 1/1/22 - 6/30/22

AZL MVP Growth Index Strategy Fund		$	1,000.00		$	1,024.20		$	0.60		0.12	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Domestic Equity Funds		50.8	%

Fixed Income Fund		23.9

International Equity Fund		18.6


Total Investment Securities		93.3

Net other assets (liabilities)		6.7


Net Assets		100.0	%

AZL MVP Growth Index Strategy Fund

Schedule of Portfolio Investments

June 30, 2022 (Unaudited)


Shares			Value
Affiliated Investment Companies (93.3%):
Domestic Equity Funds (50.8%):
	9,700,726	AZL Mid Cap Index Fund, Class 2	$	219,818,449
	37,223,045	AZL S&P 500 Index Fund, Class 2		725,104,909
	8,195,535	AZL Small Cap Stock Index Fund, Class 2		110,967,547

				1,055,890,905

Fixed Income Fund (23.9%):
	50,086,727	AZL Enhanced Bond Index Fund		498,362,931
International Equity Fund (18.6%):
	25,204,875	AZL International Index Fund, Class 2		386,138,688

	Total Affiliated Investment Companies (Cost $1,629,507,828)			1,940,392,524

	Total Investment Securities (Cost $1,629,507,828) — 93.3%			1,940,392,524
	Net other assets (liabilities) — 6.7%			138,687,736

	Net Assets — 100.0%		$	2,079,080,260

Percentages indicated are based on net assets as of June 30, 2022.

Futures Contracts

At June 30, 2022, the Fund’s open futures contracts were as follows:

Short Futures


Description	Expiration Date		Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)

S&P 500 Index E-Mini September Futures (U.S. Dollar)		9/16/22		2,667	$	(505,329,825	)	$	39,665,837

								$	39,665,837

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)

U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		9/21/22		289	$	34,255,531	$	241,058

							$	241,058

Total Net Futures Contracts							$	39,906,895

See accompanying notes to the financial statements.

AZL MVP Growth Index Strategy Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:
Investments in affiliates, at cost	$	1,629,507,828

Investments in affiliates, at value	$	1,940,392,524
Deposit at broker for futures contracts collateral		141,292,847
Interest and dividends receivable		132,087
Receivable for affiliated investments sold		561,226
Prepaid expenses		6,879

Total Assets		2,082,385,563

Liabilities:
Cash overdraft		560,985
Payable for capital shares redeemed		2,427,412
Payable for variation margin on futures contracts		56,038
Manager fees payable		174,707
Administration fees payable		10,160
Custodian fees payable		387
Administrative and compliance services fees payable		2,652
Transfer agent fees payable		1,131
Trustee fees payable		22,730
Other accrued liabilities		49,101

Total Liabilities		3,305,303

Net Assets	$	2,079,080,260

Net Assets Consist of:
Paid in capital	$	1,861,180,467
Total distributable earnings		217,899,793

Net Assets	$	2,079,080,260

Shares of beneficial interest (unlimited number of shares authorized, no par value)		148,877,968
Net Asset Value (offering and redemption price per share)	$	13.97

Statement of Operations

For the Six Months Ended June 30, 2022

(Unaudited)


Investment Income:
Interest	$	303,777
Dividends from non-affiliates		3

Total Investment Income		303,780

Expenses:
Management fees		1,158,822
Administration fees		38,631
Custodian fees		1,438
Administrative and compliance services fees		14,472
Transfer agent fees		2,899
Trustee fees		57,211
Professional fees		49,037
Shareholder reports		22,819
Other expenses		15,459

Total expenses		1,360,788

Net Investment Income/(Loss)		(1,057,008	)

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on affiliated underlying funds		29,330,199
Net realized gains/(losses) on futures contracts		(23,914,901	)
Change in net unrealized appreciation/depreciation on affiliated underlying funds		(458,009,681	)
Change in net unrealized appreciation/depreciation on futures contracts		38,148,823

Net realized and Change in net unrealized gains/losses on investments		(414,445,560	)

Change in Net Assets Resulting From Operations	$	(415,502,568	)

See accompanying notes to the financial statements.

