FORM N-Q

TABLE OF CONTENTS


	Item 1. Schedule of Investments
	Item 2. Controls and Procedures
	Item 3. Exhibits
SIGNATURES
EX-99.CERT

Item 1. Schedule of Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL AIM International Equity Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (87.8%):
Aerospace & Defense (1.1%):
	125,812	Finmeccanica SpA	$	2,705,484

Air Freight & Logistics (1.1%):
	97,457	TNT NV		2,725,312

Automobiles (4.7%):
	22,456	DaimlerChrysler AG		1,153,996
	40,925	Porsche AG		4,476,035
	648,000	PT Astra International Tbk		1,161,254
	80,300	Suzuki Motor Corp.^		1,491,338
	78,700	Toyota Motor Corp.		3,341,849

				11,624,472

Beverages (2.5%):
	67,641	Heineken Holding NV		2,684,516
	60,351	InBev NV		3,562,059

				6,246,575

Capital Markets (0.5%):
	13,718	Deutsche Boerse AG		1,265,525

Chemicals (4.1%):
	75,688	Bayer AG		5,536,690
	21,462	Syngenta AG		4,558,267

				10,094,957

Commercial Banks (6.3%):
	371,655	Akbank T.A.S.		1,901,213
	107,821	Banco Santander Central Hispano SA		1,631,914
	51,573	BNP Paribas, Inc.		4,957,174
	13,350	KBC Bankverzekeringsholding		1,160,779
	174,640	Standard Bank Group, Ltd.		2,008,774
	323,000	United Overseas Bank, Ltd.		3,826,811

				15,486,665

Commercial Services & Supplies (1.0%):
	199,725	Capita Group plc		2,482,009

Communications Equipment (0.5%):
	68,679	Nokia OYJ		1,280,179

Construction Materials (0.7%):
	74,051	CRH plc		1,611,321

Distributors (0.7%):
	680,000	Li & Fung, Ltd.		1,660,797

Diversified Telecommunication Services (2.1%):
	220,158	Telefonica SA		5,262,207

Electronic Equipment & Instruments (3.5%):
	510,073	Hon Hai Precision Industry Co., Ltd.		1,815,403
	15,170	Keyence Corp.		3,017,843
	62,400	Nidec Corp.		3,838,569

				8,671,815

Energy Equipment & Services (0.7%):
	128,842	Petroleum Geo-Services*		1,710,924

Food & Staples Retailing (1.8%):
	654,027	Tesco plc		4,547,731

Food Products (2.6%):
	146,453	SFR Nestle SA, Class B		6,336,085

Health Care Equipment & Supplies (2.1%):
	59,046	Cochlear, Ltd.		2,818,267
	35,506	Sonova Holding AG		2,294,686

				5,112,953

Hotels, Restaurants & Leisure (1.9%):
	509,117	Compass Group plc		3,169,451
	49,856	OPAP SA		1,525,843

				4,695,294

Household Durables (1.2%):
	50,625	Desarrolladora Homex, SA de C.V., ADR*^		2,238,637
	315,100	Urbi, Desarrolloas Urbanos, SA de CV*		735,733

				2,974,370

Household Products (2.7%):
	70,138	Henkel AG & KGaA		2,581,094
	84,140	Reckitt Benckiser Group plc		4,073,308

				6,654,402

Independent Power Producers & Energy Traders (1.1%):
	423,519	International Power plc		2,730,600

Industrial Conglomerates (3.8%):
	419,000	Hutchison Whampoa, Ltd.		3,189,821
	548,000	Keppel Corp., Ltd.		3,043,596
	33,756	Siemens AG		3,194,192

				9,427,609

Insurance (2.1%):
	198,202	Aviva plc		1,723,597
	104,385	Axa		3,421,556

				5,145,153

IT Services (2.8%):
	46,749	Cap Gemini SA		2,223,840
	140,103	Infosys Technologies, Ltd., ADR		4,666,831

				6,890,671

Machinery (2.7%):
	52,588	Bharat Heavy Electricals, Ltd.		1,816,971
	39,900	Fanuc, Ltd.^		3,010,031
	108,900	Komatsu, Ltd.		1,762,996

				6,589,998

Media (4.5%):
	145,756	Grupo Televisa SA, ADR		3,187,684
	316,585	Informa Group Co., plc		1,774,782
	300,762	Reed Elsevier plc		2,980,996
	397,696	WPP Group plc		3,227,011

				11,170,473

Metals & Mining (1.5%):
	139,668	BHP Billiton, Ltd.		3,587,502

Oil, Gas & Consumable Fuels (6.2%):
	34,001	Canadian Natural Resources, Ltd.		2,332,775
	129,027	Eni SpA		3,405,191
	60,953	Petroleo Brasileiro SA, ADR, Class A		2,280,861
	79,212	Suncor Energy, Inc.		3,275,684
	63,992	Total SA		3,860,141

				15,154,652

Pharmaceuticals (9.2%):
	28,959	Merck KGaA		3,108,446
	61,854	Novo Nordisk A/S, Class B		3,168,527
	44,689	Roche Holding AG		6,968,290
	209,858	Shire, Ltd.		3,303,023

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL AIM International Equity Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Pharmaceuticals, continued
	131,138	Teva Pharmaceutical Industries, Ltd., ADR	$	6,004,809

				22,553,095

Road & Rail (0.9%):
	47,289	Canadian National Railway Co.		2,256,894

Semiconductors & Semiconductor Equipment (1.0%):
	250,813	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		2,350,118

Software (0.8%):
	4,500	Nintendo Co., Ltd.		1,873,547

Specialty Retail (0.8%):
	328,800	Esprit Holdings, Ltd.		2,020,189

Textiles, Apparel & Luxury Goods (2.1%):
	50,036	Compagnie Financiere Richemont SA		2,222,903
	11,142	Puma AG		3,079,075

				5,301,978

Tobacco (2.7%):
	207,505	Imperial Tobacco Group plc		6,665,982

Wireless Telecommunication Services (3.8%):
	101,334	America Movil, SAB de C.V., ADR, Series L		4,697,844
	200,862	China Mobile, Ltd.		2,011,187
	1,226,427	Vodafone Group plc		2,709,021

				9,418,052


Total Common Stocks (Cost $232,192,171)				216,285,590


Deposit Account (7.5%):
	18,429,891	NTRS London Deposit Account		18,429,891


Total Deposit Account (Cost $18,429,891)				18,429,891


Collateral For Securities On Loan (1.2%):
	2,860,297	Northern Trust Liquid Institutional Asset Portfolio		2,860,297


Total Collateral For Securities On Loan (Cost $2,860,297)				2,860,297


Total Investment Securities (Cost $253,482,359)(a)—96.5%				237,575,778

Net other assets (liabilities) — 3.5%				8,620,926


NET ASSETS — 100.0%			$	246,196,704


		Percentages indicated are based on net assets as of September 30, 2008.

^		All or a portion of security is loaned as of September 30, 2008.

*		Non-income producing security

ADR		American Depository Receipt

PLC		Public Liability Co.

SPA		Standby Purchase Agreement

(a)		Cost for federal income tax purposes is $257,341,391. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	14,459,139
Unrealized depreciation		(34,224,752	)

Net unrealized depreciation	$	(19,765,613	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of September 30, 2008:


Country	Percentage
United Kingdom		16.8	%
Germany		10.3	%
Switzerland		9.4	%
United States		7.8	%
Japan		7.8	%
France		6.2	%
Mexico		4.6	%
Hong Kong		3.8	%
Canada		3.4	%
Spain		2.9	%
Singapore		2.9	%
India		2.8	%
Australia		2.7	%
Italy		2.6	%
Israel		2.6	%
Netherlands		2.3	%
Belgium		2.0	%
Taiwan		1.8	%
Denmark		1.4	%
Brazil		1.0	%
South Africa		0.9	%
Turkey		0.8	%
Norway		0.7	%
Ireland		0.7	%
Greece		0.7	%
Finland		0.6	%
Indonesia		0.5	%

		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Columbia Small Cap Value Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (99.1%):
Aerospace & Defense (0.7%):
	8,100	AAR Corp.*	$	134,379
	3,400	Esterline Technologies Corp.*		134,606
	3,300	Moog, Inc., Class A*		141,504

				410,489

Airlines (0.6%):
	22,700	JetBlue Airways Corp.*		112,365
	12,600	SkyWest, Inc.		201,348

				313,713

Auto Components (0.6%):
	7,400	BorgWarner, Inc.		242,498
	8,000	Modine Manufacturing Co.		115,840

				358,338

Building Products (2.4%):
	27,500	Builders FirstSource, Inc.*		164,725
	4,800	Cavco Industries, Inc.*		173,520
	9,000	Eagle Materials, Inc.		201,330
	7,200	Lennox International, Inc.		239,544
	9,600	NCI Building Systems, Inc.*		304,800
	8,100	Trex Co., Inc.*		146,691
	4,800	Universal Forest Products, Inc.		167,568

				1,398,178

Capital Markets (0.5%):
	7,100	Piper Jaffray Cos., Inc.*		307,075

Chemicals (1.9%):
	5,020	Ashland, Inc.		146,785
	4,200	Cytec Industries, Inc.		163,422
	19,200	H.B. Fuller Co.		400,704
	12,300	Sensient Technologies Corp.		345,999

				1,056,910

Commercial Banks (10.7%):
	5,800	BancFirst Corp.		280,314
	18,900	BancTrust Financial Group, Inc.		247,968
	20,950	Bank of Granite Corp.		48,813
	18,800	BankFinancial Corp.		275,984
	23,400	Beneficial Mutual Bancorp, Inc.*		296,010
	11,400	Bryn Mawr Bank Corp.		250,572
	16,500	Capital Corp of the West		65,340
	14,071	Capitol Bancorp, Ltd.		274,244
	15,600	Chemical Financial Corp.		485,784
	10,400	Columbia Banking System, Inc.		184,392
	7,300	Community Trust Bancorp, Inc.		251,120
	2,600	First Citizens BancShares, Inc., Class A		465,400
	10,300	First Financial Corp.		483,894
	17,400	First Horizon National Corp.		165,300
	100	First National Bank Alaska		179,000
	9,400	Merchants Bancshares, Inc.		227,950
	13,520	Northfield Bancorp. Inc.*		163,727
	12,300	Northrim BanCorp, Inc.		201,720
	17,100	Sterling Bancorp		247,266
	12,900	Taylor Capital Group, Inc.		154,671
	15,600	United Financial Bancorp, Inc.		231,660
	15,400	West Coast Bancorp		225,764
	28,000	Westfield Financial, Inc.		288,400
	16,900	Whitney Holding Corp.		409,825

				6,105,118

Commercial Services & Supplies (3.4%):
	8,300	ABM Industries, Inc.		181,272
	21,700	CBIZ, Inc.*		183,582
	8,800	CDI Corp.		196,504
	7,700	Consolidated Graphics, Inc.*		233,541
	10,200	Healthcare Services Group, Inc.		186,558
	13,000	Korn/Ferry International*		231,660
	39,900	MPS Group, Inc.*		402,192
	6,500	TeleTech Holdings, Inc.*		80,860
	5,100	United Stationers, Inc.*		243,933

				1,940,102

Communications Equipment (1.6%):
	17,600	Anaren, Inc.*		178,640
	4,300	Bel Fuse, Inc., Class B		122,421
	7,400	Black Box Corp.		255,522
	3,700	Comtech Telecommunications Corp.*		182,188
	14,900	Dycom Industries, Inc.*		193,998

				932,769

Computers & Peripherals (1.5%):
	21,900	Brocade Communications Systems, Inc.*		127,458
	13,200	Electronics For Imaging, Inc.*		183,876
	17,400	Emulex Corp.*		185,658
	7,800	Jack Henry & Associates, Inc.		158,574
	11,500	QLogic Corp.*		176,640

				832,206

Construction & Engineering (1.0%):
	12,300	Emcor Group, Inc.*		323,736
	12,200	KHD Humboldt Wedag International, Ltd.*		233,996

				557,732

Consumer Finance (0.9%):
	13,600	Cash America International, Inc.		490,144

Containers & Packaging (1.8%):
	3,000	AptarGroup, Inc.		117,330
	4,000	Greif, Inc., Class A		262,480
	8,500	Greif, Inc., Class B		443,530
	9,000	Packaging Corp. of America		208,620

				1,031,960

Diversified Consumer Services (1.8%):
	16,000	Casella Waste Systems, Inc., Class A*		187,840
	6,100	CSS Industries, Inc.		157,014
	15,500	Monro Muffler Brake, Inc.		357,430
	6,100	Regis Corp.		167,750
	8,700	Sotheby’s		174,522

				1,044,556

Diversified Financial Services (1.7%):
	30,500	Advance America, Cash Advance Centres, Inc.		91,195
	3,700	AMERCO*		155,141
	12,600	ESSA Bancorp, Inc.		175,140
	27,400	Medallion Financial Corp.		286,878
	13,400	Washington Federal, Inc.		247,230

				955,584

Diversified REIT (0.3%):
	12,900	DuPont Fabros Technology, Inc.		196,725

Diversified Telecommunication Services (0.2%):

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Columbia Small Cap Value Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Diversified Telecommunication Services, continued
	8,800	Warwick Valley Telephone Co.	$	98,648

Electric Utilities (3.2%):
	8,300	ALLETE, Inc.		369,350
	18,700	El Paso Electric Co.*		392,700
	9,030	Hawaiian Electric Industries, Inc.		262,864
	2,734	Maine & Maritimes Corp.*		90,085
	15,100	Portland General Electric Co.		357,266
	10,000	UIL Holdings Corp.		343,300

				1,815,565

Electrical Equipment (0.7%):
	7,100	Belden CDT, Inc.		225,709
	5,200	Woodward Governor Co.		183,404

				409,113

Electronic Equipment & Instruments (3.4%):
	6,800	Anixter International, Inc.*		404,668
	21,500	Benchmark Electronics, Inc.*		302,720
	28,300	Brightpoint, Inc.*		203,760
	13,600	CPI International, Inc.*		196,928
	6,900	MTS Systems Corp.		290,490
	27,700	Nam Tai Electronics, Inc.		226,309
	6,400	Plexus Corp.*		132,480
	11,500	Tollgrade Communications, Inc.*		48,300
	24,400	Vishay Intertechnology, Inc.*		161,528

				1,967,183

Energy Equipment & Services (1.4%):
	9,100	Complete Production Services, Inc.*		183,183
	3,300	Oil States International, Inc.*		116,655
	5,400	Patterson-UTI Energy, Inc.		108,108
	8,997	TGC Industries, Inc.*		47,324
	5,300	Tidewater, Inc.		293,408
	4,300	Trico Marine Services, Inc.*		73,444

				822,122

Food & Staples Retailing (2.6%):
	6,850	BJ’s Wholesale Club, Inc.*		266,191
	14,200	Fresh Del Monte Produce, Inc.*		315,240
	7,600	Ruddick Corp.		246,620
	1,879	Spartan Stores, Inc.		46,750
	12,000	Weis Markets, Inc.		432,120
	9,500	Whole Foods Market, Inc.		190,285

				1,497,206

Food Products (2.5%):
	6,200	Flowers Foods, Inc.		182,032
	5,600	J & J Snack Foods Corp.		189,896
	7,300	Lancaster Colony Corp.		274,918
	11,100	Lance, Inc.		251,859
	7,800	Maui Land & Pineapple Co., Inc.*		214,422
	24,300	MGP Ingredients, Inc.		69,012
	3,300	Ralcorp Holdings, Inc.*		222,453

				1,404,592

Health Care Equipment & Supplies (2.1%):
	4,200	Analogic Corp.		208,992
	5,100	Haemonetics Corp.*		314,772
	7,700	Hill-Rom Holdings, Inc.		233,387
	12,300	STERIS Corp.		462,234

				1,219,385

Health Care Providers & Services (6.7%):
	4,500	Amedisys, Inc.*		219,015
	8,500	AmSurg Corp.*		216,495
	22,137	Cross Country Healthcare, Inc.*		360,612
	15,400	Gentiva Health Services, Inc.*		414,876
	6,000	Healthspring, Inc.*		126,960
	14,700	Kindred Healthcare, Inc.*		405,279
	3,500	Magellan Health Services, Inc.*		143,710
	8,100	National Health Investors, Inc. REIT		276,858
	34,800	NovaMed, Inc.*		164,952
	8,000	Owens & Minor, Inc.		388,000
	5,500	Pediatrix Medical Group, Inc.*		296,560
	16,200	RehabCare Group, Inc.*		293,220
	19,500	Res-Care, Inc.*		353,730
	9,500	U.S. Physical Therapy, Inc.*		164,920

				3,825,187

Hotels, Restaurants & Leisure (1.6%):
	23,300	Benihana, Inc., Class A*		107,180
	8,300	Bob Evans Farms, Inc.		226,507
	6,700	CEC Entertainment, Inc.*		222,440
	11,000	Landry’s Restaurants, Inc.		171,050
	11,200	O’Charley’s, Inc.		98,000
	4,100	Red Robin Gourmet Burgers*		109,880

				935,057

Household Durables (1.3%):
	22,400	American Greetings Corp., Class A		342,496
	212	Avatar Holdings, Inc.*		6,996
	4,400	Ethan Allen Interiors, Inc.		123,288
	10,900	Furniture Brands International, Inc.		114,668
	13,600	Kimball International, Inc., Class B, CLASS B		146,880

				734,328

Industrial Conglomerate (0.3%):
	4,400	Harsco Corp.		163,636

Industrial REIT (0.4%):
	31,200	DCT Industrial Trust, Inc.		233,688

Insurance (9.5%):
	10,300	Baldwin & Lyons, Inc., Class B		246,891
	18,130	CNA Surety Corp.*		302,771
	10,100	eHealth, Inc.*		161,600
	11,476	EMC Insurance Group, Inc.		338,313
	9,300	FBL Financial Group, Inc., Class A		259,377
	7,700	Harleysville Group, Inc.		291,060
	22,700	Horace Mann Educators Corp.		292,149
	9,530	IPC Holdings, Ltd.		287,901
	13,300	Max Capital Group, Ltd.		308,959
	3,100	Mercury General Corp.		169,725
	1,200	National Western Life Insurance Co., Class A		290,484
	6,700	Navigators Group, Inc.*		388,600
	40,500	Phoenix Cos., Inc.		374,220
	49,653	RAM Holdings, Ltd.*		83,417
	4,430	RLI Corp.		275,059
	7,480	Safety Insurance Group, Inc.		283,716
	11,400	Selective Insurance Group, Inc.		261,288

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Columbia Small Cap Value Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Insurance, continued
	11,000	Stewart Information Services Corp.	$	327,250
	35,500	United America Indemnity, Ltd., Class A*		505,165

				5,447,945

IT Services (1.1%):
	5,200	CACI International, Inc., Class A*		260,520
	9,500	CSG Systems International, Inc.*		166,535
	5,700	Maximus, Inc.		209,988

				637,043

Leisure Equipment & Products (0.6%):
	19,400	Brunswick Corp.		248,126
	13,000	MarineMax, Inc.*		93,990

				342,116

Life Sciences Tools & Services (1.4%):
	3,600	Bio-Rad Laboratories, Inc., Class A*		356,832
	9,800	PAREXEL International Corp.*		280,868
	3,700	Varian, Inc.*		158,730

				796,430

Machinery (0.9%):
	10,300	Enpro Industries, Inc.*		382,748
	5,100	Kadant, Inc.*		116,127

				498,875

Marine (0.3%):
	4,700	Nordic American Tanker Shipping, Ltd.		150,682

Metals & Mining (1.2%):
	3,700	Carpenter Technology Corp.		94,905
	13,100	Harry Winston Diamond Corp.		174,230
	3,800	Haynes International, Inc.*		177,954
	16,300	Worthington Industries, Inc.		243,522

				690,611

Multi-Utilities (3.3%):
	17,400	Avista Corp.		377,754
	11,300	Black Hills Corp.		351,091
	13,000	CH Energy Group, Inc.		566,410
	8,800	MGE Energy, Inc.		312,840
	11,700	NorthWestern Corp.		294,021

				1,902,116

Multiline Retail (0.8%):
	14,800	America’s Car-Mart, Inc.*		275,132
	20,300	Saks, Inc.*		187,775

				462,907

Oil, Gas & Consumable Fuels (2.5%):
	4,200	Comstock Resources, Inc.*		210,210
	8,700	Frontier Oil Corp.		160,254
	25,365	Harvest Natural Resources, Inc.*		256,694
	5,800	Holly Corp.		167,736
	13,200	Key Energy Services, Inc.*		153,120
	7,689	Newpark Resources, Inc.*		56,129
	6,700	Stone Energy Corp.*		283,611
	3,600	Swift Energy Co.*		139,284

				1,427,038

Paper & Forest Products (1.1%):
	24,600	Mercer International, Inc.*		90,036
	11,200	Potlatch Corp.		519,568

				609,604

Personal Products (0.4%):
	7,700	NBTY, Inc.*		227,304

Real Estate Investment Trusts (REITs) (3.0%):
	23,800	Franklin Street Properties Corp.		309,400
	7,700	Getty Realty Corp.		171,248
	12,200	Realty Income Corp.		312,320
	16,100	Sun Communities, Inc.		318,941
	8,400	Universal Health Realty Income Trust		326,760
	15,400	Urstadt Biddle Properties, Inc., Class A		288,750

				1,727,419

Road & Rail (2.1%):
	6,600	Genesee & Wyoming, Inc., Class A*		247,632
	12,600	Heartland Express, Inc.		195,552
	7,600	Knight Transportation, Inc.		128,972
	2,400	Ryder System, Inc.		148,800
	23,000	Werner Enterprises, Inc.		499,330

				1,220,286

Semiconductors & Semiconductor Equipment (2.1%):
	15,300	Actel Corp.*		190,944
	8,300	Advanced Energy Industries, Inc.*		113,544
	3,700	ATMI, Inc.*		66,526
	13,600	Fairchild Semiconductor International, Inc.*		120,904
	18,400	GSI Group, Inc.*		64,952
	29,200	Kulicke & Soffa Industries, Inc.*		131,692
	29,600	Mattson Technology, Inc.*		140,008
	8,400	MKS Instruments, Inc.*		167,244
	27,200	RF Micro Devices, Inc.*		79,424
	13,400	Ultra Clean Holdings, Inc.*		67,536
	3,200	Varian Semiconductor Equipment Associates, Inc.*		80,384

				1,223,158

Software (2.0%):
	11,100	Lawson Software, Inc.*		77,700
	15,500	Mentor Graphics Corp.*		175,925
	22,000	MSC. Software Corp.*		235,400
	6,700	Progress Software Corp.*		174,133
	4,400	SPSS, Inc.*		129,184
	11,600	Sybase, Inc.*		355,192

				1,147,534

Specialized REITs (1.0%):
	27,900	DiamondRock Hospitality, Co.		253,890
	12,400	LaSalle Hotel Properties		289,168

				543,058

Specialty Retail (1.8%):
	10,700	Foot Locker, Inc.		172,912
	6,600	Nutri/System, Inc.		116,952
	19,400	OfficeMax, Inc.		172,466
	17,700	Rent-A-Center, Inc.*		394,356
	7,400	Zale Corp.*		185,000

				1,041,686

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Columbia Small Cap Value Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods (1.3%):
	11,500	Hampshire Group, Ltd.*	$	85,100
	9,900	Movado Group, Inc.		221,265
	5,100	Phillips-Van Heusen Corp.		193,341
	577	Shoe Carnival, Inc.*		9,451
	9,400	Wolverine World Wide, Inc.		248,724

				757,881

Thrifts & Mortgage Finance (3.3%):
	31,100	Bank Mutual Corp.		352,985
	36,357	Brookline Bancorp, Inc.		465,006
	19,037	Clifton Savings Bancorp, Inc.		228,254
	44,100	Corus Bankshares, Inc.		178,605
	40,900	Flagstar Bancorp, Inc.		121,882
	24,192	Home Federal Bancorp, Inc.		308,448
	22,200	TrustCo Bank Corp.		259,962

				1,915,142

Trading Companies & Distributors (1.2%):
	9,500	Kaman Corp., Class A		270,560
	8,700	Watsco, Inc.		437,436

				707,996

Wireless Telecommunication Services (0.4%):
	14,000	Syniverse Holdings, Inc.*		232,540


Total Common Stocks (Cost $60,002,836)				56,766,680


Deposit Account (2.7%):
	1,539,705	TNT Offshore Deposit Account		1,539,705


Total Deposit Account (Cost $1,539,705)				1,539,705


Total Investment Securities (Cost $61,542,541)(a)—101.8%				58,306,385

Net other assets (liabilities) — (1.8)%				(1,030,698	)


NET ASSETS — 100.0%			$	57,275,687


		Percentages indicated are based on net assets as of September 30, 2008.

*		Non-income producing security

REIT		Real Estate Investment Trust

(a)		Cost for federal income tax purposes is $61,963,289. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	630,978
Unrealized depreciation		(4,287,882	)

Net unrealized depreciation	$	(3,656,904	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of September 30, 2008:


Country	Percentage
United States		97.9	%
Bermuda		0.7	%
Canada		0.5	%
Cayman Islands		0.5	%
Virgin Islands		0.4	%

		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Columbia Technology Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (86.2%):
Biotechnology (0.9%):
	12,650	BioMarin Pharmaceutical, Inc.*	$	335,099
	3,990	Celgene Corp.*		252,487

				587,586

Commercial Services & Supplies (0.4%):
	5,260	CoStar Group, Inc.*		238,751

Communications Equipment (10.1%):
	11,550	Corning, Inc.		180,642
	27,110	Harris Corp.		1,252,482
	13,860	Juniper Networks, Inc.*		292,030
	111,610	Nokia Corp., ADR		2,081,527
	27,530	QUALCOMM, Inc.		1,182,964
	19,780	Research In Motion, Ltd.*		1,350,974

				6,340,619

Computers & Peripherals (6.5%):
	4,980	Apple, Inc.*		566,027
	17,350	Dell, Inc.*		285,928
	16,470	Hewlett-Packard Co.		761,573
	5,700	International Business Machines Corp.		666,672
	42,470	NetApp, Inc.*		774,228
	65,350	Seagate Technology		792,042
	12,380	Teradata Corp.*		241,410

				4,087,880

Diversified Telecommunication Services (1.5%):
	66,860	FairPoint Communications, Inc.^		579,676
	20,310	Neutral Tandem, Inc.*		376,548

				956,224

Electrical Equipment (1.9%):
	6,000	Energy Conversion Devices, Inc.*(a)		349,500
	2,910	First Solar, Inc.*		549,728
	3,770	SunPower Corp., Class A*		267,406

				1,166,634

Electronic Equipment & Instruments (1.3%):
	7,470	Amphenol Corp., Class A		299,846
	7,170	DTS, Inc.*		199,541
	13,813	PC Connection, Inc.*		92,409
	9,240	Trimble Navigation, Ltd.*		238,946

				830,742

Health Care Equipment & Supplies (2.5%):
	1,620	Intuitive Surgical, Inc.*		390,388
	12,828	Natus Medical, Inc.*		290,682
	11,650	NuVasive, Inc.*		574,695
	5,500	Varian Medical Systems, Inc.*		314,215

				1,569,980

Health Care Providers & Services (1.2%):
	15,000	CardioNet, Inc.*		374,400
	7,610	Medco Health Solutions, Inc.*		342,450

				716,850

Internet & Catalog Retail (1.1%):
	9,215	Amazon.com, Inc.*		670,483

Internet Software & Services (9.2%):
	46,810	Ariba, Inc.*		661,425
	12,321	Equinix, Inc.*		855,817
	2,180	Google, Inc., Class A*		873,134
	50,008	Omniture, Inc.*		918,147
	29,330	VeriSign, Inc.*		764,926
	14,630	VistaPrint, Ltd.*		480,449
	19,042	Vocus, Inc.*		646,666
	30,280	Yahoo!, Inc.*		523,844

				5,724,408

IT Services (6.6%):
	22,870	Accenture, Ltd., Class A		869,060
	23,950	Affiliated Computer Services, Inc., Class A*		1,212,588
	45,410	Cognizant Technology Solutions Corp., Class A*		1,036,710
	15,690	Fiserv, Inc.*		742,451
	14,350	Satyam Computer Services, Ltd., ADR		231,753

				4,092,562

Life Sciences Tools & Services (2.1%):
	3,070	Covance, Inc.*		271,419
	19,540	Illumina, Inc.*		791,956
	6,210	Pharmaceutical Product Development, Inc.		256,783

				1,320,158

Semiconductors & Semiconductor Equipment (11.5%):
	31,950	Analog Devices, Inc.		841,882
	34,218	ASML Holding N.V.		602,579
	19,051	Atheros Communications*		449,223
	16,120	Broadcom Corp., Class A*		300,316
	23,160	FEI Co.*		551,440
	8,420	Hittite Microwave Corp.*		282,912
	10,300	Lam Research Corp.*		324,347
	32,890	Marvell Technology Group, Ltd.*		305,877
	60,950	MEMC Electronic Materials, Inc.*		1,722,447
	10,410	Microchip Technology, Inc.		306,366
	14,660	Microsemi Corp.*		373,537
	28,730	Monolithic Power Systems, Inc.*		499,040
	16,780	Netlogic Microsystems, Inc.*		507,427
	5,362	Varian Semiconductor Equipment Associates, Inc.*		134,693

				7,202,086

Software (24.1%):
	36,150	Activision Blizzard, Inc.*		557,795
	27,030	Adobe Systems, Inc.*		1,066,874
	33,190	Amdocs, Ltd.*		908,742
	4,670	Ansys, Inc.*		176,853
	23,170	Autodesk, Inc.*		777,354
	14,620	Blackboard, Inc.*		589,040
	42,280	CA, Inc.		843,909
	53,460	Check Point Software Technologies, Ltd.*		1,215,680
	25,170	Citrix Systems, Inc.*		635,794
	15,965	Concur Technologies, Inc.*		610,821
	29,270	McAfee, Inc.*		994,009
	33,780	Microsoft Corp.		901,588
	17,690	Net 1 UEPS Technologies, Inc.*		395,018
	1,520	Nintendo Co., Ltd.		632,843
	22,530	Nuance Communications, Inc.*		274,641
	39,840	Oracle Corp.*		809,150
	29,850	Salesforce.com, Inc.*		1,444,740
	15,080	SAP AG, ADR		805,724
	16,550	Symantec Corp.*		324,049

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Columbia Technology Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
	20,420	Taleo Corp., Class A*	$	406,154
	8,500	UbiSoft Entertainment SA*		589,567
	2,893	Ultimate Software Group, Inc.*		78,111

				15,038,456

Wireless Telecommunication Services (5.3%):
	33,786	American Tower Corp., Class A*		1,215,283
	38,920	Crown Castle International Corp.*		1,127,512
	36,540	SBA Communications Corp., Class A*		945,290

				3,288,085

Total Common Stocks (Cost $61,314,401)				53,831,504

Deposit Account (8.9%):
	5,575,330	NTRS London Deposit Account		5,575,330

Total Deposit Account (Cost $5,575,330)				5,575,330

Collateral For Securities On Loan (0.2%):
	103,078	Northern Trust Liquid Institutional Asset Portfolio		103,078

Total Collateral For Securities On Loan (Cost $103,078)				103,078

Total Investment Securities (Cost $66,992,809) (b)—95.3%				59,509,912

Net other assets (liabilities) — 4.7%				2,956,062

NET ASSETS — 100.0%			$	62,465,974


		Percentages indicated are based on net assets as of September 30, 2008.

*		Non-income producing security

^		All or a portion of security is loaned as of September 30, 2008.

ADR		American Depository Receipt

(a)		Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The subadviser has deemed these securities to be illiquid based on procedures approved by the Board of Trustees. As of September 30, 2008, these securities represent 0.6% of the net assets of the Fund.

(b)		Cost for federal income tax purposes is $69,741,515. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	905,056
Unrealized depreciation		(11,136,659	)

Net unrealized depreciation	$	(10,231,603	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of September 30, 2008:


Country	Percentage
United States		81.6	%
Finland		3.5	%
Bermuda		2.8	%
Canada		2.3	%
Israel		2.1	%
Guernsey		1.5	%
Germany		1.4	%
Cayman Islands		1.3	%
Japan		1.1	%
Netherlands		1.0	%
France		1.0	%
India		0.4	%

		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Davis NY Venture Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (98.0%):
Air Freight & Logistics (0.5%):
	34,410	United Parcel Service, Inc., Class B	$	2,164,045

Airline (0.0%):
	88,504	Virgin Blue Holdings, Ltd.		22,845

Automobiles (0.9%):
	115,500	Harley-Davidson, Inc.		4,308,150

Beverages (2.3%):
	98,000	Diageo plc, ADR		6,748,280
	93,976	Heineken Holding NV		3,729,692

				10,477,972

Capital Markets (3.8%):
	68,800	Ameriprise Financial, Inc.		2,628,160
	104,500	ETRADE Financial Corp.		292,600
	15,520	Goldman Sachs Group, Inc.		1,986,560
	427,846	Merrill Lynch & Co., Inc.		10,824,504
	16,600	Morgan Stanley		381,800
	24,500	State Street Corp.		1,393,560

				17,507,184

Commercial Banks (5.6%):
	320,900	Bank of New York Mellon Corp.		10,454,922
	41,359	Toronto-Dominion Bank (The)		2,522,485
	104,584	Wachovia Corp.		366,044
	329,300	Wells Fargo & Co.		12,358,629

				25,702,080

Commercial Services & Supplies (1.3%):
	237,100	Iron Mountain, Inc.*		5,787,611

Communications Equipment (0.6%):
	120,700	Cisco Systems, Inc.*		2,722,992

Computers & Peripherals (1.7%):
	181,906	Dell, Inc.*		2,997,811
	105,400	Hewlett-Packard Co.		4,873,696

				7,871,507

Construction Materials (2.0%):
	48,700	Martin Marietta Materials, Inc.		5,453,426
	51,800	Vulcan Materials Co.		3,859,100

				9,312,526

Consumer Finance (3.8%):
	475,500	American Express Co.		16,846,965
	13,130	Visa, Inc., Class A		806,051

				17,653,016

Containers & Packaging (1.6%):
	334,500	Sealed Air Corp.		7,355,655

Diversified Consumer Services (1.4%):
	280,600	H&R Block, Inc.		6,327,530

Diversified Financial Services (6.4%):
	128,500	Citigroup, Inc.		2,635,535
	33,470	Discover Financial Services		462,556
	482,536	JP Morgan Chase & Co.		22,534,431
	110,000	Moody’s Corp.		3,740,000

				29,372,522

Electrical Equipment (0.1%):
	16,800	ABB, Ltd., ADR		325,920

Electronic Equipment & Instruments (1.5%):
	157,900	Agilent Technologies, Inc.*		4,683,314
	81,700	Tyco Electronics, Ltd.		2,259,822

				6,943,136

Energy Equipment & Services (0.9%):
	36,579	Transocean, Inc.*		4,017,837

Food & Staples Retailing (6.0%):
	309,000	Costco Wholesale Corp.		20,063,370
	204,749	CVS Caremark Corp.		6,891,851
	42,000	Whole Foods Market, Inc.		841,260

				27,796,481

Food Products (0.2%):
	28,600	Hershey Co.		1,130,844

Health Care Equipment & Supplies (0.9%):
	80,860	Covidien, Ltd.		4,347,034

Health Care Providers & Services (3.0%):
	62,400	Cardinal Health, Inc.		3,075,072
	75,800	Express Scripts, Inc.*		5,595,556
	194,400	UnitedHealth Group, Inc.		4,935,816

				13,606,444

Household Durables (0.3%):
	20,500	Garmin, Ltd.*		695,770
	13,192	Hunter Douglas NV^		543,090

				1,238,860

Household Products (1.6%):
	108,400	Procter & Gamble Co.		7,554,396

Independent Power Producers & Energy Traders (0.4%):
	143,900	AES Corp. (The)*		1,682,191

Industrial Conglomerates (1.1%):
	952,689	China Merchants Holdings International Co., Ltd.		3,064,013
	19,600	Siemens AG		1,854,668

				4,918,681

Insurance (12.2%):
	119,765	AMBAC Financial Group, Inc.		279,052
	384,150	American International Group, Inc.		1,279,220
	104,800	Aon Corp.		4,711,808
	135	Berkshire Hathaway, Inc., Class A*		17,631,000
	159	Berkshire Hathaway, Inc., Class B*		698,805
	6,900	Everest Re Group, Ltd.		597,057
	274,800	Loews Corp.		10,851,852
	1,070	Markel Corp.*		376,105
	40,200	MBIA, Inc.^		478,380
	295,400	NIPPONKOA Insurance Co., Ltd.		1,665,815
	31,900	Principal Financial Group, Inc.		1,387,331
	487,260	Progressive Corp. (The)		8,478,324
	17,400	Sun Life Financial, Inc.		615,438
	78,400	Tokio Marine Holdings, Inc.		2,845,411
	77,600	Transatlantic Holdings, Inc.		4,217,560

				56,113,158

Internet & Catalog Retail (0.6%):
	21,800	Amazon.com, Inc.*		1,586,168
	75,250	Liberty Media Corp. — Interactive, Series A*		971,478

				2,557,646

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Davis NY Venture Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Internet Software & Services (1.1%):
	46,500	eBay, Inc.*	$	1,040,670
	9,510	Google, Inc., Class A*		3,808,945

				4,849,615

Machinery (0.1%):
	7,700	PACCAR, Inc.		294,063

Marine (0.5%):
	780,000	China Shipping Development Co., Ltd., Share H		1,030,559
	21,400	Kuehne & Nagel International AG		1,427,282

				2,457,841

Media (5.8%):
	567,700	Comcast Corp., Class A		11,195,044
	251,400	Grupo Televisa SA, ADR		5,498,118
	15,500	Lagardere S.C.A.		700,366
	15,090	Liberty Media Corp. — Capital, Series A*		201,904
	60,760	Liberty Media Corp. — Entertainment, Series A*		1,517,177
	418,900	News Corp.		5,022,611
	64,300	WPP Group plc, ADR		2,617,010

				26,752,230

Metals & Mining (0.5%):
	52,100	BHP Billiton plc		1,178,350
	22,000	Rio Tinto plc		1,368,656

				2,547,006

Multiline Retail (0.4%):
	17,500	Sears Holdings Corp.*		1,636,250

Oil, Gas & Consumable Fuels (15.5%):
	138,200	Canadian Natural Resources, Ltd.		9,461,172
	1,869,400	China Coal Energy Co., Share H		1,943,956
	266,000	ConocoPhillips		19,484,500
	173,400	Devon Energy Corp.		15,814,080
	141,000	EOG Resources, Inc.		12,613,860
	162,400	Occidental Petroleum Corp.		11,441,080
	1,700	OGX Petroleo e Gas Participacoes SA*		345,826

				71,104,474

Paper & Forest Products (0.5%):
	167,300	Sino-Forest Corp., Class A *		2,108,546

Personal Products (0.4%):
	40,800	Avon Products, Inc.		1,696,056

Pharmaceuticals (0.9%):
	36,900	Johnson & Johnson Co.		2,556,432
	97,900	Schering Plough Corp.		1,808,213

				4,364,645

Real Estate Management & Development (0.7%):
	64,900	Brookfield Asset Management, Inc., Class A		1,780,856
	457,000	Hang Lung Group, Ltd.		1,448,716

				3,229,572

Road & Rail (0.1%):
	88,504	Toll Holdings, Ltd.		495,905

Semiconductors & Semiconductor Equipment (1.2%):
	260,400	Texas Instruments, Inc.		5,598,600

Software (2.2%):
	383,400	Microsoft Corp.		10,232,946

Specialty Retail (2.8%):
	146,400	Bed Bath & Beyond, Inc.*		4,598,424
	194,400	CarMax, Inc.*		2,721,600
	73,400	Lowe’s Cos., Inc.		1,738,846
	49,300	Staples, Inc.		1,109,250
	78,000	Tyco International, Ltd.		2,731,560

				12,899,680

Textiles, Apparel & Luxury Goods (0.2%):
	17,800	Compagnie Financiere Richemont SA		790,784

Tobacco (3.8%):
	276,400	Altria Group, Inc.		5,483,776
	253,900	Philip Morris International, Inc.		12,212,590

				17,696,366

Transportation Infrastructure (0.2%):
	62,900	Asciano Group		164,014
	575,320	Cosco Pacific, Ltd.		659,157

				823,171

Wireless Telecommunication Services (0.4%):
	284,700	Sprint Nextel Corp.		1,736,670

Total Common Stocks (Cost $458,096,422)				450,132,683

Convertible Bonds (0.1%):
Paper & Forest Products (0.1%):
	688,000	Sino-Forest Corp., 5.00%, 8/1/13		622,640


Total Convertible Bonds (Cost $688,000)				622,640


Deposit Account (0.9%):
	4,010,762	NTRS London Deposit Account		4,010,762


Total Deposit Account (Cost $4,010,762)				4,010,762


Collateral For Securities On Loan (0.1%):
	244,674	Northern Trust Liquid Institutional Asset Portfolio		244,674


Total Collateral For Securities On Loan (Cost $244,674)				244,674


Total Investment Securities (Cost $463,039,858)(a)—99.1%				455,010,759

Net other assets (liabilities) — 0.9%				4,108,118


NET ASSETS — 100.0%			$	459,118,877


		Percentages indicated are based on net assets as of September 30, 2008.

*		Non-income producing security

^		All or a portion of security is loaned as of September 30, 2008.

ADR		American Depository Receipt

PLC		Public Liability Co.

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Dreyfus Founders Equity Growth Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (98.9%):
Aerospace & Defense (1.7%):
	13,567	Goodrich Corp.	$	564,387
	23,937	Honeywell International, Inc.		994,582
	20,929	Precision Castparts Corp.		1,648,787

				3,207,756

Air Freight & Logistics (0.3%):
	6,019	FedEx Corp.		475,742

Auto Components (0.4%):
	27,017	Johnson Controls, Inc.		819,426

Beverages (1.2%):
	31,596	PepsiCo, Inc.		2,251,847

Biotechnology (2.1%):
	29,913	Celgene Corp.*		1,892,895
	30,370	Gilead Sciences, Inc.*		1,384,264
	21,009	Vertex Pharmaceuticals, Inc.*		698,339

				3,975,498

Capital Markets (3.2%):
	133,461	Charles Schwab Corp.		3,469,986
	101,173	Janus Capital Group, Inc.		2,456,480

				5,926,466

Chemicals (1.0%):
	18,487	Monsanto Co.		1,829,843

Commercial Services & Supplies (1.5%):
	90,407	Waste Management, Inc.		2,846,916

Communications Equipment (4.1%):
	218,689	Cisco Systems, Inc.*		4,933,624
	47,724	QUALCOMM, Inc.		2,050,700
	7,011	Research In Motion, Ltd.*		478,852
	15,279	Riverbed Technology, Inc.*		191,293

				7,654,469

Computers & Peripherals (5.7%):
	40,214	Apple, Inc.*		4,570,723
	46,936	Dell, Inc.*		773,505
	161,939	EMC Corp.*		1,936,791
	72,792	Hewlett-Packard Co.		3,365,902

				10,646,921

Consumer Finance (0.5%):
	15,856	Visa, Inc., Class A		973,400

Diversified Consumer Services (1.4%):
	43,274	Apollo Group, Inc., Class A*		2,566,148

Diversified Financial Services (1.4%):
	19,678	Bank of America Corp.		688,730
	38,959	JP Morgan Chase & Co.		1,819,385

				2,508,115

Diversified Telecommunication Services (1.1%):
	64,359	Verizon Communications, Inc.		2,065,280

Electric Utilities (0.3%):
	7,979	Exelon Corp.		499,645

Electrical Equipment (0.8%):
	25,616	Energy Conversion Devices, Inc.*		1,492,132

Electronic Equipment & Instruments (1.9%):
	118,518	Agilent Technologies, Inc.*		3,515,244

Energy Equipment & Services (3.7%):
	34,051	Cameron International Corp.*		1,312,326
	30,356	National-Oilwell Varco, Inc.*		1,524,782

	33,923	Schlumberger, Ltd.		2,649,047
	13,197	Transocean, Inc.*		1,449,558

				6,935,713

Food & Staples Retailing (0.8%):
	42,357	CVS Caremark Corp.		1,425,737

Food Products (2.7%):
	94,180	Dean Foods Co.*		2,200,045
	85,676	Kraft Foods, Inc.		2,805,889

				5,005,934

Health Care Equipment & Supplies (2.8%):
	37,401	Baxter International, Inc.		2,454,627
	52,430	Covidien, Ltd.		2,818,637

				5,273,264

Hotels, Restaurants & Leisure (1.5%):
	44,862	McDonald’s Corp.		2,767,985

Household Products (1.2%):
	5,318	Energizer Holdings, Inc.*		428,365
	26,037	Procter & Gamble Co.		1,814,518

				2,242,883

Industrial Conglomerates (0.7%):
	13,629	3M Co.		930,997
	15,043	McDermott International, Inc.*		384,349

				1,315,346

Insurance (2.3%):
	29,248	Assurant, Inc.		1,608,640
	107,136	UnumProvident Corp.		2,689,114

				4,297,754

Internet & Catalog Retail (0.9%):
	23,871	Amazon.com, Inc.*		1,736,854

Internet Software & Services (3.1%):
	103,514	Akamai Technologies, Inc.*		1,805,284
	10,055	Google, Inc., Class A*		4,027,229

				5,832,513

Life Sciences Tools & Services (3.5%):
	109,040	Pharmaceutical Product Development, Inc.		4,508,804
	35,303	Thermo Fisher Scientific, Inc.*		1,941,665

				6,450,469

Machinery (2.7%):
	12,277	Cummins, Inc.		536,750
	24,480	Deere & Co.		1,211,760
	78,589	Dover Corp.		3,186,784

				4,935,294

Media (0.7%):
	17,939	Omnicom Group, Inc.		691,728
	19,485	Walt Disney Co. (The)		597,995

				1,289,723

Metals & Mining (1.4%):
	12,466	Allegheny Technologies, Inc.^		368,371
	9,197	Cleveland-Cliffs, Inc.		486,889
	29,985	Freeport-McMoRan Copper & Gold, Inc., Class A		1,704,647

				2,559,907

Multiline Retail (2.1%):
	29,093	Nordstrom, Inc.		838,460

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Dreyfus Founders Equity Growth Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Multiline Retail, continued
	51,065	Wal-Mart Stores, Inc.	$	3,058,283

				3,896,743

Oil, Gas & Consumable Fuels (7.0%):
	9,655	Apache Corp.		1,006,823
	48,671	Chesapeake Energy Corp.		1,745,342
	10,100	ChevronTexaco Corp.		833,048
	11,435	Devon Energy Corp.		1,042,872
	7,868	EOG Resources, Inc.		703,871
	47,697	Exxon Mobil Corp.		3,704,149
	9,550	Hess Corp.		783,864
	15,240	Occidental Petroleum Corp.		1,073,658
	34,209	Ultra Petroleum Corp.*		1,893,126
	8,435	Valero Energy Corp.		255,581

				13,042,334

Personal Products (2.5%):
	77,148	Avon Products, Inc.		3,207,042
	28,779	Estee Lauder Co., Inc. (The), Class A		1,436,360

				4,643,402

Pharmaceuticals (5.2%):
	64,145	Abbott Laboratories		3,693,469
	23,500	Allergan, Inc.		1,210,250
	111,295	BioMarin Pharmaceutical, Inc.*		2,948,205
	25,679	Johnson & Johnson Co.		1,779,041

				9,630,965

Road & Rail (1.8%):
	46,216	Union Pacific Corp.		3,288,731

Semiconductors & Semiconductor Equipment (5.8%):
	113,121	Altera Corp.		2,339,342
	72,509	Broadcom Corp., Class A*		1,350,843
	182,587	Intel Corp.		3,419,855
	30,047	KLA-Tencor Corp.		950,988
	87,094	MEMC Electronic Materials, Inc.*		2,461,276
	10,887	Varian Semiconductor Equipment Associates, Inc.*		273,481

				10,795,785

Software (10.2%):
	140,126	Activision Blizzard, Inc.*		2,162,144
	41,588	Adobe Systems, Inc.*		1,641,478
	22,594	Autodesk, Inc.*		758,029
	86,551	Electronic Arts, Inc.*		3,201,522
	14,679	McAfee, Inc.*		498,499
	299,292	Microsoft Corp.		7,988,103
	115,035	Oracle Corp.*		2,336,361
	15,199	Trimble Navigation, Ltd.*		393,046

				18,979,182

Specialty Retail (6.3%):
	59,530	Best Buy Co., Inc.		2,232,375
	63,167	GameStop Corp., Class A*		2,160,943
	134,246	Gap, Inc. (The)		2,386,894
	88,075	Home Depot, Inc.		2,280,262
	107,550	Limited Brands, Inc.		1,862,766
	27,848	TJX Cos., Inc.		849,921

				11,773,161

Textiles, Apparel & Luxury Goods (0.6%):
	9,993	Nike, Inc., Class B		668,532
	10,887	Phillips-Van Heusen Corp.		412,726

				1,081,258

Tobacco (0.8%):
	29,889	Philip Morris International, Inc.		1,437,661

Total Common Stocks (Cost $198,430,429)				183,893,446

Deposit Account (0.3%):
	481,997	NTRS London Deposit Account		481,997


Total Deposit Account (Cost $481,997)				481,997

Collateral For Securities On Loan (0.2%):
	398,658	Northern Trust Liquid Institutional Asset Portfolio		398,658


Total Collateral For Securities On Loan (Cost $398,658)				398,658


Total Investment Securities (Cost $199,311,084)(a)—99.4%				184,774,101


Net other assets (liabilities) — 0.6%				1,117,814


NET ASSETS — 100.0%			$	185,891,915


		Percentages indicated are based on net assets as of September 30, 2008.

*		Non-income producing security

^		All or a portion of security is loaned as of September 30, 2008.

(a)		Cost for federal income tax purposes is $200,972,586. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	11,401,985
Unrealized depreciation		(27,600,470	)

Net unrealized depreciation	$	(16,198,485	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of September 30, 2008:


Country	Percentage
United States		94.8	%
Bermuda		1.5	%
Netherlands		1.4	%
Canada		1.3	%
Cayman Islands		0.8	%
Panama		0.2	%

		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL First Trust Target Double Play Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (99.4%):
Aerospace & Defense (2.6%):
	13,008	Cubic Corp.	$	319,867
	21,530	Precision Castparts Corp.		1,696,133

				2,016,000

Auto Components (3.7%):
	148,532	Superior Industries International, Inc.		2,845,873

Chemicals (18.8%):
	59,476	Mosaic Co., Inc.		4,046,747
	19,289	Penford Corp.		341,222
	35,127	Potash Corp. of Saskatchewan, Inc.		4,637,115
	144,822	RPM International, Inc.		2,800,858
	98,584	Sensient Technologies Corp.		2,773,168

				14,599,110

Commercial Banks (6.3%):
	175,507	Colonial Bancgroup, Inc.		1,379,485
	61,266	Comerica, Inc.		2,008,912
	107,175	KeyCorp		1,279,670
	66,074	Wachovia Corp.		231,259

				4,899,326

Communications Equipment (5.4%):
	102,162	Nokia Corp., ADR		1,905,321
	33,488	Research In Motion, Ltd.*		2,287,231

				4,192,552

Computers & Peripherals (3.3%):
	22,183	Apple, Inc.*		2,521,320

Diversified Financial Services (3.8%):
	62,441	JP Morgan Chase & Co.		2,915,995

Electric Utilities (2.9%):
	86,335	Northeast Utilities		2,214,493

Electronic Equipment & Instruments (1.0%):
	20,724	FLIR Systems, Inc.*		796,216

Energy Equipment & Services (6.7%):
	33,357	Cameron International Corp.*		1,285,579
	4,543	Core Laboratories NV		460,296
	58,795	National-Oilwell Varco, Inc.*		2,953,273
	6,579	SunPower Corp., Class B*		454,270

				5,153,418

Health Care Equipment & Supplies (1.8%):
	5,908	Intuitive Surgical, Inc.*		1,423,710

Household Durables (6.7%):
	38,542	Garmin, Ltd.*		1,308,116
	395,991	La-Z-Boy, Inc.^		3,690,636
	19,267	Tempur-Pedic International, Inc.		226,580

				5,225,332

Industrial Conglomerate (1.1%):
	32,858	McDermott International, Inc.*		839,522

Insurance (2.5%):
	44,895	Lincoln National Corp.		1,921,955

Internet & Catalog Retail (0.5%):
	6,029	Priceline.com, Inc.*		412,564

Machinery (0.3%):
	8,475	Dynamic Materials Corp.		196,705

Metals & Mining (7.0%):
	14,019	AMCOL International Corp.		438,234
	54,185	BHP Billiton, Ltd., SP ADR^		2,817,078
	111,678	Southern Copper Corp.		2,130,816

				5,386,128

Multi-Utilities (10.0%):
	65,774	Black Hills Corp.		2,043,598
	56,221	DTE Energy Co.		2,246,029
	149,184	NiSource, Inc.		2,201,956
	123,327	PNM Resources, Inc.		1,262,868

				7,754,451

Paper & Forest Products (2.5%):
	84,072	MeadWestvaco Corp.		1,959,718

Semiconductors & Semiconductor Equipment (1.5%):
	23,987	Cypress Semiconductor Corp.*		125,212
	83,511	NVIDIA Corp.*		894,403
	8,329	Sigma Designs, Inc.*		118,438

				1,138,053

Textiles, Apparel & Luxury Goods (0.5%):
	3,825	Deckers Outdoor Corp.*		398,106

Thrifts & Mortgage Finance (7.3%):
	150,669	New York Community Bancorp, Inc.		2,529,732
	162,428	People’s United Financial, Inc.		3,126,739
	151,339	Washington Mutual, Inc.^		12,410

				5,668,881

Tobacco (3.2%):
	51,261	Universal Corp.		2,516,403


Total Common Stocks (Cost $103,078,632)				76,995,831


Deposit Account (0.7%):
	505,507	NTRS London Deposit Account		505,507


Total Deposit Account (Cost $505,507)				505,507


Collateral For Securities On Loan (7.8%):
	6,060,830	Northern Trust Liquid Institutional Asset Portfolio		6,060,830


Total Collateral For Securities On Loan (Cost $6,060,830)				6,060,830



Total Investment Securities (Cost $109,644,969)(a)—107.9%				83,562,168

Net other assets (liabilities) — (7.9)%				(6,093,252	)


NET ASSETS — 100.0%			$	77,468,916


		Percentages indicated are based on net assets as of September 30, 2008.

*		Non-income producing security

^		All or a portion of security is loaned as of September 30, 2008.

ADR		American Depository Receipt

(a)		Cost for federal income tax purposes is $113,396,234. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	1,776,743
Unrealized depreciation		(31,610,809	)

Net unrealized depreciation	$	(29,834,066	)

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Franklin Small Cap Value Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (95.9%):
Airline (1.0%):
	180,000	SkyWest, Inc.	$	2,876,400

Auto Components (0.9%):
	39,000	Autoliv, Inc.		1,316,250
	80,000	Gentex Corp.		1,144,000

				2,460,250

Automobiles (2.7%):
	310,000	Monaco Coach Corp.^		604,500
	170,500	Thor Industries, Inc.^		4,231,810
	193,000	Winnebago Industries, Inc.^		2,493,560

				7,329,870

Building Products (5.6%):
	115,000	American Woodmark Corp.		2,581,750
	222,000	Apogee Enterprises, Inc.		3,336,660
	95,000	Simpson Manufacturing Co., Inc.		2,573,550
	194,025	Universal Forest Products, Inc.		6,773,413

				15,265,373

Chemicals (5.4%):
	73,700	Airgas, Inc.		3,659,205
	70,000	Cabot Corp.		2,224,600
	188,900	RPM International, Inc.		3,653,326
	257,500	Westlake Chemical Corp.^		5,415,225

				14,952,356

Commercial Banks (1.8%):
	150,000	Chemical Financial Corp.^		4,671,000
	14,700	Peoples Bancorp, Inc.		320,019

				4,991,019

Commercial Services & Supplies (4.4%):
	178,100	ABM Industries, Inc.		3,889,704
	127,200	Brady Corp., Class A		4,487,616
	100,000	Mine Safety Appliances Co.		3,812,000

				12,189,320

Communications Equipment (1.1%):
	143,000	Avocent Corp.*		2,925,780

Computers & Peripherals (0.3%):
	25,000	Diebold, Inc.		827,750

Construction & Engineering (0.1%):
	12,600	Emcor Group, Inc.*		331,632

Containers & Packaging (0.6%):
	40,000	AptarGroup, Inc.		1,564,400

Diversified Consumer Services (1.9%):
	188,000	Regis Corp.		5,170,000

Electric Utilities (1.1%):
	319,700	Sierra Pacific Resources		3,062,726

Electrical Equipment (1.6%):
	4,000	A.O. Smith Corp.		156,760
	85,000	Franklin Electric Co., Inc.^		3,786,750
	9,900	Powell Industries, Inc.*		404,019

				4,347,529

Electronic Equipment & Instruments (2.4%):
	260,000	Benchmark Electronics, Inc.*		3,660,800
	30,000	Mettler-Toledo International, Inc.*		2,940,000

				6,600,800

Energy Equipment & Services (4.5%):
	40,000	Atwood Oceanics, Inc.*		1,456,000
	85,000	Bristow Group, Inc.*^		2,876,400
	6,500	CARBO Ceramics, Inc.		335,465
	69,700	Global Industries, Ltd.*		483,718
	72,700	Oil States International, Inc.*		2,569,945
	51,100	Rowan Cos., Inc.		1,561,105
	28,700	Tidewater, Inc.		1,588,832
	32,000	Unit Corp.*		1,594,240

				12,465,705

Food & Staples Retailing (1.3%):
	120,000	Casey’s General Stores, Inc.		3,620,400

Gas Utilities (1.1%):
	50,000	Atmos Energy Corp.		1,331,000
	37,800	Energen Corp.		1,711,584

				3,042,584

Health Care Equipment & Supplies (2.1%):
	37,500	Hill-Rom Holdings, Inc.^		1,136,625
	55,000	STERIS Corp.		2,066,900
	50,500	West Pharmaceutical Services, Inc.		2,465,410

				5,668,935

Health Care Providers & Services (0.3%):
	37,500	Hillenbrand, Inc.		756,000

Household Durables (7.1%):
	1,000	Bassett Furniture Industries, Inc.		8,550
	100,400	D. R. Horton, Inc.		1,307,208
	110,000	Ethan Allen Interiors, Inc.^		3,082,200
	180,000	Hooker Furniture Corp.^		3,195,000
	345,000	La-Z-Boy, Inc.^		3,215,400
	105,000	M.D.C. Holdings, Inc.		3,841,950
	215,000	M/I Homes, Inc.		4,897,700

				19,548,008

Industrial Conglomerates (1.9%):
	110,000	Carlisle Cos., Inc.		3,296,700
	30,000	Teleflex, Inc.		1,904,700

				5,201,400

Insurance (11.7%):
	21,400	American National Insurance Co.		1,847,462
	75,000	Arthur J. Gallagher & Co.		1,924,500
	160,000	Aspen Insurance Holdings, Ltd.		4,400,000
	50,100	Erie Indemnity Co., Class A		2,117,727
	146,700	IPC Holdings, Ltd.		4,431,807
	200,000	Montpelier Re Holdings, Ltd.		3,302,000
	450,000	Old Republic International Corp.		5,737,500
	97,000	Protective Life Corp.		2,765,470
	40,000	RLI Corp.^		2,483,600
	45,000	StanCorp Financial Group, Inc.		2,235,600
	403,500	Syncora Holdings, Ltd.^		528,585
	13,400	Zenith National Insurance Corp.		490,976

				32,265,227

Leisure Equipment & Products (1.1%):
	232,100	Brunswick Corp.		2,968,559

Machinery (8.6%):
	134,400	Briggs & Stratton Corp.^		2,174,592
	22,600	CIRCOR International, Inc.		981,518
	100,000	Graco, Inc.		3,561,000
	114,800	Kennametal, Inc.		3,113,376
	1,200	Lincoln Electric Holdings, Inc.		77,172

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Franklin Small Cap Value Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Machinery, continued
	143,600	Mueller Industries, Inc.	$	3,304,236
	35,000	Nordson Corp.		1,718,850
	75,000	Trinity Industries, Inc.^		1,929,750
	430,000	Wabash National Corp.^		4,063,500
	100,000	Watts Water Technologies, Inc., Class A^		2,735,000

				23,658,994

Marine (0.8%):
	28,800	General Maritime Corp.		561,024
	60,000	Teekay Shipping Corp.		1,582,800

				2,143,824

Metals & Mining (5.2%):
	200,000	Gerdau Ameristeel Corp.^		1,968,000
	302,000	Gibraltar Industries, Inc.^		5,650,420
	100,000	Reliance Steel & Aluminum Co.		3,797,000
	166,000	Steel Dynamics, Inc.		2,836,940

				14,252,360

Multiline Retail (2.1%):
	200,000	Fred’s, Inc.		2,844,000
	131,000	Saks, Inc.*^		1,211,750
	394,435	Tuesday Morning Corp.*^		1,629,016

				5,684,766

Oil, Gas & Consumable Fuels (1.6%):
	82,900	Helix Energy Solutions Group, Inc.*		2,012,812
	42,500	Overseas Shipholding Group, Inc.		2,478,175

				4,490,987

Paper & Forest Products (1.1%):
	180,000	Glatfelter		2,437,200
	130,000	Mercer International, Inc.*^		475,800

				2,913,000

Real Estate Investment Trusts (REITs) (0.3%):
	80,000	Arbor Realty Trust, Inc.		800,000

Road & Rail (1.4%):
	110,000	Dollar Thrifty Automotive Group, Inc.*^		212,300
	82,200	Genesee & Wyoming, Inc., Class A*		3,084,144
	15,500	Kansas City Southern Industries, Inc.*		687,580

				3,984,024

Semiconductors & Semiconductor Equipment (1.3%):
	180,000	Cohu, Inc.		2,847,600
	69,300	OmniVision Technologies, Inc.*		790,713

				3,638,313

Specialty Retail (5.3%):
	286,000	Christopher & Banks Corp.		2,193,620
	110,000	Group 1 Automotive, Inc.		2,390,300
	12,800	Gymboree Corp.*		454,400
	155,000	HOT Topic, Inc.*		1,024,550
	114,700	Men’s Wearhouse, Inc.^		2,436,228
	465,000	Pier 1 Imports, Inc.*^		1,920,450
	118,600	West Marine, Inc.*		706,856
	135,000	Zale Corp.*^		3,375,000

				14,501,404

Textiles, Apparel & Luxury Goods (3.8%):
	315,000	Brown Shoe Co., Inc.		5,159,700
	70,000	Timberland Co., Class A*		1,215,900
	93,000	Warnaco Group, Inc. (The)*		4,211,970

				10,587,570

Thrifts & Mortgage Finance (2.4%):
	285,000	Corus Bankshares, Inc.^		1,154,250
	175,000	PMI Group, Inc.^		516,250
	415,000	TrustCo Bank Corp.^		4,859,650

				6,530,150


Total Common Stocks (Cost $298,822,923)				263,617,415

Deposit Account (4.3%):
	11,850,162	TNT Offshore Deposit Account		11,850,162


Total Deposit Account (Cost $11,850,162)				11,850,162

Collateral For Securities On Loan (18.9%):
	51,901,403	Northern Trust Liquid Institutional Asset Portfolio		51,901,403


Total Collateral For Securities On Loan (Cost $51,901,403)				51,901,403


Total Investment Securities (Cost $362,574,488)(a)—119.1%				327,368,980


Net other assets (liabilities) — (19.1)%				(52,590,163	)


NET ASSETS — 100.0%			$	274,778,817


		Percentages indicated are based on net assets as of September 30, 2008.

^		All or a portion of security is loaned as of September 30, 2008.

