AZL

Balanced

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

1

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2024

.

Shares

Value

Affiliated

Investment

Companies

(100.0%):

Domestic

Equity

Funds

(38.4%):

1,191,880

AZL

Mid

Cap

Index

Fund,

Class

2

$

27,806,568‌

4,170,069

AZL

S&P

500

Index

Fund,

Class

2

92,909,142‌

1,149,240

AZL

Small

Cap

Stock

Index

Fund,

Class

2

14,376,992‌

135,092,702‌

1‌

Fixed

Income

Fund

(48.9%):

17,652,654

AZL

Enhanced

Bond

Index

Fund

172,113,381‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(12.7%):

2,429,338

AZL

International

Index

Fund,

Class

2

$

44,772,700‌

Total

Affiliated

Investment

Companies

(Cost

$274,597,292)

351,978,783‌

Total

Investment

Securities

(Cost

$274,597,292)

—

100.0%

351,978,783‌

Net

other

assets

(liabilities)

—

0.0%

†

(163,029‌)

Net

Assets

—

100.0%

$

351,815,754‌

†

Represents

less

than

0.05%.

AZL

DFA

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

2

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2024

.

Shares

Value

Affiliated

Investment

Companies

(100.1%):

Domestic

Equity

Funds

(48.8%):

17,728,737

AZL

DFA

U.S.

Core

Equity

Fund

$

276,036,442

7,007,886

AZL

DFA

U.S.

Small

Cap

Fund

74,704,066

350,740,508

1

Fixed

Income

Fund

(39.1%):

28,819,753

AZL

Enhanced

Bond

Index

Fund

280,992,590

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(12.2%):

8,176,458

AZL

DFA

International

Core

Equity

Fund

$

87,569,861

Total

Affiliated

Investment

Companies

(Cost

$591,911,355)

719,302,959

Total

Investment

Securities

(Cost

$591,911,355)

—

100.1%

719,302,959

Net

other

assets

(liabilities)

—

(0.1)%

(599,802)

Net

Assets

—

100.0%

$

718,703,157

AZL

MVP

Balanced

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

3

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2024

.

Shares

Value

Affiliated

Investment

Companies

(95.1%):

Domestic

Equity

Funds

(35.7%):

2,662,482

AZL

Mid

Cap

Index

Fund,

Class

2

$

62,115,701‌

8,523,006

AZL

S&P

500

Index

Fund,

Class

2

189,892,579‌

2,609,438

AZL

Small

Cap

Stock

Index

Fund,

Class

2

32,644,064‌

284,652,344‌

Fixed

Income

Fund

(46.7%):

38,276,424

AZL

Enhanced

Bond

Index

Fund

373,195,133‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(12.7%):

5,485,049

AZL

International

Index

Fund,

Class

2

$

101,089,454‌

Total

Affiliated

Investment

Companies

(Cost

$689,000,792)

758,936,931‌

Total

Investment

Securities

(Cost

$689,000,792)

—

95.1%

758,936,931‌

Net

other

assets

(liabilities)

—

4.9%

39,430,813‌

Net

Assets

—

100.0%

$

798,367,744‌

Futures

Contracts

At

March

31,

2024,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

June

Futures

(U.S.

Dollar)

6/21/24

75

$

19,906,875‌

$

455,432‌

U.S.

Treasury

10-Year

Note

June

Futures

(U.S.

Dollar)

6/18/24

180

19,943,438‌

117,942‌

$

573,374‌

AZL

MVP

DFA

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

4

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2024

.

Shares

Value

Affiliated

Investment

Companies

(95.1%):

Domestic

Equity

Funds

(45.7%):

32,113,677

AZL

DFA

U.S.

Core

Equity

Fund

$

500,009,944‌

13,742,497

AZL

DFA

U.S.