AZL MVP Growth Index Strategy Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2022				For the Year Ended December 31, 2021
	(Unaudited)

Change In Net Assets:
Operations:
Net investment income/(loss)		$	(1,057,008	)		$	21,820,473
Net realized gains/(losses) on investments			5,415,298				208,301,547
Change in unrealized appreciation/depreciation on investments			(419,860,858	)			170,625,447

Change in net assets resulting from operations			(415,502,568	)			400,747,467

Distributions to Shareholders:
Distributions			—				(239,202,740	)

Change in net assets resulting from distributions to shareholders			—				(239,202,740	)

Capital Transactions:
Proceeds from shares issued			4,025,114				9,801,680
Proceeds from dividends reinvested			—				239,202,741
Value of shares redeemed			(151,010,874	)			(347,022,760	)

Change in net assets resulting from capital transactions			(146,985,760	)			(98,018,339	)

Change in net assets			(562,488,328	)			63,526,388
Net Assets:
Beginning of period			2,641,568,588				2,578,042,200

End of period		$	2,079,080,260			$	2,641,568,588

Share Transactions:
Shares issued			255,527				583,609
Dividends reinvested			—				15,139,414
Shares redeemed			(9,967,893	)			(20,645,029	)

Change in shares			(9,712,366	)			(4,922,006	)

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

See accompanying notes to the financial statements.

AZL MVP Growth Index Strategy Fund

Financial Highlights


	Six Months Ended June 30, 2022				Year Ended December 31, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017
	(Unaudited)

Net Asset Value, Beginning of Period		$	16.66			$	15.77			$	16.02			$	13.99			$	15.56			$	14.08

Investment Activities:
Net Investment Income/(Loss)			(0.01	)(a)			0.14	(a)			0.26	(a)			0.26	(a)			0.26				0.11
Net Realized and Unrealized Gains/(Losses) on Investments			(2.68	)			2.36				0.42				2.55				(1.22	)			2.10

Total from Investment Activities			(2.69	)			2.50				0.68				2.81				(0.96	)			2.21

Distributions to Shareholders From:
Net Investment Income			—				(0.30	)			(0.29	)			(0.35	)			(0.13	)			(0.18	)
Net Realized Gains			—				(1.31	)			(0.64	)			(0.43	)			(0.48	)			(0.55	)

Total Dividends			—				(1.61	)			(0.93	)			(0.78	)			(0.61	)			(0.73	)

Net Asset Value, End of Period		$	13.97			$	16.66			$	15.77			$	16.02			$	13.99			$	15.56

Total Return(b)			(16.15	)%(c)			16.40	%			4.73	%			20.52	%			(6.45	)%			15.96	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	2,079,080			$	2,641,569			$	2,578,042			$	2,722,348			$	2,423,165			$	2,634,555
Net Investment Income/(Loss)(d)			(0.09	)%			0.82	%			1.76	%			1.67	%			1.71	%			0.74	%
Expenses Before Reductions*(d)(e)			0.12	%			0.12	%			0.12	%			0.12	%			0.12	%			0.11	%
Expenses Net of Reductions*(d)			0.12	%			0.12	%			0.12	%			0.12	%			0.12	%			0.11	%
Portfolio Turnover Rate			—	(c)(f)			6	%			12	%			5	%			4	%			4	%

*	The expense ratios exclude the impact of fees/expenses paid by each underlying fund.

(a)	Calculated using the average shares method.

(b)	The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c)	Not annualized for periods less than one year.

(d)	Annualized for periods less than one year.

(e)	Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(f)	Represents less than 0.5%.

See accompanying notes to the financial statements.

AZL MVP Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies”. The Trust consists of 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Growth Index Strategy Fund (the “Fund”), and 11 are presented in separate reports. The Fund is a diversified series of the Trust.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Distributions to Shareholders

Expense Allocation

Affiliated Securities Transactions

Derivative Instruments

AZL MVP Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

Futures Contracts

During the period ended June 30, 2022, the Fund invested in futures contracts to reduce volatility and limit the need to decrease or increase allocations to underlying funds. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the period ended June 30, 2022, the monthly average notional amount for long contracts was $44.0 million, and the monthly average notional amount for short contracts was $274.3 million. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2022:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total
Value

Statement of Assets and Liabilities Location

Total
Value

Equity Risk

Futures Contracts

Receivable for variation margin on futures contracts*

39,665,837

Payable for variation margin on futures contracts*

—

Interest Rate Risk

Futures Contracts

Receivable for variation margin on futures contracts*

241,058

Payable for variation margin on futures contracts*

—

For futures contracts, the amounts represent the cumulative appreciation/depreciation of these futures contracts as reported in the Schedule of Portfolio Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities as variation margin on futures contracts.

