Form NPORT-P Allianz Variable Insuran For: Mar 31

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          0001301708
          XXXXXXXX
        
      
      
      
      
        S000049031
        C000154558
      
      
    
  
  
    
      Allianz Variable Insurance Products Fund of Funds Trust
      811-21624
      0001301708
      5493009QBW66HRLU7X87
      5701 Golden Hills Drive
      Minneapolis
      
      55416
      800-624-0197
      AZL MVP DFA Multi-Strategy Fund
      S000049031
      549300101JHPYK0F0486
      2022-12-31
      2022-03-31
      N
    
    
      93030055.41
      24804.76
      93005250.65
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      4325511.72
      
        
          USD
          
          
        
      
      
      
      N
      
        
          
        
        
          
            
            
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
    
    
      
        AZL DFA US Small Cap Fund
        N/A
        AZL DFA US SMALL CAP FUND CLASS 2
        018821314
        
          
        
        676665.52210000
        NS
        USD
        9513917.24000000
        10.22944099769
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        AZL DFA INTERNATIONAL CORE EQUITY FUND CLASS 2
        N/A
        AZL DFA INTERNATIONAL CORE EQUITY FUND CLASS 2
        018821322
        
          
        
        950255.81300000
        NS
        USD
        11127495.57000000
        11.96437350819
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        AZL DFA US Core Equity Fund
        N/A
        AZL DFA US CORE EQUITY FUND CLASS 2
        018821298
        
          
        
        2065210.81940000
        NS
        USD
        33497719.49000000
        36.01701974446
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        S P 500 EMINI FUTURE JUN22
        N/A
        S P 500 EMINI FUTURE JUN22
        N/A
        
          
          
        
        -9.00000000
        NC
        USD
        10831.37000000
        0.011645976893
        N/A
        DE
        
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              CHICAGO MERCANTILE EXCHANGE INC
              SNZ2OJLFK8MNNCLQOF39
            
            Short
            
              
                S&P 500 Future (e-Mini) Jun 2022
                ESM22
              
            
            2022-06-17
            -2049668.87000000
            USD
            10831.37000000
          
        
        
          N
          N
          N
        
      
      
        AZL DFA FIVE-YEAR GLOBAL FIXED INCOME FUND CLASS 2
        N/A
        AZL DFA FIVE-YEAR GLOBAL FIXED INCOME FUND
        018821280
        
          
        
        3824002.86690000
        NS
        USD
        34607225.95000000
        37.20997009108
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
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        United States of America
        N/A
        10 YEAR US TREASURY NOTE FUTURE JUN22
        N/A
        
          
        
        13.00000000
        NC
        USD
        -43688.39000000
        -0.04697411134
        N/A
        DIR
        
        US
        
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              BOARD OF TRADE OF THE CITY OF CHICAGO, INC.
              549300EX04Q2QBFQTQ27
            
            Long
            
              
                United States of America
                US 10 Year Treasury Note Future (consolidated) Jun 2022
                
                  
                  
                  
                
              
            
            2022-06-21
            1641063.39000000
            USD
            -43688.39000000
          
        
        
          N
          N
          N
        
      
    
    
      2022-05-02
      Allianz Variable Insurance Products Fund of Funds Trust
      Bashir C. Asad
      Bashir C. Asad
      Treasurer
    
  
  XXXX

AZL Balanced Index Strategy Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)


Shares		Value


Affiliated Investment Companies (99.9%):
Domestic Equity Funds (38.4%):
1,181,140	AZL Mid Cap Index Fund, Class 2	$	31,689,985
4,670,630	AZL S&P 500 Index Fund, Class 2		108,592,150
1,078,514	AZL Small Cap Stock Index Fund, Class 2		17,040,521

			157,322,656

Fixed Income Fund (49.1%):
19,169,175	AZL Enhanced Bond Index Fund		201,084,650

International Equity Fund (12.4%):
2,876,081	AZL International Index Fund, Class 2		50,820,352

Total Affiliated Investment Companies (Cost $307,757,877)			409,227,658

Total Investment Securities (Cost $307,757,877) - 99.9%			409,227,658
Net other assets (liabilities) - 0.1%			284,463

Net Assets - 100.0%			$409,512,121

Percentages indicated are based on net assets as of March 31, 2022.

See accompanying notes to the schedules of portfolio investments.

AZL DFA Multi-Strategy Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)


Shares		Value


Affiliated Investment Companies (100.0%):
Domestic Equity Funds (49.1%):
20,737,585	AZL DFA U.S. Core Equity Fund	$	336,363,630
6,288,024	AZL DFA U.S. Small Cap Fund		88,409,615

			424,773,245

Fixed Income Fund (39.0%):
37,225,275	AZL DFA Five-Year Global Fixed Income Fund		336,888,743
International Equity Fund (11.9%):
8,803,075	AZL DFA International Core Equity Fund		103,172,044

Total Affiliated Investment Companies (Cost $732,920,884)			864,834,032

Total Investment Securities (Cost $732,920,884) - 100.0%			864,834,032
Net other assets (liabilities) - 0.0%^†			(166,193)

Net Assets - 100.0%			$864,667,839

Percentages indicated are based on net assets as of March 31, 2022.