Small

Cap

Fund

146,495,021‌

646,504,965‌

1‌

Fixed

Income

Fund

(37.2%):

53,880,731

AZL

Enhanced

Bond

Index

Fund

525,337,124‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(12.2%):

16,081,068

AZL

DFA

International

Core

Equity

Fund

$

172,228,238‌

Total

Affiliated

Investment

Companies

(Cost

$1,199,379,691)

1,344,070,327‌

Total

Investment

Securities

(Cost

$1,199,379,691)

—

95.1%

1,344,070,327‌

Net

other

assets

(liabilities)

—

4.9%

69,774,213‌

Net

Assets

—

100.0%

$

1,413,844,540‌

Futures

Contracts

At

March

31,

2024,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

June

Futures

(U.S.

Dollar)

6/21/24

159

$

42,202,575‌

$

973,174‌

U.S.

Treasury

10-Year

Note

June

Futures

(U.S.

Dollar)

6/18/24

254

28,142,406‌

166,508‌

$

1,139,682‌

AZL

MVP

FIAM

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

5

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2024

.

Shares

Value

Affiliated

Investment

Company

(95.0%):

Balanced

Funds

(95.0%):

21,465,303

AZL

Fidelity

Institutional

Asset

Management

Multi-

Strategy

Fund,

Class

2

$

310,817,583

Total

Affiliated

Investment

Company

(Cost

$264,549,114)

310,817,583

Total

Investment

Securities

(Cost

$264,549,114)

—

95.0%

310,817,583

Net

other

assets

(liabilities)

—

5.0%

16,254,563

Net

Assets

—

100.0%

$

327,072,146

Futures

Contracts

At

March

31,

2024,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

June

Futures

(U.S.

Dollar)

6/21/24

24

$

6,370,200‌

$

137,259‌

U.S.

Treasury

10-Year

Note

June

Futures

(U.S.

Dollar)

6/18/24

88

9,750,125‌

53,892‌

$

191,151‌

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

6

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2024

.

Shares

Value

Common

Stocks

(0.0%

†

):

Health

Care

Providers

&

Services

(0.0%

†

):

145,123

Grand

Rounds,

Inc.,

Series

C(a)(b)

$

133,513

Paper

&

Forest

Products

(0.0%

†

):

386,370

Quintis

Pty,

Ltd.(a)(b)

3

Total

Common

Stocks

(Cost

$653,278)

133,516

Private

Placements

(0.0%

†

):

Household

Durables

(0.0%

†

):

23,389

Jawbone,

0.00%(a)(b)

—

Software

(0.0%

†

):

5,547

Lookout,

Inc.,

0.00%(a)(b)

7,710

63,925

Lookout,

Inc.,

Series

F,

Preferred

Shares,

0.00%(a)

(b)

176,433

184,143

Total

Private

Placements

(Cost

$485,378)

184,143

Principal

Amount

Convertible

Bond

(0.0%

†

):

Food

Products

(0.0%

†

):

$

400,000

REI

Agro,

Ltd.,

Registered

Shares,

5.50%,

12/8/19(a)(b)(c)

—

Principal

Amount

Value

Convertible

Bond,

continued

Food

Products,

continued

Total

Convertible

Bond

(Cost

$—)

$

—

Corporate

Bonds

(0.0%

†

):

Paper

&

Forest

Products

(0.0%

†

):

$

52,331

Quintis

Australia

Pty,

Ltd.,

7.50%,

10/1/26,

Callable

5/6/24

@

101.88(a)(b)

11,513

730,672

Quintis

Australia

Pty,

Ltd.,

0.00%,

10/1/28,

Callable

5/6/24

@

100(a)(b)

—

Total

Corporate

Bonds

(Cost

$783,003)

11,513

Shares

Affiliated

Investment

Companies

(95.0%):

Fixed

Income

Fund

(47.1%):

24,259,455

AZL

Enhanced

Bond

Index

Fund

236,529,683

International

Equity

Fund

(47.9%):

14,561,167

AZL

MSCI

Global

Equity

Index

Fund,

Class

2

240,841,701

Total

Affiliated

Investment

Companies

(Cost

$425,224,229)

477,371,384

Total

Investment

Securities

(Cost

$427,145,888)

—

95.0%

477,700,556

Net

other

assets

(liabilities)

—

5.0%

24,995,914

Net

Assets

—

100.0%

$

502,696,470

†

Represents

less

than

0.05%.