*		Non-income producing security

(a)		Cost for federal income tax purposes is $363,189,439. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	28,376,563
Unrealized depreciation		(64,197,022	)

Net unrealized depreciation	$	(35,820,459	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of September 30, 2008:


Country	Percentage
United States		93.9	%
Bermuda		4.6	%
Canada		0.7	%
Marshall Islands		0.6	%
Greece		0.2	%

		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Jennison 20/20 Focus Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (96.2%):
Beverages (2.1%):
	119,900	PepsiCo, Inc.	$	8,545,273

Biotechnology (5.1%):
	149,800	Celgene Corp.*		9,479,344
	238,300	Gilead Sciences, Inc.*		10,861,714

				20,341,058

Capital Markets (3.1%):
	466,500	Charles Schwab Corp.		12,129,000

Chemicals (2.7%):
	109,300	Monsanto Co.		10,818,514

Communications Equipment (6.8%):
	457,800	Cisco Systems, Inc.*		10,327,968
	268,900	QUALCOMM, Inc.		11,554,633
	76,200	Research In Motion, Ltd.*		5,204,460

				27,087,061

Computers & Peripherals (1.6%):
	54,300	Apple, Inc.*		6,171,738

Consumer Finance (5.0%):
	820,700	SLM Corp.*		10,127,438
	159,000	Visa, Inc., Class A		9,761,010

				19,888,448

Diversified Consumer Services (4.9%):
	545,000	Career Education Corp.*^		8,910,750
	475,300	H&R Block, Inc.		10,718,015

				19,628,765

Energy Equipment & Services (7.3%):
	285,700	Halliburton Co.		9,253,823
	142,200	Schlumberger, Ltd.		11,104,398
	233,500	Tenaris SA, ADR		8,707,215

				29,065,436

Food & Staples Retailing (2.1%):
	243,400	CVS Caremark Corp.		8,192,844

Food Products (5.7%):
	277,408	Cadbury plc, ADR		11,357,084
	579,300	ConAgra Foods, Inc.		11,273,178

				22,630,262

Health Care Equipment & Supplies (5.8%):
	63,000	Alcon, Inc.		10,175,130
	197,700	Baxter International, Inc.		12,975,051

				23,150,181

Household Products (1.1%):
	58,000	Colgate-Palmolive Co.		4,370,300

Independent Power Producers & Energy Traders (2.2%):
	358,700	NRG Energy, Inc.*		8,877,825

Insurance (3.0%):
	665,100	XL Capital, Ltd., Class A		11,931,894

Internet & Catalog Retail (3.1%):
	170,700	Amazon.com, Inc.*		12,420,132

Internet Software & Services (2.8%):
	27,300	Google, Inc., Class A*		10,934,196

Life Sciences Tools & Services (3.0%):
	213,200	Thermo Fisher Scientific, Inc.*		11,726,000

Media (4.0%):
	541,100	Comcast Corp., Class A		10,621,793
	9,143,460	Sirius XM Radio, Inc.*		5,211,772

				15,833,565

Metals & Mining (3.3%):
	259,900	Century Aluminum Co.*		7,196,631
	107,300	Freeport-McMoRan Copper & Gold, Inc., Class A		6,100,005

				13,296,636

Multi-Utilities (2.5%):
	196,300	Sempra Energy		9,907,261

Oil, Gas & Consumable Fuels (4.6%):
	313,100	Southwestern Energy Co.*		9,562,074
	205,600	Suncor Energy, Inc.		8,690,712

				18,252,786

Pharmaceuticals (5.0%):
	143,600	Abbott Laboratories		8,268,488
	620,500	Schering Plough Corp.		11,460,635

				19,729,123

Software (5.2%):
	216,400	Adobe Systems, Inc.*		8,541,308
	616,100	Symantec Corp.*		12,063,238

				20,604,546

Wireless Telecommunication Services (4.2%):
	226,700	NII Holdings, Inc.*		8,596,464
	1,326,200	Sprint Nextel Corp.		8,089,820

				16,686,284


Total Common Stocks (Cost $415,951,848)				382,219,128

Deposit Account (3.7%):
	14,856,127	NTRS London Deposit Account		14,856,127

Total Deposit Account (Cost $14,856,127)				14,856,127

Collateral For Securities On Loan (1.1%):
	4,200,722	Northern Trust Liquid Institutional Asset Portfolio		4,200,722


Total Collateral For Securities On Loan (Cost $4,200,722)				4,200,722


Total Investments Securities (Cost $435,008,697)(a)—101.0%				401,275,977


Net other assets (liabilities) — (1.0)%				(3,912,983	)


NET ASSETS — 100.0%			$	397,362,994


		Percentages indicated are based on net assets as of September 30, 2008.

*		Non-income producing security

^		All or a portion of security is loaned as of September 30, 2008.

ADR		American Depository Receipt

(a)		Cost for federal income tax purposes is $446,506,612. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	15,705,287
Unrealized depreciation		(60,935,922	)

Net unrealized depreciation	$	(45,230,635	)

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Jennison Growth Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (96.7%):
Aerospace & Defense (4.8%):
	6,700	Lockheed Martin Corp.	$	734,789
	16,700	Raytheon Co.		893,617
	18,600	United Technologies Corp.		1,117,116

				2,745,522

Beverages (4.0%):
	10,600	Coca-Cola Co.		560,528
	24,200	PepsiCo, Inc.		1,724,734

				2,285,262

Biotechnology (9.2%):
	18,300	Celgene Corp.*		1,158,024
	17,700	Genentech, Inc.*		1,569,636
	56,300	Gilead Sciences, Inc.*		2,566,154

				5,293,814

Capital Markets (4.8%):
	60,700	Charles Schwab Corp.		1,578,200
	6,800	Goldman Sachs Group, Inc.		870,400
	7,700	Lazard, Ltd., Class A		329,252

				2,777,852

Chemicals (3.3%):
	19,100	Monsanto Co.		1,890,518

Communications Equipment (7.6%):
	84,900	Cisco Systems, Inc.*		1,915,344
	8,300	Nokia Corp., ADR		154,795
	37,800	QUALCOMM, Inc.		1,624,266
	9,900	Research In Motion, Ltd.*		676,170

				4,370,575

Computers & Peripherals (5.0%):
	9,100	Apple, Inc.*		1,034,306
	40,500	Hewlett-Packard Co.		1,872,720

				2,907,026

Consumer Finance (2.4%):
	22,600	Visa, Inc., Class A		1,387,414

Diversified Financial Services (0.8%):
	9,900	JP Morgan Chase & Co.		462,330

Electrical Equipment (2.3%):
	36,400	ABB, Ltd., ADR		706,160
	3,200	First Solar, Inc.*		604,512

				1,310,672

Energy Equipment & Services (3.3%):
	24,500	Schlumberger, Ltd.		1,913,205

Food & Staples Retailing (4.1%):
	17,700	Costco Wholesale Corp.		1,149,261
	35,200	CVS Caremark Corp.		1,184,832

				2,334,093

Health Care Equipment & Supplies (5.9%):
	10,100	Alcon, Inc.		1,631,251
	26,800	Baxter International, Inc.		1,758,884

				3,390,135

Hotels, Restaurants & Leisure (0.5%):
	11,500	Marriott International, Inc., Class A		300,035

Household Products (2.5%):
	19,100	Colgate-Palmolive Co.		1,439,185

Industrial Conglomerate (0.7%):
	16,300	McDermott International, Inc.*		416,465

Internet & Catalog Retail (2.8%):
	22,300	Amazon.com, Inc.*		1,622,548

Internet Software & Services (3.9%):
	5,600	Google, Inc., Class A*		2,242,912

IT Services (1.7%):
	29,200	Infosys Technologies, Ltd., ADR		972,652

Life Sciences Tools & Services (2.1%):
	22,000	Thermo Fisher Scientific, Inc.*		1,210,000

Media (1.6%):
	30,800	Walt Disney Co. (The)		945,252

Multiline Retail (3.1%):
	30,100	Wal-Mart Stores, Inc.		1,802,689

Oil, Gas & Consumable Fuels (4.0%):
	25,000	Halliburton Co.		809,750
	9,500	Occidental Petroleum Corp.		669,275
	26,500	Southwestern Energy Co.*		809,310

				2,288,335

Pharmaceuticals (9.7%):
	30,000	Abbott Laboratories		1,727,400
	20,100	Medco Health Solutions, Inc.*		904,500
	30,200	Mylan, Inc.*		344,884
	7,500	Shire plc, ADR		358,125
	30,500	Teva Pharmaceutical Industries, Ltd., ADR		1,396,595
	22,400	Wyeth		827,456

				5,558,960

Semiconductors & Semiconductor Equipment (0.7%):
	37,000	NVIDIA Corp.*		396,270

Software (4.3%):
	33,500	Adobe Systems, Inc.*		1,322,245
	42,900	Microsoft Corp.		1,145,001

				2,467,246

Textiles, Apparel & Luxury Goods (1.6%):
	13,400	Nike, Inc., Class B		896,460

Total Common Stocks (Cost $57,293,456)				55,627,427

Deposit Account (3.0%):
	1,698,617	NTRS London Deposit Account		1,698,617


Total Deposit Account (Cost $1,698,617)				1,698,617


Total Investment Securities (Cost $58,992,073)(a)—99.7%				57,326,044


Net other assets (liabilities) — 0.3%				182,806


NET ASSETS — 100.0%			$	57,508,850


		Percentages indicated are based on net assets as of September 30, 2008.

*		Non-income producing security

ADR		American Depository Receipt

PLC		Public Liability Co.

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Legg Mason Growth Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (97.6%):
Air Freight & Logistics (2.4%):
	30,600	FedEx Corp.	$	2,418,624

Capital Markets (4.9%):
	193,600	Merrill Lynch & Co., Inc.		4,898,080

Communications Equipment (14.8%):
	240,800	Cisco Systems, Inc.*		5,432,448
	305,100	Nokia Corp., ADR		5,690,115
	86,800	QUALCOMM, Inc.		3,729,796

				14,852,359

Computers & Peripherals (2.9%):
	245,500	EMC Corp.*		2,936,180

Construction & Engineering (8.9%):
	55,900	Foster Wheeler, Ltd.*		2,018,549
	150,700	Quanta Services, Inc.*		4,070,407
	91,600	Shaw Group, Inc.*		2,814,868

				8,903,824

Consumer Finance (5.2%):
	146,900	American Express Co.		5,204,667

Diversified Financial Services (7.7%):
	199,300	Citigroup, Inc.		4,087,643
	92,000	NYSE Euronext		3,604,560

				7,692,203

Electric Utilities (1.9%):
	254,700	Reliant Energy, Inc.*		1,872,045

Electrical Equipment (7.9%):
	96,400	General Cable Corp.*^		3,434,732
	114,700	Thomas & Betts Corp.*		4,481,329

				7,916,061

Energy Equipment & Services (2.0%):
	80,300	Nabors Industries, Ltd.*		2,001,076

Internet & Catalog Retail (5.6%):
	76,600	Amazon.com, Inc.*		5,573,416

Internet Software & Services (15.6%):
	225,800	eBay, Inc.*		5,053,404
	13,925	Google, Inc., Class A*		5,577,241
	291,500	Yahoo!, Inc.*		5,042,950

				15,673,595

Machinery (2.7%):
	45,100	Caterpillar, Inc.		2,687,960

Oil, Gas & Consumable Fuels (4.8%):
	65,700	Halliburton Co.		2,128,023
	57,300	XTO Energy, Inc.		2,665,596

				4,793,619

Semiconductors & Semiconductor Equipment (4.3%):
	198,900	Texas Instruments, Inc.		4,276,350

Software (6.0%):
	76,600	Electronic Arts, Inc.*		2,833,434
	214,600	Red Hat, Inc.*		3,234,022

				6,067,456

Total Common Stocks (Cost $129,286,613)				97,767,515

Deposit Account (2.7%):
	2,679,318	NTRS London Deposit Account		2,679,318

Total Deposit Account (Cost $2,679,318)				2,679,318

Collateral For Securities On Loan (0.1%):
	82,042	Northern Trust Liquid Institutional Asset Portfolio		82,042


Total Collateral For Securities On Loan (Cost $82,042)				82,042


Total Investment Securities (Cost $132,047,973)(a)—100.4%				100,528,875


Net other assets (liabilities) Securities — (0.4)%				(351,854	)


NET ASSETS — 100.0%			$	100,177,021


		Percentages indicated are based on net assets as of September 30, 2008.

*		Non-income producing security

^		All or a portion of security is loaned as of September 30, 2008.

ADR		American Depository Receipt

(a)		Cost for federal income tax purposes is $128,276,713. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	1,690,375
Unrealized depreciation		(29,438,213	)

Net unrealized depreciation	$	(27,747,838	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of September 30, 2008:


Country	Percentage
United states		90.3	%
Finland		5.7	%
Bermuda		4.0	%

		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Legg Mason Value Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (95.2%):
Biotechnology (3.2%):
	130,000	Amgen, Inc.*	$	7,705,100

Capital Markets (3.0%):
	282,000	Merrill Lynch & Co., Inc.		7,134,600

Communications Equipment (3.3%):
	351,300	Cisco Systems, Inc.*		7,925,328

Computers & Peripherals (8.6%):
	62,300	EMC Corp.*		745,108
	216,900	Hewlett-Packard Co.		10,029,456
	83,900	International Business Machines Corp.		9,812,944

				20,587,508

Consumer Finance (0.2%):
	15,400	American Express Co.		545,622

Diversified Financial Services (15.4%):
	70,528	Bank of America Corp.		2,468,480
	147,400	Capital One Financial Corp.		7,517,400
	650,300	Citigroup, Inc.		13,337,653
	238,500	JP Morgan Chase & Co.		11,137,950
	62,700	NYSE Euronext		2,456,586

				36,918,069

Health Care Providers & Services (10.3%):
	374,500	Aetna, Inc.		13,523,195
	440,800	UnitedHealth Group, Inc.		11,191,912

				24,715,107

Independent Power Producers & Energy Traders (6.1%):
	1,248,600	AES Corp. (The)*		14,596,134

Industrial Conglomerates (4.7%):
	6,200	3M Co.		423,522
	426,800	General Electric Co.		10,883,400

				11,306,922

Internet & Catalog Retail (7.4%):
	242,300	Amazon.com, Inc.*		17,629,748

Internet Software & Services (10.9%):
	481,500	eBay, Inc.*		10,775,970
	17,025	Google, Inc., Class A*		6,818,853
	494,200	Yahoo!, Inc.*		8,549,660

				26,144,483

Leisure Equipment & Products (4.1%):
	635,100	Eastman Kodak Co.		9,767,838

Media (3.6%):
	652,400	Time Warner, Inc.		8,552,964

Metals & Mining (0.5%):
	33,900	Nucor Corp.		1,339,050

Multiline Retail (6.9%):
	139,300	J.C. Penney Co., Inc.		4,644,262
	126,100	Sears Holdings Corp.*^		11,790,350

				16,434,612

Semiconductors & Semiconductor Equipment (2.0%):
	221,900	Texas Instruments, Inc.		4,770,850

Software (5.0%):
	298,300	CA, Inc.		5,954,068
	151,500	Electronic Arts, Inc.*		5,603,985
	15,400	Microsoft Corp.		411,026

				11,969,079

Total Common Stocks (Cost $274,754,352)				228,043,014

Deposit Account (5.0%):
	11,924,123	NTRS London Deposit Account		11,924,123

Total Deposit Account (Cost $11,924,123)				11,924,123

Collateral For Securities On Loan (0.7%):
	1,635,759	Northern Trust Liquid Institutional Asset Portfolio		1,635,759


Total Collateral For Securities On Loan (Cost $1,635,759)				1,635,759


Total Investment Securities (Cost $288,314,234)(a)—100.9%				241,602,896


Net other assets (liabilities) — (0.9)%				(2,121,496	)


NET ASSETS — 100.0%			$	239,481,400


		Percentages indicated are based on net assets as of September 30, 2008.

*		Non-income producing security

^		All or a portion of security is loaned as of September 30, 2008.

(a)		Cost for federal income tax purposes is $296,630,908. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	18,751,021
Unrealized depreciation		(73,779,033	)

Net unrealized depreciation	$	(55,028,012	)

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL LMP Large Cap Growth Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (98.1%):
Beverages (6.8%):
	108,361	Coca-Cola Co.^	$	5,730,130
	93,912	PepsiCo, Inc.		6,693,108

				12,423,238

Biotechnology (18.9%):
	200,076	Amgen, Inc.*		11,858,505
	137,260	Biogen, Inc.*		6,902,805
	130,464	Genentech, Inc.*		11,569,548
	124,817	Vertex Pharmaceuticals, Inc.*		4,148,917

				34,479,775

Chemicals (0.4%):
	28,230	Celanese Corp., Series A		787,899

Communications Equipment (6.6%):
	263,684	Cisco Systems, Inc.*		5,948,711
	144,486	QUALCOMM, Inc.		6,208,564

				12,157,275

Diversified Financial Services (3.6%):
	216,723	NASDAQ Stock Market, Inc.*^		6,625,222

Food & Staples Retailing (1.0%):
	53,910	CVS Caremark Corp.		1,814,611

Health Care Equipment & Supplies (2.4%):
	88,103	Medtronic, Inc.		4,413,960

Household Products (3.3%):
	86,689	Procter & Gamble Co.		6,041,356

Industrial Conglomerate (2.4%):
	172,880	General Electric Co.		4,408,440

Insurance (6.8%):
	96	Berkshire Hathaway, Inc., Class A*		12,537,600

Internet & Catalog Retail (8.2%):
	205,808	Amazon.com, Inc.*		14,974,590

Internet Software & Services (6.5%):
	270,913	Akamai Technologies, Inc.*^		4,724,723
	214,124	eBay, Inc.*		4,792,095
	5,890	Google, Inc., Class A*		2,359,063

				11,875,881

Media (4.4%):
	213,402	Time Warner, Inc.		2,797,700
	168,874	Walt Disney Co. (The)		5,182,743

				7,980,443

Multiline Retail (4.0%):
	77,660	Sears Holdings Corp.*^		7,261,210

Oil, Gas & Consumable Fuels (0.5%):
	71,110	El Paso Corp.		907,364

Pharmaceuticals (4.6%):
	101,135	Johnson & Johnson Co.		7,006,633
	8,640	Roche Holding AG		1,347,222

				8,353,855

Semiconductors & Semiconductor Equipment (7.0%):
	281,746	Intel Corp.		5,277,102
	183,560	NVIDIA Corp.*^		1,965,928
	256,460	Texas Instruments, Inc.		5,513,890

				12,756,920

Software (8.1%):
	144,481	Electronic Arts, Inc.*		5,344,352
	154,189	Microsoft Corp.		4,115,305

Software, continued
	353,990	Red Hat, Inc.*		5,334,629

				14,794,286

Specialty Retail (2.6%):
	183,556	Home Depot, Inc.		4,752,265

Total Common Stocks (Cost $168,681,731)				179,346,190

Collateral For Securities On Loan (10.4%):
	19,067,685	Allianz Dresdner Daily Asset Fund#		19,067,685

Total Collateral For Securities On Loan (Cost $19,067,685)				19,067,685

U.S. Government Agencies (1.9%):
	3,429,000	Federal Home Loan Bank, 0.10%, 10/1/08(a)		3,429,000


Total U.S. Government Agencies (Cost $3,429,000)				3,429,000

Deposit Account (0.0%):
	1,850	NTRS London Deposit Account		1,850


Total Deposit Account (Cost $1,850)				1,850


Total Investment Securities (Cost $191,180,266)(b)—110.4%				201,844,725


Net other assets (liabilities) — (10.4)%				(19,014,232	)


NET ASSETS — 100.0%			$	182,830,493


		Percentages indicated are based on net assets as of September 30, 2008.

^		All or a portion of security is loaned as of September 30, 2008.

*		Non-income producing security

#		Investment in affiliate.

(a)		The rate presented represents the effective yield at September 30, 2008.

(b)		Cost for federal income tax purposes is $196,568,775. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	24,469,999
Unrealized depreciation		(19,194,049	)

Net unrealized appreciation	$	5,275,950

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of September 30, 2008:


Country	Percentage
United States		83.0	%
Canada		3.5	%
Cayman Islands		3.0	%
United Kingdom		2.9	%
Netherlands		2.8	%
Switzerland		2.6	%
Luxembourg		2.2	%

		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Money Market Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


Principal			Fair
Amount			Value
Certificates of Deposit (21.0%):
Commercial Banks (3.7%):
$	4,000,000	Rabobank, Nederland, 3.01%, 2/19/09	$	4,000,000
	20,000,000	State Street Bank & Trust Co., 2.65%, 12/3/08		20,000,000
	7,000,000	Wells Fargo Bank NA, 2.55%, 10/17/08		7,000,000

				31,000,000

Domestic Certificate of Deposit (1.8%):
	15,000,000	U.S. Bank National Association, 2.77%, 10/27/08		15,000,000

Yankee Dollar Certificate of Deposit (15.5%):
	6,500,000	Banco Bilbao Vizcaya Agentaria SA, NY,3.00%, 10/24/08		6,500,000
	4,000,000	Banco Bilbao Vizcaya Agentaria SA, NY,3.19%, 12/24/08		4,000,000
	3,970,000	Bank of Scotland PLC, NY, 2.68%, 10/2/08		3,970,000
	3,390,000	Bank of Scotland PLC, NY, 2.72%, 10/2/08		3,390,000
	7,100,000	Bank of Scotland PLC, NY, 2.93%, 11/17/08		7,100,000
	15,000,000	Barclays Bank PLC, NY, 2.75%, 11/21/08		15,000,000
	5,920,000	BNP Paribas, NY, 2.63%, 10/2/08		5,920,000
	7,000,000	BNP Paribas, NY, 2.95%, 10/28/08		7,000,000
	5,000,000	BNP Paribas, NY, 2.85%, 12/4/08		5,000,000
	10,000,000	BNP Paribas, NY, 3.12%, 2/20/09		10,000,000
	1,150,000	DNB Nor Bank ASA, 2.84%, 12/5/08		1,150,000
	6,805,000	Nordea Bank Finland, NY, 2.65%, 10/14/08		6,805,000
	6,605,000	Royal Bank of Scotland PLC, NY, 2.68%, 10/2/08		6,605,000
	4,000,000	Royal Bank of Scotland PLC, NY, 3.14%, 3/9/09		4,000,000
	3,060,000	SanPaolo IMI SPA, NY, 2.86%, 12/4/08		3,060,000
	4,815,000	SanPaolo IMI SPA, NY, 2.86%, 12/5/08		4,815,000
	5,000,000	Societe Generale, NY, 2.92%, 12/5/08		5,000,000
	3,800,000	Societe Generale, NY, 3.18%, 12/23/08		3,800,086
	4,505,000	Svenska Handelsbanken AB, NY, 2.61%, 10/1/08		4,505,000
	1,700,000	Toronto-Dominion Bank, NY, 2.83%, 12/5/08		1,700,000
	900,000	Toronto-Dominion Bank, NY, 3.00%, 12/16/08		900,000
	7,000,000	Toronto-Dominion Bank, NY, 3.11%, 12/30/08		7,000,000
	1,750,000	Toronto-Dominion Bank, NY, 3.03%, 2/11/09		1,750,000
	9,000,000	UBS AG Stamford CT, 2.86%, 12/16/08		9,000,000

				127,970,086


Total Certificates of Deposit (Cost $173,970,086)				173,970,086

Commercial Paper (71.7%):
Asset Backed Securities (46.9%):
	25,000,000	Amstel Euro Funding Corp., 2.76%, 10/10/08(a)(b)		24,982,812
	25,000,000	Atlantis One Funding Corp., 6.50%, 10/1/08(a)(b)		25,000,000
	15,000,000	Atlantis One Funding Corp., 2.78%, 10/23/08(a)(b)		14,974,700
	7,000,000	CAFCO LLC, 2.78%, 10/15/08(a)(b)		6,992,487
	5,500,000	CAFCO LLC, 2.82%, 11/3/08(a)(b)		5,485,883
	39,139,000	Cancara Asset Securitization LLC,4.00%, 10/1/08(a)(b)		39,139,000
	12,000,000	Ciesco LLC, 2.77%, 10/10/08(a)(b)		11,991,750
	7,000,000	Ciesco LLC, 4.11%, 10/20/08(a)(b)		6,984,853
	3,000,000	Clipper Receivables Co. LLC, 2.97%, 10/14/08(a)(b)		2,996,804
	7,000,000	Enterprise Funding LLC, 2.82%, 10/2/08(a)(b)		6,999,456
	17,000,000	Erasmus Capital Corp., 2.68%, 10/1/08(a)(b)		17,000,000
	25,000,000	Falcon Asset Securitization Co. LLC,5.50%, 10/1/08(a)(b)		25,000,000
	15,000,000	Nieuw Amsterdam Receivables Corp.,2.82%, 10/27/08(a)(b)		14,969,667
	8,000,000	Nieuw Amsterdam Receivables Corp.,2.82%, 11/6/08(a)(b)		7,977,600
	15,000,000	Old Line Funding LLC, 2.81%, 10/17/08(a)(b)		14,981,400
	33,580,000	Park Avenue Receivables Corp., 5.50%, 10/1/08(a)(b)		33,580,000
	18,000,000	Picaros Funding LLC, 2.56%, 10/7/08(a)(b)		17,992,350
	10,000,000	Regency Markets No. 1 LLC, 2.87%, 10/10/08(a)(b)		9,992,875
	5,000,000	Societe Generale, NA, 2.84%, 10/22/08(b)		4,991,790
	20,000,000	Societe Generale, NA, 2.78%, 12/11/08(b)		19,891,133
	19,000,000	Solitaire Funding LLC, 2.61%, 10/8/08(a)(b)		18,990,394
	8,000,000	Solitaire Funding LLC, 2.76%, 11/10/08(a)(b)		7,975,556
	16,245,000	Surrey Funding Corp., 2.66%, 10/8/08(a)(b)		16,236,629
	10,000,000	Thunder Bay Funding LLC, 2.79%, 11/3/08(a)(b)		9,974,608
	15,000,000	Windmill Funding Corp., 2.80%, 10/20/08(a)(b)		14,977,939

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Money Market Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


Principal			Fair
Amount			Value
Commercial Paper, continued
Asset Backed Securities, continued
$	2,640,000	Windmill Funding Corp., 3.76%, 10/27/08(a)(b)	$	2,632,850
	5,000,000	Yorktown Capital LLC, 2.74%, 11/6/08(a)(b)		4,986,400

				387,698,936

Commercial Banks (10.7%):
	10,000,000	Dexia Delaware LLC, 2.83%, 10/20/08(b)		9,985,196
	7,000,000	Dexia Delaware LLC, 2.83%, 10/22/08(b)		6,988,526
	5,000,000	Dexia Delaware LLC, 2.79%, 12/10/08(b)		4,973,021
	7,000,000	JP Morgan Chase & Co., 2.48%,10/1/08(b)		7,000,000
	10,000,000	JP Morgan Chase & Co., 2.64%,12/3/08(b)		9,954,150
	6,000,000	JP Morgan Chase & Co., 2.78%,12/10/08(b)		5,967,917
	15,000,000	JP Morgan Chase & Co., 2.95%, 1/6/09(b)		14,882,387
	3,000,000	Raiffeisen Zentralbank Osterreich, 2.60%, 10/3/08(a)(b)		2,999,568
	20,000,000	Raiffeisen Zentralbank Osterreich, 2.89%, 10/17/08(a)(b)		19,974,489
	5,000,000	State Street Corp., 2.65%, 12/9/08(b)		4,974,796

				87,700,050

Diversified Financial Services (6.3%):
	5,000,000	Citigroup Funding, Inc., 2.97%,10/2/08(b)		4,999,592
	2,500,000	Citigroup Funding, Inc., 2.92%,10/27/08(b)		2,494,764
	12,000,000	Citigroup Funding, Inc., 2.88%,11/18/08(b)		11,954,240
	15,000,000	General Electric Capital Services, 2.67%, 10/20/08(b)		14,979,179
	15,000,000	ING U.S. Funding LLC, 2.71%, 10/9/08(b)		14,991,033
	3,000,000	ING U.S. Funding LLC, 2.72%, 12/4/08(b)		2,985,573

				52,404,381

Insurance (7.8%):
	8,000,000	ING America Insurance Holdings, Inc.,3.50%, 10/6/08(b)		7,996,111
	23,000,000	MetLife, Inc., 2.71%, 11/3/08(b)		22,943,075
	30,000,000	New York Life Capital Corp., 2.25%, 10/21/08(a)(b)		29,962,500
	4,000,000	Prudential Funding LLC, 2.54%, 11/19/08(b)		3,986,280

				64,887,966

Total Commercial Paper (Cost $592,691,333)				592,691,333

Corporate Bonds (3.4%):
Commercial Banks (3.3%):
	5,600,000	Bank of Montreal, Chicago, 2.99%,5/29/09(a)(c)		5,600,000
	4,555,000	Deutsche Bank AG, 3.01%, 1/21/09(c)		4,555,000
	3,700,000	ING Bank NV, 3.13%, 8/24/09(c)		3,700,000
	5,050,000	Lloyds TSB Group PLC, 3.10%, 8/7/09(a)(c)		5,050,000
	4,650,000	Nordea Bank AB, 3.15%, 10/23/09, Callable 11/17/08 @ 100(a)(c)		4,650,000
	3,450,000	Wachovia Bank NA, 3.19%, 8/4/09(c)		3,450,000

				27,005,000

Insurance (0.1%):
	1,360,000	ING USA Global Funding Trust VI,3.51%, 9/18/09(c)		1,360,000

Total Corporate Bonds (Cost $28,365,000)				28,365,000

U.S. Government Agency Mortgages (3.8%):
Federal Home Loan Bank (1.1%)
	3,475,000	3.02%, 3/20/09 (c)		3,476,510
	5,395,000	2.39%, 8/14/09 (c)		5,394,531

				8,871,041

Federal Home Loan Mortgage Corporation (2.7%)
	6,000,000	2.17%, 12/30/08 (b)		5,968,050
	10,190,000	2.67%, 9/25/09 (c)		10,187,053
	6,095,000	2.40%, 9/28/09 (c)		6,093,501

				22,248,604


Total U.S. Government Agency Mortgages (Cost $31,119,645)				31,119,645

Deposit Account (0.0%):
	92	TNT Offshore Deposit Account		92


Total Deposit Account (Cost $92)				92


Total Investment Securities (Cost $826,146,156)(d)—99.9%				826,146,156


Net other assets (liabilities) — 0.1%				925,775


NET ASSETS — 100.0%			$	827,071,931

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL NACM International Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (84.0%):
Aerospace & Defense (1.0%):
	101,955	BAE Systems plc	$	748,145

Automobiles (2.0%):
	25,400	Honda Motor Co.		754,497
	178,000	Mazda Motor Corp.^		721,157

				1,475,654

Beverages (0.7%):
	29,273	Diageo plc		495,460

Biotechnology (0.7%):
	10,048	Actelion, Ltd.*		513,879

Capital Markets (1.2%):
	5,773	Deutsche Boerse AG		532,576
	53,530	Man Group plc		328,404

				860,980

Chemicals (4.7%):
	15,311	BASF AG		742,816
	6,233	Bayer AG		455,953
	129,540	Incitec Pivot, Ltd.*		534,915
	3,049	K+S AG		219,113
	8,411	Koninklijke DSM NV		395,997
	3,723	Syngenta AG		790,720
	9,800	Yara International ASA		344,181

				3,483,695

Commercial Banks (9.8%):
	21,095	Alpha Bank AE		463,748
	134,400	Banco Santander Central Hispano SA		2,034,197
	24,609	BNP Paribas, Inc.		2,365,406
	43,200	Hang Seng Bank, Ltd.		806,794
	285,000	Industrial & Commerical Bank of China		169,770
	79,564	Intesa Sanpaolo		434,258
	49,300	Nordea AB		591,853
	104,052	Royal Bank of Scotland Group plc		344,626

				7,210,652

Commercial Printing (0.7%):
	32,979	De La Rue plc		535,415

Commercial Services & Supplies (1.8%):
	35,033	Aggreko plc		340,217
	35,236	Mondi plc		164,321
	11,700	Rinnai Corp.^		475,885
	31,600	Securitas AB, Class A		357,300

				1,337,723

Construction & Engineering (0.7%):
	4,581	ACS Actividades Cons Y Serv		185,433
	7,188	Koninklijke Boskalis Westminster NV, CVA		340,157

				525,590

Consumer Finance (0.3%):
	1,760	ORIX Corp.		217,682

Diversified Financial Services (1.5%):
	9,000	Hitachi Capital Corp.		109,604
	4,460	SFCG Co., Ltd.^		204,598
	32,559	Standard Chartered plc		790,750

				1,104,952

Diversified Operations ( 0.2%):
	17,500	Swire Pacific Ltd.		154,256

Diversified REIT (0.4%):
	1,289	Unibail		262,555

Diversified Telecommunication Services (5.2%):
	61,148	France Telecom SA		1,712,141
	48	Nippon Telegraph and Telephone Corp.		213,830
	79,842	Telefonica SA		1,908,380

				3,834,351

Electric Utilities (3.0%):
	13,942	Drax Group plc		186,693
	17,104	E.On AG		873,868
	140,174	Enel SpA		1,168,339

				2,228,900

Electrical Equipment (2.8%):
	50,635	ABB, Ltd.		971,676
	5,738	Alstom SA		432,640
	17,700	Makita Corp.		361,530
	184,000	Sanyo Electric Co., Ltd.*^		319,416

				2,085,262

Electronic Equipment & Instruments (3.3%):
	65,000	Fujitsu, Ltd.		363,166
	18,300	Hitachi Maxell, Ltd.		197,264
	132,000	Hitachi, Ltd.		907,872
	54,000	Panasonic Corp.		937,307

				2,405,609

Food & Staples Retailing (1.8%):
	73,386	Jeronimo Martins, SGPS, SA		626,057
	23,000	Seven & I Holdings, Ltd.		662,088

				1,288,145

Food Products (0.4%):
	11,000	Toyo Suisan Kaisha, Ltd.		278,890

Gambling (0.1%):
	5,762	Paddy Power plc		100,234

Health Care Equipment & Supplies (0.8%):
	30,833	Smith & Nephew plc		324,945
	1,630	Synthes, Inc.		225,207

				550,152

Hotels, Restaurants & Leisure (0.4%):
	52,447	Compass Group plc		326,503

Industrial Conglomerates (2.5%):
	47,775	Cookson Group plc		402,850
	226,000	Fuji Heavy Industries, Ltd.		1,141,559
	314,000	Noble Group, Ltd.		296,103

				1,840,512

Insurance (7.4%):
	292,891	Corporacion Mapfre SA		1,280,999
	6,149	ING Groep NV		133,741
	9,000	Mitsui Sumitomo Insurance Group Holdings, Inc.		304,427
	61,828	Prudential plc		569,028
	101,638	RSA Insurance Group plc		274,041
	66,804	Standard Life plc		288,784
	6,537	Swiss Re, Registered Shares		365,185
	4,992	Tokio Marine Holdings, Inc.		181,177
	210,880	Unipol Gruppo Finanziario SpA		446,891
	5,648	Zurich Financial Services AG		1,566,007

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL NACM International Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, Continued
				5,410,280

Leisure Equipment & Products (0.6%):
	17,000	Nikon Corp.^		404,157

Machinery (1.6%):
	62,800	Alfa Laval AB	$	650,412
	18,292	Charter plc		204,431
	54,000	Kubota Corp.		340,226

				1,195,069

Marine (1.8%):
	13,800	Euronav SA		383,837
	28,000	Mitsui O.S.K. Lines, Ltd.^		242,330
	112,000	Nippon Yusen^		726,618

				1,352,785

Metals & Mining (5.1%):
	16,550	Anglo American plc		553,208
	15,902	Arcelor		795,921
	28,353	BHP Billiton, Ltd.		728,273
	5,610	Rio Tinto plc		349,007
	6,740	Rio Tinto, Ltd.		463,757
	1,338	Vallourec SA		290,967
	6,552	Voest-Alpine AG		204,916
	11,680	Xstrata plc		363,949

				3,749,998

Multi-Utilities (0.4%):
	3,339	RWE AG		323,140

Office Electronics (1.7%):
	15,100	Canon, Inc.		564,625
	28,000	Ricoh Co., Ltd.		389,373
	12,600	Seiko Epson Corp.^		290,683

				1,244,681

Oil, Gas & Consumable Fuels (8.3%):
	37,139	BG Group plc		672,822
	56,459	BP plc		469,169
	34,537	Eni SpA		911,476
	52	INPEX Corp.		450,444
	48,260	Royal Dutch Shell plc		1,368,909
	35,448	Royal Dutch Shell plc		1,023,828
	7,400	SeaDrill, Ltd.		152,163
	17,193	Total SA		1,037,120

				6,085,931

Personal Products (0.7%):
	10,350	Oriflame Cosmetics SA		480,491

Pharmaceuticals (3.4%):
	47,089	AstraZeneca plc		2,060,437
	21,552	GlaxoSmithKline plc		465,549

				2,525,986

Road & Rail (1.1%):
	179,086	Stagecoach Group plc		816,718

Software (1.2%):
	2,100	Nintendo Co., Ltd.		874,322

Specialty Retail (0.6%):
	6,300	FamilyMart Co., Ltd.		266,397
	42,883	Game Group plc		157,887

				424,284

Textiles, Apparel & Luxury Goods (1.1%):
	4,720	Compagnie Financiere Richemont SA		209,691
	5,900	Fast Retailing Co., Ltd.^		599,779

				809,470

Tobacco (2.0%):
	30,776	British American Tobacco plc		1,005,464
	14,406	Imperial Tobacco Group plc		462,785

				1,468,249

Wireless Telecommunication Services (1.0%):
	337,107	Vodafone Group plc		744,627

Total Common Stocks (Cost $76,824,670)				61,775,384

Deposit Account (15.3%):
	11,274,744	NTRS London Deposit Account		11,274,744

Total Deposit Account (Cost $11,274,744)				11,274,744

Collateral For Securities On Loan (4.9%):
	3,586,632	Northern Trust Liquid Institutional Asset Portfolio		3,586,632


Total Collateral For Securities On Loan (Cost $3,586,632)				3,586,632


Total Investment Securities (Cost $91,686,046)(a)—104.2%				76,636,760
Net other assets (liabilities) — (4.2)%				(3,062,616	)


NET ASSETS — 100.0%			$	73,574,144


		Percentages indicated are based on net assets as of September 30, 2008.

^		All or a portion of security is loaned as of September 30, 2008.

*		Non-income producing security

PLC		Public Liability Co.

SPA		Standby Purchase Agreement

(a)		Cost for federal income tax purposes is $92,938,716. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	219,045
Unrealized depreciation		(16,521,001	)

Net unrealized depreciation	$	(16,301,956	)

The following represents the concentration by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of September 30, 2008:


Country	Percentage
United Kingdom		22.6	%
Japan		18.8	%
United States		15.5	%
France		7.4	%
Spain		7.2	%
Switzerland		6.4	%
Germany		4.3	%
Italy		4.1	%
Sweden		2.9	%
Netherlands		2.5	%
Australia		2.4	%
Hong Kong		1.8	%

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Neuberger Berman Regency Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (96.8%):
Aerospace & Defense (3.0%):
	38,100	Empresa Brasileira de Aeronautica SA, ADR	$	1,029,081
	11,300	L-3 Communications Holdings, Inc.		1,111,016

				2,140,097

Auto Components (1.1%):
	21,900	WABCO Holdings, Inc.		778,326

Automobiles (0.6%):
	11,900	Harley-Davidson, Inc.		443,870

Beverages (2.9%):
	73,200	Constellation Brands, Inc.*		1,570,872
	19,400	Dr. Pepper Snapple Group, Inc.*		513,712

				2,084,584

Capital Markets (6.4%):
	75,100	Invesco, Ltd.		1,575,598
	69,800	Jefferies Group, Inc.		1,563,520
	13,000	Legg Mason, Inc.		494,780
	38,600	Morgan Stanley		887,800

				4,521,698

Commercial Banks (3.4%):
	54,500	First Horizon National Corp.		517,750
	46,800	KeyCorp		558,792
	162,200	National City Corp.		283,850
	27,000	Zions Bancorp		1,044,900

				2,405,292

Communications Equipment (0.9%):
	82,900	Arris Group, Inc.*		640,817

Construction & Engineering (1.4%):
	50,600	Chicago Bridge & Iron Co., New York Registered Shares		973,544

Distributors (2.3%):
	57,400	Eagle Bulk Shipping, Inc.		800,156
	53,500	Ingram Micro, Inc., Class A*		859,745

				1,659,901

Diversified Financial Services (2.3%):
	27,900	Lender Processing Services, Inc.		851,508
	23,900	Moody’s Corp.		812,600

				1,664,108

Electric Utilities (7.1%):
	38,000	DPL, Inc.		942,400
	164,600	Dynegy, Inc.*		589,268
	7,700	Entergy Corp.		685,377
	22,500	FirstEnergy Corp.		1,507,275
	35,200	PPL Corp.		1,303,104

				5,027,424

Electronic Equipment & Instruments (3.6%):
	25,800	Anixter International, Inc.*		1,535,358
	42,200	Avnet, Inc.*		1,039,386

				2,574,744

Energy Equipment & Services (4.5%):
	10,800	National-Oilwell Varco, Inc.*		542,484
	16,700	Noble Corp.		733,130
	14,300	Oceaneering International, Inc.*		762,476
	21,700	Tidewater, Inc.		1,201,312

				3,239,402

Food Products (2.3%):
	60,200	ConAgra Foods, Inc.		1,171,492
	27,800	Smithfield Foods, Inc.*		441,464

				1,612,956

Gas Utilities (0.9%):
	11,300	Noble Energy, Inc.		628,167

Health Care Equipment & Supplies (1.8%):
	23,800	Covidien, Ltd.		1,279,488

Health Care Providers & Services (4.3%):
	28,000	Aetna, Inc.		1,011,080
	27,000	CIGNA Corp.		917,460
	34,900	Coventry Health Care, Inc.*		1,135,995

				3,064,535

Hotels, Restaurants & Leisure (2.2%):
	33,300	Brinker International, Inc.		595,737
	34,100	Darden Restaurants, Inc.		976,283

				1,572,020

Household Durables (3.6%):
	2,770	NVR, Inc.*		1,584,440
	12,300	Whirlpool Corp.		975,267

				2,559,707

Independent Power Producers & Energy Traders (1.3%):
	37,500	NRG Energy, Inc.*		928,125

Industrial Conglomerate (0.8%):
	23,500	McDermott International, Inc.*		600,425

Insurance (4.3%):
	25,100	Assurant, Inc.		1,380,500
	25,300	StanCorp Financial Group, Inc.		1,256,904
	17,500	W.R. Berkley Corp.		412,125

				3,049,529

IT Services (2.4%):
	34,200	Affiliated Computer Services, Inc., Class A*		1,731,546

Machinery (3.5%):
	17,300	Eaton Corp.		971,914
	41,000	Sterlite Industries (India), Ltd.^		369,410
	38,000	Terex Corp.*		1,159,760

				2,501,084

Marine (0.8%):
	25,107	Ship Finance International, Ltd.		541,307

Media (1.6%):
	35,700	McGraw-Hill Cos., Inc. (The)		1,128,477

Metals & Mining (5.7%):
	13,000	Cleveland-Cliffs, Inc.		688,220
	26,100	Freeport-McMoRan Copper & Gold, Inc., Class A		1,483,785
	36,000	Teck Cominco, Ltd., Class B		1,048,320
	10,400	United States Steel Corp.		807,144

				4,027,469

Multiline Retail (3.4%):
	38,700	J.C. Penney Co., Inc.		1,290,258
	63,300	Macy’s, Inc.		1,138,134

				2,428,392

Oil, Gas & Consumable Fuels (8.6%):
	7,700	Apache Corp.		802,956

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Neuberger Berman Regency Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	45,100	Denbury Resources, Inc.*	$	858,704
	30,900	Southwestern Energy Co.*		943,686
	99,505	Talisman Energy, Inc.		1,414,961
	18,100	Whiting Petroleum Corp.*		1,289,806
	17,075	XTO Energy, Inc.		794,329

				6,104,442

Personal Products (2.3%):
	56,000	NBTY, Inc.*		1,653,120

Pharmaceuticals (2.3%):
	34,800	Shire plc, ADR		1,661,700

Real Estate Investment Trusts (REITs) (3.4%):
	82,200	Annaly Capital Management, Inc.		1,105,590
	30,500	Developers Diversified Realty Corp.		966,545
	4,100	Vornado Realty Trust		372,895

				2,445,030

Semiconductors & Semiconductor Equipment (1.2%):
	44,300	International Rectifier Corp.*		842,586

Software (0.6%):
	59,400	Cadence Design Systems, Inc.*		401,544

Total Common Stocks (Cost $83,142,534)				68,915,456

Deposit Account (3.9%):
	2,773,346	NTRS London Deposit Account		2,773,346

Total Deposit Account (Cost $2,773,346)				2,773,346

Collateral For Securities On Loan (0.1%):
	48,848	Northern Trust Liquid Institutional Asset Portfolio		48,848


Total Collateral For Securities On Loan (Cost $48,848)				48,848


Total Investment Securities (Cost $85,964,728)(a)—100.8%				71,737,650

Net other assets (liabilities) — (0.8)%				(590,802	)


NET ASSETS — 100.0%			$	71,146,848


		Percentages indicated are based on net assets as of September 30, 2008.

*		Non-income producing security

^		All or a portion of security is loaned as of September 30, 2008.

ADR		American Depository Receipt

PLC		Public Liability Co.

(a)		Cost for federal income tax purposes is $86,655,348. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	1,916,321
Unrealized depreciation		(16,834,019	)

Net unrealized depreciation	$	(14,917,698	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of September 30, 2008:


Country	Percentage
United States		87.7	%
Canada		3.4	%
Bermuda		2.5	%
United Kingdom		2.3	%
Brazil		1.4	%
Netherlands		1.4	%
Panama		0.8	%
India		0.5	%

		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL OCC Opportunity Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (99.5%):
Aerospace & Defense (1.2%):
	69,500	Orbital Sciences Corp.*	$	1,665,915

Airlines (1.5%):
	285,400	AirTran Holdings, Inc.*^		693,522
	42,424	Copa Holdings SA, Class A		1,378,780

				2,072,302

Auto Components (1.3%):
	100,800	LKQ Corp.*		1,710,576

Biotechnology (6.0%):
	160,400	BioMarin Pharmaceutical, Inc.*^		4,248,996
	62,556	Cubist Pharmaceuticals, Inc.*		1,390,620
	698,031	Indevus Pharmaceuticals, Inc.*^		2,338,404

				7,978,020

Chemicals (1.2%):
	53,830	Intrepid Potash, Inc.*^		1,599,828

Commercial Services & Supplies (8.8%):
	42,800	Administaff, Inc.		1,165,016
	221,167	AerCap Holdings NV*		2,346,582
	13,800	FTI Consulting, Inc.*		996,912
	54,816	Huron Consulting Group, Inc.*^		3,123,416
	315,781	Innerworkings, Inc.*^		3,502,011
	60,127	MPS Group, Inc.*		606,080

				11,740,017

Communications Equipment (1.1%):
	112,801	Starent Networks Corp.*^		1,459,645

Diversified Consumer Services (1.6%):
	22,296	American Public Education*		1,076,451
	38,200	K12, Inc.*		1,012,300

				2,088,751

Diversified Financial Services (3.0%):
	74,800	FCStone Group, Inc.*^		1,345,652
	4,200	Greenhill & Co., Inc.		309,750
	165,389	Nelnet, Inc., Class A		2,348,524

				4,003,926

Diversified Telecommunication Services (0.9%):
	94,813	Switch & Data Facilities Co., Inc.*		1,180,422

Electric Utilities (0.8%):
	105,782	EnerNOC, Inc.*^		1,093,786

Food Products (2.0%):
	43,700	Green Mountain Coffee Roasters, Inc.*^		1,719,158
	160,115	SunOpta, Inc.*		986,308

				2,705,466

Health Care Equipment & Supplies (3.8%):
	161,100	Ev3, Inc.*		1,617,444
	73,500	Hansen Medical, Inc.*^		987,840
	44,900	Immucor, Inc.*		1,435,004
	28,600	Masimo Corp.*^		1,063,920

				5,104,208

Health Care Providers & Services (2.8%):
	91,518	IPC Hospitalist Co. (The)*		2,352,012
	37,400	Psychiatric Solutions, Inc.*		1,419,330

				3,771,342

Health Care Technology (1.5%):
	93,225	Phase Forward, Inc.*		1,949,335

Hotels, Restaurants & Leisure (5.7%):
	118,368	BJ’s Restaurants, Inc.*^		1,413,314
	52,926	Life Time Finess, Inc.*^		1,654,996
	421,246	Pinnacle Entertainment, Inc.*^		3,184,620
	155,900	Texas Roadhouse, Inc., Class A*^		1,401,541

				7,654,471

Internet Software & Services (5.2%):
	76,900	Ariba, Inc.*^		1,086,597
	101,957	Omniture, Inc.*^		1,871,931
	120,467	VistaPrint, Ltd.*^		3,956,136

				6,914,664

IT Services (4.2%):
	255,950	Bluephoenix Solutions, Ltd.*^		900,944
	22,300	CACI International, Inc., Class A*		1,117,230
	274,200	Sapient Corp.*		2,037,306
	63,033	Syntel, Inc.		1,544,308

				5,599,788

Machinery (1.5%):
	42,586	Dynamic Materials Corp.		988,421
	49,125	Titan International, Inc.^		1,047,345

				2,035,766

Oil, Gas & Consumable Fuels (16.7%):
	69,800	Carrizo Oil & Gas, Inc.*		2,531,646
	51,900	Comstock Resources, Inc.*		2,597,595
	108,264	EXCO Resources, Inc.*		1,766,869
	53,711	GMX Resources, Inc.*^		2,567,386
	43,974	Goodrich Petroleum Corp.*^		1,916,827
	214,948	Petrohawk Energy Corp.*		4,649,325
	185,087	PetroQuest Energy, Inc.*		2,841,085
	173,900	Quicksilver Resources, Inc.*		3,413,657

				22,284,390

Pharmaceuticals (10.3%):
	385,043	Cardiome Pharma Corp.*^		2,926,327
	605,111	Durect Corp.*^		3,388,622
	176,512	Halozyme Therapeutics, Inc.*^		1,295,598
	287,708	POZEN, Inc.*^		3,023,811
	77,521	Sepracor, Inc.*		1,419,409
	16,800	United Therapeutics Corp.*		1,766,856

				13,820,623

Road & Rail (4.2%):
	89,767	Celadon Group, Inc.*		1,029,627
	102,854	Knight Transportation, Inc.^		1,745,432
	62,200	Old Dominion Freight Line, Inc.*		1,762,748
	84,544	Vitran Corp., Inc.*		1,138,808

				5,676,615

Semiconductors & Semiconductor Equipment (4.5%):
	91,900	Atheros Communications*^		2,167,002
	121,996	Netlogic Microsystems, Inc.*^		3,689,159
	6,521	Verigy, Ltd.*		106,162

				5,962,323

Software (4.1%):
	81,187	Commvault Systems, Inc.*		978,303
	83,074	Taleo Corp., Class A*		1,652,342
	49,046	Ultimate Software Group, Inc.*		1,324,242
	160,225	Wind River Systems, Inc.*		1,602,250

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL OCC Value Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (96.8%):
Aerospace & Defense (6.1%):
	124,700	Boeing Co. (The)	$	7,151,545
	131,000	Raytheon Co.		7,009,810

				14,161,355

Biotechnology (4.4%):
	116,785	Biogen, Inc.*		5,873,118
	138,100	Regeneron Pharmaceuticals, Inc.*		3,014,723
	111,300	Theravance, Inc.*		1,386,798

				10,274,639

Chemicals (1.1%):
	138,000	Nalco Holding Co.		2,558,520

Commercial Banks (0.7%):
	907,300	National City Corp.^		1,587,775

Diversified Financial Services (17.1%):
	152,000	Bank of America Corp.		5,320,000
	201,000	Capital One Financial Corp.		10,251,000
	701,700	CIT Group, Inc.		4,883,832
	354,000	Citigroup, Inc.		7,260,540
	255,300	JP Morgan Chase & Co.		11,922,510

				39,637,882

Electric Utilities (3.9%):
	70,800	Exelon Corp.		4,433,496
	125,000	Southern Co.		4,711,250

				9,144,746

Food & Staples Retailing (2.7%):
	202,721	SYSCO Corp.		6,249,888

Food Products (5.8%):
	493,300	Unilever PLC ADR		13,422,693

Health Care Providers & Services (8.5%):
	276,000	Aetna, Inc.		9,966,360
	210,500	WellPoint, Inc.*		9,845,085

				19,811,445

Independent Power Producers & Energy Traders (1.3%):
	127,000	Constellation Energy Group, Inc.		3,086,100

Industrial Conglomerates (7.8%):
	71,000	3M Co.		4,850,010
	520,000	General Electric Co.		13,260,000

				18,110,010

Insurance (6.8%):
	736,200	Genworth Financial, Inc.		6,338,682
	152,300	Hartford Financial Services Group, Inc.		6,242,777
	46,000	Prudential Financial, Inc.		3,312,000

				15,893,459

Metals & Mining (1.0%):
	108,000	Cameco Corp.		2,409,480

Multiline Retail (4.5%):
	198,100	Family Dollar Stores, Inc.		4,694,970
	95,000	Wal-Mart Stores, Inc.		5,689,550

				10,384,520

Oil, Gas & Consumable Fuels (17.1%):
	165,000	BP plc, ADR		8,278,050
	140,000	ChevronTexaco Corp.		11,547,200
	132,200	Halliburton Co.		4,281,958
	72,000	Hess Corp.		5,909,760
	206,600	XTO Energy, Inc.		9,611,032

				39,628,000

Pharmaceuticals (1.6%):
	200,116	Sepracor, Inc.*		3,664,124

Real Estate Investment Trusts (REITs) (5.3%):
	553,000	Annaly Capital Management, Inc.		7,437,850
	394,300	CapitalSource, Inc.		4,849,890

				12,287,740

Specialty Retail (1.1%):
	102,700	PetSmart, Inc.		2,537,717

Total Common Stocks (Cost $295,636,540)				224,850,093

Deposit Account (3.8%):
	8,802,847	NTRS London Deposit Account		8,802,847


Total Deposit Account (Cost $8,802,847)				8,802,847


Total Investment Securities (Cost $304,439,387)(a)—100.6%				233,652,940

Net other assets (liabilities) — (0.6)%				(1,448,947	)


NET ASSETS — 100.0%			$	232,203,993


		Percentages indicated are based on net assets as of September 30, 2008.

*		Non-income producing security

^		All or a portion of security is loaned as of September 30, 2008.

ADR		American Depository Receipt

PLC		Public Liability Co.

(a)		Cost for federal income tax purposes is $305,227,677. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	6,039,222
Unrealized depreciation		(77,613,959	)

Net unrealized depreciation	$	(71,574,737	)

The following represents the concentrations by country of risk (base on the domicile of the security issuer) relative to the total fair value of investment securities as of September 30, 2008.