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2022:


Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/ (Losses) on Derivatives Recognized			Change in Net Unrealized Appreciation/Depreciation on Derivatives Recognized
Equity Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts	$	(21,718,520	)	$	38,241,121
Interest Rate Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts		(2,196,381	)		(92,298	)

3. Fees and Transactions with Affiliates and Other Parties

For the period ended June 30, 2022, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit

AZL MVP Growth Index Strategy Fund		0.10	%		0.20	%

AZL MVP Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)


	Value 12/31/2021			Purchases at Cost			Proceeds from Sales				Net Realized Gains(Losses)				Change in Net Unrealized Appreciation/ Depreciation				Value 6/30/2022			Shares as of 6/30/2022		Dividend Income			Net Realized Gains Distributions from Affiliated Underlying Funds
AZL Enhanced Bond Index Fund		$	582,601,042		$	—		$	(20,456,391	)		$	(3,967,350	)		$	(59,814,370	)		$	498,362,931		50,086,727		$	—		$	—
AZL International Index Fund, Class 2			511,613,042			—			(31,358,893	)			4,099,733				(98,215,194	)			386,138,688		25,204,875			—			—
AZL Mid Cap Index Fund, Class 2			305,093,027						(28,676,924	)			6,825,901				(63,423,555	)			219,818,449		9,700,726			—			—
AZL S&P 500 Index Fund, Class 2			957,053,324						(45,914,207	)			19,108,147				(205,142,355	)			725,104,909		37,223,045			—			—
AZL Small Cap Stock Index Fund, Class 2			156,760,310						(17,642,324	)			3,263,768				(31,414,207	)			110,967,547		8,195,535			—			—

		$	2,513,120,745		$	—		$	(144,048,739	)		$	29,330,199			$	(458,009,681	)		$	1,940,392,524		130,410,908		$	—		$	—

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

AZL MVP Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2022 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total
Affiliated Investment Companies		$	1,940,392,524		$	—		$	—		$	1,940,392,524

Total Investment Securities			1,940,392,524			—			—			1,940,392,524

Other Financial Instruments:*
Futures Contracts			39,906,895			—			—			39,906,895

Total Investments		$	1,980,299,419		$	—		$	—		$	1,980,299,419

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

5. Security Purchases and Sales

For the period ended June 30, 2022, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL MVP Growth Index Strategy Fund		$	—		$	144,048,739

6. Investment Risks

7. Coronavirus (COVID-19) Pandemic

8. Recent Regulatory Pronouncements

9. Federal Tax Information

AZL MVP Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2021 was $1,776,909,991. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	736,210,754
Unrealized (depreciation)		—

Net unrealized appreciation/(depreciation)	$	736,210,754

The tax character of dividends paid to shareholders during the year ended December 31, 2021 was as follows:


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

AZL MVP Growth Index Strategy Fund		$	125,623,238		$	113,579,502		$	239,202,740

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

At December 31, 2021, the components of accumulated earnings on a tax basis were as follows:


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

AZL MVP Growth Index Strategy Fund		$	121,454,156		$	107,713,842		$	–		$	736,210,754		$	965,378,752

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

10. Ownership and Principal Holders

11. Subsequent Events

Other Information (Unaudited)

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

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

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

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

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0622 08/22

AZL^® MVP Moderate Index Strategy Fund

Semi-Annual Report

June 30, 2022

(Unaudited)

LOGO

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Page 2

Page 3

Page 3

Page 4

Page 5

Page 6

Statement Regarding the Trust’s Liquidity Risk Management Program

Page 11

Page 12

AZL MVP Moderate Index Strategy Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 1/1/22			Ending Account Value 6/30/22			Expenses Paid During Period 1/1/22 - 6/30/22*			Annualized Expense Ratio During Period 1/1/22 - 6/30/22

AZL MVP Moderate Index Strategy Fund		$	1,000.00		$	843.90		$	0.59		0.13	%


	Beginning Account Value 1/1/22			Ending Account Value 6/30/22			Expenses Paid During Period 1/1/22 - 6/30/22*			Annualized Expense Ratio During Period 1/1/22 - 6/30/22