†	Represents less than 0.05%.

See accompanying notes to the schedules of portfolio investments.

AZL MVP Balanced Index Strategy Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)


Shares		Value


Affiliated Investment Companies (95.4%):
Domestic Equity Funds (35.9%):
859,887	AZL Mid Cap Index Fund, Class 2	$	23,070,765
3,049,147	AZL S&P 500 Index Fund, Class 2		70,892,659
773,887	AZL Small Cap Stock Index Fund, Class 2		12,227,415

			106,190,839

Fixed Income Fund (47.0%):
13,227,858	AZL Enhanced Bond Index Fund		138,760,230
International Equity Fund (12.5%):
2,086,316	AZL International Index Fund, Class 2		36,865,201

Total Affiliated Investment Companies (Cost $231,282,608)			281,816,270

Total Investment Securities (Cost $231,282,608) - 95.4%			281,816,270
Net other assets (liabilities) - 4.6%			13,554,546

Net Assets - 100.0%			$295,370,816

Percentages indicated are based on net assets as of March 31, 2022.

See accompanying notes to the schedules of portfolio investments.

AZL MVP Balanced Index Strategy Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)

Futures Contracts

At March 31, 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 June Futures (U.S. Dollar)	6/17/22	66	$	(14,951,475	)	$	(172,005	)

Long Futures
Description	Expiration Date	Number of Contracts	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note June Futures (U.S. Dollar)	6/21/22	54	$	6,635,250		$	(170,249	)


Total Net Futures Contracts						$	(342,254	)

See accompanying notes to the schedules of portfolio investments.

AZL MVP DFA Multi-Strategy Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)


Shares		Value


Affiliated Investment Companies (95.4%):
Domestic Equity Funds (46.2%):
2,061,873	AZL DFA U.S. Core Equity Fund	$	33,443,581
676,666	AZL DFA U.S. Small Cap Fund		9,513,917

			42,957,498

Fixed Income Fund (37.2%):
3,824,003	AZL DFA Five-Year Global Fixed Income Fund		34,607,226

International Equity Fund (12.0%):
950,256	AZL DFA International Core Equity Fund		11,136,998

Total Affiliated Investment Companies (Cost $75,199,656)			88,701,722

Total Investment Securities (Cost $75,199,656) - 95.4%			88,701,722
Net other assets (liabilities) - 4.6%			4,313,952

Net Assets - 100.0%			$93,015,674

Percentages indicated are based on net assets as of March 31, 2022.

See accompanying notes to the schedules of portfolio investments.

AZL MVP DFA Multi-Strategy Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)

Futures Contracts

At March 31, 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 June Futures (U.S. Dollar)	6/17/22	5	$	(1,132,688	)	$	20,612


Long Futures
Description	Expiration Date	Number of Contracts	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note June Futures (U.S. Dollar)	6/21/22	13	$	1,597,375		$	(43,688	)


Total Net Futures Contracts						$	(23,076	)

See accompanying notes to the schedules of portfolio investments.

AZL MVP FIAM Multi-Strategy Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)


Shares		Value


Affiliated Investment Company (96.0%):
Balanced Funds (96.0%):
14,111,949	AZL Fidelity Institutional Asset Management Multi-Strategy Fund	$	212,667,074

Total Affiliated Investment Company (Cost $174,868,585)			212,667,074

Total Investment Securities (Cost $174,868,585) - 96.0%			212,667,074
Net other assets (liabilities) - 4.0%			8,837,849

Net Assets - 100.0%			$221,504,923

Percentages indicated are based on net assets as of March 31, 2022.

See accompanying notes to the schedules of portfolio investments.

AZL MVP FIAM Multi-Strategy Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)

Futures Contracts

At March 31, 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 June Futures (U.S. Dollar)	6/17/22	63	$	(14,271,863	)	$	(620,442	)


Long Futures
Description	Expiration Date	Number of Contracts	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note June Futures (U.S. Dollar)	6/21/22	42	$	5,160,750		$	(135,987	)


Total Net Futures Contracts						$	(756,429	)

See accompanying notes to the schedules of portfolio investments.

AZL MVP Fusion Balanced Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)


Shares		Value


Affiliated Investment Companies (95.6%):
Domestic Equity Funds (33.2%):
1,163,502	AZL DFA U.S. Core Equity Fund	$	18,871,995
817,751	AZL DFA U.S. Small Cap Fund		11,497,574
969,457	AZL Gateway Fund		15,123,524
703,618	AZL Mid Cap Index Fund, Class 2		18,878,063
3,745,791	AZL Russell 1000 Growth Index Fund, Class 2		80,159,930
5,370,353	AZL Russell 1000 Value Index Fund, Class 2		81,307,150
720,994	AZL Small Cap Stock Index Fund, Class 2		11,391,710

