Allianz Variable Insurance Products Trust

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

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

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

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

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


Shares			Fair Value
	Common Stocks (99.4%):
	Aerospace & Defense (2.3%):
	54,417	Precision Castparts Corp.	$	13,734,851

	Airlines (1.4%):
	191,783	American Airlines Group, Inc.*		8,238,998

	Auto Components (1.2%):
	108,257	Delphi Automotive plc		7,441,586

	Biotechnology (7.8%):
	32,396	Biogen Idec, Inc.*		10,214,783
	152,276	Gilead Sciences, Inc.*		12,625,203
	54,761	Regeneron Pharmaceuticals, Inc.*		15,468,340
	92,284	United Therapeutics Corp.*		8,166,211

				46,474,537

	Chemicals (1.5%):
	71,919	Monsanto Co.		8,971,176

	Consumer Finance (1.1%):
	103,661	Discover Financial Services		6,424,909

	Diversified Financial Services (2.2%):
	36,391	Berkshire Hathaway, Inc., Class B*		4,605,645
	94,753	Moody’s Corp.		8,306,048

				12,911,693

	Electrical Equipment (4.6%):
	132,554	Eaton Corp. plc		10,230,518
	135,920	Emerson Electric Co.		9,019,652
	34,131	Roper Industries, Inc.		4,983,467
	47,304	Solarcity Corp.*^		3,339,662

				27,573,299

	Energy Equipment & Services (3.0%):
	76,648	FMC Technologies, Inc.*		4,680,893
	109,986	Schlumberger, Ltd.		12,972,849

				17,653,742

	Food Products (1.1%):
	172,492	Mondelez International, Inc., Class A		6,487,424

	Health Care Equipment & Supplies (2.4%):
	261,492	Abbott Laboratories		10,695,023
	8,600	Intuitive Surgical, Inc.*		3,541,480

				14,236,503

	Hotels, Restaurants & Leisure (5.5%):
	101,334	McDonald’s Corp.		10,208,387
	135,939	Starbucks Corp.		10,518,960
	59,394	Wynn Resorts, Ltd.		12,327,819

				33,055,166

	Internet & Catalog Retail (7.3%):
	108,909	Alibaba Group Holding, Ltd.*(a)(b)		7,405,812
	24,944	Netflix, Inc.*		10,990,326
	9,451	Priceline.com, Inc.*		11,369,553
	128,644	TripAdvisor, Inc.*		13,978,457

				43,744,148

	Internet Software & Services (14.6%):
	58,025	Baidu, Inc., ADR*		10,839,650
	282,782	Facebook, Inc., Class A*		19,028,400
	56,413	Google, Inc., Class A*		32,982,988


Shares			Fair Value
	Common Stocks, continued
	Internet Software & Services, continued
	83,223	LinkedIn Corp., Class A*	$	14,270,248
	315,851	Yahoo!, Inc.*		11,095,846

				88,217,132

	IT Services (6.2%):
	33,897	Alliance Data Systems Corp.*		9,533,531
	59,696	MasterCard, Inc., Class A		4,385,865
	111,550	Visa, Inc., Class A		23,504,701

				37,424,097

	Media (8.7%):
	186,341	Comcast Corp., Class A		10,002,785
	267,239	Liberty Global plc, Class A*		11,817,308
	543,424	Twenty-First Century Fox, Inc.		19,101,353
	128,857	Walt Disney Co. (The)		11,048,199

				51,969,645

	Oil, Gas & Consumable Fuels (3.8%):
	43,807	Concho Resources, Inc.*		6,330,112
	47,742	Gulfport Energy Corp.*		2,998,198
	267,730	Laredo Petroleum Holdings, Inc.*		8,294,275
	841,419	Palantir Technologies, Inc.*(a)(b)		5,157,898

				22,780,483

	Personal Products (0.6%):
	48,891	Estee Lauder Co., Inc. (The), Class A		3,630,646

	Pharmaceuticals (7.6%):
	433,859	Abbvie, Inc.		24,487,002
	40,834	Allergan, Inc.		6,909,929
	115,389	Valeant Pharmaceuticals International, Inc.*		14,552,861

				45,949,792

	Professional Services (0.5%):
	49,140	Verisk Analytics, Inc., Class A*		2,949,383

	Road & Rail (3.1%):
	184,582	Union Pacific Corp.		18,412,055

	Software (4.6%):
	100,805	Autodesk, Inc.*		5,683,386
	68,524	Intuit, Inc.		5,518,238
	133,386	Salesforce.com, Inc.*		7,747,059
	86,494	VMware, Inc., Class A*		8,373,484

				27,322,167

	Specialty Retail (1.0%):
	73,030	Home Depot, Inc. (The)		5,912,509

	Technology Hardware, Storage & Peripherals (4.0%):
	258,485	Apple, Inc.		24,021,011

	Textiles, Apparel & Luxury Goods (1.1%):
	84,371	Nike, Inc., Class B		6,542,971

	Wireless Telecommunication Services (2.2%):
	81,696	Crown Castle International Corp.		6,066,745
	185,653	SoftBank Corp., ADR*		6,980,553

				13,047,298

	Total Common Stocks (Cost $504,084,228)			595,127,221


Shares or Principal Amount			Fair Value
	Securities Held as Collateral for Securities on Loan (0.3%):
$	2,034,458	Allianz Variable Insurance Products Securities Lending Collateral Trust(c)	$	2,034,458

	Total Securities Held as Collateral for Securities on Loan (Cost $2,034,458)			2,034,458

	Unaffiliated Investment Company (0.3%):
	1,505,295	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(d)		1,505,295

	Total Unaffiliated Investment Company (Cost $1,505,295)			1,505,295

	Total Investment Securities (Cost $507,623,981)(e) — 100.0%			598,666,974
	Net other assets (liabilities) — 0.0%			121,430

	Net Assets — 100.0%		$	598,788,404

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2014:

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investment securities, at cost	$	507,623,981

Investment securities, at value*	$	598,666,974
Interest and dividends receivable		183,395
Foreign currency, at value (cost $879)		880
Receivable for investments sold		10,407,028
Reclaims receivable		401
Prepaid expenses		3,324

Total Assets		609,262,002

Liabilities:
Payable for investments purchased		6,881,904
Payable for capital shares redeemed		1,040,971
Payable for collateral received on loaned securities		2,034,458
Manager fees payable		341,614
Administration fees payable		21,544
Distribution fees payable		122,004
Custodian fees payable		10,067
Administrative and compliance services fees payable		1,325
Trustee fees payable		2,407
Other accrued liabilities		17,304

Total Liabilities		10,473,598

Net Assets	$	598,788,404

Net Assets Consist of:
Capital	$	372,015,892
Accumulated net investment income/(loss)		(960,572	)
Accumulated net realized gains/(losses) from investment transactions		136,690,083
Net unrealized appreciation/(depreciation) on investments		91,043,001

Net Assets	$	598,788,404

Shares of beneficial interest (unlimited number of shares authorized, no par value)		31,338,572
Net Asset Value (offering and redemption price per share)	$	19.11

*	Includes securities on loan of $1,983,789.

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends	$	2,216,884
Income from securities lending		53,001
Foreign withholding tax		(1,576	)

Total Investment Income		2,268,309

Expenses:
Manager fees		2,584,051
Administration fees		86,735
Distribution fees		807,514
Custodian fees		15,763
Administrative and compliance services fees		4,790
Trustee fees		15,195
Professional fees		14,795
Shareholder reports		18,091
Other expenses		6,340

Total expenses before reductions		3,553,274
Less expenses voluntarily waived/reimbursed by the Manager		(323,003	)
Less expenses paid indirectly		(1,390	)

Net expenses		3,228,881

Net Investment Income/(Loss)		(960,572	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		78,647,117
Change in net unrealized appreciation/depreciation on investments		(77,280,970	)

Net Realized/Unrealized Gains/(Losses) on Investments		1,366,147

Change in Net Assets Resulting From Operations	$	405,575

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

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of 30 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL BlackRock Capital Appreciation Fund (the “Fund”), and 29 are presented in separate reports.

The Trust is authorized to issue an unlimited number of shares of the Fund without par value. Shares of the Fund are available through the variable annuity contracts and variable life insurance policies offered through the separate accounts of participating insurance companies.

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

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

Investment transactions are recorded not later than on the business day following trade date. However, for financial reporting purposes, investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

The Fund 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 period, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT.

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss on investments and foreign currencies. Income received by the Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. The Funds accrue such taxes, as applicable, based on their current interpretation of tax rules in the foreign markets in which they invest.

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

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

To generate additional income, the Fund may lend up to 33¹/₃% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, 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 borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives 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 cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. 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. Securities on loan at June 30, 2014 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $9.6 million for the period ended June 30, 2014.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund paid securities lending fees of $5,249 during the period ended June 30, 2014. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Certain Funds of the Trust participate in a commission recapture program. The Fund will utilize the recaptured commissions to pay for, in whole or part, certain expenses of the Fund, excluding investment advisory fees. Any amounts received by the Fund, if applicable, are disclosed as “Expenses paid indirectly” on the Statement of Operations.

Effective January 6, 2014, the Manager, on behalf of the Trust, requested the Fund cease participation in the program until further notice.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Capital Management, Inc. (“BlackRock Capital”), BlackRock Capital provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2015.

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2014, there were no remaining contractual reimbursements that are subject to repayment by the Fund in subsequent years.

In addition, the Manager may voluntarily waive or reimburse additional fees in order to maintain more competitive expense ratios. Any voluntary waivers or reimbursements are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations.

Pursuant to separate agreements between the Funds and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $75 per hour for time incurred in connection with the preparation and filing of certain documents with the Securities and Exchange Commission. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

are subject to a minimum annual fee. In addition, the Administrator is entitled to annual account fees related to the transfer agency system, an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund and receives 12b-1 fees directly from the Fund, plus a Trust-wide annual fee of $42,500, paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

The Trust has adopted a distribution and service plan in conformance with Rule 12b-1 of the 1940 Act. Pursuant to this plan, the Fund is authorized to pay certain fees for the sale and distribution of its shares and services provided to its shareholders at an annual rate not to exceed 0.25% of the Fund’s average daily net assets. These fees are reflected on the Statement of Operations as “Distribution fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $3,993 was paid from the Fund relating to these fees and expenses.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles. For their service to the Trust and to the Allianz Variable Insurance Products Fund of Funds Trust, each non-interested Trustee receives a $163,000 annual Board retainer. In addition, the Trustees are reimbursed for certain expenses associated with attending Board meetings. Compensation to the Trustees is allocated between the Trust and the Allianz Variable Insurance Products Fund of Funds Trust in proportion to the assets under management of each trust. During the period ended June 30, 2014, actual Trustee compensation was $456,400 in total for both trusts.

The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund’s investments are summarized in the three broad levels listed below:

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The Fund determines transfers between fair value hierarchy levels at the reporting period end. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

Other assets and securities for which market quotations are not readily available, or are deemed unreliable are valued at fair value as determined in good faith by the Trustees or persons acting on the behalf of the Trustees. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

In accordance with procedures adopted by the Trustees, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net asset value is calculated. Management identifies possible fluctuation in international securities by monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, the Fund may use a systematic valuation model provided by an independent third party to fair value its international equity securities which are then typically categorized as Level 2 in the fair value hierarchy.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

A restricted security is a security which has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (the “1933 Act”) or pursuant to the resale limitations provided by Rule 144A under the 1933 Act, or an exemption from the registration requirements of the 1933 Act. Whether a restricted security is illiquid is determined pursuant to guidelines established by the Board of Trustees. Not all restricted securities are considered illiquid. The illiquid restricted securities held as of June 30, 2014 are identified below.

Foreign Securities and Currencies Risk: 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.

It is the Fund’s policy to continue to comply with the requirements of the Internal Revenue Code under Subchapter M, applicable to regulated investment companies, and to distribute all of its taxable income, including any net realized gains on investments, to its shareholders. Therefore, no provision is made for federal income taxes.

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

Cost for federal income tax purposes at June 30, 2014 is $509,523,723. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

During the year ended December 31, 2013, the Fund utilized $68,940,964 in capital loss carry forwards to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings and any net capital loss carry forwards will be determined at the end of the current tax year ending December 31, 2014.

Management has evaluated events and transactions subsequent to period end through the date the financial statements were issued, for purposes of recognition or disclosure in these financial statements and there are no subsequent events to report.

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

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

The Fund files complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. Schedules of Portfolio Holdings for the Fund in this report are available without charge on the Commission’s website at http://www.sec.gov, or may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

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

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


Shares			Fair Value
	Common Stocks (62.2%):
	Aerospace & Defense (1.6%):
	945	Boeing Co. (The)	$	120,232
	37,856	European Aeronautic Defence & Space Co. NV		2,540,644
	1,363	General Dynamics Corp.		158,858
	1,275	L-3 Communications Holdings, Inc.		153,956
	1,434	Northrop Grumman Corp.		171,549
	7,195	Precision Castparts Corp.		1,816,018
	1,785	Raytheon Co.		164,666
	66,515	Safran SA		4,352,066
	26,877	United Technologies Corp.		3,102,951

				12,580,940

	Air Freight & Logistics (0.6%):
	6,862	FedEx Corp.		1,038,770
	41,621	Royal Mail plc*		355,119
	34,506	United Parcel Service, Inc., Class B		3,542,386

				4,936,275

	Airlines (0.6%):
	25,900	Japan Airlines Co., Ltd.		1,433,635
	69,629	United Continental Holdings, Inc.*		2,859,663

				4,293,298

	Auto Components (1.4%):
	17,300	Aisin Sieki Co., Ltd.		689,659
	11,426	BorgWarner, Inc.		744,861
	45,800	Bridgestone Corp.		1,605,365
	124,683	Cheng Shin Rubber Industry Co., Ltd.		318,330
	6,199	Delphi Automotive plc		426,119
	38,400	DENSO Corp.		1,836,534
	22,400	Futaba Industrial Co., Ltd.		102,561
	19,443	Goodyear Tire & Rubber Co.		540,127
	1,882	Hyundai Wia Corp.		364,823
	20,151	Johnson Controls, Inc.		1,006,139
	4,800	Koito Manufacturing Co., Ltd.		123,135
	1,980	Lear Corp.		176,854
	2,900	Stanley Electric Co., Ltd.		75,773
	37,000	Toyota Industries Corp.		1,914,466
	4,258	TRW Automotive Holdings Corp.*		381,176

				10,305,922

	Automobiles (1.9%):
	6,802	Bayerische Motoren Werke AG (BMW)		862,728
	6,700	Daihatsu Motor Co., Ltd.		119,322
	104,000	Dongfeng Motor Corp., H Shares		186,425
	118,510	Ford Motor Co.		2,043,112
	148,700	Fuji Heavy Industries, Ltd.		4,127,291
	8,966	General Motors Co.		325,466
	43,400	Honda Motor Co., Ltd.		1,518,371
	3,784	Hyundai Motor Co.		858,208
	76,000	Isuzu Motors, Ltd.		503,614
	7,054	Maruti Suzuki India, Ltd.		286,235
	86,000	Suzuki Motor Corp.		2,699,307
	21,700	Toyota Motor Corp.		1,305,539
	270	Volkswagen AG		69,807


Shares			Fair Value
	Common Stocks, continued
	Automobiles, continued
	9,900	Yamaha Motor Co., Ltd.	$	170,742
	159,770	Yulon Motor Co., Ltd.		260,038

				15,336,205

	Banks (4.1%):
	79,287	Banco Bilbao Vizcaya Argentaria SA		1,009,321
	18,686	Banco Santander Chile SA, ADR		494,245
	185,393	Bank of America Corp.		2,849,490
	9,674	Bank of Nova Scotia^		645,054
	21,000	Bank of Yokohama, Ltd. (The)		121,107
	23,604	BB&T Corp.		930,706
	48,580	BNP Paribas SA		3,295,894
	18,000	Chiba Bank, Ltd. (The)		127,317
	89,000	Chuo Mitsui Trust Holdings, Inc.		407,635
	17,309	Fifth Third Bancorp		369,547
	356,671	Intesa Sanpaolo SpA		1,099,466
	68,015	JPMorgan Chase & Co.		3,919,024
	983,614	Lloyds Banking Group plc*		1,250,704
	127,300	Mitsubishi UFJ Financial Group, Inc.		782,116
	23,377	National Australia Bank, Ltd.		722,998
	104,606	Regions Financial Corp.		1,110,916
	12,000	Shizuoka Bank, Ltd. (The)		129,964
	19,196	Societe Generale		1,003,783
	44,500	Sumitomo Mitsui Financial Group, Inc.		1,868,841
	22,184	Svenska Handelsbanken AB, A Shares		1,085,015
	27,122	U.S. Bancorp		1,174,925
	57,376	UniCredit SpA		480,530
	103,709	Wells Fargo & Co.		5,450,945

				30,329,543

	Beverages (1.2%):
	2,591	Anheuser-Busch InBev NV		297,792
	85,880	Coca-Cola Co. (The)		3,637,877
	1,775	Constellation Brands, Inc., Class A*		156,431
	8,047	Diageo plc, ADR		1,024,142
	6,279	Diageo plc		199,856
	3,299	Fomento Economico Mexicano SAB de C.V., ADR		308,951
	30,400	Kirin Holdings Co., Ltd.		439,723
	4,846	Remy Cointreau SA^		445,805
	13,277	SABMiller plc		769,140
	13,500	Suntory Beverage & Food, Ltd.		530,091
	17,133	Uber Technologies, Inc.*(a)		1,063,140

				8,872,948

	Biotechnology (0.9%):
	5,316	Alexion Pharmaceuticals, Inc.*		830,625
	1,327	Amgen, Inc.		157,077
	5,835	Biogen Idec, Inc.*		1,839,834
	12,944	Celgene Corp.*		1,111,631
	7,288	Cubist Pharmaceuticals, Inc.*		508,848
	13,043	Gilead Sciences, Inc.*		1,081,395
	59,638	Mesoblast, Ltd.*^		251,709


Shares			Fair Value
	Common Stocks, continued
	Biotechnology, continued
	738	Regeneron Pharmaceuticals, Inc.*	$	208,463
	9,303	Vertex Pharmaceuticals, Inc.*		880,808

				6,870,390

	Building Products (0.3%):
	26,591	Compagnie de Saint-Gobain		1,497,927
	12,800	SA Daikin Industries, Ltd.		809,743

				2,307,670

	Capital Markets (0.6%):
	1,202	Ameriprise Financial, Inc.		144,240
	22,770	Deutsche Bank AG, Registered Shares		801,045
	8,585	Goldman Sachs Group, Inc. (The)		1,437,472
	102,337	UBS AG, Registered Shares		1,875,656

				4,258,413

	Chemicals (2.0%):
	7,592	Agrium, Inc.		695,655
	14,752	Akzo Nobel NV		1,105,987
	11,941	Arkema, Inc.		1,162,211
	86,000	Asahi Kasei Corp.		659,412
	503	CF Industries Holdings, Inc.		120,987
	3,232	Cheil Industries, Inc.		224,213
	1,665	Eastman Chemical Co.		145,438
	17,007	FMC Corp.		1,210,728
	29,900	Hitachi Chemical Co., Ltd.		495,573
	47,700	JSR Corp.		819,779
	13,478	Koninklijke DSM NV		980,818
	49,200	Kuraray Co., Ltd.		624,661
	4,643	Linde AG		987,308
	20,200	Nitto Denko Corp.		948,534
	982	PPG Industries, Inc.		206,367
	28,200	Shin-Etsu Chemical Co., Ltd.		1,716,938
	1,408	Sigma Aldrich Corp.		142,884
	7,294	Syngenta AG, Registered Shares		2,725,797
	188,000	Ube Industries, Ltd.		327,181

				15,300,471

	Commercial Services & Supplies (0.0%):
	4,735	Pitney Bowes, Inc.		130,781
	2,900	Sohgo Security Services Co., Ltd.		69,663