Country	Percentage
United States		89.7	%
United Kingdom		9.3	%
Canada		1.0	%

		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Oppenheimer Global Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (99.2%):
Aerospace & Defense (4.3%):
	12,040	Boeing Co. (The)	$	690,494
	42,700	Empresa Brasileira de Aeronautica SA, ADR		1,153,327
	74,160	European Aeronautic Defence and Space Co.		1,282,969
	10,210	Lockheed Martin Corp.		1,119,730
	11,720	Northrop Grumman Corp.		709,529
	22,900	Raytheon Co.		1,225,379

				6,181,428

Air Freight & Logistics (0.9%):
	43,900	TNT NV		1,227,630

Automobiles (2.5%):
	31,028	Bayerische Motoren Werke AG (BMW)		1,215,813
	11,634	Bayerische Motoren Werke Pfd (BMW)		353,134
	8,542	Porsche AG		934,253
	26,500	Toyota Motor Corp.		1,125,273

				3,628,473

Beverages (3.3%):
	17,890	Companhia de Bebidas das Americas, ADR, Preferred Shares^		976,973
	54,504	Diageo plc		922,507
	16,808	Dr. Pepper Snapple Group, Inc.*		445,076
	412,900	Fomento Economico Mexicano, SAB de CV		1,579,624
	183,690	Grupo Modelo, SA de CV, Series C		781,195

				4,705,375

Biotechnology (0.8%):
	17,300	Acadia Pharmaceuticals, Inc.*^		46,364
	15,700	InterMune, Inc.*		268,627
	10,500	Regeneron Pharmaceuticals, Inc.*		229,215
	29,300	Seattle Genetics, Inc.*		313,510
	25,700	Theravance, Inc.*^		320,222

				1,177,938

Building Products (1.1%):
	124,300	Assa Abloy AB, Class B		1,511,696

Commercial Banks (6.2%):
	53,887	Credit Suisse Group		2,566,320
	128,790	HSBC Holdings plc		2,032,756
	500	ICICI Bank, Ltd., ADR		11,760
	458,790	Royal Bank of Scotland Group plc		1,519,534
	12,412	Societe Generale		1,126,533
	263	Sumitomo Mitsui Financial Group, Inc.^		1,647,894

				8,904,797

Commercial Services & Supplies (0.8%):
	53,878	Experian plc		357,204
	19,600	Secom Co, Ltd.		819,552

				1,176,756

Communications Equipment (6.8%):
	93,570	Corning, Inc.		1,463,435
	112,570	Juniper Networks, Inc.*		2,371,850
	54,080	Tandberg ASA^		729,424
	537,670	Telefonaktiebolaget LM Ericsson, Class B		5,070,516
	125,200	Wire and Wireless India, Ltd.*		45,117

				9,680,342

Consumer Finance (0.9%):
	68,600	SLM Corp.*		846,524
	119	Sony Financial Holdings, Inc.		469,795

				1,316,319

Diversified Financial Services (2.3%):
	52,810	3I Group plc		666,503
	57,400	Citigroup, Inc.		1,177,274
	75,753	Investor AB, B Shares		1,416,992

				3,260,769

Electric Utilities (1.1%):
	44,900	Fortum OYJ		1,514,697

Electrical Equipment (1.5%):
	38,500	Emerson Electric Co.		1,570,415
	85,000	Mitsubishi Electric Corp.		572,832

				2,143,247

Electronic Equipment & Instruments (3.0%):
	49,000	HOYA Corp.		970,880
	4,830	Keyence Corp.		960,856
	7,900	KYOCERA Corp.		599,004
	29,900	Murata Manufacturing Co., Ltd.		1,199,901
	8,400	Nidec Corp.		516,730

				4,247,371

Energy Equipment & Services (2.6%):
	28,450	Technip SA		1,597,990
	19,772	Transocean, Inc.*		2,171,757

				3,769,747

Food & Staples Retailing (1.6%):
	25,185	Seven & I Holdings, Ltd.		724,986
	225,963	Tesco plc		1,571,218

				2,296,204

Food Products (0.8%):
	117,195	Cadbury plc		1,179,946

Health Care Equipment & Supplies (0.6%):
	79,695	Smith & Nephew plc		839,896

Health Care Providers & Services (0.9%):
	25,000	Aetna, Inc.		902,750
	9,500	WellPoint, Inc.*		444,315

				1,347,065

Hotels, Restaurants & Leisure (3.3%):
	24,087	Aristocrat Leisure, Ltd.		127,337
	60,400	Carnival Corp.		2,135,140
	23,550	International Game Technology		404,589
	32,200	McDonald’s Corp.		1,986,740
	29,900	Shuffle Master, Inc.*		152,191

				4,805,997

Household Durables (2.8%):
	68,100	Koninklijke Philips Electronics NV		1,864,385
	69,400	Sony Corp.		2,146,551

				4,010,936

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Oppenheimer Global Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Household Products (2.4%):
	19,500	Colgate-Palmolive Co.	$	1,469,325
	39,353	Reckitt Benckiser Group plc		1,905,121

				3,374,446

Industrial Conglomerates (4.1%):
	27,000	3M Co.		1,844,370
	118,400	Hindustan Unilever, Ltd.		642,015
	36,017	Siemens AG		3,408,141

				5,894,526

Insurance (2.9%):
	27,500	AFLAC, Inc.		1,615,625
	138,340	Prudential plc		1,273,198
	72,600	XL Capital, Ltd., Class A		1,302,444

				4,191,267

Internet Software & Services (1.7%):
	106,800	eBay, Inc.*		2,390,184

IT Services (1.3%):
	45,000	Automatic Data Processing, Inc.		1,923,750

Leisure Equipment & Products (0.2%):
	30,300	Sega Sammy Holdings, Inc.		270,893

Machinery (0.3%):
	6,300	Fanuc, Ltd.		475,268

Media (3.9%):
	137,370	Dish TV India, Ltd.*		81,533
	89,700	Grupo Televisa SA, ADR		1,961,739
	647,800	Sirius XM Radio, Inc.*		369,246
	64,200	Walt Disney Co. (The)		1,970,298
	69,860	WPP Group plc		566,863
	147,000	Zee Telefilms, Ltd.		627,512

				5,577,191

Multiline Retail (1.4%):
	32,700	Wal-Mart Stores, Inc.		1,958,403

Oil, Gas & Consumable Fuels (3.1%):
	25,670	BP plc, ADR		1,287,864
	49,420	Husky Energy, Inc.		2,052,974
	18,010	Total SA		1,086,403

				4,427,241

Pharmaceuticals (4.1%):
	1,247	Basilea Pharmaceutica AG*		183,347
	12,502	NicOx SA*		136,028
	19,803	Roche Holding AG		3,087,853
	23,305	Sanofi-Aventis, ADR		1,531,651
	48,000	Shionogi & Co., Ltd.		971,371

				5,910,250

Semiconductors & Semiconductor Equipment (5.9%):
	65,600	Altera Corp.		1,356,608
	40,700	Cree, Inc.*		927,146
	25,800	Linear Technology Corp.		791,028
	64,100	Maxim Integrated Products, Inc.		1,160,210
	146,429	MediaTek, Inc.		1,529,600
	658,173	Taiwan Semiconductor Manufacturing Co., Ltd.		1,082,515
	55,554	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		520,541
	46,400	Xilinx, Inc.		1,088,080

				8,455,728

Software (9.4%):

	61,800	Adobe Systems, Inc.*		2,439,246
	56,786	Infosys Technologies, Ltd.		1,715,867
	80,000	Intuit, Inc.*		2,528,800
	104,400	Microsoft Corp.		2,786,436
	2,200	Nintendo Co., Ltd.		915,956
	50,913	SAP AG		2,731,358
	10,000	SQUARE ENIX Co., Ltd.		292,012

				13,409,675

Specialty Retail (3.8%):
	58,540	Hennes & Mauritz AB		2,383,328
	35,200	Industria de Diseno Textil SA		1,501,395
	43,600	Tiffany & Co.		1,548,672

				5,433,395

Textiles, Apparel & Luxury Goods (3.2%):
	93,400	Bulgari SPA^		831,086
	78,324	Burberry Group plc		548,783
	27,540	LVMH Moet Hennessy Louis Vuitton SA		2,431,353
	15,400	Tod’s SPA^		769,518

				4,580,740

Wireless Telecommunication Services (3.4%):
	315	KDDI Corp.		1,764,574
	64,060	SK Telecom Co., Ltd., ADR		1,205,609
	11,500	Turkcell Iletisim Hizmetleri AS, ADR		172,385
	786,806	Vodafone Group plc		1,737,954

				4,880,522


Total Common Stocks (Cost $149,054,981)				142,080,108


Convertible Bonds (0.1%):
Pharmaceuticals (0.1%):
	155,000	Theravance, Inc., 3.00%, 1/15/15		111,600


Total Convertible Bonds (Cost $155,000)				111,600


Deposit Account (0.4%):
	634,853	NTRS London Deposit Account		634,853


Total Deposit Account (Cost $634,853)				634,853


Collateral For Securities On Loan (2.3%):
	3,225,047	Northern Trust Liquid Institutional Asset Portfolio		3,225,047


Total Collateral For Securities On Loan (Cost $3,225,047)				3,225,047


Total Investment Securities (Cost $153,069,881)(a)—102.0%				146,051,608


Net other assets (liabilities) — (2.0)%				(2,805,000	)


NET ASSETS — 100.0%			$	143,246,608

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Oppenheimer International Growth Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (91.1%):
Aerospace & Defense (0.9%):
	204,000	Empresa Brasileira de Aeronautica SA, ADR	$	1,383,305

Automobiles (2.2%):
	16,406	Bayerische Motoren Werke AG (BMW)		642,859
	30,574	Honda Motor Co.		908,188
	6,938	Porsche AG		758,821
	29,300	Toyota Motor Corp.		1,244,170

				3,554,038

Beverages (1.6%):
	178,900	C&C Group plc		479,416
	15,550	Heineken NV		626,538
	16,046	Pernod-Ricard SA		1,410,489

				2,516,443

Biotechnology (1.1%):
	53,800	CSL, Ltd.		1,620,210
	2,547,200	Proteome Systems, Ltd.*		140,861

				1,761,071

Capital Markets (1.8%):
	559,300	Collins Stewart plc		647,380
	96,550	ICAP plc		623,963
	332,670	Tullet Prebon plc		1,644,113

				2,915,456

Chemicals (2.5%):
	187,390	Filtrona plc		543,541
	155,952	Nufarm, Ltd.		1,893,031
	568	Sika AG-BEARER		641,028
	4,840	Syngenta AG		1,027,957

				4,105,557

Commercial Banks (2.5%):
	193,517	Anglo Irish Bank Corp. plc		1,085,155
	13,061	Credit Suisse Group		622,018
	42,600	ICICI Bank, Ltd., ADR		1,001,952
	124,615	Royal Bank of Scotland Group plc		412,731
	9,359	Societe Generale		849,438

				3,971,294

Commercial Services & Supplies (4.1%):
	24,660	Aggreko plc		239,481
	203,450	BTG plc*		508,399
	295,135	Capita Group plc		3,667,682
	116,896	Experian plc		775,005
	40,700	Prosegur Compania de Seguridad SA		1,419,976

				6,610,543

Communications Equipment (3.2%):
	21,300	Nokia OYJ		397,033
	33	Nortel Networks Corp., ADR*		74
	167,700	Tandberg ASA^		2,261,915
	263,480	Telefonaktiebolaget LM Ericsson, Class B		2,484,758

				5,143,780

Computers & Peripherals (0.3%):
	21,736	Logitech International SA*		495,499

Construction & Engineering (2.5%):
	34,525	Koninklijke Boskalis Westminster NV, CVA		1,633,824
	56,869	Leighton Holdings, Ltd.^		1,752,354
	10,300	TREVI — Finanziaria Industriale SpA^		168,771
	8,699	Vinci SA		410,939

				3,965,888

Diversified Consumer Services (0.4%):
	52,540	Dignity plc		656,985

Diversified Financial Services (1.5%):
	65,457	3I Group plc		826,117
	24,100	Housing Development Finance, Ltd.		1,125,264
	336,892	Paragon Group of Cos., plc (The)		393,593

				2,344,974

Electric Utilities (0.4%):
	19,300	Fortum OYJ		651,084

Electrical Equipment (4.4%):
	195,688	ABB, Ltd.		3,755,216
	33,560	Alstom SA		2,530,393
	55,100	Ushio, Inc.		900,172

				7,185,781

Electronic Equipment & Instruments (4.4%):
	70,400	HOYA Corp.		1,394,897
	20,861	IBIDEN Co., Ltd.		508,199
	8,620	Keyence Corp.		1,714,819
	43,500	Nidec Corp.		2,675,925
	35,500	Nippon Electric Glass Co., Ltd.^		321,073
	29,700	Omron Corp.		456,297

				7,071,210

Energy Equipment & Services (2.1%):
	341,140	Ceres Power Holdings plc*		998,959
	6,000	Saipem SpA		177,489
	38,860	Technip SA		2,182,703

				3,359,151

Food & Staples Retailing (0.5%):
	35,890	Woolworths, Ltd.		775,877

Food Products (1.8%):
	3,521	Barry Callebaut AG, Registered Shares		2,117,099
	20,022	SFR Nestle SA, Class B		866,224

				2,983,323

Health Care Equipment & Supplies (8.7%):
	957,913	Art Advanced Research Technologies, Inc.(a)		81,026
	21,700	DiaSorin SPA		423,799
	16,530	Essilor International SA		826,471
	27,534	Nobel Biocare Holding AG		923,395
	149,800	Ortivus AB, Class B*		94,147
	98,470	Smith & Nephew plc		1,037,764
	231,300	Sonic Healthcare, Ltd.		2,428,354
	11,257	Sonova Holding AG		727,519
	4,157	Straumann Holding AG, Registered Shares		1,141,465
	22,936	Synthes, Inc.^		3,168,923
	25,700	Terumo Corp.		1,323,716
	42,800	William Demant Holding A\S*		1,937,012

				14,113,591

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Oppenheimer International Growth Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Hotels, Restaurants & Leisure (1.3%):
	29,400	Carnival Corp.	$	1,039,290
	164,530	Enterprise Inns plc		528,952
	115,864	William Hill plc^		488,696

				2,056,938

Household Durables (1.8%):
	17,564	Daito Trust Construction Co., Ltd.		656,821
	30,700	Koninklijke Philips Electronics NV		840,479
	30,766	SEB SA		1,362,307

				2,859,607

Household Products (0.3%):
	9,410	Reckitt Benckiser Group plc		455,548

Industrial Conglomerates (1.4%):
	2,385	Phoenix Mecano AG		883,868
	14,113	Siemens AG		1,335,456

				2,219,324

Insurance (2.0%):
	101,994	AMP, Ltd.		583,445
	60,582	Prudential plc		557,561
	99,164	QBE Insurance Group, Ltd.		2,142,549

				3,283,555

Internet Software & Services (2.2%):
	56,200	United Internet AG, Registered Shares		615,431
	9,080	Yahoo! Japan Corp.^		2,915,589

				3,531,020

IT Services (1.8%):
	143,663	Autonomy Corp. plc*		2,640,904
	49,381	Compugroup Holding AG*		306,886

				2,947,790

Machinery (2.7%):
	154,799	Aalberts Industries NV		1,983,182
	31,874	Demag Cranes AG		1,276,893
	2,944	Hyundai Heavy Industries Co., Ltd.		683,818
	35,413	Takeuchi Manufacturing Co., Ltd.		451,575

				4,395,468

Marine (0.5%):
	28,600	Tsakos Energy Navigation, Ltd.		848,276

Media (2.6%):
	66,981	British Sky Broadcasting Group plc		498,032
	49,800	Grupo Televisa SA, ADR		1,089,126
	170,000	Mediaset SPA^		1,076,831
	30,660	Vivendi Universal SA		959,307
	151,000	Zee Telefilms, Ltd.		644,587

				4,267,883

Medical (0.1%):
	6,300	Grifols SA		160,951

Metals & Mining (3.4%):
	131,400	Companhia Vale do Rio Doce, ADR, Preferred Shares		2,325,780
	83,200	Impala Platinum Holdings, Ltd.		1,692,644
	23,702	Rio Tinto plc		1,474,541

				5,492,965

Multiline Retail (0.3%):
	5,720	Pinault Printemps Redoute		513,611

Office Electronics (0.8%):
	34,650	Canon, Inc.		1,295,645

Oil, Gas & Consumable Fuels (3.2%):
	131,040	BG Group plc		2,373,963
	18,200	BP plc, ADR		913,094
	91,500	MaireTecnimont SpA		319,650
	26,070	Total SA		1,572,601

				5,179,308

Personal Products (0.8%):
	12,410	L’Oreal SA		1,225,299

Pharmaceuticals (6.0%):
	10,200	Astella Pharma, Inc.		428,631
	13,082	GlaxoSmithKline plc		282,587
	176,800	Marshall Edwards, Inc.*(b)		380,120
	238,700	Marshall Edwards, Inc., Private Equity*		427,243
	46,361	NeuroSearch A/S*^		2,041,643
	121,039	NicOx SA*^		1,316,965
	667,032	Novogen, Ltd.*^		608,649
	11,212	Roche Holding AG		1,748,271
	13,226	Sanofi-Aventis, ADR		869,239
	4,736	Santhera Pharmaceuticals*		188,242
	32,000	Shionogi & Co., Ltd.		647,581
	14,300	Takeda Chemical Industries, Ltd.		720,292

				9,659,463

Real Estate Management & Development (1.5%):
	20,828	DIC Asset AG		289,979
	72,400	Solidere, GDR		2,080,052

				2,370,031

Road & Rail (0.1%):
	29,800	Toll Holdings, Ltd.		166,975

Semiconductors & Semiconductor Equipment (0.4%):
	36,500	ASM International NV*^		682,550

Software (3.9%):
	37,368	Infosys Technologies, Ltd.		1,129,125
	6,600	Nintendo Co., Ltd.		2,747,869
	159,060	Sage Group plc		553,645
	24,173	SAP AG		1,296,822
	18,000	SQUARE ENIX Co., Ltd.		525,623

				6,253,084

Specialty Retail (1.3%):
	24,900	Hennes & Mauritz AB		1,013,749
	25,700	Industria de Diseno Textil SA^		1,096,189

				2,109,938

Textiles, Apparel & Luxury Goods (3.6%):
	218,547	Burberry Group plc		1,531,267
	29,082	Compagnie Financiere Richemont SA		1,291,999
	34,900	Luxottica Group SPA^		797,721
	10,170	LVMH Moet Hennessy Louis Vuitton SA		897,852
	7,303	Swatch Group AG, B Shares		1,352,147

				5,870,986

Trading Companies & Distributors (1.3%):
	148,242	Bunzl plc		1,734,419
	39,690	Wolseley plc		302,227

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Oppenheimer International Growth Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


Shares or
Principal			Fair
Amount			Value
Common Stocks, continued
Trading Companies & Distributors, continued

				2,036,646

Wireless Telecommunication Services (1.1%):
	156	KDDI Corp.	$	873,884
	394,530	Vodafone Group plc		871,466

				1,745,350

Total Common Stocks (Cost $157,832,345)				147,193,061


Warrants (0.1%):
Pharmaceuticals (0.1%):
	48,545	Marshall Edwards, Inc., Private Equity *		58,645
	10,000	Marshall Edwards, Inc., Private Equity *		70,730

				129,375


Total Warrants (Cost $—)				129,375


Deposit Account (5.8%):
	9,300,864	NTRS London Deposit Account		9,300,864


Total Deposit Account (Cost $9,300,864)				9,300,864

Collateral For Securities On Loan (10.2%):
	16,456,778	Allianz Dresdner Daily Asset Fund#		16,456,778


Total Collateral For Securities On Loan (Cost $16,456,778)				16,456,778


Total Investment Securities (Cost $183,589,987)(c)—107.1%				173,080,078

Net other assets (liabilities) — (7.1)%				(11,508,895	)


NET ASSETS — 100.0%			$	161,571,183


		Percentages indicated are based on net assets as of September 30, 2008.

*		Non-income producing security

^		All or a portion of security is loaned as of September 30, 2008.

#		Investment in affiliate.

ADR		American Depository Receipt

GDR		Global Depository Receipt

PLC		Public Liability Co.

SPA		Standby Purchase Agreement

(a)		Illiquid security. The subadviser has deemed these securities to be illiquid based on procedures approved by the Board of Trustees.

(b)		Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investor. The subadviser has deemed these securities to be liquid based on procedures approved by the Board of Trustees.

(c)		Cost for federal income tax purposes is $185,799,797. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	20,196,561
Unrealized depreciation		(32,916,280	)

Net unrealized depreciation	$	(12,719,719	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of September 30, 2008:


Country	Percentage
United Kingdom		17.3	%
Japan		14.5	%
Switzerland		13.2	%
France		10.7	%
Australia		7.7	%
United States		6.5	%
Germany		4.4	%
Netherlands		3.7	%
Denmark		2.5	%
India		2.5	%
Brazil		2.3	%
Sweden		2.3	%
Spain		1.9	%
Italy		1.8	%
Ireland		1.5	%
Norway		1.4	%
Lebanon		1.3	%
South Africa		1.1	%
Mexico		0.7	%
Finland		0.7	%
Panama		0.7	%
Bermuda		0.5	%
Korea		0.4	%
European Community		0.3	%
Canada		0.1	%

		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Oppenheimer Main Street Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (98.9%):
Aerospace & Defense (4.1%):
	2,960	BE Aerospace, Inc.*	$	46,857
	14,620	Boeing Co. (The)		838,457
	520	Ceradyne, Inc.*		19,063
	600	DRS Technologies, Inc.		46,050
	60	DynCorp International, Inc., Class A*		1,006
	590	Esterline Technologies Corp.*		23,358
	2,980	General Dynamics Corp.		219,388
	4,680	Honeywell International, Inc.		194,454
	3,450	L-3 Communications Holdings, Inc.		339,204
	12,090	Northrop Grumman Corp.		731,928
	870	Orbital Sciences Corp.*		20,854
	13,200	Raytheon Co.		706,332
	370	Triumph Group, Inc.		16,913
	7,960	United Technologies Corp.		478,077

				3,681,941

Air Freight & Logistics (0.1%):
	790	HUB Group, Inc., Class A*		29,744
	490	Pacer International, Inc.		8,070
	770	UTi Worldwide, Inc.		13,105

				50,919

Airlines (0.1%):
	1,800	Continental Airlines, Inc., Class B*		30,024
	1,300	SkyWest, Inc.		20,774

				50,798

Auto Components (0.4%):
	400	ArvinMeritor, Inc.		5,216
	1,890	Autoliv, Inc.		63,787
	1,970	BorgWarner, Inc.		64,557
	210	Exide Technologies*		1,550
	4,000	Gentex Corp.		57,200
	700	Goodyear Tire & Rubber Co.*		10,717
	2,060	Lear Corp.*		21,630
	3,850	LKQ Corp.*		65,334
	3,360	TRW Automotive Holdings Corp.*		53,458
	1,300	WABCO Holdings, Inc.		46,202

				389,651

Automobiles (0.4%):
	58,372	Ford Motor Co.*		303,534
	360	Navistar International Corp.*		19,505
	400	Oshkosh Truck Corp.		5,264
	640	Thor Industries, Inc.^		15,885

				344,188

Beverages (1.3%):
	10,070	Coca-Cola Co.		532,502
	570	Pepsi Bottling Group, Inc. (The)		16,627
	8,250	PepsiCo, Inc.		587,977

				1,137,106

Biotechnology (0.9%):
	7,750	Amgen, Inc.*		459,343
	1,080	Cubist Pharmaceuticals, Inc.*		24,008
	2,600	Genentech, Inc.*		230,568
	920	Gilead Sciences, Inc.*		41,934
	760	Martek Biosciences Corp.		23,879

				779,732

Building Products (0.1%):
	450	Armstrong World Industries, Inc.		13,005
	770	Lennox International, Inc.		25,618
	300	Louisiana-Pacific Corp.		2,790
	500	Owens Corning, Inc.*		11,955
	1,890	Valspar Corp. (The)		42,128

				95,496

Capital Markets (0.9%):
	1,210	BlackRock, Inc.		235,345
	2,100	ETRADE Financial Corp.		5,880
	2,720	Goldman Sachs Group, Inc.		348,160
	300	Invesco, Ltd.		6,294
	1,660	Knight Capital Group, Inc., Class A*		24,668
	1,300	Legg Mason, Inc.		49,478
	1,130	Morgan Stanley		25,990
	5,000	TD AMERITRADE Holding Corp.*		81,000

				776,815

Chemicals (1.8%):
	600	Ashland, Inc.		17,544
	970	Celanese Corp., Series A		27,073
	740	CF Industries Holdings, Inc.		67,680
	4,660	Chemtura Corp.		21,250
	680	Cytec Industries, Inc.		26,459
	5,900	Dow Chemical Co. (The)		187,502
	980	Ferro Corp.		19,698
	1,070	H.B. Fuller Co.		22,331
	3,400	Hercules, Inc.		67,286
	470	Koppers Holdings, Inc.		17,583
	370	Minerals Technologies, Inc.		21,963
	7,510	Monsanto Co.		743,340
	1,990	Mosaic Co., Inc.		135,400
	3,430	Nalco Holding Co.		63,592
	300	NewMarket Corp.		15,768
	980	NOVA Chemicals Corp		22,148
	1,000	Olin Corp.		19,400
	70	Rockwood Holdings, Inc.*		1,796
	3,600	RPM International, Inc.		69,624
	930	Scotts Co., Class A		21,985
	190	Valhi, Inc.		3,420
	780	VeraSun Energy Corp.*		2,441
	910	Westlake Chemical Corp.		19,137

				1,614,420

Commercial Banks (0.9%):
	2,050	Bank of New York Mellon Corp.		66,789
	3,330	Colonial Bancgroup, Inc.		26,174
	380	East West Bancorp, Inc.		5,206
	90	First Commonwealth Financial Corp.		1,212
	3,185	First Horizon National Corp.		30,257
	700	First Midwest Bancorp, Inc.		16,968
	300	Hancock Holding Co.		15,300
	700	International Bancshares Corp.		18,900
	1,600	National Penn Bancshares, Inc.^		23,360
	1,350	Old National Bancorp		27,027
	1,100	Pacific Capital Bancorp		22,385
	80	Park National Corp.		6,240
	7,510	Popular, Inc.		62,258
	3,640	Regions Financial Corp.		34,944

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Oppenheimer Main Street Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Commercial Banks, continued
	1,600	Susquehanna Bancshares, Inc.	$	31,232
	100	SVB Financial Group*		5,792
	1,860	Terra Industries, Inc.		54,684
	800	TFS Financial Corp.		10,016
	200	Trustmark Corp.		4,148
	200	UnionBanCal Corp.		14,658
	1,370	Webster Financial Corp.		34,593
	6,580	Wells Fargo & Co.		246,947
	100	Westamerica Bancorp		5,753
	1,100	Zions Bancorp		42,570

				807,413

Commercial Services & Supplies (1.7%):
	40	American Reprographics Co.*		690
	2,800	Avis Budget Group, Inc.*		16,072
	330	Brady Corp., Class A		11,642
	1,190	Brink’s Co. (The)		72,614
	300	Clean Harbors, Inc.*		20,265
	30	Corporate Executive Board Co.		938
	100	CoStar Group, Inc.*		4,539
	1,370	Deluxe Corp.		19,714
	1,030	Fair Isaac Corp.		23,752
	100	First Advantage Corp., Class A*		1,405
	800	Harte-Hanks, Inc.^		8,296
	1,090	Herman Miller, Inc.		26,672
	6,310	Hertz Global Holdings, Inc.*		47,767
	2,130	Hewitt Associates, Inc., Class A*		77,617
	790	HNI Corp.		20,019
	2,000	IKON Office Solutions, Inc.		34,020
	800	Interface, Inc.		9,096
	500	Korn/Ferry International*		8,910
	20	M & F Worldwide Corp.*		800
	1,550	Manpower, Inc.		66,898
	3,870	Monster Worldwide, Inc.*		57,702
	2,040	MPS Group, Inc.*		20,563
	100	Navigant Consulting, Inc.*		1,989
	770	PHH Corp.*		10,233
	20	PICO Holdings, Inc.*		718
	3,270	R.R. Donnelley & Sons Co.		80,213
	980	Resources Connection, Inc.*		22,079
	3,440	Robert Half International, Inc.		85,140
	1,970	Steelcase, Inc., Class A		21,178
	550	TeleTech Holdings, Inc.*		6,842
	850	Ticketmaster*		9,121
	390	United Stationers, Inc.*		18,654
	100	Warner Music Group Corp.		760
	20,870	Waste Management, Inc.		657,196
	980	Watson Wyatt Worldwide, Inc.		48,735

				1,512,849

Communications Equipment (2.7%):
	300	3 Com Corp.*		699
	1,090	ADTRAN, Inc.		21,244
	950	Avocent Corp.*		19,437
	700	Ciena Corp.*		7,056
	64,530	Cisco Systems, Inc.*		1,455,797
	300	Comtech Telecommunications Corp.*		14,772
	6,320	Corning, Inc.		98,845
	1,520	Harris Corp.		70,224
	7,520	JDS Uniphase Corp.*		63,619
	1,110	Plantronics, Inc.		24,997
	2,040	Polycom, Inc.*		47,185
	11,820	QUALCOMM, Inc.		507,906
	1,660	Tekelec*		23,223
	7,040	Tellabs, Inc.*		28,582
	20	ViaSat, Inc.*		472

				2,384,058

Computers & Peripherals (5.5%):
	5,560	Apple, Inc.*		631,950
	300	Avid Technology, Inc.*		7,218
	10,640	Brocade Communications Systems, Inc.*		61,925
	4,920	Dell, Inc.*		81,082
	480	Electronics For Imaging, Inc.*		6,686
	6,230	EMC Corp.*		74,511
	1,970	Emulex Corp.*		21,020
	39,780	Hewlett-Packard Co.		1,839,427
	200	Intermec, Inc.*		3,928
	13,210	International Business Machines Corp.		1,545,041
	2,360	Lexmark International, Inc.*		76,865
	3,400	NCR Corp.*		74,970
	3,420	QLogic Corp.*		52,531
	4,000	SanDisk Corp.*		78,200
	19,260	Seagate Technology		233,431
	1,000	Synaptics, Inc.*		30,220
	3,700	Western Digital Corp.*		78,884

				4,897,889

Construction & Engineering (0.2%):
	2,240	Aecom Technology Corp.*		54,746
	1,250	Centex Corp.		20,250
	2,100	Emcor Group, Inc.*		55,272
	750	Granite Construction, Inc.		26,865
	2,790	KBR, Inc.		42,603
	1,850	Pulte Homes, Inc.		25,844

				225,580

Consumer Finance (0.1%):
	1,260	AmeriCredit Corp.*		12,764
	580	Cash America International, Inc.		20,903
	920	Visa, Inc., Class A		56,479

				90,146

Containers & Packaging (0.5%):
	300	AptarGroup, Inc.		11,733
	170	Ball Corp.		6,713
	2,800	Crown Holdings, Inc.*		62,188
	1,160	Greif, Inc., Class A		76,119
	2,390	Owens-Illinois, Inc.*		70,266
	800	Rock-Tenn Co., Class A		31,984
	4,030	Sealed Air Corp.		88,620
	180	Silgan Holdings, Inc.		9,196
	2,490	Sonoco Products Co.		73,903
	1,100	Temple Inland, Inc.		16,786
	130	Textainer Group Holdings, Ltd.		1,975

				449,483

Distributors (0.2%):
	1,300	Genuine Parts Co.		52,273
	4,400	Ingram Micro, Inc., Class A*		70,708
	730	WESCO International, Inc.*		23,491

				146,472

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Oppenheimer Main Street Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Diversified Consumer Services (0.1%):
	300	Career Education Corp.*	$	4,905
	200	Corinthian Colleges, Inc.*		3,000
	1,340	H&R Block, Inc.		30,217
	850	Interval Leisure Group, Inc.*		8,840
	460	Regis Corp.		12,650
	5,200	Service Corp. International		43,472

				103,084

Diversified Financial Services (2.7%):
	50	AMERCO*		2,096
	18,668	Bank of America Corp.		653,380
	3,100	Broadridge Financial Solutions, Inc.		47,709
	100	Cathay General Bancorp		2,380
	19,800	Citigroup, Inc.		406,098
	7,090	Discover Financial Services		97,984
	1,000	FirstMerit Corp.		21,000
	570	GATX Corp.		22,555
	30	Greenhill & Co., Inc.		2,212
	20,634	JP Morgan Chase & Co.		963,608
	340	KBW, Inc.*		11,200
	1,660	Leucadia National Corp.		75,430
	200	Metavante Technologies, Inc.*		3,852
	2,680	NASDAQ Stock Market, Inc.*		81,928
	40	Nelnet, Inc., Class A		568
	100	Stifel Financial Corp.*		4,990
	80	Student Loan Corp. (The)		7,440
	143	Tree.Com Inc.*		689

				2,405,119

Diversified Telecommunication Services (2.4%):
	45,509	AT&T, Inc.		1,270,611
	600	CenturyTel, Inc.		21,990
	900	Clearwire Corp., Class A*		10,692
	1,530	EchoStar Corp., Class A*		36,873
	2,270	Embarq Corp.		92,049
	300	MasTec, Inc.*		3,987
	1,400	Premiere Global Services, Inc.*		19,684
	19,380	Verizon Communications, Inc.		621,904
	6,620	Windstream Corp.		72,423

				2,150,213

Electric Utilities (1.3%):
	180	American Electric Power Co., Inc.		6,674
	2,390	DPL, Inc.		59,272
	37,440	Duke Energy Corp.		652,579
	800	Edison International		31,920
	150	Exelon Corp.		9,393
	4,860	FirstEnergy Corp.		325,571
	350	Hawaiian Electric Industries, Inc.		10,189
	4,670	Reliant Energy, Inc.*		34,325
	1,400	Sierra Pacific Resources		13,412
	590	Unisource Energy Corp.		17,222

				1,160,557

Electrical Equipment (0.5%):
	560	A.O. Smith Corp.		21,946
	670	Acuity Brands, Inc.		27,979
	820	Baldor Electric Co.		23,624
	750	Belden CDT, Inc.		23,843
	1,680	Cooper Industries, Ltd., Class A		67,116
	3,380	Emerson Electric Co.		137,870
	3,150	GrafTech International, Ltd.*		47,597
	200	Regal-Beloit Corp.		8,504
	1,610	Thomas & Betts Corp.*		62,903
	1,860	Woodward Governor Co.		65,602

				486,984

Electronic Equipment & Instruments (0.9%):
	5,300	Agilent Technologies, Inc.*		157,198
	2,300	Amphenol Corp., Class A		92,322
	600	Anixter International, Inc.*		35,706
	2,740	Arrow Electronics, Inc.*		71,843
	3,030	Avnet, Inc.*		74,629
	1,060	AVX Corp.		10,801
	1,500	Benchmark Electronics, Inc.*		21,120
	500	Cognex Corp.		10,080
	420	Coherent, Inc.*		14,931
	300	Dolby Laboratories, Inc., Class A*		10,557
	130	Hubbell, Inc., Class B		4,556
	200	Itron, Inc.*		17,706
	6,090	Jabil Circuit, Inc.		58,099
	30	Littlelfuse, Inc.*		892
	3,300	Molex, Inc.		74,085
	880	Plexus Corp.*		18,216
	200	Rofin-Sinar Technologies, Inc.*		6,122
	300	Roper Industries, Inc.		17,088
	290	Technitrol, Inc.		4,289
	4,400	Tyco Electronics, Ltd.		121,704
	2,900	Vishay Intertechnology, Inc.*		19,198

				841,142

Energy Equipment & Services (1.9%):
	2,060	Dresser-Rand Group, Inc.*		64,828
	300	Lufkin Industries, Inc.		23,805
	2,350	Nabors Industries, Ltd.*		58,562
	13,830	Noble Corp.		607,137
	1,550	Oil States International, Inc.*		54,792
	200	Parker Drilling Co.*		1,604
	3,130	Patterson-UTI Energy, Inc.		62,663
	160	Pioneer Drilling Co.*		2,128
	6,950	Schlumberger, Ltd.		542,725
	290	Seacor Holdings, Inc.*		22,896
	2,220	Transocean, Inc.*		243,845
	1,030	Unit Corp.*		51,315

				1,736,300

Food & Staples Retailing (1.7%):
	730	Casey’s General Stores, Inc.		22,024
	2,660	CVS Caremark Corp.		89,536
	290	Fresh Del Monte Produce, Inc.*		6,438
	30,020	Kroger Co.		824,950
	300	Longs Drug Stores Corp.		22,692
	23,510	Safeway, Inc.		557,657
	100	Weis Markets, Inc.		3,601

				1,526,898

Food Products (0.1%):
	1,240	Del Monte Foods Co.		9,672
	500	Pilgrim’s Pride Corp.		1,245
	3,310	Tyson Foods, Inc., Class A		39,521

				50,438

Gas Utilities (0.7%):

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Oppenheimer Main Street Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Gas Utilities, continued
	490	Laclede Group, Inc. (The)	$	23,760
	200	New Jersey Resources Corp.		7,178
	9,730	Noble Energy, Inc.		540,891
	100	South Jersey Industries, Inc.		3,570
	400	Southwest Gas Corp.		12,104
	840	WGL Holdings, Inc.		27,258

				614,761

Health Care Equipment & Supplies (0.4%):
	850	American Medical Systems Holdings, Inc.*		15,096
	300	Analogic Corp.		14,928
	8,690	Boston Scientific Corp.*		106,626
	100	Celera Corp.*		1,545
	1,710	Herbalife, Ltd.		67,579
	1,000	Hill-Rom Holdings, Inc.		30,310
	990	Medtronic, Inc.		49,599
	650	Sirona Dental Systems, Inc.*		15,132
	860	STERIS Corp.		32,319

				333,134

Health Care Providers & Services (2.2%):
	21,000	Aetna, Inc.		758,310
	1,010	AMERIGROUP Corp.*		25,502
	540	Cardinal Health, Inc.		26,611
	750	Centene Corp.*		15,382
	510	Chemed Corp.		20,941
	700	Coventry Health Care, Inc.*		22,785
	200	Emergency Medical Services Corp., Series A*		5,976
	2,720	Health Net, Inc.*		64,192
	500	HealthExtras, Inc.*		13,060
	1,100	Healthspring, Inc.*		23,276
	100	Hillenbrand, Inc.		2,016
	800	Kindred Healthcare, Inc.*		22,056
	890	LifePoint Hospitals, Inc.*		28,605
	880	Lincare Holdings, Inc.*		26,479
	300	Magellan Health Services, Inc.*		12,318
	660	Owens & Minor, Inc.		32,010
	380	PSS World Medical, Inc.*		7,410
	6,330	UnitedHealth Group, Inc.		160,719
	900	Universal Health Services, Inc., Class B		50,427
	180	WellCare Health Plans, Inc.*		6,480
	14,480	WellPoint, Inc.*		677,230

				2,001,785

Hotels, Restaurants & Leisure (0.5%):
	780	Bob Evans Farms, Inc.		21,286
	200	Boyd Gaming Corp.		1,872
	1,540	Brinker International, Inc.		27,551
	330	Carnival Corp.		11,665
	410	CEC Entertainment, Inc.*		13,612
	42	Chipotle Mexican Grill, Inc.*		1,964
	580	International Speedway Corp., Class A		22,568
	690	Jack in the Box, Inc.*		14,559
	4,080	McDonald’s Corp.		251,736
	280	Papa John’s International, Inc.*		7,605
	300	Speedway Motorsports, Inc.		5,844
	4,430	Wyndham Worldwide Corp.		69,595

				449,857

Household Durables (0.3%):
	520	American Greetings Corp., Class A		7,951
	200	KB Home		3,936
	3,670	Lennar Corp.		55,747
	140	NVR, Inc.*		80,080
	450	Ryland Group, Inc. (The)		11,934
	1,500	Snap-On, Inc.		78,990
	890	Stanley Works (The)		37,149
	300	Tempur-Pedic International, Inc.		3,528

				279,315

Household Products (1.4%):
	17,872	Procter & Gamble Co.		1,245,500

Independent Power Producers & Energy Traders (0.0%):
	580	Mirant Corp.*		10,608

Industrial Conglomerates (2.2%):
	4,940	3M Co.		337,451
	200	Carlisle Cos., Inc.		5,994
	64,810	General Electric Co.		1,652,655
	110	Teleflex, Inc.		6,984

				2,003,084

Insurance (4.7%):
	1,950	ACE, Ltd.		105,553
	850	Allied World Assurance Co. Holdings, Ltd.		30,192
	2,680	American Financial Group, Inc.		79,060
	20	American National Insurance Co.		1,727
	150	AmTrust Financial Services, Inc.		2,038
	1,190	Arch Capital Group, Ltd.*		86,906
	1,660	Aspen Insurance Holdings, Ltd.		45,650
	1,520	Assurant, Inc.		83,600
	2,890	Axis Capital Holdings, Ltd.		91,642
	155	Berkshire Hathaway, Inc., Class B*		681,225
	3,210	Brown & Brown, Inc.		69,400
	17,130	Chubb Corp. (The)		940,437
	2,000	Cincinnati Financial Corp.		56,880
	2,510	CNA Financial Corp.		65,862
	980	Conseco, Inc.*		3,450
	200	Delphi Financial Group, Inc., Class A		5,608
	600	Employers Holdings, Inc.		10,428
	860	Endurance Specialty Holdings, Ltd.		26,591
	220	Everest Re Group, Ltd.		19,037
	5,100	Fidelity National Financial, Inc., Class A		74,970
	190	First American Corp.		5,605
	90	Flagstone Reinsurance Holdings, Ltd.		924
	4,760	Genworth Financial, Inc.		40,984
	1,490	Hanover Insurance Group, Inc. (The)		67,825
	400	Harleysville Group, Inc.		15,120
	2,600	HCC Insurance Holdings, Inc.		70,200
	920	IPC Holdings, Ltd.		27,793
	6,600	Loews Corp.		260,634
	1,000	Max Capital Group, Ltd.		23,230
	600	Montpelier Re Holdings, Ltd.		9,906

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Oppenheimer Main Street Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Insurance, continued
	400	Nationwide Financial Services, Inc., Class A	$	19,732
	160	Navigators Group, Inc.*		9,280
	1,850	Odyssey Re Holdings Corp.		81,030
	420	OneBeacon Insurance Group, Ltd.		8,883
	1,180	PartnerRe, Ltd.		78,836
	1,100	Philadelphia Consolidated Holding Corp.*		64,427
	200	Phoenix Cos., Inc.		1,848
	800	Platinum Underwriters Holdings, Ltd.		28,384
	540	ProAssurance Corp.*		30,240
	1,960	Protective Life Corp.		55,880
	850	RenaissanceRe Holdings, Ltd.		44,200
	340	RLI Corp.		21,111
	950	Selective Insurance Group, Inc.		21,774
	1,520	StanCorp Financial Group, Inc.		75,513
	100	State Auto Financial Corp.		2,907
	100	Torchmark Corp.		5,980
	300	Transatlantic Holdings, Inc.		16,305
	6,930	Travelers Cos., Inc. (The)		313,236
	370	Unitrin, Inc.		9,228
	4,900	UnumProvident Corp.		122,990
	90	Validus Holdings, Ltd.		2,092
	3,340	W.R. Berkley Corp.		78,657
	1,250	Willis Group Holdings, Ltd.		40,325
	470	Zenith National Insurance Corp.		17,221

				4,152,556

Internet & Catalog Retail (0.3%):
	1,900	Expedia, Inc.*		28,709
	3,330	IAC/InterActive Corp*		57,609
	7,550	Liberty Media Corp. - Interactive, Series A*		97,470
	760	Priceline.com, Inc.*		52,007

				235,795

Internet Software & Services (0.7%):
	850	Cogent Inc.*		8,687
	300	Digital River, Inc.*		9,720
	700	EarthLink, Inc.*		5,950
	1,000	F5 Networks, Inc.*		23,380
	1,310	Google, Inc., Class A*		524,681
	850	HSN, Inc.*		9,359
	1,010	J2 Global Communications, Inc.*		23,583
	400	RealNetworks, Inc.*		2,032
	700	Sohu.com, Inc.*		39,025
	300	ValueClick, Inc.*		3,069

				649,486

IT Services (0.5%):
	1,000	Acxiom Corp.		12,540
	1,720	Affiliated Computer Services, Inc., Class A*		87,084
	2,250	Computer Sciences Corp.*		90,292
	1,980	Convergys Corp.*		29,264
	900	Fidelity National Information Services, Inc.		16,614
	1,500	Gartner Group, Inc.*		34,020
	300	Global Payments, Inc.		13,458
	1,500	National Instruments Corp.		45,075
	1,990	Perot Systems Corp., Class A*		34,526
	350	Sapient Corp.*		2,601
	450	Sykes Enterprises, Inc.*		9,882
	700	SYNNEX Corp.*		15,638
	850	Tech Data Corp.*		25,373
	610	Total System Services, Inc.		10,004
	400	Unisys Corp.*		1,100

				427,471

Leisure Equipment & Products (0.2%):
	2,030	Brunswick Corp.		25,964
	2,490	Hasbro, Inc.		86,453
	500	Marvel Entertainment, Inc.*		17,070
	3,270	Mattel, Inc.		58,991
	580	Polaris Industries, Inc.		26,384
	110	Pool Corp.		2,566

				217,428

Life Sciences Tools & Services (0.2%):
	1,980	Pharmaceutical Product Development, Inc.		81,873
	830	Thermo Fisher Scientific, Inc.*		45,650
	390	Varian, Inc.*		16,731

				144,254

Machinery (3.1%):
	690	Barnes Group, Inc.		13,952
	11,020	Caterpillar, Inc.		656,792
	270	CIRCOR International, Inc.		11,726
	200	Crane Co.		5,942
	9,650	Cummins, Inc.		421,898
	2,340	Dover Corp.		94,887
	100	Eaton Corp.		5,618
	400	Enpro Industries, Inc.*		14,864
	1,500	Gardner Denver, Inc.*		52,080
	2,180	IDEX Corp.		67,624
	4,110	Illinois Tool Works, Inc.		182,689
	8,200	Ingersoll Rand Co., Class A		255,594
	2,340	Kennametal, Inc.		63,461
	1,010	Lincoln Electric Holdings, Inc.		64,953
	800	Mueller Industries, Inc.		18,408
	540	Mueller Water Products, Inc., Class A		4,849
	1,060	Nordson Corp.		52,057
	9,760	Parker Hannifin Corp.		517,280
	1,460	Pentair, Inc.		50,472
	700	Robbins & Myers, Inc.		21,651
	20	Sauer-Danfoss, Inc		494
	2,540	Timken Co.		72,009
	200	Titan International, Inc.		4,264
	720	Toro Co.		29,736
	600	Trinity Industries, Inc.		15,438
	860	Watts Water Technologies, Inc., Class A		23,521

				2,722,259

Marine (0.1%):
	470	Alexander & Baldwin, Inc.		20,694
	400	Excel Maritime Carriers, Ltd.		6,032
	470	GulfMark Offshore, Inc.*		21,094
	400	Nordic American Tanker Shipping, Ltd.		12,824
	100	TBS International, Ltd., Class A*		1,346

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Oppenheimer Main Street Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Marine, continued
				61,990

Media (3.7%):
	3,280	Cablevision Systems Corp., Class A	$	82,525
	36,860	CBS Corp.		537,419
	3,810	Comcast Corp., Class A		74,790
	800	Cox Radio, Inc.*		8,448
	27,330	DIRECTV Group, Inc. (The)*		715,226
	2,520	DreamWorks Animation SKG, Inc.*		79,254
	2,500	Gannett Co., Inc.		42,275
	120	Liberty Media Corp. — Capital, Series A*		1,606
	100	Mediacom Communications Corp., Class A*		592
	1,040	Meredith Corp.		29,172
	1,010	Netflix, Inc.*		31,189
	14,870	News Corp.		178,291
	840	Scholastic Corp.		21,571
	7,650	Time Warner Cable, Inc., Class A*		185,130
	65,270	Time Warner, Inc.		855,690
	1,242	Viacom, Inc., Class B*		30,851
	13,650	Walt Disney Co. (The)		418,918

				3,292,947

Metals & Mining (2.8%):
	2,340	AK Steel Holding Corp.		60,653
	23,100	Alcoa, Inc.		521,598
	400	Carpenter Technology Corp.		10,260
	10,810	Freeport-McMoRan Copper & Gold, Inc., Class A		614,548
	400	Kaiser Aluminum Corp.		17,180
	1,190	Newmont Mining Corp.		46,124
	14,490	Nucor Corp.		572,355
	100	Olympic Steel, Inc.		2,949
	1,500	Reliance Steel & Aluminum Co.		56,955
	100	RTI International Metals, Inc.*		1,956
	880	Schnitzer Steel Industries, Inc.		34,531
	24,070	Southern Copper Corp.		459,256
	1,030	United States Steel Corp.		79,938
	1,340	Worthington Industries, Inc.		20,020

				2,498,323

Multi-Utilities (0.1%):
	1,150	Avista Corp.		24,966
	1,640	Integrys Energy Group, Inc.		81,902

				106,868

Multiline Retail (0.9%):
	2,550	Big Lots, Inc.*		70,967
	1,830	Dillards, Inc., Class A		21,594
	2,350	Dollar Tree, Inc.*		85,446
	2,700	Macy’s, Inc.		48,546
	9,950	Wal-Mart Stores, Inc.		595,905

				822,458

Office Electronics (0.7%):
	51,750	Xerox Corp.		596,677
	1,370	Zebra Technologies Corp., Class A*		38,155

				634,832

Oil, Gas & Consumable Fuels (16.7%):
	15,250	Anadarko Petroleum Corp.		739,778
	9,250	Apache Corp.		964,590
	700	Berry Petroleum Co., Class A		27,111
	670	Bill Barrett Corp.*		21,514
	100	BPZ Resources, Inc.*		1,720
	5,670	Chesapeake Energy Corp.		203,326
	26,257	ChevronTexaco Corp.		2,165,677
	1,400	Cimarex Energy Co.		68,474
	22,709	ConocoPhillips		1,663,434
	400	Continental Resources, Inc.*		15,692
	100	CVR Energy, Inc.*		852
	980	Delta Petroleum Corp.*		13,308
	3,180	Denbury Resources, Inc.*		60,547
	3,160	Devon Energy Corp.		288,192
	49,730	Exxon Mobil Corp.		3,862,032
	1,600	Frontier Oil Corp.		29,472
	1,500	Grey Wolf, Inc.*		11,670
	2,760	Halliburton Co.		89,396
	7,980	Hess Corp.		654,998
	1,310	Key Energy Services, Inc.*		15,196
	22,270	Marathon Oil Corp.		887,905
	2,400	Mariner Energy, Inc.*		49,200
	1,280	Massey Energy Co.		45,658
	4,220	Murphy Oil Corp.		270,671
	17,450	Occidental Petroleum Corp.		1,229,353
	1,000	Overseas Shipholding Group, Inc.		58,310
	1,700	Plains Exploration & Production Co.*		59,772
	1,030	Rosetta Resources, Inc.*		18,911
	12,930	Spectra Energy Corp.		307,734
	566	Stone Energy Corp.*		23,959
	570	Swift Energy Co.*		22,053
	20,500	Valero Energy Corp.		621,150
	1,800	W&T Offshore, Inc.		49,122
	400	Whiting Petroleum Corp.*		28,504
	2,040	Williams Cos., Inc. (The)		48,246
	1,580	Williams-Sonoma, Inc.		25,564
	4,640	XTO Energy, Inc.		215,853

				14,858,944

Paper & Forest Products (0.1%):
	5,330	Domtar Corp.*		24,518
	700	MeadWestvaco Corp.		16,317
	2,000	Smurfit-Stone Container Corp.*		9,400

				50,235

Personal Products (0.1%):
	350	Chattem, Inc.*		27,363
	900	NBTY, Inc.*		26,568
	740	Nu Skin Enterprises, Inc., Class A		12,003

				65,934

Pharmaceuticals (4.5%):
	2,840	Abbott Laboratories		163,527
	940	Alpharma, Inc., Class A*		34,677
	8,100	Eli Lilly & Co.		356,643
	150	Endo Pharmaceuticals Holdings, Inc.*		3,000
	21,050	Johnson & Johnson Co.		1,458,344

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Oppenheimer Main Street Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Pharmaceuticals, continued
	100	K-V Pharmaceutical Co., Class A*	$	2,271
	7,880	King Pharmaceuticals, Inc.*		75,490
	1,180	Medicis Pharmaceutical Corp., Class A		17,594
	18,810	Merck & Co., Inc.		593,644
	700	Omnicare, Inc.		20,139
	2,360	PDL BioPharma, Inc		21,972
	60,260	Pfizer, Inc.		1,111,194
	3,790	Sepracor, Inc.*		69,395
	1,600	Warner Chilcott, Ltd., Class A*		24,192
	2,900	Watson Pharmaceuticals, Inc.*		82,650

				4,034,732

Real Estate Investment Trusts (REITs) (0.0%):
	1,900	General Growth Properties, Inc.		28,690

Road & Rail (1.2%):
	720	Arkansas Best Corp.		24,257
	1,020	CSX Corp.		55,661
	800	Heartland Express, Inc.		12,416
	12,560	Norfolk Southern Corp.		831,597
	50	Old Dominion Freight Line, Inc.*		1,417
	900	Ryder System, Inc.		55,800
	1,190	Wabtec Corp.		60,964
	1,290	Werner Enterprises, Inc.		28,006
	1,430	YRC Worldwide, Inc.*		17,103

				1,087,221

Semiconductors & Semiconductor Equipment (4.6%):
	4,690	Altera Corp.		96,989
	3,100	Amkor Technology, Inc.*		19,747
	3,670	Analog Devices, Inc.		96,704
	46,980	Applied Materials, Inc.		710,807
	7,720	Atmel Corp.*		26,171
	600	Cabot Microelectronics Corp.*		19,248
	750	Cymer, Inc.*		18,998
	1,580	Entegris, Inc.*		7,647
	2,480	Fairchild Semiconductor International, Inc.*		22,047
	110	FEI Co.*		2,619
	3,090	Integrated Device Technology, Inc.*		24,040
	79,750	Intel Corp.		1,493,717
	3,720	Intersil Corp., Class A		61,678
	2,550	KLA-Tencor Corp.		80,708
	3,180	Linear Technology Corp.		97,499
	13,700	LSI Logic Corp.*		73,432
	7,860	Marvell Technology Group, Ltd.*		73,098
	310	Microsemi Corp.*		7,899
	1,130	MKS Instruments, Inc.*		22,498
	1,850	National Semiconductor Corp.		31,839
	1,500	Novellus Systems, Inc.*		29,460
	3,910	PMC-Sierra, Inc.*		29,012
	200	Power Integrations, Inc.*		4,820
	3,900	RF Micro Devices, Inc.*		11,388
	1,750	Semtech Corp.*		24,430
	820	Silicon Laboratories, Inc.*		25,174
	6,670	Teradyne, Inc.*		52,093
	39,990	Texas Instruments, Inc.		859,785
	240	Verigy, Ltd.*		3,907
	2,200	Xilinx, Inc.		51,590

				4,079,044

Software (5.9%):
	2,200	Activision Blizzard, Inc.*		33,946
	3,210	Amdocs, Ltd.*		87,890
	270	Ansys, Inc.*		10,225
	3,070	Autodesk, Inc.*		102,999
	100	BMC Software, Inc.*		2,863
	13,490	CA, Inc.		269,260
	7,410	Cadence Design Systems, Inc.*		50,092
	2,670	Check Point Software Technologies, Ltd.*		60,716
	1,600	Citrix Systems, Inc.*		40,416
	8,150	Compuware Corp.*		78,974
	600	Concur Technologies, Inc.*		22,956
	1,530	Informatica Corp.*		19,875
	4,150	Intuit, Inc.*		131,181
	1,300	Lawson Software, Inc.*		9,100
	200	Mentor Graphics Corp.*		2,270
	220	Micros Systems, Inc.*		5,865
	89,150	Microsoft Corp.		2,379,413
	800	Net 1 UEPS Technologies, Inc.*		17,864
	800	Open Text Corp.*		27,664
	28,650	Oracle Corp.*		581,881
	1,200	Parametric Technology Corp.*		22,080
	590	Progress Software Corp.*		15,334
	1,170	Quest Software, Inc.*		14,847
	11,400	Sun Microsystems, Inc.*		86,640
	2,510	Sybase, Inc.*		76,856
	45,490	Symantec Corp.*		890,694
	3,030	Synopsys, Inc.*		60,449
	600	Teradata Corp.*		11,700
	3,550	TIBCO Software, Inc.*		25,986
	2,430	Trimble Navigation, Ltd.*		62,840
	1,930	Wind River Systems, Inc.*		19,300

				5,222,176

Specialty Retail (3.6%):
	590	Aaron Rents, Inc.		15,971
	2,350	Aeropostale, Inc.*		75,459
	4,460	American Eagle Outfitters, Inc.		68,015
	1,070	AnnTaylor Stores Corp.*		22,085
	6,160	AutoNation, Inc.*		69,238
	500	AutoZone, Inc.*		61,670
	860	Barnes & Noble, Inc.		22,429
	1,540	Bebe Stores, Inc.		15,046
	16,790	Best Buy Co., Inc.		629,625
	2,130	Callaway Golf Co.		29,969
	500	Children’s Place Retail Stores, Inc.*		16,675
	700	Copart, Inc.*		26,600
	1,700	Dress Barn, Inc.*		25,993
	3,200	Foot Locker, Inc.		51,712
	36,020	Gap, Inc. (The)		640,436
	600	Gymboree Corp.*		21,300
	5,150	Limited Brands, Inc.		89,198
	200	Men’s Wearhouse, Inc.		4,248
	1,510	MSC Industrial Direct Co., Inc., Class A		69,566
	5,920	Office Depot, Inc.*		34,454
	400	OfficeMax, Inc.		3,556

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Oppenheimer Main Street Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


				Fair
Shares				Value
Common Stocks, continued
Specialty Retail, continued
		1,590	Penske Automotive Group, Inc.	$	18,237
		3,890	RadioShack Corp.		67,219
		1,200	Rent-A-Center, Inc.*		26,736
		2,520	Ross Stores, Inc.		92,761
		2,840	Sally Beauty Holdings, Inc.*^		24,424
		11,990	Staples, Inc.		269,775
		17,310	TJX Cos., Inc.		528,301
		820	Tractor Supply Co.*		34,481
		4,150	Tyco International, Ltd.		145,333
		1,180	Urban Outfitters, Inc.*		37,607
		300	Zale Corp.*		7,500

					3,245,619

Textiles, Apparel & Luxury Goods (0.3%):
		530	Carter’s, Inc.*		10,457
		250	Fossil, Inc.*		7,058
		2,170	Hanesbrands, Inc*		47,197
		1,510	Jones Apparel Group, Inc.		27,950
		1,730	Liz Claiborne, Inc.		28,424
		200	Phillips-Van Heusen Corp.		7,582
		400	Quiksilver Resources, Inc.*		2,296
		890	Skechers U.S.A., Inc., Class A*		14,979
		200	Talbots, Inc. (The)		2,620
		400	Timberland Co., Class A*		6,948
		200	UniFirst Corp.		8,618
		1,360	Warnaco Group, Inc. (The)*		61,594
		960	Wolverine World Wide, Inc.		25,402

					251,125

Thrifts & Mortgage Finance (0.0%):
		930	Provident Financial Services, Inc.		15,354

Tobacco (1.7%):
		15,870	Altria Group, Inc.		314,861
		3,857	Lorillard, Inc.		274,425
		16,480	Philip Morris International, Inc.		792,688
		2,170	Reynolds American, Inc.		105,505
		540	Universal Corp.		26,509

					1,513,988

Trading Companies & Distributors (0.1%):
		970	Applied Industrial Technologies, Inc.		26,122
		1,388	United Rentals, Inc.*		21,153
		310	W.W. Grainger, Inc.		26,961
		350	Watsco, Inc.		17,598

					91,834

Wireless Telecommunication Services (0.9%):
		1,750	Centennial Communications Corp.*		10,920
		900	InterDigital, Inc.*		21,645
		2,970	MetroPCS Communications, Inc.*		41,550
		700	NTELOS Holdings Corp.		18,823
		92,239	Sprint Nextel Corp.		562,658
		1,400	Syniverse Holdings, Inc.*		23,254
		1,910	Telephone and Data Systems, Inc.		68,283
		560	U.S. Cellular Corp.*		26,275

					773,408

Total Common Stocks (Cost $100,451,398)					88,118,706

Deposit Account (0.7%):
	$	654,431	NTRS London Deposit Account		654,431


Total Deposit Account (Cost $654,431)					654,431


Collateral For Securities On Loan (0.1%):
		47,971	Northern Trust Liquid Institutional Asset Portfolio		47,971


Total Collateral For Securities On Loan (Cost $47,971)				$	47,971

Total Investment Securities (Cost $101,153,800)(a)—99.7%					88,821,108

Net other assets (liabilities) — 0.3%					259,296


NET ASSETS — 100.0%				$	89,080,404


		Percentages indicated are based on net assets as of September 30, 2008.

*		Non-income producing security

^		All or a portion of security is loaned as of September 30, 2008.

(a)		Cost for federal income tax purposes is $105,089,177. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	2,574,295
Unrealized depreciation		(18,842,364	)

Net unrealized depreciation	$	(16,268,069	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of September 30, 2008:


Country	Percentage
United States		97.0	%
Bermuda		1.4	%
Cayman Islands		0.6	%
Netherlands		0.6	%
Switzerland		0.1	%
Guernsey		0.1	%
Israel		0.1	%
Canada		0.1	%

		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL PIMCO Fundamental IndexPLUS Total Return Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


Principal			Fair
Amount			Value
Asset Backed Securities (13.4%):
$	600,000	Access Group, Inc., Series 2008-1, Class A, 4.09%, 10/27/25+(a)	$	593,628
	46,815	Accredited Mortgage Loan Trust, Series 06-2, Class A1, 3.25%, 9/25/36+(a)		46,320
	70,596	ACE Securities Corp Home Equity Loan Trust, Series 06-HE4, Class A2A, 3.27%, 10/25/36+(a)		67,099
	25,351	ACE Securities Corp Home Equity Loan Trust, Series 06-ASP5, Class A2A, 3.29%, 10/25/36+(a)		24,207
	181,784	Amortizing Residential Collateral Trust, Series 01-BC6, Class A, 3.91%, 10/25/31+(a)		168,944
	18,430	Argent Securities, Inc., Series 06-M2, Class A2A, 3.26%, 9/25/36+(a)		18,231
	41,646	Asset Backed Funding Certificates, Series 06-OPT2, Class A3A, 3.27%, 10/25/36+(a)		40,732
	39,448	Asset Backed Funding Certificates, Series 06-HE1, Class A2A, 3.27%, 1/25/37+(a)		37,210
	21,014	Asset Backed Securities Corp. Home Equity Loan Trust, Series 04-HE6, Class A1, 3.48%, 9/25/34+(a)		18,379
	700,000	Bank of America Credit Card Trust, Series 2007-A9, Class A9, 2.53%, 11/17/14+(a)		656,362
	296,507	Carrington Mortgage Loan Trust, Series 06-NC5, Class A1, 3.26%, 1/25/37+(a)		281,821
	200,000	Chase Credit Card Master Trust, Series 03-6, Class A, 2.60%, 2/15/11+(a)		199,852
	200,000	Chase Issuance Trust, Series 06-A3, Class A3, 2.48%, 7/15/11+(a)		198,639
	600,000	Chase Issuance Trust, Series 2008-A10, Class A10, 3.24%, 8/17/15+(a)		559,313
	1,000,000	Chase Issuance Trust, Series 2008-A13, Class A13, 4.32%, 9/15/15+(a)		997,500
	600,000	Citigroup Mortgage Loan Trust, Inc., Series 06-WFH3, Class A2, 3.31%, 10/25/36+(a)		575,889
	489,217	Countrywide Asset-Backed Certificates, Series 2006-06, Class 2A2, 3.39%, 9/25/36+(a)		451,572
	5,162	Countrywide Asset-Backed Certificates, Series 06-13, Class 3AV1, 3.26%, 1/25/37+(a)		5,146
	52,741	Countrywide Asset-Backed Certificates, Series 06-19, Class 2A1, 3.27%, 3/25/37+(a)		51,158
	88,274	Countrywide Asset-Backed Certificates, Series 06-21, Class 2A1, 3.26%, 5/25/37+(a)		82,812
	346,135	Countrywide Asset-Backed Certificates, Series 06-24, Class 2A1, 3.26%, 6/25/37+(a)		319,796
	316,048	Countrywide Asset-Backed Certificates, Series 06-23, Class 2A1, 3.26%, 11/25/37+(a)		303,209
	29,325	Countrywide Asset-Backed Certificates, Series 06-15, Class A1, 3.32%, 10/25/46+(a)		28,688
	18,531	Countrywide Asset-Backed Certificates, Series 06-16, Class 2A1, 3.26%, 12/25/46+(a)		18,088
	56,322	Countrywide Asset-Backed Certificates, Series 06-17, Class 2A1, 3.26%, 3/25/47+(a)		55,125
	50,689	Countrywide Asset-Backed Certificates, Series 06-22, Class 2A1, 3.26%, 5/25/47+(a)		48,785
	50,246	Credit-Based Asset Servicing and Securitization, Series 06-CB9, Class A1, 3.27%, 11/25/36+(a)		48,255
	113,278	First Franklin Mortgage Loan Asset Backed Certificates, Series 06-FF9, Class 2A1, 3.27%, 6/25/36+(a)		111,949
	9,034	First Franklin Mortgage Loan Asset Backed Certificates, Series 06-FF8, Class IIA1, 3.24%, 7/25/36+(a)		8,982
	55,537	Fremont Home Loan Trust, Series 06-E, Class 2A1, 3.27%, 1/25/37+(a)		51,953
	18,408	Fremont Home Loan Trust, Series 06-3, Class 2A1, 3.28%, 2/25/37+(a)		18,040
	199,497	GE-WMC Mortgage Securities, LLC, Series 06-1, Class A2A, 3.25%, 8/25/36+(a)		193,231
	50,633	GSAMP Trust, Series 06-FM2, Class A2A, 3.28%, 9/25/36+(a)		49,569
	45,995	Household Home Equity Loan Trust, Series 06-4, Class A1V, 3.26%, 3/20/36+(a)		44,600
	49,446	HSI Asset Securitization Corp. Trust, Series 06-HE2, Class 2A1, 3.26%, 12/25/36+(a)		46,186
	34,890	Indymac Residential Asset Backed Trust, Series 06-E, Class 2A1, 3.27%, 4/25/37+(a)		33,205

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL PIMCO Fundamental IndexPLUS Total Return Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


Principal			Fair
Amount			Value
Asset Backed Securities, continued
$	24,326	J.P. Morgan Mortgage Acquisition Corp., Series 06-WMC3, Class A2, 3.26%, 8/25/36+(a)	$	23,887
	289,189	J.P. Morgan Mortgage Acquisition Corp., Series 06-CH2, Class AV2, 3.26%, 10/25/36+(a)		273,721
	71,965	Lehman XS Trust, Series 06-17, Class WF11, 3.33%, 11/25/36+(a)		69,480
	13,422	Lehman XS Trust, Series 06-9, Class A1A, 3.28%, 5/25/46+(a)		13,068
	65,764	Lehman XS Trust, Series 06-11, Class 1A1, 3.29%, 6/25/46+(a)		63,884
	86,149	Lehman XS Trust, Series 06-16N, Class A1A, 3.29%, 11/25/46+(a)		78,123
	3,092	Long Beach Mortgage Loan Trust, Series 04-4, Class 1A1, 3.49%, 10/25/34+(a)		2,374
	199,492	Long Beach Mortgage Loan Trust, Series 06-9, Class 2A1, 3.27%, 10/25/36+(a)		190,017
	500,000	Massachusetts Educational Financing Authority, Series 2008-1, Class A1, 2.86%, 4/25/38+(a)		460,275
	77,314	Master Asset Backed Securities Trust, Series 06-HE5, Class A1, 3.27%, 11/25/36+(a)		75,571
	120,382	Merrill Lynch Mortgage Investors Trust, Series 06-FF1, Class A2A, 3.28%, 8/25/36+(a)		112,482
	103,557	Park Place Securities, Inc., Series 04-MCW1, Class A1, 3.52%, 10/25/34+(a)		87,293
	61,252	Residential Asset Mortgage Products, Inc., Series 06-RZ4, Class A1A, 3.29%, 10/25/36+(a)		57,092
	32,565	Residential Asset Securities Corp., Series 06-KS8, Class A1, 3.27%, 10/25/36+(a)		31,996
	55,754	Residential Asset Securities Corp., Series 06-KS9, Class AI1, 3.28%, 11/25/36+(a)		54,741
	22,562	Saxon Asset Securities Trust, Series 06-3, Class A1, 3.27%, 10/25/46+(a)		21,797
	37,752	SBI Heloc Trust, Series 06-A1, Class 1A2A, 3.38%, 8/25/36+(a)(b)		36,851
	217,640	SLM Student Loan Trust, Series 07-3, Class A1, 2.79%, 10/27/14+(a)		215,499
	9,790	SLM Student Loan Trust, Series 05-5, Class A1, 2.80%, 1/25/18+(a)		9,767
	1,000,000	SLM Student Loan Trust, Series 2008-9, Class A, 4.17%, 4/25/23+(a)		1,003,750
	800,000	Small Business Administration Participation Certificates, Series 2008-20H, Class 1, 6.02%, 8/1/28+		817,460
	1,000,000	Small Business Administration Participation Certificates, Series 2008-20I, Class 1, 5.60%, 9/1/28+		1,001,456
	8,374	Soundview Home Equity Loan Trust, Series 06-EQ1, Class A1, 3.26%, 10/25/36+(a)		8,315
	210,453	Soundview Home Equity Loan Trust, Series 06-EQ2, Class A1, 3.29%, 1/25/37+(a)		205,590
	27,502	Wells Fargo Home Equity Trust, Series 06-3, Class A1, 3.26%, 1/25/37+(a)		26,803


Total Asset Backed Securities (Cost $11,721,463)				11,395,767

Collateralized Mortgage Obligations (9.8%):
	100,000	Banc of America Commercial Mortgage, Inc., Series 2006-2, Class A4, 5.93%, 5/10/45+(a)		90,496
	452,498	Banc of America Funding Corp., 4.12%, 5/25/35+(a)		384,962
	162,366	Banc of America Funding Corp., 6.13%, 1/20/47+(a)		109,779
	43,077	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-9 Class 22A1, 4.77%, 11/25/34+(a)		39,422
	185,224	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-8, Class 2A1, 5.07%, 11/25/34+(a)		176,373
	53,518	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-10, Class 22A1, 4.96%, 1/25/35+(a)		48,517
	826,138	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-2, Class A1, 4.13%, 3/25/35+(a)		767,370
	420,137	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-2, Class A2, 4.13%, 3/25/35+(a)		402,004
	51,117	Bear Stearns Alt-A Trust, 5.50%, 9/25/35+(a)		41,149
	128,668	Bear Stearns Mortgage Funding Trust, Series 07-AR1, Class 2A1, 3.28%, 2/25/37+(a)		108,215
	106,600	Countrywide Home Loans, Series 2004-22, Class A3, 4.80%, 11/25/34+(a)		93,505
	183,129	Countrywide Home Loans, Series 2004-HYB9, Class 1A1, 4.73%, 2/20/35+(a)		162,551

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL PIMCO Fundamental IndexPLUS Total Return Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