			237,229,946

Fixed Income Funds (47.5%):
5,118,029	AZL Enhanced Bond Index Fund		53,688,121
7,121,215	AZL Fidelity Institutional Asset Management Total Bond Fund, Class 2		71,212,153
7,492,509	AZL MetWest Total Return Bond Fund		70,879,138
3,518,449	PIMCO VIT Income Portfolio		36,486,321
3,677,692	PIMCO VIT Low Duration Portfolio		36,335,598
7,048,284	PIMCO VIT Total Return Portfolio		70,835,249

			339,436,580

International Equity Funds (14.9%):
2,165,454	AZL DFA International Core Equity Fund		25,379,127
3,440,789	AZL International Index Fund, Class 2		60,798,738
2,822,820	AZL MSCI Emerging Markets Equity Index Fund, Class 2		20,719,499

			106,897,364

Total Affiliated Investment Companies (Cost $604,337,764)			683,563,890

Total Investment Securities (Cost $604,337,764) - 95.6%			683,563,890
Net other assets (liabilities) - 4.4%			31,498,892

Net Assets - 100.0%			$715,062,782

Percentages indicated are based on net assets as of March 31, 2022.

See accompanying notes to the schedules of portfolio investments.

AZL MVP Fusion Balanced Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)

Futures Contracts

At March 31, 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 June Futures (U.S. Dollar)	6/17/22	144	$	(32,621,400	)	$	(470,759	)

Long Futures
Description	Expiration Date	Number of Contracts	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note June Futures (U.S. Dollar)	6/21/22	127	$	15,605,125		$	(418,267	)

Total Net Futures Contracts						$	(889,026	)

See accompanying notes to the schedules of portfolio investments.

AZL MVP Fusion Conservative Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)


Shares		Value


Affiliated Investment Companies (95.3%):
Domestic Equity Funds (24.3%):
230,088	AZL DFA U.S. Core Equity Fund	$	3,732,029
150,727	AZL DFA U.S. Small Cap Fund		2,119,221
203,544	AZL Gateway Fund		3,175,283
157,844	AZL Mid Cap Index Fund, Class 2		4,234,944
783,118	AZL Russell 1000 Growth Index Fund, Class 2		16,758,730
1,107,656	AZL Russell 1000 Value Index Fund, Class 2		16,769,905
167,572	AZL Small Cap Stock Index Fund, Class 2		2,647,639

			49,437,751

Fixed Income Funds (61.6%):
1,888,277	AZL Enhanced Bond Index Fund		19,808,026
2,637,483	AZL Fidelity Institutional Asset Management Total Bond Fund, Class 2		26,374,834
2,776,302	AZL MetWest Total Return Bond Fund		26,263,820
1,189,210	PIMCO VIT Income Portfolio		12,332,112
1,438,085	PIMCO VIT Low Duration Portfolio		14,208,280
2,611,928	PIMCO VIT Total Return Portfolio		26,249,875

			125,236,947

International Equity Funds (9.4%):
433,236	AZL DFA International Core Equity Fund		5,077,523
631,303	AZL International Index Fund, Class 2		11,155,118
395,985	AZL MSCI Emerging Markets Equity Index Fund, Class 2		2,906,529

			19,139,170

Total Affiliated Investment Companies (Cost $182,511,110)			193,813,868

Total Investment Securities (Cost $182,511,110) - 95.3%			193,813,868
Net other assets (liabilities) - 4.7%			9,568,043

Net Assets - 100.0%			$203,381,911

Percentages indicated are based on net assets as of March 31, 2022.

See accompanying notes to the schedules of portfolio investments.

AZL MVP Fusion Conservative Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)

Futures Contracts

At March 31, 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 June Futures (U.S. Dollar)	6/17/22	17	$	(3,851,138	)	$	50,485

Long Futures
Description	Expiration Date	Number of Contracts	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note June Futures (U.S. Dollar)	6/21/22	50	$	6,143,750		$	(168,032	)


Total Net Futures Contracts						$	(117,547	)

See accompanying notes to the schedules of portfolio investments.

AZL MVP Fusion Moderate Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)


Shares		Value


Affiliated Investment Companies (95.6%):
Domestic Equity Funds (38.8%):
4,791,363	AZL DFA U.S. Core Equity Fund	$	77,715,914
2,229,908	AZL DFA U.S. Small Cap Fund		31,352,502
2,832,015	AZL Gateway Fund		44,179,436
2,272,884	AZL Mid Cap Index Fund, Class 2		60,981,488
9,322,813	AZL Russell 1000 Growth Index Fund, Class 2		199,508,191
13,405,325	AZL Russell 1000 Value Index Fund, Class 2		202,956,626
1,967,394	AZL Small Cap Stock Index Fund, Class 2		31,084,831

			647,778,988

Fixed Income Funds (37.9%):
9,972,938	AZL Enhanced Bond Index Fund		104,616,121
13,719,211	AZL Fidelity Institutional Asset Management Total Bond Fund, Class 2		137,192,108
14,434,523	AZL MetWest Total Return Bond Fund		136,550,590
6,577,900	PIMCO VIT Income Portfolio		68,212,822
5,137,548	PIMCO VIT Low Duration Portfolio		50,758,974
13,578,695	PIMCO VIT Total Return Portfolio		136,465,887

			633,796,502

International Equity Funds (18.9%):
7,195,092	AZL DFA International Core Equity Fund		84,326,482
9,449,308	AZL International Index Fund, Class 2		166,969,273
8,728,162	AZL MSCI Emerging Markets Equity Index Fund, Class 2		64,064,712

			315,360,467

Total Affiliated Investment Companies (Cost $1,369,768,993)			1,596,935,957

Total Investment Securities (Cost $1,369,768,993) - 95.6%			1,596,935,957
Net other assets (liabilities) - 4.4%			73,803,286

Net Assets - 100.0%			$1,670,739,243

Percentages indicated are based on net assets as of March 31, 2022.