				200,444

	Communications Equipment (0.5%):
	98,223	Cisco Systems, Inc.		2,440,842
	14,677	El Towers SpA*		793,780
	1,797	Harris Corp.		136,123
	1,885	Motorola Solutions, Inc.		125,484

				3,496,229

	Construction & Engineering (0.3%):
	46,000	JGC Corp.		1,400,269
	4,000	Kinden Corp.		38,955
	2,000	Maeda Road Construction Co., Ltd.		34,657
	81,000	Okumura Corp.		411,700
	104,000	Toda Corp.		405,141

				2,290,722


Shares			Fair Value
	Common Stocks, continued
	Construction Materials (0.1%):
	4,859	HeidelbergCement AG	$	414,372

	Consumer Finance (0.7%):
	21,748	American Express Co.		2,063,233
	16,014	Capital One Financial Corp.		1,322,756
	23,962	Discover Financial Services		1,485,165
	11,560	Santander Consumer USA Holdings, Inc.		224,726

				5,095,880

	Containers & Packaging (0.2%):
	7,952	Avery Dennison Corp.		407,540
	15,694	Crown Holdings, Inc.*		780,933
	19,252	Sealed Air Corp.		657,841

				1,846,314

	Distributors (0.0%):
	2,100	Canon Marketing Japan, Inc.		39,462

	Diversified Consumer Services (0.0%):
	3,700	Benesse Holdings, Inc.		160,657

	Diversified Financial Services (0.8%):
	11,699	Berkshire Hathaway, Inc., Class B*		1,480,625
	49,607	Citigroup, Inc.		2,336,490
	9,156	Deutsche Boerse AG		710,520
	80,184	ING Groep NV*		1,124,995

				5,652,630

	Diversified Telecommunication Services (1.1%):
	167,694	BT Group plc		1,103,104
	49,491	Deutsche Telekom AG, Registered Shares		867,407
	54,724	Koninklijke (Royal) KPN NV*		199,256
	10,700	Nippon Telegraph & Telephone Corp.		668,377
	237,334	Oi SA, ADR		203,656
	319,000	Singapore Telecommunications, Ltd.		985,678
	466	Swisscom AG, Registered Shares		270,774
	43,850	TDC A/S		453,843
	278,462	Telecom Italia SpA		352,270
	32,883	Telecom Italia SpA, RSP		32,446
	175,700	Telekom Malaysia Berhad		347,609
	7,963	Verizon Communications, Inc.		389,520
	64,298	Verizon Communications, Inc.		3,146,101

				9,020,041

	Electric Utilities (0.6%):
	17,835	American Electric Power Co., Inc.		994,658
	21,200	Chubu Electric Power Co., Inc.*		264,041
	69,847	Enel SpA ^		406,418
	13,341	NextEra Energy, Inc.		1,367,185
	28,086	PPL Corp.		997,896
	13,418	Terna – Rete Elettrica Nationale SpA		70,735

				4,100,933

	Electrical Equipment (1.1%):
	20,623	Eaton Corp. plc		1,591,682
	1,000	Mabuchi Motor Co., Ltd.		75,932
	89,000	Mitsubishi Electric Corp.		1,101,290


Shares			Fair Value
	Common Stocks, continued
	Electrical Equipment, continued
	16,636	Rockwell Automation, Inc.	$	2,082,162
	19,817	Schneider Electric SA		1,868,897
	1,932	Schneider Electric SE		181,746
	38,300	Sumitomo Electric Industries, Ltd.		540,198

				7,441,907

	Electronic Equipment, Instruments & Components (0.6%):
	2,948	Avnet, Inc.		130,626
	3,100	Hitachi High-Technologies Corp.		73,894
	220,000	Hitachi, Ltd.		1,614,748
	31,500	HOYA Corp.		1,048,356
	400	Keyence Corp.		174,990
	13,800	Kyocera Corp.		656,637
	6,100	Murata Manufacturing Co., Ltd.		572,270
	4,100	Omron Corp.		173,247
	2,648	TE Connectivity, Ltd.		163,752

				4,608,520

	Energy Equipment & Services (0.9%):
	19,817	Dresser-Rand Group, Inc.*		1,262,937
	95,700	Dropbox, Inc.*(a)(b)		1,761,837
	1,633	Helmerich & Payne, Inc.		189,608
	20,054	Schlumberger, Ltd.		2,365,369
	14,996	Technip-Coflexip SA		1,642,497

				7,222,248

	Food & Staples Retailing (0.3%):
	7,065	CVS Caremark Corp.		532,489
	20,064	Fresh Market, Inc. (The)*^		671,542
	3,102	Kroger Co. (The)		153,332
	78,037	Tesco plc		379,020

				1,736,383

	Food Products (1.3%):
	23,000	Ajinomoto Co., Inc.		360,486
	3,084	Archer-Daniels-Midland Co.		136,035
	55,745	Cosan, Ltd., A Shares		755,902
	5,778	Danone SA		428,800
	54,359	Nestle SA, Registered Shares		4,212,846
	365	Orion Corp.		332,233
	26,652	SLC Agricola SA		230,324
	66,729	Unilever NV		2,918,623
	16,532	Unilever plc		749,553

				10,124,802

	Gas Utilities (0.2%):
	4,995	Gas Natural SDG SA^		158,067
	30,726	Snam Rete Gas SpA		185,100
	242,000	Tokyo Gas Co., Ltd.		1,415,874

				1,759,041

	Health Care Equipment & Supplies (0.4%):
	986	Becton, Dickinson & Co.		116,644
	15,512	Getinge AB, B Shares		407,501
	16,398	Medtronic, Inc.		1,045,536


Shares			Fair Value
	Common Stocks, continued
	Health Care Equipment & Supplies, continued
	17,429	Mindray Medical International, Ltd., ADR^	$	549,014
	4,920	Zimmer Holdings, Inc.		510,991

				2,629,686

	Health Care Providers & Services (3.1%):
	14,930	Aetna, Inc.		1,210,524
	34,158	Al Noor Hospitals Group plc		598,598
	1,775	AmerisourceBergen Corp.		128,972
	1,601,600	Bangkok Dusit Medical Services Public Co., Ltd., Class F		824,716
	84,200	Bumrungrad Hospital Public Co., Ltd.		303,723
	12,279	Cardinal Health, Inc.		841,848
	14,308	Catamaran Corp.*		631,841
	20,589	Envision Healthcare Holdings, Inc.*		739,351
	22,486	Express Scripts Holding Co.*		1,558,954
	7,027	Fresenius SE & Co. KGaA		1,047,868
	31,056	HCA Holdings, Inc.*		1,750,938
	13,745	HealthSouth Corp.		493,033
	12,506	Humana, Inc.		1,597,266
	703,000	IHH Healthcare Berhad		959,462
	101,218	Life Healthcare Group Holdings Pte, Ltd.		395,361
	14,270	McKesson, Inc.		2,657,218
	57,901	NMC Health plc		496,049
	282,799	PT Siloam International Hospital Tbk*		344,987
	98,000	Raffles Medical Group, Ltd.		320,023
	9,500	Ship Healthcare Holdings, Inc.		332,834
	193,197	Sinopharm Group Co., H Shares		534,928
	7,753	Team Health Holdings, Inc.*		387,185
	11,876	Tenet Healthcare Corp.*		557,459
	28,932	UnitedHealth Group, Inc.		2,365,192
	12,478	Universal Health Services, Inc., Class B		1,194,893
	7,528	WellCare Health Plans, Inc.*		562,040
	1,359	WellPoint, Inc.		146,242

				22,981,505

	Health Care Technology (0.0%):
	7,897	Castlight Health, Inc., Class B*^		120,034

	Hotels, Restaurants & Leisure (0.3%):
	12,935	Hilton Worldwide Holdings, Inc.*		301,386
	17,994	McDonald’s Corp.		1,812,715
	1,817	Wyndham Worldwide Corp.		137,583

				2,251,684

	Household Durables (0.4%):
	2,800	Alpine Electronics, Inc.		39,557
	62,916	Barratt Developments plc		401,637
	52,642	Cyrela Brazil Realty SA Empreendimentos e Participacoes		330,770
	90,144	MRV Engenharia e Participacoes SA		301,976
	7,300	Rinnai Corp.		706,004
	32,000	Sony Corp.		534,581

				2,314,525


Shares			Fair Value
	Common Stocks, continued
	Household Products (1.1%):
	5,238	Church & Dwight Co., Inc.	$	366,398
	14,326	Colgate-Palmolive Co.		976,747
	645	Energizer Holdings, Inc.		78,709
	1,059	Kimberly-Clark Corp.		117,782
	495	LG Household & Health Care, Ltd.		222,836
	78,406	Procter & Gamble Co. (The)		6,161,928
	7,800	Unicharm Corp.		465,464

				8,389,864

	Independent Power and Renewable Electricity Producers (0.3%):
	53,922	AES Corp. (The)		838,487
	51,029	Calpine Corp.*		1,215,001
	3,200	NextEra Energy Partners LP*		107,232
	5,735	NRG Energy, Inc.		213,342

				2,374,062

	Industrial Conglomerates (1.9%):
	10,040	3M Co.		1,438,130
	163,719	Beijing Enterprises Holdings, Ltd.		1,550,194
	7,640	Danaher Corp.		601,497
	148,263	General Electric Co.		3,896,351
	143,000	Keppel Corp., Ltd.		1,238,126
	35,813	Siemens AG, Registered Shares		4,729,662

				13,453,960

	Insurance (2.2%):
	8,123	ACE, Ltd.		842,355
	74,600	AIA Group, Ltd.		375,413
	9,050	Allstate Corp. (The)		531,416
	26,251	American International Group, Inc.		1,432,779
	43,092	AXA SA		1,028,311
	2,308	Axis Capital Holdings, Ltd.		102,198
	1,093	Chubb Corp. (The)		100,742
	3,039	CNA Financial Corp.		122,836
	98,728	Legal & General Group plc		380,807
	3,972	Lincoln National Corp.		204,320
	15,759	Marsh & McLennan Cos., Inc.		816,631
	14,847	MetLife, Inc.		824,899
	45,700	MS&AD Insurance Group Holdings, Inc.		1,106,653
	29,900	NKSJ Holdings, Inc.		807,213
	6,067	Prudential Financial, Inc.		538,568
	47,168	Prudential plc		1,081,842
	1,659	Reinsurance Group of America, Inc.		130,895
	40,900	Sony Financial Holdings, Inc.		699,018
	114,100	Tokio Marine Holdings, Inc.		3,760,116
	1,579	Torchmark Corp.		129,352
	6,980	Travelers Cos., Inc. (The)		656,609
	30,226	XL Group plc, Class B		989,297

				16,662,270

	Internet Software & Services (2.1%):
	29,600	DeNA Co., Ltd.^		401,123
	55,701	eBay, Inc.*		2,788,392
	5,859	Google, Inc., Class C*		3,370,566


Shares			Fair Value
	Common Stocks, continued
	Internet Software & Services, continued
	5,383	Google, Inc., Class A*	$	3,147,279
	27,500	Gree, Inc.^		241,540
	27,064	SINA Corp.*		1,346,975
	63,484	Twitter, Inc.*		2,600,939
	39,416	Twitter, Inc.*(a)(b)		1,534,130

				15,430,944

	IT Services (1.7%):
	1,384	Accenture plc, Class A		111,883
	850	Alliance Data Systems Corp.*		239,063
	2,938	Amdocs, Ltd.		136,118
	24,254	Atos Origin SA		2,021,711
	4,782	Cielo SA		98,606
	2,747	Computer Sciences Corp.		173,610
	2,873	Fidelity National Information Services, Inc.		157,268
	54,054	MasterCard, Inc., Class A		3,971,347
	25,663	Visa, Inc., Class A		5,407,451
	46,065	Worldline SA*		1,047,003

				13,364,060

	Leisure Products (0.2%):
	17,168	Mattel, Inc.		669,037
	5,300	Namco Bandai Holdings, Inc.		124,365
	7,400	Nikon Corp.		116,690
	21,400	Sega Sammy Holdings, Inc.		421,877
	7,300	Yamaha Corp.		115,322

				1,447,291

	Life Sciences Tools & Services (0.7%):
	23,582	Agilent Technologies, Inc.		1,354,550
	2,025	Mettler-Toledo International, Inc.*		512,690
	13,366	PerkinElmer, Inc.		626,063
	14,610	Thermo Fisher Scientific, Inc.		1,723,980
	7,314	Waters Corp.*		763,874

				4,981,157

	Machinery (1.2%):
	500	Andritz AG		28,861
	131,313	CNH Industrial NV		1,347,008
	4,016	CNH Industrial NV		41,039
	19,645	Colfax Corp.*		1,464,338
	72,851	Cummins India, Ltd.		784,644
	4,001	Cummins, Inc.		617,314
	1,290	Dover Corp.		117,326
	2,800	Fanuc, Ltd.		483,935
	158,090	Haitian International Holdings, Ltd.		369,368
	86,000	IHI Corp.		401,517
	28,000	Kubota Corp.		397,867
	75,000	Mitsubishi Heavy Industries, Ltd.		468,879
	5,400	Nabtesco Corp.		119,618
	11,011	PACCAR, Inc.		691,821
	1,018	Parker Hannifin Corp.		127,993
	12,332	Samsung Heavy Industries Co., Ltd.		327,633
	1,000	SMC Corp.		268,198
	13,795	Stanley Black & Decker, Inc.		1,211,477

				9,268,836


Shares			Fair Value
	Common Stocks, continued
	Media (1.4%):
	8,144	Charter Communications, Inc., Class A*	$	1,289,847
	77,450	Comcast Corp., Class A		4,157,516
	9,292	DISH Network Corp., Class A*		604,723
	60,869	Grupo Televisa SAB		417,605
	21,823	Liberty Media Corp.*		2,982,768
	20,700	Manchester United plc, Class A*^		361,215
	3,582	RTL Group		398,180
	974	Time Warner Cable, Inc.		143,470
	2,100	TV Asahi Holdings Corp.		38,445
	1,429	Viacom, Inc., Class B		123,937
	54,301	Zon Multimedia Servicos de Telecommunicacoes e Multimedia SGPS SA		356,496

				10,874,202

	Metals & Mining (3.0%):
	138,884	Antofagasta plc		1,821,545
	62,912	BHP Billiton plc		2,048,114
	24,199	Constellium NV*		775,820
	104,865	Eldorado Gold Corp.		802,042
	114,566	First Quantum Minerals, Ltd.		2,450,461
	118,133	Freeport-McMoRan Copper & Gold, Inc.		4,311,854
	80,001	Goldcorp, Inc.		2,232,828
	8,000	Jiangxi Copper Co., Ltd.		12,664
	303,956	Platinum Group Metals, Ltd.*		361,818
	35,439	Polyus Gold International, Ltd.*		113,776
	64,196	Rio Tinto plc		3,463,496
	25,737	Silver Wheaton Corp.^		676,111
	52,062	Southern Copper Corp.		1,581,123
	24,905	Teck Resources, Ltd., Class B^		568,581

				21,220,233

	Multiline Retail (0.1%):
	1,994	Macy’s, Inc.		115,692
	5,300	Ryohin Keikaku Co., Ltd.		602,090

				717,782

	Multi-Utilities (0.7%):
	22,376	CenterPoint Energy, Inc.		571,483
	20,901	Dominion Resources, Inc.		1,494,840
	3,191	DTE Energy Co.		248,483
	29,700	GDF Suez		816,548
	68,727	National Grid plc		987,268
	7,515	RWE AG		322,716
	11,044	Sempra Energy		1,156,417

				5,597,755

	Oil, Gas & Consumable Fuels (5.4%):
	27,158	Anadarko Petroleum Corp.		2,972,987
	108,570	Athabasca Oil Corp.*		779,498
	51,862	BG Group plc		1,096,293
	57,369	Cameco Corp.^		1,125,006
	28,717	Canadian Natural Resources, Ltd.		1,318,397
	30,228	Chevron Corp.		3,946,266
	12,780	Cimarex Energy Co.		1,833,419


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	1,168,000	CNOOC, Ltd.	$	2,096,297
	41,560	Cobalt International Energy, Inc.*		762,626
	17,616	Diamondback Energy, Inc.*		1,564,301
	34,500	Eclipse Resources Corp.*		866,985
	34,085	EP Energy Corp., Class A*		785,659
	9,469	EQT Corp.		1,012,236
	129,600	INPEX Corp.		1,974,020
	37,919	KazMunaiGas Exploration Production JSC, Registered Shares, GDR		605,367
	348,000	Kunlun Energy Co., Ltd.		574,169
	74,117	Lundin Petroleum AB*		1,499,113
	59,370	Marathon Oil Corp.		2,370,050
	1,363	Marathon Petroleum Corp.		106,409
	893	Murphy Oil Corp.		59,367
	236,487	Ophir Energy plc*		891,470
	116,157	Palantir Technologies, Inc.*(a)(b)		712,042
	39,098	Parsley Energy, Inc., Class A*		941,089
	62,648	Petroleo Brasileiro SA, ADR		916,541
	36,729	Phillips 66		2,954,113
	31,612	Royal Dutch Shell plc, ADR		2,603,880
	32,415	Statoil ASA		1,000,275
	1,282	Suncor Energy, Inc.		54,652
	10,460	Total SA		755,688
	18,747	Total SA, Sponsored ADR^		1,353,533
	3,356	Valero Energy Corp.		168,136

				39,699,884

	Paper & Forest Products (0.0%):
	2,953	International Paper Co.		149,038

	Personal Products (0.2%):
	77,502	Hypermarcas SA*		670,819
	2,335	L’Oreal SA		402,602

				1,073,421

	Pharmaceuticals (3.5%):
	55,552	Abbvie, Inc.		3,135,354
	7,780	Allergan, Inc.		1,316,532
	34,400	Astellas Pharma, Inc.		452,907
	5,088	AstraZeneca plc, ADR		378,089
	17,733	AstraZeneca plc		1,319,368
	26,958	Bristol-Myers Squibb Co.		1,307,733
	10,000	Kyowa Hakko Kogyo Co., Ltd.^		135,567
	6,239	Mylan, Inc.*		321,683
	26,270	Novartis AG, Registered Shares		2,380,130
	567	Novartis AG, ADR		51,331
	23,500	Otsuka Holdings Co., Ltd.		729,453
	4,464	Perrigo Co. plc		650,673
	105,436	Pfizer, Inc.		3,129,340
	17,206	Roche Holding AG		5,135,454
	29,343	Sanofi-Aventis SA		3,120,796
	8,875	Sanofi-Aventis SA, ADR		471,884
	2,000	Sawai Pharmaceutical Co., Ltd.		118,050


Shares			Fair Value
	Common Stocks, continued
	Pharmaceuticals, continued
	22,531	Shire plc	$	1,766,457
	444,000	Sino Biopharmaceutical, Ltd.		360,051

				26,280,852

	Professional Services (0.1%):
	40,900	Qualicorp SA*		483,616

	Real Estate Investment Trusts (REITs) (0.7%):
	9,452	American Capital Agency Corp.		221,271
	9,768	American Tower Corp.		878,925
	23,900	Equity Residential Property Trust		1,505,700
	364,645	Fibra UNO Amdinistracion SA		1,278,692
	145,465	Link REIT (The)		782,710
	206,217	TF Administradora Industrial S de RL de C.V.		460,524

				5,127,822

	Real Estate Management & Development (1.1%):
	88,331	BR Malls Participacoes SA		751,753
	633,000	CapitaLand, Ltd.		1,624,980
	36,000	Daikyo, Inc.		84,733
	5,300	Daito Trust Construction Co., Ltd.		623,835
	174,000	Global Logistic Properties, Ltd.		376,885
	67,467	St. Joe Co. (The)*^		1,715,686
	146,000	Sun Hung Kai Properties, Ltd.		2,002,997
	180,000	Wharf Holdings, Ltd. (The)		1,296,811