Principal			Fair
Amount			Value
Collateralized Mortgage Obligations, continued
$	400,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.70%, 9/15/40+(a)	$	338,720
	69,899	Fannie Mae, Series 06-118, Class A1, 3.27%, 12/25/36+(a)		67,313
	115,232	First Horizon Mortgage Pass-Through Trust, Series 2005-AR3, Class 2A1, 5.36%, 8/25/35+(a)		99,512
	153,017	Freddie Mac, Series 3335, Class BF, 2.64%, 7/15/19+(a)		149,607
	763,081	Freddie Mac, Series 3335, Class FT, 2.64%, 8/15/19+(a)		745,769
	1,085,918	Freddie Mac, Series 3335, Class AF, 2.64%, 10/15/20+(a)		1,060,761
	87,722	Freddie Mac, Series 3149, Class LF, 2.79%, 5/15/36+(a)		84,877
	76,744	Greenpoint Mortgage Funding Trust, Series 06-AR8, Class 1A1A, 3.29%, 1/25/47+(a)		72,893
	79,677	Greenpoint Mortgage Pass-Through Certificates, Series 2003-1, Class A1, 4.68%, 10/25/33+(a)		77,712
	157,763	GS Mortgage Securities Corp. II, Series 2007-EOP Class A1, 2.58%, 3/6/20+(a)(b)		141,607
	81,836	GSR Mortgage Loan Trust, Series 2005-AR7, Class 6A1, 5.25%, 11/25/35+(a)		70,336
	25,418	Harborview Mortgage Loan Trust, Series 05-2, Class 2A1A, 3.25%, 5/19/35+(a)		16,387
	111,168	Harborview Mortgage Loan Trust, Series 2005-4, Class 3A1, 5.15%, 7/19/35+(a)		96,669
	63,329	Indymac Index Mortgage Loan Trust, Series 2004-AR5, Class B1, 5.05%, 12/25/34+(a)		51,628
	24,873	Indymac Index Mortgage Loan Trust, Series 06-AR35, Class 2A2, 3.31%, 1/25/37+(a)		23,746
	300,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class A3, 5.42%, 1/15/49+		249,277
	100,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-LD12, Class A4, 5.88%, 2/15/51+(a)		85,236
	126,326	JP Morgan Mortgage Trust, Series 2005-A1, Class 6T1, 5.02%, 2/25/35+(a)		109,937
	26,635	LB-UBS Commercial Mortgage Trust, Series 02-C2, Class A2, 4.90%, 6/15/26+(a)		26,499
	11,448	Lehman Brothers Commercial Mortgage Trust, Series 06-LLFA, Class A1, 2.57%, 9/15/21+(a)(b)		10,367
	50,349	MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A4, 3.79%, 11/21/34+(a)		49,778
	252,297	Merrill Lynch Floating Trust, Series 06-1, Class A1, 2.56%, 6/15/22+(a)(b)		229,274
	62,905	Merrill Lynch Mortgage Investors Trust, Series 2005-A10, Class A, 3.42%, 2/25/36+(a)		51,025
	100,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.49%, 3/12/51+		83,875
	26,602	MLCC Mortgage Investors, Inc., Series 2005-2, Class 3A, 4.21%, 10/25/35+(a)		24,172
	20,339	MLCC Mortgage Investors, Inc., Series 2005-3, Class 4A, 3.46%, 11/25/35+(a)		18,403
	900,000	Morgan Stanley Capital I Trust, Series 2007-IQ15, Class A4, 6.08%, 6/11/49+(a)		778,942
	56,989	Structured Asset Mortgage Investments, Inc., Series 2005-AR5, Class A2, 3.28%, 7/19/35+(a)		51,866
	63,278	Thornburg Mortgage Securities Trust, Series 06-6, Class A1, 3.32%, 12/25/36+(a)		60,672
	206,136	Thornburg Mortgage Securities Trust, Series 06-5, Class A1, 3.33%, 9/25/46+(a)		193,106
	150,990	Wachovia Bank Commercial Mortgage Trust, 2.57%, 6/15/20+(a)		133,393
	274,465	Wachovia Bank Commercial Mortgage Trust, Series 06-WL7A, Class A1, 2.58%, 9/15/21+(a)(b)		250,581
	4,846	Washington Mutual Mortgage Pass-Through Certificates, Series 06-AR11, Class A1B1, 3.50%, 8/25/45+(a)		4,781
	70,084	Washington Mutual Mortgage Pass-Through Certificates, Series 06-AR11, Class 2A, 4.36%, 9/25/46+(a)		45,833
	217,019	Washington Mutual Mortgage Pass-Through Certificates, Series 06-AR13, Class 2A, 4.33%, 10/25/46+(a)		142,124
	74,739	Washington Mutual Mortgage Pass-Through Certificates, Series 06-AR19, Class 1A1A, 3.59%, 1/25/47+(a)		46,631

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL PIMCO Fundamental IndexPLUS Total Return Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


Principal			Fair
Amount			Value
Collateralized Mortgage Obligations, continued
$	120,778	Wells Fargo Mortgage Back Securities Trust, Series 2004-CC, Class A1, 4.95%, 1/25/35+(a)	$	109,374


Total Collateralized Mortgage Obligations (Cost $8,981,763)				8,277,026

Corporate Bonds (35.8%):
Automobiles (0.4%):
	200,000	DaimlerChrysler NA Holding Corp., Series E, 3.17%, 3/13/09+(a)		199,265
	100,000	DaimlerChrysler NA Holding Corp., 3.24%, 8/3/09+(a)		99,552

				298,817

Biotechnology (0.5%):
	150,000	Amgen, Inc., 2.89%, 11/28/08+(a)		149,592
	300,000	Amgen, Inc., 6.90%, 6/1/38+		290,771

				440,363

Chemicals (0.1%):
	100,000	Rohm & Haas Co., 6.00%, 9/15/17+		92,925

Commercial Banks (9.8%):
	200,000	American Express Bank FSB, 2.50%, 10/16/08+(a)		199,872
	300,000	American Express Centurion Bank, 2.51%, 6/12/09+(a)		289,915
	100,000	ANZ National Bank, Ltd., 6.20%, 7/19/13+(b)		99,271
	500,000	Banc of America Corp., 3.10%, 6/15/16+(a)		450,352
	100,000	Bank of America Corp., 2.92%, 11/6/09+(a)		97,771
	1,200,000	Bank of America Corp., 8.13%, 12/29/49+		950,240
	800,000	Bank of Ireland, 3.07%, 12/19/08+(a)		798,704
	100,000	Barclays Bank plc, 6.05%, 12/4/17+(b)		93,007
	300,000	BNP Paribas, 5.19%, 6/29/49+(b)		229,804
	900,000	Chase Manhattan Corp., 7.00%, 11/15/09+		900,175
	100,000	Citigroup, Inc., 3.80%, 12/28/09+(a)		96,769
	200,000	Citigroup, Inc., 2.96%, 5/18/10+(a)		184,574
	300,000	Citigroup, Inc., 5.50%, 4/11/13+		261,858
	200,000	Citigroup, Inc., 6.00%, 8/15/17+		169,427
	100,000	Citigroup, Inc., 6.13%, 8/25/36+		64,956
	100,000	Credit Agricole, 2.81%, 5/28/09+(a)(b)		99,581
	100,000	DnB NOR Bank ASA, 2.86%, 10/13/09+(a)(b)		99,839
	300,000	HBOS Treasury Services PLC, 2.83%, 7/17/09+^(a)(b)		298,138
	200,000	ICICI Bank, Ltd., 3.33%, 1/12/10+(a)(b)		194,240
	100,000	J.P. Morgan Chase & Co., 3.48%, 6/26/09+(a)		99,741
	500,000	J.P. Morgan Chase & Co., 2.97%, 10/2/09+(a)		499,562
	40,000	J.P. Morgan Chase & Co., 6.00%, 1/15/18+		36,475
	200,000	Key Bank NA, Series BKNT, 5.06%, 6/2/10+(a)(b)		199,022
	1,000,000	SunTrust Bank, 2.92%, 5/21/12+(a)		941,238
	100,000	UBS AG Stamford CT, 5.88%, 12/20/17+		88,792
	300,000	Wachovia Bank NA, 3.25%, 3/23/09+(a)		282,257
	100,000	Wachovia Corp., 2.86%, 12/1/09+(a)		87,066
	100,000	Wachovia Corp., 2.96%, 6/1/10+(a)		77,317
	500,000	Wells Fargo & Co., 5.63%, 12/11/17+		459,521

				8,349,484

Computers & Peripherals (1.4%):
	200,000	Dell, Inc., 5.65%, 4/15/18+(b)		183,656
	1,000,000	IBM Corp., 5.70%, 9/14/17+		968,678

				1,152,334

Diversified Consumer Services (9.9%):
	100,000	Allstate Life Global Funding Trust, 3.25%, 3/23/09+(a)		99,603
	100,000	Allstate Life Global Funding Trust, 5.38%, 4/30/13, MTN+		96,534
	200,000	American Express Credit Co., 2.55%, 11/9/09+(a)		189,104
	100,000	American Express Credit Co., Series C, 5.88%, 5/2/13+		92,165
	100,000	American General Finance, 6.90%, 12/15/17, MTN+		46,369
	200,000	American Honda Finance Corp., 2.87%, 3/9/09+(a)(b)		199,457
	400,000	American Honda Finance Corp., 2.86%, 5/12/09+(a)(b)		399,245
	200,000	American International Group, 5.85%, 1/16/18, MTN+		100,389
	1,000,000	Appalachian Power Co., 6.60%, 5/1/09+		1,010,750
	400,000	Bear Stearns Cos., Inc., 3.85%, 3/30/09+(a)		397,953
	50,000	Bear Stearns Cos., Inc., 3.08%, 9/9/09+(a)		49,392
	1,100,000	Bear Stearns Cos., Inc., 3.03%, 1/31/11, MTN+(a)		1,074,660
	100,000	C10 Capital SPV, Ltd., 6.72%, 12/31/49+(b)		92,548
	100,000	Caterpillar Financial Services Corp., 4.85%, 12/7/12, MTN+		97,335
	100,000	CIT Group, Inc., 2.95%, 1/30/09+(a)		90,094
	100,000	CIT Group, Inc., 2.93%, 6/8/09+(a)		85,508

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL PIMCO Fundamental IndexPLUS Total Return Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


Principal			Fair
Amount			Value
Corporate Bonds, continued
Diversified Consumer Services, continued
$	100,000	CIT Group, Inc., 2.93%, 8/17/09+(a)	$	80,458
	200,000	Citigroup Capital XXI, 8.30%, 12/21/57, Callable 12/21/37 @ 100+		149,012
	30,000	Citigroup Funding, Inc., 3.19%, 4/23/09+(a)		29,501
	1,200,000	Countrywide Home Loans, Inc., Series M, 4.13%, 9/15/09, MTN+		1,103,639
	300,000	ENEL Finance International, 6.80%, 9/15/37+(b)		294,479
	600,000	Ford Motor Credit Corp., 7.25%, 10/25/11+		381,536
	200,000	General Electric Capital Corp., 2.86%, 1/20/10+(a)		198,568
	100,000	General Electric Capital Corp., 2.86%, 5/10/10+(a)		97,466
	300,000	General Electric Capital Corp., 2.87%, 8/15/11+(a)		292,999
	50,000	General Electric Capital Corp., 3.17%, 5/5/26+(a)		42,588
	300,000	General Electric Capital Corp., 6.38%, 11/15/67+		242,752
	100,000	HSBC Finance Corp., 2.85%, 10/21/09+(a)		94,872
	50,000	HSBC Finance Corp., 3.05%, 5/10/10+(a)		46,045
	400,000	International Lease Financial Corp., 3.03%, 5/24/10+(a)		320,491
	100,000	NGPL PipeCo LLC, 6.51%, 12/15/12+(b)		100,162
	100,000	Santander, 6.67%, 10/29/49+(b)		93,214
	450,000	SLM Corp., 2.94%, 7/27/09+(a)		396,095
	100,000	SMFG Preferred Capital, 6.08%, 12/31/49+(b)		71,405
	200,000	UBS Preferred Funding Trust V, 6.24%, 5/29/49+		154,108
	100,000	Westfield Group, 5.70%, 10/1/16+(b)		86,154

				8,396,650

Diversified Financial Services (8.0%):
	1,500,000	Associates Corp. NA, 7.00%, 2/10/09+		1,481,971
	800,000	Citigroup, Inc., 8.40%, 4/29/49+		544,528
	300,000	General Electric Capital Corp., 5.50%, 9/15/67+(b)		247,055
	420,000	Goldman Sachs Group, Inc., 3.29%, 12/22/08+(a)		414,009
	100,000	Goldman Sachs Group, Inc., 3.25%, 12/23/08+(a)		98,542
	50,000	Goldman Sachs Group, Inc., 3.30%, 6/23/09+(a)		47,527
	100,000	Goldman Sachs Group, Inc., 2.89%, 11/16/09+(a)		92,521
	300,000	Goldman Sachs Group, Inc., 5.63%, 1/15/17+		212,936
	300,000	Goldman Sachs Group, Inc., 5.95%, 1/18/18+		247,489
	100,000	Goldman Sachs Group, Inc., 6.15%, 4/1/18+		83,151
	100,000	Lehman Brothers Holdings, 0.00%, 11/24/08(e)(f)		12,500
	100,000	Lehman Brothers Holdings, 0.00%, 4/3/09(e)(f)		12,500
	200,000	Lehman Brothers Holdings, 0.00%, 9/26/14(e)(f)		25,000
	100,000	Merrill Lynch & Co., 2.89%, 10/27/08+(a)		99,929
	50,000	Merrill Lynch & Co., 3.05%, 2/6/09+(a)		49,078
	1,000,000	Merrill Lynch & Co., Series C, 4.61%, 5/20/09, MTN+(a)		976,193
	100,000	Merrill Lynch & Co., 2.89%, 12/4/09+(a)		95,106
	200,000	Merrill Lynch & Co., 6.88%, 4/25/18+		176,950
	400,000	Morgan Stanley, 2.91%, 2/9/09+(a)		348,604
	100,000	Morgan Stanley, 2.85%, 5/7/09+(a)		86,701
	100,000	Morgan Stanley, Series F, 2.88%, 1/15/10+(a)		77,116
	400,000	Morgan Stanley, 3.07%, 1/15/10+(a)		300,341
	200,000	Morgan Stanley, Series F, 4.90%, 5/14/10, MTN+(a)		146,008
	100,000	Transcapital Ltd., 8.70%, 8/7/18+(b)		89,514
	200,000	Wachovia Corp., 5.75%, 2/1/18+		150,038
	1,700,000	Wachovia Corp., 7.98%, 2/28/49+		710,498

				6,825,805

Energy Equipment & Services (0.1%):
	40,000	Gazprom OAO, 10.50%, 10/21/09+		40,520

Food & Staples Retailing (0.2%):
	200,000	Kraft Foods, Inc., 6.13%, 2/1/18+		187,355

Health Care Providers & Services (0.1%):
	100,000	UnitedHealth Group, Inc., 4.88%, 2/15/13+		95,579

Industrial Conglomerate (0.5%):
	400,000	Honeywell International, Inc., 2.88%, 3/13/09+(a)		399,155

Insurance (1.4%):
	300,000	Met Life Global Funding, 2.85%, 5/17/10+(a)(b)		296,065
	100,000	Monumental Global Funding II, 5.50%, 4/22/13+(b)		97,735
	100,000	Principal Life Income Funding Trust, 5.55%, 4/27/15, MTN+(b)		99,239

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL PIMCO Fundamental IndexPLUS Total Return Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


Shares or
Principal			Fair
Amount			Value
Corporate Bonds, continued
Insurance, continued
$	700,000	Sun Life Financial, Inc., 2.95%, 7/6/11+(a)(b)	$	676,040

				1,169,079

Media (0.3%):
	100,000	Comcast Corp., 3.09%, 7/14/09+(a)		97,851
	200,000	Time Warner, Inc., 5.88%, 11/15/16+(b)		175,776

				273,627

Multiline Retail (0.7%):
	600,000	Home Depot, Inc. (The), 3.75%, 9/15/09+		586,007

Oil, Gas & Consumable Fuels (2.0%):
	600,000	Anadarko Petroleum Corp., 3.22%, 9/15/09+(a)		592,935
	400,000	Gaz Capital SA, Series 2, 8.63%, 4/28/34, Puttable 4/28/14 @ 100+		376,500
	200,000	Gazprom, 9.63%, 3/1/13+		195,000
	300,000	Kinder Morgan Energy Partners LP, 5.95%, 2/15/18+		267,222
	300,000	Suncor Energy, Inc., 6.10%, 6/1/18+		273,863

				1,705,520

Pharmaceuticals (0.1%):
	100,000	AstraZeneca PLC, 5.90%, 9/15/17+		98,463

Road & Rail (0.2%):
	200,000	Union Pacific Corp., 5.70%, 8/15/18+		186,257

Tobacco (0.1%):
	100,000	Philip Morris International, Inc., 6.38%, 5/16/38+		87,963


Total Corporate Bonds (Cost $34,403,619)				30,385,903

Commercial Paper (0.1%):
Commercial Banks (0.1%):
	100,000	CBA Delaware Finance, Inc., 2.58%, 10/8/08+(d)		99,917

Total Commercial Paper (Cost $99,500)				99,917

Yankee Dollars (1.2%):
Commercial Banks (0.4%):
	100,000	Credit Agricole, 2.86%, 5/28/10+(a)(b)		99,123
	100,000	HSBC Holdings PLC, 6.50%, 9/15/37+		85,047
	100,000	National Australia Bank, Ltd., 2.86%, 9/11/09+(a)(b)		99,735

				283,905

Diversified Consumer Services (0.8%):
	200,000	Deutsche Telekom International Finance BV, 3.39%, 3/23/09+(a)		199,011
	200,000	Diageo Capital PLC, 2.90%, 11/10/08+(a)		199,765
Diversified Consumer Services, continued
	100,000	Siemens Financieringsmaatschappij NV, 2.85%, 8/14/09+(a)(b)		99,894
	200,000	Telefonica Emisiones Sau, 3.50%, 6/19/09+(a)		198,825

				697,495


Total Yankee Dollars (Cost $999,878)				981,400

Preferred Stocks (0.4%):
Diversified Financial Services (0.4%):
	1,800	American International Group, 8.50%, 8/1/11+		15,462
	34	DG Funding Trust (c)		345,950

				361,412


Total Preferred Stocks (Cost $496,689)				361,412

Municipal Bonds (1.4%):
California (0.2%):
$	200,000	Los Angeles California United School District, Series A-1, 4.50%, 7/1/23, Callable 7/1/17 @ 100+		176,470

Illinois (0.4%):
	200,000	Chicago Illinois Transit Authority Sales & Transfer Tax Receipts Revenue, Series A, 6.90%, 12/1/40+		208,172
	100,000	Chicago Illinois Transit Authority Sales & Transfer Tax Receipts Revenue, Series B, 6.90%, 12/1/40+		104,086

				312,258

New York (0.8%):
	800,000	New York City Municipal Water Finance Authority, Water & Sewer System Revenue, Series AA, 4.75%, 6/15/37, Callable 6/15/16 @ 100+		700,384

Total Municipal Bonds (Cost $1,282,823)				1,189,112

U.S. Government Agency Mortgages (78.9%):
Federal Home Loan Mortgage Corporation (13.4%)
	100,000	5.00%, 12/14/18 , MTN+		93,996
	722,351	2.72%, 2/15/19 , Series 3346 FA+(a)		703,686
	660,795	6.00%, 9/1/27 +		671,280
	3,800,378	6.00%, 11/1/36 , Pool #G02384+		3,850,725
	1,000,000	5.50%, 10/15/37 TBA		994,688

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL PIMCO Fundamental IndexPLUS Total Return Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


Principal			Fair
Amount			Value
U.S. Government Agency Mortgages, continued
$	4,488,054	5.50%, 8/1/38 , Pool #G04587+	$	4,467,781
	498,287	5.50%, 8/1/38 , Pool #G04588+		496,036
	87,155	4.28%, 2/25/45+ (a)		79,148

				11,357,340

Federal National Mortgage Association (63.0%)
	48,990	5.50%, 3/1/22, Pool #910081+		49,432
	832,531	5.50%, 7/1/23, Pool #257279+		839,953
	329,752	6.00%, 3/1/27 +		335,176
	268,624	6.00%, 5/1/27 +		273,042
	670,482	6.00%, 9/1/27 +		681,510
	653,460	6.00%, 10/1/27+		664,208
	671,420	6.00%, 11/1/27 +		682,463
	361,522	6.00%, 2/1/36, Pool #865434+		366,594
	4,195,171	5.00%, 3/1/36, Pool #745336+		4,094,383
	14,000,000	5.00%, 10/15/36, Pool #19462 TBA		13,641,250
	448,204	5.00%, 11/1/36, Pool #974571+		437,716
	2,000,000	5.00%, 11/15/36, Pool #19462 TBA		1,945,624
	973,366	6.00%, 1/1/37, Pool #903847+		987,022
	455,308	6.00%, 3/1/37, Pool #912441+		461,670
	2,000,000	6.00%, 10/15/37, Pool #53547 TBA		2,025,624
	866,415	5.50%, 12/1/37, Pool #257003+		864,667
	244,593	6.00%, 5/1/38, Pool #983465+		247,986
	999,900	6.50%, 9/1/38, Pool #987813+		1,026,270
	23,900,000	5.50%, 10/15/38, Pool #42342 TBA		23,832,793

				53,457,383

Federal National Mortgage Associaton (1.3%)
	72,502	5.50%, 5/1/37, Pool #937102+		72,363
	491,359	5.50%, 6/1/37, Pool #919580+		490,417
	469,185	5.50%, 7/1/37, Pool #943399+		468,286
	83,912	5.50%, 2/1/38, Pool #257072+		83,752

				1,114,818

Government National Mortgage Association (1.2%)
	164,429	6.00%, 4/15/37 +		167,107
	799,220	6.00%, 7/15/38, Pool #689508+		812,241

				979,348

Total U.S. Government Agency Mortgages (Cost $66,509,245)				66,908,889

U.S. Treasury Obligations (3.1%):
Treasury Inflation Index Bond (1.2%)
	900,000	2.38%, 1/15/25		1,017,590

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL PIMCO Fundamental IndexPLUS Total Return Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


Shares or
Principal			Fair
Amount			Value
U.S. Treasury Obligations, continued
$	1,800,000	1.75%, 1/15/28	$	1,648,830


Total U.S. Treasury Obligations (Cost $2,781,982)				2,666,420

Deposit Account (12.0%):
	10,143,482	NTRS London Deposit Account+		10,143,482


Total Deposit Account (Cost $10,143,482)				10,143,482

Repurchase Agreement (10.8%):
	9,200,000	Merrill Lynch & Co., Inc., dated 9/30/08, 0.15%, due 10/2/08, proceeds $9,200,038; collateralized by U.S. STRIPS, 11/15/09, value at $9,329,309.		9,200,000


Total Repurchase Agreement (Cost $9,200,000)				9,200,000


Purchased Call Options (0.2%):
	230	Receive 3-Month USD-LIBOR Floating Rate Index, Strike @ 3.15 Exp. 12/15/08*(c)		9,077
	70	Receive 3-Month USD-LIBOR Floating Rate Index, Strike @ 3.15 Exp. 12/15/08*(c)		2,763
	660	Receive 3-Month USD-LIBOR Floating Rate Index, Strike @ 3.15 Exp. 2/2/09*(c)		33,465
	600	Receive 3-Month USD-LIBOR Floating Rate Index, Strike @ 3.50 Exp. 2/2/09*(c)		48,095
	140	Receive 3-Month USD-LIBOR Floating Rate Index, Strike @ 3.45 Exp. 8/3/09*(c)		10,335
	590	Receive 3-Month USD-LIBOR Floating Rate Index, Strike @ 3.45 Exp. 8/3/09*(c)		43,554
	770	Receive 3-Month USD-LIBOR Floating Rate Index, Strike @ 3.45 Exp. 8/3/09*(c)		56,841

Total Purchased Call Options (Cost $329,808)				204,130

Put Options Purchased (0.0%):
	100	September FNMA 5.00%, Strike @ 94.14 Exp. 2/16/09		37,933

Total Put Options Purchased (Cost $25,313)				37,933

Collateral For Securities On Loan (0.4%):
	304,500	Northern Trust Liquid Institutional Asset Portfolio		304,500


Total Collateral For Securities On Loan (Cost $304,500)				304,500

Total Investment Securities (Cost $147,280,515)(g)—167.5%				142,155,891

Net other assets (liabilities) — (67.5)%				(57,306,168	)


NET ASSETS — 100.0%			$	84,849,723


		Percentages indicated are based on net assets as of September 30, 2008.

+		Investment securities are designated as collateral, the aggregate fair value of these securities is $80,327,169.

^		All or a portion of security is loaned as of September 30, 2008.

*		Non-income producing security

FNMA		Federal National Mortgage Association

FSA		Insured by Federal Financial Security Assurance

LIBOR		Represents the London InterBank Offered Rate

LLC		Limited Liability Co.

LP		Limited Partnership

PLC		Public Liability Co.

STRIPS		Separately Traded Registered Interest and Principal Securities

(a)		Variable rate security. The rate presented represents the rate in effect at September 30, 2008. The date presented represents the final maturity date.

(b)		Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investor. The subadviser has deemed these securities to be liquid based on procedures approved by the board of Trustees.

(c)		Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The subadviser has deemed these securities to be illiquid based on procedures approved by the Board of Trustees. As of September 30, 2008, these securities represent 0.6% of the net assets of the Fund.

(d)		The rate presented represents the effective yield at September 30, 2008.

(e)		In connection with the Lehman Brothers Holdings, Inc. bankruptcy filing announcement on September 15, 2008, the Fund stopped accruing prospective interest amounts on that date.

(f)		Defaulted Bond.

(g)		Cost for federal income tax purposes is $147,365,508. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	578,287
Unrealized depreciation		(5,787,904	)

Net unrealized depreciation	$	(5,209,617	)

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL PIMCO Fundamental IndexPLUS Total Return Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)

Currency Contracts:

As of September 30, 2008 the Fund’s open foreign currency exchange contracts were as follows:


	Delivery		Contract				Appreciation/
Long Contracts	Date		Amount		Fair Value		(Depreciation)
Receive 54,000 United Arab Emirates Dirham in exchange for U.S. Dollars		4/16/2009	$	14,975	$	14,722	$	(253	)
Receive 37,000 Australian Dollars in exchange for U.S. Dollars		10/30/2008		30,747		29,204		(1,543	)
Receive 3,491,147 Brazilian Real in exchange for U.S. Dollars		12/2/2008		2,041,689		1,813,541		(228,148	)
Receive 510,285 Brazilian Real in exchange for U.S. Dollars		6/2/2009		268,218		256,020		(12,198	)
Receive 1,263,286 Chinese Renminbi in exchange for U.S. Dollars		11/13/2008		186,000		183,400		(2,600	)
Receive 5,515,338 Chinese Renminbi in exchange for U.S. Dollars		7/15/2009		850,000		796,496		(53,504	)
Receive 828,000 European Euro in exchange for U.S. Dollars		10/3/2008		1,187,024		1,165,860		(21,164	)
Receive 233,000 British Sterling Pound in exchange for U.S. Dollars		10/3/2008		432,286		414,267		(18,019	)
Receive 441,000,000 Indonesian Rupiah in exchange for U.S. Dollars		10/29/2008		46,324		46,623		299
Receive 17,808,702 Indian Rupee in exchange for U.S. Dollars		11/12/2008		423,162		379,236		(43,926	)
Receive 4,000 Kuwaiti Dinar in exchange for U.S. Dollars		4/16/2009		15,323		14,909		(414	)
Receive 322,796 Malaysian Ringgit in exchange for U.S. Dollars		2/12/2009		101,000		94,857		(6,143	)
Receive 568,648 Malaysian Ringgit in exchange for U.S. Dollars		11/12/2008		176,522		166,142		(10,380	)
Receive 6,200,000 Philippine Peso in exchange for U.S. Dollars		11/12/2008		139,845		131,991		(7,854	)
Receive 4,866,990 Philippine Peso in exchange for U.S. Dollars		2/6/2009		107,863		103,674		(4,189	)
Receive 5,122,000 Russian Ruble in exchange for U.S. Dollars		11/19/2008		206,490		198,355		(8,135	)
Receive 3,521,000 Russian Ruble in exchange for U.S. Dollars		5/6/2009		146,224		133,928		(12,296	)
Receive 55,600 Saudi Arabian in exchange for U.S. Dollars		4/16/2009		15,029		14,858		(171	)
Receive 750,464 Singapore Dollars in exchange for U.S. Dollars		11/21/2008		542,854		523,593		(19,261	)
Receive 7,446,100 South African Rand in exchange for U.S. Dollars		12/10/2008		884,188		886,214		2,026

							$	(447,873	)


	Delivery	Contract						Appreciation/
Short Contracts	Date	Amount			Fair Value			(Depreciation)
Delivered 37,000 Australian Dollars in exchange for U.S. Dollars	10/30/2008	$	(29,097	)	$	(29,204	)	$	(107	)
Delivered 37,000 Australian Dollars in exchange for U.S. Dollars	10/3/2008		(30,817	)		(29,228	)		1,589
Delivered 3,491,147 Brazilian Real in exchange for U.S. Dollars	12/2/2008		(1,915,652	)		(1,813,541	)		102,111
Delivered 828,000 European Euro in exchange for U.S. Dollars	10/3/2008		(1,211,944	)		(1,165,860	)		46,084
Delivered 448,000 European Euro in exchange for U.S. Dollars	10/16/2008		(630,112	)		(631,668	)		(1,556	)
Delivered 885,000 British Sterling Pound in exchange for U.S. Dollars	11/3/2008		(1,607,780	)		(1,576,534	)		31,246
Delivered 3,116,032 Indian Rupee in exchange for U.S. Dollars	11/12/2008		(68,000	)		(66,356	)		1,644
Delivered 5,122,000 Russian Ruble in exchange for U.S. Dollars	11/19/2008		(212,480	)		(198,355	)		14,125
Delivered 3,521,000 Russian Ruble in exchange for U.S. Dollars	5/6/2009		(144,966	)		(133,928	)		11,038
Delivered 60,178 Singapore Dollars in exchange for U.S. Dollars	11/21/2008		(42,038	)		(41,985	)		53
Delivered 60,178 Singapore Dollars in exchange for U.S. Dollars	11/19/2008		(42,038	)		(41,982	)		56
Delivered 7,446,100 South African Rand in exchange for U.S. Dollars	12/10/2008		(934,090	)		(886,214	)		47,876

								$	254,159

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL PIMCO Fundamental IndexPLUS Total Return Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)

Credit Default Swaps at September 30, 2008:


							Unrealized
		Buy/Sell	(Pay)/Receive	Expiration	Notional		Appreciation/
Counterparty	Reference Equity	Protection	Fixed Rate	Date	Amount		(Depreciation)
Citibank	General Electric Corp.	Sell	1.10%	6/20/10	$	100,000	$	(8,553	)
Barclays Capital	General Electric Corp.	Sell	0.85	6/20/10		100,000		(8,935	)
BNP Paribas	General Electric Corp.	Sell	1.10	12/20/09		200,000		(13,382	)
Deutsche Bank Group	General Electric Corp.	Sell	1.02	6/20/10		100,000		(8,675	)
Goldman Sachs	General Motors Corp.	Sell	8.90	3/20/13		100,000		(46,163	)
Deutsche Bank Group	Berkshire Hathaway Finance Corp.	Sell	0.88	3/20/13		3,000,000		(59,564	)
Goldman Sachs	IG9 10 Year 30-100% Future	Sell	0.555	12/20/17		300,000		(134	)
Deutsche Bank Group	HY 10 Year Future	Buy	(5.00)	6/20/13		200,000		5,530
Citibank	HY 8 Year 100 25-35% Future	Sell	2.144	6/20/12		500,000		(39,475	)
Credit Suisse First Boston	Federal Republic of Panama	Sell	0.30	2/20/09		700,000		(1,620	)
Morgan Stanley	Gov't of Ukraine	Sell	0.61	2/20/09		400,000		(7,230	)
Barclays Capital	Federal Republic of Indonesia	Sell	0.37	3/20/09		700,000		(2,297	)
Morgan Stanley	Federal Republic of Peru	Sell	0.31	3/20/09		300,000		(354	)
Goldman Sachs	General Motors Corp.	Sell	9.05	3/20/13		100,000		(45,906	)
Deutsche Bank Group	IG9 5 Year 30-100% Future	Sell	0.7075	12/20/12		400,000		(3,639	)
Barclays Capital	IG10 5 Year Future	Buy	(1.55)	6/20/13		100,000		1,127
Deutsche Bank Group	IG10 5 Year Future	Buy	(1.55)	6/20/13		3,500,000		40,634
Credit Suisse First Boston	IG10 5 Year Future	Buy	(1.55)	6/23/13		300,000		2,989
Goldman Sachs	IG10 5 Year Future	Buy	(1.55)	6/20/13		1,300,000		26,028
Morgan Stanley	IG10 5 Year Future	Buy	(1.55)	6/20/13		4,000,000		48,577
Deutsche Bank Group	IG10 5 Year Future	Sell	1.55	6/20/13		400,000		1,867
Goldman Sachs	General Motors Corp.	Sell	5.0	6/20/13		800,000		(281,496	)
Merrill Lynch	General Electric Corp.	Sell	1.08	12/20/09		200,000		(13,429	)
Goldman Sachs	IG9 10 Year 30-100% Future	Sell	0.55	12/20/17		100,000		10

							$	(414,090	)

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL PIMCO Fundamental IndexPLUS Total Return Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)

Interest Rate Swaps at September 30, 2008:


										Unrealized
		Pay/Receive	Fixed			Expiration		Notional		Appreciation/
Counterparty	Floating Rate Index	Floating Rate	Rate			Date		Amount		Depreciation
Morgan Stanley	Brazil Cetip Interbank Deposit Rate	Receive		12.78	%		1/4/10	$	300,000	$	(3,932	)
Union Bank of Switzerland	Brazil Cetip Interbank Deposit Rate	Pay		12.41			1/4/10		200,000		(940	)
Credit Suisse First Boston	6-Month GBP LIBOR	Pay		5.00			6/15/09		100,000		811
Barclays Capital	6-Month GBP LIBOR	Pay		6.00			3/20/09		300,000		(2,670	)
Barclays Capital	6-Month GBP LIBOR	Pay		6.00			12/20/08		500,000		(2,020	)
Deutsche Bank AG	6-Month GBP LIBOR	Pay		6.00			12/20/08		300,000		(1,300	)
Royal Bank of Scotland	6-Month GBP LIBOR	Receive		4.00			12/15/36		100,000		(7,567	)
Merrill Lynch & Co.	Brazil Cetip Interbank Deposit Rate	Pay		12.948			1/4/10		100,000		9,326
Goldman Sachs Group	6-Month GBP LIBOR	Pay		5.00			6/15/09		600,000		4,361
Barclays Capital	6-Month GBP LIBOR	Pay		5.00			6/15/09		300,000		6,358
Barclays Capital	Brazil Cetip Interbank Deposit Rate	Pay		11.36			1/4/10		300,000		11,323
Goldman Sachs Group	Brazil Cetip Interbank Deposit Rate	Pay		11.465			1/4/10		100,000		7,534
Merrill Lynch & Co.	Brazil Cetip Interbank Deposit Rate	Pay		11.43			1/4/10		200,000		14,988
Royal Bank of Scotland	6-Month GBP LIBOR	Pay		6.00			3/20/09		200,000		(1,874	)
Morgan Stanley	Brazil Cetip Interbank Deposit Rate	Pay		12.67			1/4/10		200,000		(680	)
Union Bank of Switzerland	Brazil Cetip Interbank Deposit Rate	Pay		10.575			1/2/12		400,000		(2,279	)
Merrill Lynch & Co.	Brazil Cetip Interbank Deposit Rate	Pay		11.98			1/2/12		400,000		20,222
Barclays Capital	Brazil Cetip Interbank Deposit Rate	Pay		12.54			1/2/12		200,000		(1,836	)
Union Bank of Switzerland	Brazil Cetip Interbank Deposit Rate	Receive		12.54			1/2/12		200,000		(3,988	)
Merrill Lynch & Co.	Brazil Cetip Interbank Deposit Rate	Receive		12.54			1/2/12		400,000		(5,831	)
Union Bank of Switzerland	3-Month Australian Bank Bill Rate	Pay		7.50			3/15/10		100,000		1,288
Union Bank of Switzerland	3-Month Australian Bank Bill Rate	Pay		7.00			6/15/10		2,400,000		7,554
Merrill Lynch & Co.	3-Month USD LIBOR	Receive		5.00			12/17/38		200,000		(13,357	)
Morgan Stanley	3-Month USD LIBOR	Receive		5.00			12/17/38		2,300,000		(153,419	)
Merrill Lynch & Co.	3-Month USD LIBOR	Pay		4.00			12/17/10		800,000		4,620
Morgan Stanley	3-Month USD LIBOR	Receive		5.00			12/17/28		100,000		(2,800	)
Deutsche Bank AG	6-Month GBP LIBOR	Receive		4.00			12/15/36		300,000		(40,180	)
Bank of America	3-Month USD LIBOR	Receive		5.00			12/17/28		200,000		(9,856	)
Royal Bank of Scotland	3-Month USD LIBOR	Receive		5.00			12/17/28		100,000		(4,508	)
Citibank North America	3-Month USD LIBOR	Receive		5.00			12/17/38		1,500,000		(94,791	)
Union Bank of Switzerland	6-Month Australian Bank Bill Rate	Pay		7.50			3/15/11		700,000		9,588
Bank of America	3-Month USD LIBOR	Receive		5.00			12/17/38		300,000		(15,014	)
HSBC Bank USA	6-Month GBP LIBOR	Pay		5.00			9/17/13		200,000		(4,867	)
Goldman Sachs Group	6-Month GBP LIBOR	Pay		6.00			6/19/09		1,500,000		7,449
Goldman Sachs Group	6-Month GBP LIBOR	Receive		5.50			12/15/36		100,000		(13,289	)
BNP Paribas	6-Month EUR LIBOR	Pay		4.50			3/18/14		200,000		1,582
Deutsche Bank AG	3-Month USD LIBOR	Receive		5.00			12/17/38		1,600,000		(88,550	)
Royal Bank of Scotland	3-Month USD LIBOR	Pay		4.00			6/17/10		1,100,000		9,405
Barclays Capital	3-Month USD LIBOR	Pay		4.00			12/16/10		200,000		157
Royal Bank of Scotland	6-Month GBP LIBOR	Pay		5.25			3/18/14		100,000		1,486
Goldman Sachs Group	6-Month GBP LIBOR	Pay		5.25			3/18/14		100,000		1,427
Morgan Stanley	3-Month USD LIBOR	Pay		4.00			6/17/10		800,000		7,112
Deutsche Bank AG	3-Month USD LIBOR	Pay		4.00			12/17/10		100,000		(1,189	)

										$	(350,145	)

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL S&P 500 Index Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (98.5%):
Aerospace & Defense (2.7%):
	18,179	Boeing Co. (The)	$	1,042,566
	9,597	General Dynamics Corp.		706,531
	3,100	Goodrich Corp.		128,960
	18,210	Honeywell International, Inc.		756,625
	3,000	L-3 Communications Holdings, Inc.		294,960
	8,144	Lockheed Martin Corp.		893,152
	8,250	Northrop Grumman Corp.		499,455
	3,356	Precision Castparts Corp.		264,386
	10,200	Raytheon Co.		545,802
	3,900	Rockwell Collins, Inc.		187,551
	23,581	United Technologies Corp.		1,416,275

				6,736,263

Air Freight & Logistics (1.0%):
	4,150	C.H. Robinson Worldwide, Inc.		211,484
	5,150	Expeditors International of Washington, Inc.		179,426
	7,612	FedEx Corp.		601,652
	24,684	United Parcel Service, Inc., Class B		1,552,377

				2,544,939

Airline (0.1%):
	17,650	Southwest Airlines Co.		256,102

Auto Components (0.2%):
	5,800	Goodyear Tire & Rubber Co.*		88,798
	14,350	Johnson Controls, Inc.		435,235

				524,033

Automobiles (0.3%):
	54,363	Ford Motor Co.*		282,688
	13,700	General Motors Corp.^		129,465
	5,694	Harley-Davidson, Inc.		212,386

				624,539

Beverages (2.8%):
	17,589	Anheuser-Busch Cos., Inc.		1,141,174
	2,000	Brown-Forman Corp., Class B		143,620
	48,628	Coca-Cola Co.		2,571,449
	7,050	Coca-Cola Enterprises, Inc.		118,228
	4,750	Constellation Brands, Inc.*		101,935
	3,685	Molson Coors Brewing Co.		172,274
	3,250	Pepsi Bottling Group, Inc. (The)		94,802
	38,428	PepsiCo, Inc.		2,738,764

				7,082,246

Biotechnology (1.6%):
	26,079	Amgen, Inc.*		1,545,702
	7,050	Biogen, Inc.*		354,545
	11,127	Celgene Corp.*		704,117
	6,450	Genzyme Corp.*		521,740
	22,306	Gilead Sciences, Inc.*		1,016,707

				4,142,811

Building Products (0.1%):
	3,100	Fastenal Co.		153,109
	8,750	Masco Corp.		156,975

				310,084

Capital Markets (2.3%):
	5,300	Ameriprise Financial, Inc.		202,460
	22,450	Charles Schwab Corp.		583,700
	11,750	ETRADE Financial Corp.		32,900
	2,100	Federated Investors, Inc.		60,543
	3,750	Franklin Resources, Inc.		330,487
	10,633	Goldman Sachs Group, Inc.		1,361,024
	9,300	Invesco, Ltd.		195,114
	3,550	Janus Capital Group, Inc.		86,194
	3,400	Legg Mason, Inc.		129,404
	37,463	Merrill Lynch & Co., Inc.		947,814
	26,737	Morgan Stanley		614,951
	5,407	Northern Trust Corp.		390,385
	10,561	State Street Corp.		600,710
	6,225	T. Rowe Price Group, Inc.		334,345

				5,870,031

Chemicals (2.0%):
	5,250	Air Products & Chemicals, Inc.		359,572
	1,150	Ashland, Inc.		33,626
	1,362	CF Industries Holdings, Inc.		124,569
	22,474	Dow Chemical Co. (The)		714,224
	22,069	E.I. du Pont de Nemours & Co.		889,381
	1,750	Eastman Chemical Co.		95,812
	4,250	Ecolab, Inc.		206,210
	2,550	Hercules, Inc.		50,464
	2,000	International Flavor & Fragrances, Inc.		78,920
	13,454	Monsanto Co.		1,331,677
	3,932	PPG Industries, Inc.		229,314
	7,697	Praxair, Inc.		552,183
	3,150	Rohm & Haas Co.		220,500
	3,150	Sigma Aldrich Corp.		165,123

				5,051,575

Commercial Banks (3.3%):
	28,035	Bank of New York Mellon Corp.		913,380
	13,442	BB&T Corp.		508,108
	3,700	Comerica, Inc.		121,323
	13,950	Fifth Third Bancorp		166,005
	4,721	First Horizon National Corp.		44,853
	9,100	Huntington Bancshares, Inc.		72,709
	11,750	KeyCorp		140,295
	1,850	M&T Bank Corp.		165,113
	6,248	Marshall & Ilsley Corp.		125,897
	18,200	National City Corp.^		31,850
	8,476	PNC Financial Services Group, Inc.		633,157
	16,900	Regions Financial Corp.		162,240
	8,550	SunTrust Banks, Inc.		384,665
	42,614	U.S. Bancorp		1,534,956
	52,810	Wachovia Corp.		184,835
	80,944	Wells Fargo & Co.		3,037,828
	2,700	Zions Bancorp		104,490

				8,331,704

Commercial Services & Supplies (0.5%):
	8,250	Allied Waste Industries, Inc.*		91,658
	2,350	Avery Dennison Corp.		104,528
	3,100	Cintas Corp.		89,001
	3,150	Equifax, Inc.		108,518
	2,900	Monster Worldwide, Inc.*		43,239
	4,950	Pitney Bowes, Inc.		164,637
	5,050	R.R. Donnelley & Sons Co.		123,876
	3,900	Robert Half International, Inc.		96,525
	11,774	Waste Management, Inc.		370,763

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL S&P 500 Index Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Commercial Services & Supplies, continued
				1,192,745

Communications Equipment (2.6%):
	2,100	Ciena Corp.*	$	21,168
	144,500	Cisco Systems, Inc.*		3,259,920
	38,380	Corning, Inc.		600,263
	3,283	Harris Corp.		151,674
	5,450	JDS Uniphase Corp.*		46,107
	13,296	Juniper Networks, Inc.*		280,147
	54,700	Motorola, Inc.		390,558
	40,141	QUALCOMM, Inc.		1,724,859
	9,650	Tellabs, Inc.*		39,179

				6,513,875

Computers & Peripherals (4.3%):
	21,670	Apple, Inc.*		2,463,012
	42,636	Dell, Inc.*		702,641
	50,037	EMC Corp.*		598,443
	59,910	Hewlett-Packard Co.		2,770,238
	33,295	International Business Machines Corp.		3,894,183
	2,150	Lexmark International, Inc.*		70,026
	8,300	NetApp, Inc.*		151,309
	3,200	QLogic Corp.*		49,152
	5,400	SanDisk Corp.*		105,570

				10,804,574

Construction & Engineering (0.2%):
	2,650	Centex Corp.		42,930
	4,379	Fluor Corp.		243,910
	2,950	Jacobs Engineering Group, Inc.*		160,214
	4,950	Pulte Homes, Inc.		69,152

				516,206

Construction Materials (0.1%):
	2,650	Vulcan Materials Co.		197,425

Consumer Finance (0.5%):
	28,361	American Express Co.		1,004,830
	11,300	SLM Corp.*		139,442

				1,144,272

Containers & Packaging (0.1%):
	2,300	Ball Corp.		90,827
	2,350	Bemis Co., Inc.		61,382
	3,203	Pactiv Corp.*		79,530
	3,850	Sealed Air Corp.		84,662

				316,401

Distributors (0.1%):
	4,050	Genuine Parts Co.		162,851

Diversified Consumer Services (0.1%):
	2,598	Apollo Group, Inc., Class A*		154,061
	7,750	H&R Block, Inc.		174,763

				328,824

Diversified Financial Services (5.2%):
	4,950	American Capital, Ltd.		126,274
	111,549	Bank of America Corp.		3,904,215
	9,050	Capital One Financial Corp.		461,550
	6,800	CIT Group, Inc.		47,328
	133,205	Citigroup, Inc.		2,732,035
	1,627	CME Group, Inc.		604,447
	11,550	Discover Financial Services		159,621
	6,156	HCP, Inc.		247,040
	1,750	Intercontinental Exchange, Inc.*		141,190
	89,727	JP Morgan Chase & Co.		4,190,251
	4,250	Leucadia National Corp.		193,120
	4,900	Moody’s Corp.		166,600
	6,400	NYSE Euronext		250,752

				13,224,423

Diversified Telecommunication Services (2.7%):
	144,155	AT&T, Inc.		4,024,808
	2,500	CenturyTel, Inc.		91,625
	3,400	Embarq Corp.		137,870
	7,800	Frontier Communications Corp.		89,700
	36,600	Qwest Communications International, Inc.		118,218
	69,661	Verizon Communications, Inc.		2,235,421
	10,700	Windstream Corp.		117,058

				6,814,700

Electric Utilities (2.1%):
	4,000	Allegheny Energy, Inc.		147,080
	9,840	American Electric Power Co., Inc.		364,867
	30,942	Duke Energy Corp.		539,319
	12,100	Dynegy, Inc.*		43,318
	7,970	Edison International		318,003
	4,704	Entergy Corp.		418,703
	16,080	Exelon Corp.		1,006,929
	7,300	FirstEnergy Corp.		489,027
	9,870	FPL Group, Inc.		496,461
	4,900	Pepco Holdings, Inc.		112,259
	2,400	Pinnacle West Capital Corp.		82,584
	9,100	PPL Corp.		336,882
	6,200	Progress Energy, Inc.		267,406
	18,840	Southern Co.		710,080

				5,332,918

Electrical Equipment (0.4%):
	4,150	Cooper Industries, Ltd., Class A		165,793
	18,799	Emerson Electric Co.		766,811
	3,550	Rockwell International Corp.		132,557

				1,065,161

Electronic Equipment & Instruments (0.3%):
	8,650	Agilent Technologies, Inc.*		256,559
	4,200	Amphenol Corp., Class A		168,588
	5,150	Jabil Circuit, Inc.		49,131
	3,400	Molex, Inc.		76,330
	11,300	Tyco Electronics, Ltd.		312,558

				863,166

Energy Equipment & Services (2.3%):
	7,540	Baker Hughes, Inc.		456,472
	7,100	BJ Services Co.		135,823
	5,250	Cameron International Corp.*		202,335
	3,450	ENSCO International, Inc.		198,824
	6,800	Nabors Industries, Ltd.*		169,456
	10,000	National-Oilwell Varco, Inc.*		502,300
	6,500	Noble Corp.		285,350
	2,600	Rowan Cos., Inc.		79,430
	29,345	Schlumberger, Ltd.		2,291,551
	5,250	Smith International, Inc.		307,860
	7,704	Transocean, Inc.*		846,207
	16,500	Weatherford International, Ltd.*		414,810

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL S&P 500 Index Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Energy Equipment & Services, continued
				5,890,418

Food & Staples Retailing (1.6%):
	10,487	Costco Wholesale Corp.	$	680,921
	35,107	CVS Caremark Corp.		1,181,702
	15,843	Kroger Co.		435,366
	10,600	Safeway, Inc.		251,432
	4,900	Supervalu, Inc.		106,330
	14,371	SYSCO Corp.		443,058
	23,977	Walgreen Co.		742,328
	3,450	Whole Foods Market, Inc.		69,103

				3,910,240

Food Products (1.7%):
	15,550	Archer-Daniels Midland Co.		340,701
	5,200	Campbell Soup Co.		200,720
	11,200	ConAgra Foods, Inc.		217,952
	3,700	Dean Foods Co.*		86,432
	8,085	General Mills, Inc.		555,601
	7,750	H.J. Heinz Co.		386,802
	4,050	Hershey Co.		160,137
	6,125	Kellogg Co.		343,612
	37,136	Kraft Foods, Inc.		1,216,204
	3,050	McCormick & Co.		117,273
	16,950	Sara Lee Corp.		214,079
	7,060	Tyson Foods, Inc., Class A		84,296
	5,270	W.M. Wrigley Jr. Co.		418,438

				4,342,247

Gas Utilities (0.2%):
	1,150	NICOR, Inc.		51,003
	4,200	Noble Energy, Inc.		233,478
	4,200	Questar Corp.		171,864

				456,345

Health Care Equipment & Supplies (2.3%):
	2,430	Bard (C.R.), Inc.		230,534
	15,236	Baxter International, Inc.		999,939
	5,850	Becton Dickinson & Co.		469,521
	36,709	Boston Scientific Corp.*		450,419
	12,275	Covidien, Ltd.		659,904
	3,650	Hospira, Inc.*		139,430
	950	Intuitive Surgical, Inc.*		228,931
	27,600	Medtronic, Inc.		1,382,760
	8,250	St. Jude Medical, Inc.*		358,792
	6,052	Stryker Corp.		377,040
	3,050	Varian Medical Systems, Inc.*		174,247
	5,350	Zimmer Holdings, Inc.*		345,396

				5,816,913

Health Care Providers & Services (1.7%):
	11,650	Aetna, Inc.		420,681
	3,850	Amerisource Bergen Corp.		144,953
	8,667	Cardinal Health, Inc.		427,110
	6,800	CIGNA Corp.		231,064
	3,650	Coventry Health Care, Inc.*		118,808
	2,500	DaVita, Inc.*		142,525
	6,090	Express Scripts, Inc.*		449,564
	4,100	Humana, Inc.*		168,920
	2,700	Laboratory Corp. of America Holdings*		187,650
	6,750	McKesson HBOC, Inc.		363,217
	2,228	Patterson Companies, Inc.*		67,753
	3,850	Quest Diagnostics, Inc.		198,930
	11,350	Tenet Healthcare Corp.*		62,993
	29,550	UnitedHealth Group, Inc.		750,274
	12,761	WellPoint, Inc.*		596,832

				4,331,274

Health Care Technology (0.0%):
	4,300	IMS Health, Inc.		81,313

Hotels, Restaurants & Leisure (1.3%):
	10,500	Carnival Corp.		371,175
	3,436	Darden Restaurants, Inc.		98,373
	7,450	International Game Technology		127,991
	7,300	Marriott International, Inc., Class A		190,457
	27,381	McDonald’s Corp.		1,689,408
	17,600	Starbucks Corp.*		261,712
	4,550	Starwood Hotels & Resorts Worldwide, Inc.		128,037
	4,200	Wyndham Worldwide Corp.		65,982
	11,650	Yum! Brands, Inc.		379,906

				3,313,041

Household Durables (0.4%):
	1,450	Black & Decker Corp.		88,087
	6,600	D. R. Horton, Inc.		85,932
	3,750	Fortune Brands, Inc.		215,100
	1,450	Harman International Industries, Inc.		49,402
	1,750	KB Home		34,440
	3,950	Leggett & Platt, Inc.		86,071
	3,450	Lennar Corp.		52,406
	6,350	Newell Rubbermaid, Inc.		109,601
	1,350	Snap-On, Inc.		71,091
	1,756	Stanley Works (The)		73,295
	1,821	Whirlpool Corp.		144,387

				1,009,812

Household Products (2.8%):
	3,400	Clorox Co. (The)		213,146
	12,371	Colgate-Palmolive Co.		932,155
	10,032	Kimberly-Clark Corp.		650,475
	74,225	Procter & Gamble Co.		5,172,740

				6,968,516

Independent Power Producers & Energy Traders (0.1%):
	16,250	AES Corp. (The)*		189,963
	4,100	Constellation Energy Group, Inc.		99,630

				289,593

Industrial Conglomerates (3.0%):
	17,099	3M Co.		1,168,033
	243,349	General Electric Co.		6,205,399
	6,050	Textron, Inc.		177,144

				7,550,576

Insurance (2.9%):
	11,550	AFLAC, Inc.		678,563
	13,354	Allstate Corp. (The)		615,886
	64,549	American International Group, Inc.		214,948
	6,792	Aon Corp.		305,368
	2,901	Assurant, Inc.		159,555
	8,950	Chubb Corp. (The)		491,355
	3,800	Cincinnati Financial Corp.		108,072

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL S&P 500 Index Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Insurance, continued
	10,450	Genworth Financial, Inc.	$	89,975
	7,370	Hartford Financial Services Group, Inc.		302,096
	6,263	Lincoln National Corp.		268,119
	8,759	Loews Corp.		345,893
	12,400	Marsh & McLennan Cos., Inc.		393,824
	5,150	MBIA, Inc.^		61,285
	17,073	MetLife, Inc.		956,088
	6,300	Principal Financial Group, Inc.		273,987
	16,400	Progressive Corp. (The)		285,360
	10,545	Prudential Financial, Inc.		759,240
	1,950	Torchmark Corp.		116,610
	14,350	Travelers Cos., Inc. (The)		648,620
	8,600	UnumProvident Corp.		215,860
	7,350	XL Capital, Ltd., Class A		131,859

				7,422,563

Internet & Catalog Retail (0.3%):
	7,814	Amazon.com, Inc.*		568,547
	5,050	Expedia, Inc.*		76,305

				644,852

Internet Software & Services (1.5%):
	4,100	Akamai Technologies, Inc.*		71,504
	26,662	eBay, Inc.*		596,695
	5,846	Google, Inc., Class A*		2,341,440
	4,750	VeriSign, Inc.*		123,880
	33,350	Yahoo!, Inc.*		576,955

				3,710,474

IT Services (1.0%):
	2,350	Affiliated Computer Services, Inc., Class A*		118,980
	12,550	Automatic Data Processing, Inc.		536,512
	7,000	Cognizant Technology Solutions Corp., Class A*		159,810
	3,600	Computer Sciences Corp.*		144,468
	3,000	Convergys Corp.*		44,340
	4,250	Fidelity National Information Services, Inc.		78,455
	3,915	Fiserv, Inc.*		185,258
	1,799	MasterCard, Inc., Class A		319,017
	7,700	Paychex, Inc.		254,331
	4,800	Total System Services, Inc.		78,720
	8,050	Unisys Corp.*		22,138
	18,050	Western Union Co.		445,293

				2,387,322

Leisure Equipment & Products (0.2%):
	6,950	Eastman Kodak Co.		106,891
	3,350	Hasbro, Inc.		116,312
	8,450	Mattel, Inc.		152,438

				375,641

Life Sciences Tools & Services (0.4%):
	4,050	Applied Biosystems, Inc.		138,712
	1,341	Millipore Corp.*		92,261
	2,700	PerkinElmer, Inc.		67,419
	10,172	Thermo Fisher Scientific, Inc.*		559,460
	2,400	Waters Corp.*		139,632

				997,484

Machinery (1.6%):
	14,880	Caterpillar, Inc.		886,848
	4,850	Cummins, Inc.		212,042
	6,150	Danaher Corp.		426,810
	10,277	Deere & Co.		508,711
	4,700	Dover Corp.		190,585
	3,987	Eaton Corp.		223,990
	9,783	Illinois Tool Works, Inc.		434,854
	7,638	Ingersoll Rand Co., Class A		238,076
	4,350	ITT Industries, Inc.		241,903
	3,150	Manitowoc Co.		48,983
	8,772	PACCAR, Inc.		335,003
	2,850	Pall Corp.		98,012
	4,050	Parker Hannifin Corp.		214,650
	2,500	Terex Corp.*		76,300

				4,136,767

Media (2.6%):
	16,100	CBS Corp.		234,738
	70,942	Comcast Corp., Class A		1,392,591
	14,120	DIRECTV Group, Inc. (The)*		369,520
	5,550	Gannett Co., Inc.		93,850
	11,650	Interpublic Group of Cos., Inc. (The)*		90,287
	7,650	McGraw-Hill Cos., Inc. (The)		241,816
	900	Meredith Corp.		25,245
	3,500	New York Times Co., Class A		50,015
	55,632	News Corp.		667,028
	7,645	Omnicom Group, Inc.		294,791
	2,150	Scripps Networks Interactive, Class A		78,067
	87,643	Time Warner, Inc.		1,149,000
	15,189	Viacom, Inc., Class B*		377,295
	45,866	Walt Disney Co. (The)		1,407,628
	147	Washington Post Co. (The), Class B		81,844

				6,553,715

Metals & Mining (0.8%):
	2,700	AK Steel Holding Corp.		69,984
	19,489	Alcoa, Inc.		440,062
	2,300	Allegheny Technologies, Inc.^		67,965
	9,392	Freeport-McMoRan Copper & Gold, Inc., Class A		533,935
	11,171	Newmont Mining Corp.		432,988
	7,650	Nucor Corp.		302,175
	2,300	Titanium Metals Corp.		26,082
	2,874	United States Steel Corp.		223,051

				2,096,242

Multi-Utilities (1.2%):
	4,950	Ameren Corp.		193,199
	8,362	Centerpoint Energy, Inc.		121,834
	5,450	CMS Energy Corp.		67,962
	6,448	Consolidated Edison, Inc.		277,006
	14,186	Dominion Resources, Inc.		606,877
	3,899	DTE Energy Co.		155,765
	1,950	Integrys Energy Group, Inc.		97,383
	6,700	NiSource, Inc.		98,892
	8,771	PG&E Corp.		328,474
	12,438	Public Service Enterprise Group, Inc.		407,842
	5,873	Sempra Energy		296,410
	5,100	TECO Energy, Inc.		80,223

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL S&P 500 Index Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Multi-Utilities, continued
	10,910	Xcel Energy, Inc.	$	218,091

				2,949,958

Multiline Retail (2.1%):
	1,900	Big Lots, Inc.*		52,877
	1,250	Dillards, Inc., Class A		14,750
	3,350	Family Dollar Stores, Inc.		79,395
	5,100	J.C. Penney Co., Inc.		170,034
	7,400	Kohl’s Corp.*		340,992
	10,200	Macy’s, Inc.		183,396
	4,300	Nordstrom, Inc.		123,926
	1,450	Sears Holdings Corp.*^		135,575
	18,673	Target Corp.		915,911
	54,853	Wal-Mart Stores, Inc.		3,285,146

				5,302,002

Office Electronics (0.1%):
	21,700	Xerox Corp.		250,201

Oil, Gas & Consumable Fuels (10.7%):
	11,460	Anadarko Petroleum Corp.		555,925
	8,181	Apache Corp.		853,115
	2,350	Cabot Oil & Gas Corp., Class A		84,929
	12,751	Chesapeake Energy Corp.		457,251
	50,256	ChevronTexaco Corp.		4,145,115
	37,177	ConocoPhillips		2,723,215
	4,350	Consol Energy, Inc.		199,621
	10,702	Devon Energy Corp.		976,022
	16,400	El Paso Corp.		209,264
	6,050	EOG Resources, Inc.		541,233
	127,056	Exxon Mobil Corp.		9,867,169
	21,450	Halliburton Co.		694,765
	6,924	Hess Corp.		568,322
	17,259	Marathon Oil Corp.		688,116
	1,950	Massey Energy Co.		69,557
	4,585	Murphy Oil Corp.		294,082
	19,987	Occidental Petroleum Corp.		1,408,084
	6,561	Peabody Energy Corp.		295,245
	2,800	Pioneer Natural Resources Co.		146,384
	3,700	Range Resources Corp.		158,619
	8,250	Southwestern Energy Co.*		251,955
	14,821	Spectra Energy Corp.		352,740
	2,859	Sunoco, Inc.		101,723
	3,350	Tesoro Petroleum Corp.		55,242
	12,750	Valero Energy Corp.		386,325
	14,150	Williams Cos., Inc. (The)		334,647
	13,438	XTO Energy, Inc.		625,136

				27,043,801

Paper & Forest Products (0.3%):
	10,459	International Paper Co.		273,817
	4,100	MeadWestvaco Corp.		95,571
	5,168	Weyerhaeuser Co.		313,077

				682,465

Personal Products (0.2%):
	10,250	Avon Products, Inc.		426,092
	2,750	Estee Lauder Co., Inc. (The), Class A		137,253

				563,345

Pharmaceuticals (6.8%):
	37,709	Abbott Laboratories		2,171,284
	7,470	Allergan, Inc.		384,705
	2,650	Barr Laboratories, Inc.*		173,045
	48,425	Bristol-Myers Squibb Co.		1,009,661
	24,475	Eli Lilly & Co.		1,077,634
	7,350	Forest Laboratories, Inc.*		207,858
	68,359	Johnson & Johnson Co.		4,735,912
	5,950	King Pharmaceuticals, Inc.*		57,001
	12,309	Medco Health Solutions, Inc.*		553,905
	52,409	Merck & Co., Inc.		1,654,028
	7,450	Mylan, Inc.*		85,079
	164,898	Pfizer, Inc.		3,040,719
	39,114	Schering Plough Corp.		722,436
	2,500	Watson Pharmaceuticals, Inc.*		71,250
	32,290	Wyeth		1,192,793

				17,137,310

Real Estate Investment Trusts (REITs) (1.2%):
	2,227	Apartment Investment & Management Co., Class A		77,990
	1,800	Avalonbay Communities, Inc.		177,156
	2,800	Boston Properties, Inc.		262,248
	2,850	Developers Diversified Realty Corp.		90,316
	6,550	Equity Residential Property Trust		290,885
	6,350	General Growth Properties, Inc.		95,885
	12,600	Host Hotels & Resorts, Inc.		167,454
	5,555	Kimco Realty Corp.		205,202
	4,150	Plum Creek Timber Co., Inc.		206,919
	6,400	ProLogis Trust		264,128
	3,063	Public Storage, Inc.		303,268
	5,454	Simon Property Group, Inc.		529,038
	3,350	Vornado Realty Trust		304,682

				2,975,171

Real Estate Management & Development (0.0%):
	4,200	CB Richard Ellis Group, Inc.*		56,154

Road & Rail (1.1%):
	6,908	Burlington Northern Santa Fe Corp.		638,507
	10,020	CSX Corp.		546,791
	9,300	Norfolk Southern Corp.		615,753
	1,200	Ryder System, Inc.		74,400
	12,455	Union Pacific Corp.		886,298

				2,761,749

Semiconductors & Semiconductor Equipment (2.2%):
	14,100	Advanced Micro Devices, Inc.*		74,025
	7,250	Altera Corp.		149,930
	7,000	Analog Devices, Inc.		184,450
	32,950	Applied Materials, Inc.		498,533
	10,850	Broadcom Corp., Class A*		202,136
	138,256	Intel Corp.		2,589,535
	4,100	KLA-Tencor Corp.		129,765
	5,400	Linear Technology Corp.		165,564
	15,450	LSI Logic Corp.*		82,812
	5,550	MEMC Electronic Materials, Inc.*		156,843
	4,500	Microchip Technology, Inc.		132,435
	17,900	Micron Technology, Inc.*		72,495
	5,100	National Semiconductor Corp.		87,771
	2,400	Novellus Systems, Inc.*		47,136
	13,375	NVIDIA Corp.*		143,246
	4,150	Teradyne, Inc.*		32,412

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL S&P 500 Index Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
	31,949	Texas Instruments, Inc.	$	686,903
	6,750	Xilinx, Inc.		158,288

				5,594,279

Software (3.8%):
	12,700	Adobe Systems, Inc.*		501,269
	5,400	Autodesk, Inc.*		181,170
	4,650	BMC Software, Inc.*		133,130
	9,550	CA, Inc.		190,618
	4,400	Citrix Systems, Inc.*		111,144
	6,300	Compuware Corp.*		61,047
	7,700	Electronic Arts, Inc.*		284,823
	7,750	Intuit, Inc.*		244,977
	192,077	Microsoft Corp.		5,126,535
	8,500	Novell, Inc.*		43,690
	95,768	Oracle Corp.*		1,945,048
	2,500	Salesforce.com, Inc.*		121,000
	18,850	Sun Microsystems, Inc.*		143,260
	20,350	Symantec Corp.*		398,453
	4,400	Teradata Corp.*		85,800

				9,571,964

Specialty Retail (1.8%):
	2,100	Abercrombie & Fitch Co., Class A		82,845
	3,150	AutoNation, Inc.*		35,406
	1,018	AutoZone, Inc.*		125,560
	6,200	Bed Bath & Beyond, Inc.*		194,742
	8,400	Best Buy Co., Inc.		315,000
	3,900	GameStop Corp., Class A*		133,419
	11,050	Gap, Inc. (The)		196,469
	41,199	Home Depot, Inc.		1,066,642
	6,900	Limited Brands, Inc.		119,508
	35,853	Lowe’s Cos., Inc.		849,358
	6,600	Office Depot, Inc.*		38,412
	3,500	RadioShack Corp.		60,480
	2,500	Sherwin Williams Co.		142,900
	17,050	Staples, Inc.		383,625
	3,000	Tiffany & Co.		106,560
	10,300	TJX Cos., Inc.		314,356
	11,400	Tyco International, Ltd.		399,228

				4,564,510

Textiles, Apparel & Luxury Goods (0.5%):
	8,250	Coach, Inc.*		206,580
	2,050	Jones Apparel Group, Inc.		37,946
	2,300	Liz Claiborne, Inc.		37,789
	9,597	Nike, Inc., Class B		642,039
	1,400	Polo Ralph Lauren Corp.		93,296
	2,100	V.F. Corp.		162,351

				1,180,001

Thrifts & Mortgage Finance (0.1%):
	12,550	Hudson City Bancorp, Inc.		231,548
	3,000	MGIC Investment Corp.		21,090
	13,294	Sovereign Bancorp, Inc.		52,511

				305,149

Tobacco (1.7%):
	50,589	Altria Group, Inc.		1,003,686
	4,234	Lorillard, Inc.		301,249
	50,421	Philip Morris International, Inc.		2,425,250
	4,200	Reynolds American, Inc.		204,204
	3,609	UST, Inc.		240,143

				4,174,532

Trading Companies & Distributors (0.1%):
	1,550	W.W. Grainger, Inc.		134,804

Wireless Telecommunication Services (0.3%):
	9,550	American Tower Corp., Class A*		343,513
	68,950	Sprint Nextel Corp.		420,595

				764,108

Total Common Stocks
(Cost $270,735,228)				248,248,719

U.S. Treasury Obligations (0.2%):
$	480,000	U.S. Treasury Bills, 0.35%, 12/26/08(a)+		479,237

Total U.S. Treasury Obligations
(Cost $479,563)				479,237

Deposit Account (1.4%):
	3,611,218	NTRS London Deposit Account		3,611,218

Total Deposit Account
(Cost $3,611,218)				3,611,218

Collateral For Securities On Loan (0.1%):
	124,087	Northern Trust Liquid Institutional Asset Portfolio		124,087

Total Collateral For Securities On Loan
(Cost $124,087)				124,087

Total Investment Securities
(Cost $274,950,096)(b)—100.2%				252,463,261
Net other assets (liabilities) — (0.2)%				(416,717	)

NET ASSETS — 100.0%			$	252,046,544


		Percentages indicated are based on net assets as of September 30, 2008.