See accompanying notes to the schedules of portfolio investments.

AZL MVP Fusion Moderate Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)

Futures Contracts

At March 31, 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 June Futures (U.S. Dollar)	6/17/22	303	$	(68,640,863	)	$	(674,979	)

Long Futures
Description	Expiration Date	Number of Contracts	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note June Futures (U.S. Dollar)	6/21/22	238	$	29,244,250		$	(780,238	)


Total Net Futures Contracts						$	(1,455,217	)

See accompanying notes to the schedules of portfolio investments.

AZL MVP Global Balanced Index Strategy Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)


Shares		Value


Common Stocks (0.1%):
Materials (0.1%):
145,123	Project Barkley*(a)(b)	$	297,502

Paper & Forest Products (0.0%^†):
386,370	Quintis Pty, Ltd.*(a)(b)		34,685

Total Common Stocks (Cost $653,277)			332,187


Principal Amount		Value


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)		60,351
63,925	Lookout, Inc. Preferred Shares, Series F, 0.00%(a)(b)		695,504

Total Private Placements (Cost $485,378)			755,855


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 $—)			—


Corporate Bonds (0.1%):
Paper & Forest Products (0.1%):
50,319	Quintis Pty, Ltd., 7.50%, 10/1/26, Callable 5/13/22 @ 105.63(a)(b)		50,319
730,672	Quintis Pty, Ltd., 0.00%, 10/1/28, Callable 5/13/22 @ 96(a)(b)		730,672

Total Corporate Bonds (Cost $780,991)			780,991


Shares		Value


Affiliated Investment Companies (95.3%):
Fixed Income Fund (47.0%):
28,218,949	AZL Enhanced Bond Index Fund		296,016,780
International Equity Funds (48.3%):
4,151,321	AZL MSCI Emerging Markets Equity Index Fund, Class 2		30,470,697
17,233,401	AZL MSCI Global Equity Index Fund		274,183,403

			304,654,100

Total Affiliated Investment Companies (Cost $535,811,619)			600,670,880


Total Investment Securities (Cost $537,731,265) - 95.6%			602,539,913
Net other assets (liabilities) - 4.4%			27,798,821


Net Assets - 100.0%		$	630,338,734

Percentages indicated are based on net assets as of March 31, 2022.

*	Non-income producing security.

†	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 March 31, 2022. The total of all such securities represents 0.30% 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 March 31, 2022, these securities represent 0.30% of the net assets of the fund.

(c)	Defaulted bond.

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

See accompanying notes to the schedules of portfolio investments.

AZL MVP Global Balanced Index Strategy Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)

Futures Contracts

At March 31, 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 June Futures (U.S. Dollar)	6/17/22	143	$	(32,394,863	)	$	(500,280	)

Long Futures
Description	Expiration Date	Number of Contracts	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note June Futures (U.S. Dollar)	6/21/22	111	$	13,639,125		$	(364,497	)


Total Net Futures Contracts						$	(864,777	)

See accompanying notes to the schedules of portfolio investments.

AZL MVP Growth Index Strategy Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)


Shares		Value


Affiliated Investment Companies (96.2%):
Domestic Equity Funds (54.1%):
10,174,707	AZL Mid Cap Index Fund, Class 2	$	272,987,401
37,976,503	AZL S&P 500 Index Fund, Class 2		882,953,689
8,615,198	AZL Small Cap Stock Index Fund, Class 2		136,120,129

			1,292,061,219

Fixed Income Fund (22.9%):
52,157,658	AZL Enhanced Bond Index Fund		547,133,834

International Equity Fund (19.2%):
25,888,811	AZL International Index Fund, Class 2		457,455,292

Total Affiliated Investment Companies (Cost $1,689,178,188)			2,296,650,345

Total Investment Securities (Cost $1,689,178,188) - 96.2%			2,296,650,345
Net other assets (liabilities) - 3.8%			91,717,891

Net Assets - 100.0%			$2,388,368,236

Percentages indicated are based on net assets as of March 31, 2022.

See accompanying notes to the schedules of portfolio investments.

AZL MVP Growth Index Strategy Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)

Futures Contracts

At March 31, 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 June Futures (U.S. Dollar)	6/17/22	1,801	$	(407,994,038	)	$	(17,277,338	)

Long Futures
Description	Expiration Date	Number of Contracts	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note June Futures (U.S. Dollar)	6/21/22	175	$	21,503,125		$	(514,280	)


Total Net Futures Contracts						$	(17,791,618	)

See accompanying notes to the schedules of portfolio investments.