				8,477,680

	Road & Rail (1.0%):
	26,141	Canadian National Railway Co.		1,699,688
	12,363	CSX Corp.		380,904
	25,200	East Japan Railway Co.		1,987,816
	9,346	J.B. Hunt Transport Services, Inc.		689,548
	24,000	Nippon Express Co., Ltd.		116,506
	6,000	Seino Holdings Co., Ltd.		68,294
	29,033	Union Pacific Corp.		2,896,042

				7,838,798

	Semiconductors & Semiconductor Equipment (0.7%):
	824	KLA-Tencor Corp.		59,855
	17,200	ROHM Co., Ltd.		988,545
	888	Samsung Electronics Co., Ltd.		1,161,204
	1,830	Samsung Electronics Co., Ltd., Preferred Shares		1,918,617

				4,128,221

	Software (1.3%):
	17,204	Activision Blizzard, Inc.		383,649
	2,183	Adobe Systems, Inc.*		157,962
	1,967	Check Point Software Technologies, Ltd.*		131,848
	43,375	Electronic Arts, Inc.*		1,555,861
	38,400	Gungho Online Enetertainment, Inc.^		248,538
	1,668	Intuit, Inc.		134,324
	3,164	Microsoft Corp.		131,939
	15,900	Nexon Co., Ltd.		152,221
	6,800	Nintendo Co., Ltd.		815,024


Shares			Fair Value
	Common Stocks, continued
	Software, continued
	55,862	Oracle Corp.	$	2,264,087
	38,848	TIBCO Software, Inc.*		783,564
	3,600	Trend Micro, Inc.		118,778
	36,576	UbiSoft Entertainment SA*		672,644
	52,191	Veeva Systems, Inc., Class A*^		1,328,261
	7,520	VMware, Inc., Class A*		728,011

				9,606,711

	Specialty Retail (0.2%):
	2,300	Autobacs Seven Co., Ltd.		38,636
	10,300	Nitori Co., Ltd.		563,841
	4,200	Sanrio Co., Ltd.^		122,142
	700	Shimamura Co., Ltd.		68,913
	281,400	Yamada Denki Co., Ltd.^		1,004,466
	214,260	Zhongsheng Group Holdings, Ltd.		279,333

				2,077,331

	Technology Hardware, Storage & Peripherals (0.9%):
	60,872	Apple, Inc.		5,656,835
	199,000	NEC Corp.		635,969
	2,383	Seagate Technology plc		135,402
	2,311	Western Digital Corp.		213,305

				6,641,511

	Textiles, Apparel & Luxury Goods (0.4%):
	48,485	Coach, Inc.		1,657,702
	12,080	Lululemon Athletica, Inc.*^		488,998
	5,035	LVMH Moet Hennessy Louis Vuitton SA		969,828

				3,116,528

	Thrifts & Mortgage Finance (0.1%):
	55,558	Fannie Mae*^		217,232
	16,260	Ocwen Financial Corp.*		603,246

				820,478

	Trading Companies & Distributors (1.0%):
	27,381	Fastenal Co.		1,355,086
	72,100	Mitsubishi Corp.		1,502,202
	241,600	Mitsui & Co., Ltd.		3,880,448
	69,800	Sumitomo Corp.		944,049

				7,681,785

	Transportation Infrastructure (0.1%):
	615,711	Delta Topco, Ltd.*(a)(b)		407,108
	4,000	Kamigumi Co., Ltd.		36,835
	17,667	Novorossiysk Commercial Sea Trade Port JSC, Registered Shares, GDR*		88,302

				532,245

	Water Utilities (0.1%):
	13,607	American Water Works Co., Inc.		672,866

	Wireless Telecommunication Services (0.7%):
	16,430	America Movil SAB de C.V., Series L, ADR		340,923
	379,500	Axiata Group Berhad		824,333
	10,470	Crown Castle International Corp.		777,502
	133,029	Far EasTone Telecommunications Co., Ltd.		303,093


Shares			Fair Value
	Common Stocks, continued
	Wireless Telecommunication Services, continued
	24,600	KDDI Corp.	$	1,503,978
	104,000	Taiwan Mobile Co., Ltd.		321,959
	135,098	Vodafone Group plc		451,413
	14,583	Vodafone Group plc, ADR		486,926

				5,010,127

	Total Common Stocks (Cost $403,555,609)			464,101,424

	Preferred Stocks (1.6%):
	Auto Components (0.1%):
	12,219	Mobileye N.V., Series F, Preferred Shares *(a)(b)		483,628

	Automobiles (0.3%):
	8,633	Volkswagen AG, Preferred Shares		2,267,372

	Banks (0.7%):
	25,482	Citigroup Capital XIII, Preferred Shares		705,851
	31,000	GMAC Capital Trust I, Series 2, Preferred Shares		846,299
	15,033	HSBC Holdings plc, Series 2, Preferred Shares		406,944
	76,512	Itau Unibanco Holding SA, Preferred Shares		1,101,786
	20,628	RBS Capital Funding Trust VII, Series G, Preferred Shares		497,135
	9,710	Royal Bank of Scotland Group plc, Series Q, Preferred Shares, ADR		241,876
	12,375	Royal Bank of Scotland Group plc, Series M, Preferred Shares, ADR		297,990
	13,969	Royal Bank of Scotland Group plc, Series T, Preferred Shares, ADR		352,717
	7,409	U.S. Bancorp, Series G, Preferred Shares		203,081
	13,409	U.S. Bancorp, Series F, Preferred Shares^		378,938
	511,000	USB Capital IX, Preferred Shares		435,628

				5,468,245

	Communications Equipment (0.1%):
	6,670	Corwn Castle International Corp., Series A, Preferred Shares		678,673

	Diversified Financial Services (0.1%):
	44,451	Fannie Mae, Series S, Preferred Shares		460,068

	Food & Staples Retailing (0.1%):
	13,631	Companhia Brasileira de Destribuicao Grupo Pao de Acucar, Preferred Shares		635,579

	Machinery (0.0%):
	2,023	Stanley Black & Decker, Inc., Preferred Shares^		230,683

	Multi-Utilities (0.1%):
	7,500	Dominion Resources, Inc., Preferred Shares		394,688

	Real Estate Investment Trusts (REITs) (0.1%):
	2,826	American Tower Corp., Series A, Preferred Shares		300,686
	10,270	Health Care REIT, Inc., Series I		596,623

				897,309

	Real Estate Management & Development (0.0%):
	14,600	Forestar Group, Inc., Preferred Shares		367,409

	Total Preferred Stocks (Cost $10,739,847)			11,883,654


Shares			Fair Value
	Warrants (0.0%):
	Paper & Forest Products (0.0%):
	157,250	TFS Corp., Ltd.*(c)	$	113,564

	Real Estate Management & Development (0.0%):
	11,666	Sun Hung Kai Properties, Ltd.*		15,233

	Total Warrants (Cost $—)			128,797

	Convertible Preferred Stocks (0.2%):
	Aerospace & Defense (0.0%):
	5,137	United Technologies Corp., 0.46%		334,881

	Airlines (0.0%):
	650	Continental Airlines Finance Trust II, 3.04%		32,033

	Banks (0.0%):
	247	Wells Fargo & Co., Series L, Class A, 0.02%		299,642

	Electric Utilities (0.2%):
	10,884	NextEra Energy, Inc., 0.34%		722,209

	Metals & Mining (0.0%):
	14,524	Cliffs Natural Resources, Inc., Series A, 1.95%		208,129

	Total Convertible Preferred Stocks (Cost $1,509,353)			1,596,894

Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Convertible Bonds (2.3%):
	Automobiles (0.2%):
$	800,000	Volkswagen International Finance NV, 5.50%, 11/9/15(c)		1,283,516

	Banks (0.1%):
	713,000	JPMorgan Chase & Co., Series Q, 5.15%, 12/31/49, Callable 5/1/23 @ 100, Perpetual Bond(d)		683,589

	Biotechnology (0.4%):
	143,000	BioMarin Pharmaceutical, Inc., 0.75%, 10/15/18		147,916
	135,000	BioMarin Pharmaceutical, Inc., 1.50%, 10/15/20		142,172
	229,000	Cubist Pharmaceuticals, Inc., 2.50%, 11/1/17		561,336
	659,000	Gilead Sciences, Inc., Series D, 1.63%, 5/1/16		2,402,055

				3,253,479

	Diversified Financial Services (0.1%):
	20,000,000	Zeus (Cayman) II, Ltd., Registered Shares, -23.28%, 8/18/16(a)		347,596

	Electrical Equipment (0.0%):
	143,000	Suzlon Energy, Ltd., 0.00%, 7/25/14		143,000

	Food & Staples Retailing (0.1%):
	500,000	Olam International, Ltd., 6.00%, 10/15/16(c)		553,125

	Food Products (0.0%):
	400,000	REI Agro, Ltd., Registered Shares, 5.50%, 11/13/14(a)		100,000


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Convertible Bonds, continued
	Health Care Providers & Services (0.1%):
$	80,000	Brookdale Senior Living, Inc., 2.75%, 6/15/18	$	108,950
	463,000	WellPoint, Inc., 2.75%, 10/15/42		709,258

				818,208

	Internet Software & Services (0.0%):
	355,000	SINA Corp., 1.00%, 12/1/18, Callable 12/1/16 @ 100(c)		324,825

	Oil, Gas & Consumable Fuels (0.3%):
	836,000	Cobalt International Energy, Inc., 2.63%, 12/1/19		771,210
	1,081,000	Cobalt International Energy, Inc., 3.13%, 5/15/24		1,162,751
	70,000	Dana Gas Sukuk, Ltd., 7.00%, 10/31/17		68,600
	300,000	Essar Energy plc, 4.25%, 2/1/16(c)		298,500

				2,301,061

	Pharmaceuticals (0.2%):
	452,000	Mylan, Inc., 3.75%, 9/15/15		1,752,348

	Real Estate Management & Development (0.4%):
	750,000	CapitaLand, Ltd., 2.10%, 11/15/16, Callable 10/17/18 @ 100(c)		599,615
	1,500,000	CapitaLand, Ltd., Series CAPL, 2.95%, 6/20/22, Callable 6/20/17 @ 100(c)		1,206,497
	500,000	CapitaLand, Ltd., 1.95%, 10/17/23, Callable 10/17/18 @ 100(c)		408,792
	250,000	CapitaLand, Ltd., 1.95%, 10/17/23, Callable 10/17/18 @ 100(c)		204,396
	391,000	Forest City Enterprises, Inc., 4.25%, 8/15/18		441,830

				2,861,130

	Semiconductors & Semiconductor Equipment (0.1%):
	246,000	Intel Corp., 3.25%, 8/1/39		379,455

	Software (0.2%):
	727,000	Salesforce.com, Inc., 0.25%, 4/1/18^		834,687
	368,000	Take-Two Interactive Software, Inc., 1.75%, 12/1/16		481,620

				1,316,307

	Wireless Telecommunication Services (0.1%):
	500,000	Telecom Italia Finance SA, 6.13%, 11/15/16(c)		849,250

	Total Convertible Bonds (Cost $14,506,827)			16,966,889

	Floating Rate Loans (1.1%):
	Biotechnology (0.1%):
	972,676	Grifols Worldwide Operations, Ltd., 3.15%, 3/3/21(d)		971,023

	Energy Equipment & Services (0.3%):
	378,964	Drillships Financing Holdings, Inc., 6.00%, 3/31/21(d)		384,888
	405,533	Fieldwood Energy LLC, 9.38%, 9/20/20(d)		417,902
	1,211,438	Seadrill, Ltd., 0.00%, 2/21/21(b)(d)		1,193,266

				1,996,056


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Floating Rate Loans, continued
	Hotels, Restaurants & Leisure (0.3%):
$	304,147	Autobahn Tank & Rast Holding GmbH, 3.60%, 12/4/18(d)	$	415,803
	122,640	Autobahn Tank & Rast Holding GmbH, 4.63%, 12/4/19(d)		168,176
	1,573,428	Hilton Worldwide Finance LLC, 3.50%, 9/23/20(d)		1,570,155
	345,292	Hilton Worldwide Finance LLC, 3.50%, 10/25/20(d)		344,574

				2,498,708

	Insurance (0.1%):
	571,000	Delta Debtco, Ltd., 9.25%, 10/30/19(a)(d)		594,554

	Media (0.1%):
	392,052	Univision Communications, Inc., 4.00%, 3/1/20(d)		391,519

	Metals & Mining (0.0%):
	105,324	Essar Steel Algoma, Inc., 9.25%, 9/18/14(d)		105,377

	Oil, Gas & Consumable Fuels (0.2%):
	232,885	Quintero SA, 1.25%, 6/20/23(d)		217,980
	105,393	Sheridan Production Partners, 4.25%, 12/2/20(d)		105,393
	757,468	Sheridan Production Partners, 4.25%, 12/2/20(d)		757,467
	39,317	Sheridan Production Partners, 4.25%, 12/2/20(d)		39,317

				1,120,157

	Pharmaceuticals (0.0%):
	189,625	Mallinckrodt International Finance SA, 3.50%, 2/24/21(d)		189,625

	Total Floating Rate Loans (Cost $7,769,660)			7,867,019

	Corporate Bonds (2.0%):
	Banks (0.2%):
	385,000	Bank of America Corp., 2.60%, 1/15/19		389,529
	430,000	CIT Group, Inc., 4.75%, 2/15/15(c)		438,600
	176,000	Deutsche Bank NY, 5.63%, Callable 1/19/16 @ 100(c)(d)		182,820
	310,000	HSBC USA, Inc., 1.63%, 1/16/18		310,694
	290,000	JPMorgan Chase & Co., 6.13%, 6/27/17		326,573

				1,648,216

	Beverages (0.0%):
	258,000	Anheuser-Busch InBev NV Worldwide, Inc., 1.38%, 7/15/17		258,868

	Capital Markets (0.4%):
	272,000	General Electric Capital Corp., Series A, 5.55%, 5/4/20, MTN		316,539
	420,000	General Electric Capital Corp., 6.38%, 11/15/67, Callable 11/15/17 @ 100(d)		468,300
	657,000	Goldman Sachs Group, Inc., Series L, 5.70%, Callable 5/10/19 @ 100(d)		683,280
	361,000	Merrill Lynch & Co., 6.88%, 4/25/18, MTN		425,305


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Capital Markets, continued
$	489,000	Morgan Stanley, Series H, 5.45%, Callable 7/15/19 @ 100(d)	$	497,919
	168,000	Morgan Stanley, Series G, 7.30%, 5/13/19		205,422

				2,596,765

	Communications Equipment (0.0%):
	110,000	Hughes Satellite Systems Corp., 7.63%, 6/15/21		125,950

	Construction Materials (0.1%):
	135,000	Building Materials Corp., 6.88%, 8/15/18, Callable 8/15/14 @ 103(c)		139,995
	224,000	Texas Industries, Inc., 9.25%, 8/15/20, Callable 8/15/15 @ 105		253,680

				393,675

	Consumer Finance (0.2%):
	578,000	Ally Financial, Inc., 2.75%, 1/30/17		584,502
	431,000	Ally Financial, Inc., 3.50%, 1/27/19		435,181
	858,000	Ford Motor Credit Co. LLC, 1.72%, 12/6/17		858,349

				1,878,032

	Diversified Consumer Services (0.1%):
	408,000	Ford Motor Credit Co. LLC, 2.38%, 1/16/18		416,776
	395,000	Ford Motor Credit Co. LLC, 5.00%, 5/15/18		439,418

				856,194

	Diversified Financial Services (0.3%):
	518,000	Bank of America Corp., 2.00%, 1/11/18, MTN		521,343
	277,000	Bank of America Corp., 1.30%, 3/22/18, MTN(d)		280,566
	273,000	Citigroup, Inc., Series A, 5.95%, 12/29/49, Callable 1/30/23 @ 100(d)		275,730
	500,000	General Electric Capital Corp., Series B, 6.25%, Callable 12/15/22 @ 100(d)		556,250
	222,000	Hyundai Capital America, Inc., 2.13%, 10/2/17(c)		225,378

				1,859,267

	IT Services (0.0%):
	130,000	SunGard Data Systems, Inc., 7.38%, 11/15/18, Callable 8/11/14 @ 105		137,313

	Media (0.1%):
	235,000	Cablevision Systems Corp., 5.88%, 9/15/22		239,406
	200,000	NBCUniversal Enterprise, Inc., 5.25%, 12/31/99, Callable 3/19/21 @ 100(c)		209,000

				448,406

	Oil, Gas & Consumable Fuels (0.1%):
	111,000	Chesapeake Energy Corp., 3.47%, 4/15/19, Callable 4/15/15 @ 101(d)		112,249
	325,000	Reliance Holdings USA, Inc., 4.50%, 10/19/20(c)		339,291
	250,000	Reliance Holdings USA, Inc., 5.40%, 2/14/22(c)		269,940
	270,000	Sabine Pass Liquefaction LLC, 5.63%, 4/15/23		281,475

				1,002,955


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Pharmaceuticals (0.2%):
$	475,000	Forest Laboratories, Inc., 4.38%, 2/1/19(c)	$	512,435
	331,000	Forest Laboratories, Inc., 5.00%, 12/15/21, Callable 9/16/21 @ 100(c)		362,730
	436,000	Mylan, Inc., 2.55%, 3/28/19		439,195

				1,314,360

	Real Estate Investment Trusts (REITs) (0.0%):
	162,000	American Tower Corp., 3.40%, 2/15/19		169,477

	Specialty Retail (0.1%):
	553,000	Best Buy Co., Inc., 5.00%, 8/1/18		579,959

	Technology Hardware, Storage & Peripherals (0.0%):
	213,000	Xerox Corp., 6.35%, 5/15/18		247,505

	Thrifts & Mortgage Finance (0.0%):
	365,000	Capital One Bank USA NA, Series BNKT, 2.15%, 11/21/18, Callable 10/21/18 @ 100		367,629

	Transportation Infrastructure (0.1%):
	516,343	Delta Topco, Ltd., 10.00%, 11/24/60(a)(b)		517,424

	Wireless Telecommunication Services (0.1%):
	960,000	AT&T, Inc., 2.38%, 11/27/18		976,098

	Total Corporate Bonds (Cost $15,061,214)			15,378,093

	Foreign Bonds (9.7%):
	Banks (0.2%):
	610,000	Lloyds TSB Bank plc, Series E, 13.00%, 1/29/49, Callable 1/21/29 @ 100+(d)		1,748,404

	Media (0.1%):
	320,000	Nara Cable Funding, Ltd., 8.88%, 12/1/18, Callable 12/1/18 @ 109+(c)		467,730

	Pharmaceuticals (0.0%):
	100,000	Capsugel FinanceCo SCA, 9.88%, 8/1/19, Callable 8/1/14 @ 107+(c)		147,546

	Sovereign Bonds (9.4%):
	3,779,000	Australian Government, Series 133, 5.50%, 4/21/23+		4,110,486
	1,292,000	Australian Government, Series 137, 2.75%, 4/21/24+		1,137,862
	24,557,000	Brazil Nota do Tesouro Nacional, Series NTNF, 1.39%, 1/1/21+(e)		10,157,761
	6,703,000	Brazil Nota do Tesouro Nacional, Series NTNF, 1.31%, 1/1/23+(e)		2,715,625
	187,000	Brazil Nota do Tesouro Nacional, Series NTNB, 0.00%, 8/15/24+(e)		211,010
	4,278,946	Bundesrepublik Deutschland, Series 2007, 4.25%, 7/4/17+		6,593,157
	638,000	Canadian Government, 4.00%, 6/1/16+		630,752
	1,114,000	Canadian Government, 1.50%, 3/1/17+		1,053,367
	807,000	Canadian Government, 3.50%, 6/1/20+		833,156
	10,162,000	Government of Poland, 5.75%, 10/25/21+		3,878,825
	8,444,000,000	Indonesia Government, Series FR69, 7.88%, 4/15/19+		715,370
	340,000,000	Japan Treasury Discount Bill, Series 442, 0.03%, 7/7/14+(f)		3,356,678