(a)

Rule

144A,

Section

4(2)

or

other

security

which

is

restricted

to

resale

to

institutional

investors.

(b)

Security

was

valued

using

significant

unobservable

inputs

as

of

March

31,

2024.

(c)

Defaulted

bond.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Futures

Contracts

At

March

31,

2024,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

June

Futures

(U.S.

Dollar)

6/21/24

47

$

12,474,975‌

$

289,024‌

U.S.

Treasury

10-Year

Note

June

Futures

(U.S.

Dollar)

6/18/24

113

12,520,047‌

73,976‌

$

363,000‌

AZL

MVP

Growth

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

7

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2024

.

Shares

Value

Affiliated

Investment

Companies

(95.0%):

Domestic

Equity

Funds

(52.9%):

9,793,483

AZL

Mid

Cap

Index

Fund,

Class

2

$

228,481,949‌

32,738,553

AZL

S&P

500

Index

Fund,

Class

2

729,414,970‌

9,069,738

AZL

Small

Cap

Stock

Index

Fund,

Class

2

113,462,422‌

1,071,359,341‌

1‌

Fixed

Income

Fund

(23.0%):

47,692,707

AZL

Enhanced

Bond

Index

Fund

465,003,893‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(19.1%):

21,014,350

AZL

International

Index

Fund,

Class

2

$

387,294,477‌

Total

Affiliated

Investment

Companies

(Cost

$1,461,887,138)

1,923,657,711‌

Total

Investment

Securities

(Cost

$1,461,887,138)

—

95.0%

1,923,657,711‌

Net

other

assets

(liabilities)

—

5.0%

100,265,548‌

Net

Assets

—

100.0%

$

2,023,923,259‌

Futures

Contracts

At

March

31,

2024,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

June

Futures

(U.S.

Dollar)

6/21/24

285

$

75,646,125‌

$

1,746,405‌

U.S.

Treasury

10-Year

Note

June

Futures

(U.S.

Dollar)

6/18/24

228

25,261,688‌

149,152‌

$

1,895,557‌

AZL

MVP

Moderate

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

8

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

March

31,

2024

.

Shares

Value

Affiliated

Investment

Companies

(95.1%):

Domestic

Equity

Funds

(42.5%):

1,483,415

AZL

Mid

Cap

Index

Fund,

Class

2

$

34,608,069‌

4,849,828

AZL

S&P

500

Index

Fund,

Class

2

108,054,164‌

1,394,423

AZL

Small

Cap

Stock

Index

Fund,

Class

2

17,444,235‌

160,106,468‌

1‌

Fixed

Income

Fund

(37.5%):

14,462,034

AZL

Enhanced

Bond

Index

Fund

141,004,835‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(15.1%):

3,084,234

AZL

International

Index

Fund,

Class

2

$

56,842,427‌

Total

Affiliated

Investment

Companies

(Cost

$306,605,032)

357,953,730‌

Total

Investment

Securities

(Cost

$306,605,032)

—

95.1%

357,953,730‌

Net

other

assets

(liabilities)

—

4.9%

18,637,450‌

Net

Assets

—

100.0%

$

376,591,180‌

Futures

Contracts

At

March

31,

2024,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

June

Futures

(U.S.

Dollar)

6/21/24

42

$

11,147,850‌

$

258,277‌

U.S.

Treasury

10-Year

Note

June

Futures

(U.S.

Dollar)

6/18/24

67

7,423,391‌

44,404‌

$

302,681‌

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Schedule

of

Portfolio

Investments

March

31,

2024

(Unaudited)

9

See

accompanying

notes

to

the

schedules

of

portfolio

investments.

Percentages

indicated

are

based

on

net

assets

as

of

September

30,

2023

.