AZL MVP Moderate Index Strategy Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)


Shares		Value


Affiliated Investment Companies (95.7%):
Domestic Equity Funds (43.3%):
1,651,190	AZL Mid Cap Index Fund, Class 2	$	44,301,428
5,984,237	AZL S&P 500 Index Fund, Class 2		139,133,508
1,400,555	AZL Small Cap Stock Index Fund, Class 2		22,128,774

			205,563,710

Fixed Income Fund (37.4%):
16,930,814	AZL Enhanced Bond Index Fund		177,604,239

International Equity Fund (15.0%):
4,041,521	AZL International Index Fund, Class 2		71,413,675

Total Affiliated Investment Companies (Cost $372,362,738)			454,581,624

Total Investment Securities (Cost $372,362,738) - 95.7%			454,581,624
Net other assets (liabilities) - 4.3%			20,324,132

Net Assets - 100.0%			$474,905,756

Percentages indicated are based on net assets as of March 31, 2022.

See accompanying notes to the schedules of portfolio investments.

AZL MVP Moderate Index Strategy Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)

Futures Contracts

At March 31, 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 June Futures (U.S. Dollar)	6/17/22	114	$	(25,825,275	)	$	(356,017	)


Long Futures
Description	Expiration Date	Number of Contracts	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note June Futures (U.S. Dollar)	6/21/22	65	$	7,986,875		$	(207,243	)


Total Net Futures Contracts						$	(563,260	)

See accompanying notes to the schedules of portfolio investments.

AZL MVP T. Rowe Price Capital Appreciation Plus Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)


Shares		Value


Affiliated Investment Companies (96.2%):
Domestic Equity Funds (80.1%):
16,672,984	AZL S&P 500 Index Fund, Class 2	$	387,646,866
33,212,898	AZL T. Rowe Price Capital Appreciation Fund		706,770,471

			1,094,417,337

Fixed Income Fund (16.1%):
20,952,337	AZL Enhanced Bond Index Fund		219,790,015

Total Affiliated Investment Companies (Cost $1,017,534,298)			1,314,207,352

Total Investment Securities (Cost $1,017,534,298) - 96.2%			1,314,207,352
Net other assets (liabilities) - 3.8%			51,905,484

Net Assets - 100.0%			$1,366,112,836

Percentages indicated are based on net assets as of March 31, 2022.

See accompanying notes to the schedules of portfolio investments.

AZL MVP T. Rowe Price Capital Appreciation Plus Fund

Schedule of Portfolio Investments

March 31, 2022 (Unaudited)

Futures Contracts

At March 31, 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 June Futures (U.S. Dollar)	6/17/22	649	$	(147,022,838	)	$	(6,459,676	)

Long Futures
Description	Expiration Date	Number of Contracts	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note June Futures (U.S. Dollar)	6/21/22	163	$	20,028,625		$	(501,304	)


Total Net Futures Contracts						$	(6,960,980	)

See accompanying notes to the schedules of portfolio investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2022 (Unaudited)

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, 2022, the following investments in underlying funds are noted as Affiliated Investment Companies in each Fund’s Schedule of Portfolio Investments.

Allianz Funds

3/31/2022

Affiliated Holdings Disclosure


	Value 12/31/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gains(Losses)			Change in Net Unrealized Appreciation/ Depreciation			Value 3/31/2022		Shares as of 3/31/2022
AZL Balanced Index Strategy Fund
AZL Enhanced Bond Index Fund	$	219,744,177	$	706,850	$	(6,142,407	)	$	(556,756	)	$	(12,667,214	)	$	201,084,650		19,169,175
AZL International Index Fund, Class 2		56,332,794		24,330		(1,784,698	)		322,383			(4,074,457	)		50,820,352		2,876,081
AZL Mid Cap Index Fund, Class 2		34,268,489		-		(868,342	)		244,759			(1,954,921	)		31,689,985		1,181,140
AZL S&P 500 Index Fund, Class 2		116,684,094		650,058		(3,316,448	)		1,309,879			(6,735,433	)		108,592,150		4,670,630
AZL Small Cap Stock Index Fund, Class 2		18,213,442		-		(122,939	)		37,599			(1,087,581	)		17,040,521		1,078,514

	$	445,242,996	$	1,381,238	$	(12,234,834	)	$	1,357,864		$	(26,519,606	)	$	409,227,658		28,975,540


AZL DFA Multi-Strategy Fund
AZL DFA Five-Year Global Fixed Income Fund	$	367,167,703	$	-	$	(13,577,522	)	$	(1,069,305	)	$	(15,632,133	)	$	336,888,743		37,225,275
AZL DFA International Core Equity Fund		112,815,044		-		(4,323,188	)		783,290			(6,103,102	)		103,172,044		8,803,075
AZL DFA U.S. Core Equity Fund		360,655,079		-		(9,713,357	)		2,050,846			(16,628,938	)		336,363,630		20,737,585
AZL DFA U.S. Small Cap Fund		97,278,433		-		(4,117,197	)		1,105,031			(5,856,652	)		88,409,615		6,288,024