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
$	220,000,000	Japan Treasury Discount Bill, Series 449, 0.04%, 8/4/14+(f)	$	2,171,895
	69,557,600	Mexican Bonos Desarr, Series M 20, 10.00%, 12/5/24+(d)(g)		7,159,725
	100,870,000	Mexican Cetes, Series BI, 0.00%, 7/10/14+(g)		776,952
	69,579,100	Mexican Cetes, Series BI, 0.00%, 7/24/14+(g)		535,338
	107,104,500	Mexican Cetes, Series BI, 0.00%, 8/7/14+(g)		823,115
	121,064,500	Mexican Cetes, Series BI, 0.00%, 8/21/14+(g)		929,355
	108,675,200	Mexican Cetes, Series BI, 0.00%, 9/4/14+(g)		833,310
	116,160,000	Mexican Cetes, Series B, 0.00%, 9/18/14+(g)		889,709
	293,560,000	Mexican Cetes, Series BI, 0.00%, 10/16/14+(g)		2,243,338
	112,690,000	Mexican Cetes, Series BI, 0.00%, 11/13/14+(g)		859,048
	275,404,000	Mexican Cetes, Series BI, 0.00%, 12/11/14+(g)		2,094,084
	3,800,000	Nota do Tesouro Nacional, Series NTNF, 1.27%, 1/1/25+(e)		1,505,309
	8,064,000	Poland Government Bond, Series 1020, 5.25%, 10/25/20+		2,969,647
	1,326,000	Queensland Treasury Corp., Series 21, 6.00%, 6/14/21+		1,445,520
	5,864,618	United Kingdom Treasury, 2.25%, 9/7/23+		9,692,842

				70,323,236

	Total Foreign Bonds (Cost $70,879,429)			72,686,916

	Yankee Dollars (2.6%):
	Banks (0.5%):
	275,000	Banco Estado Chile, 2.03%, 4/2/15		278,048
	450,000	Banco Santander Chile SA, 2.11%, 6/7/18(c)(d)		459,000
	1,107,000	BNP Paribas SA, 2.40%, 12/12/18		1,114,433
	253,000	Export-Import Bank of Korea, 2.88%, 9/17/18		260,473
	296,000	Intesa Sanpaolo SpA, 3.13%, 1/15/16		304,260
	221,000	Intesa Sanpaolo SpA, 3.88%, 1/16/18		232,920
	400,000	Intesa Sanpaolo SpA, 3.88%, 1/15/19		419,489
	200,000	Lloyds Bank plc, 2.30%, 11/27/18^		203,063
	250,000	Rabobank Nederland, 3.95%, 11/9/22		254,157
	553,000	State Bank India/London, 3.62%, 4/17/19(c)		555,853
	460,000	Sumitomo Mitsui Banking Corp., 2.45%, 1/10/19		470,404
	200,000	UBS AG Stamford CT, Series BKNT, 5.88%, 12/20/17		228,432

				4,780,532

	Capital Markets (0.2%):
	813,310	Dana Gas Sukuk, Ltd., 9.00%, 10/31/17, Callable 10/13/17 @ 105(c)		776,711
	1,098,330	Dana Gas Sukuk, Ltd., 7.00%, 10/31/17(c)		1,076,363

				1,853,074


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Diversified Financial Services (0.2%):
$	400,000	CSG Guernsey I, Ltd., Registered Shares, 7.87%, 2/24/41, Callable 8/24/16 @ 100(c)(d)	$	432,000
	400,000	Odebrecht Finance, Ltd., 4.38%, 4/25/25(c)		395,000

				827,000

	Diversified Telecommunication Services (0.1%):
	572,000	Telecom Italia SpA, 5.30%, 5/30/24(c)		574,145

	Electric Utilities (0.0%):
	85,000	Empresa Distribuidora Norte SA, 9.75%, 10/25/22, Callable 10/25/18 @ 105(c)		65,450

	Government (0.0%):
	178,000	Provincia de Buenos Aires, 10.88%, 1/26/21(c)		169,990

	Industrial Conglomerates (0.1%):
	400,000	Hutchison Whampoa International 11, Ltd., 3.50%, 1/13/17(c)		420,580

	Media (0.0%):
	200,000	Nara Cable Funding, Ltd., 8.88%, 12/1/18, Callable 8/11/14 @ 109(c)		213,500
	200,000	Unitymedia Hessen, 5.50%, 1/15/23, Callable 1/15/18 @ 103(c)		207,000

				420,500

	Metals & Mining (0.0%):
	229,000	FMG Resources August 2006, 6.00%, 4/1/17, Callable 4/1/15 @ 103(c)		236,442
	184,000	FMG Resources August 2006, 6.88%, 4/1/22, Callable 4/1/17 @ 103.44^(c)		197,340
	126,000	FMG Resources Pty, Ltd., 8.25%, 11/1/19, Callable 11/1/15 @ 104.13(c)		137,183

				570,965

	Oil, Gas & Consumable Fuels (0.4%):
	240,000	Bumi Investment Pte, Ltd., 10.75%, 10/6/17, Callable 10/6/14 @ 105(c)		120,000
	1,077,000	Petrobras Global Finance BV, 2.37%, 1/15/19(d)		1,078,346
	507,000	YPF SA, 8.88%, 12/19/18(c)		534,885
	428,000	YPF SA, 8.75%, 4/4/24(c)		447,217

				2,180,448

	Oil-Integrated Companies (0.0%):
	229,000	Petrobras International Finance Co., 5.38%, 1/27/21		238,671

	Paper & Forest Products (0.1%):
	425,000	TFS Corp., Ltd., 11.00%, 7/15/18, Callable 7/15/15 @ 108(a)		440,406

	Real Estate Investment Trusts (REITs) (0.1%):
	516,000	Trust F/1401, 5.25%, 12/15/24(c)		541,800

	Real Estate Management & Development (0.0%):
	200,000	Sun Hung Kai Properties, Ltd., Series E, 4.50%, 2/14/22(c)		210,881


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Road & Rail (0.0%):
$	370,503	Inversiones Alsacia SA, 8.00%, 8/18/18, Callable 2/18/15 @ 104(a)	$	248,237
	173,000	Viterra, Inc., 5.95%, 8/1/20(c)		197,455

				445,692

	Sovereign Bonds (0.7%):
	758,000	Federal Republic of Brazil, 4.88%, 1/22/21		826,220
	405,400	Republic of Argentina, 2.68%, 10/3/15		392,022
	1,583,590	Republic of Argentina, Series X, 2.46%, 4/17/17		1,479,073
	393,204	Republic of Argentina, 0.68%, 5/7/24		367,646
	1,028,000	Republic of Turkey, 6.75%, 4/3/18		1,160,612

				4,225,573

	Tobacco (0.1%):
	375,000	B.A.T. International Finance plc, 2.13%, 6/7/17, Callable 6/7/17 @ 25(c)		384,277

	Wireless Telecommunication Services (0.1%):
	200,000	Colombia Telecomm SA Esp, 5.38%, 9/27/22, Callable 9/27/17 @ 103(c)		199,700
	464,000	Intelsat Jackson Holdings SA, 7.50%, 4/1/21, Callable 4/1/15 @ 103.75		508,080

				707,780

	Total Yankee Dollars (Cost $18,900,468)			19,057,764

	U.S. Treasury Obligations (16.5%):
	U.S. Treasury Bills (11.9%)
	16,675,000	0.06%, 7/10/14(f)		16,674,982
	50,000	0.06%, 7/17/14(f)		50,000
	1,000,000	0.06%, 7/24/14(f)		999,989
	4,300,000	0.05%, 8/7/14(f)		4,299,979
	13,900,000	0.04%, 8/14/14(f)		13,899,624
	12,700,000	0.04%, 8/21/14(f)		12,699,594
	8,800,000	0.03%, 8/28/14(f)		8,799,718
	2,000,000	0.04%, 9/18/14(f)		1,999,912
	1,000,000	0.02%, 9/25/14(f)		999,934
	3,000,000	0.02%, 10/2/14(f)		2,999,691
	13,800,000	0.04%, 10/9/14(f)		13,798,855
	6,700,000	0.06%, 10/16/14(f)		6,699,156
	4,800,000	0.04%, 10/30/14(f)		4,799,395

				88,720,829


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	U.S. Treasury Obligations, continued
	U.S. Treasury Notes (4.6%)
$	1,940,000	0.25%, 1/15/15(h)	$	1,941,820
	3,485,000	0.25%, 3/31/15		3,488,949
	5,201,000	2.25%, 3/31/16		5,372,675
	3,892,300	1.25%, 10/31/18		3,862,197
	629,000	2.00%, 9/30/20		632,845
	5,467,500	2.25%, 4/30/21		5,521,322
	7,272,500	2.00%, 5/31/21		7,217,956
	929,700	2.00%, 11/15/21		918,079
	1,121,100	1.75%, 5/15/22		1,079,146
	4,401,700	2.75%, 2/15/24		4,501,768

				34,536,757

	Total U.S. Treasury Obligations (Cost $123,157,422)			123,257,586

	Purchased Swaptions (0.2%):
	Total Purchased Swaptions (Cost $1,263,232)			1,507,382

	Purchased Options (0.5%):
	Total Purchased Options (Cost $6,342,986)			6,784,680

	Exchange Traded Funds (1.1%):
	44,243	Market Vectors Gold Miners, ETF, 0.72%		1,170,227
	4,217	ETFS Platinum Trust(h)		609,905
	4,996	ETFS Physical Palladium Shares(h)		410,621
	92,245	iShares Gold Trust(h)		1,188,116
	37,838	SPDR Gold Trust(h)		4,844,777

	Total Exchange Traded Fund (Cost $8,916,252)			8,223,646

	Securities Held as Collateral for Securities on Loan (1.7%):
	12,928,596	Allianz Variable Insurance Products Securities Lending Collateral Trust(i)		12,928,596

	Total Securities Held as Collateral for Securities on Loan (Cost $12,928,596)			12,928,596

	Unaffiliated Investment Company (0.2%):
	1,560,222	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(f)		1,560,222

	Total Unaffiliated Investment Company (Cost $1,560,222)			1,560,222

	Total Investment Securities (Cost $697,091,117)(j) — 101.9%			763,929,562
	Net other assets (liabilities) — (1.9)%			(17,326,714	)

	Net Assets — 100.0%		$	746,602,848

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2014:


Country	Percentage
Kazakhstan		0.1	%
Korea, Republic Of		0.4	%
Luxembourg		0.3	%
Malaysia		0.3	%
Mexico		2.8	%
Netherlands		2.3	%
Norway		0.1	%
Poland		0.9	%
Portugal		—	%^NM
Republic of Korea (South)		0.3	%
Russian Federation		—	%^NM
Singapore		1.0	%
South Africa		0.1	%
Spain		0.2	%
Sweden		0.4	%
Switzerland		2.4	%
Taiwan		0.2	%
Thailand		0.1	%
Turkey		0.2	%
United Arab Emirates		0.1	%
United Kingdom		5.3	%
United States		54.7	%

		100.0	%

Cash of $2,801,000 has been segregated to cover margin requirements for the following open contracts as of June 30, 2014:


Description	Type		Expiration Date		Number of Contracts			Notional Value			Unrealized Appreciation/ (Depreciation)
DJ EURO STOXX 50 September Futures (Euro)		Short		9/19/14		(190	)	$	(8,408,024	)	$	102,979
Russell 2000 Mini Index September Futures (U.S. Dollar)		Short		9/19/14		(22	)		(2,618,660	)		(51,964	)
E-Mini MSCI Emerging Markets Index September Futures (U.S. Dollar)		Short		9/19/14		(200	)		(10,407,000	)		14,959
S&P 500 Index E-Mini September Futures (U.S. Dollar)		Short		9/19/14		(345	)		(33,678,900	)		(339,903	)
ASX SPI 200 Index September Futures (Australian Dollar)		Long		9/18/14		1			126,194			279
Tokyo Price Index September Futures (Japanese Yen)		Long		9/11/14		7			872,495			18,125
German Stock Index September Futures (Euro)		Long		9/19/14		3			1,012,477			(6,321	)
NIKKEI 225 Index September Futures (Japanese Yen)		Long		9/11/14		3			224,578			500
S&P/Toronto Stock Exchange 60 Index September Futures (Canadian Dollar)		Long		9/18/14		1			161,908			1,290

Total											$	(260,056	)

Description

Counterparty

Put/
Call

Strike Price

Expiration
Date

Contracts

Fair
Value

ACE, Ltd.

Goldman Sachs

Call

USD

95.00

01/16/15

31,614

298,792

Anadarko Petroleum Corp.

Deutsche Bank

Call

USD

105.00

01/16/15

13,197

140,690

Anadarko Petroleum Corp.

Deutsche Bank

Call

USD

115.00

01/16/15

21,359

127,856

Bank of America Corp.

Citibank

Call

USD

17.00

01/16/15

157,232

72,172

Chevron Corp.

Barclays Bank

Call

USD

135.00

12/19/14

14,500

37,358

Chevron Corp.

Deutsche Bank

Call

USD

135.00

12/19/14

7,100

18,293

Chevron Corp.

Citibank

Call

USD

135.00

12/19/14

7,200

18,550

Citigroup, Inc.

Bank of America

Call

USD

60.00

01/16/15

44,025

5,846

Coach, Inc.

Bank of America

Call

USD

60.00

02/20/15

13,282

448

Coca-Cola Co. (The)

Deutsche Bank

Call

USD

45.00

01/16/15

130,514

79,862

EOG Resources, Inc.

Credit Suisse First Boston

Call

USD

120.00

10/17/14

19,952

96,881

Euro Stoxx 50 Index

Goldman Sachs

Call

EUR

3500.00

03/16/18

424

138,051

Euro Stoxx 50 Index

Morgan Stanley

Call

EUR

3450.00

03/20/17

495

142,145

Euro Stoxx 50 Index

UBS Warburg

Call

EUR

3600.00

06/15/18

206

58,058

Euro Stoxx 50 Index

Citibank

Call

EUR

3500.00

06/16/17

462

120,503

Euro Stoxx 50 Index

Bank of America

Call

EUR

3600.00

09/15/17

477

117,371

Euro Stoxx 50 Index

Deutsche Bank

Call

EUR

3426.55

09/21/18

225

83,595

Euro Stoxx 50 Index

Barclays Bank

Call

EUR

3500.00

12/15/17

488

148,921

Euro Stoxx 50 Index

Goldman Sachs

Call

EUR

3293.01

12/16/16

1,161

395,000

Euro Stoxx 50 Index

JPMorgan Chase

Call

EUR

3325.00

12/18/15

515

125,524

Humana, Inc.

Deutsche Bank

Call

USD

115.00

01/16/15

3,310

57,761

Humana, Inc.

Goldman Sachs

Call

USD

130.00

01/16/15

13,049

114,528

Johnson & Johnson

Deutsche Bank

Call

USD

105.00

02/20/15

66,400

258,040

JPMorgan Chase & Co.

Bank of America

Call

USD

65.00

01/16/15

78,616

34,277

JPMorgan Chase & Co.

Goldman Sachs

Call

USD

65.00

01/16/15

57,421

25,036

Marathon Oil Corp.

Goldman Sachs

Call

USD

32.00

07/18/14

3,520

27,878

Merck & Co., Inc.

Deutsche Bank

Call

USD

55.00

01/16/15

106,514

497,833

Description

Counterparty

Put/
Call

Strike Price

Expiration
Date

Contracts

Fair
Value

MetLife, Inc.

Goldman Sachs

Call

USD

50.00

01/16/15

59,096

397,267

Mylan, Inc.

Bank of America

Call

USD

47.00

01/16/15

18,200

132,587

Mylan, Inc.

Deutsche Bank

Call

USD

47.00

01/16/15

18,200

132,587

Oracle Corp.

Deutsche Bank

Call

USD

42.00

01/16/15

65,257

108,606

PFE U.S.

Citibank

Call

USD

32.50

01/16/15

68,164

23,728

Prudential Financial, Inc.

Citibank

Call

USD

87.50

01/16/15

45,138

264,592

Siemens AG

Deutsche Bank

Call

USD

150.00

01/16/15

18,114

42,407

SPDR Gold Shares(a)

JPMorgan Chase

Call

USD

133.44

03/20/15

9,230

35,217

Stoxx Europe 600 Index

Credit Suisse First Boston

Call

EUR

355.61

03/17/17

4,134

132,144

Stoxx Europe 600 Index

JPMorgan Chase

Call

EUR

348.12

09/16/16

4,376

136,541

Stoxx Europe 600 Index

Credit Suisse First Boston

Call

EUR

347.97

12/16/16

3,668

122,398

Takeda Pharmaceutical Co., Ltd.

Morgan Stanley

Call

JPY

5108.80

01/29/15

8,000

8,993

Takeda Pharmaceutical Co., Ltd.

Goldman Sachs

Call

JPY

4906.34

10/09/14

7,148

5,312

Topix Index

Morgan Stanley

Call

JPY

1184.43

03/13/15

338,919

373,492

Topix Index

Goldman Sachs

Call

JPY

1288.50

06/12/15

261,314

169,203

Topix Index

Citibank

Call

JPY

1246.74

09/12/14

148,791

65,257

Topix Index

Citibank

Call

JPY

1178.21

12/12/14

173,166

181,029

Topix JP Equity

UBS Warburg

Call

JPY

1240.60

12/12/14

173,716

113,890

MSCI Emerging Markets Index

Bank of America

Put

USD

1019.91

08/15/14

3,744

29,823

Occidental Petroleum Corp.

Citibank

Put

USD

95.00

01/16/15

17,605

58,057

Russell 200 Index

Citibank

Put

USD

1077.67

07/18/14

3,314

1,660

S&P 500 Index

JPMorgan Chase

Put

USD

1838.92

07/18/14

1,888

2,772

S&P 500 Index

BNP Paribas

Put

USD

1854.90

07/18/14

1,872

3,527

S&P 500 Index

Goldman Sachs

Put

USD

1853.97

08/15/14

1,308

9,663

Security Capital U.S. Sponsored ADR

Bank of America

Put

USD

1078.40

07/18/14

3,216

1,645

Security Capital U.S. Sponsored ADR

Credit Suisse First Boston

Put

USD

1155.45

08/15/14

2,770

38,528

SPX U.S. Index

Credit Suisse First Boston

Put

USD

1900.00

07/18/14

1,887

6,920

SPX U.S. Index

BNP Paribas

Put

USD

1928.98

08/15/14

1,846

33,394

Transocean, Ltd.

Bank of America

Put

USD

38.00

01/16/15

21,131

24,985

Transocean, Ltd.

Citibank

Put

USD

40.00

01/16/15

16,740

29,349

Transocean, Ltd.

Bank of America

Put

USD

40.00

01/16/15

14,083

24,691

Transocean, Ltd.

Goldman Sachs

Put

USD

40.00

01/16/15

5,441

9,539

Transocean, Ltd.

Barclays Bank

Put

USD

40.00

01/16/15

5,719

10,027

Transocean, Ltd.

Credit Suisse First Boston

Put

USD

40.00

01/16/15

13,953

24,463

Transocean, Ltd.

Deutsche Bank

Put

USD

43.00

01/16/15

24,389

70,728

Transocean, Ltd.