AZL MVP Moderate Index Strategy Fund		$	1,000.00		$	1,024.15		$	0.65		0.13	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets

Domestic Equity Funds		40.4	%

Fixed Income Fund		39.5

International Equity Fund		14.7


Total Investment Securities		94.6

Net other assets (liabilities)		5.4


Net Assets		100.0	%

AZL MVP Moderate Index Strategy Fund

Schedule of Portfolio Investments

June 30, 2022 (Unaudited)


Shares			Value
Affiliated Investment Companies (94.6%):
Domestic Equity Funds (40.4%):
	1,589,054	AZL Mid Cap Index Fund, Class 2	$	36,007,956
	5,879,449	AZL S&P 500 Index Fund, Class 2		114,531,664
	1,354,648	AZL Small Cap Stock Index Fund, Class 2		18,341,931

				168,881,551

Fixed Income Fund (39.5%):
	16,592,389	AZL Enhanced Bond Index Fund		165,094,269

International Equity Fund (14.7%):
	3,991,595	AZL International Index Fund, Class 2		61,151,233

	Total Affiliated Investment Companies (Cost $364,528,030)			395,127,053

	Total Investment Securities (Cost $364,528,030) — 94.6%			395,127,053
	Net other assets (liabilities) — 5.4%			22,582,003

	Net Assets — 100.0%		$	417,709,056

Percentages indicated are based on net assets as of June 30, 2022.

Futures Contracts

At June 30, 2022, the Fund’s open futures contracts were as follows:

Short Futures


Description	Expiration Date		Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)

S&P 500 Index E-Mini September Futures (U.S. Dollar)		9/16/22		361	$	(68,400,475	)	$	4,670,513

								$	4,670,513

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)

U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		9/21/22		75	$	8,889,844	$	15,895

							$	15,895

Total Net Futures Contracts							$	4,686,408

See accompanying notes to the financial statements.

AZL MVP Moderate Index Strategy Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:
Investments in affiliates, at cost	$	364,528,030

Investments in affiliates, at value	$	395,127,053
Deposit at broker for futures contracts collateral		22,842,540
Interest and dividends receivable		22,256
Receivable for affiliated investments sold		134,189
Prepaid expenses		1,357

Total Assets		418,127,395

Liabilities:
Cash overdraft		134,275
Payable for capital shares redeemed		221,805
Payable for variation margin on futures contracts		8,345
Manager fees payable		34,951
Administration fees payable		6,082
Custodian fees payable		146
Administrative and compliance services fees payable		386
Transfer agent fees payable		745
Trustee fees payable		3,334
Other accrued liabilities		8,270

Total Liabilities		418,339

Net Assets	$	417,709,056

Net Assets Consist of:
Paid in capital	$	381,841,081
Total distributable earnings		35,867,975

Net Assets	$	417,709,056

Shares of beneficial interest (unlimited number of shares authorized, no par value)		31,928,302
Net Asset Value (offering and redemption price per share)	$	13.08

Statement of Operations

For the Six Months Ended June 30, 2022

(Unaudited)


Investment Income:
Interest	$	59,349
Dividends from non-affiliates		1

Total Investment Income		59,350

Expenses:
Management fees		231,139
Administration fees		30,839
Custodian fees		734
Administrative and compliance services fees		2,820
Transfer agent fees		2,532
Trustee fees		11,128
Professional fees		9,542
Shareholder reports		6,290
Other expenses		3,064

Total expenses		298,088

Net Investment Income/(Loss)		(238,738	)

Net realized and Change in net unrealized gains/losses on investments:
Net realized gains/(losses) on affiliated underlying funds		3,689,433
Net realized gains/(losses) on futures contracts		(5,200,543	)
Change in net unrealized appreciation/depreciation on affiliated underlying funds		(82,151,633	)
Change in net unrealized appreciation/depreciation on futures contracts		4,347,303

Net realized and Change in net unrealized gains/losses on investments		(79,315,440	)

Change in Net Assets Resulting From Operations	$	(79,554,178	)

See accompanying notes to the financial statements.