	$	937,916,259	$	-	$	(31,731,264	)	$	2,869,862		$	(44,220,825	)	$	864,834,032		73,053,959


AZL MVP Balanced Index Strategy Fund
AZL Enhanced Bond Index Fund	$	152,852,171	$	-	$	(4,931,501	)	$	(418,325	)	$	(8,742,115	)	$	138,760,230		13,227,858
AZL International Index Fund, Class 2		41,204,618		112,192		(1,745,270	)		364,158			(3,070,497	)		36,865,201		2,086,316
AZL Mid Cap Index Fund, Class 2		24,548,632		-		(244,023	)		65,471			(1,299,315	)		23,070,765		859,887
AZL S&P 500 Index Fund, Class 2		77,077,394		94,175		(2,699,076	)		1,236,262			(4,816,096	)		70,892,659		3,049,147
AZL Small Cap Stock Index Fund, Class 2		12,881,687		88,235		-			-			(742,507	)		12,227,415		773,887

	$	308,564,502	$	294,602	$	(9,619,870	)	$	1,247,566		$	(18,670,530	)	$	281,816,270		19,997,095


	Value 12/31/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gains(Losses)			Change in Net Unrealized Appreciation/ Depreciation			Value 3/31/2022		Shares as of 3/31/2022

AZL MVP DFA Multi-Strategy Fund
AZL DFA Five-Year Global Fixed Income Fund	$	37,767,059	$	26,026	$	(1,469,288	)	$	(117,413	)	$	(1,599,158	)	$	34,607,226		3,824,003
AZL DFA International Core Equity Fund		12,108,383		37,138		(441,468	)		87,085			(654,140	)		11,136,998		950,256
AZL DFA U.S. Core Equity Fund		35,037,922		296,165		(467,568	)		94,069			(1,517,007	)		33,443,581		2,061,873
AZL DFA U.S. Small Cap Fund		10,092,382		-		(81,791	)		22,259			(518,933	)		9,513,917		676,666

	$	95,005,746	$	359,329	$	(2,460,115	)	$	86,000		$	(4,289,238	)	$	88,701,722		7,512,798


AZL MVP FIAM Multi-Strategy Fund
AZL FIAM Multi-Strategy Fund	$	231,703,402	$	-	$	(8,242,437	)	$	986,485		$	(11,780,376	)	$	212,667,074		14,111,949

	$	231,703,402	$	-	$	(8,242,437	)	$	986,485		$	(11,780,376	)	$	212,667,074		14,111,949


AZL MVP Fusion Balanced Fund
AZL DFA International Core Equity Fund	$	27,941,892	$	-	$	(1,254,711	)	$	275,804		$	(1,583,858	)	$	25,379,127		2,165,454
AZL DFA U.S. Core Equity Fund		20,086,112		-		(393,997	)		151,254			(971,374	)		18,871,995		1,163,502
AZL DFA U.S. Small Cap Fund		12,121,637		-		(25,969	)		6,873			(604,967	)		11,497,574		817,751
AZL Enhanced Bond Index Fund		58,465,846		-		(1,245,382	)		(118,408	)		(3,413,935	)		53,688,121		5,118,029
AZL FIAM Total Bond Fund, Class 2		77,791,210		-		(2,224,164	)		(89,382	)		(4,265,511	)		71,212,153		7,121,215
AZL Gateway Fund		15,879,837		-		(236,717	)		36,081			(555,677	)		15,123,524		969,457
AZL International Index Fund, Class 2		67,404,093		-		(2,103,316	)		372,273			(4,874,312	)		60,798,738		3,440,789
AZL MetWest Total Return Bond Fund		77,636,975		-		(1,959,915	)		(238,331	)		(4,559,591	)		70,879,138		7,492,509
AZL Mid Cap Index Fund, Class 2		20,096,921		-		(208,870	)		55,727			(1,065,715	)		18,878,063		703,618
AZL MSCI Emerging Markets Equity Index Fund, Class 2		22,761,576		-		(321,860	)		23,852			(1,744,069	)		20,719,499		2,822,820
AZL Russell 1000 Growth Index Fund, Class 2		88,312,742		65,790		(138,090	)		45,638			(8,126,150	)		80,159,930		3,745,791
AZL Russell 1000 Value Index Fund, Class 2		88,988,474		-		(6,872,341	)		1,432,210			(2,241,193	)		81,307,150		5,370,353
AZL Small Cap Stock Index Fund, Class 2		12,091,075		-		-			-			(699,365	)		11,391,710		720,994
PIMCO VIT Income Portfolio		39,472,198		241,964		(1,320,593	)		43,923			(1,951,171	)		36,486,321		3,518,449
PIMCO VIT Low Duration Portfolio		39,176,597		64,851		(1,599,259	)		(32,225	)		(1,274,366	)		36,335,598		3,677,692
PIMCO VIT Total Return Portfolio		77,857,428		366,781		(2,313,240	)		(239,351	)		(4,836,369	)		70,835,249		7,048,284