Goldman Sachs

Put

USD

43.00

01/16/15

19,511

56,777

Total

6,123,067


Description	Counterparty	Put/ Call	Strike Price			Expiration Date		Contracts		Fair Value
ACE, Ltd.	Goldman Sachs	Call		USD	110.00		01/16/15		31,614	$	(39,140	)
Anadarko Petroleum Corp.	Credit Suisse First Boston	Call		USD	100.00		08/15/14		6,982		(74,375	)
Anadarko Petroleum Corp.	Deutsche Bank	Call		USD	100.00		08/15/14		7,014		(74,716	)
Cimarex Energy	Deutsche Bank	Call		USD	125.00		09/19/14		3,512		(72,875	)
Cimarex Energy	Credit Suisse First Boston	Call		USD	135.00		09/19/14		4,691		(62,197	)
Diamondback Energy, Inc.	Goldman Sachs	Call		USD	75.00		09/19/14		3,489		(54,766	)
Diamondback Energy, Inc.	Citibank	Call		USD	80.00		01/16/15		7,761		(117,370	)
Diamondback Energy, Inc.	Deutsche Bank	Call		USD	80.00		09/19/14		2,875		(34,080	)
Diamondback Enerrgy, Inc.	Deutsche Bank	Call		USD	75.00		09/19/14		3,491		(54,798	)
Marathon Oil Corp.	Citibank	Call		USD	32.00		07/18/14		3,520		(27,878	)
MetLife, Inc.	Goldman Sachs	Call		USD	60.00		01/16/15		59,096		(94,562	)
MSCI Emerging Markets Index	Bank of America	Call		USD	1108.82		08/15/14		3,744		(1,251	)
Mylan, Inc.	Bank of America	Call		USD	55.00		01/16/15		18,200		(59,814	)
Mylan, Inc.	Deutsche Bank	Call		USD	55.00		01/16/15		18,200		(59,814	)
Nestle N	Morgan Stanley	Call		CHF	70.00		09/19/14		5,435		(4,883	)
Prudential Financial, Inc.	Citibank	Call		USD	97.50		01/16/15		45,138		(93,068	)


Description	Counterparty	Put/ Call	Strike Price			Expiration Date		Contracts		Fair Value
Russell 200 Index	Citibank	Call		USD	1154.65		07/18/14		3,314	$	(139,823	)
S&P 500 Index	JPMorgan Chase	Call		USD	1951.51		07/18/14		1,888		(36,289	)
S&P 500 Index	BNP Paribas	Call		USD	1968.46		07/18/14		1,872		(18,872	)
S&P 500 Index	Goldman Sachs	Call		USD	1981.99		08/15/14		1,308		(17,976	)
Security Capital U.S. Sponsored ADR	Bank of America	Call		USD	1155.43		07/18/14		3,216		(133,522	)
Security Capital U.S. Sponsored ADR	Credit Suisse First Boston	Call		USD	1237.98		08/15/14		2,770		(17,238	)
SPX U.S. Index	Credit Suisse First Boston	Call		USD	1990.00		07/18/14		1,887		(6,985	)
Tokyo Stock Price Index	Citibank	Call		JPY	1318.19		12/12/14		173,166		(56,783	)
Topix Index	Morgan Stanley	Call		JPY	1370.22		03/13/15		338,919		(103,887	)
Topix Index	Goldman Sachs	Call		JPY	1490.61		06/12/15		261,314		(46,227	)
Topix JP Equity	UBS Warburg	Call		JPY	1410.88		12/12/14		173,716		(21,970	)
Anadarko Petroleum Corp.	Deutsche Bank	Put		USD	97.50		01/16/15		18,500		(73,233	)
Cimarex Energy	Goldman Sachs	Put		USD	120.00		09/19/14		3,501		(5,088	)
Cimarex Energy	Citibank	Put		USD	120.00		09/19/14		3,522		(5,118	)
Coach, Inc.	Bank of America	Put		USD	42.50		02/20/15		13,282		(125,986	)
CONSOL Energy, Inc.	Goldman Sachs	Put		USD	42.00		01/16/15		20,679		(44,203	)
CONSOL Energy, Inc.	UBS Warburg	Put		USD	43.00		10/17/14		14,046		(20,944	)
Diamondback Energy, Inc.	Citibank	Put		USD	70.00		01/16/15		10,348		(31,199	)
Dresser-Rand Group, Inc.	Deutsche Bank	Put		USD	55.00		09/19/14		7,277		(3,643	)
EOG Resources, Inc.	Goldman Sachs	Put		USD	110.00		10/17/14		7,100		(26,027	)
Euro Stoxx 50 Index	Deutsche Bank	Put		EUR	2586.07		09/21/18		225		(94,965	)
Gulfport Energy	Deutsche Bank	Put		USD	60.00		01/16/15		20,900		(118,866	)
Hess Corp.	Citibank	Put		USD	95.00		01/16/15		7,350		(33,008	)
Kodiak Oil & Gas Corp.	Morgan Stanley	Put		USD	13.00		09/19/14		34,164		(19,478	)
Marathon Petroleum Corp.	Goldman Sachs	Put		USD	77.50		01/16/15		15,600		(97,841	)
MSCI Emerging Markets Index	Bank of America	Put		USD	951.91		08/15/14		3,744		(6,677	)
Mylan, Inc.	Deutsche Bank	Put		USD	42.00		01/16/15		18,200		(24,230	)
Mylan, Inc.	Bank of America	Put		USD	42.00		01/16/15		18,200		(24,230	)
Oasis Petroleum, Inc.	Deutsche Bank	Put		USD	49.00		11/21/14		3,550		(7,008	)
Ocean RIG UDW, Inc.	Goldman Sachs	Put		USD	17.50		12/19/14		17,702		(19,201	)
Oceaneering International, Inc.	Citibank	Put		USD	70.00		10/17/14		13,781		(17,121	)
PFE U.S.	Citibank	Put		USD	28.00		01/16/15		68,164		(58,719	)
Phillips 66	Morgan Stanley	Put		USD	80.00		01/16/15		6,977		(37,002	)
Phillips 66	UBS Warburg	Put		USD	85.00		01/16/15		3,528		(28,532	)
Phillips 66	Barclays Bank	Put		USD	85.00		01/16/15		7,122		(57,598	)
Phillips 66	Citibank	Put		USD	85.00		01/16/15		3,600		(29,114	)
Phillips 66	Goldman Sachs	Put		USD	90.00		01/16/15		3,521		(40,759	)
Phillips 66	Deutsche Bank	Put		USD	80.00		11/21/14		7,014		(30,783	)
Phillips 66	Citibank	Put		USD	82.50		11/21/14		7,020		(39,936	)
Pioneer Natural Resources Co.	Citibank	Put		USD	225.00		09/19/14		3,559		(37,464	)
Rowan Companies plc	Goldman Sachs	Put		USD	32.00		07/18/14		33,300		(20,308	)
Russell 200 Index	Citibank	Put		USD	989.70		07/18/14		3,314		(158	)
S&P 500 Index	JPMorgan Chase	Put		USD	1688.80		07/18/14		1,888		(251	)
S&P 500 Index	BNP Paribas	Put		USD	1703.48		07/18/14		1,872		(310	)
S&P 500 Index	Goldman Sachs	Put		USD	1706.98		08/15/14		1,308		(1,693	)
Security Capital U.S. Sponsored ADR	Bank of America	Put		USD	990.37		07/18/14		3,216		(156	)
Security Capital U.S. Sponsored ADR	Credit Suisse First Boston	Put		USD	1072.92		08/15/14		2,770		(9,401	)
SPX U.S. Index	Credit Suisse First Boston	Put		USD	1790.00		07/18/14		1,887		(1,199	)
SPX U.S. Index	BNP Paribas	Put		USD	1782.11		08/15/14		1,846		(5,913	)
Topix Index	Morgan Stanley	Put		JPY	1045.08		03/13/15		338,919		(43,141	)
Topix Index	Goldman Sachs	Put		JPY	1136.91		06/12/15		261,314		(101,584	)
Topix Index	Citibank	Put		JPY	1047.55		12/12/14		173,166		(11,228	)
Topix JP Equity	UBS Warburg	Put		JPY	1094.65		12/12/14		173,716		(19,066	)
Transocean, Ltd.	Goldman Sachs	Put		USD	38.00		01/16/15		21,131		(21,131	)

Total										$	(2,918,671	)


Description	Put/ Call	Strike Price		Expiration Date		Contracts		Fair Value
Bank of America Corp.	Call	USD	17.00		01/16/15		256	$	11,648
Canadian Natural Resources, Ltd.	Call	USD	34.00		09/19/14		204		244,800
Citigroup, Inc.	Call	USD	60.00		01/16/15		70		980
Coca-Cola Co. (The)	Call	USD	45.00		01/16/15		167		10,104
Humana, Inc.	Call	USD	130.00		01/16/15		21		18,690
Merck & Co., Inc.	Call	USD	55.00		01/16/15		110		48,950
MetLife, Inc.	Call	USD	50.00		01/16/15		66		44,715
Oracle Corp.	Call	USD	42.00		01/16/15		82		13,776
Prudential Financial, Inc.	Call	USD	82.50		01/16/15		34		31,875
SPDR Gold Shares(a)	Call	USD	135.00		06/19/15		146		64,605
SPDR Gold Shares(a)	Call	USD	130.00		12/19/14		346		132,345
SPDR Gold Trust(a)	Call	USD	130.56		12/31/14		10,383		38,855
Time Warner Cable, Inc.	Put	USD	135.00		07/18/14		9		270

Total								$	661,613

Over-the-counter interest rate swaptions purchased as of June 30, 2014 were as follows:

Description

Counterparty

Put/
Call

Exercise
Rate

Expiration
Date

Notional
Amount
(Local)

Market
Value

10-Year Interest Rate, Pay 6-Month USD LIBOR

Goldman Sachs

Call

USD

2.80

09/15/14

2,229

382,168

10-Year Interest Rate, Pay 6-Month USD LIBOR

Goldman Sachs

Call

USD

2.80

09/15/14

175

27,323

10-Year Interest Rate, Pay 6-Month USD LIBOR

Goldman Sachs

Call

USD

2.75

11/28/14

8,668

10-Year Interest Rate, Pay 6-Month USD LIBOR

Goldman Sachs

Call

USD

2.75

11/28/14

1,826

243,554

5-Year Interest Rate, Pay 6-Month USD LIBOR

Goldman Sachs

Call

USD

1.90

09/26/14

1,416

67,768

5-Year Interest Rate, Pay 6-Month USD LIBOR

Goldman Sachs

Call

USD

1.63

10/10/14

3,261

79,623

5-Year Interest Rate, Pay 6-Month USD LIBOR

Deutsche Bank

Call

USD

1.80

10/28/14

5,440

518,663

5-Year Interest Rate, Pay 6-Month USD LIBOR

Deutsche Bank

Call

USD

1.80

10/28/14

100

5,300

5-Year Interest Rate, Pay 6-Month USD LIBOR

Deutsche Bank

Call

USD

1.80

11/17/14

1,456

158,103

10-Year Interest Rate, Pay 6-Month JPY LIBOR

Goldman Sachs

Put

JPY

1.35

01/25/16

30,000

3,087

10-Year Interest Rate, Pay 6-Month JPY LIBOR

Goldman Sachs

Put

JPY

1.35

01/25/16

13,882

1,429

5-Year Interest Rate, Pay 6-Month JPY LIBOR

Deutsche Bank

Put

JPY

1.07

04/04/18

1,006,981

11,696

Total

1,507,382

Over-the-counter interest rate swaptions written as of June 30, 2014 were as follows:


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Short Contracts:
Australian Dollar	Morgan Stanley	8/8/14		1,964,700	$	1,837,024	$	1,846,727	$	(9,703	)
Brazilian Real	Deutsche Bank	8/8/14		4,207,702		1,813,000		1,882,735		(69,735	)
Brazilian Real	Deutsche Bank	8/15/14		1,664,543		743,000		743,373		(373	)
Brazilian Real	Deutsche Bank	8/15/14		1,659,269		744,000		741,018		2,982
Chinese Renminbi	Deutsche Bank	1/30/15		8,202,461		1,338,000		1,309,313		28,687
Chinese Renminbi	Deutsche Bank	1/30/15		2,043,746		334,000		326,232		7,768
Chinese Renminbi	JPMorgan Chase	1/30/15		4,087,158		668,000		652,410		15,590
European Euro	BNP Paribas	7/3/14		1,339,800		1,835,044		1,834,483		561
European Euro	Deutsche Bank	7/3/14		1,339,800		1,835,526		1,834,483		1,043
European Euro	BNP Paribas	7/10/14		1,611,116		2,207,749		2,206,031		1,718
European Euro	JPMorgan Chase	7/10/14		473,000		648,166		647,658		508
European Euro	Credit Suisse First Boston	7/11/14		1,263,100		1,731,710		1,729,514		2,196
European Euro	Deutsche Bank	7/11/14		1,263,100		1,731,205		1,729,514		1,691
European Euro	Morgan Stanley	7/11/14		1,206,000		1,647,812		1,651,329		(3,517	)
European Euro	Credit Suisse First Boston	7/17/14		1,284,300		1,754,174		1,758,581		(4,407	)
European Euro	Deutsche Bank	7/17/14		1,305,000		1,787,706		1,786,925		781
European Euro	Deutsche Bank	7/18/14		2,248,900		3,072,785		3,079,412		(6,627	)
European Euro	Deutsche Bank	8/7/14		1,816,300		2,459,379		2,487,235		(27,856	)
European Euro	Morgan Stanley	8/7/14		1,337,600		1,811,199		1,831,705		(20,506	)
European Euro	JPMorgan Chase	8/8/14		1,290,900		1,747,262		1,767,760		(20,498	)
European Euro	Credit Suisse First Boston	8/14/14		752,400		1,019,359		1,030,360		(11,001	)
European Euro	Deutsche Bank	8/14/14		499,100		676,141		683,483		(7,342	)
European Euro	UBS Warburg	8/14/14		1,243,200		1,683,927		1,702,477		(18,550	)
European Euro	Credit Suisse First Boston	8/15/14		1,317,000		1,787,564		1,803,548		(15,984	)
European Euro	JPMorgan Chase	8/15/14		1,337,300		1,814,861		1,831,348		(16,487	)
European Euro	Morgan Stanley	8/22/14		1,321,600		1,796,662		1,809,894		(13,232	)
European Euro	UBS Warburg	8/22/14		1,284,600		1,746,735		1,759,223		(12,488	)
Japanese Yen	BNP Paribas	7/3/14		179,442,194		1,763,000		1,771,613		(8,613	)
Japanese Yen	UBS Warburg	7/3/14		179,593,812		1,763,000		1,773,110		(10,110	)
Japanese Yen	Morgan Stanley	7/7/14		340,000,000		3,273,827		3,356,895		(83,068	)
Japanese Yen	Bank of America	7/10/14		146,759,025		1,435,998		1,449,020		(13,022	)
Japanese Yen	Goldman Sachs	7/10/14		153,515,670		1,503,069		1,515,732		(12,663	)
Japanese Yen	JPMorgan Chase	7/11/14		146,209,560		1,441,468		1,443,607		(2,139	)
Japanese Yen	Credit Suisse First Boston	7/17/14		141,878,850		1,399,241		1,400,917		(1,676	)
Japanese Yen	BNP Paribas	7/24/14		144,875,127		1,414,505		1,430,586		(16,081	)
Japanese Yen	Credit Suisse First Boston	7/24/14		73,626,625		719,010		727,035		(8,025	)
Japanese Yen	JPMorgan Chase	7/24/14		221,383,188		2,161,542		2,186,074		(24,532	)
Japanese Yen	BNP Paribas	7/25/14		186,459,631		1,817,000		1,841,233		(24,233	)
Japanese Yen	Morgan Stanley	7/25/14		223,563,000		2,177,508		2,207,617		(30,109	)
Japanese Yen	BNP Paribas	8/1/14		186,051,351		1,817,000		1,837,302		(20,302	)
Japanese Yen	Credit Suisse First Boston	8/1/14		262,821,000		2,568,091		2,595,421		(27,330	)
Japanese Yen	HSBC Bank	8/4/14		220,000,000		2,164,289		2,172,597		(8,308	)
Japanese Yen	Credit Suisse First Boston	8/7/14		140,851,348		1,375,931		1,390,997		(15,066	)
Japanese Yen	HSBC Bank	8/7/14		185,678,778		1,814,155		1,833,696		(19,541	)
Japanese Yen	UBS Warburg	8/8/14		149,577,000		1,467,563		1,477,178		(9,615	)
Japanese Yen	HSBC Bank	8/14/14		155,079,960		1,518,516		1,531,585		(13,069	)
Japanese Yen	Morgan Stanley	8/15/14		188,602,140		1,860,000		1,862,666		(2,666	)
Japanese Yen	JPMorgan Chase	8/22/14		306,886,455		3,007,959		3,031,003		(23,044	)
Mexican Peso	Barclays Bank	7/10/14		10,087,000		747,933		776,990		(29,057	)
Mexican Peso	Credit Suisse First Boston	7/24/14		6,957,910		523,360		535,396		(12,036	)
Mexican Peso	Deutsche Bank	8/7/14		10,710,450		793,696		823,360		(29,664	)
Mexican Peso	Credit Suisse First Boston	8/21/14		12,106,450		912,675		929,859		(17,184	)


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Mexican Peso	UBS Warburg	9/4/14		10,867,520	$	814,199	$	833,943	$	(19,744	)
Mexican Peso	UBS Warburg	9/18/14		11,616,000		882,715		890,534		(7,819	)
Mexican Peso	Credit Suisse First Boston	10/16/14		29,356,000		2,226,047		2,246,388		(20,341	)
Mexican Peso	Deutsche Bank	11/13/14		11,269,000		861,907		860,748		1,159
Mexican Peso	BNP Paribas	12/11/14		27,540,400		2,093,436		2,099,725		(6,289	)

					$	90,590,630	$	91,299,598	$	(708,968	)

Long Contracts:
Chinese Renminbi	Deutsche Bank	1/30/15		4,063,000	$	651,539	$	648,554	$	(2,985	)
Chinese Renminbi	Deutsche Bank	1/30/15		6,183,207		998,580		986,991		(11,589	)
Chinese Renminbi	JPMorgan Chase	1/30/15		4,087,158		653,579		652,410		(1,169	)
European Euro	Deutsche Bank	7/11/14		1,263,100		1,717,109		1,729,514		12,405
European Euro	Brown Brothers Harriman	7/14/14		992,500		1,360,395		1,359,007		(1,388	)
Indian Rupee	Credit Suisse First Boston	7/18/14		42,139,033		713,000		697,508		(15,492	)
Swiss Franc	HSBC Bank	8/8/14		1,604,153		1,784,603		1,809,976		25,373
Swiss Franc	HSBC Bank	8/15/14		1,605,414		1,789,600		1,811,504		21,904

					$	9,668,405	$	9,695,464	$	27,059

At June 30, 2014, the Fund’s open forward cross currency contracts were as follows:

At June 30, 2014, the Fund’s open over-the-counter credit default swap agreements were as follows:


Underlying Instrument	Counterparty	Expiration Date	Implied Credit Spread at June 30, 2014 (%)(c)		Notional Amount ($)(d)		Fixed Rate (%)		Value ($)		Upfront Premiums Paid/ (Received) ($)		Unrealized Appreciation/ (Depreciation) ($)
Transocean, Inc.	JPMorgan Chase	6/20/19		1.42		63,000		1.00		1,145		1,506		(362	)
Transocean, Inc.	Barclays Bank	6/20/19		1.42		159,000		1.00		2,889		3,838		(949	)
Transocean, Inc.	Barclays Bank	6/20/19		1.42		254,000		1.00		4,614		6,640		(2,026	)
Transocean, Inc.	Barclays Bank	6/20/19		1.42		105,719		1.00		1,921		2,620		(699	)
Transocean, Inc.	Barclays Bank	6/20/19		1.42		352,400		1.00		6,402		8,733		(2,331	)
Transocean, Inc.	Citibank	6/20/19		1.42		246,673		1.00		4,481		5,450		(968	)
Transocean, Inc.	Barclays Bank	6/20/19		1.42		355,270		1.00		6,454		6,552		(98	)
Transocean, Inc.	Barclays Bank	6/20/19		1.42		355,269		1.00		6,454		5,746		708
Transocean, Inc.	JPMorgan Chase	6/20/19		1.42		222,736		1.00		4,047		5,308		(1,262	)

										38,407		46,393		(7,987	)

At June 30, 2014, the Fund’s open centrally cleared credit default swap agreements were as follows:

Consolidated Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investment securities, at cost	$	697,091,117

Investment securities, at value*	$	763,929,562
Cash		17,865
Segregated cash for collateral		2,875,225
Deposits with brokers for securities sold short		322,112
Interest and dividends receivable		2,361,976
Foreign currency, at value (cost $486,671)		486,946
Unrealized appreciation on forward currency contracts		146,316
Unrealized appreciation on swap agreements		130,073
Receivable for capital shares issued		333,059
Proceeds paid on swap agreements		46,393
Receivable for investments sold		3,404,442
Reclaims receivable		122,437
Receivable for variation margin on swaps		3,009
Receivable for variation margin on futures contracts		44,797
Prepaid expenses		11,112

Total Assets		774,235,324

Liabilities:
Cash and securities received as collateral for derivatives		3,632,845
Written options (Proceeds received $3,204,986)		3,273,802
Unrealized depreciation on forward currency contracts		808,630
Unrealized depreciation on swap agreements		29,392
Payable for collateral received on loaned securities		12,928,596
Payable for investments purchased		5,123,145
Payable for investments redeemed		653,174
Securities sold short (Proceeds received $349,635)		375,600
Payable for variation margin on futures contracts		50,491
Payable for variation margin on swaps		1,259
Manager fees payable		453,823
Administration fees payable		34,676
Distribution fees payable		151,273
Custodian fees payable		95,201
Administrative and compliance services fees payable		1,943
Trustee fees payable		4,492
Other accrued liabilities		14,134

Total Liabilities		27,632,476

Net Assets	$	746,602,848

Net Assets Consist of:
Capital	$	640,830,928
Accumulated net investment income/(loss)		9,145,938
Accumulated net realized gains/(losses) from investment transactions		30,771,160
Net unrealized appreciation/(depreciation) on investments		65,854,822

Net Assets	$	746,602,848

Shares of beneficial interest (unlimited number of shares authorized, no par value)		59,840,120
Net Asset Value (offering and redemption price per share)	$	12.48

*	Includes securities on loan of $12,503,743.