*		Non-income producing security

^		All or a portion of security is loaned as of September 30, 2008.

+		Investment securities segregated as collateral for Futures Contracts. Fair Value of these securities is $479,237.

(a)		The rate presented represents the effective yield at September 30, 2008.

(b)		Cost for federal income tax purposes is $277,099,052. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	484,794
Unrealized depreciation		(25,120,585	)

Net unrealized depreciation	$	(24,635,791	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of September 30, 2008:

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Schroder Emerging Markets Equity Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (95.8%):
Aerospace & Defense (0.0%):
	6,900	Empresa Brasileira de Aeronautica SA, ADR	$	46,788

Auto Components (1.0%):
	100,500	Hankook Tire Co., Ltd.		1,417,907

Automobiles (0.7%):
	3,032,000	Denway Motors, Ltd.		950,418

Beverages (1.1%):
	53,233	Anadolu Efes Biracilik ve Malt Sanayii AS		548,476
	2,100	Comphania de Bebidas das Americas (AmBev), Preferred Shares		113,665
	24,700	Fomento Economico Mexicano, SA de CV, ADR		942,058

				1,604,199

Building Products (1.1%):
	2,388,000	China Construction Bank		1,585,074

Capital Markets (0.6%):
	59,926	Bradespar SA, Preferred Shares		815,225

Chemicals (1.5%):
	9,279	LG Chem, Ltd.		731,098
	111,048	Makhteshim-Agan Industries, Ltd.		738,246
	17,317	Reliance Industries, Ltd.		731,808

				2,201,152

Commercial Banks (12.3%):
	117,150	Banco Bradesco SA, ADR		1,886,115
	19,600	Banco Bradesco SA, Preferred Shares		312,689
	4,500	Banco do Brasil SA		52,938
	16,000	Banco Itau Holding Financeira SA, Preferred Shares		264,929
	202,156	Bank Hapoalim BM		656,060
	181,400	Bumiputra-Commerce Holdings Berhad		407,653
	14,945	Cherepovets MK Severstal, GDR, Registered Shares		161,601
	158,000	China Merchants Bank Co., Ltd., Class H		374,396
	27,050	Hana Financial Group, Inc.		639,431
	2,684	HSBC Holdings plc		42,363
	13,396	ICICI Bank, Ltd.		157,518
	3,792,000	Industrial & Commerical Bank of China		2,258,837
	367,900	Kasikornbank Public Co., Ltd.		687,954
	16,400	Kasikornbank Public Co., Ltd.		31,190
	23,899	Kookmin Bank		1,057,241
	54,450	Korea Exchange Bank Co.		503,487
	52,982	OTP Bank Nyrt.*		1,922,097
	80,902	PKO Bank Polski SA		1,487,170
	2,335,500	PT Bank Central Asia Tbk		771,247
	890,900	Siam Commercial Bank Public Co., Ltd.		1,841,107
	84,660	Standard Bank Group, Ltd.		973,791
	208,530	Turkiye Garanti Bankasi AG*		497,399
	186,023	Turkiye Is Bankasi, Class C		777,027
	0	Turkiye Vakiflar Bankasi TAO		1
	14,200	Unibanco — Uniao de Bancos Brasileiros SA		141,821

				17,906,062

Computers & Peripherals (1.9%):
	388,018	Hon Hai Precision Industry Co., Ltd., GDR, Registered Shares		2,719,196

Construction & Engineering (1.9%):
	43,012	Aveng, Ltd.		328,509
	18,850	Hyundai Development Co.		709,968
	12,103	Orascom Construction Industries		701,380
	4,850	Orascom Construction Industries, GDR^		563,266
	131,875	Raubex Group, Ltd.		491,050

				2,794,173

Construction Materials (1.1%):
	740,000	China National Building Material Co., Ltd.		857,445
	1,139,280	Taiwan Cement Corp.		676,116

				1,533,561

Diversified Consumer Services (0.7%):
	166,000	Beijing Enterprises Holdings, Ltd.		631,577
	700	TAM SA, Preferred Shares		13,062
	16,700	TAM SA, SP ADR		314,962

				959,601

Diversified Financial Services (3.6%):
	23,500	BM&FBOVESPA SA		103,517
	93,435	Cathay Financial Holding Co., Ltd.		1,252,964
	1,695,824	Chinatrust Financial Holding Co., Ltd.		911,407
	27,862	Housing Development Finance, Ltd.		1,300,917
	3,800	Redecard SA		47,340
	1,988,000	SinoPac Financial Holdings Co., Ltd.		551,017
	9,811	Unibanco — Uniao de Bancos Brasileiros SA, GDR		990,126

				5,157,288

Diversified Telecommunication Services (7.1%):
	74,444	Bharti Airtel, Ltd.*		1,266,142
	25,100	Brasil Telecom Participacoes SA		685,817
	1,394,000	China Communication Services Corp., Ltd., Class H		960,951
	443,000	Chunghwa Telecom Co., Ltd.*		1,037,664
	50,000	Chunghwa Telecom Co., Ltd., ADR		1,183,500
	1	Far EasTone Telecommunications Co., Ltd., GDR, Registered shares		19
	1,200	GVT Holdings SA*		17,820
	172,258	Magyar Telekom Telecommunications PLC		812,123
	1,283,500	PT Telekomunikasi Indonesia		965,400
	4,500	Tele Norte Leste Participacoes SA, Preferred Shares		77,586
	286,210	Telecom Egypt		772,725
	1,032,300	Telekom Malaysia Berhad		985,940
	80,015	Telekomunikacja Polska SA		766,113
	257,542	Turk Telekomunikasyon AS*		766,405

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Schroder Emerging Markets Equity Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Diversified Telecommunication Services, continued
				10,298,205

Electric Utilities (0.9%):
	20,900	Centrais Electricas Brasileiras SA	$	303,437
	3,100	Centrais Electricas Brasileiras SA, Preferred Shares, Class B		39,076
	49,492	Companhia Energetica de Minas Gerais — Preferred Shares		970,380

				1,312,893

Electronic Equipment & Instruments (0.3%):
	110,400	Hon Hai Precision Industry Co., Ltd.		392,925

Energy Equipment & Services (0.7%):
	69,297	Electropaulo Metropolitana SA, Prefered B, Class B (“PNA”)		952,178

Food & Staples Retailing (0.9%):
	9,800	Central European Distribution Corp.*		445,018
	164,818	Supersol, Ltd.		821,608

				1,266,626

Food Products (1.1%):
	7,022	CJ CheilJedang Corp.*		1,142,158
	161,100	Kuala Lumpur Kepong Berhad		452,517
	1,500	Perdigao SA		28,425

				1,623,100

Gas Utilities (0.6%):
	3,525,000	PT Perusahaan Gas Negara		805,037

Hotels, Restaurants & Leisure (0.9%):
	1,856,300	Resorts World Berhad		1,381,420

Household Durables (3.0%):
	52,100	Land & Houses Pubilc Co., Ltd.		9,613
	2,714,200	Land & Houses Public Co., Ltd.		518,026
	4,275	LG Electronics, Inc.		398,438
	11,220	Samsung Electronics Co., Ltd., GDR(a)		2,576,190
	383,700	Urbi, Desarrolloas Urbanos, SA de CV*		895,908

				4,398,175

Industrial Conglomerates (0.1%):
	27,800	Itausa — Investimentos Itau SA, Preferred Shares		136,341

Insurance (3.6%):
	260,000	Cathay Financial Holding Co., Ltd.		364,680
	380,000	China Life Insurance Co., Ltd., Class H		1,406,943
	307,000	Ping An Insurance Group Co. of China		1,796,347
	9,558	Samsung Fire & Marine Insurance Co., Ltd.		1,677,460

				5,245,430

Machinery (1.6%):
	18,600	Bharat Heavy Electricals, Ltd.		642,650
	28,270	Daewoo Shipbuilding & Marine Engineering Co., Ltd.		714,465
	133,151	Weg SA		992,473

				2,349,588

Media (0.9%):
	33,000	Grupo Televisa SA, ADR		721,710
	31	Megacable Holdings SAB de CV, CPO*		44
	32,422	Naspers, Ltd.		642,199

				1,363,953

Metals & Mining (7.1%):
	28,045	AngloGold Ashanti, Ltd.		647,405
	55,400	Banpu Public Co., Ltd.		494,134
	13,400	Companhia Siderurgica Nacional SA, SP ADR		284,884
	19,200	Companhia Vale do Rio Doce, ADR		367,680
	119,100	Companhia Vale do Rio Doce, ADR, Preferred Shares		2,108,070
	28,000	Companhia Vale do Rio Doce, Preferred Shares, Class A		475,399
	19,600	Comphania Vale do Rio Doce		369,869
	1	Eregli Demir ve Celik Fabrikalari TAS		5
	2,800	Gerdau SA		25,860
	10,200	Gerdau SA, Preferred Shares		112,863
	23,800	Gerdau SA, SP ADR		264,180
	40,036	Impala Platinum Holdings, Ltd.		814,504
	28,803	Mechel, ADR		517,302
	4,200	Metalurgica Gerdau SA, Preferred Shares		64,819
	62,700	Mining & Metallurgical Co. Norilsk Nickel, ADR		827,640
	5,400	Polymetal, GDR*		10,800
	6,621	POSCO		2,447,657
	21,159	Usinas Siderurgicas de Minas Gerais SA		426,428
	4,300	Usinas Siderurgicas de Minas Gerais SA		91,135

				10,350,634

Multiline Retail (2.4%):
	171,354	Almacenes Exito SA, GDR		850,978
	756,000	Golden Eagle Retail Group, Ltd.		618,230
	161,748	Mr. Price Group, Ltd.^		451,806
	634,000	Parkson Retail Group, Ltd.^		708,417
	1,783	Shinsegae Co., Ltd.		840,757

				3,470,188

Oil, Gas & Consumable Fuels (17.1%):
	185,000	China Coal Energy Co., Share H		192,378
	2,208,000	China Petroleum & Chemical Corp. (Sinopec)		1,752,645
	1,757,000	CNOOC, Ltd.		2,016,276
	618,000	Hidili Industry International Development, Ltd.		296,315
	34,300	LUKOIL, ADR		2,006,550
	1,800	LUKOIL, SP ADR		108,363
	199,750	OAO Gazprom, Registered shares, ADR		6,419,099
	138,288	Petroleo Brasileiro SA, ADR, Class A		5,174,737

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Schroder Emerging Markets Equity Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	35,700	Petroleo Brasiliero SA - Petrobras	$	780,656
	47,900	Petroleo Brasiliero SA - Petrobras, Preferred Shares		870,177
	233,800	PTT Exploration & Production Public Co., Ltd.		891,743
	253,300	Rosneft Oil Co., GDR		1,745,374
	22,072	Sasol, Ltd.		939,130
	9,424	SK Energy Co., Ltd.		712,085
	34,141	Ultrapar Participacoes SA, Prefered Shares		879,547

				24,785,075

Paper & Forest Products (0.1%):
	10,537	Suzano Papel e Celulose SA		91,002

Pharmaceuticals (2.2%):
	6,315	Richter Gedeon Nyrt.		1,159,597
	44,426	Teva Pharmaceutical Industries, Ltd., ADR		2,034,266

				3,193,863

Real Estate Investment Trusts (REITs) (0.4%):
	2,134,000	Franshion Properties China, Ltd.		617,176

Real Estate Management & Development (0.1%):
	287,000	Sino-Ocean Land Holdings, Ltd.		89,879

Road & Rail (0.0%):
	5,700	All America Latina Logistica		39,161

Semiconductors & Semiconductor Equipment (5.8%):
	91,050	MediaTek, Inc.		951,110
	5,141	Samsung Electronics Co., Ltd.		2,367,592
	165,637	Siliconware Precision Industries Co., ADR		955,726
	443,739	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		4,157,835

				8,432,263

Textiles, Apparel & Luxury Goods (0.0%):
	1,360	Far Eastern Textile, Ltd.		959

Tobacco (1.8%):
	141,265	ITC, Ltd.		568,473
	28,458	KT&G Corp.		2,120,858

				2,689,331

Transportation Infrastructure (0.5%):
	57,153	Companhia de Concessoes Rodoviarias		743,854

Wireless Telecommunication Services (9.1%):
	473,000	Advanced Information Service Public Co., Ltd.		951,035
	39,501	America Movil, SAB de C.V., ADR, Series L		1,831,266
	327,500	China Mobile, Ltd.		3,279,185
	602,000	China Unicom, Ltd.		911,468
	145,060	LG Telecom, Ltd.		1,212,856
	38,600	Mobile TeleSystems, SP ADR*		2,161,986
	92,773	MTN Group, Ltd.		1,315,932
	8,797	SK Telecom Co., Ltd.		1,497,183

				13,160,911


Total Common Stocks
(Cost $184,018,163)				138,880,811


Deposit Account (2.3%):
	$3,282,739	NTRS London Deposit Account		3,282,739


Total Deposit Account (Cost $3,282,739)				3,282,739


Collateral For Securities On Loan (1.7%):
	2,507,766	Northern Trust Liquid Institutional Asset Portfolio		2,507,766


Total Collateral For Securities On Loan (Cost $2,507,766)				2,507,766


Warrants (1.3%):
Diversified Financial Services (1.0%):
	833,070	Sberbank*(a)		1,432,880


Real Estate Investment Trusts (REITs) (0.3%):
	230,044	Aldar Properties PJSC*		486,773


Total Warrants (Cost $2,616,891)				1,919,653


Total Investment Securities (Cost $192,425,559)(b)—101.1%				146,590,969


Net other assets (liabilities)—(1.1)%				(1,580,317	)


NET ASSETS—100.0%			$	145,010,652


		Percentages indicated are based on net assets as of September 30, 2008.

*		Non-income producing security

^		All or a portion of security is loaned as of September 30, 2008.

ADR		American Depository Receipt

GDR		Global Depository Receipt

MTN		Medium Term Note

PLC		Public Liability Co.

(a)		Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The subadviser has deemed these securities to be liquid based on procedures approved by the Board of Trustees.

(b)		Cost for federal income tax purposes is $197,788,806. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	655,986
Unrealized depreciation		(51,853,823	)

Net unrealized depreciation	$	(51,197,837	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of September 30, 2008:


Country	Percentage
Korea		15.8	%
Brazil		15.3	%
Taiwan		10.5	%
Russia		9.7	%
Hong Kong		8.0	%
China		6.8	%
South Africa		4.6	%

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Schroder International Small Cap Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (93.3%):
Aerospace & Defense (2.1%):
	85,984	Meggitt plc	$	290,557
	23,846	MTU Aero Engines Holding AG^		658,232
	42,000	Saab AB		645,939

				1,594,728

Auto Components (1.9%):
	12,000	Alpha Corp.		83,985
	11,600	Exedy Corp.		219,590
	17,000	Koito Manufacturing Co., Ltd.^		158,830
	33,300	Musashi Seimitsu Industry Co., Ltd.		591,602
	21,400	Nifco, Inc.		373,957

				1,427,964

Automobiles (1.8%):
	9,000	Accell Group NV^		275,661
	20,000	Rosenbauer International AG		848,715
	87,000	ShinMaywa Industries, Ltd.		258,354

				1,382,730

Beverages (0.7%):
	15,000	A.G. Barr plc		275,422
	9,011	Hawesko Holding AG^		234,928

				510,350

Building Products (1.7%):
	76,000	Alumasc Group plc (The)		208,724
	60,000	BSS Group plc		249,830
	3,000	Geberit Internatinal AG		369,576
	112,117	James Hardie Industries NV		459,707

				1,287,837

Chemicals (5.2%):
	35,100	Aica Kogyo Co., Ltd.		273,445
	86,000	Chugoku Marine Paints, Ltd.		508,476
	21,700	Fujikura Kasei Co., Ltd.		138,092
	1,396	Kcc Corp.		438,491
	33,808	Koninklijke Ten Cate NV		1,124,294
	9,100	Lintec Corp.		148,034
	40,000	Nihon Parkerizing Co., Ltd.		446,063
	740	Sika AG-BEARER		835,142

				3,912,037

Commercial Banks (2.0%):
	19,800	Bank Sarasin & CIE-REG B		757,267
	109,200	Dah Sing Banking Group, Ltd.		112,805
	326,300	Eon Capital Bhd.		398,425
	63,000	Minato Bank, Ltd.		87,720
	10,900	Tokyo Tomin Bank, Ltd.		178,820

				1,535,037

Commercial Services & Supplies (4.0%):
	20,000	Arcadis NV^		352,516
	17,180	Atkins (WS) plc		224,024
	35,000	BPP Holdings plc		284,592
	8,000	Eurokai Kgaa(b)		414,411
	5,000	Ids Scheer AG		50,001
	19,000	Kapsch Trafficcom AG		626,736
	12,000	Nishio Rent All Co., Ltd.		106,684
	100,000	Scott Wilson Group plc		309,695
	35,000	Speedy Hire plc		256,490
	53,282	Transpacific Industries Group, Ltd.		301,779
	2,848	Xing AG*		114,695

				3,041,623

Communications Equipment (0.6%):
	4,500	EVS Broadcast Equipment SA		321,849
	5,600	Icom, Inc.		111,641

				433,490

Computers & Peripherals (0.2%):
	15,600	Nidec Copal Corp.		176,056

Construction & Engineering (5.0%):
	11,500	Bilfinger Berger AG		606,829
	227,694	Boart Longyear Group		207,457
	80,000	Carillion plc		374,279
	85,028	Downer EDII, Ltd.		432,528
	1,547	Hyundai Development Co.		58,266
	30,000	Keller Group plc		359,298
	20,000	Kier Group plc		281,060
	22,000	Morgan Sindall plc		175,666
	70,000	Redrow plc		202,298
	57,675	United Group, Ltd.		592,146
	47,600	YIT OYJ		497,969

				3,787,796

Construction Materials (0.6%):
	45,200	DC Co., Ltd.		128,380
	64,550	Fletcher Building, Ltd.		291,357

				419,737

Containers & Packaging (1.7%):
	596,000	Goodpack, Ltd.		592,326
	39,600	Jsp Corp.		250,258
	1,752	Lisi		118,499
	24,000	Nitta Corp.		303,027

				1,264,110

Distributors (0.8%):
	70,000	Inchcape plc		236,939
	26,900	Trusco Nakayama Corp.^		358,860

				595,799

Diversified Consumer Services (0.3%):
	10,000	Homeserve plc		261,555

Diversified Financial Services (7.0%):
	5,849	Acino Holding AG		1,125,818
	120,000	Albemarle & Bond Holdings plc		406,704
	22,174	Altamir Amboise		171,609
	1,185,000	ARA Asset Management, Ltd.(a)		411,532
	130,000	Azimut Holding SpA		903,247
	204,000	China Everbright, Ltd.		319,616
	5,500	Compagnie Financiere Tradition		638,250
	136,665	Evolution Group plc		230,735
	19,087	Grenkeleasing AG		596,211
	5,000	Hellenic Exchanges SA		58,949
	840,000	Yuanta Financial Holding Co., Ltd.		467,201

				5,329,872

Diversified REIT (0.3%):
	32,500	Shaftesbury plc		245,561

Electric Utilities (1.4%):
	21,000	Red Electrica Corporacion		1,065,829

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Schroder International Small Cap Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Electrical Equipment (0.8%):
	70,000	E2V Technologies plc	$	298,339
	4,135	Newave Energy Holdings SA*		158,200
	20,400	Sumida Corp.		174,138

				630,677

Electronic Equipment & Instruments (0.8%):
	17,000	Rotork plc		284,162
	9,300	Ryosan Co., Ltd.		191,811
	12,400	Sato Corp.^		164,443

				640,416

Energy Equipment & Services (3.8%):
	80,000	Chloride Group plc		278,559
	20,000	FuGro NV		1,182,043
	19,000	Groupe Bourbon SA^		947,743
	8,000	Schoeller-Blackman Oilfield Equipment AG		483,930

				2,892,275

Food & Staples Retailing (0.8%):
	5,500	Greggs plc		310,669
	700	Guyenne et Gascogne SA		62,457
	7,300	Tsuruha Holdings Co.		220,267

				593,393

Food Products (1.5%):
	697,000	Beijing Jingkelong Co., Ltd.		305,194
	33,000	Cranswick plc		383,994
	28,915	Trigon Agri A/S*		27,719
	1,071,000	Want Want China Holdings, Ltd.		391,157

				1,108,064

Gas Utilities (0.5%):
	18,000	Enagas		387,682

Health Care Equipment & Supplies (2.3%):
	46,204	Consort Medical plc		436,674
	241,406	Fisher & Paykel Healthcare Corp., Ltd.		480,046
	42,000	Oridion Systems, Ltd.*		367,926
	47,196	Sonic Healthcare, Ltd.		495,498

				1,780,144

Health Care Providers & Services (0.5%):
	550	MorphoSys AG*		34,247
	263,000	Parkway Holdings, Ltd.		350,897

				385,144

Hotels, Restaurants & Leisure (1.0%):
	9,900	His Co., Ltd.		114,726
	40,000	Holidaybreak plc		230,218
	58,412	Homair SA*		214,786
	10,500	Tipp24 AG^		201,118

				760,848

Household Durables (2.0%):
	38,000	Babis Vovos International Construction SA*		1,044,752
	23,000	Fourlis Holdings SA.		439,894

				1,484,646

Industrial Conglomerates (4.5%):
	4,600	Bel Sofina^		447,772
	1,780,000	Chuang’s Consortium International, Ltd.		120,576
	5,600	Compagnie Nationale A Portefeuille		370,804
	41,869	DCC plc		818,657
	80,000	Mitie Group plc		297,922
	100,000	Oxford Instruments plc		409,030
	18,000	Rheinmetall AG		973,530

				3,438,291

Insurance (2.6%):
	261,000	China Insurance International Holdings Co., Ltd.		502,504
	2,400	Helvetia Patria Holding		599,398
	13,000	TrygVesta AS^		836,107

				1,938,009

Internet & Catalog Retail (0.3%):
	75,000	Findel plc		137,571
	4,500	Meetic*		82,866

				220,437

IT Services (3.2%):
	19,450	Alten*		563,588
	87,859	Computershare, Ltd.		660,485
	3,000	Easydentic*^		76,360
	10,100	NEC Networks & System Integration Corp.		128,603
	2,480	Obic Co., Ltd.		404,540
	20,000	Sword Group^		564,358

				2,397,934

Leisure Equipment & Products (0.4%):
	50,000	Vitec Group plc		312,791

Machinery (4.5%):
	17,900	Amano Corp.		142,916
	4,500	Andritz AG		193,345
	130,000	Assetco plc		204,995
	377	Bucher Industries AG		49,903
	60,000	Daihatsu Diesel Manufacturing Co., Ltd.^		388,120
	6,000	Frigoglass SA		104,777
	41,000	FURUKAWA-SKY Aluminum Corp.		89,345
	2,600	Glory, Ltd.		59,398
	35,000	Hamworthy plc		233,931
	22,000	Hisaka Works, Ltd.^		384,754
	16,670	Hyunjin Materials Co., Ltd.		484,675
	13,000	Misumi Group, Inc.		223,559
	2,600	Miura Co., Ltd.		56,909
	7,000	Nabtesco Corp.		55,922
	71,000	NIPPON THOMPSON Co., Ltd.		300,608
	17,300	OSG Corp.		146,539
	12,600	Union Tools Co.		296,740

				3,416,436

Marine (0.7%):
	29,459	Store Electronic*		513,941

Media (2.3%):
	460,000	C.I.R. SPA		791,456
	55,000	Daily Mail & General Trust plc NV, Class A		318,191
	73,000	Television Broadcasts, Ltd.		308,867
	35,000	United Business Media, Ltd.		307,952

				1,726,466

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Schroder International Small Cap Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Metals & Mining (3.2%):
	156,000	Bodycote plc	$	443,695
	230,000	China Molybdenum Co., Ltd.		102,955
	89,000	DAIDO STELL Co., Ltd.		470,874
	72,000	Dowa Holdings Co., Ltd.		324,911
	178,434	Iluka Resources, Ltd.*		675,019
	132,000	Minmetals Resources, Ltd.		20,440
	13,478	TK Corp.*		368,666

				2,406,560

Multi-Utilities (2.4%):
	52,907	Acea SpA		756,300
	10,000	BKW FMB Energie AG		1,027,295

				1,783,595

Multiline Retail (0.5%):
	4,563	Hyundai Dept. Store		355,086

Oil, Gas & Consumable Fuels (1.9%):
	20,000	Hunting plc		221,245
	11,000	Rubis		779,459
	17,000	SBM Offshore NV		365,996
	7,892	SFC Smart Fuel Cell AG*		72,042

				1,438,742

Personal Products (0.8%):
	13,000	Oriflame Cosmetics SA		603,515

Pharmaceuticals (3.3%):
	40,000	Dechra Pharmaceuticals plc		290,562
	10,000	Ipsen SA		450,319
	17,400	Nichi-iko Pharmaceutical Co., Ltd.		422,338
	25,000	Pronova BioPharma AS*		82,464
	13,100	Tsumura & Co.		331,948
	7,000	Virbac SA^		537,254
	2,297	Yuhan Corp.		412,546

				2,527,431

Real Estate Management & Development (0.7%):
	658,000	Agile Property Holdings, Ltd.		303,927
	62,500	Grainger Trust plc		224,637

				528,564

Retail REIT (0.5%):
	238,000	CapitaMall Trust		379,108

Semiconductors & Semiconductor Equipment (0.4%):
	65,000	CSR plc*		302,498
	1,059	Samsung Techwin Co., Ltd.		23,510

				326,008

Software (2.1%):
	15,079	Exact Holding NV		387,452
	131,000	F-Secure OYJ		430,779
	4,226	Invision Software AG*		60,538
	32,000	Smartrac NV*		679,085

				1,557,854

Specialty Retail (4.5%):
	37,900	Arcs Co., Ltd.		468,716
	30,000	Jumbo SA		487,210
	143,767	Mobilezone Holding AG		958,577
	14,300	Nishimatsuya Chain Co., Ltd.		137,004
	30,000	Saft Groupe SA		1,192,555
	9,200	Tsutsumi Jewelry Co., Ltd.		176,589

				3,420,651

Textiles, Apparel & Luxury Goods (0.5%):
	868,000	Prime Success International Group, Ltd.		384,149

Tobacco (1.3%):
	55,000	Swedish Match AB		958,738

Trading Companies & Distributors (0.3%):
	35,000	Sig plc		244,358

Transportation Infrastructure (1.1%):
	63,000	Hopewell Holdings, Ltd.		226,615
	439,000	Smrt Corp., Ltd.		608,038

				834,653


Total Common Stocks (Cost $98,902,679)				70,648,717


Deposit Account (5.6%):
	4,225,191	NTRS London Deposit Account		4,225,191


Total Deposit Account (Cost $4,225,191)				4,225,191


Collateral For Securities On Loan (4.5%):
	3,363,523	Northern Trust Liquid Institutional Asset Portfolio		3,363,523


Total Collateral For Securities On Loan (Cost $3,363,523)				3,363,523


Warrants (0.0%):
Containers & Packaging (0.0%):
	74,500	Goodpack, Ltd. *		13,484


Total Warrants (Cost $—)				13,484


Total Investment Securities (Cost $106,491,393)(c)—103.4%				78,250,915

Net other assets (liabilities) — (3.4)%				(2,537,322	)


NET ASSETS — 100.0%			$	75,713,593


		Percentages indicated are based on net assets as of September 30, 2008.

^		All or a portion of security is loaned as of September 30, 2008.

*		Non-income producing security

PLC		Public Liability Co.

SPA		Standby Purchase Agreement

(a)		Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investor. The subadviser has deemed these securities to be liquid based on procedures approved by the board of Trustees.

(b)		Illiquid security. The Subadviser has deemed these securities to be illiquid based on procedures approved by the board of Trustees.

(c)		Cost for federal income tax purposes is $106,585,008. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	842,983
Unrealized depreciation		(29,177,076	)

Net unrealized depreciation	$	(28,334,903	)

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Small Cap Stock Index Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (99.1%):
Aerospace & Defense (2.6%):
	13,666	AAR Corp.*	$	226,719
	11,435	Ceradyne, Inc.*		419,207
	8,982	Cubic Corp.		220,867
	17,368	Curtiss-Wright Corp.		789,376
	12,988	Esterline Technologies Corp.*		514,195
	21,900	Gencorp, Inc.*		147,606
	16,753	Moog, Inc., Class A*		718,369
	24,389	Orbital Sciences Corp.*		584,604
	14,967	Teledyne Technologies, Inc.*		855,514
	7,379	Triumph Group, Inc.		337,294

				4,813,751

Air Freight & Logistics (0.5%):
	13,193	Forward Air Corp.		359,246
	16,085	HUB Group, Inc., Class A*		605,600

				964,846

Airline (0.2%):
	24,202	SkyWest, Inc.		386,748

Auto Components (0.9%):
	12,702	ATC Technology Corp.*		301,546
	9,471	Drew Industries, Inc.*^		162,049
	55,352	LKQ Corp.*		939,323
	14,100	Spartan Motors, Inc.		44,838
	8,106	Superior Industries International, Inc.		155,311

				1,603,067

Automobiles (0.1%):
	11,750	Fleetwood Enterprises, Inc.*		11,985
	1,450	Monaco Coach Corp.		2,828
	9,758	Winnebago Industries, Inc.		126,073

				140,886

Beverages (0.1%):
	3,349	Boston Beer Company, Inc. (The), Class A*		159,044

Biotechnology (1.0%):
	13,681	ArQule, Inc.*		44,053
	27,229	Cubist Pharmaceuticals, Inc.*		605,301
	13,755	Martek Biosciences Corp.		432,182
	25,165	Regeneron Pharmaceuticals, Inc.*		549,352
	17,132	Savient Pharmaceuticals, Inc.*		255,438

				1,886,326

Building Products (1.3%):
	10,576	Apogee Enterprises, Inc.		158,957
	20,624	Griffon Corp.*^		186,028
	21,400	Lennox International, Inc.		711,978
	10,334	NCI Building Systems, Inc.*		328,105
	16,198	Quanex Building Products Corp.		246,858
	17,360	Simpson Manufacturing Co., Inc.		470,282
	8,213	Universal Forest Products, Inc.		286,716

				2,388,924

Capital Markets (0.9%):
	16,590	Investment Technology Group, Inc.*		504,834
	30,620	Labranche & Co., Inc.*		137,790
	17,553	OptionsXpress Holdings, Inc.		340,879
	5,989	Piper Jaffray Cos., Inc.*		259,024
	11,955	SWS Group, Inc.		241,013
	13,150	Tradestation Group, Inc.*		122,953

				1,606,493

Chemicals (1.3%):
	8,923	Arch Chemicals, Inc.		314,982
	21,350	Georgia Gulf Corp.		53,375
	17,670	H.B. Fuller Co.		368,773
	5,503	NewMarket Corp.		289,238
	11,695	OM Group, Inc.*		263,137
	12,850	Omnova Solutions, Inc.*		25,571
	3,100	Penford Corp.^		54,839
	29,488	PolyOne Corp.*		190,198
	5,604	Quaker Chemical Corp.		159,490
	12,888	Schulman, Inc.		254,925
	2,949	Stepan Co.		160,927
	11,691	Zep, Inc.		206,229

				2,341,684

Commercial Banks (6.6%):
	19,100	Boston Private Financial Holdings, Inc.		166,934
	9,600	Cascade Bancorp		85,344
	10,986	Central Pacific Financial Corp.		184,675
	7,625	Columbia Banking System, Inc.		135,191
	16,229	Community Bank System, Inc.		408,159
	24,004	East West Bancorp, Inc.		328,855
	38,261	First Bancorp		423,167
	32,181	First Commonwealth Financial Corp.^		433,478
	15,679	First Financial Bancorp		228,913
	8,179	First Financial Bankshares, Inc.		424,327
	19,756	First Midwest Bancorp, Inc.		478,885
	18,490	Frontier Financial Corp.^		248,321
	23,898	Glacier Bancorp, Inc.		591,953
	11,510	Hancock Holding Co.		587,010
	16,050	Hanmi Financial Corp.^		81,053
	8,954	Independent Bank Corp.		55,425
	6,100	Irwin Financial Corp.		24,095
	6,250	Nara Bancorp, Inc.		70,000
	34,416	National Penn Bancshares, Inc.^		502,474
	28,885	Old National Bancorp		578,278
	9,400	PrivateBancorp, Inc.		391,604
	14,968	Prosperity Bancshares, Inc.		508,762
	13,500	Provident Bankshares Corp.		131,085
	11,109	Signature Bank*		387,482
	27,046	South Financial Group, Inc.		198,247
	10,850	Sterling Bancorp		156,891
	25,350	Sterling Bancshares, Inc.		264,907
	20,999	Sterling Financial Corp.		304,485
	36,669	Susquehanna Bancshares, Inc.		715,779
	45,026	UCBH Holdings, Inc.		288,617
	14,000	UMB Financial Corp.		735,280
	25,060	Umpqua Holdings Corp.		368,633
	15,731	United Bankshares, Inc.		550,585
	14,664	United Community Banks, Inc.		194,451
	26,572	Whitney Holding Corp.		644,371
	12,176	Wilshire Bancorp, Inc.		148,182
	6,350	Wintrust Financial Corp.		186,372

				12,212,270

Commercial Services & Supplies (4.2%):
	16,982	ABM Industries, Inc.		370,887

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Small Cap Stock Index Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Commercial Services & Supplies, continued
	9,653	Administaff, Inc.	$	262,755
	15,056	Bowne & Co., Inc.		173,897
	19,625	Brady Corp., Class A		692,370
	5,800	CDI Corp.		129,514
	5,129	Consolidated Graphics, Inc.*		155,563
	8,107	G & K Services, Inc., Class A		267,936
	16,177	Healthcare Services Group, Inc.		295,877
	7,371	Heidrick & Struggles International, Inc.		222,236
	8,854	HMS Holdings Corp.*		212,142
	21,320	Interface, Inc.		242,408
	13,198	Mobile Mini, Inc.*^		255,117
	15,310	On Assignment, Inc.*		120,643
	12,700	Rewards Network, Inc.*^		63,754
	8,300	School Specialty, Inc.*		258,877
	25,850	Spherion Corp.*		125,890
	7,700	Standard Register Co. (The)		75,845
	25,321	Tetra Tech, Inc.*		609,223
	15,289	Ticketmaster*		164,051
	18,860	Trueblue, Inc.*		304,778
	10,740	United Stationers, Inc.*		513,694
	6,036	Viad Corp.		173,776
	5,537	Volt Information Sciences, Inc.*		49,722
	31,325	Waste Connections, Inc.*		1,074,447
	18,720	Watson Wyatt Worldwide, Inc.		930,946

				7,746,348

Communications Equipment (1.5%):
	53,473	Arris Group, Inc.*		413,346
	5,103	Bel Fuse, Inc., Class B		145,282
	7,794	Black Box Corp.		269,127
	17,404	Blue Coat Systems, Inc.*		246,963
	10,439	Comtech Telecommunications Corp.*		514,016
	16,373	Digi International, Inc.*		167,005
	42,455	Harmonic, Inc.*		358,745
	16,640	NETGEAR, Inc.*		249,600
	6,973	PC-Tel, Inc.		64,988
	18,682	Symmetricom, Inc.*		92,850
	10,588	ViaSat, Inc.*		249,665

				2,771,587

Computers & Peripherals (0.7%):
	49,613	Adaptec, Inc.*		162,731
	12,752	Avid Technology, Inc.*		306,813
	2,900	Catapult Communications Corp.*		13,949
	8,075	Hutchinson Technology, Inc.*		93,508
	21,518	Novatel Wireless, Inc.*		130,399
	10,100	Stratasys, Inc.*^		176,447
	14,421	Synaptics, Inc.*		435,803

				1,319,650

Construction & Engineering (0.5%):
	30,500	Emcor Group, Inc.*		802,760
	10,504	Insituform Technologies, Inc.*		157,140

				959,900

Construction Materials (0.3%):
	17,089	Headwaters, Inc.*		228,138
	10,114	Texas Industries, Inc.^		413,258

				641,396

Consumer Finance (0.5%):
	12,577	Cash America International, Inc.		453,275
	12,373	First Cash Financial Services, Inc.*		185,595
	7,493	World Acceptance Corp.*		269,748

				908,618

Containers & Packaging (0.4%):
	12,908	Myers Industries, Inc.		162,770
	15,627	Rock-Tenn Co., Class A		624,767

				787,537

Distributors (0.0%):
	950	Audiovox Corp., Class A*		8,901

Diversified Consumer Services (0.4%):
	9,089	Coinstar, Inc.*		290,848
	2,500	CPI Corp.^		26,875
	16,559	Interval Leisure Group, Inc.*		172,214
	3,900	Pre-paid Legal Services, Inc.*^		160,914
	7,732	Universal Technical Institute, Inc.*		131,908

				782,759

Diversified Financial Services (0.9%):
	9,919	Financial Federal Corp.		227,343
	8,400	Greenhill & Co., Inc.		619,500
	20,164	Guaranty Financial Group, Inc.*^		79,648
	6,154	Portfolio Recovery Associates, Inc.*^		299,269
	9,840	Stifel Financial Corp.*		491,016

				1,716,776

Diversified REIT (0.2%):
	22,482	Colonial Properties Trust		420,189

Diversified Telecommunication Services (0.2%):
	34,761	FairPoint Communications, Inc.^		301,378
	15,574	General Communication, Inc., Class A*		144,215

				445,593

Electric Utilities (1.1%):
	8,314	ALLETE, Inc.		369,973
	24,749	Cleco Corp.		624,912
	16,100	El Paso Electric Co.*		338,100
	13,322	UIL Holdings Corp.		457,344
	11,103	Unisource Energy Corp.		324,097

				2,114,426

Electrical Equipment (2.3%):
	10,405	A.O. Smith Corp.		407,772
	17,614	Acuity Brands, Inc.		735,561
	19,031	Baldor Electric Co.		548,283
	18,592	Belden CDT, Inc.		591,040
	2,400	C&D Technologies, Inc.*^		13,632
	9,731	II-VI, Inc.*		376,200
	7,200	Magnetek, Inc.*^		29,160
	12,337	Regal-Beloit Corp.		524,569
	8,507	Vicor Corp.		75,542
	25,000	Woodward Governor Co.		881,750

				4,183,509

Electronic Equipment & Instruments (4.0%):
	7,150	Agilysys, Inc.		72,144
	11,710	Anixter International, Inc.*		696,862

	5,926	Applied Signal Technology, Inc.		102,994

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Small Cap Stock Index Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Electronic Equipment & Instruments, continued
	34,000	Benchmark Electronics, Inc.*	$	478,720
	26,870	Brightpoint, Inc.*		193,464
	17,177	Checkpoint Systems, Inc.*		323,271
	17,283	Cognex Corp.		348,425
	16,300	CTS Corp.		208,314
	12,643	Daktronics, Inc.		210,632
	11,815	Electro Scientific Industries, Inc.*		168,009
	24,929	Insight Enterprises, Inc.*		334,298
	13,612	Itron, Inc.*		1,205,070
	3,300	Keithley Instruments, Inc.		27,621
	7,750	Littlelfuse, Inc.*		230,407
	9,800	LoJack Corp.*		65,562
	7,551	Mercury Computer Systems, Inc.*		67,204
	18,548	Methode Electronics, Inc.		165,819
	7,606	MTS Systems Corp.		320,213
	8,700	Network Equipment Technologies, Inc.*^		29,754
	16,828	Newport Corp.*		181,406
	10,434	Park Electrochemical Corp.		252,920
	5,955	Photon Dynamics, Inc.*		91,409
	17,580	Plexus Corp.*		363,906
	10,673	RadiSys Corp.*		91,788
	8,405	Rogers Corp.*		310,817
	10,744	ScanSource, Inc.*		309,320
	19,263	Technitrol, Inc.		284,900
	9,500	Tollgrade Communications, Inc.*		39,900
	17,001	TTM Technologies, Inc.*		168,650

				7,343,799

Energy Equipment & Services (3.8%):
	21,931	Atwood Oceanics, Inc.*		798,288
	10,950	Basic Energy Services, Inc.*		233,235
	9,356	Bristow Group, Inc.*		316,607
	8,717	CARBO Ceramics, Inc.		449,884
	11,052	Dril-Quip, Inc.*		479,546
	7,954	Gulf Island Fabrication, Inc.		274,174
	7,782	Hornbeck Offshore Services, Inc.*		300,541
	33,045	ION Geophysical Corp.*		468,909
	6,149	Lufkin Industries, Inc.		487,923
	10,600	Matrix Service Co.*		202,460
	6,758	NATCO Group, Inc.*		271,537
	21,000	Pioneer Drilling Co.*		279,300
	9,105	Seacor Holdings, Inc.*		718,840
	8,085	Superior Well Services, Inc.*		204,631
	30,895	TETRA Technologies, Inc.*		427,896
	21,419	Unit Corp.*		1,067,095

				6,980,866

Food & Staples Retailing (1.6%):
	19,620	Casey’s General Stores, Inc.		591,935
	11,446	Great Atlantic & Pacific Tea Co., Inc.*		123,846
	12,234	Longs Drug Stores Corp.		925,380
	5,600	Nash Finch Co.		241,472
	9,150	Spartan Stores, Inc.		227,652
	9,141	The Andersons, Inc.		321,946
	17,902	United Natural Foods, Inc.*		447,371

				2,879,602

Food Products (1.8%):
	6,850	Balchem Corp.		182,689
	35,874	Darling International, Inc.*		398,560
	33,041	Flowers Foods, Inc.		970,084
	6,250	Green Mountain Coffee Roasters, Inc.*		245,875
	16,918	Hain Celestial Group, Inc.*		465,753
	5,500	J & J Snack Foods Corp.		186,505
	9,929	Lance, Inc.		225,289
	4,800	Peet’s Coffee & Tea, Inc.*		134,016
	7,438	Sanderson Farms, Inc.		273,272
	11,506	Treehouse Foods, Inc.*		341,728

				3,423,771

Gas Utilities (3.7%):
	40,914	Atmos Energy Corp.		1,089,131
	11,073	Laclede Group, Inc. (The)		536,930
	16,575	New Jersey Resources Corp.		594,877
	9,718	Northwest Natural Gas Co.		505,336
	28,296	Piedmont Natural Gas Co., Inc.		904,340
	15,035	South Jersey Industries, Inc.		536,749
	46,697	Southern Union Co.		964,293
	21,252	Southwest Gas Corp.		643,086
	40,135	UGI Corp.		1,034,680

				6,809,422

Health Care Equipment & Supplies (4.7%):
	9,694	Abaxis, Inc.*		190,972
	31,188	American Medical Systems Holdings, Inc.*		553,899
	6,208	Analogic Corp.		308,910
	11,777	ArthroCare Corp.*^		326,458
	15,124	BioLase Technology, Inc.*		28,584
	12,383	CONMED Corp.*		396,256
	20,973	Cooper Companies, Inc.		729,021
	10,602	Cyberonics, Inc.*^		180,234
	4,850	Datascope Corp.		250,406
	10,000	Greatbatch, Inc.*		245,400
	9,089	Haemonetics Corp.*		560,973
	6,862	ICU Medical, Inc.*		208,673
	29,214	Immucor, Inc.*		933,679
	6,092	Integra LifeSciences Holdings*		268,231
	15,049	Invacare Corp.		363,283
	5,940	Kensey Nash Corp.*		186,872
	15,401	Mentor Corp.		367,468
	15,872	Meridian Bioscience, Inc.		460,923
	11,050	Merit Medical Systems, Inc.*		207,409
	8,367	Natus Medical, Inc.*		189,596
	7,050	Osteotech, Inc.*		30,033
	8,981	Palomar Medical Technologies, Inc.*		120,884
	7,090	Surmodics, Inc.*		223,264
	12,448	Symmetry Medical, Inc.*		231,035
	19,925	Theragenics Corp.*		62,166
	2,890	Vital Signs, Inc.		213,571
	13,008	West Pharmaceutical Services, Inc.		635,051
	7,673	Zoll Medical Corp.*		251,061

				8,724,312

Health Care Providers & Services (5.3%):
	4,968	Air Methods Corp.*		140,644
	10,496	Amedisys, Inc.*		510,840

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Small Cap Stock Index Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Health Care Providers & Services, continued
	23,817	AMERIGROUP Corp.*	$	601,379
	12,356	AMN Healthcare Services, Inc.*		217,095
	13,189	AmSurg Corp.*		335,924
	18,427	Centene Corp.*		377,938
	9,526	Chemed Corp.		391,138
	13,279	Cross Country Healthcare, Inc.*		216,315
	10,817	CryoLife, Inc.*		141,919
	11,068	Gentiva Health Services, Inc.*		298,172
	12,287	HealthExtras, Inc.*		320,936
	19,722	Healthspring, Inc.*		417,317
	17,387	Healthways, Inc.*		280,452
	26,086	Hillenbrand, Inc.		525,894
	15,541	Inventiv Health, Inc.*		274,454
	4,114	Landauer, Inc.		299,293
	15,368	LCA-Vision, Inc.		71,308
	4,750	LHC Group, Inc.*		135,280
	16,578	Magellan Health Services, Inc.*		680,693
	10,190	MedCath Corp.*		182,605
	4,850	Molina Heathcare, Inc.*		150,350
	11,700	Odyssey Healthcare, Inc.*		118,755
	15,190	Owens & Minor, Inc.		736,715
	19,391	Pediatrix Medical Group, Inc.*		1,045,563
	15,853	PetMed Express, Inc.*		248,892
	26,172	PSS World Medical, Inc.*		510,354
	8,352	RehabCare Group, Inc.*		151,171
	12,129	Res-Care, Inc.*		220,020
	18,273	Sunrise Senior Living, Inc.*		251,985

				9,853,401

Health Care Technology (0.8%):
	27,418	Allscripts Healthcare Solution, Inc.*		341,080
	24,058	Eclipsys Corp.*		504,015
	14,668	Omnicell, Inc.*		192,884
	17,916	Phase Forward, Inc.*		374,624

				1,412,603

Hotels, Restaurants & Leisure (2.8%):
	6,791	Buffalo Wild Wings, Inc.*		273,270
	14,315	California Pizza Kitchen, Inc.*		184,234
	9,793	CBRL Group, Inc.		257,556
	12,000	CEC Entertainment, Inc.*		398,400
	20,084	CKE Restaurants, Inc.		212,890
	570	DineEquity, Inc.		9,610
	23,707	Jack in the Box, Inc.*		500,218
	4,033	Landry’s Restaurants, Inc.		62,713
	7,614	Marcus Corp.^		122,433
	5,597	Monarch Casino & Resort, Inc.*		63,750
	3,450	Multimedia Games, Inc.*		14,938
	5,500	O’Charley’s, Inc.		48,125
	12,651	P.F. Chang’s China Bistro, Inc.*		297,805
	13,426	Panera Bread Co., Class A*		683,383
	12,000	Papa John’s International, Inc.*		325,920
	12,927	Pinnacle Entertainment, Inc.*		97,728
	6,606	Red Robin Gourmet Burgers*		177,041
	24,597	Ruby Tuesday, Inc.*		142,417
	5,781	Ruth’s Hospitality Group, Inc.*		22,719
	13,653	Shuffle Master, Inc.*		69,494
	23,071	Sonic Corp.*^		336,144
	5,850	Steak n Shake Co. (The)*^		50,778
	20,306	Texas Roadhouse, Inc., Class A*		182,551
	19,561	WMS Industries, Inc.*		597,980

				5,132,097

Household Durables (0.9%):
	28,873	Champion Enterprises, Inc.*		160,245
	8,764	Ethan Allen Interiors, Inc.		245,567
	14,904	La-Z-Boy, Inc.^		138,905
	8,013	Libbey, Inc.		68,191
	7,292	M/I Homes, Inc.		166,112
	12,449	Meritage Corp.*		307,490
	2,193	National Presto Industries, Inc.		163,378
	2,750	Russ Berrie & Co., Inc.*		21,093
	1,200	Skyline Corp.^		31,716
	46,271	Standard-Pacific Corp.*		227,191
	7,179	Universal Electronics, Inc.*		179,331

				1,709,219

Household Products (0.2%):
	31,193	Central Garden & Pet Co., Class A*		185,598
	11,350	Spectrum Brands, Inc.*		15,777
	5,750	WD-40 Co.		206,597

				407,972

Industrial Conglomerates (0.2%):
	5,800	Standex International Corp.		160,950
	12,718	Tredegar, Inc.		226,253

				387,203

Insurance (2.9%):
	16,006	Delphi Financial Group, Inc., Class A		448,808
	14,107	Hilb Rogal & Hobbs Co.		659,361
	5,650	Infinity Property & Casualty Corp.		232,780
	6,593	LandAmerica Financial Group, Inc.		159,880
	14,051	National Financial Partners Corp.^		210,765
	4,400	Navigators Group, Inc.*		255,200
	8,703	Presidential Life Corp.		137,421
	13,202	ProAssurance Corp.*		739,312
	7,813	RLI Corp.		485,109
	8,800	Safety Insurance Group, Inc.		333,784
	22,354	Selective Insurance Group, Inc.		512,354
	5,899	Stewart Information Services Corp.		175,495
	7,600	Tower Group, Inc.		179,056
	8,422	United Fire & Casualty Co.		240,785
	15,750	Zenith National Insurance Corp.		577,080

				5,347,190

Internet & Catalog Retail (0.2%):
	6,270	Blue Nile, Inc.*^		268,795
	9,282	Stamps.com, Inc.*		108,321

				377,116

Internet Software & Services (1.4%):
	5,261	Bankrate, Inc.*		204,706
	25,752	CyberSource Corp.*		414,865
	17,597	DealerTrack Holdings, Inc.*		296,333
	14,546	HSN, Inc.*		160,151
	17,050	InfoSpace, Inc.		184,992
	19,101	J2 Global Communications, Inc.*		446,008
	15,230	Perficient, Inc.*		101,127

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Small Cap Stock Index Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Internet Software & Services, continued
	10,150	The Knot, Inc.*	$	84,753
	38,297	United Online, Inc.		360,375
	15,642	Websense, Inc.*		349,599

				2,602,909

IT Services (1.7%):
	12,335	CACI International, Inc., Class A*		617,983
	21,498	CIBER, Inc.*		150,271
	16,966	CSG Systems International, Inc.*		297,414
	9,350	Gevity HR, Inc.		68,068
	9,111	ManTech International Corp., Class A*		540,191
	4,739	Maximus, Inc.		174,585
	5,150	SI International, Inc.*		154,758
	200	StarTek, Inc.*		1,284
	16,573	Sykes Enterprises, Inc.*		363,943
	3,200	SYNNEX Corp.*		71,488
	11,650	Tyler Technologies, Inc.*		176,730
	16,023	Wright Express Corp.*		473,640

				3,090,355

Leisure Equipment & Products (1.2%):
	31,742	Brunswick Corp.		405,980
	14,875	JAKKS Pacific, Inc.*		370,536
	450	Nautilus Group, Inc. (The)*		2,056
	15,500	Polaris Industries, Inc.		705,095
	19,535	Pool Corp.		455,752
	9,934	RC2 Corp.*		198,680
	7,857	Sturm, Ruger & Co., Inc.*^		54,528

				2,192,627

Life Sciences Tools & Services (0.9%):
	19,961	Cambrex Corp.*		122,760
	8,343	Dionex Corp.*		530,198
	12,868	Enzo Biochem, Inc.*		141,419
	4,700	Kendle International, Inc.*		210,137
	19,042	PAREXEL International Corp.*		545,744
	10,549	Pharmanet Development Group, Inc.*		76,164

				1,626,422

Machinery (3.6%):
	7,000	Albany International Corp., Class A		191,310
	7,460	Astec Industries, Inc.*		229,992
	17,205	Barnes Group, Inc.		347,885
	17,700	Briggs & Stratton Corp.^		286,386
	2,850	Cascade Corp.		124,858
	20,225	CLARCOR, Inc.		767,539
	8,579	Enpro Industries, Inc.*		318,796
	21,729	Gardner Denver, Inc.*		754,431
	7,885	Gerber Scientific, Inc.*		72,069
	11,507	John Bean Technologies Corp.*		145,679
	10,077	Kaydon Corp.		454,069
	4,059	Lindsay Manufacturing Co.		295,292
	8,078	Lydall, Inc.*		77,791
	16,175	Mueller Industries, Inc.		372,187
	15,376	Robbins & Myers, Inc.		475,580
	17,000	Toro Co.		702,100
	7,436	Valmont Industries, Inc.		614,883

	7,489	Wabash National Corp.		70,771

	13,400	Watts Water Technologies, Inc., Class A^		366,490

				6,668,108

Marine (0.5%):
	22,649	Kirby Corp.*		859,303

Media (0.7%):
	1,800	4Kids Entertainment, Inc.*		12,708
	7,200	AH Belo Corp., Class A		37,152
	10,924	Arbitron, Inc.		488,194
	22,723	E.W. Scripps Co. (The), Class A		160,652
	31,327	Live Nation, Inc.*		509,690
	24,750	Radio One, Inc., Class D*		18,562

				1,226,958

Metals & Mining (0.8%):
	6,698	A.M. Castle & Co.		115,741
	9,521	AMCOL International Corp.		297,626
	8,354	Brush Engineered Materials, Inc.*		155,134
	14,213	Century Aluminum Co.*		393,558
	14,032	Gibraltar Industries, Inc.		262,539
	1,550	Material Sciences Corp.*		8,913
	3,252	Olympic Steel, Inc.		95,901
	9,971	RTI International Metals, Inc.*		195,033

				1,524,445

Multi-Utilities (0.5%):
	26,654	Avista Corp.		578,658
	5,341	Central Vermont Public Service Corp.^		125,193
	5,845	CH Energy Group, Inc.^		254,667

				958,518

Multiline Retail (0.4%):
	8,205	Buckle, Inc. (The)		455,706
	17,957	Fred’s, Inc.		255,348
	3,500	Tuesday Morning Corp.*		14,455

				725,509

Oil, Gas & Consumable Fuels (2.1%):
	15,437	Penn Virginia Corp.		824,953
	5,704	Petroleum Development Corp.*		253,087
	19,026	PetroQuest Energy, Inc.*		292,049
	24,311	St. Mary Land & Exploration Co.		866,687
	16,300	Stone Energy Corp.*		689,979
	15,000	Swift Energy Co.*		580,350
	13,512	World Fuel Services Corp.		311,181

				3,818,286

Paper & Forest Products (0.4%):
	18,925	Buckeye Technologies, Inc.*		154,996
	3,366	Deltic Timber Corp.		214,583
	5,550	Neenah Paper, Inc.		109,890
	5,600	Schweitzer-Mauduit International, Inc.		106,344
	24,811	Wausau Paper Corp.		251,335

				837,148

Personal Products (0.3%):
	7,710	Chattem, Inc.*		602,768
	7,700	Mannatech, Inc.		30,800

				633,568

Pharmaceuticals (1.1%):
	16,980	Alpharma, Inc., Class A*		626,392

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Small Cap Stock Index Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Pharmaceuticals, continued
	9,598	Noven Pharmaceuticals, Inc.*	$	112,105
	14,565	Par Pharmaceutical Cos., Inc.*		179,004
	10,443	PharMerica Corp.*		234,863
	20,506	Salix Pharmaceuticals, Inc.*		131,443
	12,127	Sciele Pharma, Inc.		373,390
	28,782	ViroPharma, Inc.*		377,620

				2,034,817

Real Estate Investment Trusts (REITs) (5.8%):
	12,444	Acadia Realty Trust		314,584
	33,200	BioMed Realty Trust, Inc.		878,140
	23,904	Cedar Shopping Centers, Inc.		316,011
	11,701	EastGroup Properties, Inc.		567,966
	13,137	Entertainment Properties Trust		718,857
	32,700	Extra Space Storage, Inc.		502,272
	13,608	Forestar Real Estate Group, Inc.*		200,718
	14,868	Home Properties, Inc.		861,601
	27,843	Inland Real Estate Corp.^		436,857
	14,068	Kilroy Realty Corp.		672,310
	9,450	Kite Realty Group Trust		103,950
	33,500	Lexington Corporate Properties Trust^		576,870
	7,300	LTC Properties, Inc.		214,036
	22,241	Medical Properties Trust, Inc.		252,435
	10,245	Mid-America Apartment Communities, Inc.		503,439
	31,117	National Retail Properties, Inc.		745,252
	4,250	Parkway Properties, Inc.		160,905
	16,633	Pennsylvania Real Estate Investment Trust		313,532
	6,270	PS Business Parks, Inc.		361,152
	45,521	Senior Housing Properties Trust		1,084,765
	7,073	Sovran Self Storage, Inc.		317,790
	12,596	Tanger Factory Outlet Centers, Inc.		551,579
	8,500	Urstadt Biddle Properties, Inc., Class A		159,375

				10,814,396

Road & Rail (1.3%):
	11,362	Arkansas Best Corp.		382,786
	26,017	Heartland Express, Inc.		403,784
	21,824	Knight Transportation, Inc.		370,353
	21,556	Landstar System, Inc.		949,757
	11,894	Old Dominion Freight Line, Inc.*		337,076

				2,443,756

Semiconductors & Semiconductor Equipment (3.8%):
	7,728	Actel Corp.*		96,445
	15,671	Advanced Energy Industries, Inc.*		214,379
	13,265	ATMI, Inc.*		238,505
	35,200	Axcelis Technologies, Inc.*		59,840
	29,700	Brooks Automation, Inc.*		248,292
	9,787	Cabot Microelectronics Corp.*		313,967
	6,940	Cohu, Inc.		109,791
	14,384	Cymer, Inc.*		364,347
	64,100	Cypress Semiconductor Corp.*		334,602
	12,999	Diodes, Inc.*		239,832
	10,943	DSP Group, Inc.*		83,714
	24,498	Exar Corp.*		187,655
	13,774	FEI Co.*		327,959
	8,500	Intevac, Inc.*		90,440
	24,849	Kopin Corp.*		77,529
	19,522	Kulicke & Soffa Industries, Inc.*		88,044
	25,906	Micrel, Inc.		234,967
	30,327	Microsemi Corp.*		772,732
	19,385	MKS Instruments, Inc.*		385,955
	7,103	Pericom Semiconductor Corp.*		74,582
	13,972	Photronics Corp.*		26,267
	11,688	Rudolph Technologies, Inc.*		97,945
	64,620	Skyworks Solutions, Inc.*		540,223
	11,483	Standard Microsystems Corp.*		286,845
	6,278	Supertex, Inc.*		176,789
	56,896	TriQuint Semiconductor, Inc.*		272,532
	7,776	Ultratech, Inc.*		94,090
	32,487	Varian Semiconductor Equipment Associates, Inc.*		816,073
	10,471	Veeco Instruments, Inc.*		155,076

				7,009,417

Software (3.1%):
	19,630	Blackbaud, Inc.		362,173
	12,000	Captaris, Inc.*		55,320
	15,523	Concur Technologies, Inc.*		593,910
	28,069	Epicor Software Corp.*		221,464
	12,421	Epiq Systems, Inc.*^		168,926
	8,220	Faro Technologies, Inc.*		167,441
	37,101	Informatica Corp.*		481,942
	11,726	JDA Software Group, Inc.*		178,352
	11,579	Manhattan Associates, Inc.*		258,675
	35,248	Micros Systems, Inc.*		939,712
	7,500	Phoenix Technology, Ltd.*		59,925
	20,042	Progress Software Corp.*		520,892
	7,250	Quality Systems, Inc.		306,385
	14,666	Radiant Systems, Inc.*		127,448
	27,493	Secure Computing Corp.*		150,662
	12,000	Smith Micro Software, Inc.*		85,200
	11,100	Sonic Solutions*		48,840
	9,817	SPSS, Inc.*		288,227
	28,373	Take-Two Interactive Software, Inc.		465,317
	22,893	THQ, Inc.*		275,632

				5,756,443

Specialized REITs (0.4%):
	33,647	DiamondRock Hospitality, Co.		306,188
	16,624	LaSalle Hotel Properties		387,671

				693,859

Specialty Retail (3.6%):
	23,253	Aaron Rents, Inc.		629,459
	11,354	Big 5 Sporting Goods Corp.		117,173
	17,050	Cabela’s, Inc., Class A*		205,964
	15,810	Cato Corp.		277,465
	10,750	Charlotte Russe Holdings, Inc.*		110,188
	8,685	Children’s Place Retail Stores, Inc.*		289,645
	14,512	Christopher & Banks Corp.		111,307
	20,968	Dress Barn, Inc.*		320,601
	17,433	Finish Line, Class A		174,156
	10,080	Genesco, Inc.		337,478

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Small Cap Stock Index Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Specialty Retail, continued
	8,672	Group 1 Automotive, Inc.	$	188,443
	13,679	Gymboree Corp.*		485,604
	3,800	Haverty Furniture Co., Inc.		43,472
	14,381	Hibbett Sports, Inc.*		287,908
	18,650	HOT Topic, Inc.*		123,276
	10,300	Jo-Ann Stores, Inc.*		216,094
	7,820	Jos. A. Bank Clothiers, Inc.*^		262,752
	3,150	Lithia Motors, Inc., Class A^		13,577
	18,655	Men’s Wearhouse, Inc.		396,232
	8,845	Midas, Inc.*		121,707
	13,296	Nutri/System, Inc.		235,605
	29,417	OfficeMax, Inc.		261,517
	2,208	Pep Boys — Manny, Moe & Jack^		13,645
	16,950	Select Comfort Corp.*		27,968
	11,200	Sonic Automotive, Inc.		94,752
	19,215	Stage Store, Inc.		262,477
	14,650	Tractor Supply Co.*		616,032
	7,250	Tween Brands, Inc.*		70,978
	12,443	Zale Corp.*^		311,075
	5,200	Zumiez, Inc.*		85,696

				6,692,246

Textiles, Apparel & Luxury Goods (2.3%):
	14,349	Brown Shoe Co., Inc.		235,037
	30,100	Crocs, Inc.*		107,758
	5,759	Deckers Outdoor Corp.*		599,397
	21,701	Fossil, Inc.*		612,619
	23,132	Iconix Brand Group, Inc.*		302,566
	10,923	K-Swiss, Inc., Class A		190,060
	8,147	Maidenform Brands, Inc.*		118,213
	11,500	Movado Group, Inc.		257,025
	6,643	Oxford Industries, Inc.		171,589
	5,102	Perry Ellis International, Inc.*		76,071
	43,950	Quiksilver Resources, Inc.*		252,273
	9,059	Skechers U.S.A., Inc., Class A*		152,463
	8,021	True Religion Apparel, Inc.*		207,343
	6,850	UniFirst Corp.		295,166
	6,854	Volcom, Inc.*		118,437
	24,000	Wolverine World Wide, Inc.		635,040

				4,331,057

Thrifts & Mortgage Finance (0.7%):
	3,650	Anchor BanCorp Wisconsin, Inc.		26,828
	26,777	Bank Mutual Corp.		303,919
	1,930	BankAtlantic Bancorp, Inc., Class A		15,826
	22,800	Brookline Bancorp, Inc.		291,612
	13,900	Corus Bankshares, Inc.^		56,295
	12,073	Dime Community Bancshares		183,751
	6,000	FirstFed Financial Corp.*^		47,040
	18,678	Flagstar Bancorp, Inc.		55,660
	32,000	TrustCo Bank Corp.		374,720

				1,355,651

Tobacco (0.1%):
	38,402	Alliance One International, Inc.*		145,928

Trading Companies & Distributors (0.7%):
	16,257	Applied Industrial Technologies, Inc.		437,801
	8,295	Kaman Corp., Class A		236,242
	1,717	Lawson Products, Inc.		47,475
	11,576	Watsco, Inc.		582,041

				1,303,559

Water Utilities (0.1%):
	4,766	American States Water Co.		183,491


Total Common Stocks (Cost $202,984,039)				183,628,577


U.S. Treasury Obligations (0.0%):
	75,000	U.S. Treasury Bills, 0.65%, 12/26/08(a)+		74,881


Total U.S. Treasury Obligations (Cost $74,884)				74,881


Collateral For Securities On Loan (2.1%):
	3,875,868	Northern Trust Liquid Institutional Asset Portfolio		3,875,868


Total Collateral For Securities On Loan (Cost $3,875,868)				3,875,868


Total Investment Securities (Cost $206,934,791)(b)—101.2%				187,579,326

Net other assets (liabilities) — (1.2)%				(2,288,441	)


NET ASSETS — 100.0%			$	185,290,885


		Percentages indicated are based on net assets as of September 30, 2008.