	$	746,084,613	$	739,386	$	(22,218,424	)	$	1,725,938		$	(42,767,623	)	$	683,563,890		55,896,707


AZL MVP Fusion Conservative Fund
AZL DFA International Core Equity Fund	$	5,768,878	$	-	$	(432,291	)	$	114,684		$	(373,748	)	$	5,077,523		433,236
AZL DFA U.S. Core Equity Fund		4,043,677		-		(151,917	)		58,000			(217,731	)		3,732,029		230,088
AZL DFA U.S. Small Cap Fund		2,308,939		21,283		(101,855	)		32,581			(141,727	)		2,119,221		150,727
AZL Enhanced Bond Index Fund		22,145,524		-		(1,024,676	)		(62,796	)		(1,250,026	)		19,808,026		1,888,277
AZL FIAM Total Bond Fund, Class 2		29,547,272		50,003		(1,600,283	)		(2,477	)		(1,619,681	)		26,374,834		2,637,483
AZL Gateway Fund		3,429,976		-		(145,231	)		29,545			(139,007	)		3,175,283		203,544
AZL International Index Fund, Class 2		12,593,893		55,014		(675,165	)		174,040			(992,664	)		11,155,118		631,303
AZL MetWest Total Return Bond Fund		29,522,395		47,015		(1,517,646	)		(150,480	)		(1,637,464	)		26,263,820		2,776,302
AZL Mid Cap Index Fund, Class 2		4,620,535		77,872		(240,511	)		93,647			(316,599	)		4,234,944		157,844
AZL MSCI Emerging Markets Equity Index Fund, Class 2		3,429,809		-		(284,182	)		31,713			(270,811	)		2,906,529		395,985
AZL Russell 1000 Growth Index Fund, Class 2		18,402,908		1,198,385		(1,199,715	)		25,765			(1,668,613	)		16,758,730		783,118
AZL Russell 1000 Value Index Fund, Class 2		18,552,106		136,033		(1,762,947	)		461,098			(616,385	)		16,769,905		1,107,656
AZL Small Cap Stock Index Fund, Class 2		2,893,033		67,068		(154,735	)		63,315			(221,042	)		2,647,639		167,572
PIMCO VIT Income Portfolio		13,656,413		82,111		(758,889	)		45,679			(693,202	)		12,332,112		1,189,210
PIMCO VIT Low Duration Portfolio		15,816,060		25,658		(1,116,199	)		(19,869	)		(497,370	)		14,208,280		1,438,085
PIMCO VIT Total Return Portfolio		29,598,029		164,727		(1,623,266	)		(104,611	)		(1,785,004	)		26,249,875		2,611,928

	$	216,329,447	$	1,925,169	$	(12,789,508	)	$	789,834		$	(12,441,074	)	$	193,813,868		16,802,358

Affiliated Holdings Disclosure


	Value 12/31/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gains(Losses)			Change in Net Unrealized Appreciation/ Depreciation			Value 3/31/2022		Shares as of 3/31/2022

AZL MVP Fusion Moderate Fund
AZL DFA International Core Equity Fund	$	93,180,597	$	-	$	(4,520,778	)	$	1,023,731		$	(5,357,068	)	$	84,326,482		7,195,092
AZL DFA U.S. Core Equity Fund		84,150,832		-		(3,031,646	)		962,788			(4,366,060	)		77,715,914		4,791,363
AZL DFA U.S. Small Cap Fund		33,221,577		-		(231,130	)		68,018			(1,705,963	)		31,352,502		2,229,908
AZL Enhanced Bond Index Fund		114,082,224		-		(2,583,806	)		(249,705	)		(6,632,592	)		104,616,121		9,972,938
AZL FIAM Total Bond Fund, Class 2		150,037,904		-		(4,462,560	)		(330,186	)		(8,053,050	)		137,192,108		13,719,211
AZL Gateway Fund		46,426,902		-		(725,637	)		49,485			(1,571,314	)		44,179,436		2,832,015
AZL International Index Fund, Class 2		185,015,693		-		(5,677,937	)		1,000,039			(13,368,522	)		166,969,273		9,449,308
AZL MetWest Total Return Bond Fund		149,740,460		-		(3,952,051	)		(550,028	)		(8,687,791	)		136,550,590		14,434,523
AZL Mid Cap Index Fund, Class 2		65,527,708		-		(1,266,951	)		347,812			(3,627,081	)		60,981,488		2,272,884
AZL MSCI Emerging Markets Equity Index Fund, Class 2		69,388,891		-		-			-			(5,324,179	)		64,064,712		8,728,162
AZL Russell 1000 Growth Index Fund, Class 2		219,697,935		-		(52,290	)		17,282			(20,154,736	)		199,508,191		9,322,813
AZL Russell 1000 Value Index Fund, Class 2		221,679,438		-		(16,672,629	)		2,990,713			(5,040,896	)		202,956,626		13,405,325
AZL Small Cap Stock Index Fund, Class 2		32,993,204		-		-			-			(1,908,373	)		31,084,831		1,967,394
PIMCO VIT Income Portfolio		73,715,110		453,038		(2,383,182	)		(20,086	)		(3,552,058	)		68,212,822		6,577,900
PIMCO VIT Low Duration Portfolio		52,466,332		88,938		-			-			(1,796,296	)		50,758,974		5,137,548
PIMCO VIT Total Return Portfolio		150,165,203		706,250		(4,633,389	)		(499,752	)		(9,272,425	)		136,465,887		13,578,695