Consolidated Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends	$	7,090,505
Interest		2,687,759
Income from securities lending		197,884
Foreign withholding tax		(421,931	)

Total Investment Income		9,554,217

Expenses:
Manager fees		2,560,537
Administration fees		160,166
Distribution fees		853,512
Custodian fees		162,243
Administrative and compliance services fees		5,648
Trustee fees		17,539
Professional fees		18,134
Shareholder reports		4,458
Dividends on securities sold short		13,450
Other expenses		6,763

Total expenses before reductions		3,802,450
Less expenses paid indirectly		(721	)

Net expenses		3,801,729

Net Investment Income/(Loss)		5,752,488

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		19,850,744
Net realized gains/(losses) on futures contracts		(3,432,424	)
Net realized gains/(losses) on options contracts		(350,115	)
Net realized gains/(losses) on swap agreements		(17,568	)
Net realized gains/(losses) on forward currency contracts		12,592
Change in net unrealized appreciation/depreciation on investments		3,246,349

Net Realized/Unrealized Gains/(Losses) on Investments		19,309,578

Change in Net Assets Resulting From Operations	$	25,062,066

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

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of 30 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL BlackRock Global Allocation Fund (the “Fund”), and 29 are presented in separate reports.

Investment transactions are recorded not later than on the business day following trade date. However, for financial reporting purposes, investment transactions are accounted for on trade date. Net realized gains and losses on investments sold are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

The Fund’s primary vehicle for gaining exposure to the commodities markets is through investment in the AZL Cayman Global Allocation Fund, Ltd. (the “Subsidiary”), a wholly-owned and controlled subsidiary of the Fund formed in the Cayman Islands, which invests primarily in commodity-related instruments.

As of June 30, 2014, the Fund’s aggregate investment in the Subsidiary was $9,269,796, representing 1.24% of the Fund’s net assets.

The Fund’s operations have been consolidated with the operations of the Subsidiary.

The Fund may invest in floating rate loans, which usually take the form of loan participations and assignments. These loans are made by banks and other large financial institutions to various companies and are typically senior in the borrowing companies’ capital structure. Coupon rates are floating, not fixed and are tied to a benchmark lending rate. Loans involve a risk of loss in case of default or insolvency of the financial intermediaries who are parties to the transactions. A Fund records an investment when the borrower withdraws money and records the interest as earned.

To generate additional income, the 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, 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 borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives 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 cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. 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. Securities on loan at June 30, 2014 are presented on the Fund’s Consolidated Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $15.5 million for the period ended June 30, 2014.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund paid securities lending fees of $19,672 during the period ended June 30, 2014. These fees have been netted against “Income from securities lending” on the Consolidated Statement of Operations.

Effective January 6, 2014, the Manager, on behalf of the Trust, requested the Fund cease participation in the program until further notice.

All open derivative positions at period end are reflected on the Fund’s Consolidated Schedule of Portfolio Investments. The following is a description of the derivative instruments utilized by the Fund, including the primary underlying risk exposures related to each instrument type.

During the period ended June 30, 2014, the Fund entered into forward currency contracts as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to foreign currencies. In addition to the foreign currency risk related to the use of these contracts, the Fund 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. In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The contract amount of forward currency contracts outstanding was $102.8 million as of June 30, 2014. The monthly average amount for these contracts was $74.0 million for the period ended June 30, 2014.

During the period ended June 30, 2014, the Fund used futures contracts to gain exposure to, or economically hedge against changes in the value of equity securities. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with

the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Consolidated Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $57.5 million as of June 30, 2014. The monthly average notional amount for these contracts was $51.8 million for the period ended June 30, 2014. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Consolidated Statement of Operations.

The Fund may purchase or write put and call options on a security or an index of securities. During the period ended June 30, 2014, the Fund purchased and wrote call and put options to increase or decrease its exposure to underlying instruments (including equity risk, interest rate risk and/or foreign currency exchange rate risk) and/or, in the case of options written, to generate gains from options premiums.

Purchased Options Contracts — The Fund pays a premium which is included in “Investments, at value” on the Consolidated Statement of Assets and Liabilities and marked to market to reflect the current value of the option. Premiums paid for purchasing put options that expire are treated as realized losses. When a put option is exercised or closed, premiums paid for purchasing put options are offset against proceeds to determine the realized gain/loss on the transaction. The Fund bears the risk of loss of the premium and change in value should the counterparty not perform under the contract.

Written Options Contracts — The Fund receives a premium which is recorded as a liability and is subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are either exercised or closed are offset against the proceeds received or the amount paid on the transaction to determine realized gains or losses. The risk associated with writing an option is that the Fund bears the market risk of an unfavorable change in the price of an underlying asset and is required to buy or sell an underlying asset under the contractual terms of the option at a price different from the current value.

Realized gains and losses, if any, are reported as “Net realized gains/(losses) on options contracts” on the Consolidated Statement of Operations.

The Fund had the following transactions in purchased call and put options during the period ended June 30, 2014:

The Fund had the following transactions in written call and put options during the period ended June 30, 2014:

The Fund may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are privately negotiated in the over-the-counter (“OTC”) market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). The Fund may enter into swap agreements to manage its exposure to market, interest rate and credit risk. The value of swap agreements are equal to the Fund’s 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. In connection with these arrangements, securities may be indentified as collateral in accordance with the terms of the swap agreements to provide assets of value and recourse in the event of default or bankruptcy by the counterparty.

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. For OTC swaps, payments received or made at the beginning of the measurement period are recorded as realized gain or loss upon termination or maturity of the OTC swap. A liquidation payment received or made at the termination of the OTC swap is recorded as a realized gain or loss. Net periodic payments received or paid by the Fund are included as part of realized gains (losses). Upon entering a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or assets determined to be liquid (the amount is subject to the clearing organization that clears the trade). Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable, as applicable, for variation margin on centrally cleared swaps.

Swap agreements involve, to varying degrees, elements of market risk and exposure to loss. 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 or clearing house to perform. The counterparty risk for centrally cleared swap agreements is generally lower than for OTC swap agreements because generally a clearing organization becomes substituted for each counterparty to a centrally cleared swap agreement and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to a clearing house for performance of financial obligations. However, there can be no assurance that the clearing house, or its members will satisfy its obligations to the Fund.

The notional amounts reflect the extent of the total investment exposure each Fund has under the swap agreement. The Fund bears the risk of loss of the amount expected to be received under a swap agreement (i.e., any unrealized appreciation) in the event of the default or bankruptcy of the swap agreement counterparty. The notional amount and related unrealized appreciation (depreciation) of each swap agreement at period end is disclosed in the swap tables in the Consolidated Schedule of Portfolio Investments. The Fund is party to International Swap Dealers Association, Inc. Master Agreements (“ISDA Master Agreements”) with select counterparties that govern transactions, such as OTC swap contracts, entered into by the Fund, through the Subsidiary, and those counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding OTC swap transactions under the applicable ISDA Master Agreement.

Interest rate swaps involve the exchange of commitments to pay and receive interest based on a notional amount and are subject to interest rate risk exposure. Interest rate swaps do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that a Fund is contractually obligated to make. If the other party to an interest rate swap defaults, a Fund’s risk of loss consists of the net amount of interest payments that the Fund is contractually entitled to receive. As of June 30, 2014, the Fund entered into OTC and centrally cleared interest rate swap agreements to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed rate bonds which may decrease when interest rates rise (interest rate risk). The Fund did not have any interest rate swaps outstanding as of June 30, 2014. The monthly average gross notional amount for interest rate swaps was $17.3 million for the period ended June 30, 2014.

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 Fund will receive a payment from or make a payment to the counterparty. The gross notional amount of total return swaps outstanding was $27.4 million as of June 30, 2014. The monthly average gross notional amount for total return swaps was $42.4 million to the period ended June 30, 2014.

Credit default swap agreements may have as reference obligations one or more securities that are not currently held by the Fund. The protection “buyer” in a credit default contract is generally obligated to pay the protection “seller” an upfront, periodic, or daily stream of payments over the term of the contract provided that no credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. A Fund may be either the buyer or seller in the transaction. If the Fund is a buyer and no credit event occurs, the Fund may recover nothing if the swap is held through its termination date. However, if a credit event occurs, the buyer generally may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity whose value may have significantly decreased. As a seller, a Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

Credit default swap agreements involve greater risks than if a Fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk. A Fund will enter into credit default swap agreements only with counterparties that meet certain standards of creditworthiness. A buyer generally also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront, periodic, or daily payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller. The Fund’s obligations under a credit default swap agreement will be accrued daily (offset against any amounts owing to the Fund). In connection with credit default swaps in which a Fund is the buyer, the Fund will segregate or “earmark” cash or assets determined to be liquid, or enter into certain offsetting positions, with a value at least equal to the Fund’s exposure (any accrued but unpaid net amounts owed by the Fund to any counterparty), on a marked-to-market basis. In connection with credit default swaps in which a Fund is the seller, the Fund will segregate or “earmark” cash or assets determined to be liquid, or enter into offsetting positions, with a value at least equal to the full notional amount of the swap (minus any amounts owed to the Fund). Such segregation or “earmarking” will ensure that the Fund has assets available to satisfy its obligations with respect to the transaction and will limit any potential leveraging of the Fund’s portfolio. Such segregation or “earmarking” will not limit the Fund’s exposure to loss. As of June 30, 2014, the Fund entered into OTC and centrally cleared credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed (credit risk). The gross notional amount of OTC and centrally cleared credit default swaps outstanding was $4.9 million as of June 30, 2014. The monthly average gross notional amount for credit default swaps was $3.2 million for the period ended June 30, 2014.

The following is a summary of the fair values of derivative instruments on the Fund’s Consolidated Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2014:

The following is a summary of the effect of derivative instruments on the Consolidated Statement of Operations, categorized by risk exposure, for the period ended June 30, 2014:

Effective January 1, 2013, the Fund adopted Financial Accounting Standards Board Accounting Standards Update (“ASU”) No. 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” (“ASU 2013-01”) which amended Accounting Standards Codification Subtopic 210-20, Balance Sheet Offsetting. ASU 2013-01 clarified the scope of ASU No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”). ASU 2011-11 requires an entity to disclose information about offsetting and related arrangements to enable users of that entity’s financial statements to understand the effect of those arrangements on its financial position. The objective of this disclosure is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards. ASU 2013-01 clarifies the scope of ASU 2011-11 as applying to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are offset either in accordance with other requirements of U.S. GAAP or subject to an enforceable master netting arrangement or similar agreement.

The Fund is generally subject to master netting agreements that allow for amounts owed between the Fund and the counterparty to be netted. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements do not apply to amounts owed to/from different counterparties. The amounts shown in the Consolidated Statement of Assets and Liabilities do not take into consideration the effects of legally enforceable master netting agreements. The table below presents the gross and net amounts of these assets and liabilities with any offsets to reflect the Fund’s ability to reflect the master netting agreements at June 30, 2014. For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to master netting arrangements in the Consolidated Statement of Assets and Liabilities. This table also summarizes the fair values of derivative instruments on the Fund’s Consolidated Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2014.

As of June 30, 2014, the Fund’s derivative assets and liabilities by type are as follows:

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under MNA and net of the related collateral received by the Fund as of June 30, 2014:

The following table presents the Fund’s derivative liabilities by counerparty net of amounts available for offset under MNA and net of the related collateral pledged by the Fund as of June 30, 2014:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Consolidated Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2015.

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Consolidated Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2014, there were no remaining contractual reimbursements that are subject to repayment by the Fund in subsequent years.

Pursuant to separate agreements between the Funds and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $75 per hour for time incurred in connection with the preparation and filing of certain documents with the Securities and Exchange Commission. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Consolidated Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator, transfer agent, and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. In addition, the Administrator is entitled to annual account fees related to the transfer agency system, an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Consolidated Statement of Operations as “Administration fees.”

The Trust has adopted a distribution and service plan in conformance with Rule 12b-1 of the 1940 Act. Pursuant to this plan, the Fund is authorized to pay certain fees for the sale and distribution of its shares and services provided to its shareholders at an annual rate not to exceed 0.25% of the Fund’s average daily net assets. These fees are reflected on the Consolidated Statement of Operations as “Distribution fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $3,903 was paid from the Fund relating to these fees and expenses.

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy. Options are generally valued at the average of the closing bid and ask quotations on the principal exchange on which the option is traded, which are then typically categorized as Level 1 in the fair value hierarchy.

Forward currency contracts are generally valued at the foreign currency exchange rate as of the close of the NYSE and are typically categorized as Level 2 in the fair value hierarchy. Non exchange-traded derivatives, such as swaps and certain options, are generally valued by approved independent pricing services utilizing techniques which take into account factors such as yields, quality, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes and are typically categorized as Level 2 in the fair value hierarchy.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:

A reconciliation of assets in which Level 3 inputs are used in determining fair value, along with additional quantitative disclosures, are presented when there are significant Level 3 investments at the end of the period.

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

For the period ended June 30, 2014, purchases and sales on long-term U.S. government securities were as follows:

Commodities-Related Investment Risk: Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments. The U.S. Commodities Futures Trading Commission has proposed changes to certain of its rules governing investment in commodities by mutual funds, such as the Fund. In the event these changes are adopted, or if there are changes in the tax treatment of the Fund’s direct and indirect investments in commodities, the Fund may be unable to obtain exposure to commodity markets, or may be limited in the extent to which or manner in which it can obtain such exposure.

Derivatives Risk: The Fund may invest in derivatives as a principal strategy. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The counterparty to a derivatives contract could default. As required by applicable law, a Fund that invests in derivatives segregates cash or liquid securities, or both, to the extent that its obligations under the instrument are not covered through ownership of the underlying security, financial instrument, or currency.

Emerging Markets Risk: Emerging markets may have less developed trading markets and exchanges which may make it more difficult to sell securities at an acceptable price and their prices may be more volatile than securities of companies in more developed markets. Settlements of trades may be subject to greater delays so that the Fund may not receive the proceeds of a sale of a security on a timely basis. Emerging countries may also have less developed legal and accounting systems and investments may be subject to greater risks of government restrictions, nationalization, or confiscation.

interest rates could adversely affect the market for these securities and reduce the Fund’s ability to sell these securities (liquidity risk). If the issuer of a security is in default with respect to interest or principal payments, the Fund may lose the value of its entire investment.

Cost for federal income tax purposes at June 30, 2014 is $710,559,513. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2014, the Fund had an individual shareholder account which is affiliated with the Investment Adviser representing ownership in excess of 90% of the Fund.

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

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

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


Shares			Fair Value
	Common Stocks (96.9%):
	Aerospace & Defense (3.5%):
	72,770	Honeywell International, Inc.	$	6,763,971
	21,980	Precision Castparts Corp.		5,547,752

				12,311,723

	Air Freight & Logistics (1.0%):
	23,290	FedEx Corp.		3,525,640

	Auto Components (1.3%):
	67,180	Delphi Automotive plc		4,617,953

	Beverages (3.8%):
	87,940	Coca-Cola Enterprises, Inc.		4,201,773
	100,540	PepsiCo, Inc.		8,982,244

				13,184,017

	Biotechnology (6.3%):
	25,690	Alexion Pharmaceuticals, Inc.*		4,014,063
	15,440	Biogen Idec, Inc.*		4,868,386
	88,030	Gilead Sciences, Inc.*		7,298,566
	8,350	Regeneron Pharmaceuticals, Inc.*		2,358,625
	41,810	Vertex Pharmaceuticals, Inc.*		3,958,571

				22,498,211

	Capital Markets (2.3%):
	34,540	Ameriprise Financial, Inc.		4,144,800
	12,370	BlackRock, Inc., Class A		3,953,452

				8,098,252

	Chemicals (2.9%):
	45,760	Eastman Chemical Co.		3,997,136
	47,240	Praxair, Inc.		6,275,361

				10,272,497

	Commercial Services & Supplies (1.4%):
	108,630	Tyco International, Ltd.		4,953,528

	Communications Equipment (1.3%):
	179,590	Juniper Networks, Inc.*		4,407,139

	Construction & Engineering (1.3%):
	59,150	Fluor Corp.		4,548,635

	Construction Materials (1.0%):
	26,330	Martin Marietta Materials, Inc.		3,476,877

	Consumer Finance (2.3%):
	55,510	American Express Co.		5,266,234
	46,050	Discover Financial Services		2,854,179

				8,120,413

	Diversified Financial Services (1.0%):
	18,340	IntercontinentalExchange Group, Inc.		3,464,426

	Energy Equipment & Services (4.6%):
	88,570	Halliburton Co.		6,289,356
	83,450	Schlumberger, Ltd.		9,842,927

				16,132,283

	Food & Staples Retailing (2.8%):
	44,630	Costco Wholesale Corp.		5,139,591
	60,160	CVS Caremark Corp.		4,534,259

				9,673,850

	Food Products (1.0%):
	94,220	Mondelez International, Inc., Class A		3,543,614


Shares			Fair Value
	Common Stocks, continued
	Health Care Providers & Services (2.4%):
	27,480	McKesson, Inc.	$	5,117,051
	42,160	UnitedHealth Group, Inc.		3,446,580

				8,563,631

	Hotels, Restaurants & Leisure (1.3%):
	44,820	Las Vegas Sands Corp.		3,416,181
	12,930	Starbucks Corp.		1,000,523