AZL MVP Moderate Index Strategy Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2022				For the Year Ended December 31, 2021
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(238,738	)		$	4,035,970
Net realized gains/(losses) on investments			(1,511,110	)			41,148,740
Change in unrealized appreciation/depreciation on investments			(77,804,330	)			17,688,368

Change in net assets resulting from operations			(79,554,178	)			62,873,078

Distributions to Shareholders:
Distributions			—				(45,617,497	)

Change in net assets resulting from distributions to shareholders			—				(45,617,497	)

Capital Transactions:
Proceeds from shares issued			1,127,232				5,846,960
Proceeds from dividends reinvested			—				45,617,497
Value of shares redeemed			(27,835,925	)			(78,601,729	)

Change in net assets resulting from capital transactions			(26,708,693	)			(27,137,272	)

Change in net assets			(106,262,871	)			(9,881,691	)
Net Assets:
Beginning of period			523,971,927				533,853,618

End of period		$	417,709,056			$	523,971,927

Share Transactions:
Shares issued			78,371				367,334
Dividends reinvested			—				3,067,754
Shares redeemed			(1,952,101	)			(4,974,236	)

Change in shares			(1,873,730	)			(1,539,148	)

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

See accompanying notes to the financial statements.

AZL MVP Moderate Index Strategy Fund

Financial Highlights


	Six Months Ended June 30, 2022				Year Ended December 31, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017
	(Unaudited)

Net Asset Value, Beginning of Period		$	15.50			$	15.11			$	14.96			$	13.28			$	14.68			$	13.50

Investment Activities:
Net Investment Income/(Loss)			(0.01	)(a)			0.12	(a)			0.26	(a)			0.26	(a)			0.26				0.12
Net Realized and Unrealized Gains/(Losses) on Investments			(2.41	)			1.70				0.64				2.17				(1.00	)			1.64

Total from Investment Activities			(2.42	)			1.82				0.90				2.43				(0.74	)			1.76

Distributions to Shareholders From:
Net Investment Income			—				(0.30	)			(0.27	)			(0.32	)			(0.13	)			(0.24	)
Net Realized Gains			—				(1.13	)			(0.48	)			(0.43	)			(0.53	)			(0.34	)

Total Dividends			—				(1.43	)			(0.75	)			(0.75	)			(0.66	)			(0.58	)

Net Asset Value, End of Period		$	13.08			$	15.50			$	15.11			$	14.96			$	13.28			$	14.68

Total Return(b)			(15.61	)%(c)			12.46	%			6.44	%			18.64	%			(5.26	)%			13.21	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	417,709			$	523,972			$	533,854			$	534,298			$	489,072			$	551,868
Net Investment Income/(Loss)(d)			(0.10	)%			0.76	%			1.83	%			1.77	%			1.73	%			0.73	%
Expenses Before Reductions*(d)(e)			0.13	%			0.13	%			0.13	%			0.13	%			0.13	%			0.12	%
Expenses Net of Reductions*(d)			0.13	%			0.13	%			0.13	%			0.13	%			0.13	%			0.12	%
Portfolio Turnover Rate			—	(c)(f)			6	%			18	%			5	%			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)	Not annualized for periods less than one year.

(d)	Annualized for periods less than one year.

(e)	Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(f)	Represents less than 0.5%.

See accompanying notes to the financial statements.

AZL MVP Moderate Index Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies”. The Trust consists of 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Moderate Index Strategy Fund (the “Fund”), and 11 are presented in separate reports. The Fund is a diversified series of the Trust.

2. Significant Accounting Policies

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

Investment Transactions and Investment Income

Distributions to Shareholders

Expense Allocation

Affiliated Securities Transactions

Derivative Instruments

AZL MVP Moderate Index Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

include (a) derivatives such as index futures, other futures contracts, options, and other similar securities and (b) cash, money market equivalents, short-term debt instruments, money market funds, and short-term debt funds to satisfy all applicable margin requirements and to provide additional portfolio liquidity to satisfy large redemptions and any margin calls. Due to the leverage provided by derivatives, the notional value of the Fund’s derivative positions could exceed 20% of the Fund’s value. The Fund may also use futures to gain equity exposure and may hold cash as a buffer in the event of market shocks.