	$	1,741,490,010	$	1,248,226	$	(50,193,986	)	$	4,810,111		$	(100,418,404	)	$	1,596,935,957		125,615,079


AZL MVP Global Balanced Index Strategy Fund
AZL Enhanced Bond Index Fund	$	323,676,941	$	98,469	$	(8,244,081	)	$	(837,289	)	$	(18,677,260	)	$	296,016,780		28,218,949
AZL MSCI Global Equity Index Fund, Class 2		297,133,346		506,868		(7,570,920	)		1,873,784			(17,759,675	)		274,183,403		17,233,401
AZL MSCI Emerging Markets Equity Index Fund, Class 2		34,089,504		-		(1,090,867	)		79,533			(2,607,473	)		30,470,697		4,151,321

	$	654,899,791	$	605,337	$	(16,905,868	)	$	1,116,028		$	(39,044,408	)	$	600,670,880		49,603,671


AZL MVP Growth Index Strategy Fund
AZL Enhanced Bond Index Fund	$	582,601,042	$	-	$	-		$	-		$	(35,467,208	)	$	547,133,834		52,157,658
AZL International Index Fund, Class 2		511,613,042		-		(20,024,060	)		3,307,173			(37,440,863	)		457,455,292		25,888,811
AZL Mid Cap Index Fund, Class 2		305,093,027		-		(16,661,632	)		4,181,224			(19,625,218	)		272,987,401		10,174,707
AZL S&P 500 Index Fund, Class 2		957,053,324		-		(28,958,580	)		12,248,859			(57,389,914	)		882,953,689		37,976,503
AZL Small Cap Stock Index Fund, Class 2		156,760,310		-		(11,448,553	)		2,307,389			(11,499,017	)		136,120,129		8,615,198

	$	2,513,120,745	$	-	$	(77,092,825	)	$	22,044,645		$	(161,422,220	)	$	2,296,650,345		134,812,877

Affiliated Holdings Disclosure


	Value 12/31/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gains(Losses)			Change in Net Unrealized Appreciation/ Depreciation			Value 3/31/2022		Shares as of 3/31/2022

AZL MVP Moderate Index Strategy Fund
AZL Enhanced Bond Index Fund	$	195,344,854	$	—	$	(5,990,668	)	$	(577,015	)	$	(11,172,932	)	$	177,604,239		16,930,814
AZL International Index Fund, Class 2		79,559,857		—		(2,853,436	)		505,521			(5,798,267	)		71,413,675		4,041,521
AZL Mid Cap Index Fund, Class 2		48,455,219		—		(1,727,572	)		450,632			(2,876,851	)		44,301,428		1,651,190
AZL S&P 500 Index Fund, Class 2		150,357,182		630,348		(4,818,141	)		2,073,156			(9,109,037	)		139,133,508		5,984,237
AZL Small Cap Stock Index Fund, Class 2		24,282,630		—		(748,122	)		168,949			(1,574,683	)		22,128,774		1,400,555

	$	497,999,742	$	630,348	$	(16,137,939	)	$	2,621,243		$	(30,531,770	)	$	454,581,624		30,008,317


AZL MVP T. Rowe Price Capital Appreciation Plus Fund
AZL Enhanced Bond Index Fund	$	232,814,119	$	1,186,300	$	—		$	—		$	(14,210,404	)	$	219,790,015		20,952,337
AZL S&P 500 Index Fund, Class 2		416,095,724		—		(8,891,113	)		3,831,716			(23,389,461	)		387,646,866		16,672,984
AZL T. Rowe Price Capital Appreciation Fund		755,651,464		—		(25,784,808	)		1,822,667			(24,918,852	)		706,770,471		33,212,898

	$	1,404,561,307	$	1,186,300	$	(34,675,921	)	$	5,654,383		$	(62,518,717	)	$	1,314,207,352		70,838,219

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2022 (Unaudited)

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 Board of Trustees. Not all restricted securities are considered illiquid. The illiquid restricted securities held as of March 31, 2022 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

Project Barkley	2/23/22		$399,608		145,123	$	297,502	0.05%

Jawbone	1/24/17		–		23,389		–	0.00%

Lookout, Inc.	3/4/15		3,384		5,547		60,351	0.01%

Lookout, Inc. Preferred Shares, Series F	9/19/14		481,995		63,925		695,504	0.11%

Quintis Pty, Ltd.	10/25/18		253,669		386,370		34,685	0.01%

Quintis Pty, Ltd., 10/1/26, Callable 5/13/22 @ 105.63	10/25/18		50,319		50,319		50,319	0.01%

Quintis Pty, Ltd., 10/1/28, Callable 5/13/22 @ 96.00	10/25/18		730,672		730,672		730,672	0.11%

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.

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