Shares

Value

Affiliated

Investment

Companies

(95.0%):

Domestic

Equity

Funds

(77.0%):

15,677,058

AZL

S&P

500

Index

Fund,

Class

2

$

299,118,269‌

31,177,385

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

554,957,453‌

854,075,722‌

1‌

Shares

Value

Affiliated

Investment

Companies,

continued

Fixed

Income

Fund

(18.0%):

21,359,096

AZL

Enhanced

Bond

Index

Fund

$

199,921,136‌

Total

Affiliated

Investment

Companies

(Cost

$947,369,458)

1,053,996,858‌

Total

Investment

Securities

(Cost

$947,369,458)

—

95.0%

1,053,996,858‌

Net

other

assets

(liabilities)

—

5.0%

55,056,477‌

Net

Assets

—

100.0%

$

1,109,053,335‌

Futures

Contracts

At

September

30,

2023,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

December

Futures

(U.S.

Dollar)

12/15/23

152

$

32,873,800‌

$

(1,384,054‌)

U.S.

Treasury

10-Year

Note

December

Futures

(U.S.

Dollar)

12/19/23

205

22,152,813‌

(416,368‌)

$

(1,800,422‌)

ALLIANZ

VARIABLE

INSURANCE

PRODUCTS

FUND

OF

FUND

TRUST

NOTES

TO

THE

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2024

(Unaudited)

10

1.

Related

Party

Transactions

Allianz

Investment

Management

LLC

(the

“Manager”)

or

an

affiliate

of

the

Manager

serves

as

the

investment

adviser

of

certain

underlying

funds

in

which

each

Fund

invests.

At

March

31,

2024,

the

following

investments

in

underlying

funds

are

noted

as

Affiliated

Investment

Companies

in

each

Fund’s

Schedule

of

Portfolio

Investments.

Value

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

03/31/24

Shares

as

of

03/31/24

AZL

Balanced

Index

Strategy

Fund

AZL

Enhanced

Bond

Index

Fund

$

173,548,020

$ 

1,012,818

$

(1,211,622

)

$ 

(227,507

)

$ 

(1,008,328

)

$

172,113,381

17,652,654

AZL

International

Index

Fund,

Class

2

43,789,066

—

(1,450,705

)

343,896

2,090,443

44,772,700

2,429,338

AZL

Mid

Cap

Index

Fund,

Class

2

26,067,425

5,545

(796,031

)

132,457

2,397,172

27,806,568

1,191,880

AZL

S&P

500

Index

Fund,

Class

2

90,517,098

—

(6,655,664

)

1,336,771

7,710,937

92,909,142

4,170,069

AZL

Small

Cap

Stock

Index

Fund,

Class

2

13,921,104

171,372

(31,118

)

1,945

313,689

14,376,992

1,149,240

$

347,842,713

$ 

1,189,735

$

(10,145,140‌)

$ 

1,587,562

$ 

11,503,913

$

351,978,783

26,593,181

Value

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

03/31/24

Shares

as

of

03/31/24

AZL

DFA

Multi-Strategy

Fund

AZL

DFA

International

Core

Equity

Fund

$

87,850,444

$ 

—

$

(3,906,112

)

$ 

182,715

$ 

3,442,814

$

87,569,861

8,176,458

AZL

DFA

U.S.

Core

Equity

Fund

274,015,735

—

(23,433,805

)

4,401,132

21,053,380

276,036,442

17,728,737

AZL

DFA

U.S.

Small

Cap

Fund

72,497,188

—

(880,226

)

22,504

3,064,600

74,704,066

7,007,886

AZL

Enhanced

Bond

Index

Fund

284,522,638

48,474

(1,546,678

)

34,358

(2,066,202

)

280,992,590

28,819,753

$

718,886,005

$ 

48,474

$

(29,766,821

)

$ 

4,640,709

$ 

25,494,592

$

719,302,959

61,732,834

Value

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

03/31/24

Shares

as

of

03/31/24

AZL

MVP

Balanced

Index

Strategy

Fund

AZL

Enhanced

Bond

Index

Fund

$

379,598,130

$

—

$

(3,691,430

)

$

(467,564

)

$

(2,244,003

)