				4,416,704

	Household Products (1.6%):
	84,770	Colgate-Palmolive Co.		5,779,619

	Industrial Conglomerates (1.3%):
	58,560	Danaher Corp.		4,610,429

	Internet & Catalog Retail (2.6%):
	16,430	Amazon.com, Inc.*		5,336,135
	3,260	Priceline.com, Inc.*		3,921,780

				9,257,915

	Internet Software & Services (6.2%):
	105,440	Facebook, Inc., Class A*		7,095,058
	12,600	Google, Inc., Class C*		7,248,528
	12,600	Google, Inc., Class A*		7,366,842

				21,710,428

	IT Services (4.2%):
	56,080	Accenture plc, Class A		4,533,507
	70,560	Cognizant Technology Solutions Corp., Class A*		3,451,090
	32,720	Visa, Inc., Class A		6,894,431

				14,879,028

	Life Sciences Tools & Services (1.3%):
	24,740	Illumina, Inc.*		4,417,080

	Machinery (1.9%):
	43,820	Cummins, Inc.		6,760,988

	Media (5.1%):
	24,290	AMC Networks, Inc., Class A*		1,493,592
	146,730	Comcast Corp., Class A		7,876,467
	119,840	Twenty-First Century Fox, Inc.		4,212,376
	50,830	Viacom, Inc., Class B		4,408,486

				17,990,921

	Multiline Retail (0.7%):
	45,550	Dollar General Corp.*		2,612,748

	Oil, Gas & Consumable Fuels (1.9%):
	56,950	EOG Resources, Inc.		6,655,177

	Pharmaceuticals (4.1%):
	107,150	Bristol-Myers Squibb Co.		5,197,846
	37,100	Forest Laboratories, Inc.*		3,672,900
	48,470	Mylan, Inc.*		2,499,113
	19,830	Perrigo Co. plc		2,890,421

				14,260,280

	Semiconductors & Semiconductor Equipment (1.1%):
	78,600	Xilinx, Inc.		3,718,566

	Software (7.7%):
	52,310	Adobe Systems, Inc.*		3,785,152
	63,970	Intuit, Inc.		5,151,503
	339,890	Microsoft Corp.		14,173,412
	73,070	Salesforce.com, Inc.*		4,243,906

				27,353,973


Shares			Fair Value
	Common Stocks, continued
	Specialty Retail (2.7%):
	81,470	Home Depot, Inc. (The)	$	6,595,811
	81,800	Urban Outfitters, Inc.*		2,769,748

				9,365,559

	Technology Hardware, Storage & Peripherals (7.0%):
	188,370	Apple, Inc.		17,505,225
	155,830	EMC Corp.		4,104,562
	29,980	SanDisk Corp.		3,130,811

				24,740,598

	Textiles, Apparel & Luxury Goods (4.0%):
	32,660	Michael Kors Holdings, Ltd.*		2,895,309
	58,220	Nike, Inc., Class B		4,514,961
	36,080	PVH Corp.		4,206,928
	42,770	Under Armour, Inc., Class A*		2,544,387

				14,161,585

	Tobacco (2.0%):
	84,600	Philip Morris International, Inc.		7,132,626

	Total Common Stocks (Cost $244,153,687)			341,216,913


Shares			Fair Value
	Exchange Traded Fund (1.0%):
	38,820	iShares Russell 1000 Growth ETF, 1.26%	$	3,529,903

	Total Exchange Traded Fund (Cost $3,405,737)			3,529,903

	Affiliated Investment Companies (1.5%):
	5,282,929	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(a)		5,282,929

	Total Affiliated Investment Companies (Cost $5,282,929)			5,282,929

	Total Investment Securities (Cost $252,842,353)(b) — 99.4%			350,029,745
	Net other assets (liabilities) — 0.6%			1,965,358

	Net Assets — 100.0%		$	351,995,103

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	247,559,424
Investments in affiliates, at cost		5,282,929

Total Investment securities, at cost	$	252,842,353

Investments in non-affiliates, at value	$	344,746,816
Investments in affiliates, at value		5,282,929

Total Investment securities, at value		350,029,745
Interest and dividends receivable		264,650
Receivable for investments sold		8,807,383
Prepaid expenses		1,680

Total Assets		359,103,458

Liabilities:
Payable for investments purchased		6,712,538
Payable for capital shares redeemed		93,424
Manager fees payable		201,056
Administration fees payable		11,742
Distribution fees payable		71,806
Custodian fees payable		4,352
Administrative and compliance services fees payable		912
Trustee fees payable		1,910
Other accrued liabilities		10,615

Total Liabilities		7,108,355

Net Assets	$	351,995,103

Net Assets Consist of:
Capital	$	207,177,243
Accumulated net investment income/(loss)		1,029,401
Accumulated net realized gains/(losses) from investment transactions		46,601,067
Net unrealized appreciation/(depreciation) on investments		97,187,392

Net Assets	$	351,995,103

Shares of beneficial interest (unlimited number of shares authorized, no par value)		22,945,689
Net Asset Value (offering and redemption price per share)	$	15.34

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends	$	2,127,626
Interest		4,973
Dividends from affiliates		1

Total Investment Income		2,132,600

Expenses:
Manager fees		1,329,568
Administration fees		47,543
Distribution fees		436,990
Custodian fees		6,723
Administrative and compliance services fees		2,748
Trustee fees		8,629
Professional fees		8,362
Shareholder reports		9,162
Other expenses		3,251

Total expenses before reductions		1,852,976
Less expenses voluntarily waived/reimbursed by the Manager		(105,997	)

Net expenses		1,746,979

Net Investment Income/(Loss)		385,621

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		29,274,724
Change in net unrealized appreciation/depreciation on investments		(16,109,769	)

Net Realized/Unrealized Gains/(Losses) on Investments		13,164,955

Change in Net Assets Resulting From Operations	$	13,550,576

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

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of 30 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Dreyfus Research Growth Fund (the “Fund”), and 29 are presented in separate reports.

Effective January 6, 2014, the Manager, on behalf of the Trust, requested the Fund cease participation in the program until further notice.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a portfolio management agreement with The Dreyfus Corporation (“Dreyfus”), Dreyfus provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2015.

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator, transfer agent, and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. In addition, the Administrator is entitled to annual account fees related to the transfer agency system, an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $2,099 was paid from the Fund relating to these fees and expenses.

During the period ended June 30, 2014, the Fund paid approximately $258 to affiliated broker/dealers of the Subadvisor on the execution of purchases and sales of the Fund’s portfolio investments.

Debt and other fixed income securities are generally valued at an evaluated bid price provided by an independent pricing source approved by the Trustees. To value debt securities, pricing services may use various pricing techniques which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short term securities of sufficient credit quality with sixty days or less remaining until maturity may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy. Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2014 is $253,012,614. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

During the year ended December 31, 2013, the Fund utilized $11,560,566 in capital loss carry forwards to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

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

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


Principal Amount			Fair Value

	Asset Backed Securities (6.5%):
$	2,360,000	AmeriCredit Automobile Receivables Trust, Class A3, Series 2013-5, 0.90%, 9/8/18	$	2,366,382
	404,065	Auto ABS Compartiment, Class A, Series 2012-2, 2.80%, 4/27/25(a)		559,098
	2,160,000	Cabela’s Master Credit Card Trust, Class A2, Series 2013-2A, 0.80%, 8/16/21(a)(b)		2,178,266
	1,714,898	Capital Auto Receivables Asset Trust, Class A2, Series 2013-1, 0.62%, 7/20/16		1,715,067
	2,560,000	Chrysler Capital Auto Receivables Trust, Class A3, Series 2013-BA, 0.85%, 5/15/18(a)		2,567,886
	1,270,000	Chrysler Capital Auto Receivables Trust, Class B, Series 2013-BA, 1.78%, 6/17/19(a)		1,281,958
	1,460,000	Chrysler Capital Auto Receivables Trust, Class D, Series 2013-BA, 2.89%, 10/15/20(a)		1,488,416
	2,210,000	Citibank Credit Card Issuance Trust, Class A1, Series 2014-A1, 2.88%, 1/23/23		2,257,820
	2,090,000	CNH Equipment Trust, Class A3, Series 2013-A, 0.69%, 6/15/18		2,092,590
	1,920,000	Credit Acceptance Auto Loan Trust, Class A, Series 2013-1A, 1.21%, 10/15/20(a)		1,921,751
	867,504	First Investors Auto Owner Trust, Class A2, Series 2013-1A, 0.90%, 10/15/18(a)		868,705
	1,821,000	Ford Credit Auto Owner Trust, Class A3, Series 2013-A, 0.55%, 7/15/17		1,821,641
	2,025,000	Ford Credit Floorplan Master Owner Trust, Class A, Series 2012-2, 1.92%, 1/15/19		2,065,427
	1,595,000	Golden Credit Card Trust, Class A, Series 2013-1A, 0.40%, 2/15/18(a)(b)		1,595,255
	3,290,000	Golden Credit Card Trust, Class A, Series 2014-1A, 0.47%, 3/15/19(a)(b)		3,289,894
	2,205,000	HLSS Servicer Advance Receivables Backed Notes, Class AT6, Series 2013-T6, 1.29%, 9/15/44(a)		2,206,103
	2,265,000	HLSS Servicer Advance Receivables Trust, Class A2, Series 2013-T2, 1.15%, 5/16/44(a)(b)		2,267,324
	1,830,000	Nissan Master Owner Trust Receivables, Class A, Series 2013-A, 0.45%, 2/15/18(b)		1,831,502
	1,595,000	PFS Financing Corp., Class A, Series 2012-BA, 0.85%, 10/17/16(a)(b)		1,596,841
	1,735,000	PFS Financing Corp., Class A, Series 2013-AA, 0.70%, 2/15/18(a)(b)		1,736,424
	1,110,524	Prestige Auto Receivables Trust, Class A2, Series 2013-1A, 1.09%, 2/15/18(a)		1,112,690
	2,300,000	Prestige Auto Receivables Trust, Class C, Series 2014-1A, 2.39%, 5/15/20(a)		2,306,943
	2,000,000	Santander Drive Auto Receivables Trust, Class B, Series 2013-5, 1.55%, 10/15/18		2,008,471
	303,840	Santander Drive Auto Receivables Trust, Class C, Series 2011-3, 3.09%, 5/15/17		307,356
	1,330,000	Santander Drive Auto Receivables Trust, Class B, Series 2012-5, 1.56%, 8/15/18		1,339,604
	1,040,000	Santander Drive Auto Receivables Trust, Class B, Series 2012-3, 1.94%, 12/15/16		1,046,956
	1,200,000	Santander Drive Auto Receivables Trust, Class C, Series 2012-6, 1.94%, 4/16/18		1,217,389
	1,785,000	Santander Drive Auto Receivables Trust, Class B, Series 2013-2, 1.33%, 3/15/18		1,794,652


Principal Amount			Fair Value

	Asset Backed Securities, continued
$	1,900,000	Santander Drive Auto Receivables Trust, Class C, Series 2013-4, 3.25%, 1/15/20	$	1,982,910
	2,500,000	Santander Drive Auto Receivables Trust, Class A3, Series 2013-A, 1.02%, 1/16/18(a)		2,510,955
	2,075,000	Santander Drive Auto Receivables Trust, Class B, Series 2013-A, 1.89%, 10/15/19(a)		2,097,057
	478,899	SLM Student Loan Trust, Class A2, Series 2004-B, 0.43%, 6/15/21(b)		474,693
	730,246	SLM Student Loan Trust, Class A1, Series 2012-A, 1.55%, 4/15/16(a)(b)		739,950
	1,115,000	World Financial Network Credit Card Master Trust, Class A, Series 2012-A, 3.14%, 1/17/23		1,158,184

	Total Asset Backed Securities (Cost $57,447,906)			57,806,160

	Collateralized Mortgage Obligations (7.5%):
	1,852,684	Banc of America Commercial Mortgage, Inc., Class A1A, Series 2007-3, 5.77%, 6/10/49(b)		2,004,937
	1,295,000	Banc of America Large Loan, Class A4B, Series 2010-UB4, 4.93%, 12/20/41(a)(b)		1,294,469
	1,330,000	Bank of America Re-REMIC Trust, Class A, Series 2012-CLRN, 1.30%, 8/15/29(a)(b)		1,330,890
	50,000	Bear Stearns Commercial Mortgage Securities, Inc., Class AM, Series 2005-PW10, 5.45%, 12/15/15(b)		52,780
	1,802,771	Bear Stearns Commercial Mortgage Securities, Inc., Class A1A, Series 2006-PW14, 5.19%, 12/11/38		1,958,979
	625,000	Bear Stearns Commercial Mortgage Securities, Inc., Class AM, Series 2007-PW16, 5.90%, 6/1/40(b)		693,573
	1,510,000	Citigroup Commercial Mortgage Trust, Class A, Series 2014-388G, 0.90%, 6/15/33(a)(b)		1,513,245
	2,041,422	Commercial Mortgage Loan Trust, Class A1A, Series 2008-LS1, 6.21%, 12/10/49(b)		2,298,910
	590,000	Commercial Mortgage Pass-Through Certificates, Class AM, Series 2006-C8, 5.35%, 12/10/16		641,343
	1,820,000	Commercial Mortgage Trust, Class A4, Series 2014-LC15, 4.01%, 4/10/47		1,923,447
	2,015,000	Commercial Mortgage Trust, Class A4, Series 2014-UBS3, 3.82%, 6/10/47		2,092,001
	428,000	Commercial Mortgage Trust, Class B, Series 2012-LTRT, 3.80%, 10/5/30(a)		412,784
	2,370,494	Commercial Mortgage Trust, Class A, Series 2013-FL3, 1.67%, 10/13/28(a)(b)		2,381,671
	1,510,000	Commercial Mortgage Trust, Class C, Series 2014-CR17, 4.90%, 5/10/47(b)		1,577,100
	2,930,000	Commercial Mortgage Trust, Class A, Series 2014-TWC, 1.00%, 2/13/32(a)(b)		2,933,916
	2,840,000	Credit Acceptance Auto Loan Trust, Class A, Series 2014-A1, 1.55%, 10/15/21(a)		2,847,456
	855,000	Credit Suisse Commercial Mortgage Trust, Class AM, Series 2006-C5, 5.34%, 12/15/39		927,424
	100,000	Credit Suisse Mortgage Capital Certificates, Class AM, Series 2006-C3, 5.98%, 6/15/16(b)		108,189
	1,940	Credit Suisse Mortgage Capital Certificates, Class A2, Series 2007-C2, 5.45%, 1/15/49(b)		1,933
	57,751	DBRR Trust, Class A, Series 2012-EZ1, 0.95%, 9/25/45(a)		57,728


Principal Amount			Fair Value

	Collateralized Mortgage Obligations, continued
$	2,160,254	DBRR Trust, Class A, Series 2013-EZ3, 1.64%, 12/18/49(a)(b)	$	2,176,456
	1,320,000	DBUBS Mortgage Trust, Class A2, Series 2011-LC1A, 4.53%, 7/1/19(a)		1,438,737
	1,039,172	DBUBS Mortgage Trust, Class A1, Series 2011-LC1A, 3.74%, 6/10/17(a)		1,081,010
	2,190,000	GoldenTree Loan Opportunities VII, Ltd., Class A, Series 2013-7A, 1.38%, 4/25/25(a)(b)		2,167,263
	10,811,986	GS Mortgage Securities Trust, Class XA, Series 2013-GC10, 1.90%, 2/10/46(b)		1,112,748
	1,100,000	GS Mortgage Securities Trust, Class A, Series 2012-SHOP, 2.93%, 6/5/31(a)		1,137,962
	1,065,000	GS Mortgage Securities Trust, Class B, Series 2014-GC22, 4.39%, 6/10/47		1,104,816
	1,500,000	Hilton USA Trust, Class AFX, Series 2013-HLT, 2.66%, 11/5/30(a)		1,519,088
	114,762	JPMorgan Chase Commercial Mortgage Securities Corp., Class A2, Series 2007-LD11, 5.98%, 6/15/49(b)		114,688
	600,000	JPMorgan Chase Commercial Mortgage Securities Corp., Class A, Series 2012-WLDN, 3.90%, 5/5/30(a)		624,968
	11,463,955	JPMorgan Chase Commercial Mortgage Securities Corp., Class XA, Series 2013-LC11, 1.72%, 4/15/46(b)		1,073,478
	1,203,288	Lanark Master Issuer plc, Class 1A, Series 2012-2A, 1.63%, 12/22/54(a)(b)		1,221,122
	1,200,000	LB Commercial Conduit Mortgage Trust, Class AM, Series 2007-C3, 6.09%, 7/15/44(b)		1,341,404
	619,070	Merrill Lynch Mortgage Trust, Class A4, Series 2004-KEY2, 4.86%, 8/12/39(b)		620,172
	1,624,500	Merrill Lynch Mortgage Trust, Class A1A, Series 2007-C1, 6.03%, 6/12/50(b)		1,758,577
	1,260,696	ML-CFC Commercial Mortgage Trust, Class A1A, Series 2006-4, 5.17%, 12/12/49(b)		1,361,347
	2,114,387	ML-CFC Commercial Mortgage Trust, Class A1A, Series 2006-3, 5.41%, 7/12/46(b)		2,285,443
	1,395,000	Morgan Stanley BAML Trust, Class C, Series 2013-C13, 5.06%, 11/15/46(b)		1,483,481
	1,206,141	Morgan Stanley Capital I Trust, Class A1A, Series 2007-IQ13, 5.31%, 3/15/44		1,318,966
	1,400,000	Morgan Stanley Re-REMIC Trust, Class B, Series 2011-IO, 0.05%, 3/23/51(a)		1,373,750
	763,796	Morgan Stanley Re-REMIC Trust, Class A, Series 2012-XA, 2.00%, 7/28/49(a)		768,089
	330,629	Morgan Stanley Re-REMIC Trust, Class AXB1, Series 2012-IO, 1.00%, 3/29/51(a)		331,042
	1,010,000	Motel 6 Trust, Class B, Series 2012-MTL6, 2.74%, 10/5/25(a)		1,021,441
	2,205,000	Nomad CLO, Ltd., Class A1, Series 2013-1A, 1.43%, 1/15/25(a)(b)		2,186,782
	620,000	RBSCF Trust, Class WBTA, Series 2010-RR3, 6.14%, 4/16/17(a)(b)		656,929
	2,348,607	Santander Drive Auto Receivables Trust, Class R, Series 2014-S6, 1.43%, 12/16/19(a)		2,348,607
	2,335,000	SLM Student Loan Trust, Class A4, Series 2006-A, 0.42%, 12/15/23(b)		2,307,050


Principal Amount			Fair Value

	Collateralized Mortgage Obligations, continued
$	538,583	STRIPS, Class A, Series 2012-1A, 1.50%, 12/25/44(a)	$	533,197
	18,530,000	WF-RBS Commercial Mortgage Trust, Class XA, Series 2014-C20, 1.42%, 5/15/47(b)		1,480,955
	1,900,000	WF-RBS Commercial Mortgate Trust, Class A5, Series 2014-LC14, 4.04%, 3/15/47(b)		2,001,272

	Total Collateralized Mortgage Obligations (Cost $66,695,770)			67,003,615

	Corporate Bonds (18.4%):
	Aerospace & Defense (0.2%):
	355,000	Precision Castparts Corp., 2.50%, 1/15/23, Callable 10/15/22 @ 100		340,012
	390,000	United Technologies Corp., 3.10%, 6/1/22		395,031
	1,040,000	United Technologies Corp., 4.50%, 6/1/42		1,089,258