*		Non-income producing security

^		All or a portion of security is loaned as of September 30, 2008.

+		Investment securities designated as collateral for Futures Contracts. Fair Value of these securities is $74,881.

REIT		Real Estate Investment Trust

(a)		The rate presented represents the effective yield at September 30, 2008.

(b)		Cost for federal income tax purposes is $207,614,641. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	641,698
Unrealized depreciation		(20,677,013	)

Net unrealized depreciation	$	(20,035,315	)

The following represents the concentrations by country of risk (base on the domicile of the security issuer) relative to the total fair value of investment securities as of September 30, 2008:


Country	Percentage
United States		99.8	%
Puerto Rico		0.2	%

		100.0	%

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Balanced Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


Shares or
Principal			Fair
Amount			Value
Asset Backed Securities (0.6%):
$	200,000	SLM Student Loan Trust, Series 2008-9, Class A, 4.17%, 4/25/23(a)	$	200,750


Total Asset Backed Securities (Cost $199,192)				200,750

Common Stocks (45.9%):
Aerospace & Defense (1.8%):
	990	Cubic Corp.		24,344
	16,223	DynCorp International, Inc., Class A*		271,898
	1,637	Precision Castparts Corp.		128,963
	18,488	Taser International, Inc.*		132,189

				557,394

Auto Components (1.2%):
	42,565	GKN plc		149,677
	11,281	Superior Industries International, Inc.		216,144

				365,821

Automobiles (1.4%):
	1,646	DaimlerChrysler AG		83,123
	9,588	General Motors Corp.^		90,607
	4,855	Honda Motor Co., Ltd., ADR		146,184
	1,470	Toyota Motor Corp., SP ADR		126,126

				446,040

Capital Markets (0.7%):
	2,747	Credit Suisse Group, SP ADR		132,625
	1,270	Deutsche Bank AG^		92,913

				225,538

Chemicals (4.2%):
	6,093	Koppers Holdings, Inc.		227,939
	4,536	Mosaic Co., Inc.		308,629
	1,473	Penford Corp.		26,057
	2,677	Potash Corp. of Saskatchewan, Inc.		353,391
	11,049	RPM International, Inc.		213,688
	7,522	Sensient Technologies Corp.		211,594

				1,341,298

Commercial Banks (3.3%):
	3,824	Allied Irish Banks plc, SP ADR		62,867
	3,716	Barclays plc, ADR^		91,785
	107,000	BOC Hong Kong Holdings, Ltd.		190,620
	13,330	Colonial Bancgroup, Inc.		104,774
	4,653	Comerica, Inc.		152,572
	1,979	HSBC Holdings plc, SP ADR		159,963
	2,312	KB Financial Group, Inc., ADR*^		105,635
	8,144	KeyCorp		97,239
	18,212	Royal Bank of Scotland plc, SP ADR^		58,277
	5,019	Wachovia Corp.		17,566

				1,041,298

Commercial Services & Supplies (0.3%):
	5,021	GeoEye, Inc.*		111,115

Communications Equipment (1.0%):
	7,757	Nokia Corp., ADR		144,668
	2,541	Research In Motion, Ltd.*		173,550

				318,218

Computers & Peripherals (0.8%):
	1,686	Apple, Inc.*		191,631
	9,475	Novatel Wireless, Inc.*		57,418

				249,049

Construction & Engineering (0.6%):
	7,796	Perini Corp.*		201,059

Diversified Financial Services (1.5%):
	8,548	Citigroup, Inc.		175,319
	4,293	ING Groep NV, ADR		91,870
	4,741	JP Morgan Chase & Co.		221,405

				488,594

Diversified Telecommunication Services (2.8%):
	7,257	AT&T, Inc.		202,616
	45,924	BT Group plc		132,625
	7,444	Deutsche Telekom AG, ADR		113,372
	7,375	Nippon Telegraph & Telephone Corp., ADR		166,011
	448,000	PCCW, Ltd.		187,033
	5,182	Telecom Italia SPA, ADR		77,315

				878,972

Electric Utilities (1.9%):
	53,000	Hongkong Electric Holdings, Ltd.		333,606
	7,862	Korea Electric Power Corp., ADR		97,410
	6,558	Northeast Utilities		168,213

				599,229

Electronic Equipment & Instruments (0.2%):
	1,575	FLIR Systems, Inc.*		60,511

Energy Equipment & Services (1.7%):
	2,532	Cameron International Corp.*		97,583
	344	Core Laboratories NV		34,854
	7,579	Matrix Service Co.*		144,759
	4,464	National-Oilwell Varco, Inc.*		224,227
	488	SunPower Corp., Class B*		33,710

				535,133

Food Products (0.6%):
	29,283	Tate & Lyle plc		200,834

Health Care Equipment & Supplies (0.7%):
	6,240	Abaxis, Inc.*		122,928
	449	Intuitive Surgical, Inc.*		108,200

				231,128

Health Care Providers & Services (1.1%):
	15,173	Alliance Imaging, Inc.*		155,826
	12,242	Sun Healthcare Group, Inc.*		179,468

				335,294

Hotels, Restaurants & Leisure (0.5%):
	43,022	Ladbrokes plc		145,373

Household Durables (2.9%):
	2,928	Garmin, Ltd.*		99,376
	18,154	La-Z-Boy, Inc.^		169,195
	7,883	Matsushita Electric Industrial Co., Ltd., ADR		136,612
	1,465	Tempur-Pedic International, Inc.		17,229
	17,942	Tupperware Brands Corp.		495,738

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Balanced Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Household Durables, continued
				918,150

Industrial Conglomerates (1.2%):
	70,000	Cheung Kong Infrastructure Holdings, Ltd.	$	327,478
	2,496	McDermott International, Inc.*		63,773

				391,251

Insurance (0.7%):
	9,365	AEGON NV		82,225
	3,409	Lincoln National Corp.		145,939

				228,164

Internet & Catalog Retail (0.1%):
	457	Priceline.com, Inc.*		31,273

Internet Software & Services (0.7%):
	12,506	DealerTrack Holdings, Inc.*		210,601

IT Services (0.6%):
	104,923	LogicaCMG plc		203,717

Machinery (0.0%):
	642	Dynamic Materials Corp.		14,901

Metals & Mining (1.7%):
	1,069	AMCOL International Corp.		33,417
	2,279	ArcelorMittal, Class A		112,537
	4,116	BHP Billiton, Ltd., SP ADR^		213,991
	8,486	Southern Copper Corp.		161,913

				521,858

Multi-Utilities (1.9%):
	4,997	Black Hills Corp.		155,257
	4,272	DTE Energy Co.		170,666
	11,331	NiSource, Inc.		167,245
	9,365	PNM Resources, Inc.		95,898

				589,066

Oil, Gas & Consumable Fuels (2.9%):
	9,680	Arena Resources, Inc.*		376,068
	2,531	EnCana Corp.		166,362
	2,339	ENI SPA, ADR		123,850
	3,351	Petro-Canada		111,756
	4,530	Repsol YPF SA, ADR		134,360

				912,396

Paper & Forest Products (0.5%):
	6,386	MeadWestvaco Corp.		148,858

Pharmaceuticals (0.7%):
	11,694	Pfizer, Inc.		215,637

Semiconductors & Semiconductor Equipment (0.3%):
	1,780	Cypress Semiconductor Corp.*		9,292
	6,343	NVIDIA Corp.*		67,933
	630	Sigma Designs, Inc.*		8,959

				86,184

Software (0.6%):
	8,706	Epiq Systems, Inc.*		118,401
	9,152	Radiant Systems, Inc.*		79,531

				197,932

Specialty Retail (0.8%):
	9,901	Home Depot, Inc.		256,337

Textiles, Apparel & Luxury Goods (0.8%):
	289	Deckers Outdoor Corp.*		30,079
	80,000	Yue Yuen Industrial Holdings, Ltd.		218,433

				248,512

Thrifts & Mortgage Finance (1.4%):
	11,445	New York Community Bancorp, Inc.		192,162
	12,336	People’s United Financial, Inc.		237,468
	11,493	Washington Mutual, Inc.^		942

				430,572

Tobacco (0.6%):
	3,892	Universal Corp.		191,058

Wireless Telecommunication Services (1.2%):
	6,841	China Unicom, Ltd., ADR^		103,436
	10,221	NTT DoCoMo, Inc., ADR^		162,514
	4,418	Vodafone Group plc, ADR		97,638

				363,588


Total Common Stocks (Cost $18,649,943)				14,491,953

Convertible Bonds (0.3%):
Diversified Financial Services (0.3%):
$	100,000	Prudential Financial, Inc., 1.19%, 12/15/37, Callable 6/16/09 @ 100(a)		94,390


Total Convertible Bonds (Cost $96,777)				94,390

Corporate Bonds (4.9%):
Air Freight & Logistics (0.1%):
	25,000	First Data Corp., 9.88%, 9/24/15+		19,625

Commercial Banks (1.7%):
	100,000	ANZ National Bank, Ltd., 6.20%, 7/19/13+(b)		99,271
	200,000	Bank of America Corp., 8.13%, 12/29/49+		158,373
	100,000	Barclays Bank plc, 6.05%, 12/4/17+(b)		93,007
	100,000	Barclays Bank plc, 7.43%, 9/29/49+(a)		81,431
	100,000	UBS AG Stamford CT, 5.88%, 12/20/17+		88,792
	10,000	Wells Fargo Co., 5.25%, 10/23/12+		9,599

				530,473

Diversified Consumer Services (0.6%):
	100,000	American Express Credit Co., Series C, 5.88%, 5/2/13+		92,165
	10,000	General Electric Capital Corp., 5.25%, 10/19/12+		9,402
	100,000	John Deere Capital Corp., 3.57%, 6/10/11+(a)		100,200

				201,767

Diversified Financial Services (0.9%):
	100,000	American International Group, Inc., 8.25%, 8/15/18+(b)		58,097

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Balanced Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


Principal			Fair
Amount			Value
Corporate Bonds, continued
Diversified Financial Services, continued
$	100,000	Citigroup, Inc., 6.13%, 11/21/17+	$	84,748
	100,000	Citigroup, Inc., 8.40%, 4/29/49+		68,066
	100,000	Goldman Sachs Group, Inc., 6.15%, 4/1/18+		83,151

				294,062

Electric Utilities (0.3%):
	100,000	Southern Co., Series 08-A, 3.51%, 8/20/10+(a)		99,769

Electronic Equipment & Instruments (0.3%):
	100,000	General Electric Co., 5.25%, 12/6/17+		87,503

Energy Equipment & Services (0.4%):
	150,000	Gazprom Capital, 6.21%, 11/22/16+		118,462

Media (0.6%):
	200,000	Time Warner Cable, Inc., 5.40%, 7/2/12+		190,243


Total Corporate Bonds (Cost $1,773,899)				1,541,904

U.S. Government Agency Mortgages (31.8%):
Federal Home Loan Mortgage Corporation (3.3%)
	650,000	5.25%, 1/12/09 +		653,878
	200,000	5.25%, 7/10/15 +		202,036
	100,000	5.00%, 2/16/17 +		101,341
	100,000	4.88%, 6/13/18 +		101,352

				1,058,607

Federal National Mortgage Association (20.7%)
	500,000	5.50%, 10/15/35, Pool #42342 TBA		498,594
	900,000	5.00%, 10/15/36, Pool #19462 TBA		876,937
	481,179	5.00%, 3/1/37 +		469,215
	288,523	5.50%, 7/1/37 +		287,969
	500,000	6.00%, 10/15/37, Pool #53547 TBA		506,406
	194,606	5.50%, 12/1/37 +		194,233
	183,115	5.50%, 12/1/37 +		182,764
	489,521	5.50%, 2/1/38 +		488,533
	499,446	5.00%, 4/1/38 +		486,979
	2,492,543	5.00%, 4/1/38 +		2,430,324
	99,893	5.00%, 5/1/38 +		97,399

				6,519,353

Government National Mortgage Association (7.8%)
	1,000,000	5.00%, 10/15/36, Pool #6761 TBA		980,625
	461,544	6.00%, 5/15/37 +		469,064
	1,000,000	6.00%, 10/18/37, Pool #19095 TBA		1,014,688

				2,464,377


Total U.S. Government Agency Mortgages (Cost $9,949,635)				10,042,337

U.S. Treasury Obligations (6.7%):
U.S. Treasury Bills (5.1%)
	300,000	1.60%, 10/2/08 (c)+		299,999
	500,000	1.57%, 10/9/08 (c)+		499,977
	800,000	1.53%, 10/16/08 (c)+		799,607

				1,599,583

U.S. Treasury Bonds (0.4%)
	100,000	6.00%, 2/15/26+		118,656
U.S. Treasury Notes (1.2%)
	200,000	3.38%, 7/31/13 +		203,641
	200,000	3.88%, 5/15/18 +		201,312

				404,953


Total U.S. Treasury Obligations (Cost $2,123,024)				2,123,192

Commercial Paper (1.3%):
Commercial Banks (1.3%):
	400,000	HSBC USA, Inc., 2.76%, 11/3/08+(c)		398,584


Total Commercial Paper (Cost $398,996)				398,584

Repurchase Agreements (26.0%):
	1,300,000	Merrill Lynch Co., Inc., dated 9/30/08, 0.05%, due 10/1/08, proceeds $1,300,002; collateralized by U.S. Treasury Inflation Index Bond, 2.375%, Maturing 1/15/17, valued at $1,301,375.		1,300,000
	4,200,000	Merrill Lynch Co., Inc., dated 9/30/08, 0.25%, due 10/1/08, proceeds $3,800,026; collateralized by U.S. Government Agencies Securities, maturing 12/17/38, 5.352%, Valued at $3,906,000.		4,200,000
	1,500,000	Merrill Lynch Co., Inc., dated 9/30/08, 0.15%, due 10/2/08, proceeds $800,006; collateralized by U.S. STRIPS maturing 11/15/09, valued at $830,000.		1,500,000
	1,200,000	Merrill Lynch Co., Inc., dated 9/30/08, 0.50%, due 10/2/08, proceeds $800,022; collateralized by U.S. Government Agency Discount Note, maturing 10/20/08, valued at $818,000.		1,200,000


Total Repurchase Agreements (Cost $8,200,000)				8,200,000

Collateral For Securities On Loan (2.4%):
	745,434	Northern Trust Liquid Institutional Asset Portfolio		745,434

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Balanced Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


Shares or
Principal			Fair
Amount			Value
Collateral For Securities On Loan, continued
Total Collateral For Securities On Loan (Cost $745,434)				745,434

Deposit Account (5.0%):
	1,563,994	NTRS London Deposit Account		1,563,994


Total Deposit Account (Cost $1,563,994)				1,563,994

Purchased Call Options (0.2%):
	310	1-Year Interest Rate SWAP, Receive 3-Month USD-LIBOR Floating Rate Index, Strike @ 4.25, Exp. 7/7/09(b)		47,714
	250	1-Year Interest Rate SWAP, Receive 6-Month EUR-LIBOR Floating Rate Index, Strike @ 4.18, Exp. 4/21/09(b)		16,871


Total Purchased Call Options (Cost $49,230)				64,585


Total Investment Securities (Cost $43,750,124)(d)—125.1%				39,467,123
Net other assets (liabilities) — (25.1)%				(7,925,664	)

NET ASSETS — 100.0%			$	31,541,459


		Percentages indicated are based on net assets as of September 30, 2008.

*		Non-income producing security

^		All or a portion of security is loaned as of September 30, 2008.

+		Investment securities are designated as collateral, the aggregate fair value of these securities is $16,886,120.

ADR		American Depository Receipt

LIBOR		Represents the London InterBank Offered Rate

PLC		Public Liability Co.

SPA		Standby Purchase Agreement

STRIPS		Separately Traded Registered Interest and Principal Securities

(a)		Variable rate security. The rate presented represents the rate in effect at September 30, 2008. The date presented represents the final maturity date.

(b)		Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The subadviser has deemed these securities to be illiquid based on procedures approved by the Board of Trustees. As of September 30, 2008, these securities represent 0.2% of the net assets of the Fund.

(c)		The rate presented represents the effective yield at September 30, 2008.

(d)		Cost for federal income tax purposes is $43,807,678. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	330,218
Unrealized depreciation		(4,670,773	)

Net unrealized depreciation	$	(4,340,555	)

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Balanced Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)

Currency Contracts

As of September 30, 2008 the Fund’s open foreign currency exchange contracts were as follows:


	Delivery		Contract		Fair		Appreciation/
Long Contracts	Date		Amount		Value		(Depreciation)
Receive 73,358 Brazilian Real in exchange for U.S. Dollars		12/2/08	$	43,246	$	38,107	$	(5,139	)
Receive 22,252 Brazilian Real in exchange for U.S. Dollars		6/2/08	$	11,696	$	11,164	$	(532	)
Receive 406,620 Chinese Renminbi in exchange for U.S. Dollars		11/13/08	$	60,000	$	59,031	$	(969	)
Receive 284,660 Chinese Renminbi in exchange for U.S. Dollars		2/11/09	$	43,000	$	41,164	$	(1,836	)
Receive 761,369 Chinese Renminbi in exchange for U.S. Dollars		7/15/09	$	118,000	$	109,954	$	(8,046	)
Receive 18,000 European Euros in exchange for U.S. Dollars		10/3/08	$	25,669	$	25,345	$	(324	)
Receive 7,000 British Sterling in exchange for U.S. Dollars		10/3/08	$	12,845	$	12,446	$	(399	)
Receive 201,660,000 Indonesian Rupiah in exchange for U.S. Dollars		10/29/08	$	21,183	$	21,320	$	137
Receive 16,383,000 Japanese Yen in exchange for U.S. Dollars		10/20/08	$	154,081	$	154,617	$	536
Receive 5,541,925 Japanese Yen in exchange for U.S. Dollars		10/3/08	$	53,058	$	52,143	$	(915	)
Receive 2,577,000 Japanese Yen in exchange for U.S. Dollars		11/5/08	$	24,406	$	24,382	$	(24	)
Receive 3,579 Mexican Nuevo Peso in exchange for U.S. Dollars		11/19/08	$	337	$	325	$	(12	)
Receive 3,579 Mexican Nuevo Peso in exchange for U.S. Dollars		5/19/09	$	328	$	318	$	(10	)
Receive 181,262 Malaysian Ringgit in exchange for U.S. Dollars		11/12/08	$	55,775	$	52,959	$	(2,816	)
Receive 600,000 Philippine Peso in exchange for U.S. Dollars		11/12/08	$	13,483	$	12,773	$	(710	)
Receive 861,070 Philippine Peso in exchange for U.S. Dollars		2/6/09	$	18,792	$	18,342	$	(450	)
Receive 2,608 Polish Zloty in exchange for U.S. Dollars		5/6/09	$	1,155	$	1,074	$	(81	)
Receive 52,445 New Romanian Leu in exchange for U.S. Dollars		1/28/09	$	21,319	$	19,245	$	(2,074	)
Receive 84,271 Singapore Dollars in exchange for U.S. Dollars		10/6/08	$	61,431	$	58,678	$	(2,753	)
Receive 84,071 Singapore Dollars in exchange for U.S. Dollars		12/10/08	$	58,976	$	58,730	$	(246	)
Receive 261,106 South African Rand in exchange for U.S. Dollars		12/10/08	$	32,283	$	31,076	$	(1,207	)

							$	(27,870	)


	Delivery		Contract		Fair		Appreciation/
Short Contracts	Date		Amount		Value		(Depreciation)

Delivered 73,357 Brazilian Real in exchange for U.S. Dollars		12/2/08	$	42,064	$	38,107	$	3,957
Delivered 19,000 European Euros in exchange for U.S. Dollars		10/3/08	$	27,811	$	26,753	$	1,058
Delivered 11,000 European Euros in exchange for U.S. Dollars		10/16/08	$	15,471	$	15,510	$	39
Delivered 32,000 British Sterling in exchange for U.S. Dollars		11/3/08	$	58,135	$	57,005	$	1,130
Delivered 5,541,925 Japanese Yen in exchange for U.S. Dollars		10/3/08	$	52,246	$	52,143	$	103
Delivered 325,000 Japanese Yen in exchange for U.S. Dollars		11/5/08	$	3,078	$	3,075	$	3
Delivered 3,579 Mexican Nuevo Peso in exchange for U.S. Dollars		11/19/08	$	335	$	325	$	10
Delivered 170,470 Malaysian Ringgit in exchange for U.S. Dollars		11/12/08	$	50,000	$	49,806	$	194
Delivered 52,445 New Romanian Leu in exchange for U.S. Dollars		1/28/09	$	19,391	$	19,245	$	146
Delivered 84,271 Singapore Dollars in exchange for U.S. Dollars		10/6/08	$	58,906	$	58,678	$	228
Delivered 284,193 South African Rand in exchange for U.S. Dollars		12/10/08	$	33,747	$	33,824	$	77

							$	6,713

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Equity Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (98.5%):
Aerospace & Defense (3.7%):
	5,051	Cubic Corp.	$	124,204
	82,906	DynCorp International, Inc., Class A*		1,389,505
	94,501	Taser International, Inc.*		675,682
	8,357	Precision Castparts Corp.		658,364

				2,847,755

Auto Components (2.5%):
	57,652	Superior Industries International, Inc.		1,104,612
	222,885	GKN plc		783,762

				1,888,374

Automobiles (3.0%):
	24,818	Honda Motor Co., Ltd., ADR		747,270
	7,512	Toyota Motor Corp., SP ADR		644,530
	8,402	DaimlerChrysler AG^		424,301
	49,012	General Motors Corp.^		463,163

				2,279,264

Capital Markets (1.5%):
	6,486	Deutsche Bank AG^		474,516
	14,040	Credit Suisse Group, SP ADR		677,851

				1,152,367

Chemicals (9.0%):
	31,138	Koppers Holdings, Inc.		1,164,873
	23,181	Mosaic Co., Inc.		1,577,235
	38,430	Sensient Technologies Corp.		1,081,036
	56,453	RPM International, Inc.		1,091,801
	13,694	Potash Corp. of Saskatchewan, Inc.		1,807,745
	7,519	Penford Corp.		133,011

				6,855,701

Commercial Banks (7.0%):
	11,819	KB Financial Group, Inc., ADR*		540,010
	93,122	Royal Bank of Scotland plc, SP ADR^		297,990
	19,542	Allied Irish Banks plc, SP ADR^		321,270
	10,113	HSBC Holdings plc, SP ADR		817,434
	553,000	BOC Hong Kong Holdings, Ltd.		985,165
	18,979	Barclays plc, ADR^		468,781
	23,780	Comerica, Inc.		779,746
	41,603	KeyCorp		496,740
	25,647	Wachovia Corp.		89,765
	68,123	Colonial Bancgroup, Inc.		535,447

				5,332,348

Commercial Services & Supplies (0.7%):
	25,660	GeoEye, Inc.*		567,856

Communications Equipment (2.1%):
	12,999	Research In Motion, Ltd.*		887,831
	39,652	Nokia Corp., ADR		739,510

				1,627,341

Computers & Peripherals (1.7%):
	48,426	Novatel Wireless, Inc.*		293,462
	8,611	Apple, Inc.*		978,726

				1,272,188

Construction & Engineering (1.3%):
	39,839	Perini Corp.*		1,027,448

Diversified Financial Services (3.3%):
	24,238	JP Morgan Chase & Co.		1,131,915
	43,685	Citigroup, Inc.		895,979
	21,938	ING Groep NV, ADR		469,473

				2,497,367

Diversified Telecommunication Services (6.0%):
	37,090	AT&T, Inc.		1,035,553
	240,482	BT Group plc		694,494
	37,682	Nippon Telegraph & Telephone Corp., ADR		848,222
	2,367,000	PCCW, Ltd.		988,183
	38,037	Deutsche Telekom AG, ADR		579,303
	26,482	Telecom Italia SPA, ADR		395,111

				4,540,866

Electric Utilities (4.0%):
	33,511	Northeast Utilities		859,557
	272,000	Hongkong Electric Holdings, Ltd.		1,712,094
	40,189	Korea Electric Power Corp., ADR		497,942

				3,069,593

Electronic Equipment & Instruments (0.4%):
	8,043	FLIR Systems, Inc.*		309,012

Energy Equipment & Services (3.6%):
	1,762	Core Laboratories NV		178,526
	38,730	Matrix Service Co.*		739,743
	12,947	Cameron International Corp.*		498,977
	22,820	National-Oilwell Varco, Inc.*		1,146,249
	2,553	SunPower Corp., Class B*		176,314

				2,739,809

Food Products (1.4%):
	153,327	Tate & Lyle plc		1,051,575

Health Care Equipment & Supplies (1.6%):
	31,891	Abaxis, Inc.*		628,253
	2,294	Intuitive Surgical, Inc.*		552,808

				1,181,061

Health Care Providers & Services (2.3%):
	77,544	Alliance Imaging, Inc.*		796,377
	62,573	Sun Healthcare Group, Inc.*		917,320

				1,713,697

Hotels, Restaurants & Leisure (1.0%):
	225,266	Ladbrokes plc		761,183

Household Durables (7.0%):
	7,478	Tempur-Pedic International, Inc.		87,941
	161,925	La-Z-Boy, Inc.^		1,509,141
	14,960	Garmin, Ltd.*		507,743
	91,675	Tupperware Brands Corp.		2,532,980
	40,282	Matsushita Electric Industrial Co., Ltd., ADR		698,087

				5,335,892

Industrial Conglomerates (2.7%):
	366,000	Cheung Kong Infrastructure Holdings, Ltd.		1,712,241
	12,753	McDermott International, Inc.*		325,839

				2,038,080

Insurance (1.5%):
	47,870	AEGON NV		420,299

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Equity Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Insurance, continued
	17,426	Lincoln National Corp.	$	746,007

				1,166,306

Internet & Catalog Retail (0.2%):
	2,341	Priceline.com, Inc.*		160,195

Internet Software & Services (1.4%):
	63,917	DealerTrack Holdings, Inc.*		1,076,362

IT Services (1.4%):
	549,395	LogicaCMG plc		1,066,695

Machinery (0.1%):
	3,288	Dynamic Materials Corp.		76,314

Metals & Mining (3.5%):
	5,440	AMCOL International Corp.		170,054
	11,645	ArcelorMittal, Class A		575,030
	21,032	BHP Billiton, Ltd., SP ADR^		1,093,454
	43,349	Southern Copper Corp.		827,099

				2,665,637

Multi-Utilities (4.0%):
	57,904	NiSource, Inc.		854,663
	47,870	PNM Resources, Inc.		490,189
	25,529	Black Hills Corp.		793,186
	21,822	DTE Energy Co.		871,789

				3,009,827

Oil, Gas & Consumable Fuels (6.1%):
	49,468	Arena Resources, Inc.*		1,921,832
	17,125	Petro-Canada		571,119
	23,143	Repsol YPF SA, ADR		686,421
	11,957	ENI SPA, ADR		633,123
	12,936	EnCana Corp.		850,283

				4,662,778

Paper & Forest Products (1.0%):
	32,631	MeadWestvaco Corp.		760,629

Pharmaceuticals (1.4%):
	59,772	Pfizer, Inc.		1,102,196

Semiconductors & Semiconductor Equipment (0.6%):
	3,232	Sigma Designs, Inc.*		45,959
	9,310	Cypress Semiconductor Corp.*		48,598
	32,414	NVIDIA Corp.*		347,154

				441,711

Software (1.3%):
	44,486	Epiq Systems, Inc.*^		605,009
	46,769	Radiant Systems, Inc.*		406,423

				1,011,432

Specialty Retail (1.7%):
	50,595	Home Depot, Inc.		1,309,905

Textiles, Apparel & Luxury Goods (1.8%):
	1,484	Deckers Outdoor Corp.*		154,455
	432,000	Yue Yuen Industrial Holdings, Ltd.		1,179,536

				1,333,991

Thrifts & Mortgage Finance (2.9%):
	58,481	New York Community Bancorp, Inc.		981,896
	58,740	Washington Mutual, Inc.^		4,817
	63,046	People’s United Financial, Inc.		1,213,635

				2,200,348

Tobacco (1.3%):
	19,897	Universal Corp.		976,744

Wireless Telecommunication Services (2.5%):
	52,242	NTT DoCoMo, Inc., ADR^		830,648
	22,568	Vodafone Group plc, ADR		498,753
	38,821	China Unicom, Ltd., ADR^		586,973

				1,916,374


Total Common Stocks (Cost $101,623,431)				75,026,221


Collateral For Securities On Loan (6.0%):
	4,586,127	Northern Trust Liquid Institutional Asset Portfolio		4,586,127


Total Collateral For Securities On Loan (Cost $4,586,127)				4,586,127


Deposit Account (1.4%):
	1,017,550	NTRS London Deposit Account		1,017,550


Total Deposit Account (Cost $1,017,550)				1,017,550


Total Investment Securities (Cost $107,227,108)(a)—105.9%				80,629,898


Net other assets (liabilities) — (5.9)%				(4,460,029	)


NET ASSETS — 100.0%			$	76,169,869


		Percentages indicated are based on net assets as of September 30, 2008.

*		Non-income producing security

^		All or a portion of security is loaned as of September 30, 2008.

ADR		American Depository Receipt

PLC		Public Liability Co.

SPA		Standby Purchase Agreement

(a)		Cost for federal income tax purposes is $110,839,714. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	1,364,362
Unrealized depreciation		(31,574,178	)

Net unrealized depreciation	$	(30,209,816	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of September 30, 2008:


Country	Percentage
United States		59.2	%
Hong Kong		9.4	%
United Kingdom		8.1	%
Canada		5.4	%
Japan		5.0	%
Netherlands		2.6	%
Germany		1.9	%

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Growth Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


Shares or
Principal			Fair
Amount			Value
Asset Backed Securities (0.1%):
$	100,000	SLM Student Loan Trust, Series 2008-9, Class A, 4.17%, 4/25/23(a)	$	100,375


Total Asset Backed Securities (Cost $99,596)				100,375


Common Stocks (77.2%):
Aerospace & Defense (3.0%):
	3,822	Cubic Corp.		93,983
	62,631	DynCorp International, Inc., Class A*		1,049,696
	6,316	Precision Castparts Corp.		497,574
	71,393	Taser International, Inc.*^		510,460

				2,151,713

Auto Components (1.9%):
	161,999	GKN plc		569,660
	43,553	Superior Industries International, Inc.		834,475

				1,404,135

Automobiles (2.4%):
	6,343	DaimlerChrysler AG		320,321
	37,026	General Motors Corp.^		349,896
	18,752	Honda Motor Co., Ltd., ADR		564,623
	5,676	Toyota Motor Corp., SP ADR		487,001

				1,721,841

Capital Markets (1.2%):
	10,606	Credit Suisse Group, SP ADR		512,058
	4,901	Deutsche Bank AG^		358,557

				870,615

Chemicals (7.1%):
	23,518	Koppers Holdings, Inc.		879,808
	17,514	Mosaic Co., Inc.		1,191,653
	5,680	Penford Corp.^		100,479
	10,347	Potash Corp. of Saskatchewan, Inc.		1,365,907
	42,646	RPM International, Inc.		824,774
	29,031	Sensient Technologies Corp.		816,642

				5,179,263

Commercial Banks (5.5%):
	14,765	Allied Irish Banks plc, SP ADR		242,737
	14,338	Barclays plc, ADR^		354,148
	398,000	BOC Hong Kong Holdings, Ltd.		709,034
	51,459	Colonial Bancgroup, Inc.		404,468
	17,966	Comerica, Inc.		589,105
	7,636	HSBC Holdings plc, SP ADR		617,218
	8,930	KB Financial Group, Inc., ADR*		408,012
	31,428	KeyCorp		375,250
	70,323	Royal Bank of Scotland plc, SP ADR		225,035
	19,372	Wachovia Corp.		67,802

				3,992,809

Commercial Services & Supplies (0.6%):
	19,381	GeoEye, Inc.*		428,901

Communications Equipment (1.7%):
	29,957	Nokia Corp., ADR		558,698
	9,819	Research In Motion, Ltd.*		670,638

				1,229,336

Computers & Peripherals (1.3%):
	6,506	Apple, Inc.*		739,472
	36,586	Novatel Wireless, Inc.*		221,711

				961,183

Construction & Engineering (1.1%):
	30,097	Perini Corp.*		776,202

Diversified Financial Services (2.6%):
	33,002	Citigroup, Inc.		676,871
	16,571	ING Groep NV, ADR		354,619
	18,310	JP Morgan Chase & Co.		855,077

				1,886,567

Diversified Telecommunication Services (4.6%):
	28,019	AT&T, Inc.		782,291
	174,789	BT Group plc		504,777
	28,733	Deutsche Telekom AG, ADR		437,604
	28,463	Nippon Telegraph & Telephone Corp., ADR		640,702
	1,701,000	PCCW, Ltd.		710,139
	20,008	Telecom Italia SPA, ADR		298,519

				3,374,032

Electric Utilities (3.1%):
	195,000	Hongkong Electric Holdings, Ltd.		1,227,420
	30,356	Korea Electric Power Corp., ADR		376,111
	25,316	Northeast Utilities		649,355

				2,252,886

Electronic Equipment & Instruments (0.3%):
	6,073	FLIR Systems, Inc.*		233,325

Energy Equipment & Services (2.8%):
	9,779	Cameron International Corp.*		376,883
	1,334	Core Laboratories NV		135,161
	29,258	Matrix Service Co.*		558,828
	17,241	National-Oilwell Varco, Inc.*		866,015
	1,871	SunPower Corp., Class B*		129,215

				2,066,102

Food Products (1.1%):
	111,443	Tate & Lyle plc		764,318

Health Care Equipment & Supplies (1.2%):
	24,092	Abaxis, Inc.*		474,613
	1,733	Intuitive Surgical, Inc.*		417,618

				892,231

Health Care Providers & Services (1.8%):
	58,580	Alliance Imaging, Inc.*		601,617
	47,269	Sun Healthcare Group, Inc.*		692,963

				1,294,580

Hotels, Restaurants & Leisure (0.8%):
	163,730	Ladbrokes plc		553,250

Household Durables (5.1%):
	11,298	Garmin, Ltd.*		383,454
	85,356	La-Z-Boy, Inc.^		795,518
	30,433	Matsushita Electric Industrial Co., Ltd., ADR		527,404
	5,648	Tempur-Pedic International, Inc.		66,420
	69,254	Tupperware Brands Corp.		1,913,488

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Growth Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


Shares			Fair Value
Common Stocks, continued
Household Durables, continued
			$	3,686,284

Industrial Conglomerates (2.1%):
	267,000	Cheung Kong Infrastructure Holdings, Ltd.		1,249,094
	9,633	McDermott International, Inc.*		246,123

				1,495,217

Insurance (1.2%):
	36,165	AEGON NV		317,529
	13,164	Lincoln National Corp.		563,551

				881,080

Internet & Catalog Retail (0.2%):
	1,764	Priceline.com, Inc.*		120,710

Internet Software & Services (1.1%):
	48,284	DealerTrack Holdings, Inc.*		813,103

IT Services (1.1%):
	399,318	LogicaCMG plc		775,308

Machinery (0.1%):
	2,486	Dynamic Materials Corp.		57,700

Metals & Mining (2.8%):
	4,110	AMCOL International Corp.		128,479
	8,800	ArcelorMittal, Class A		434,544
	15,886	BHP Billiton, Ltd., SP ADR^		825,913
	32,743	Southern Copper Corp.		624,736

				2,013,672

Multi-Utilities (3.1%):
	19,285	Black Hills Corp.		599,185
	16,484	DTE Energy Co.		658,536
	43,742	NiSource, Inc.		645,632
	36,165	PNM Resources, Inc.		370,329

				2,273,682

Oil, Gas & Consumable Fuels (4.9%):
	37,369	Arena Resources, Inc.*		1,451,786
	9,768	EnCana Corp.		642,051
	9,034	ENI SPA, ADR		478,350
	12,939	Petro-Canada		431,516
	17,484	Repsol YPF SA, ADR		518,575

				3,522,278

Paper & Forest Products (0.8%):
	24,648	MeadWestvaco Corp.		574,545

Pharmaceuticals (1.1%):
	45,149	Pfizer, Inc.		832,548

Semiconductors & Semiconductor Equipment (0.5%):
	6,823	Cypress Semiconductor Corp.*		35,616
	24,487	NVIDIA Corp.*		262,256
	2,444	Sigma Designs, Inc.*		34,753

				332,625

Software (1.0%):
	33,608	Epiq Systems, Inc.*^		457,069
	35,327	Radiant Systems, Inc.*		306,991

				764,060

Specialty Retail (1.4%):
	38,222	Home Depot, Inc.		989,568

Textiles, Apparel & Luxury Goods (1.3%):
	1,124	Deckers Outdoor Corp.*		116,986


Shares or
Principal			Fair
Amount			Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods, continued
	308,000	Yue Yuen Industrial Holdings, Ltd.	$	840,966

				957,952

Thrifts & Mortgage Finance (2.3%):
	44,177	New York Community Bancorp, Inc.		741,732
	47,628	People’s United Financial, Inc.		916,839
	43,930	Washington Mutual, Inc.^		3,602

				1,662,173

Tobacco (1.0%):
	15,031	Universal Corp.		737,872

Wireless Telecommunication Services (2.0%):
	28,624	China Unicom, Ltd., ADR^		432,795
	39,469	NTT DoCoMo, Inc., ADR^		627,557
	17,049	Vodafone Group plc, ADR		376,783

				1,437,135


Total Common Stocks (Cost $72,269,477)				55,960,801


Convertible Bonds (0.1%):
Diversified Financial Services (0.1%):
	100,000	Prudential Financial, Inc., 1.19%, 12/15/37, Callable 6/16/09 @ 100+(a)		94,390


Total Convertible Bonds (Cost $96,777)				94,390


Corporate Bonds (2.8%):
Air Freight & Logistics (0.1%):
	35,000	First Data Corp., 9.88%, 9/24/15+		27,475

Commercial Banks (0.8%):
	100,000	ANZ National Bank, Ltd., 6.20%, 7/19/13+(b)		99,271
	100,000	Bank of America Corp., 8.13%, 12/29/49+		79,187
	100,000	Barclays Bank plc, 2.91%, 8/10/09+(a)		99,597
	100,000	Barclays Bank plc, 7.43%, 9/29/49+(a)		81,431
	100,000	Citigroup Funding, Inc., 3.85%, 5/7/10+(a)		94,298
	100,000	UBS AG Stamford CT, 5.88%, 12/20/17+		88,792
	20,000	Wells Fargo Co., 5.25%, 10/23/12+		19,197

				561,773

Diversified Consumer Services (0.6%):
	100,000	American Express Credit Co., Series C, 5.88%, 5/2/13+		92,165
	100,000	American International Group, 5.85%, 1/16/18, MTN+		50,195
	25,000	Bear Stearns Co., Inc., 6.40%, 10/2/17+		23,348
	20,000	General Electric Capital Corp., 5.25%, 10/19/12+		18,803

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Growth Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


Principal			Fair
Amount			Value
Corporate Bonds, continued
Diversified Consumer Services, continued
$	100,000	John Deere Capital Corp., 3.57%, 6/10/11+(a)	$	100,200
	100,000	National Rural Utilities, 4.75%, 3/1/14+		95,423
	25,000	Petrobras International Finance, Inc., 5.88%, 3/1/18+		22,722

				402,856

Diversified Financial Services (0.3%):
	100,000	Citigroup, Inc., 6.13%, 11/21/17+		84,748
	100,000	Citigroup, Inc., 8.40%, 4/29/49+		68,066
	100,000	Goldman Sachs Group, Inc., 5.95%, 1/18/18+		82,496

				235,310

Diversified Telecommunication Services (0.1%):
	100,000	AT&T, Inc., 6.30%, 1/15/38+		82,820

Electric Utilities (0.3%):
	100,000	Southern Cal Edison, 5.00%, 1/15/14+		97,838
	100,000	Southern Co., Series 08-A, 3.51%, 8/20/10+(a)		99,769

				197,607

Electronic Equipment & Instruments (0.1%):
	100,000	General Electric Co., 5.25%, 12/6/17+		87,503

Insurance (0.0%):
	100,000	American International Group, 8.18%, 5/15/58+(b)		16,019

Media (0.4%):
	200,000	Rogers Communications, 6.75%, 3/15/15+		196,164
	100,000	Time Warner Cable, Inc., 5.40%, 7/2/12+		95,122

				291,286

Pharmaceuticals (0.1%):
	100,000	Amgen, Inc., 5.85%, 6/1/17+		95,992

Total Corporate Bonds (Cost $2,302,609)				1,998,641

Commercial Paper (1.2%):
Commercial Banks (0.7%):
	100,000	Bank of America Corp., 2.84%, 11/10/08+(c)		99,572
	200,000	HSBC USA, Inc., 2.76%, 11/3/08+(c)		199,292
	200,000	Santander Central Hispanic Financial, Inc., 2.76%, 10/7/08+(c)		199,856

				498,720

Diversified Financial Services (0.5%):
	200,000	San Paolo IMI SpA, 2.75%, 10/2/08+(c)		199,958
	200,000	San Paolo IMI SpA, 2.79%, 10/9/08+(c)		199,812

				399,770

Total Commercial Paper (Cost $898,960)				898,490


Municipal Bonds (0.3%):
California (0.1%):
$	100,000	Los Angeles Department of Water & Power Revenue, Series A-1, 5.00%, 7/1/37, Callable 7/01/2017 @ 100+	$	91,694

Illinois (0.2%):
	100,000	Chicago Illinois Transit Authority Sales & Transfer Tax Receipts Revenue, Series B, 6.90%, 12/1/40+		104,086


Total Municipal Bonds (Cost $203,433)				195,780


U.S. Government Agency Mortgages (10.4%):
Federal Home Loan Mortgage Corporation (0.9%)
	500,000	5.25%, 1/12/09 +		502,983
	100,000	5.00%, 2/16/17 +		101,341
	100,000	4.88%, 6/13/18 +		101,352

				705,676

Federal National Mortgage Association (9.5%)
	500,000	5.50%, 10/15/35 , Pool #42342 TBA+		498,594
	1,000,000	5.00%, 10/15/36 , Pool #19462 TBA+		974,375
	483,096	5.50%, 1/1/37 +		482,424
	481,179	5.00%, 3/1/37 +		469,215
	463,826	5.50%, 10/1/37 +		462,937
	900,000	6.00%, 10/15/37 , Pool #53547 TBA+		911,531
	457,787	5.50%, 12/1/37 +		456,909
	489,521	5.50%, 2/1/38 +		488,533
	99,893	5.00%, 5/1/38 +		97,399
	1,000,001	5.00%, 7/1/38 +		975,039
	1,000,001	5.00%, 9/1/38 +		975,039

				6,791,995


Total U.S. Government Agency Mortgages (Cost $7,403,359)				7,497,671


U.S. Treasury Obligations (1.9%):
U.S. Treasury Bills (0.8%)
	600,000	1.53%, 10/16/08 (c) +		599,705

U.S. Treasury Notes (1.1%)
	100,000	3.13%, 4/30/13 +		100,859
	200,000	3.38%, 7/31/13 +		203,641
	200,000	3.88%, 5/15/18 +		201,312
	50,000	8.13%, 8/15/21 +		68,789
	50,000	2.00%, 1/15/26 +		50,595
	150,000	5.25%, 11/15/28 +		166,184

				791,380


Total U.S. Treasury Obligations (Cost $1,395,066)				1,391,085

Purchased Call Options (0.1%):

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Growth Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


Shares or
Principal			Fair
Amount			Value
Purchased Call Options, continued
$	380	1-Year Interest Rate SWAP, Receive 3-Month USD-LIBOR Floating Rate Index, Strike @ 4.25, Exp. 7/7/09(d)	$	58,488
	140	1-Year Interest Rate SWAP, Receive 6-Month EUR-LIBOR Floating Rate Index, Strike @ 4.18, Exp. 4/21/09(d)		9,448


Total Purchased Call Options (Cost $49,735)				67,936


Put Options Purchased (0.0%):
	100	Federal National Mortgage Association, 5.00%, Put @ 72, Exp 12/5/08		0


Total Put Options Purchased (Cost $114)				0


Repurchase Agreements (9.2%):
	1,300,000	Merrill Lynch Co., Inc., dated 9/30/08, 0.05%, due 10/1/08, proceeds $1,300,002; collateralized by U.S. Treasury Inflation Index Bonds, 2.375%, maturing 1/15/17, valued at $1,301,375.		1,300,000
	3,800,000	Merrill Lynch Co., Inc., dated 9/30/08, 0.25%, due 10/1/08, proceeds $3,800,026; collateralized by U.S. Government Agencies Securities, maturing 12/17/38, 5.352%, valued at $3,906,000.		3,800,000
	800,000	Merrill Lynch Co., Inc., dated 9/30/08, 0.15%, due 10/2/08, proceeds $800,007; collateralized by U.S. STRIPS, maturing 11/15/09, valued at $830,000.		800,000
	800,000	Merrill Lynch Co., Inc., dated 9/30/08, 0.50%, due 10/2/08, proceeds $800,022; collateralized by U.S. Government Agency Discount Note, maturing 10/20/08, valued at $818,000.		800,000


Total Repurchase Agreements (Cost $6,700,000)				6,700,000


Deposit Account (4.8%):
Commercial Banks (4.8%):
	3,506,272	NTRS London Deposit Account		3,506,272


Total Deposit Account (Cost $3,506,272)				3,506,272


Collateral For Securities On Loan (4.8%):
	3,450,189	Northern Trust Liquid Institutional Asset Portfolio		3,450,189


Total Collateral For Securities On Loan (Cost $3,450,189)				3,450,189


Total Investment Securities (Cost $98,375,587)(e)—112.9%				81,861,630

Net other assets (liabilities) — (12.9)%				(9,348,170	)


NET ASSETS — 100.0%			$	72,513,460


		Percentages indicated are based on net assets as of September 30, 2008.

*		Non-income producing security

^		All or a portion of security is loaned as of September 30, 2008.

+		Investment securities are designated as collateral, the aggregate fair value of these securities is $8,049,144.

ADR		American Depository Receipt

LIBOR		Represents the London InterBank Offered Rate

PLC		Public Liability Co.

SPA		Standby Purchase Agreement

STRIPS		Separately Traded Registered Interest and Principal Securities

(a)		Variable rate security. The rate presented represents the rate in effect at September 30, 2008. The date presented represents the final maturity date.

(b)		Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investor. The subadviser has deemed these securities to be liquid based on procedures approved by the Board of Trustees.

(c)		The rate presented represents the effective yield at September 30, 2008.

(d)		Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The subadviser has deemed these securities to be illiquid based on procedures approved by the Board of Trustees. As of September 30, 2008, these securities represent 0.1% of the net assets of the Fund.

(e)		Cost for federal income tax purposes is $100,158,152. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	897,957
Unrealized depreciation		(19,194,479	)

Net unrealized depreciation	$	(18,296,522	)

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Growth Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)

Currency Contracts:

As of September 30, 2008 the Fund’s open foreign currency exchange contracts were as follows:


	Delivery	Contract				Appreciation/
Long Contracts	Date	Amount		Fair Value		(Depreciation)
Receive 80,740 Brazilian Real in exchange for U.S. Dollars	12/2/2008	$	47,584	$	41,942	$	(5,642	)
Receive 29,385 Brazilian Real in exchange for U.S. Dollars	6/2/2008		15,445		14,743		(702	)
Receive 406,620 Chinese Renminbi in exchange for U.S. Dollars	11/13/2008		60,000		59,032		(968	)
Receive 364,100 Chinese Renminbi in exchange for U.S. Dollars	2/11/2009		55,000		52,652		(2,348	)
Receive 657,994 Chinese Renminbi in exchange for U.S. Dollars	7/15/2009		102,000		95,024		(6,976	)
Receive 27,000 European Euros in exchange for U.S. Dollars	10/3/2008		38,078		38,017		(61	)
Receive 5,000 British Sterling in exchange for U.S. Dollars	10/3/2008		9,175		8,890		(285	)
Receive 19,181 British Sterling in exchange for U.S. Dollars	10/2/2008		34,487		34,095		(392	)
Receive 379,579 Hong Kong Dollar in exchange for U.S. Dollars	10/2/2008		48,838		48,886		48
Receive 274,590,000 Indonesian Rupiah in exchange for U.S. Dollars	10/29/2008		28,843		29,030		187
Receive 16,170,000 Japanese Yen in exchange for U.S. Dollars	10/20/2008		152,111		152,608		497
Receive 5,147,842 Japanese Yen in exchange for U.S. Dollars	10/3/2008		49,175		48,435		(740	)
Receive 1,639,000 Japanese Yen in exchange for U.S. Dollars	11/5/2008		15,522		15,507		(15	)
Receive 15,808 Mexican Nuevo Peso in exchange for U.S. Dollars	11/19/2008		1,490		1,436		(54	)
Receive 15,808 Mexican Nuevo Peso in exchange for U.S. Dollars	5/19/2009		1,448		1,405		(43	)
Receive 183,572 Malaysian Ringgit in exchange for U.S. Dollars	11/12/2008		56,644		53,634		(3,010	)
Receive 1,400,000 Philippine Peso in exchange for U.S. Dollars	11/12/2008		31,634		29,805		(1,829	)
Receive 669,870 Philippine Peso in exchange for U.S. Dollars	2/6/2009		14,620		14,269		(351	)
Receive 5,065 Polish Zloty in exchange for U.S. Dollars	5/6/2009		2,244		2,086		(158	)
Receive 78,617 New Romanian Leu in exchange for U.S. Dollars	1/28/2009		31,958		28,849		(3,109	)
Receive 252,500 Russian Ruble in exchange for U.S. Dollars	11/19/2008		10,179		9,778		(401	)
Receive 126,407 Singapore Dollars in exchange for U.S. Dollars	10/6/2008		92,086		88,017		(4,069	)
Receive 126,156 Singapore Dollars in exchange for U.S. Dollars	12/10/2008		88,484		88,130		(354	)
Receive 349,292 South African Rand in exchange for U.S. Dollars	12/10/2008		43,393		41,572		(1,821	)

						$	(32,596	)

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Growth Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)

Swap agreements outstanding on September 30, 2008:

Interest Rate Swaps


							Unrealized
		Pay/Receive	Fixed	Expiration	Notional		Appreciation/
Counterparty	Floating Rate Index	Floating Rate	Rate	Date	Amount		(Depreciation)
Goldman Sachs Group	Brazil Cetip Interbank Deposit Rate	Pay	10.15%	1/2/12	$	100,000	$	(2,259	)
Morgan Stanley Capital Services Inc.	6-Month GBP LIBOR	Pay	6.00%	9/18/09		100,000		148

Deutsche Bank	6-Month EUR LIBOR	Pay	4.00%	6/17/10		3,300,000		13,875

UBS AG	Brazil Cetip Interbank Deposit Rate	Pay	12.54%	1/2/12		100,000		(1,521	)
Morgan Stanley Capital Services Inc.	Brazil Cetip Interbank Deposit Rate	Pay	12.54%	1/2/12		300,000		(1,047	)
Merrill Lynch Capital Services, Inc.	Brazil Cetip Interbank Deposit Rate	Pay	12.54%	1/2/12		300,000		(6,231	)
HSBC Bank USA	South African Johanesburg Interbank	Pay	9.99%	11/9/10		500,000		(631	)
Barclays Bank PLC	6-Month EUR LIBOR	Pay	4.00%	9/19/17		100,000		631

UBS AG	Brazil Cetip Interbank Deposit Rate	Pay	13.85%	1/2/12		100,000		836
Royal Bank of Scotland PLC	3-Month USD LIBOR	Pay	4.00%	12/17/13		100,000		1,258

Merrill Lynch Capital Services, Inc.	3-Month USD LIBOR	Receive	5.00%	12/17/38		100,000		(2,003	)

Merrill Lynch Capital Services, Inc.	3-Month USD LIBOR	Pay	5.00%	12/17/13		400,000		(22	)

Citibank	3-Month USD LIBOR	Pay	4.00%	12/17/13		100,000		(394	)

Morgan Stanley Capital Services Inc.	3-Month USD LIBOR	Pay	4.00%	12/17/13		500,000		2,900

Merrill Lynch Capital Services, Inc.	3-Month USD LIBOR	Receive	5.00%	12/17/23		100,000		(1,669	)

Goldman Sachs Group	6-Month GBP LIBOR	Pay	5.00%	3/18/14		100,000		1,735

Bank of America	3-Month USD LIBOR	Receive	5.00%	12/17/28		200,000		1,088

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Moderate Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (62.3%):
Aerospace & Defense (2.4%):
	1,914	Cubic Corp.	$	47,065
	31,446	DynCorp International, Inc., Class A*		527,035
	3,169	Precision Castparts Corp.		249,654
	35,844	Taser International, Inc.*		256,285

				1,080,039

Auto Components (1.6%):
	80,994	GKN plc		284,811
	21,870	Superior Industries International, Inc.		419,029

				703,840

Automobiles (1.9%):
	3,186	DaimlerChrysler AG		160,893
	18,590	General Motors Corp.^		175,675
	9,415	Honda Motor Co., Ltd., ADR		283,486
	2,847	Toyota Motor Corp., SP ADR		244,273

				864,327

Capital Markets (1.0%):
	5,326	Credit Suisse Group, SP ADR		257,139
	2,460	Deutsche Bank AG^		179,974

				437,113

Chemicals (5.8%):
	11,811	Koppers Holdings, Inc.		441,849
	8,793	Mosaic Co., Inc.		598,276
	2,852	Penford Corp.		50,452
	5,195	Potash Corp. of Saskatchewan, Inc.		685,792
	21,412	RPM International, Inc.		414,108
	14,579	Sensient Technologies Corp.		410,107

				2,600,584

Commercial Banks (4.4%):
	7,412	Allied Irish Banks plc, SP ADR		121,853
	7,198	Barclays plc, ADR^		177,791
	200,000	BOC Hong Kong Holdings, Ltd.		356,299
	25,841	Colonial Bancgroup, Inc.		203,110
	9,022	Comerica, Inc.		295,831
	3,836	HSBC Holdings plc, SP ADR		310,064
	4,483	KB Financial Group, Inc., ADR*		204,828
	15,783	KeyCorp		188,449
	35,318	Royal Bank of Scotland plc, SP ADR^		113,016
	9,728	Wachovia Corp.		34,048

				2,005,289

Commercial Services & Supplies (0.5%):
	9,732	GeoEye, Inc.*		215,369

Communications Equipment (1.4%):
	15,039	Nokia Corp., ADR		280,477
	4,930	Research In Motion, Ltd.*		336,719

				617,196

Computers & Peripherals (1.1%):
	3,266	Apple, Inc.*		371,214
	18,367	Novatel Wireless, Inc.*		111,304

				482,518

Construction & Engineering (0.9%):
	15,110	Perini Corp.*		389,687

Diversified Financial Services (2.1%):
	16,570	Citigroup, Inc.		339,851
	8,320	ING Groep NV, ADR		178,048
	9,193	JP Morgan Chase & Co.		429,313

				947,212

Diversified Telecommunication Services (3.8%):
	14,072	AT&T, Inc.		392,890
	87,390	BT Group plc		252,376
	14,426	Deutsche Telekom AG, ADR		219,708
	14,292	Nippon Telegraph & Telephone Corp., ADR		321,713
	859,000	PCCW, Ltd.		358,618
	10,048	Telecom Italia SPA, ADR		149,916

				1,695,221

Electric Utilities (2.5%):
	100,000	Hongkong Electric Holdings, Ltd.		629,446
	15,241	Korea Electric Power Corp., ADR		188,836
	12,713	Northeast Utilities		326,089

				1,144,371

Electronic Equipment & Instruments (0.3%):
	3,050	FLIR Systems, Inc.*		117,181

Energy Equipment & Services (2.3%):
	4,911	Cameron International Corp.*		189,270
	669	Core Laboratories NV		67,783
	14,689	Matrix Service Co.*		280,560
	8,656	National-Oilwell Varco, Inc.*		434,791
	942	SunPower Corp., Class B*		65,015

				1,037,419

Food Products (0.8%):
	55,719	Tate & Lyle plc		382,142

Health Care Equipment & Supplies (1.0%):
	12,099	Abaxis, Inc.*		238,350
	870	Intuitive Surgical, Inc.*		209,653

				448,003

Health Care Providers & Services (1.4%):
	29,413	Alliance Imaging, Inc.*		302,072
	23,735	Sun Healthcare Group, Inc.*		347,955

				650,027

Hotels, Restaurants & Leisure (0.6%):
	81,858	Ladbrokes plc		276,601

Household Durables (4.1%):
	5,677	Garmin, Ltd.*		192,677
	44,634	La-Z-Boy, Inc.^		415,989
	15,282	Matsushita Electric Industrial Co., Ltd., ADR		264,837
	2,834	Tempur-Pedic International, Inc.		33,328
	34,774	Tupperware Brands Corp.		960,806

				1,867,637

Industrial Conglomerates (1.7%):
	133,000	Cheung Kong Infrastructure Holdings, Ltd.		622,207
	4,836	McDermott International, Inc.*		123,560

				745,767

Insurance (1.0%):
	18,158	AEGON NV		159,427

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Moderate Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Insurance, continued
	6,609	Lincoln National Corp.	$	282,931

				442,358

Internet & Catalog Retail (0.1%):
	885	Priceline.com, Inc.*		60,561

Internet Software & Services (0.9%):
	24,243	DealerTrack Holdings, Inc.*		408,252

IT Services (0.9%):
	199,646	LogicaCMG plc		387,629

Machinery (0.1%):
	1,246	Dynamic Materials Corp.		28,920

Metals & Mining (2.2%):
	2,062	AMCOL International Corp.		64,458
	4,418	ArcelorMittal, Class A		218,161
	7,978	BHP Billiton, Ltd., SP ADR^		414,776
	16,438	Southern Copper Corp.		313,637

				1,011,032

Multi-Utilities (2.5%):
	9,683	Black Hills Corp.		300,851
	8,276	DTE Energy Co.		330,626
	21,964	NiSource, Inc.		324,189
	18,158	PNM Resources, Inc.		185,938

				1,141,604

Oil, Gas & Consumable Fuels (3.9%):
	18,763	Arena Resources, Inc.*		728,942
	4,905	EnCana Corp.		322,406
	4,536	ENI SPA, ADR		240,181
	6,496	Petro-Canada		216,642
	8,781	Repsol YPF SA, ADR		260,444

				1,768,615

Paper & Forest Products (0.6%):
	12,377	MeadWestvaco Corp.		288,508

Pharmaceuticals (0.9%):
	22,669	Pfizer, Inc.		418,016

Semiconductors & Semiconductor Equipment (0.4%):
	3,433	Cypress Semiconductor Corp.*		17,920
	12,299	NVIDIA Corp.*		131,722
	1,229	Sigma Designs, Inc.*		17,477

				167,119

Software (0.8%):
	16,873	Epiq Systems, Inc.*^		229,473
	17,742	Radiant Systems, Inc.*		154,178

				383,651

Specialty Retail (1.1%):
	19,192	Home Depot, Inc.		496,881

Textiles, Apparel & Luxury Goods (1.1%):
	561	Deckers Outdoor Corp.*		58,389
	156,000	Yue Yuen Industrial Holdings, Ltd.		425,944

				484,333

Thrifts & Mortgage Finance (1.8%):
	22,182	New York Community Bancorp, Inc.		372,436
	23,915	People’s United Financial, Inc.		460,363
	22,058	Washington Mutual, Inc.^		1,809

				834,608

Tobacco (0.8%):
	7,549	Universal Corp.		370,580

Wireless Telecommunication Services (1.6%):
	14,538	China Unicom, Ltd., ADR^		219,815
	19,816	NTT DoCoMo, Inc., ADR^		315,074
	8,561	Vodafone Group plc, ADR		189,198

				724,087

Total Common Stocks (Cost $36,026,485)				28,124,297


Convertible Bonds (0.2%):
Diversified Financial Services (0.2%):
	100,000	Prudential Financial, Inc., 1.15%, 12/15/37, Callable 6/16/09 @ 100(a)+		94,390


Total Convertible Bonds (Cost $96,777)				94,390


U.S. Government Agency Mortgages (17.8%):
Federal Home Loan Mortgage Corporation (1.2%)
	350,000	5.25%, 1/12/09 +		352,088
	100,000	5.00%, 2/16/17 +		101,341
	100,000	4.88%, 6/13/18 +		101,352

				554,781

Federal National Mortgage Association (14.4%)
	483,096	5.50%, 1/1/37 +		482,424
	384,942	5.00%, 3/1/37 +		375,372
	417,443	5.50%, 10/1/37 +		416,643
	1,000,000	6.00%, 10/15/37 , Pool #53547 TBA		1,012,812
	183,115	5.50%, 12/1/37 +		182,764
	693,715	5.50%, 12/1/37 +		692,385
	298,965	5.50%, 12/1/37 +		298,392
	489,521	5.50%, 2/1/38 +		488,533
	2,492,543	5.00%, 4/1/38 +		2,430,324
	99,893	5.00%, 5/1/38 +		97,399

				6,477,048

Government National Mortgage Association (2.2%)
	500,000	6.00%, 10/18/37 , Pool #19095 TBA		507,344
	499,449	6.00%, 11/15/37 +		507,585

				1,014,929

Total U.S. Government Agency Mortgages (Cost $7,932,418)				8,046,758


U.S. Treasury Obligations (3.2%):
U.S. Treasury Bills (2.0%)
	300,000	1.60%, 10/2/08 (b)+		299,999
	600,000	1.53%, 10/16/08 (b)+		599,705

				899,704

U.S. Treasury Notes (1.2%)
	200,000	3.38%, 7/31/13 +		203,641
	100,000	3.50%, 2/15/18 +		98,062
	200,000	3.88%, 5/15/18 +		201,312
	20,000	8.13%, 8/15/21 +		27,516

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Moderate Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


Shares or
Principal			Fair
Amount			Value
U.S. Treasury Obligations, continued
				530,531

Total U.S. Treasury Obligations (Cost $1,430,266)				1,430,235

Yankee Dollars (0.2%):
Commercial Banks (0.2%):
$	100,000	Deutsche Bank AG London+	$	95,518

Total Yankee Dollars (Cost $100,057)				95,518

Commercial Paper (1.8%):
Commercial Banks (1.3%):
	200,000	Bank of America Corp., 2.84%, 11/10/08+(b)		199,144
	200,000	HSBC USA, Inc., 2.76%, 11/3/08+(b)		199,292
	200,000	Santander Central Hispanic Financial, Inc., 2.76%, 10/7/08+(b)		199,856

				598,292

Diversified Financial Services (0.5%):
	200,000	San Paolo IMI SpA, 2.79%, 10/9/08+(b)		199,812


Total Commercial Paper (Cost $798,668)				798,104


Corporate Bonds (3.7%):
Air Freight & Logistics (0.1%):
	25,000	First Data Corp., 9.88%, 9/24/15+		19,625

Commercial Banks (1.6%):
	25,000	Bank of America Corp., 5.75%, 12/1/17+		21,200
	100,000	Bank of America Corp., 8.13%, 12/29/49+		79,187
	100,000	Barclays Bank plc, 2.91%, 8/10/09+(a)		99,597
	250,000	Barclays Bank plc, 6.05%, 12/4/17+(c)		232,517
	100,000	Barclays Bank plc, 7.43%, 9/29/49+(a)		81,431
	100,000	Citigroup Funding, Inc., 3.85%, 5/7/10+(a)		94,298
	100,000	UBS AG Stamford CT, 5.88%, 12/20/17+		88,792
	10,000	Wells Fargo Co., 5.25%, 10/23/12+		9,598

				706,620

Diversified Consumer Services (0.3%):
	10,000	General Electric Capital Corp., 5.25%, 10/19/12+		9,402
	100,000	John Deere Capital Corp., 3.57%, 6/10/11+(a)		100,200
	25,000	Petrobras International Finance, Inc., 5.88%, 3/1/18+		22,722

				132,324

Diversified Financial Services (0.9%):
	100,000	Citigroup, Inc., 6.13%, 11/21/17+		84,748
	100,000	Citigroup, Inc., 8.40%, 4/29/49+		68,066
	100,000	Goldman Sachs Group, Inc., 5.95%, 1/18/18		82,496
	100,000	Goldman Sachs Group, Inc., 6.15%, 4/1/18		83,151
	100,000	Merrill Lynch & Co., 6.88%, 4/25/18+		88,475

				406,936

Diversified Telecommunication Services (0.2%):
	100,000	AT&T, Inc., 5.50%, 2/1/18		89,052

Electronic Equipment & Instruments (0.2%):
	100,000	General Electric Co., 5.25%, 12/6/17+		87,503

Health Care Providers & Services (0.2%):
	100,000	GlaxoSmithKline Capital, Inc., 6.38%, 5/15/38		93,879

Insurance (0.0%):
	100,000	American International Group, 8.18%, 5/15/58(c)		16,020

Media (0.2%):
	100,000	Rogers Communications, 6.75%, 3/15/15+		98,082


Total Corporate Bonds (Cost $1,930,020)				1,650,041


Mortgage Backed Securities (0.2%):
Asset Backed Security (0.2%):
	100,000	Chase Issuance Trust, Series 2007-A14, Class A14, 2.72%, 9/15/11(a)		98,810


Total Mortgage Backed Securities (Cost $99,525)				98,810


Municipal Bonds (0.4%):
California (0.2%):
	100,000	Los Angeles Department of Water & Power Revenue, Series A-1, 5.00%, 7/1/37, Callable 7/1/17 @ 100 +		91,694

Illinois (0.2%):
	100,000	Chicago Illinois Transit Authority Sales & Transfer Tax Receipts Revenue, Series B, 6.90%, 12/1/40+		104,086


Total Municipal Bonds (Cost $203,433)				195,780

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Moderate Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


Shares or
Principal			Fair
Amount			Value
Repurchase Agreements (15.1%):
$	1,300,000	Merrill Lynch & Co., Inc., dated 9/29/08, 0.05%, due 10/1/08, proceeds $1,300,002; collateralized by Treasury Inflation Index Bonds, 2.00%, 1/15/06, valued at $1,417,209.	$	1,300,000
	3,900,000	Merrill Lynch & Co., Inc., dated 9/29/08, 0.25%, due 10/1/08, proceeds $3,500,027; collateralized by U.S. Government Agency Securities, maturing 12/17/38 and 12/11/12, with rates of 5.352% and 4.125% and values of $1,850,000 and $2,095,000.		3,900,000
	700,000	Merrill Lynch & Co., Inc., dated 9/30/08, 0.15%, due 10/1/08, proceeds $700,003; collateralized by U.S. Strips, maturing 11/15/21, valued at $1,247,000.		700,000
	900,000	Merrill Lynch & Co., Inc., dated 9/30/08, 0.50%, due 10/2/08, proceeds $900,013: collateralized by U.S. Government Agency Discount Note maturing 10/20/08, valued at $929,100.		900,000


Total Repurchase Agreements (Cost $6,800,000)				6,800,000


Deposit Account (4.3%):
	1,942,857	NTRS London Deposit Account		1,942,857


Total Deposit Account (Cost $1,942,857)				1,942,857


Collateral For Securities On Loan (3.6%):
	1,620,696	Northern Trust Liquid Institutional Asset Portfolio		1,620,696


Total Collateral For Securities On Loan (Cost $1,620,696)				1,620,696


Purchased Call Options (0.2%):
	440	1-Year Interest Rate SWAP, Receive 3-Month USD-LIBOR Floating Rate Index, Strike @ 4.25, Exp. 7/7/09(d)		67,724
	160	1-Year Interest Rate SWAP, Receive 6-Month EUR-LIBOR Floating Rate Index, Strike @ 4.18, Exp. 4/21/09(d)		10,797


Total Purchased Call Options (Cost $57,409)				78,521


Total Investment Securities (Cost $59,038,611)(e)—113.0%				50,976,006


Net other assets (liabilities) — (13.0)%				(5,867,012	)

NET ASSETS — 100.0%			$	45,108,994


		Percentages indicated are based on net assets as of September 30, 2008.