$

373,195,133

38,276,424

AZL

International

Index

Fund,

Class

2

100,669,805

—

(5,117,472

)

1,161,965

4,375,156

101,089,454

5,485,049

AZL

Mid

Cap

Index

Fund,

Class

2

59,781,515

—

(3,410,570

)

639,979

5,104,777

62,115,701

2,662,482

AZL

S&P

500

Index

Fund,

Class

2

188,108,697

—

(16,902,368

)

8,534,449

10,151,801

189,892,579

8,523,006

AZL

Small

Cap

Stock

Index

Fund,

Class

2

31,988,605

—

(47,485

)

4,933

698,011

32,644,064

2,609,438

$

760,146,752

$

—

$

(29,169,325

)

$

9,873,762

$

18,085,742

$

758,936,931

57,556,399

Value

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

03/31/24

Shares

as

of

03/31/24

AZL

MVP

DFA

Multi-Strategy

Fund

AZL

DFA

International

Core

Equity

Fund

$

172,336,936

$

—

$

(7,244,024

)

$

388,443

$

6,746,883

$

172,228,238

16,081,068

AZL

DFA

U.S.

Core

Equity

Fund

496,376,149

—

(42,490,945

)

6,799,223

39,325,517

500,009,944

32,113,677

AZL

DFA

U.S.

Small

Cap

Fund

142,122,745

—

(1,702,961

)

125,203

5,950,034

146,495,021

13,742,497

AZL

Enhanced

Bond

Index

Fund

533,362,197

—

(4,210,096

)

8,651

(3,823,628

)

525,337,124

53,880,731

$

1,344,198,027

$

—

$

(55,648,026

)

$

7,321,520

$

48,198,806

$

1,344,070,327

115,817,973

ALLIANZ

VARIABLE

INSURANCE

PRODUCTS

FUND

OF

FUND

TRUST

NOTES

TO

THE

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2024

(Unaudited)

11

Value

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

03/31/24

Shares

as

of

03/31/24

AZL

MVP

FIAM

Multi-Strategy

Fund

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund,

Class

2

$

315,196,873

$

195,630

$

(17,944,457

)

$

1,926,528

$

11,443,009

$

310,817,583

21,465,303

Value

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

03/31/24

Shares

as

of

03/31/24

AZL

MVP

Global

Balanced

Index

Strategy

Fund

AZL

Enhanced

Bond

Index

Fund

$

240,085,173

$

—

$

(1,843,018

)

$

(275,320

)

$

(1,437,152

)

$

236,529,683

24,259,455

AZL

MSCI

Global

Equity

Index

Fund,

Class

2

240,613,096

—

(20,114,977

)

3,320,732

17,022

,850

240,841,701

14,561,167

$

480,698,269

$

—

$

(21,957,995

)

$

3,045,412

$

15,585,698

$

477,371,384

38,820,622

Value

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

03/31/24

Shares

as

of

03/31/24

AZL

MVP

Growth

Index

Strategy

Fund

AZL

Enhanced

Bond

Index

Fund

$

468,336,555

$

5,810

$

—

$

—

$

(3,338,472

)

$

465,003,893

47,692,707

AZL

International

Index

Fund,

Class

2

383,949,980

—

(17,799,109

)

3,267,713

17,875,893

387,294,477

21,014,350

AZL

Mid

Cap

Index

Fund,

Class

2

221,180,974

—

(13,855,861

)

1,599,761

19,557,075

228,481,949

9,793,483

AZL

S&P

500

Index

Fund,

Class

2

716,180,551

—

(58,173,202

)

12,102,653

59,304,968

729,414,970

32,738,553

AZL

Small

Cap

Stock

Index

Fund,

Class

2

111,350,115

—

(325,525

)

(17,321

)

2,455,153

113,462,422

9,069,738

$

1,900,998,175

$

5,810

$

(90,153,697

)

$

16,952,806

$

95,854,617

$

1,923,657,711

120,308,831

Value

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

03/31/24

Shares

as

of

03/31/24

AZL

MVP

Moderate

Index

Strategy

Fund

AZL

Enhanced

Bond

Index

Fund

$

143,722,342

$

—

$

(1,690,953

)