Futures Contracts

During the period ended June 30, 2022, the Fund invested in futures contracts to reduce volatility and limit the need to decrease or increase allocations to underlying funds. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”), if any, is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the period ended June 30, 2022, the monthly average notional amount for long contracts was $13.7 million, and the monthly average notional amount for short contracts was $25.3 million. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2022:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total
Value

Statement of Assets and Liabilities Location

Total
Value

Equity Risk

Futures Contracts

Receivable for variation margin on futures contracts*

4,670,513

Payable for variation margin on futures contracts*

—

Interest Rate Risk

Futures Contracts

Receivable for variation margin on futures contracts*

15,895

Payable for variation margin on futures contracts*

—

For futures contracts, the amounts represent the cumulative appreciation/depreciation of these futures contracts as reported in the Schedule of Portfolio Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities as variation margin on futures contracts.

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2022:


Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized			Change in Net Unrealized Appreciation/Depreciation on Derivatives Recognized

Equity Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts	$	(4,505,819	)	$	4,440,765

Interest Rate Risk

Futures Contracts	Net realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts		(694,724	)		(93,462	)

3. Fees and Transactions with Affiliates and Other Parties

For the period ended June 30, 2022, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit

AZL MVP Moderate Index Strategy Fund		0.10	%		0.15	%

AZL MVP Moderate Index Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)


	Value 12/31/2021			Purchases at Cost			Proceeds from Sales				Net Realized Gains(Losses)				Change in Net Unrealized Appreciation/ Depreciation				Value 6/30/2022			Shares as of 6/30/2022		Dividend Income			Net Realized Gains Distributions from Affiliated Underlying Funds

AZL Enhanced Bond Index Fund		$	195,344,854					$	(9,359,212	)		$	(1,161,036	)		$	(19,730,337	)		$	165,094,269		16,592,389		$	—		$	—
AZL International Index Fund, Class 2			79,559,857						(3,691,498	)			623,615				(15,340,741	)			61,151,233		3,991,595			—			—
AZL Mid Cap Index Fund, Class 2			48,455,219						(3,332,776	)			849,031				(9,963,518	)			36,007,956		1,589,054			—			—
AZL S&P 500 Index Fund, Class 2			150,357,182			630,347			(7,227,185	)			3,087,472				(32,316,152	)			114,531,664		5,879,449			—			—
AZL Small Cap Stock Index Fund, Class 2			24,282,630			—			(1,430,165	)			290,351				(4,800,885	)			18,341,931		1,354,648			—			—

		$	497,999,742		$	630,347		$	(25,040,836	)		$	3,689,433			$	(82,151,633	)		$	395,127,053		29,407,135		$	—		$	—

4. Investment Valuation Summary

●

Level 1— quoted prices in active markets for identical assets

●

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

●

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

The following is a summary of the valuation inputs used as of June 30, 2022 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total
Affiliated Investment Companies		$	395,127,053		$	—		$	—		$	395,127,053

Total Investment Securities			395,127,053			—			—			395,127,053

Other Financial Instruments:*
Futures Contracts			4,686,408			—			—			4,686,408

Total Investments		$	399,813,461		$	—		$	—		$	399,813,461

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

AZL MVP Moderate Index Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

5. Security Purchases and Sales

For the period ended June 30, 2022, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales

AZL MVP Moderate Index Strategy Fund		$	630,348		$	25,040,838

6. Investment Risks

7. Coronavirus (COVID-19) Pandemic

8. Recent Regulatory Pronouncements

9. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at December 31, 2021 was $387,925,326. The gross unrealized appreciation/(depreciation) on a tax basis was as follows:


Unrealized appreciation	$	110,074,416
Unrealized (depreciation)		—

Net unrealized appreciation/(depreciation)	$	110,074,416

AZL MVP Moderate Index Strategy Fund

Notes to the Financial Statements

June 30, 2022 (Unaudited)

The tax character of dividends paid to shareholders during the year ended December 31, 2021 was as follows:


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

AZL MVP Moderate Index Strategy Fund		$	24,370,056		$	21,247,441		$	45,617,497

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

At December 31, 2021, the components of accumulated earnings on a tax basis were as follows:


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

AZL MVP Moderate Index Strategy Fund		$	23,583,930		$	21,582,585		$	—		$	110,074,416		$	155,240,931

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

10. Ownership and Principal Holders

11. Subsequent Events

Other Information (Unaudited)

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

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

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

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

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The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0622 08/22

AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund

Semi-Annual Report

June 30, 2022

(Unaudited)

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