*		Non-income producing security

^		All or a portion of security is loaned as of September 30, 2008.

+		Investment securities are segregated as collateral, the aggregate fair value of these securities is $xx,xxx,xxx.

ADR		American Depository Receipt

LIBOR		Represents the London InterBank Offered Rate

PLC		Public Liability Co.

SPA		Standby Purchase Agreement

STRIPS		Separately Traded Registered Interest and Principal Securities

(a)		Variable rate security. The rate presented represents the rate in effect at September 30, 2008. The date presented represents the final maturity date.

(b)		The rate presented represents the effective yield at September 30, 2008.

(c)		Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investor. The subadviser has deemed these securities to be liquid based on procedures approved by the Board of Trustees.

(d)		Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The subadviser has deemed these securities to be illiquid based on procedures approved by the Board of Trustees. As of September 30, 2008, these securities represent 0.2% of the net assets of the Fund.

(e)		Cost for federal income tax purposes is $59,837,881. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	559,258
Unrealized depreciation		(9,421,133	)

Net unrealized depreciation	$	(8,861,875	)

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Moderate Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)

Currency Contracts:

As of September 30, 2008 the Fund’s open foreign currency exchange contracts were as follows:


	Delivery		Contract		Fair		Appreciation/
Long Contracts	Date		Amount		Value		(Depreciation)
Receive 90,803 Brazilian Real in exchange for U.S. Dollars		12/2/2008	$	53,496	$	47,169	$	(6,327	)
Receive 21,672 Brazilian Real in exchange for U.S. Dollars		6/2/2009	$	11,392	$	10,874	$	(518	)
Receive 19,826,000 Chilean Peso in exchange for U.S. Dollars		5/6/2009	$	41,499	$	35,280	$	(6,219	)
Receive 406,620 Chinese Renminbi in exchange for U.S. Dollars		11/13/2008	$	60,000	$	59,032	$	(968	)
Receive 370,720 Chinese Renminbi in exchange for U.S. Dollars		2/11/2009	$	56,000	$	53,609	$	(2,391	)
Receive 612,800 Chinese Renminbi in exchange for U.S. Dollars		7/15/2009	$	95,000	$	88,497	$	(6,503	)
Receive 32,000 European Euros in exchange for U.S. Dollars		10/3/2008	$	45,155	$	45,058	$	(97	)
Receive 5,000 British Sterling in exchange for U.S. Dollars		10/3/2008	$	9,175	$	8,890	$	(285	)
Receive 9,588 British Sterling in exchange for U.S. Dollars		10/2/2008	$	17,240	$	17,044	$	(196	)
Receive 182,843 Hong Kong Dollar in exchange for U.S. Dollars		10/2/2008	$	23,525	$	23,548	$	23
Receive 357,345,000 Indonesian Rupiah in exchange for U.S. Dollars		10/29/2008	$	37,536	$	37,779	$	243
Receive 15,850,000 Japanese Yen in exchange for U.S. Dollars		10/20/2008	$	149,151	$	149,587	$	436
Receive 5,325,415 Japanese Yen in exchange for U.S. Dollars		10/3/2008	$	51,019	$	50,106	$	(913	)
Receive 2,472,000 Japanese Yen in exchange for U.S. Dollars		11/5/2008	$	23,411	$	23,388	$	(23	)
Receive 41,247 Mexican Nuevo Peso in exchange for U.S. Dollars		11/19/2008	$	3,888	$	3,748	$	(140	)
Receive 41,247 Mexican Nuevo Peso in exchange for U.S. Dollars		5/19/2009	$	3,777	$	3,666	$	(111	)
Receive 183,572 Malaysian Ringgit in exchange for U.S. Dollars		11/12/2008	$	56,644	$	53,634	$	(3,010	)
Receive 1,400,000 Philippine Peso in exchange for U.S. Dollars		11/12/2008	$	31,633	$	29,804	$	(1,829	)
Receive 669,870 Philippine Peso in exchange for U.S. Dollars		2/6/2009	$	14,620	$	14,269	$	(351	)
Receive 7,841 Polish Zloty in exchange for U.S. Dollars		5/6/2009	$	3,474	$	3,230	$	(244	)
Receive 79,342 New Romanian Leu in exchange for U.S. Dollars		1/28/2009	$	32,253	$	29,115	$	(3,138	)
Receive 252,500 Russian Ruble in exchange for U.S. Dollars		11/19/2008	$	10,179	$	9,778	$	(401	)
Receive 1,987,600 Russian Ruble in exchange for U.S. Dollars		5/6/2009	$	81,573	$	75,603	$	(5,970	)
Receive 126,406 Singapore Dollars in exchange for U.S. Dollars		10/6/2008	$	92,086	$	88,017	$	(4,069	)
Receive 126,157 Singapore Dollars in exchange for U.S. Dollars		12/10/2008	$	88,484	$	88,130	$	(354	)
Receive 349,236 South African Rand in exchange for U.S. Dollars		12/10/2008	$	43,385	$	41,565	$	(1,820	)

							$	(45,175	)


										Unrealized
		Pay/Receive	Fixed			Expiration		Notional		Appreciation/
Counterparty	Floating Rate Index	Floating Rate	Rate			Date		Amount		(Depreciation)

Morgan Stanley Capital Services Inc.	3-Month USD LIBOR	Pay		4.00	%		12/17/13		900,000		5,865

Morgan Stanley Capital Services Inc.	3-Month USD LIBOR	Receive		5.00	%		12/17/18		100,000		1,369

Merrill Lynch Capital Services, Inc.	3-Month USD LIBOR	Receive		5.00	%		12/17/23		100,000		(1,669	)

Goldman Sachs Group	6-Month GBP LIBOR	Pay		5.00	%		3/18/14		100,000		1,735

Bank of America	3-Month USD LIBOR	Receive		5.00	%		12/17/28		100,000		544

Merrill Lynch Capital Services, Inc.	3-Month USD LIBOR	Receive		5.00	%		12/17/28		100,000		(2,295	)

Morgan Stanley Capital Services Inc.	3-Month USD LIBOR	Receive		4.00	%		12/17/10		900,000		(6,231	)

Goldman Sachs Group	6-Month EUR LIBOR	Pay		4.50	%		3/18/14		300,000		4,270

Goldman Sachs Group	3-Month USD LIBOR	Pay		4.00	%		12/17/13		100,000		1,091

Goldman Sachs Group	6-Month GBP LIBOR	Pay		4.50	%		9/17/11		600,000		(6,629	)
Deutsche Bank	6-Month GBP LIBOR	Pay		5.00	%		3/18/11		100,000		1,631
Morgan Stanley Capital Services Inc.	3-Month USD LIBOR	Pay		5.00	%		12/17/18		1,282,000		33,594

Royal Bank of Scotland PLC	3-Month USD LIBOR	Pay		5.00	%		3/18/14		100,000		2,026
Barclays Bank PLC	3-Month USD LIBOR	Pay		4.00	%		6/17/10		4,300,000		9,609
Royal Bank of Scotland PLC	3-Month USD LIBOR	Pay		4.00	%		6/17/10		1,400,000		(4,529	)
Credit Suisse International	3-Month USD LIBOR	Receive		5.00	%		12/17/28		200,000		(4,380	)
Morgan Stanley Capital Services Inc.	6-Month EUR LIBOR	Pay		5.50	%		12/17/10		100,000		2,460

Barclays Bank PLC	6-Month EUR LIBOR	Pay		4.50	%		6/15/10		300,000		(3,814	)
Citibank	6-Month GBP LIBOR	Pay		5.00	%		3/18/11		100,000		1,467
Goldman Sachs Group	6-Month GBP LIBOR	Receive		4.00	%		6/15/37		100,000		(2,235	)
Bank of America	3-Month USD LIBOR	Pay		4.00	%		12/17/13		400,000		504
Deutsche Bank	6-Month EUR LIBOR	Pay		5.50	%		9/15/10		300,000		6,098

Total										$	35,340

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Turner Quantitative Small Cap Growth Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (99.7%):
Aerospace & Defense (1.1%):
	6,170	Esterline Technologies Corp.*	$	244,271
	43,130	Gencorp, Inc.*		290,696

				534,967

Airlines (1.3%):
	8,490	Copa Holdings SA, Class A		275,925
	74,690	JetBlue Airways Corp.*		369,715

				645,640

Biotechnology (3.7%):
	33,930	Alkermes, Inc.*		451,269
	21,670	Cubist Pharmaceuticals, Inc.*		481,724
	27,570	CV Therapeutics, Inc.*		297,756
	15,730	Isis Pharmaceuticals, Inc.*		265,680
	12,510	Martek Biosciences Corp.		393,064

				1,889,493

Chemicals (2.4%):
	23,420	Calgon Carbon Corp.*		476,831
	22,320	Ferro Corp.		448,632
	19,200	Solutia, Inc.*		268,800

				1,194,263

Commercial Banks (2.9%):
	13,080	MB Financial, Inc.		432,556
	32,160	NewAlliance Bancshares, Inc.		483,365
	9,280	SVB Financial Group*		537,497

				1,453,418

Commercial Services & Supplies (5.6%):
	10,270	American Public Education*		495,836
	10,760	athenahealth, Inc.*		357,985
	8,836	CoStar Group, Inc.*		401,066
	12,360	Herman Miller, Inc.		302,449
	10,270	HMS Holdings Corp.*		246,069
	25,530	Marchex, Inc., Class B		262,704
	17,460	Tetra Tech, Inc.*		420,088
	17,690	TNS, Inc.*		342,655

				2,828,852

Communications Equipment (3.9%):
	47,480	Arris Group, Inc.*		367,020
	12,150	Avocent Corp.*		248,589
	11,180	Comtech Telecommunications Corp.*		550,503
	37,610	Harmonic, Inc.*		317,805
	20,780	Infinera Corp.*		198,657
	12,320	Plantronics, Inc.		277,446

				1,960,020

Computers & Peripherals (0.6%):
	12,900	Avid Technology, Inc.*		310,374

Construction & Engineering (1.0%):
	18,278	Emcor Group, Inc.*		481,077

Containers & Packaging (0.8%):
	9,990	Rock-Tenn Co., Class A		399,400

Diversified Financial Services (1.6%):
	23,220	Nelnet, Inc., Class A		329,724
	9,900	Portfolio Recovery Associates, Inc.*^		481,437

				811,161

Diversified Telecommunication Services (2.9%):
	24,000	FairPoint Communications, Inc.		208,080
	25,970	MasTec, Inc.*		345,141
	17,360	Neutral Tandem, Inc.*		321,854
	42,490	Premiere Global Services, Inc.*		597,410

				1,472,485

Electrical Equipment (2.4%):
	15,040	EnerSys*		296,438
	15,410	II-VI, Inc.*		595,751
	7,890	Powell Industries, Inc.*		321,991

				1,214,180

Electronic Equipment & Instruments (3.8%):
	10,880	Coherent, Inc.*		386,784
	11,710	DTS, Inc.*		325,889
	5,770	Itron, Inc.*		510,818
	11,260	OSI Systems, Inc.*		264,723
	5,290	Park Electrochemical Corp.		128,230
	8,050	Rogers Corp.*		297,689

				1,914,133

Energy Equipment & Services (2.4%):
	10,760	CARBO Ceramics, Inc.		555,323
	7,720	PHI, Inc.*		285,100
	14,770	Willbros Group, Inc.*		391,405

				1,231,828

Food & Staples Retailing (1.5%):
	8,750	Nash Finch Co.		377,300
	17,370	Pantry, Inc. (The)*		368,070

				745,370

Health Care Equipment & Supplies (5.3%):
	14,670	American Medical Systems Holdings, Inc.*		260,539
	8,420	Datascope Corp.		434,725
	11,280	Integra LifeSciences Holdings*		496,658
	5,110	NuVasive, Inc.*		252,076
	15,330	Thoratec Corp.*		402,413
	14,490	Wright Medical Group, Inc.*		441,076
	12,820	Zoll Medical Corp.*^		419,470

				2,706,957

Health Care Providers & Services (5.1%):
	23,270	Albany Molecular Research, Inc.*		420,954
	6,750	Landauer, Inc.		491,063
	13,090	LHC Group, Inc.*		372,803
	19,780	PSS World Medical, Inc.*		385,710
	11,080	Psychiatric Solutions, Inc.*		420,486
	34,640	Sun Healthcare Group, Inc.*		507,822

				2,598,838

Health Care Technology (1.0%):
	24,050	Phase Forward, Inc.*		502,886

Hotels, Restaurants & Leisure (1.3%):
	7,711	Panera Bread Co., Class A*		392,490
	8,960	WMS Industries, Inc.*		273,907

				666,397

Industrial Conglomerates (1.2%):
	8,060	Raven Industries, Inc.		317,161
	15,780	Tredegar, Inc.		280,726

				597,887

Insurance (0.7%):

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Turner Quantitative Small Cap Growth Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Insurance, continued
	9,280	Harleysville Group, Inc.	$	350,784

Internet & Catalog Retail (0.6%):
	15,940	Overstock.com, Inc.*		315,771

Internet Software & Services (2.9%):
	13,430	comScore, Inc.*		236,771
	7,550	Digital River, Inc.*		244,620
	14,320	J2 Global Communications, Inc.*		334,372
	38,860	NIC, Inc.		268,134
	6,770	Sohu.com, Inc.*		377,427

				1,461,324

IT Services (1.8%):
	34,530	Ness Technologies, Inc.*		396,059
	24,030	Sykes Enterprises, Inc.*		527,699

				923,758

Life Sciences Tools & Services (2.2%):
	27,690	Bruker Corp.*		369,108
	6,820	Kendle International, Inc.*		304,922
	15,730	PAREXEL International Corp.*		450,822

				1,124,852

Machinery (5.2%):
	25,950	Altra Holdings, Inc.*		383,022
	8,040	CIRCOR International, Inc.		349,177
	16,880	Enpro Industries, Inc.*		627,261
	9,700	Gorman-Rupp Co. (The)^		365,884
	33,470	Mueller Water Products, Inc., Class A		300,560
	7,820	Robbins & Myers, Inc.		241,873
	16,962	Titan International, Inc.		361,630

				2,629,407

Metals & Mining (0.6%):
	18,670	Worthington Industries, Inc.		278,930

Multiline Retail (0.9%):
	30,990	Fred’s, Inc.		440,678

Oil, Gas & Consumable Fuels (4.8%):
	7,530	Carrizo Oil & Gas, Inc.*		273,113
	13,350	Genesis Energy LP		190,772
	28,020	Gulfport Energy Corp.*		281,601
	26,830	Rosetta Resources, Inc.*		492,599
	4,134	Stone Energy Corp.*		174,992
	10,380	Swift Energy Co.*		401,602
	30,060	Warren Resources, Inc.*		299,999
	32,630	Western Refining, Inc.^		329,889

				2,444,567

Paper & Forest Products (0.7%):
	25,390	Glatfelter		343,781

Pharmaceuticals (5.1%):
	13,520	Alexion Pharmaceuticals, Inc.*		531,336
	8,020	Auxilium Pharmaceuticals, Inc.*^		259,848
	12,333	Eurand N.V.*^		223,967
	13,820	OSI Pharmaceuticals, Inc.*		681,188
	60,260	Questcor Pharmaceuticals, Inc.*		442,911
	4,120	United Therapeutics Corp.*		433,300

				2,572,550

Residential REIT (0.8%):
	7,960	Equity Lifestyle Properties, Inc.		422,119

Road & Rail (1.1%):
	14,750	Genesee & Wyoming, Inc., Class A*		553,420
	1,290	Marten Transport Ltd.*		25,168

				578,588

Semiconductors & Semiconductor Equipment (5.3%):
	4,640	Canadian Solar, Inc.*		90,619
	14,090	Fairchild Semiconductor International, Inc.*		125,260
	47,260	Micrel, Inc.		428,648
	23,000	Microsemi Corp.*		586,040
	9,390	Netlogic Microsystems, Inc.*^		283,954
	23,430	Semtech Corp.*		327,083
	70,930	Silicon Image, Inc.*		378,766
	58,140	Skyworks Solutions, Inc.*		486,050

				2,706,420

Software (2.1%):
	9,320	Quality Systems, Inc.		393,863
	37,760	SkillSoft plc, ADR*		394,970
	9,890	Solera Holdings, Inc.*		284,041

				1,072,874

Specialty Retail (6.1%):
	12,360	Aeropostale, Inc.*		396,880
	9,570	Children’s Place Retail Stores, Inc.*		319,159
	50,940	Coldwater Creek, Inc.*		294,943
	36,630	Dress Barn, Inc.*		560,073
	43,480	Finish Line, Class A		434,365
	20,460	Hibbett Sports, Inc.*		409,609
	15,300	Jo-Ann Stores, Inc.*		320,994
	41,290	Sally Beauty Holdings, Inc.*^		355,094

				3,091,117

Textiles, Apparel & Luxury Goods (3.2%):
	46,720	American Apparel, Inc.*		383,104
	3,690	Deckers Outdoor Corp.*		384,055
	3,900	Hanesbrands, Inc*		84,825
	9,990	Steven Madden, Ltd.*		247,552
	11,810	Warnaco Group, Inc. (The)*		534,875

				1,634,411

Thrifts & Mortgage Finance (2.6%):
	21,210	Dime Community Bancshares		322,816
	17,520	Investors Bancorp, Inc.*		263,676
	11,190	Northwest Bancorp, Inc.		308,173
	30,810	Provident New York Bancorp		407,308

				1,301,973

Trading Companies & Distributors (0.6%):
	9,900	Kaman Corp., Class A		281,952

Wireless Telecommunication Services (0.6%):
	12,030	NTELOS Holdings Corp.		323,488


Total Common Stocks(Cost $50,996,161)				50,458,970


Deposit Account (2.0%):
	1,017,030	TNT Offshore Deposit Account		1,017,030


Total Deposit Account (Cost $1,017,030)				1,017,030

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Comstock Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (96.8%):
Airline (1.1%):
	378,900	Southwest Airlines Co.	$	5,497,839

Beverages (2.3%):
	149,400	Coca-Cola Co.		7,900,272
	147,936	Dr. Pepper Snapple Group, Inc.*		3,917,345

				11,817,617

Capital Markets (0.8%):
	13,700	Goldman Sachs Group, Inc.		1,753,600
	101,248	Merrill Lynch & Co., Inc.		2,561,574

				4,315,174

Chemicals (1.7%):
	223,132	E.I. du Pont de Nemours & Co.		8,992,220

Commercial Banks (5.8%):
	349,900	Bank of New York Mellon Corp.		11,399,742
	27,400	Barclays plc, ADR^		676,780
	76,600	PNC Financial Services Group, Inc.		5,722,020
	107,300	U.S. Bancorp		3,864,946
	220,400	Wells Fargo & Co.		8,271,612

				29,935,100

Communications Equipment (0.6%):
	397,300	Alcatel-Lucent, ADR*		1,525,632
	167,208	Telefonaktiebolaget LM Ericsson, ADR^		1,576,771

				3,102,403

Computers & Peripherals (3.6%):
	307,931	Dell, Inc.*		5,074,703
	95,000	Hewlett-Packard Co.		4,392,800
	79,900	International Business Machines Corp.		9,345,104

				18,812,607

Diversified Financial Services (9.8%):
	609,800	Bank of America Corp.		21,343,000
	736,500	Citigroup, Inc.		15,105,615
	313,698	JP Morgan Chase & Co.		14,649,697

				51,098,312

Diversified Telecommunication Services (5.3%):
	354,700	AT&T, Inc.		9,903,224
	546,500	Verizon Communications, Inc.		17,537,185

				27,440,409

Electronic Equipment & Instruments (0.2%):
	26,240	Cognex Corp.		528,998
	68,875	Flextronics International, Ltd.*		487,635
	34,310	KEMET Corp.*^		48,034

				1,064,667

Food & Staples Retailing (1.1%):
	164,100	CVS Caremark Corp.		5,523,606

Food Products (8.0%):
	262,948	Cadbury plc, ADR		10,765,091
	475,045	Kraft Foods, Inc.		15,557,724
	209,700	Sara Lee Corp.		2,648,511
	452,000	Unilever NV, New York Shares		12,728,320

				41,699,646

Health Care Equipment & Supplies (0.9%):
	401,400	Boston Scientific Corp.*		4,925,178

Health Care Providers & Services (2.7%):
	205,414	Cardinal Health, Inc.		10,122,802
	75,400	UnitedHealth Group, Inc.		1,914,406
	45,800	WellPoint, Inc.*		2,142,066

				14,179,274

Household Products (2.2%):
	120,600	Kimberly-Clark Corp.		7,819,704
	53,500	Procter & Gamble Co.		3,728,415

				11,548,119

Industrial Conglomerate (1.2%):
	244,564	General Electric Co.		6,236,382

Insurance (9.5%):
	37,700	AFLAC, Inc.		2,214,875
	1,110	Berkshire Hathaway, Inc., Class B*		4,878,450
	353,160	Chubb Corp. (The)		19,388,484
	108,900	Genworth Financial, Inc.		937,629
	129,200	Hartford Financial Services Group, Inc.		5,295,908
	113,400	MetLife, Inc.		6,350,400
	70,650	Torchmark Corp.		4,224,870
	141,300	Travelers Cos., Inc. (The)		6,386,760

				49,677,376

Internet & Catalog Retail (0.9%):
	378,450	Liberty Media Corp. — Interactive, Series A*		4,885,790

Internet Software & Services (1.8%):
	426,200	eBay, Inc.*		9,538,356
IT Services (0.8%):
	61,400	Computer Sciences Corp.*		2,463,982
	63,829	Western Union Co.		1,574,661

				4,038,643

Media (12.0%):
	1,053,600	Comcast Corp., Class A		20,682,168
	244,780	Liberty Media Corp. — Entertainment, Series A*		6,112,157
	429,800	News Corp., Class B		5,222,070
	1,150,600	Time Warner, Inc.		15,084,366
	612,600	Viacom, Inc., Class B*		15,216,984

				62,317,745

Metals & Mining (0.3%):
	61,400	Alcoa, Inc.		1,386,412

Multiline Retail (4.7%):
	103,300	J.C. Penney Co., Inc.		3,444,022
	193,400	Macy’s, Inc.		3,477,332
	294,000	Wal-Mart Stores, Inc.		17,607,660

				24,529,014

Paper & Forest Products (4.4%):
	868,393	International Paper Co.		22,734,529

Pharmaceuticals (10.5%):
	68,500	Abbott Laboratories		3,944,230
	738,200	Bristol-Myers Squibb Co.		15,391,470
	115,700	Eli Lilly & Co.		5,094,271
	68,600	GlaxoSmithKline plc, ADR^		2,981,356
	492,421	Pfizer, Inc.		9,080,243
	23,300	Roche Holding AG, ADR		1,813,087
	534,600	Schering Plough Corp.		9,874,062
	170,900	Wyeth		6,313,046

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Comstock Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Pharmaceuticals, continued
			$	54,491,765

Semiconductors & Semiconductor Equipment (1.1%):
	184,100	Intel Corp.		3,448,193
	76,100	KLA-Tencor Corp.		2,408,565

				5,856,758

Software (0.6%):
	112,655	Microsoft Corp.		3,006,762

Specialty Retail (1.5%):
	140,541	Home Depot, Inc.		3,638,606
	167,900	Lowe’s Cos., Inc.		3,977,551

				7,616,157

Tobacco (1.4%):
	164,700	Altria Group, Inc.		3,267,648
	87,400	Philip Morris International, Inc.		4,203,940

				7,471,588

Total Common Stocks (Cost $567,933,759)				503,739,448

Deposit Account (2.0%):
	10,194,161	TNT Offshore Deposit Account		10,194,161

Total Deposit Account (Cost $10,194,161)				10,194,161

Collateral For Securities On Loan (1.0%):
	5,038,030	Allianz Dresdner Daily Asset Fund#		5,038,030


Total Collateral For Securities On Loan (Cost $5,038,030)				5,038,030


Total Investment Securities (Cost $583,165,950)(a)—99.8%				518,971,639


Net other assets (liabilities) — 0.2%				1,131,611


NET ASSETS — 100.0%			$	520,103,250


		Percentages indicated are based on net assets as of September 30, 2008.

*		Non-income producing security

^		All or a portion of security is loaned as of September 30, 2008.

#		Investment in affiliate.

ADR		American Depository Receipt

PLC		Public Liability Co.

(a)		Cost for federal income tax purposes is $585,164,454. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	30,094,060
Unrealized depreciation		(96,286,875	)

Net unrealized depreciation	$	(66,192,815	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the fair value of investment securities as of September 30, 2008:


Country	Percentage
United States		93.6	%
United Kingdom		2.8	%
Netherlands		2.5	%
Switzerland		0.4	%
Sweden		0.3	%
France		0.3	%
Singapore		0.1	%
		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Equity and Income Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (59.6%):
Aerospace & Defense (1.1%):
	38,980	Raytheon Co.	$	2,085,820

Airlines (0.3%):
	28,670	Continental Airlines, Inc., Class B*		478,216
	15,200	UAL Corp.		133,608

				611,824

Automobiles (0.3%):
	16,122	Harley-Davidson, Inc.		601,351

Beverages (0.9%):
	32,720	Coca-Cola Co.		1,730,233

Capital Markets (1.5%):
	67,866	Charles Schwab Corp.		1,764,516
	4,100	Goldman Sachs Group, Inc.		524,800
	20,567	Merrill Lynch & Co., Inc.		520,345

				2,809,661

Chemicals (2.2%):
	46,400	Bayer AG, ADR		3,383,929
	14,920	E.I. du Pont de Nemours & Co.		601,276

				3,985,205

Commercial Banks (3.0%):
	40,556	KeyCorp		484,239
	29,863	Mitsubishi UFJ Financial Group, Inc., ADR		261,002
	54,336	Mizuho Financial Group, Inc., ADR		473,810
	34,276	PNC Financial Services Group, Inc.		2,560,417
	70	Sumitomo Mitsui Financial Group, Inc.^		438,603
	29,195	SunTrust Banks, Inc.		1,313,483

				5,531,554

Communications Equipment (1.1%):
	210,480	Alcatel-Lucent, ADR*		808,243
	54,250	Cisco Systems, Inc.*		1,223,880

				2,032,123

Computers & Peripherals (1.2%):
	19,090	EMC Corp.*		228,317
	39,676	Hewlett-Packard Co.		1,834,618
	120,000	NetApp, Inc.		102,300

				2,165,235

Diversified Financial Services (6.5%):
	56,901	Bank of America Corp.		1,991,535
	3,305	Capital One Financial Corp.		168,555
	128,911	Citigroup, Inc.		2,643,965
	147,328	JP Morgan Chase & Co.		6,880,217
	250	Wachovia Corp., Series L		96,250

				11,780,522

Diversified Telecommunication Services (1.1%):
	64,266	Verizon Communications, Inc.		2,062,296

Electric Utilities (3.0%):
	69,640	American Electric Power Co., Inc.		2,582,251
	11,671	Entergy Corp.		1,038,836
	28,470	FirstEnergy Corp.		1,907,205

				5,528,292

Energy Equipment & Services (0.4%):
	8,500	Schlumberger, Ltd.		663,765

Food Products (3.8%):
	48,362	Cadbury plc, ADR		1,979,940
	54,291	Kraft Foods, Inc.		1,778,030
	112,660	Unilever NV, New York Shares		3,172,506

				6,930,476

Health Care Equipment & Supplies (1.4%):
	86,320	Boston Scientific Corp.*		1,059,146
	27,830	Covidian, Ltd.		1,496,141
	2	Edwards Lifesciences Corp.*		116

				2,555,403

Health Care Providers & Services (0.5%):
	17,100	Cardinal Health, Inc.		842,688

Hotels, Restaurants & Leisure (0.4%):
	49,510	Starbucks Corp.*		736,214

Household Durables (0.3%):
	18,270	Sony Corp., SP ADR		563,995

Household Products (0.9%):
	10,390	Kimberly-Clark Corp.		673,688
	14,550	Procter & Gamble Co.		1,013,989

				1,687,677

Industrial Conglomerates (1.4%):
	59,090	General Electric Co.		1,506,795
	10,900	Siemens AG, ADR		1,023,401

				2,530,196

Insurance (5.2%):
	21,330	AEGON NV		187,277
	38,642	Chubb Corp. (The)		2,121,446
	14,369	Hartford Financial Services Group, Inc.		588,985
	139,735	Marsh & McLennan Cos., Inc.		4,437,984
	45,399	Travelers Cos., Inc. (The)		2,052,035

				9,387,727

Internet Software & Services (0.9%):
	75,500	eBay, Inc.*		1,689,690

Media (4.0%):
	95,263	Comcast Corp., Class A		1,870,013
	241,615	Time Warner, Inc.		3,167,573
	87,228	Viacom, Inc., Class B*		2,166,743

				7,204,329

Metals & Mining (0.5%):
	21,510	Newmont Mining Corp.		833,728

Multiline Retail (2.2%):
	46,720	Macy’s, Inc.		840,026
	53,840	Wal-Mart Stores, Inc.		3,224,477

				4,064,503

Oil, Gas & Consumable Fuels (4.7%):
	16,080	BP plc, ADR		806,734
	10,270	ConocoPhillips		752,277
	9,220	Devon Energy Corp.		840,864
	20,540	Exxon Mobil Corp.		1,595,136
	30,310	Occidental Petroleum Corp.		2,135,339
	39,180	Royal Dutch Shell plc, ADR		2,312,012
	65,000	TransCanada Pipelines, Ltd.		63,042

				8,505,404

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Equity and Income Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


Shares or
Principal			Fair
Amount			Value
Common Stocks, continued
Personal Products (0.6%):
	21,060	Estee Lauder Co., Inc. (The), Class A	$	1,051,105

Pharmaceuticals (6.9%):
	50,940	Abbott Laboratories		2,933,125
	99,400	Bristol-Myers Squibb Co.		2,072,490
	31,620	Novartis AG, ADR		1,670,801
	22,650	Roche Holding AG, ADR		1,762,508
	156,126	Schering Plough Corp.		2,883,647
	33,550	Wyeth		1,239,337

				12,561,908

Semiconductors & Semiconductor Equipment (0.6%):
	54,481	Intel Corp.		1,020,429

Software (0.4%):
	19,330	Oracle Corp.*		392,592
	19,019	Symantec Corp.*		372,392

				764,984

Specialty Retail (1.3%):
	61,780	Home Depot, Inc.		1,599,484
	20,680	Tyco International, Ltd.		724,214

				2,323,698

Tobacco (1.0%):
	33,860	Altria Group, Inc.		671,782
	23,240	Philip Morris International, Inc.		1,117,844

				1,789,626


Total Common Stocks (Cost $110,988,797)				108,631,661


Convertible Bonds (8.0%):
Airlines (0.2%):
	325,000	AMR Corp., 4.50%, 2/15/24		292,500
	400,000	UAL Corp., 4.50%, 6/30/21		165,080

				457,580

Automobiles (0.1%):
	251,000	Ford Motor Co., 4.25%, 12/15/36		165,346

Commercial Services & Supplies (0.4%):
	507,000	SanDisk Corp., 1.00%, 5/15/13		402,431
	512,000	Xilinx, Inc., 3.13%, 3/15/37		424,960

				827,391

Containers & Packaging (0.3%):
	500,000	Sealed Air Corp., 3.00%, 6/30/33		468,125

Diversified Telecommunication Services (1.1%):
	800,000	L-3 Communication Corp., 3.00%, 8/1/35		873,000
	525,000	Level 3 Communications, Inc., 6.00%, 3/15/10		459,375
	400,000	Level 3 Communications, Inc., 2.88%, 7/15/10		314,500
	457,000	Lucent Technologies Corp., 2.75%, 6/15/25		317,044

				1,963,919

Electric Utilities (0.1%):
	38,000	PG&E Corp., 9.50%, 6/30/10		99,798

Electronic Equipment & Instruments (0.6%):
	520,000	JDS Uniphase, 0.00%, 11/15/10(a)		503,750
	400,000	JDS Uniphase, 1.00%, 5/15/26		264,500
	460,000	Linear Technology Corp., 3.00%, 5/1/27		391,000

				1,159,250

Health Care Equipment & Supplies (1.4%):
	300,000	Advanced Medical Optics, Inc., 2.50%, 7/15/24		266,625
	600,000	Advanced Medical Optics, Inc., 3.25%, 8/1/26		391,500
	284,000	Allergan, Inc., 1.50%, 4/1/26		293,940
	525,000	Invitrogen Corp., 1.50%, 2/15/24		473,156
	171,000	Invitrogen Corp., 3.25%, 6/15/25		164,160
	513,000	LifePoint Hospitals, Inc., 3.50%, 5/15/14		419,378
	537,000	Medtronic, Inc., 1.50%, 4/15/11		534,315
	36,000	Medtronic, Inc., 1.25%, 9/15/21		36,045

				2,579,119

Health Care Providers & Services (0.1%):
	100,000	Health Management Associates, Inc., 3.75%, 5/1/28		70,750
	157,000	St. Jude Medical, 1.22%, 12/15/08		155,822

				226,572

Hotels, Restaurants & Leisure (0.7%):
	500,000	Eastman Kodak Co., 3.38%, 10/15/33		466,875
	611,000	International Game Technology Co., 2.60%, 12/15/36		571,285
	239,000	Live Nation, Inc., 2.88%, 7/15/27		196,279

				1,234,439

IT Services (0.7%):
	650,000	3M Co., 2.40%, 11/21/32		525,687
	800,000	Cadence Design Systems, Inc., 1.38%, 12/15/11		582,000
	240,000	Cadence Design Systems, Inc., 1.50%, 12/15/13^		154,500

				1,262,187

Machinery (0.1%):
	200,000	Allied Waste Technologies, 4.25%, 4/15/34		187,500

Media (0.4%):
	468,000	Interpublic Group of Cos., Inc., 4.75%, 3/15/23		456,885
	287,000	Liberty Media Corp., 3.13%, 3/30/23		261,529

				718,414

Pharmaceuticals (1.8%):
	1,249,000	Amgen, Inc., 0.38%, 2/1/13		1,124,100
	451,000	Amgen, Inc., 0.38%, 2/1/13		405,900

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Equity and Income Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


Principal			Fair
Amount			Value
Convertible Bonds, continued
Pharmaceuticals, continued
$	700,000	Mylan, Inc., 1.25%, 3/15/12^	$	538,125
	673,000	Omnicare, Inc., 3.25%, 12/15/35		440,815
	276,000	Rite Aid Corp., 8.50%, 5/15/15		165,945
	700,000	Watson Pharmaceuticals, Inc., 1.75%, 3/15/23		652,750

				3,327,635

Total Convertible Bonds (Cost $16,693,326)				14,677,275


Corporate Bonds (6.6%):
Air Freight & Logistics (0.0%):
	40,000	FedEx Corp., 5.50%, 8/15/09		39,840

Automobiles (0.0%):
	60,000	DaimlerChrysler NA Holdings Corp., 8.50%, 1/18/31		60,286

Beverages (0.0%):
	40,000	Dr. Pepper Snapple Group, Inc., 6.82%, 5/1/18		38,610

Biotechnology (0.1%):
	85,000	Biogen Idec, Inc., 6.88%, 3/1/18		83,810
	20,000	Monsanto Co., 5.13%, 4/15/18		19,022

				102,832

Capital Markets (0.1%):
	10,000	Brookfield Asset Management, Inc., 8.13%, 12/15/08^		10,046
	115,000	Brookfield Asset Management, Inc., 7.13%, 6/15/12		115,090
	45,000	Brookfield Asset Management, Inc., 5.80%, 4/25/17		39,567

				164,703

Chemicals (0.1%):
	50,000	E.I. du Pont de Nemours & Co., 6.00%, 7/15/18		48,806
	60,000	ICI Wilmington, Inc., 4.38%, 12/1/08		59,892

				108,698

Commercial Banks (0.4%):
	320,000	Bank of America Corp., 5.75%, 12/1/17		271,356
	60,000	Chase Manhattan Corp., 7.00%, 11/15/09		60,012
	70,000	Citigroup, Inc., 6.13%, 5/15/18		57,960
	95,000	Citigroup, Inc., 5.88%, 5/29/37		65,868
	105,000	HBOS plc, 6.75%, 5/21/18		88,040
	180,000	Wells Fargo & Co., 5.63%, 12/11/17		165,428

				708,664

Commercial Services & Supplies (0.0%):
	70,000	Archer Daniels Midland Co., 5.45%, 3/15/18		64,728

Computers & Peripherals (0.1%):
	55,000	Dell, Inc., 5.65%, 4/15/18		50,505
	35,000	Hewlett-Packard Co., 5.50%, 3/1/18		32,844

				83,349

Diversified Consumer Services (1.2%):
	215,000	AIG Sun America Global Finance, 6.30%, 5/10/11		174,222
	120,000	American Express Credit Co., Series C, 7.30%, 8/20/13, MTN		115,743
	85,000	Bear Stearns Co., Inc., 6.40%, 10/2/17		79,381
	60,000	CIT Group, Inc., 5.00%, 11/24/08^		58,124
	200,000	Farmers Exchange Capital, 7.05%, 7/15/28		159,641
	110,000	FBG Finance, Ltd., 5.13%, 6/15/15		103,156
	10,000	FedEx Corp., 7.25%, 2/15/11		10,356
	95,000	General Electric Capital Corp., 5.88%, 2/15/12		92,087
	80,000	General Electric Capital Corp., 4.75%, 9/15/14		73,235
	125,000	General Electric Capital Corp., 5.63%, 9/15/17		107,281
	50,000	Household Finance Corp., 4.13%, 11/16/09		48,343
	60,000	Household Finance Corp., 8.00%, 7/15/10		61,227
	165,000	Household Finance Corp., 6.38%, 10/15/11		163,267
	65,000	HSBC Finance Corp., 6.75%, 5/15/11		65,336
	135,000	Nationwide Building Society, 4.25%, 2/1/10		132,733
	50,000	Platinum Underwriters Finance, Inc., 7.50%, 6/1/17		47,467
	75,000	Popular North America, Inc., 5.65%, 4/15/09		74,099
	35,000	Prudential Financial, Inc., 6.63%, 12/1/37		29,386
	110,000	Telecom Italia Capital, 4.00%, 1/15/10		106,809
	25,000	Telecom Italia Capital, 4.88%, 10/1/10		24,304
	125,000	Telefonica Europe BV, 8.25%, 9/15/30		125,648
	95,000	Textron Financial Corp., 5.13%, 2/3/11		95,137
	285,000	Wachovia Capital Trust III, 5.80%, 3/15/42		119,700
	40,000	Walgreen Co., 4.88%, 8/1/13		39,988
	115,000	Xlliac Global Funding, 4.80%, 8/10/10		110,535

				2,217,205

Diversified Financial Services (1.1%):
	60,000	Bank of New York Mellon Corp., 4.50%, 4/1/13		56,174
	90,000	Bear Stearns Co., Inc., 7.25%, 2/1/18		86,614

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Equity and Income Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


Principal			Fair
Amount			Value
Corporate Bonds, continued
Diversified Financial Services, continued
$	30,000	Caterpillar Financial Services Corp., Series F, 4.90%, 8/15/13, MTN	$	28,406
	135,000	Citigroup, Inc., 6.13%, 11/21/17		114,409
	35,000	Credit Suisse (USA), Inc., 5.13%, 8/15/15		31,183
	180,000	Credit Suisse Group, 6.00%, 2/15/18		156,816
	55,000	Deutsche Telekom International Finance, 8.25%, 6/15/30		53,188
	45,000	Devon Financing Corp., 7.88%, 9/30/31		45,696
	155,000	E ON International Finance BV, 5.80%, 4/30/18		148,143
	255,000	General Electric Capital Corp., 5.63%, 5/1/18		215,545
	170,000	Goldman Sachs Group, Inc., 6.15%, 4/1/18		141,357
	185,000	Goldman Sachs Group, Inc., 6.75%, 10/1/37		123,504
	65,000	Harley-Davidson Funding Corp., 6.80%, 6/15/18		60,862
	65,000	John Deere Capital Corp., 5.75%, 9/10/18, MTN		60,452
	210,000	JPMorgan Chase & Co., 4.75%, 5/1/13		195,434
	60,000	Lehman Brothers Holdings, 0.00%, 1/3/17(b)		75
	70,000	Lehman Brothers Holdings, 0.00%, 7/19/17(b)		88
	195,000	Lehman Brothers Holdings, 0.00%, 7/17/37(b)		244
	250,000	Merrill Lynch & Co., 6.88%, 4/25/18		221,188
	55,000	NiSource Finance Corp., 6.80%, 1/15/19		49,959
	100,000	NYSE Euronext, 4.80%, 6/28/13		95,202
	85,000	Rio Tinto Finance (USA) Ltd., 6.50%, 7/15/18		80,377
	50,000	Wachovia Corp., 5.50%, 5/1/13, MTN		41,366

				2,006,282

Diversified Telecommunication Services (0.4%):
	65,000	AT&T Corp. Pp, 8.00%, 11/15/31		65,828
	180,000	AT&T, Inc., 6.30%, 1/15/38		149,076
	125,000	France Telecom SA, 8.50%, 3/1/31		135,612
	55,000	SBC Communications, Inc., 6.15%, 9/15/34		45,868
	35,000	Telecom Italia Capital, 7.00%, 6/4/18		31,418
	180,000	Verizon Communications, Inc., 5.50%, 2/15/18		159,113
	40,000	Vodafone Group PLC, 5.63%, 2/27/17		35,556

				622,471

Electric Utilities (0.4%):
	15,000	Appalachian Power Co., 5.65%, 8/15/12		14,681
	105,000	Arizona Public Service Co., 5.80%, 6/30/14		97,126
	80,000	Carolina Power & Light Co., 5.13%, 9/15/13		79,890
	65,000	Consumers Energy Co., 4.80%, 2/17/09		64,985
	10,000	Consumers Energy Corp., 4.00%, 5/15/10		9,803
	70,000	Detroit Edison Co., 6.13%, 10/1/10		71,792
	55,000	Ohio Edison, 6.40%, 7/15/16		52,327
	115,000	Ohio Power Co., 6.00%, 6/1/16		109,728
	45,000	PECO Energy Co., 5.35%, 3/1/18		40,880
	45,000	PPL Energy Supply LLC, 6.30%, 7/15/13		43,775
	40,000	Public Service Co. of Colorado, 6.50%, 8/1/38		37,992
	50,000	Union Electric Co., 6.70%, 2/1/19		48,282

				671,261

Electronic Equipment & Instruments (0.2%):
	190,000	General Electric Co., 5.25%, 12/6/17		166,256
	50,000	LG Electronics, Inc., 5.00%, 6/17/10		49,407
	105,000	Philips Electronics NV, 5.75%, 3/11/18		100,825

				316,488

Energy Equipment & Services (0.0%):
	55,000	Weatherford International, Ltd., 6.00%, 3/15/18		49,380

Food & Staples Retailing (0.2%):
	30,000	ConAgra Foods, Inc., 7.00%, 10/1/28		28,969
	60,000	ConAgra Foods, Inc., 8.25%, 9/15/30		65,697
	20,000	Delhaize America, Inc., 9.00%, 4/15/31		20,995
	50,000	General Mills, Inc., 5.25%, 8/15/13		49,615
	110,000	Kraft Foods, Inc., 6.13%, 8/23/18		102,712
	40,000	Kroger Co., 5.00%, 4/15/13^		38,188
	10,000	Kroger Co., 6.40%, 8/15/17		9,588
	95,000	Yum! Brands, Inc., 8.88%, 4/15/11		102,360

				418,124

Gas Utilities (0.1%):
	35,000	Consolidated Natural Gas, 6.25%, 11/1/11		35,312
	25,000	Equitable Resources, Inc., 6.50%, 4/1/18		23,852
	55,000	Texas East Transmission, 7.00%, 7/15/32		53,444

				112,608

Health Care Equipment & Supplies (0.1%):
	50,000	Baxter International, Inc., 4.63%, 3/15/15		47,931
	65,000	Baxter International, Inc., 5.38%, 6/1/18		62,139

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Equity and Income Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


Principal			Fair
Amount			Value
Corporate Bonds, continued
Health Care Equipment & Supplies, continued
$	80,000	Covidien, Ltd., 6.00%, 10/15/17	$	75,454
	43,000	Wright Medical Group, Inc., 2.63%, 12/1/14		45,204

				230,728

Health Care Providers & Services (0.0%):
	60,000	UnitedHealth Group, Inc., 6.00%, 2/15/18		54,277

Hotels, Restaurants & Leisure (0.0%):
	65,000	Starwood Hotels & Resorts Worldwide, Inc., 6.75%, 5/15/18^		58,110

Industrial Conglomerates (0.1%):
	70,000	Honeywell International, Inc., 5.30%, 3/1/18		65,887
	60,000	Parker Hannifin Corp., Series A, 5.50%, 5/15/18, MTN		59,853

				125,740

Insurance (0.4%):
	60,000	ACE INA Holdings, Inc., 5.60%, 5/15/15		56,776
	170,000	Berkshire Hathaway, Inc., 5.40%, 5/15/18		164,681
	20,000	Chubb Corp. (The), 5.75%, 5/15/18		18,534
	494,000	Conseco, Inc., 3.50%, 9/30/35		351,975
	65,000	MetLife, Inc., Series A, 6.82%, 8/15/18		61,503
	55,000	Travelers Cos., Inc. (The), 5.80%, 5/15/18		50,409
	35,000	WellPoint, Inc., 4.25%, 12/15/09		34,311

				738,189

Machinery (0.0%):
	70,000	Cooper Industries, Inc., 5.25%, 11/15/12		70,821

Media (0.3%):
	205,000	Comcast Corp., 5.70%, 5/15/18		178,934
	65,000	Cox Communications, Inc., 6.25%, 6/1/18		60,405
	75,000	Time Warner Cable, Inc., 6.75%, 7/1/18		70,045
	115,000	Time Warner, Inc., 5.88%, 11/15/16		101,071
	115,000	Viacom, Inc., 6.88%, 4/30/36		92,193
	105,000	Vivendi, 6.63%, 4/4/18		101,070

				603,718

Metals & Mining (0.0%):
	80,000	Arcelormittal, 6.13%, 6/1/18		70,889

Multiline Retail (0.2%):
	20,000	CVS Caremark Corp., 5.75%, 6/1/17		18,690
	25,000	CVS Corp., 5.75%, 8/15/11		25,369
	100,786	CVS Lease Pass Through, 6.04%, 12/10/28		90,460
	80,000	Home Depot, Inc., 5.40%, 3/1/16		68,025
	115,000	Wal-Mart Stores, Inc., 4.25%, 4/15/13		112,873

				315,417

Office Electronics (0.0%):
	60,000	Xerox Corp., 6.35%, 5/15/18		54,846

Oil, Gas & Consumable Fuels (0.4%):
	25,000	Centerpoint Energy Resource, 7.88%, 4/1/13		25,661
	30,000	Centerpoint Energy, Inc., 6.25%, 2/1/37		23,735
	130,000	ConocoPhillips Co., 5.20%, 5/15/18		121,303
	55,000	Kinder Morgan Energy Partners LP, 5.95%, 2/15/18		48,991
	70,000	Marathon Oil Corp., 6.00%, 10/1/17		62,881
	40,000	Marathon Oil Corp., 5.90%, 3/15/18^		35,522
	60,000	Petro-Canada, 6.05%, 5/15/18		52,375
	125,000	Plains All American Pipeline, 6.70%, 5/15/36		107,737
	75,000	Questar Market Resources, Inc., 6.80%, 4/1/18		75,622
	80,000	Valero Energy Corp., 3.50%, 4/1/09		79,405
	95,000	XTO Energy, Inc., 5.50%, 6/15/18		83,974

				717,206

Pharmaceuticals (0.4%):
	336,000	Affymetrix, 3.50%, 1/15/38		235,200
	105,000	Amgen, Inc., 5.85%, 6/1/17		100,791
	75,000	AstraZeneca PLC, 5.90%, 9/15/17		73,847
	130,000	Bristol-Myers Squibb Co., 5.45%, 5/1/18		122,761
	120,000	GlaxoSmithKline Capital PLC., 5.65%, 5/15/18		113,931
	65,000	Medco Health Solutions, Inc., 7.13%, 3/15/18		65,865
	15,000	Wyeth, 5.50%, 2/15/16		14,640
	45,000	Wyeth, 5.45%, 4/1/17		43,487

				770,522

Real Estate Investment Trusts (REITs) (0.0%):
	25,000	ProLogis, 6.63%, 5/15/18		21,472

Road & Rail (0.1%):
	90,000	Burlington North Santa Fe, Inc., 6.13%, 3/15/09		89,986

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Equity and Income Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


Shares or
Principal			Fair
Amount			Value
Corporate Bonds, continued
Road & Rail, continued
$	20,000	Canadian National Railway Co., 5.55%, 5/15/18	$	19,743

				109,729

Semiconductors & Semiconductor Equipment (0.0%):
	80,000	KLA Instruments Corp., 6.90%, 5/1/18		74,384

Software (0.1%):
	105,000	Oracle Corp., 5.75%, 4/15/18		97,493

Tobacco (0.1%):
	110,000	Philip Morris International, Inc., 5.65%, 5/16/18		101,677


Total Corporate Bonds (Cost $13,767,475)				12,000,747


Preferred Stocks (3.5%):
Automobiles (0.1%):
	11,830	Ford Capital Trust II		182,626

Commercial Services & Supplies (0.3%):
	10,000	Archer Daniels^		298,700
	6,715	Avery Dennison		289,618

				588,318

Communications Equipment (0.2%):
	900	Lucent Technologies Capital Trust I		447,750

Diversified Financial Services (1.2%):
	915	Bank of America Corp., Series L		766,770
	27,090	Citigroup, Inc., Series T		1,110,690
	3,928	KeyCorp, Series A		333,919

				2,211,379

Health Care Providers & Services (0.3%):
	310	HealthSouth Corp.^		233,275
	370	HealthSouth Corp.^		278,425

				511,700

Household Durables (0.2%):
	8,900	Newell Financial Trust I		343,206

Media (0.1%):
	200	Interpublic Group of Cos., Inc.		131,750

Multi-Utilities (0.4%):
	20,000	Centerpointe Energy, Inc.		648,200

Pharmaceuticals (0.7%):
	12,000	El Paso Energy Capital Trust I		399,600
	8,000	Omnicare Capital Trust II		301,000
	3,628	Schering Plough		627,717

				1,328,317


Total Preferred Stocks (Cost $8,423,939)				6,393,246


U.S. Government Agency Mortgages (5.4%):
Federal Home Loan Bank (0.3%)
	500,000	5.00%, 11/17/17		503,934

Federal Home Loan Mortgage Corporation (2.5%)
	1,299	11.00%, 9/1/15, Pool #170141		1,445
	3,047	10.00%, 9/1/17, Pool #555283		3,263
	4,988	10.50%, 11/1/17, Pool #360016		5,757
	1,100,000	6.75%, 3/15/31		1,347,576
	150,000	6.25%, 7/15/32		174,650
	1,000,000	5.00%, 10/15/37, TBA		974,062
	1,905,369	6.00%, 11/1/37		1,930,611

				4,437,364

Federal National Conventional Loan (0.2%)
	4,713	7.50%, 2/1/31, Pool #253643		5,091
	45,542	7.00%, 7/1/31, Pool #581846		47,870
	143,835	7.00%, 4/1/32, Pool #581846		151,153
	48,957	7.00%, 10/1/32, Pool #846419		51,460
	24,724	7.00%, 10/1/34, Pool #849807		25,960
	168,562	7.00%, 11/1/34, Pool #735483		176,992

				458,526

Federal National Mortgage Association (2.4%)
	1,579	10.50%, 12/1/16, Pool #124783		1,767
	769	7.50%, 7/1/30, Pool #541844		831
	4,959	7.50%, 9/1/30, Pool #190308		5,357
	1,695,000	6.63%, 11/15/30		2,045,558
	5,286	7.50%, 12/1/30, Pool #541493		5,710
	724	8.00%, 7/1/31, Pool #253905		784
	4,636	8.00%, 5/1/32, Pool #645398		5,018
	56,686	6.50%, 7/1/32, Pool #254378		58,571
	108,457	5.50%, 10/1/35		108,239
	2,150,000	5.50%, 10/15/35, Pool #42342 TBA		2,143,954

				4,375,789

Government National Mortgage Association (0.0%)
	5,069	10.00%, 10/15/21, Pool #780488		5,778
	5,695	10.50%, 4/15/25, Pool #780127		6,503

				12,281


Total U.S. Government Agency Mortgages (Cost $9,585,415)				9,787,894


U.S. Treasury Obligations (12.0%):
U.S. Treasury Bonds (0.2%)
	300,000	6.25%, 08/15/23		360,211

U.S. Treasury Notes (11.8%)
	1,350,000	6.00%, 8/15/09		1,397,145
	1,500,000	3.50%, 11/15/09		1,528,008
	700,000	3.13%, 11/30/09		710,062
	1,200,000	2.00%, 2/28/10		1,200,937
	750,000	2.75%, 7/31/10		761,660
	3,000,000	5.75%, 8/15/10		3,212,814
	1,250,000	4.75%, 3/31/11		1,332,226
	1,150,000	4.63%, 2/29/12		1,227,446
	550,000	4.13%, 8/31/12		579,691
	3,435,000	4.25%, 8/15/13		3,646,198

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Equity and Income Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


Principal			Fair
Amount			Value
U.S. Treasury Obligations, continued
$	3,725,000	4.25%, 11/15/13	$	3,960,722
	1,650,000	4.50%, 2/15/16		1,758,798
	250,000	4.50%, 2/15/36		256,601

				21,572,308


Total U.S. Treasury Obligations (Cost $21,291,124)				21,932,519


Asset Backed Securities (0.7%):
	76,759	America West Airlines, 7.10%, 4/2/21		66,050
	46,514	BAE Systems 2001 Asset Trust, 6.66%, 9/15/13		45,544
	38,494	Capital Auto Receivables Asset Trust, 5.03%, 10/15/09		38,505
	64,881	Capital Auto Receivables Asset Trust, 5.31%, 10/20/09		64,896
	221,472	Capital Auto Receivables Asset Trust, 4.98%, 5/15/11		219,160
	73,622	Capital One Auto Finance Trust, 5.07%, 7/15/11		71,720
	51,429	Caterpillar Financial Asset Trust, 5.57%, 5/25/10		51,614
	123,290	CIT Equipment Collateral, 5.07%, 2/20/10		123,406
	38,140	CNH Equipment Trust, 5.20%, 6/15/10		38,242
	26,551	Ford Credit Auto Owner Trust, 5.05%, 3/15/10		26,554
	159,134	Ford Credit Auto Owner Trust, 5.26%, 10/15/10		159,414
	16,705	GE Equipment Small Ticket LLC, 4.88%, 10/22/09		16,689
	47,158	Harley-Davidson Motorcycle Trust, 4.07%, 2/15/12		46,914
	68,842	Harley-Davidson Motorcycle Trust, 3.76%, 12/17/12		64,490
	71,397	Harley-Davidson Motorcycle Trust, 4.41%, 6/15/12		71,109
	83,333	Hertz Vehicle Financing LLC, 4.93%, 2/25/10		81,999
	13,435	Honda Auto Receivables Owner Trust, 4.85%, 10/19/09		13,447
	91	Hyundai Auto Receivables Trust, 3.98%, 11/16/09		91
	15,071	National City Auto Receivables Trust, 2.88%, 5/15/11		15,066


Total Asset Backed Securities (Cost $1,240,770)				1,214,910


U.S. Government Agency (1.1%):
	2,000,000	Federal Home Loan Bank, 2.28%, 10/21/08(c)		1,999,592


Total U.S. Government Agency (Cost $1,999,592)				1,999,592


Collateral For Securities On Loan (3.2%):
	5,779,222	Northern Trust Liquid Institutional Asset Portfolio		5,779,222


Total Collateral For Securities On Loan (Cost $5,779,222)				5,779,222


Exchange Traded Funds (0.1%):
Diversified Financial Services (0.1%):
	3,300	SPDR KBW Regional Banking ETF		118,734


Total Exchange Traded Funds (Cost $134,642)				118,734


Deposit Account (4.4%):
	8,049,144	NTRS London Deposit Account+		8,049,144


Total Deposit Account (Cost $8,049,144)				8,049,144


Total Investment Securities (Cost $197,951,354)(d)—104.6%				190,584,944

Net other assets (liabilities) — (4.6)%				(8,441,353	)


NET ASSETS — 100.0%			$	182,143,591


		Percentages indicated are based on net assets as of September 30, 2008.

*		Non-income producing security

^		All or a portion of security is loaned as of September 30, 2008.

+		Investment securities are designated as collateral, the aggregate fair value of these securities is $8,049,144.

ADR		American Depository Receipt

ETF		Exchange Traded Fund

LLC		Limited Liability Co.

LP		Limited Partnership

PLC		Public Liability Co.

(a)		Zero-Coupon Security

(b)		In connection with the Lehman Brothers Holdings, Inc, bankruptcy filing announcement on September 15, 2008, the Fund stopped accruing prospective interest amounts on that date.

(c)		The rate presented represents the effective yield at September 30, 2008.