$

(250,680

)

$

(775,874

)

$

141,004,835

14,462,034

AZL

International

Index

Fund,

Class

2

57,364,131

—

(3,653,748

)

781,780

2,350,264

56,842,427

3,084,234

AZL

Mid

Cap

Index

Fund,

Class

2

34,145,133

—

(2,760,964

)

349,319

2,874,581

34,608,069

1,483,415

AZL

S&P

500

Index

Fund,

Class

2

108,346,748

—

(10,974,402

)

2,290,813

8,391,005

108,054,164

4,849,828

AZL

Small

Cap

Stock

Index

Fund,

Class

2

17,104,528

—

(35,585

)

(1,119

)

376,411

17,444,235

1,394,423

$

360,682,882

$

—

$

(19,115,652

)

$

3,170,113

$

13,216,387

$

357,953,730

25,273,934

Value

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Change

in

Net

Unrealized

Appreciation

(Depreciation)

Value

03/31/24

Shares

as

of

03/31/24

AZL

MVP

T.

Rowe

Capital

Appreciation

Plus

Fund

AZL

Enhanced

Bond

Index

Fund

$

208,826,331

$

328,014

$

(1,250,617

)

$

(288,694

)

$

(1,199,677

)

$

206,415,357

21,170,806

AZL

S&P

500

Index

Fund,

Class

2

313,370,744

—

(25,537,898

)

5,513,719

25,994,926

319,341,491

14,333,101

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

580,753,144

—

(20,304,136

)

334,756

28,497,401

589,281,165

34,200,880

$

1,102,950,219

$

328,014

$

(47,092,651

)

$

5,559,781

$

53,292,650

$

1,115,038,013

69,704,787

ALLIANZ

VARIABLE

INSURANCE

PRODUCTS

FUND

OF

FUND

TRUST

NOTES

TO

THE

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

March

31,

2024

(Unaudited)

12

2.

Restricted

Securities

A

restricted

security

is

a

security

which

has

been

purchased

through

a

private

offering

and

cannot

be

resold

to

the

general

public

without

prior

registration

under

the

Securities

Act

of

1933

(the

“1933

Act”)

or

pursuant

to

the

resale

limitations

provided

by

Rule

144A

under

the

1933

Act,

or

an

exemption

from

the

registration

requirements

of

the

1933

Act.

Whether

a

restricted

security

is

illiquid

is

determined

pursuant

to

guidelines

established

by

the

Trustees.

Not

all

restricted

securities

are

considered

illiquid.

The

illiquid

restricted

securities

held

as

of

March

31,

2024

are

identified

below.

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Security

Acquisition

Date

(a)

Acquisition

Cost

Shares

or

Principal

Amount

Value

Percentage

of

Net

Assets

Grand

Rounds,

Inc.,

Series

C

3/31/15

$

399,608‌

145,123‌

$

133

,

513‌

0.03%

Jawbone

1/24/17

–‌

23

,

389‌

–‌

0.00%

Lookout,

Inc.,

Series

F,

Preferred

Shares

9/19/14

481,99

4‌

63,925‌

176,433‌

0.04%

Lookout,

Inc.

3/4/15

3,384‌

5,547‌

7,710‌

0.00%

Quintis

Australia

Pty,

Ltd.,

7.50%,

10/1/26,

Callable

5/6/24

@

101.88

10/25/18

52,331‌

52,331‌

11

,

513‌

0.00%

Quintis

Australia

Pty,

Ltd.,

10/1/28,

Callable

5/6/24

@

100

10/25/18

730,672‌

730,672‌

–‌

0.00%

Quintis

Pty,

Ltd.

10/25/18

253

,

6

70‌

386,370‌

3‌

0.00%

REI

Agro,

Ltd.,

Registered

Shares,

5.50%,12/8/19

2/7/12

–‌

400,000‌

–‌

0.00%

(a)

Acquisition

date

represents

the

initial

purchase

date

of

the

security.