(d)		Cost for federal income tax purposes is $200,143,391. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Global Franchise Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (92.0%):
Automobiles (2.6%):
	206,363	Harley-Davidson, Inc.^	$	7,697,340

Beverages (8.7%):
	105,086	Brown-Forman Corp., Class B		7,546,226
	1,068,479	C&C Group plc		2,863,307
	410,176	Diageo plc		6,942,436
	89,795	Pernod-Ricard SA		7,893,237

				25,245,206

Chemicals (1.6%):
	193,438	Scotts Co., Class A		4,572,874

Commercial Services & Supplies (3.3%):
	1,439,314	Experian plc		9,542,462

Diversified Consumer Services (3.9%):
	249,059	Career Education Corp.*^		4,072,115
	196,140	Weight Watchers International, Inc.		7,178,724

				11,250,839

Diversified Financial Services (2.1%):
	184,764	Moody’s Corp.^		6,281,976

Food Products (17.0%):
	1,045,590	Cadbury plc		10,527,234
	125,825	Groupe Danone		8,914,636
	141,906	Kellogg Co.		7,960,927
	216,329	SFR Nestle SA, Class B		9,359,173
	461,853	Unilever plc		12,535,618

				49,297,588

Hotels, Restaurants & Leisure (2.0%):
	388,260	Starbucks Corp.*		5,773,426

Household Durables (2.6%):
	129,796	Fortune Brands, Inc.		7,445,099

Household Products (10.3%):
	293,000	Kao Corp.		7,850,435
	126,697	Procter & Gamble Co.		8,829,514
	274,683	Reckitt Benckiser Group plc		13,297,701

				29,977,650

Machinery (2.3%):
	248,235	Kone Oyj, B Shares		6,795,327

Media (7.5%):
	730,982	Reed Elsevier NV		10,895,171
	539,596	Wolters Kluwer CVA NV		10,997,559

				21,892,730

Personal Products (1.9%):
	109,577	Estee Lauder Co., Inc. (The), Class A		5,468,988

Pharmaceuticals (2.6%):
	144,689	Novartis AG, Registered Shares		7,570,033

Tobacco (23.6%):
	762,105	British American Tobacco plc		24,898,284
	582,382	Imperial Tobacco Group plc		18,708,696
	261,008	Philip Morris International, Inc.		12,554,485
	718,340	Swedish Match AB		12,521,820

				68,683,285


Total Common Stocks (Cost $260,538,835)				267,494,823


Deposit Account (5.6%):
	16,195,217	NTRS London Deposit Account		16,195,217


Total Deposit Account (Cost $16,195,217)				16,195,217


Collateral For Securities On Loan (4.3%):
	12,519,000	Allianz Dresdner Daily Asset Fund#		12,519,000


Total Collateral For Securities On Loan (Cost $12,519,000)				12,519,000

Total Investment Securities (Cost $289,253,052)(a)—101.9%				296,209,040

Net other assets (liabilities) — (1.9)%				(5,594,784	)


NET ASSETS — 100.0%			$	290,614,256


		Percentages indicated are based on net assets as of September 30, 2008.

^		All or a portion of security is loaned as of September 30, 2008.

*		Non-income producing security

#		Investment in affiliate.

PLC		Public Liability Co.

(a)		Cost for federal income tax purposes is $292,024,256. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	40,679,303
Unrealized depreciation		(36,494,519	)

Net unrealized appreciation	$	4,184,784

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of September 30, 2008:


Country	Percentage
United States		35.8	%
United Kingdom		30.6	%
Netherlands		7.7	%
Switzerland		6.0	%
France		5.9	%
Sweden		4.4	%
Ireland		4.4	%
Japan		2.8	%
Finland		2.4	%

		100.0	%

Currency Contracts:

As of September 30, 2008 the Fund’s open foreign currency exchange contracts were as follows:

Delivery

Contract

Appreciation/

Long Contracts

Date

Amount

Fair Value

(Depreciation)

Receive 5,565,000 Bristish Sterling Pounds in exchange for U.S. Dollars

10/24/2008

10,338,379

9,909,337

(429,042

)

Delivery

Contract

Appreciation/

Short Contracts

Date

Amount

Fair Value

(Depreciation)

Delivered 29,350,000 Bristish Sterling Pounds in exchange for U.S. Dollars

10/24/2008

58,476,059

52,262,179

6,213,880

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Global Real Estate Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (97.1%):
Diversified Financial Services (0.9%):
	27,502	HCP, Inc.	$	1,103,655

Diversified REITs (10.3%):
	132,087	British Land Co. plc		1,766,820
	228,791	DB RREEF Trust		265,949
	3,581	Fonciere des Regions		373,636
	3,834	Gecina SA		415,739
	177,395	GPT Group		256,187
	16,773	Insight Foundation Property Trust		14,139
	42,070	Liberty Property Trust		1,583,936
	6,962	PS Business Parks, Inc.		401,011
	145,819	Segro plc		1,090,761
	16,917	Shaftesbury plc		127,820
	165,149	Stockland Trust Group		737,098
	19,443	Unibail		3,960,320
	706	Ventas, Inc.		34,891
	18,710	Vornado Realty Trust		1,701,675
	5,047	Wereldhave NV		493,776

				13,223,758

Health Care Providers & Services (0.6%):
	21,140	Brookdale Senior Living, Inc.		464,868
	5,435	Care Investment Trust, Inc.		62,394
	14,400	Extendicare Real Estate Investment Trust		94,060
	5,822	National Health Investors, Inc. REIT		198,996

				820,318

Industrial REITs (3.2%):
	19,505	AMB Property Corp.		883,577
	154,610	Brixton plc		577,086
	36,490	DCT Industrial Trust, Inc.		273,310
	118,649	Macquarie Goodman Group		239,090
	42,815	Prologis		1,766,975
	42,013	Prologis European Properties		376,716

				4,116,754

Office REITs (7.9%):
	30,739	Boston Properties, Inc.		2,879,015
	3,407	Brandywine Realty Trust		54,614
	157,100	Capitaretail China Trust		78,673
	30,248	Derwent Valley Holdings plc		564,978
	14,650	Douglas Emmett, Inc.		337,975
	35,660	Duke Realty Corp.		876,523
	60,372	Great Portland Estates plc		361,534
	4,532	ICADE		368,117
	67	Japan Real Estate Investment Corp.		538,524
	8,670	Kilroy Realty Corp.		414,339
	43,564	Mack-Cali Realty Corp.		1,475,513
	1,078,000	Macquarie Prime REIT		621,523
	114	Nippon Building Fund, Inc.		1,095,477
	354	SL Green Realty Corp.		22,939
	3,599	Societe Immobiliere de Locationpour l’Industrie et le Commerce		446,124
	13,140	Workspace Group PLC		30,503

				10,166,371

Real Estate Investment Trusts (REITs) (0.3%):
	7,260	Plum Creek Timber Co., Inc.		361,983

Real Estate Management & Development (37.4%):
	32,085	Alstria Office AG		413,202
	295,624	Beni Stabili SPA		273,087
	87,327	Big Yellow Group plc		509,304
	161,652	Brookfield Properties Corp.		2,560,568
	13,803	CA Immobilien Anlagen AG*		136,164
	76,325	Capital & Regional plc		232,015
	244,000	Capitaland, Ltd.		531,885
	31,985	Castellum AB		280,173
	797,000	China Overseas Land & Investment, Ltd.		965,155
	921,000	China Resources Land, Ltd.		966,987
	23,540	Citycon Oyj		77,487
	27,289	Conwert Immobilien Invest AG*		258,455
	55,930	Forest City Enterprises, Inc., Class A		1,715,373
	10,080	Goldcrest Co., Ltd.^		148,601
	79,494	Grainger Trust plc		285,717
	1,922,500	Guangzhou R&F Properties Co., Ltd.		1,797,295
	319,000	Hang Lung Properties, Ltd.		752,363
	288,000	Henderson Land Development Co., Ltd.		1,284,572
	965,500	Hongkong Land Holdings, Ltd.		2,901,563
	72,301	Hufvudstaden AB		560,942
	455,390	Hysan Development Co., Ltd.		1,184,584
	38,446	Immofinanz Immobilien Anlagen AG		135,162
	723,303	Kerry Properties, Ltd.		2,358,979
	17,000	Mandarin Oriental International, Ltd.		26,351
	157,758	Minerva plc*		98,597
	319,000	Mitsubishi Estate Co., Ltd.		6,269,776
	287,000	Mitsui Fudosan Co., Ltd.		5,526,025
	26,004	Morgans Hotel Group*		283,704
	1,043	NTT Urban Development Corp.^		1,265,217
	8,649	PSP Swiss Property AG		499,857
	106,691	Quintain Estates & Development plc		386,859
	57,181	Risanamento SPA*		69,251
	158,000	Sino Land Co., Ltd.		178,026
	54,919	Sponda Oyj		332,107
	186,000	Sumitomo Realty & Development Co.^		4,050,062
	566,000	Sun Hung Kai Properties, Ltd.		5,811,820
	28,500	Swire Pacific, Ltd., Class A		251,216
	60,921	Unite Group plc		247,576
	1,344,000	United Industrial Corp., Ltd.		1,916,675
	1,880	Weingarten Realty Investors		67,060
	279,000	Wheelock Properties, Ltd.^		242,209

				47,852,021

Residential REITs (9.0%):
	37,174	AvalonBay Communities, Inc.		3,658,665
	8,024	BRE Properties, Inc.		393,176
	33,115	Camden Property Trust		1,518,654
	17,448	Equity Lifestyle Properties, Inc.		925,267
	77,311	Equity Residential Properties Trust		3,433,382
	35,712	Post Properties, Inc.		998,865
	70,651	Strategic Hotels & Resorts, Inc.		533,415

				11,461,424

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Global Real Estate Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Retail REITs (20.8%):
	21,020	Acadia Realty Trust	$	531,386
	66,800	BR Malls Participacoes SA*		414,340
	135,000	CapitaMall Trust		215,040
	57,919	CFS Retail Property Trust		105,371
	11,395	Corio NV		816,588
	5,325	Developers Diversified Realty Corp.		168,749
	8,150	Eurocommercial Properties NV		356,292
	17,693	Federal Realty Investment Trust		1,514,521
	44,586	General Growth Properties, Inc.		673,249
	69,895	Hammerson plc		1,217,965
	500	Kimco Realty Corp.		18,470
	14,110	Klepierre		554,466
	103,738	Land Securities Group plc		2,340,879
	53,470	Liberty International plc		928,538
	14,466	Macerich Co. (The)		920,761
	8,540	Ramco-Gershenson Properties Trust		191,467
	31,601	Regency Centers Corp.		2,107,471
	10,270	RioCan		195,072
	48,065	Simon Property Group, Inc.		4,662,305
	93,968	Starwood Hotels & Resorts Worldwide, Inc.		2,644,259
	6,625	Taubman Centers, Inc.		331,250
	1,646	Vastned Retail NV		116,688
	413,718	Westfield Group		5,643,705

				26,668,832

Specialized REITs (6.7%):
	68,003	Assisted Living Concepts, Inc.*		433,179
	17,725	DiamondRock Hospitality Co.		161,298
	53,155	Healthcare Realty Trust, Inc.		1,549,468
	9,138	Hersha Hospitality Trust		67,987
	153,670	Host Hotels & Resorts, Inc.		2,042,274
	3,195	LaSalle Hotel Properties		74,507
	269,500	Link REIT (The)		557,627
	14,528	Public Storage, Inc.		1,438,417
	115,602	Safestore Holdings, Ltd.		267,712
	59,644	Senior Housing Properties Trust		1,421,317
	11,047	Sovran Self Storage, Inc.		496,342

				8,510,128


Total Common Stocks (Cost $158,108,099)				124,285,244


Deposit Account (2.4%):
	3,050,973	NTRS London Deposit Account		3,050,973


Total Deposit Account (Cost $3,050,973)				3,050,973


Collateral For Securities On Loan (4.4%):
	5,640,081	Northern Trust Liquid Institutional Asset Portfolio		5,640,081


Total Collateral For Securities On Loan (Cost $5,640,081)				5,640,081


Total Investment Securities (Cost $166,799,153)(a)—103.9%				132,976,298

Net other assets (liabilities) — (3.9)%				(4,968,871	)


NET ASSETS — 100.0%			$	128,007,427


		Percentages indicated are based on net assets as of September 30, 2008.

*		Non-income producing security

^		All or a portion of security is loaned as of September 30, 2008.

PLC		Public Liability Co.

REIT		Real Estate Investment Trust

SPA		Standby Purchase Agreement

(a)		Cost for federal income tax purposes is $171,743,133. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	1,584,342
Unrealized depreciation		(40,351,177	)

Net unrealized depreciation	$	(38,766,835	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of September 30, 2008:


Country	Percentage
United States		41.6	%
Japan		14.8	%
Hong Kong		12.7	%
United Kingdom		8.7	%
Australia		5.7	%
France		4.8	%
Singapore		2.8	%
Bermuda		2.3	%
Canada		2.2	%
Netherlands		0.8	%
Sweden		0.7	%
European Community		0.6	%
Austria		0.4	%
Switzerland		0.4	%
Brazil		0.3	%
Germany		0.3	%
Finland		0.3	%
Luxembourg		0.3	%
Italy		0.3	%

		100.0	%

Currency Contracts:

As of September 30, 2008 the Fund’s open foreign currency exchange contracts were as follows:


Long Contracts	Delivery Date		Contract Amount		Fair Value		Appreciation/(Depreciation)
Received 107,978 Australian Dollars in exchange for U.S. Dollars		10/1/2008	$	129,874	$	135,251	$	(5,377	)
Received 17,392 Swiss Francs in exchange for U.S.Dollars		10/1/2008		27,575		28,373		(798	)
Received 9,928 Swiss Francs in exchange for U.S. Dollars		10/1/2008		15,741		16,197		(456	)
Received 6,593 British Sterling in exchange for U.S. Dollars		10/1/2008		5,249		5,413		(164	)
Received 24,783 Japanese Yen in exchange for U.S. Dollars		10/1/2008		2,927,050		2,927,129		(79	)
Received 13,401 Swedish Krona in exchange for U.S. Dollars		10/1/2008		129,791		130,229		(438	)

							$	(7,312	)


Short Contracts	Delivery Date		Contract Amount		Fair Value		Appreciation/(Depreciation)
Delivered 17,392 European Euros in exchange for U.S. Dollars		10/1/2008	$	27,575	$	26,723	$	852
Delivered 9,928 European Euros in exchange for U.S. Dollars		10/1/2008		15,741		15,255		486
Delivered 6,593 European Euros in exchange for U.S. Dollars		10/1/2008		5,249		5,034		215
Delivered 13,401 European Euros in exchange for U.S. Dollars		10/1/2008		129,791		129,464		327

							$	1,880

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Growth and Income Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (93.3%):
Aerospace & Defense (1.8%):
	75,160	Raytheon Co.	$	4,021,812

Airlines (0.5%):
	56,010	Continental Airlines, Inc., Class B*		934,247
	29,040	UAL Corp.		255,261

				1,189,508

Automobiles (0.5%):
	32,120	Harley-Davidson, Inc.		1,198,076

Beverages (1.5%):
	63,960	Coca-Cola Co.		3,382,205

Capital Markets (2.4%):
	130,900	Charles Schwab Corp.		3,403,400
	7,950	Goldman Sachs Group, Inc.		1,017,600
	39,790	Merrill Lynch & Co., Inc.		1,006,687

				5,427,687

Chemicals (3.5%):
	90,980	Bayer AG, ADR		6,635,126
	31,290	E.I. du Pont de Nemours & Co.		1,260,987

				7,896,113

Commercial Banks (4.8%):
	78,430	KeyCorp		936,454
	58,200	Mitsubishi UFJ Financial Group, Inc., ADR		508,668
	108,910	Mizuho Financial Group, Inc., ADR		949,695
	66,740	PNC Financial Services Group, Inc.		4,985,478
	140	Sumitomo Mitsui Financial Group, Inc.^		877,206
	56,840	SunTrust Banks, Inc.		2,557,232

				10,814,733

Communications Equipment (1.7%):
	405,550	Alcatel-Lucent, ADR*		1,557,312
	105,450	Cisco Systems, Inc.*		2,378,952

				3,936,264

Computers & Peripherals (1.8%):
	36,750	EMC Corp.*		439,530
	76,530	Hewlett-Packard Co.		3,538,747

				3,978,277

Diversified Financial Services (10.1%):
	111,342	Bank of America Corp.		3,896,970
	6,410	Capital One Financial Corp.		326,910
	247,910	Citigroup, Inc.		5,084,634
	285,626	JP Morgan Chase & Co.		13,338,734
	930	Wachovia Corp., Series L		358,050

				23,005,298

Diversified Telecommunication Services (1.8%):
	124,820	Verizon Communications, Inc.		4,005,474

Electric Utilities (4.7%):
	134,270	American Electric Power Co., Inc.		4,978,731
	22,769	Entergy Corp.		2,026,669
	55,010	FirstEnergy Corp.		3,685,120

				10,690,520

Energy Equipment & Services (0.6%):
	16,550	Schlumberger, Ltd.		1,292,389

Food Products (5.9%):
	94,402	Cadbury plc, ADR		3,864,818
	102,964	Kraft Foods, Inc.		3,372,071
	221,690	Unilever NV, New York Shares		6,242,790

				13,479,679

Health Care Equipment & Supplies (2.2%):
	164,820	Boston Scientific Corp.*		2,022,341
	53,785	Covidien, Ltd.		2,891,482

				4,913,823

Health Care Providers & Services (0.7%):
	33,650	Cardinal Health, Inc.		1,658,272

Hotels, Restaurants & Leisure (0.6%):
	96,330	Starbucks Corp.*		1,432,427

Household Durables (0.5%):
	35,330	Sony Corp., SP ADR		1,090,637

Household Products (1.5%):
	20,830	Kimberly-Clark Corp.		1,350,617
	29,400	Procter & Gamble Co.		2,048,886

				3,399,503

Industrial Conglomerates (2.1%):
	113,930	General Electric Co.		2,905,215
	21,070	Siemens AG, ADR		1,978,262

				4,883,477

Insurance (8.0%):
	41,390	AEGON NV		363,404
	75,120	Chubb Corp. (The)		4,124,088
	27,200	Hartford Financial Services Group, Inc.		1,114,928
	266,330	Marsh & McLennan Cos., Inc.		8,458,641
	88,538	Travelers Cos., Inc. (The)		4,001,918

				18,062,979

Internet Software & Services (1.5%):
	152,570	eBay, Inc.*		3,414,517

Media (6.3%):
	188,780	Comcast Corp., Class A		3,705,751
	482,530	Time Warner, Inc.		6,325,968
	176,390	Viacom, Inc., Class B*		4,381,528

				14,413,247

Metals & Mining (0.7%):
	42,480	Newmont Mining Corp.		1,646,525

Multiline Retail (3.5%):
	90,420	Macy’s, Inc.		1,625,751
	105,530	Wal-Mart Stores, Inc.		6,320,192

				7,945,943

Oil, Gas & Consumable Fuels (7.3%):
	30,680	BP plc, ADR		1,539,216
	20,118	ConocoPhillips		1,473,643
	17,410	Devon Energy Corp.		1,587,792
	39,842	Exxon Mobil Corp.		3,094,130
	58,800	Occidental Petroleum Corp.		4,142,460
	79,360	Royal Dutch Shell plc, ADR		4,683,033

				16,520,274

Personal Products (0.9%):
	40,680	Estee Lauder Co., Inc. (The), Class A		2,030,339

Pharmaceuticals (10.8%):

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Growth and Income Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


Shares or
Principal			Fair
Amount			Value
Common Stocks, continued
Pharmaceuticals, continued
	98,920	Abbott Laboratories	$	5,695,814
	188,110	Bristol-Myers Squibb Co.		3,922,093
	61,630	Novartis AG, ADR		3,256,529
	43,750	Roche Holding AG, ADR		3,404,402
	314,280	Schering Plough Corp.		5,804,752
	66,870	Wyeth		2,470,178

				24,553,768

Semiconductors & Semiconductor Equipment (0.9%):
	105,370	Intel Corp.		1,973,580

Software (0.6%):
	37,320	Oracle Corp.*		757,969
	36,870	Symantec Corp.*		721,915

				1,479,884

Specialty Retail (2.0%):
	120,810	Home Depot, Inc.		3,127,771
	40,235	Tyco International, Ltd.		1,409,030

				4,536,801

Tobacco (1.6%):
	65,190	Altria Group, Inc.		1,293,370
	46,440	Philip Morris International, Inc.		2,233,764

				3,527,134


Total Common Stocks (Cost $206,602,822)				211,801,165

Preferred Stocks (1.0%):
Diversified Financial Services (1.0%):
	1,300	Bank of America Corp., Series L		1,089,400
	27,080	Citigroup, Inc., Series T		1,110,280

				2,199,680


Total Preferred Stocks (Cost $2,769,088)				2,199,680

Deposit Account (3.6%):
	8,211,393	NTRS London Deposit Account		8,211,393


Total Deposit Account (Cost $8,211,393)				8,211,393

Collateral For Securities On Loan (0.4%):
	883,218	Northern Trust Liquid Institutional Asset Portfolio		883,218


Total Collateral For Securities On Loan (Cost $883,218)				883,218

Exchange Traded Funds (2.1%):
Diversified Financial Services (2.1%):
	199,150	Financial Select Sector SPDR Fund		3,941,178
	2,170	Regional Bank HOLDRs Trust		234,360
	12,710	SPDR KBW Regional Banking ETF		457,306

				4,632,844

Total Exchange Traded Funds (Cost $5,561,237)				4,632,844

Total Investment Securities (Cost $224,027,758)(a)—100.4%				227,728,300

Net other assets (liabilities) — (0.4)%				(796,056	)


NET ASSETS — 100.0%			$	226,932,244


		Percentages indicated are based on net assets as of September 30, 2008.

*		Non-income producing security

^		All or a portion of security is loaned as of September 30, 2008.

ADR		American Depository Receipt

ETF		Exchange Traded Fund

PLC		Public Liability Co.

(a)		Cost for federal income tax purposes is $225,689,032. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	29,745,365
Unrealized depreciation		(27,706,097	)

Net unrealized appreciation	$	2,039,268

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of September 30, 2008:


Country	Percentage
United States		81.2	%
United Kingdom		4.5	%
Germany		3.8	%
Netherlands		3.5	%
Switzerland		2.9	%
Bermuda		1.9	%
Japan		1.5	%
France		0.7	%

		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Mid Cap Growth Fund
Schedule of Portfolio Investments
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks (97.0%):
Air Freight & Logistics (4.8%):
	196,555	C.H. Robinson Worldwide, Inc.	$	10,016,443
	181,709	Expeditors International of Washington, Inc.		6,330,741

				16,347,184

Capital Markets (3.4%):
	245,142	Calamos Asset Management, Inc., Class A		4,392,944
	127,104	Morningstar, Inc.*^		7,050,459

				11,443,403

Chemicals (3.6%):
	92,599	Intrepid Potash, Inc.*^		2,752,042
	364,589	Nalco Holding Co.		6,759,480
	109,706	Rockwood Holdings, Inc.*		2,815,056

				12,326,578

Commercial Services & Supplies (3.1%):
	139,070	Corporate Executive Board Co.		4,345,938
	269,267	Groupe Aeroplan, Inc.		3,338,000
	190,930	Monster Worldwide, Inc.*		2,846,766

				10,530,704

Communications Equipment (0.0%):
	21	Nortel Networks Corp., ADR*		47

Construction & Engineering (2.1%):
	112,367	Aecom Technology Corp.*		2,746,249
	175,925	Gafisa SA, ADR^		4,521,273

				7,267,522

Construction Materials (3.8%):
	94,760	Martin Marietta Materials, Inc.^		10,611,225
	59,779	Texas Industries, Inc.^		2,442,570

				13,053,795

Distributors (1.8%):
	2,450,000	Li & Fung, Ltd.		5,983,755

Diversified Consumer Services (2.3%):
	60,653	New Oriental Education & Technology Group, Inc., ADR*		3,896,348
	20,299	Strayer Education, Inc.		4,065,078

				7,961,426

Diversified Financial Services (7.8%):
	310,090	GLG Partners, Inc.		1,680,688
	60,970	Intercontinental Exchange, Inc.*		4,919,059
	294,413	Leucadia National Corp.^		13,378,127
	544,286	Redecard SA		6,780,687

				26,758,561

Gas Utilities (1.4%):
	115,455	Questar Corp.		4,724,419

Health Care Equipment & Supplies (5.4%):
	115,582	Gen-Probe, Inc.*		6,131,625
	19,333	Intuitive Surgical, Inc.*		4,658,867
	162,545	Ironwood Pharmaceuticals, Inc.(b)(c)		1,950,540
	166,962	Mindray Medical International, Ltd., ADR^		5,631,628

				18,372,660

Hotels, Restaurants & Leisure (10.0%):
	113,982	Choice Hotels International, Inc.		3,088,912
	221,458	Ctrip.com International, Ltd., ADR^		8,550,493
	51,181	Penn National Gaming, Inc.*		1,359,879
	498,771	Starbucks Corp.*		7,416,725
	170,201	Wynn Resorts, Ltd.^		13,895,210

				34,311,219

Household Durables (2.1%):
	50,149	Mohawk Industries, Inc.*		3,379,541
	6,449	NVR, Inc.*		3,688,828

				7,068,369

Insurance (1.4%):
	12,990	Allegheny Corp.*		4,741,350

Internet & Catalog Retail (1.6%):
	82,265	Priceline.com, Inc.*		5,629,394

Internet Software & Services (5.4%):
	128,716	Akamai Technologies, Inc.*		2,244,807
	3,384,000	Alibaba.com, Ltd.*^(a)		3,135,367
	38,213	Baidu.com, Inc., ADR*		9,485,613
	49,694	Equinix, Inc.*		3,451,745

				18,317,532

Life Sciences Tools & Services (6.4%):
	316,014	Illumina, Inc.*		12,808,047
	127,075	Techne Corp.*		9,164,649

				21,972,696

Media (2.4%):
	13,341	Ascent Media Corp., Class A*		325,658
	133,412	Discovery Communications, Inc., Class C*		1,889,114
	133,412	Discovery Communications, Inc., Class A*		1,901,121
	178,840	Grupo Televisa SA, ADR		3,911,231

				8,027,124

Oil, Gas & Consumable Fuels (12.7%):
	213,007	Covanta Holding Corp.*		5,099,388
	83,852	Petrohawk Energy Corp.*		1,813,719
	95,374	Range Resources Corp.		4,088,683
	482,571	Southwestern Energy Co.*		14,737,718
	320,226	Ultra Petroleum Corp.*		17,721,307

				43,460,815

Real Estate Management & Development (3.1%):
	218,892	Brookfield Asset Management, Inc., Class A		6,006,396
	149,677	Forest City Enterprises, Inc., Class A^		4,590,594

				10,596,990

Software (7.5%):
	134,508	IHS, Inc., Class A*		6,407,961
	113,641	Salesforce.com, Inc.*		5,500,224
	1,405,000	Tencent Holdings, Ltd.		10,122,111
	182,553	Teradata Corp.*		3,559,784

				25,590,080

Specialty Retail (2.4%):
	130,590	Abercrombie & Fitch Co., Class A		5,151,776
	138,034	Lululemon Athletica, Inc.*		3,178,923

				8,330,699

Transportation Infrastructure (1.0%):

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Mid Cap Growth Fund
Schedule of Portfolio Investments, continued
September 30, 2008
(Unaudited)


			Fair
Shares			Value
Common Stocks, continued
Transportation Infrastructure, continued
	130,348	Grupo Aeroportuario del Pacifico SA de CV, ADR	$	3,331,695

Wireless Telecommunication Services (1.5%):
	139,567	NII Holdings, Inc.*		5,292,381


Total Common Stocks (Cost $393,423,243)				331,440,398

Deposit Account (2.8%):
	9,610,527	NTRS London Deposit Account		9,610,527


Total Deposit Account (Cost $9,610,527)				9,610,527

Collateral For Securities On Loan (11.6%):
	39,565,217	Northern Trust Liquid Institutional Asset Portfolio		39,565,217


Total Collateral For Securities On Loan (Cost $39,565,217)				39,565,217


Total Investment Securities (Cost $442,598,987)(d)—111.4%				380,616,142


Net other assets (liabilities) — (11.4)%				(38,938,726	)


NET ASSETS — 100.0%			$	341,677,416


		Percentages indicated are based on net assets as of September 30, 2008.

^		All or a portion of security is loaned as of September 30, 2008.

*		Non-income producing security

ADR		American Depository Receipt

(a)		Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The subadviser has deemed these securities to be liquid based on procedures approved by the Board of Trustees.

(b)		Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The subadviser has deemed these securities to be illiquid based on procedures approved by the Board of Trustees. As of September 30, 2008, these securities represent 0.6% of the net assets of the Fund.

(c)		Security was fair valued as of September 30, 2008. Represents 0.6% of the net assets of the Fund.

(d)		Cost for federal income tax purposes is $446,505,131. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	28,914,251
Unrealized depreciation		(94,803,240	)

Net unrealized depreciation	$	(65,888,989	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of September 30, 2008:


Country	Percentage
United States		72.0	%
Canada		8.9	%
Cayman Islands		6.4	%
Hong Kong		4.7	%
Brazil		3.3	%
China		2.6	%
Mexico		2.1	%

		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
NOTES TO THE SCHEDULE OF PORTFOLIO INVESTMENTS
SEPTEMBER 30, 2008 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust consists of 36 separate investment portfolios (collectively, the “Funds”), each of which is a series of the Trust, as follows:

•		AZL AIM International Equity Fund

•		AZL Columbia Small Cap Value Fund (Formerly known as AZL Dreyfus Premier Small Cap Value Fund)

•		AZL Columbia Technology Fund

•		AZL Davis NY Venture Fund

•		AZL Dreyfus Founders Equity Growth Fund

•		AZL First Trust Target Double Play Fund

•		AZL Franklin Small Cap Value Fund

•		AZL Jennison 20/20 Focus Fund

•		AZL Jennison Growth Fund

•		AZL Legg Mason Growth Fund

•		AZL Legg Mason Value Fund

•		AZL LMP Large Cap Growth Fund

•		AZL Money Market Fund

•		AZL NACM International Fund

•		AZL Neuberger Berman Regency Fund

•		AZL OCC Opportunity Fund

•		AZL OCC Value Fund

•		AZL Oppenheimer Global Fund

•		AZL Oppenheimer International Growth Fund

•		AZL Oppenheimer Main Street Fund

•		AZL PIMCO Fundamental IndexPLUS Total Return Fund

•		AZL S&P 500 Index Fund

•		AZL Schroder Emerging Markets Equity Fund

•		AZL Schroder International Small Cap Fund

•		AZL Small Cap Stock Index Fund

•		AZL TargetPLUS Balanced Fund

•		AZL TargetPLUS Equity Fund

•		AZL TargetPLUS Growth Fund

•		AZL TargetPLUS Moderate Fund

•		AZL Turner Quantitative Small Cap Growth Fund

•		AZL Van Kampen Comstock Fund

•		AZL Van Kampen Equity and Income Fund

•		AZL Van Kampen Global Franchise Fund

•		AZL Van Kampen Global Real Estate Fund

•		AZL Van Kampen Growth and Income Fund

•		AZL Van Kampen Mid Cap Growth Fund

All the Funds in the Trust, except the AZL First Trust Target Double Play Fund, AZL Legg Mason Growth Fund, AZL Legg Mason Value Fund, AZLVan Kampen Global Franchise Fund, and AZLVan Kampen Global Real Estate Fund are diversified funds under the 1940 Act. The AZL First Trust Target Double Play Fund, AZL Legg Mason Growth Fund, AZL Legg Mason Value Fund, AZL Van Kampen Global Franchise Fund, and AZLVan Kampen Global Real Estate Fund are non-diversified funds, which means they may concentrate their investments in the securities of a limited number of issuers.

The Trust is authorized to issue an unlimited number of shares of the Funds without par value. Shares of the Funds are available through the variable annuity contracts and variable life insurance policies offered through the separate accounts of participating insurance companies. The Funds except the AZL Schroder Emerging Markets Equity Fund and AZL S&P 500 Index Fund offer a single class shares of the Funds’. The AZL Schroder Emerging Markets Equity Fund and AZL S&P 500 Index Fund each offer Class 1 and Class 2 shares of the Funds’.

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 Funds. In addition, in the normal course of business, the Funds may enter into contracts with its vendors and others that provide for general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect that risk of loss to be remote.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of its schedules of portfolio investments (“Schedules”). The policies conform with U.S. generally accepted accounting principles (“GAAP”). The preparation of the Schedules requires management to make certain estimates and assumptions that affect the reported amounts at the date of the Schedules. Actual results could differ from those estimates.

Security Valuation

Effective January 1, 2008, the Trust adopted Statement of Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” There was no impact to the Funds’ net assets or results of operations upon adoption. SFAS 157 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Investments of the AZL Money Market Fund are valued, in accordance with Rule 2a-7 of the 1940 Act, at amortized cost, which approximates fair value. Under the amortized cost method, discounts or premiums are amortized on a constant basis to the maturity of the security.

Portfolio securities listed on a national exchange or exchanges for which market quotations are available are valued at their last quoted sale price on each business day. If there is no such reported sale, the most recently quoted bid price is used for long securities and the 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. Debt obligations with sixty days or less remaining until maturity are valued at their amortized cost. Unlisted securities for which market quotations are readily available are valued at the most recent quoted bid price for long securities and the ask price is used for securities sold short. Investments in other investment companies are valued at their published net asset value. Other assets and securities for which no quotation is readily available or deemed unreliable are valued at fair value as determined in good faith by the Board of Trustees (“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 New York Stock Exchange (Generally 4 PM Eastern Time).

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 Funds’ 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 Funds may use a systematic valuation model provided by an independent third party to fair value its international equity securities.

Investment Transactions

Investment transactions are recorded no later than one business day after trade date. For financial reporting purposes, investment transactions are recorded on trade date of the last business day of the reporting period.

Real Estate Investment Trusts

The Funds may own shares of real estate investment trusts (”REITs”) which report information on the source of their distributions annually. Certain distributions received from REITs during the year, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT.

Foreign Currency Translation

The accounting records of the Funds 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.

Risks Associated with Foreign Securities and Currencies

Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments which could adversely affect investments in those securities. Certain foreign investments may also be subject to foreign withholding taxes.

Forward Foreign Currency Exchange Contracts

The Funds may enter into forward foreign currency exchange contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of securities denominated in a particular currency. The Funds could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency.

Mortgage Dollar Roll Transactions

The AZL AIM International Equity Fund, AZL Legg Mason Growth Fund, AZL Legg Mason Value Fund, AZL LMP Large Cap Growth Fund, AZL OCC Opportunity Fund, AZL Oppenheimer Global Fund, AZL Oppenheimer International Growth Fund, AZL Oppenheimer Main Street Fund, AZL PIMCO Fundamental IndexPLUS Total Return Fund, AZL Schroder International Small Cap Fund, AZL TargetPLUS Balanced Fund, AZL TargetPLUS Growth Fund and AZL TargetPLUS Moderate Fund may engage in dollar roll transactions with respect to mortgage securities issued by the Government National Mortgage Association, the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. In a dollar roll transaction, the Funds sell a mortgage-backed security and simultaneously agree to repurchase a similar security on a specified future date at an agreed upon price. During the roll period, the Funds will not be entitled to receive any interest or principal paid on the securities sold. The Funds are compensated for the lost interest on the securities sold by the difference between the sales price and the lower price for the future repurchase as well as by the interest earned on the reinvestment of the sales proceeds. The Funds may also be compensated by receipt of a commitment fee.

Reverse Repurchase Agreements

The AZL PIMCO Fundamental IndexPLUS Total Return Fund (“PIMCO Fund”) may entered into reverse repurchase agreements, subject to the Fund’s limitations on borrowings. A reverse repurchase agreement involves the sale of a security by a fund and its agreement to repurchase the investment at a specified time and price, and may be considered a form of borrowing for some purposes. At the time the PIMCO Fund enters into a Reverse Repurchase Agreement, it will segregate assets such as U.S. government securities or other liquid high-grade debt securities consistent with the Fund’s investment restrictions having a value equal to the Fund’s obligation.

Reverse repurchase agreements and dollar roll agreements are considered to be borrowings by the PIMCO Fund under the 1940 Act and, therefore, a form of leverage. The PIMCO Fund may experience a negative impact on their net asset value if interest rates rise during the term of a reverse repurchase agreement or dollar roll agreement. The PIMCO Fund generally will invest the proceeds of such borrowings only when such borrowings will enhance a Fund’s liquidity or when the Fund reasonably expect that the interest income to be earned from the investment of the proceeds is greater than the interest expense of the transaction.

The PIMCO Fund may borrow money to the extent permitted under the 1940 Act. This means that, in general, the funds may borrow money from banks for any purpose on a secured basis in an amount up to 33- 1/3% of the funds’ total assets. The Funds may also borrow money for temporary administrative purposes on an unsecured basis in an amount not to exceed 5% of the Funds’ total assets.

As of September 30, 2008 there we no open reverse repurchase agreements.

Futures Contracts

The Funds (except for the AZL First Trust Target Double Play Fund, AZL Money Market Fund and AZL TargetPLUS Equity Fund) may enter into futures contracts. The Funds may use futures contracts to manage its exposure to the securities markets or to movements in market conditions or foreign exchange rates. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Funds are 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”) 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, risk of loss in excess of the variation margin. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Funds 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.

Loan Participations and Assignments

The AZL Columbia Technology Fund, AZL Columbia Small Cap Value Fund, AZL Franklin Small Cap Value Fund, AZL Jennison Growth Fund, AZL LMP Large Cap Growth Fund, AZL Money Market Fund, AZL OCC Opportunity Fund, AZL PIMCO Fundamental IndexPLUS Total Return Fund, AZL TargetPLUS Balanced Fund, AZL TargetPLUS Growth Fund and AZL TargetPLUS Moderate Fund may invest in direct debt instruments which are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. The Funds’ investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the ”lender”) that acts as an agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. When investing in loan

participation, the Funds have the right to receive payments of principal, interest and any fees to which they are entitled only from the lender selling the loan agreement and only upon receipt by the lender of payments from the borrower. The Funds generally have no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Funds may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When the Funds purchase assignments from lenders it acquires direct rights against the borrower on the loan.

Options Contracts

The Funds (except for the AZL First Trust Target Double Play Fund, AZL Money Market Fund and AZL TargetPLUS Equity Fund) may write call and put options on instruments in which it may invest. Writing put options tends to increase the Funds’ exposure to the underlying instrument. Writing call options tends to decrease the Funds’ exposure to the underlying instrument. When the Funds write a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying instrument to determine the realized gain or loss. The Funds as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Funds may not be able to enter into a closing transaction because of an illiquid market.

The Funds may also purchase put and call options. Purchasing call options tends to increase the Funds’ exposure to the underlying instrument. Purchasing put options tends to decrease the Funds’ exposure to the underlying instrument. The Funds pay a premium as an investment that is subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying instrument to determine the realized gain or loss.

Transactions in options written during the quarter ended September 30, 2008 were as follows:

AZL PIMCO Fundamental IndexPLUS Total Return Fund


	*Number of*			*Premiums*
Options Transactions	*Contracts*			*Received*
Options outstanding at June 30, 2008		(1,118	)	$	(354,509	)
Options written		(36	)		(16,207	)
Options exercised		—			—
Options bought back		—			—
Options expired		56			34,172

Options outstanding at September 30, 2008		(1,098	)	$	(336,544	)

AZL TargetPLUS Balanced Fund


	Number of			Premiums
Options Transactions	Contracts			Received

Options outstanding at June 30, 2008		(186	)	$	(50,384	)
Options written		(8	)		(5,245	)
Options exercised		—			—
Options bought back		—			—
Options expired		6			5,203

Options outstanding at September 30, 2008		(188	)	$	(50,426	)

AZL TargetPLUS Growth Fund


	Number of			Premiums
Written Option Transactions	Contracts			Received
Options outstanding at June 30, 2008		(186	)	$	(53,892	)
Options written		(10	)		(6,553	)
Options exercised		—			—
Options bought back		—			—
Options expired		6			5,203

Options outstanding at September 30, 2008		(190	)	$	(55,243	)

AZL TargetPLUS Moderate Fund


	Number of			Premiums
Options Transactions	Contracts			Received
Options outstanding at June 30, 2008		(206	)	$	(59,533	)
Options written		(8	)		(5,230	)
Options exercised		—			—
Options bought back		—			—
Options expired		6			5,203

Options outstanding at September 30, 2008		(208	)	$	(59,560	)

Swap Agreements

The AZL PIMCO Fundamental IndexPLUS Total Return Fund, AZL TargetPLUS Balanced Fund, AZL TargetPLUS Growth Fund, and AZL TargetPLUS Moderate Fund invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Funds may enter into total return and credit default swap agreements to manage their exposure to market and credit risk. The value of swap agreements are equal to the Funds’ obligations (or rights) under swap agreements, which will generally be equal to the net amounts to be paid or received under the agreements based upon the relative values of the positions held by each party to the agreements.

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Funds will receive a payment from or make a payment to the counterparty.

Credit default swap (CDS) agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified amount in the event of a default by a third party reference entity. A buyer of a CDS receives credit protection or sheds credit risk, whereas the seller of a CDS is selling credit protection or assuming credit risk. The seller typically receives a pre-determined periodic payment from the other party in consideration for guaranteeing to make a specific payment to the buyer should the third party reference entity suffer a default event. If a default event occurs, the seller would be required to pay the par value of a referenced debt obligation to the counterparty in exchange for a defaulted obligation. When entering into or closing a CDS position, a cash flow to account for market premiums or discounts (as compared to par value) is exchanged.

Interest rate swaps involve the exchange of commitments to pay and receive interest based on a notional principal amount. Net periodic interest payments to be received or paid are accrued daily.

Swaps are marked to market daily using pricing sources approved by the Trustees and the change in value, if any, is recorded as unrealized gain or loss. Payments received or made at the beginning of the measurement period are recorded as realized gain or loss upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as a realized gain or loss. Net periodic payments received or paid by the Funds are included as part of realized gains (losses). Swap agreements involve, to varying degrees, elements of market risk and exposure to loss. The notional amounts reflect the extent of the total investment exposure each Fund has under the swap agreement. The primary risks associated with the use of swap agreements are imperfect correlation between movements in the notional amount and the price of the underlying instruments and the inability of counterparties to perform. The Funds bear the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of swap agreement counterparty.

Short Sales

The AZL PIMCO Fundamental IndexPLUS Total Return Fund, AZL TargetPLUS Balanced Fund, AZL TargetPLUS Growth Fund, and AZL TargetPLUS Moderate Fund have engaged in short sales. The Funds may also incur dividend expense if a security that has been sold short declares a dividend. The Funds are exposed to market risk based on the amount, if any, that the market value of the securities sold short exceeds the proceeds received. Short sales involve elements of market risk and exposure. This risk is potentially unlimited, as the Funds that sell a security short without hedging will be exposed to any market value increase in the security sold short.

Securities Lending

To generate additional income, each Fund may lend up to 33- 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, or U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The Funds receive payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of collateral. Collateral is marked to market daily to provide a level of collateral at least equal to the fair value of securities loaned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. At September 30, 2008, the Funds had the following amounts outstanding related to securities lending:


	Value of		Value of Loaned
	Collateral		Securities
AZL AIM International Equity Fund	$	2,860,297	$	2,768,764
AZL Columbia Technology Fund		103,078		102,254
AZL Davis NY Venture Fund*		244,674		254,030
AZL Dreyfus Founders Equity Growth Fund*		398,658		413,345
AZL First Trust Target Double Play Fund		6,060,830		5,680,570
AZL Franklin Small Cap Value Fund		52,002,671		51,253,307
AZL Jennison 20/20 Focus Fund*		4,200,722		4,226,573
AZL Legg Mason Growth Fund*		82,042		87,258
AZL Legg Mason Value Fund		2,429,763		2,422,118
AZL LMP Large Cap Growth Fund		19,067,685		18,442,869
AZL NACM International Fund		3,586,632		3,310,982
AZL Neuberger Berman Regency Fund*		48,848		51,177
AZL OCC Opportunity Fund		44,768,870		42,803,591
AZL OCC Value Fund*		10,787		11,566
AZL Oppenheimer Global Fund		3,225,047		3,053,529
AZL Oppenheimer International Growth Fund		16,456,778		15,661,604
AZL Oppenheimer Main Street Fund		47,971		47,968
AZL PIMCO Fundamental IndexPLUS Total Return Fund		304,500		299,930
AZL S&P 500 Index Fund*		124,087		125,143
AZL Schroder Emerging Markets Equity Fund		2,507,766		2,233,135
AZL Schroder International Small Cap Fund		3,363,523		3,061,676
AZL Small Cap Stock Index Fund		3,916,455		3,858,391
AZL TargetPLUS Balanced Fund		746,282		726,883
AZL TargetPLUS Equity Fund		4,586,127		4,436,772
AZL TargetPLUS Growth Fund		3,450,189		3,352,290
AZL TargetPLUS Moderate Fund		1,620,696		1,574,998
AZL Turner Quantitative Small Cap Growth Fund*		1,724,628		1,735,087
AZL Van Kampen Comstock Fund		5,038,030		4,874,916
AZL Van Kampen Equity and Income Fund		5,779,222		5,625,120
AZL Van Kampen Global Franchise Fund		12,519,000		12,153,498
AZL Van Kampen Global Real Estate Fund		5,640,081		5,288,261
AZL Van Kampen Growth and Income Fund		883,218		830,782
AZL Van Kampen Mid Cap Growth Fund*		39,565,217		41,302,412

Northern Trust Company is the Securities Lending Agent for all of the Funds (except for the AZL Columbia Small Cap Value Fund, the AZL LMP Large Cap Growth Fund, the AZL OCC Opportunity Fund, the AZL Oppenheimer International Growth Fund, the AZL Van Kampen Comstock Fund, and the AZL Van Kampen Global Franchise Fund). These Funds received cash and non-cash collateral for securities loaned. The cash was invested in a Northern Institutional Liquid Asset Portfolio and the non-cash collateral represented short-term instruments from Goldman Sachs, as well as U.S. Treasury Bonds and U.S. Treasury Notes at September 30, 2008. Information on the investment of cash collateral is shown in the Schedules.

Dresdner Kleinwort, an affiliate of Allianz, is the Securities Lending Agent for the AZL Columbia Small Cap Value Fund, the AZL LMP Large Cap Growth Fund, the AZL OCC Opportunity Fund, the AZL Oppenheimer International Growth Fund, the AZL Van Kampen Comstock Fund, and the AZL Van Kampen Global Franchise Fund. These Funds received cash collateral for securities loaned. The cash was invested in and Allianz Dresdner Daily Asset Fund at September 30, 2008. Information on the investment of cash collateral is shown in the Schedules.

The securities lending agent’s mark to market of the collateral on September 30, 2008 indicated that additional collateral was warranted, and such collateral was received the next business day to maintain the Fund’s ongoing collateral requirements.

3. 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 of the resale limitations provided by Rule 144 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.

At September 30, 2008, the AZL Columbia Technology Fund held restricted illiquid securities representing 0.6% of the net assets of the Fund all of which have been deemed illiquid. The restricted illiquid securities held as of September 30, 2008 are identified below:

Acquisition

Fair

Security

Date

Cost

Shares

Value

Energy Conversion Devices, Inc.

2/10/2005

194,428

6,000

349,500

At September 30, 2008, the AZL PIMCO Fundamental IndexPLUS Total Return Fund held restricted illiquid securities representing 0.6% of the net assets of the Fund, all of which have been deemed illiquid. The restricted illiquid securities held as of September 30, 2008 are identified below:


	Acquisition		Acquisition		Shares or		Fair
Security	Date		Cost		Contracts		Value
Preferred Stock:
DG Funding Trust		10/11/06	$	361,688		34	$	345,950

Purchased Options:

1-Year Interest Rate Swap (OTC), Receive 3-Month USD-LIBOR Floating Rate Index Strike @ 3.45, Exp. 8/3/09		4/15/08		86,240		770		56,841

1-Year Interest Rate Swap (OTC), Receive 3-Month USD-LIBOR Floating Rate Index Strike @ 3.45, Exp. 8/3/09		4/2/08		62,738		590		43,554

1-Year Interest Rate Swap (OTC), Receive 3-Month USD-LIBOR Floating Rate Index Strike @ 3.50, Exp. 2/2/09		2/25/08		66,505		600		48,095

1-Year Interest Rate Swap (OTC), Receive 3-Month USD-LIBOR Floating Rate Index Strike @ 3.15, Exp. 2/2/09		3/12/08		71,280		660		33,465

1-Year Interest Rate Swap (OTC), Receive 3-Month USD-LIBOR Floating Rate Index Strike @ 3.45, Exp. 8/3/09		4/1/08		15,260		140		10,335

1-Year Interest Rate Swap (OTC), Receive 3-Month USD-LIBOR Floating Rate Index Strike @ 3.15, Exp. 12/15/08		2/22/08		21,275		230		9,077

1-Year Interest Rate Swap (OTC), Receive 3-Month USD-LIBOR Floating Rate Index Strike @ 3.15, Exp. 12/15/08		2/22/08		6,510		70		2,763

At September 30, 2008, the AZL TargetPLUS Balanced Fund held restricted illiquid securities representing 0.2% of the net assets of the Fund, all of which have been deemed illiquid. The restricted illiquid securities held as of September 30, 2008 are identified below:

Acquisition

Fair

Security

Date

Cost

Contracts

Value

1-Year Interest Rate Swap, Receive 3-Month USD-LIBOR Floating Rate Index Strike @ 4.25, Exp. 7/6/09

12/10/07

30,923

310

47,714

1-Year Interest Rate Swap, Receive 6-Month EUR-LIBOR Floating Rate Index Strike @ 4.18, Exp. 4/20/09

12/4/07

18,307

250

16,871

At September 30, 2008, the AZL TargetPLUS Growth Fund held restricted illiquid securities representing 0.1% of the net assets of the Fund, all of which have been deemed illiquid. The restricted illiquid securities held as of September 30, 2008 are identified below:

Acquisition

Fair

Security

Date

Cost

Contracts

Value

1-Year Interest Rate Swap, Receive 3-Month USD-LIBOR Floating Rate Index Strike @ 4.25, Exp. 7/6/09

12/10/07

37,905

380

58,488

1-Year Interest Rate Swap, Receive 6-Month EUR-LIBOR Floating Rate Index Strike @ 4.18, Exp. 4/20/09

12/4/07

11,829

140

9,448

At September 30, 2008, the AZL TargetPLUS Moderate Fund held restricted securities representing 0.2% of the net assets of the Fund, all of which have been deemed illiquid. The restricted illiquid securities held as of September 30, 2008 are identified below:

Acquisition

Fair

Security

Date

Cost

Contracts

Value

1-Year Interest Rate Swap, Receive 3-Month USD-LIBOR Floating Rate Index Strike @ 4.25, Exp. 7/6/09

12/10/07

43,890

440

67,724

1-Year Interest Rate Swap, Receive 6-Month EUR-LIBOR Floating Rate Index Strike @ 4.18, Exp. 4/20/09

12/4/07

13,519

160

10,797

At September 30, 2008, the AZL Van Kampen Mid Cap Growth Fund held restricted securities representing 0.6% of the net assets of the Fund, all of which have been deemed illiquid. The restricted illiquid securities held as of September 30, 2008 are identified below:

Acquisition

Fair

Security

Date

Cost

Shares

Value

Ironwood Pharmacueticals, Inc.

9/11/08

1,950,540

162,545

1,950,540

4. Investment Valuation Summary

The inputs used for valuing the Funds’ 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 Funds’ own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. For example, money market securities held in the AZL Money Market Fund are valued using amortized cost in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2.


	LEVEL 1 - Quoted Prices								LEVEL 2 - Other Significant								Total
	Investments		Other Financial			Securities Sold Short			Investments		Other Financial			Securities Sold Short			Investments		Other Financial			Securities Sold Short
Fund Name	in Securities		Instruments*			and Written Options			in Securities		Instruments*			and Written Options			in Securities		Instruments*			and Written Options
AZL AIM International Equity Fund	$	36,152,435	$	—		$	—		$	201,423,343	$	—		$	—		$	237,575,778	$	—		$	—
AZL Columbia Small Cap Value Fund		56,766,680		—			—			1,539,705		—			—			58,306,385		—			—
AZL Columbia Technology Fund		52,712,172		—			—			6,797,740		—			—			59,509,912		—			—
AZL Davis NY Venture Fund		425,098,252		—			—			29,912,507		—			—			455,010,759		—			—
AZL Dreyfus Founders Equity Growth Fund		184,292,104		—			—			481,997		—			—			184,774,101		—			—
AZL First Trust Target Double Play Fund		83,056,661		—			—			505,507		—			—			83,562,168		—			—
AZL Franklin Small Cap Value Fund		315,518,818		—			—			11,850,162		—			—			327,368,980		—			—
AZL Jennison 20/20 Focus Fund		386,419,850		—			—			14,856,127		—			—			401,275,977		—			—
AZL Jennison Growth Fund		55,627,427		—			—			1,698,617		—			—			57,326,044		—			—
AZL Legg Mason Growth Fund		97,849,557		—			—			2,679,318		—			—			100,528,875		—			—
AZL Legg Mason Value Fund		229,678,773		—			—			11,924,123		—			—			241,602,896		—			—
AZL LMP Large Cap Growth Fund		197,066,652		—			—			4,778,073		—			—			201,844,725		—			—
AZL Money Market Fund		—		—			—			826,146,156		—			—			826,146,156		—			—
AZL NACM International Fund		3,586,632		—			—			73,050,128		6,695			—			76,636,760		6,695			—
AZL Neuberger Berman Regency Fund		68,964,304		—			—			2,773,346		—			—			71,737,650		—			—
AZL OCC Opportunity Fund		177,870,687		—			—			—		—			—			177,870,687		—			—
AZL OCC Value Fund		224,850,093		—			—			8,802,847		—			—			233,652,940		—			—
AZL Oppenheimer Global Fund		63,033,215		—			—			83,018,393		—			—			146,051,608		—			—
AZL Oppenheimer International Growth Fund		24,818,066		—			—			148,262,012		—			—			173,080,078		—			—
AZL Oppenheimer Main Street Fund		88,166,677		—			—			654,431		—			—			88,821,108		—			—
AZL PIMCO Fundamental IndexPLUS Total Return Fund		304,500		546,369			(17,015	)		141,851,391		(4,658,990	)		(1,176,370	)		142,155,891		(4,112,621	)		(1,193,385	)
AZL S&P 500 Index Fund		248,372,806		(127,380	)		—			4,090,455		—			—			252,463,261		(127,380	)		—
AZL Schroder Emerging Markets Equity Fund		28,849,187		—			—			117,741,782		—			—			146,590,969		—			—
AZL Schroder International Small Cap Fund		3,363,523		—			—			74,887,392		—			—			78,250,915		—			—
AZL Small Cap Stock Index Fund		187,504,445		5,212			—			74,881		—			—			187,579,326		5,212			—
AZL TargetPLUS Balanced Fund		13,147,992		35,452			(7,125	)		26,319,131		(101,144	)		(555,272	)		39,467,123		(65,692	)		(562,397	)
AZL TargetPLUS Equity Fund		68,677,421		—			—			11,952,477		—			—			80,629,898		—			—
AZL TargetPLUS Growth Fund		51,507,024		47,597			(8,906	)		30,354,606		(107,422	)		(64,974	)		81,861,630		(59,825	)		(73,880	)
AZL TargetPLUS Moderate Fund		25,768,920		42,141			(7,126	)		25,207,086		(148,119	)		(73,729	)		50,976,006		(105,978	)		(80,855	)
AZL Turner Quantitative Small Cap Growth Fund		52,183,598		—			—			1,017,030		—			—			53,200,628		—			—
AZL Van Kampen Comstock Fund		506,964,391		—			—			12,007,248		—			—			518,971,639		—			—
AZL Van Kampen Equity and Income Fund		112,606,249		—			—			77,978,695		—			—			190,584,944		—			—
AZL Van Kampen Global Franchise Fund		97,900,693		—			—			198,308,347		5,784,838			—			296,209,040		5,784,838			—
AZL Van Kampen Global Real Estate Fund		58,364,206		—			—			74,612,092		(5,432	)		—			132,976,298		(5,432	)		—
AZL Van Kampen Growth and Income Fund		208,600,174		—			—			19,128,126		—			—			227,728,300		—			—
AZL Van Kampen Mid Cap Growth Fund		343,033,156		—			—			37,582,986		—			—			380,616,142		—			—


*		Other financial instruments would include any derivative instruments not reflected in the Schedule of Portfolio Investments, such as any futures, forwards,and swap agreements. These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.


5701 Golden Hills Drive, Minneapolis, MN		55416-1297

(Address of principal executive offices)		(Zip code)


Unrealized appreciation	$	73,191,048
Unrealized depreciation		(82,212,561	)

Net unrealized depreciation	$	(9,021,513	)


Unrealized appreciation	$	3,514,911
Unrealized depreciation		(6,811,147	)

Net unrealized depreciation	$	(3,296,236	)


Unrealized appreciation	$	6,077,926
Unrealized depreciation		(32,272,647	)

Net unrealized depreciation	$	(26,194,721	)


Unrealized appreciation	$	14,252,958
Unrealized depreciation		(25,320,820	)

Net unrealized depreciation	$	(11,067,862	)


			Number of		Unrealized Appreciation/
Description	Type	Expiration Date	Contracts		(Depreciation)

90-Day British Sterling Pound March Futures	Long	3/09		30	$	62,959
90-Day British Sterling Pound June Futures	Long	6/09		24		55,095
90-Day British Sterling Pound December Futures	Long	12/08		13		2,097
90-Day British Sterling Pound December Futures	Long	12/09		1		(43	)
Euro Euribor March Futures	Long	3/09		3		9,711
Euro Euribor June Futures	Long	6/09		2		7,843
90-Day Euribor December Futures	Long	12/08		5		4,390
90-Day Eurodollar March Futures	Long	3/10		29		64,525
90-Day Eurodollar March Futures	Long	3/09		88		172,788
90-Day Eurodollar June Futures	Long	6/10		1		275
90-Day Eurodollar June Futures	Long	6/09		57		40,825
90-Day Eurodollar September Futures	Long	9/10		1		288
90-Day Eurodollar September Futures	Long	9/09		62		157,863
90-Day Eurodollar December Futures	Long	12/08		115		(100,763	)
90-Day Eurodollar December Futures	Long	12/09		35		69,737
U.S. Treasury 10-Year Note December Futures	Long	12/08		1		(1,219	)

Total Unrealized Appreciation/(Depreciation) on Futures					$	546,369


		Pay/Receive	Exercise			Expiration		Number of
Description	Counterparty	Floating Index	Rate			Date		Contracts			Premium			Fair Value
Call—OTC 7-Year Interest Rate Swap	Royal Bank of Scotland	Rec—3-month USD-LIBOR		4.30	%		12/15/08		(80	)	$	(21,360	)	$	(14,219	)
Call—OTC 7-Year Interest Rate Swap	Royal Bank of Scotland	Rec—3-month USD-LIBOR		4.30			12/15/08		(20	)		(5,400	)		(3,555	)
Call—OTC 7-Year Interest Rate Swap	Royal Bank of Scotland	Rec—3-month USD-LIBOR		4.25			2/2/09		(220	)		(66,330	)		(43,819	)
Call—OTC 5-Year Interest Rate Swap	Barclay’s Capital	Rec—3-month USD-LIBOR		4.30			2/2/09		(140	)		(35,420	)		(30,307	)
Call—OTC 7-Year Interest Rate Swap	Barclay’s Capital	Rec—3-month USD-LIBOR		4.60			2/2/09		(100	)		(32,100	)		(31,049	)
Call—OTC 5-Year Interest Rate Swap	Merrill Lynch	Rec—3-month USD-LIBOR		4.40			8/3/09		(260	)		(85,800	)		(72,362	)
Call—OTC 7-Year Interest Rate Swap	Royal Bank of Scotland	Rec—3-month USD-LIBOR		4.40			8/3/09		(200	)		(65,040	)		(55,663	)
Call—OTC 5-Year Interest Rate Swap	Barclay’s Capital	Rec—3-month USD-LIBOR		4.15			8/3/09		(60	)		(15,060	)		(12,178	)

											$	(326,510	)	$	(263,151	)


					Number
	Exercise		Expiration		of
Security Description	Price		Date		Contracts			Premium			Fair Value
Call — CBOT US 10 Year Treasury Note December Future	$	119		11/21/08		(9	)	$	(4,978	)	$	(5,484	)
Put — CBOT US 10 Year Treasury Note December Future		113		11/21/08		(9	)		(5,056	)		(11,531	)

								$	(10,034	)	$	(17,015	)


	Coupon			Maturity		Principal									Appreciation/
Security Description	Rate			Date		Amount			Premium			Fair Value			(Depreciation)

Government National Mortgage Association - October TBA		6.00	%		10/18/37	$	(900,000	)	$	(925,313	)	$	(913,219	)	$	12,093

									$	(925,313	)	$	(913,219	)	$	12,093


Country	Percentage
Thailand		3.8	%
India		3.2	%
Mexico		3.1	%
Israel		3.0	%
United States		2.8	%
Hungary		2.7	%
Malaysia		2.2	%
Indonesia		1.8	%
Poland		1.6	%
Turkey		1.4	%
Egypt		1.4	%
United Kingdom		1.0	%
Colombia		0.6	%
Tokelau		0.4	%
Netherlands		0.3	%

		100.0	%




		Pay/Receive								Unrealized
	Floating Rate	Floating	Fixed			Expiration		Notional		appreciation/
Counterparty	Index	Rate	Rate			Date		Amount		(depreciation)

Goldman Sachs Group	Brazil Cetip Interbank Deposit Rate	Pay		10.15	%		1/2/12	$	100,000	$	(2,259	)
Merrill Lynch Capital Services, Inc.	Brazil Cetip Interbank Deposit Rate	Pay		12.54			1/2/12		200,000		(4,154	)
HSBC Bank USA	South Africa Interbank	Pay		9.99			11/9/10		300,000		(397	)
Citibank	South Africa Interbank	Pay		9.99			11/9/10		100,000		(144	)
Barclays Bank PLC	6-Month EUR LIBOR	Pay		4.00			9/19/17		100,000		631
Morgan Stanley Capital Services Inc.	6-Month GBPLIBOR	Pay		6.00			9/18/09		100,000		148
UBS AG	Brazil Cetip Interbank Deposit Rate	Pay		13.85			1/2/12		500,000		4,181
Royal Bank of Scotland PLC	3-Month USD LIBOR	Pay		4.00			12/17/13		100,000		(2,059	)
Citibank	3-Month USD LIBOR	Pay		4.00			12/17/13		100,000		(2,194	)
Royal Bank of Scotland	3-Month USD LIBOR	Receive		4.00			12/17/10		700,000		(2,594	)
Merrill Lynch Capital Services, Inc.	3-Month USD LIBOR	Pay		5.00			12/17/23		100,000		(1,669	)
Goldman Sachs Group	6-Month GBPLIBOR	Pay		4.50			9/17/11		600,000		(6,629	)
Morgan Stanley Capital Services Inc.	3-Month USD LIBOR	Pay		5.00			12/17/18		1,536,000		40,250
Royal Bank of Scotland	3-Month USD LIBOR	Pay		4.00			6/17/10		3,400,000		(11,000	)


Security Description	Exercise Price		Expiration Date		Number of Contracts			Premium			Fair Value
Call — CBOT U.S. Treasury 10-Year Note December Future		117		11/21/08		(4	)	$	(2,647	)	$	(4,312	)
Put — CBOT U.S. Treasury 10-Year Note December Future		111		11/21/08		(4	)		(2,599	)		(2,813	)

Total								$	(5,246	)	$	(7,125	)


		Pay/Receive
		Floating	Exercise			Expiration		Number of						Fair
Description	Counterparty	Index	Rate			Date		Contracts			Premium			Value
Call — OTC 7-Year Interest Rate Swap	Deutsche Bank AG	Euro Index		4.44	%		4/20/09		(50	)	$	(12,030	)	$	(8,063	)
Call — OTC 7-Year Interest Rate Swap	Royal Bank of Scotland	Rec—3-month USD-LIBOR		4.9			7/7/09		(130	)		(36,660	)		(56,911	)

Totals											$	(48,690	)	$	(64,974	)


Unrealized appreciation	$	3,155,901
Unrealized depreciation		(3,912,033	)

Net unrealized depreciation	$	(756,132	)


Unrealized appreciation	$	12,189,755
Unrealized depreciation		(21,748,202	)

Net unrealized depreciation	$	(9,558,447	)


(Registrant) Allianz Variable Insurance Products Trust

By (Signature and Title)*		/s/ Troy A. Sheets Troy A. Sheets, Treasurer

Date November 24, 2008


By (Signature and Title)*		/s/ Jeffrey Kletti Jeffrey Kletti, President

Date November 24, 2008


*		Print the name and title of each signing officer under his or her signature.