				1,824,301

	Air Freight & Logistics (0.1%):
	500,000	FedEx Corp., 3.88%, 8/1/42		448,997

	Banks (2.5%):
	1,315,000	Bank of America Corp., 0.49%, 10/14/16(b)		1,309,364
	1,925,000	Bank of America Corp., 2.60%, 1/15/19		1,947,643
	1,525,000	Bank of America Corp., Series L, 2.65%, 4/1/19		1,545,740
	1,230,000	Bank of America Corp., 4.00%, 4/1/24, MTN		1,255,253
	670,000	Bank of America Corp., 5.00%, 1/21/44, MTN		710,832
	1,165,000	Citigroup, Inc., 1.25%, 1/15/16		1,172,017
	1,035,000	Citigroup, Inc., 1.02%, 4/1/16(b)		1,041,568
	1,260,000	Citigroup, Inc., 1.30%, 4/1/16		1,267,522
	1,630,000	HSBC USA, Inc., 3.50%, 6/23/24		1,634,625
	1,350,000	JPMorgan Chase & Co., Series G, 0.85%, 2/26/16(b)		1,357,634
	730,000	JPMorgan Chase & Co., 2.00%, 8/15/17		742,376
	775,000	JPMorgan Chase & Co., 1.13%, 1/25/18(b)		785,917
	1,115,000	JPMorgan Chase & Co., 3.63%, 5/13/24		1,119,470
	360,000	JPMorgan Chase & Co., 5.63%, 8/16/43		406,938
	840,000	JPMorgan Chase & Co., 4.85%, 2/1/44		890,674
	1,565,000	Wells Fargo & Co., 1.25%, 7/20/16		1,578,511
	1,170,000	Wells Fargo & Co., 0.86%, 4/23/18(b)		1,180,139
	575,000	Wells Fargo & Co., 4.13%, 8/15/23		597,313
	1,040,000	Wells Fargo & Co., 4.10%, 6/3/26, MTN		1,053,103
	360,000	Wells Fargo & Co., 5.38%, 11/2/43		396,014
	945,000	Wells Fargo & Co., Series S, 5.90%, 12/31/49, Callable 6/15/24 @ 100(b)		1,001,700

				22,994,353

	Beverages (0.3%):
	1,520,000	Anheuser-Busch InBev Finance, Inc., 2.63%, 1/17/23		1,459,986
	460,000	Anheuser-Busch InBev NV Worldwide, Inc., 5.00%, 4/15/20		523,180
	620,000	Anheuser-Busch InBev NV Worldwide, Inc., 2.50%, 7/15/22		594,106

				2,577,272

	Biotechnology (0.3%):
	450,000	Amgen, Inc., 3.63%, 5/15/22, Callable 2/15/22 @ 100		463,882
	545,000	Amgen, Inc., 5.15%, 11/15/41, Callable 5/15/41 @ 100		584,804
	935,000	Amgen, Inc., 5.38%, 5/15/43, Callable 11/15/42 @ 100		1,031,753


Principal Amount			Fair Value

	Corporate Bonds, continued
	Biotechnology, continued
$	665,000	Celgene Corp., 3.63%, 5/15/24, Callable 2/15/24 @ 100	$	666,554

				2,746,993

	Capital Markets (2.0%):
	1,055,000	Ford Motor Credit Co. LLC, 8.13%, 1/15/20		1,347,016
	370,000	General Electric Capital Corp., 4.38%, 9/16/20		408,637
	555,000	General Electric Capital Corp., Series G, 6.15%, 8/7/37, MTN		689,367
	905,000	Goldman Sachs Group, Inc. (The), 0.68%, 3/22/16(b)		905,099
	1,175,000	Goldman Sachs Group, Inc. (The), 2.38%, 1/22/18		1,193,255
	915,000	Goldman Sachs Group, Inc. (The), 1.42%, 4/30/18(b)		929,774
	932,000	Goldman Sachs Group, Inc. (The), 2.90%, 7/19/18		960,212
	1,090,000	Goldman Sachs Group, Inc. (The), 3.63%, 1/22/23		1,094,688
	1,445,000	Goldman Sachs Group, Inc. (The), 3.85%, 7/8/24, Callable 4/8/24 @ 100		1,443,093
	745,000	Goldman Sachs Group, Inc. (The), 4.80%, 7/8/44, Callable 1/8/44 @ 100		741,364
	2,525,000	Morgan Stanley, 6.00%, 4/28/15, MTN		2,642,429
	1,035,000	Morgan Stanley, Series F, 5.63%, 9/23/19, MTN		1,190,466
	870,000	Morgan Stanley, 3.75%, 2/25/23		885,033
	615,000	Morgan Stanley, 4.10%, 5/22/23		623,864
	1,775,000	Morgan Stanley, Series F, 3.88%, 4/29/24		1,796,512
	650,000	Morgan Stanley, 5.00%, 11/24/25		693,269
	272,125	SteelRiver Transmission Co. LLC, 4.71%, 6/30/17(a)		287,512

				17,831,590

	Chemicals (0.1%):
	555,000	Eastman Chemical Co., 2.40%, 6/1/17		571,391

	Communications Equipment (0.0%):
	330,000	Cisco Systems, Inc., 2.90%, 3/4/21		335,065

	Consumer Finance (0.3%):
	1,135,000	American Express Credit Corp., 1.13%, 6/5/17		1,133,809
	290,000	Capital One Bank USA NA, 1.30%, 6/5/17, Callable 5/5/17 @ 100		289,903
	1,045,000	Ford Motor Credit Co. LLC, 1.72%, 12/6/17		1,045,425

				2,469,137

	Diversified Financial Services (1.9%):
	1,650,000	Bank of America Corp., 1.50%, 10/9/15		1,665,193
	430,000	Bank of America Corp., Series 1, 3.75%, 7/12/16		452,342
	1,245,000	Bank of America Corp., 6.50%, 8/1/16		1,379,944
	820,000	Bank of America Corp., 5.63%, 10/14/16		900,308
	1,050,000	Bank of America Corp., Series L, 1.35%, 11/21/16		1,053,088
	1,065,000	Bank of America Corp., 1.30%, 3/22/18, MTN(b)		1,078,712
	545,000	Bank of America Corp., 5.70%, 1/24/22		632,409
	2,575,000	Capital One Bank USA NA, Series BKNT, 2.25%, 2/13/19, Callable 1/13/19 @ 100		2,591,346
	1,155,000	Caterpillar Financial Services Corp., 1.10%, 5/29/15, MTN		1,163,712


Principal Amount			Fair Value

	Corporate Bonds, continued
	Diversified Financial Services, continued
$	1,710,000	Citigroup, Inc., 4.59%, 12/15/15	$	1,802,590
	795,000	Citigroup, Inc., 5.30%, 5/6/44		829,223
	1,375,000	Daimler Finance NA LLC, 1.88%, 9/15/14(a)		1,379,261
	1,090,000	Daimler Finance NA LLC, 1.88%, 1/11/18(a)		1,099,871
	1,090,000	General Electric Capital Corp., 0.94%, 4/2/18(b)		1,104,534
	720,000	JPMorgan Chase & Co., 6.00%, 1/15/18		824,486
	125,000	JPMorgan Chase & Co., 4.50%, 1/24/22		136,967
	130,000	JPMorgan Chase & Co., 3.25%, 9/23/22		130,593

				18,224,579

	Diversified Telecommunication Services (1.5%):
	860,000	AT&T, Inc., 0.90%, 2/12/16		862,276
	3,000,000	AT&T, Inc., 3.74%, 11/27/22, Callable 5/27/15 @ 69.67(a)(c)		2,255,018
	310,000	AT&T, Inc., 4.30%, 12/15/42, Callable 6/15/42 @ 100		293,451
	985,000	AT&T, Inc., 4.35%, 6/15/45		933,699
	975,000	Verizon Communications, Inc., 2.45%, 11/1/22, Callable 8/1/22 @ 100		914,652
	4,375,000	Verizon Communications, Inc., 5.15%, 9/15/23		4,896,031
	1,345,000	Verizon Communications, Inc., 4.15%, 3/15/24, Callable 12/15/23 @ 100		1,404,384
	1,685,000	Verizon Communications, Inc., 6.55%, 9/15/43		2,120,473

				13,679,984

	Education Services (0.1%):
	700,000	Massachusetts Institute of Technology, 4.68%, 7/1/14		747,045

	Electric Utilities (0.6%):
	430,000	Carolina Power & Light Co., 4.10%, 3/15/43, Callable 9/15/42 @ 100		424,279
	610,000	CenterPoint Energy Houston Electric LLC, 4.50%, 4/1/44, Callable 10/1/43 @ 100		643,576
	355,000	DTE Electric Co., Series A, 4.00%, 4/1/43, Callable 10/1/42 @ 100		344,655
	445,000	Exelon Corp., 5.63%, 6/15/35		500,770
	1,350,000	Oncor Electric Delivery Co. LLC, 6.38%, 1/15/15		1,391,034
	180,000	Oncor Electric Delivery Co. LLC, 7.00%, 9/1/22		230,027
	635,000	Pacific Gas & Electric Co., 5.13%, 11/15/43, Callable 5/15/43 @ 100		711,612
	250,000	Pacific Gas & Electric Co., 4.75%, 2/15/44, Callable 8/15/43 @ 100		266,130
	350,000	PPL Capital Funding, Inc., 5.00%, 3/15/44, Callable 9/15/43 @ 100		376,704
	220,000	Southern California Edison Co., Series 06-E, 5.55%, 1/15/37		263,544
	185,000	Virginia Electric & Power Co., Series A, 6.00%, 5/15/37		234,270
	25,000	Virginia Electric & Power Co., 6.35%, 11/30/37		33,051
	200,000	Virginia Electric & Power Co., 4.00%, 1/15/43, Callable 7/15/42 @ 100^		193,392

				5,613,044

	Electrical Equipment (0.3%):
	840,000	Eaton Corp. plc, 1.50%, 11/2/17		841,041
	255,000	Eaton Corp. plc, 4.00%, 11/2/32		255,162
	1,720,000	General Electric Co., 2.70%, 10/9/22		1,689,112

				2,785,315


Principal Amount			Fair Value

	Corporate Bonds, continued
	Electronic Equipment, Instruments & Components (0.1%):
$	675,000	Agilent Technologies, Inc., 6.50%, 11/1/17	$	771,788

	Energy Equipment & Services (0.1%):
	475,000	Kerr-McGee Corp., 6.95%, 7/1/24		610,071

	Food Products (0.3%):
	630,000	Kraft Foods Group, Inc., 2.25%, 6/5/17		647,167
	1,425,000	Wm. Wrigley Jr. Co., 1.40%, 10/21/16(a)		1,434,870
	705,000	Wm. Wrigley Jr. Co., 3.38%, 10/21/20, Callable 9/21/20 @ 100(a)		729,920

				2,811,957

	Health Care Equipment & Supplies (0.1%):
	845,000	Baxter International, Inc., 3.20%, 6/15/23, Callable 3/15/23 @ 100		838,099
	270,000	CareFusion Corp., 3.88%, 5/15/24, Callable 2/15/24 @ 100		272,793

				1,110,892

	Health Care Providers & Services (0.3%):
	380,000	Aetna, Inc., 4.13%, 11/15/42, Callable 5/15/42 @ 100		364,648
	725,000	UnitedHealth Group, Inc., 1.40%, 10/15/17		727,749
	200,000	UnitedHealth Group, Inc., 3.88%, 10/15/20, Callable 7/15/20 @ 100		214,819
	410,000	UnitedHealth Group, Inc., 4.25%, 3/15/43, Callable 9/15/42 @ 100		400,680
	325,000	WellPoint, Inc., 3.30%, 1/15/23		324,613
	300,000	WellPoint, Inc., 5.10%, 1/15/44		326,669

				2,359,178

	Independent Power and Renewable Electricity Producers (0.7%):
	220,000	Carolina Power & Light Co., 5.70%, 4/1/35		261,987
	300,000	Columbus Southern Power Co., 6.05%, 5/1/18		345,422
	100,000	Duke Energy Corp., 3.95%, 9/15/14		100,722
	65,000	Florida Power & Light Co., 5.95%, 2/1/38		82,719
	845,000	Florida Power Corp., 6.40%, 6/15/38		1,130,290
	40,000	MidAmerican Energy Holdings Co., 5.95%, 5/15/37		48,816
	450,000	MidAmerican Energy Holdings Co., 6.50%, 9/15/37		580,294
	850,000	PacifiCorp, 5.65%, 7/15/18		971,150
	395,000	PacifiCorp, 5.75%, 4/1/37		488,784
	630,000	PacifiCorp, 4.10%, 2/1/42, Callable 8/1/41 @ 100		621,806
	350,000	Progress Energy Carolinas, Inc., 5.30%, 1/15/19		400,341
	865,000	Public Service Electric & Gas Co., 2.38%, 5/15/23, Callable 2/15/23 @ 100		821,478

				5,853,809

	Industrial Conglomerates (0.1%):
	495,000	3M Co., 3.88%, 6/15/44		475,483

	Insurance (1.0%):
	410,000	ACE INA Holdings, Inc., 4.15%, 3/13/43		402,902
	635,000	American International Group, Inc., 3.80%, 3/22/17		678,566
	125,000	American International Group, Inc., Series MP, 5.45%, 5/18/17, MTN		139,453
	1,080,000	American International Group, Inc., 4.88%, 6/1/22		1,202,648


Principal Amount			Fair Value

	Corporate Bonds, continued
	Insurance, continued
$	690,000	American International Group, Inc., 4.13%, 2/15/24	$	726,318
	405,000	Berkshire Hathaway Finance Corp., 4.30%, 5/15/43		402,348
	410,000	Hartford Financial Services Group, Inc. (The), 4.30%, 4/15/43		394,911
	555,000	Loews Corp., 4.13%, 5/15/43, Callable 11/15/42 @ 100		520,271
	1,710,000	MetLife Institutional Funding II LLC, 1.63%, 4/2/15(a)		1,725,418
	1,125,000	MetLife, Inc., 6.75%, 6/1/16		1,250,174
	905,000	New York Life Global Funding, 1.65%, 5/15/17(a)		916,141
	90,000	Prudential Financial, Inc., Series D, 4.75%, 9/17/15, MTN		94,456
	720,000	Prudential Financial, Inc., 3.50%, 5/15/24		717,835

				9,171,441

	IT Services (0.2%):
	1,450,000	IBM Corp., 1.95%, 7/22/16		1,488,022
	450,000	MasterCard, Inc., 3.38%, 4/1/24		456,684

				1,944,706

	Life Sciences Tools & Services (0.0%):
	280,000	Thermo Fisher Scientific, Inc., 5.30%, 2/1/44, Callable 8/1/43 @ 100		310,776

	Machinery (0.1%):
	605,000	Deere & Co., 2.60%, 6/8/22, Callable 3/8/22 @ 100		591,544

	Media (1.1%):
	200,000	Comcast Corp., 6.50%, 11/15/35		259,102
	330,000	Comcast Corp., 6.45%, 3/15/37		420,913
	935,000	Comcast Corp., 4.65%, 7/15/42		969,398
	1,035,000	Comcast Corp., 4.75%, 3/1/44		1,094,675
	575,000	Cox Communications, Inc., 4.70%, 12/15/42(a)		559,181
	575,000	DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 3.50%, 3/1/16		600,010
	730,000	DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.20%, 3/15/20		822,350
	190,000	DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 3.80%, 3/15/22		196,197
	150,000	DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 4.45%, 4/1/24, Callable 1/1/24 @ 100		159,049
	89,000	DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.15%, 3/15/42		93,462
	111,000	Discovery Communications, Inc., 4.88%, 4/1/43		111,941
	1,135,000	NBCUniversal Enterprise, Inc., 0.91%, 4/15/18(a)(b)		1,147,632
	280,000	NBCUniversal Media LLC, 5.15%, 4/30/20		321,312
	129,000	NBCUniversal Media LLC, 5.95%, 4/1/41		158,381
	816,000	NBCUniversal Media LLC, 4.45%, 1/15/43		818,654
	525,000	Omnicom Group, Inc., 5.90%, 4/15/16		569,983
	820,000	Scripps Networks Interactive, Inc., 2.70%, 12/15/16		853,194
	595,000	Viacom, Inc., 5.25%, 4/1/44, Callable 10/1/43 @ 100^		628,578

				9,784,012


Principal Amount			Fair Value

	Corporate Bonds, continued
	Multiline Retail (0.0%):
$	390,000	Target Corp., 4.00%, 7/1/42	$	368,044

	Multi-Utilities (0.4%):
	155,000	CenterPoint Energy Resources Corp., 6.25%, 2/1/37		191,941
	675,000	CMS Energy Corp., 5.05%, 3/15/22, Callable 12/15/21 @ 100		767,192
	415,000	CMS Energy Corp., 4.70%, 3/31/43, Callable 9/30/42 @ 100		423,575
	900,000	DTE Energy Co., Series F, 3.85%, 12/1/23, Callable 9/1/23 @ 100		939,279
	505,000	Duke Energy Carolinas LLC, 6.10%, 6/1/37		633,216
	470,000	Northwest Florida Timber Finance LLC, 4.75%, 3/4/29(a)		515,834

				3,471,037

	Oil, Gas & Consumable Fuels (1.0%):
	2,025,000	Anadarko Petroleum Corp., 6.38%, 9/15/17		2,331,463
	225,000	Continental Resources, inc., 4.90%, 6/1/44, Callable 12/1/43 @ 100(a)		232,492
	216,000	El Paso Pipeline Partners Operating Co. LLC, 6.50%, 4/1/20		253,017
	550,000	Energy Transfer Partners LP, 6.50%, 2/1/42, Callable 8/1/41 @ 100		656,874
	455,000	Energy Transfer Partners LP, 5.95%, 10/1/43, Callable 4/1/43 @ 100^		515,227
	500,000	Enterprise Products Partners LP, 3.90%, 2/15/24, Callable 11/15/23 @ 100		517,230
	200,000	Enterprise Products Partners LP, 4.85%, 8/15/42, Callable 2/15/42 @ 100		206,818
	220,000	Enterprise Products Partners LP, 5.10%, 2/15/45, Callable 8/15/44 @ 100		234,840
	1,415,000	Enterprise Products Partners LP, Series A, 8.38%, 8/1/66, Callable 8/1/16 @ 100		1,592,723
	530,000	EOG Resources, Inc., 2.45%, 4/1/20, Callable 3/1/20 @ 100		534,102
	334,000	Kinder Morgan Energy Partners LP, 5.50%, 3/1/44, Callable 9/1/43 @ 100		352,576
	515,000	Noble Energy, Inc., 5.25%, 11/15/43, Callable 5/15/43 @ 100		567,741
	480,000	Williams Partners LP, 4.00%, 11/15/21		501,927

				8,497,030

	Paper & Forest Products (0.1%):
	400,000	Georgia-Pacific LLC, 7.70%, 6/15/15		426,696
	405,000	International Paper Co., 4.80%, 6/15/44, Callable 12/15/43 @ 100		408,195

				834,891

	Pharmaceuticals (0.9%):
	795,000	AbbVie, Inc., 2.00%, 11/6/18		794,016
	1,390,000	AbbVie, Inc., 4.40%, 11/6/42		1,349,418
	1,020,000	Merck & Co., Inc., 0.59%, 5/18/18(b)		1,023,568
	345,000	Merck & Co., Inc., 4.15%, 5/18/43		337,608
	390,000	Novartis Capital Corp., 4.40%, 5/6/44		405,915
	710,000	Pfizer, Inc., 3.40%, 5/15/24		720,951
	490,000	Pfizer, Inc., 4.30%, 6/15/43		494,889
	330,000	Pfizer, Inc., 4.40%, 5/15/44		337,767


Principal Amount			Fair Value

	Corporate Bonds, continued
	Pharmaceuticals, continued
$	995,000	Watson Pharmaceuticals, Inc., 1.88%, 10/1/17	$	1,003,874
	1,174,000	Watson Pharmaceuticals, Inc., 3.25%, 10/1/22, Callable 7/1/22 @ 100		1,153,427

				7,621,433

	Property & Casualty Insurance (0.0%):
	325,000	ACE INA Holdings, Inc., 3.35%, 5/15/24		327,830

	Real Estate Investment Trusts (REITs) (0.5%):
	1,670,000	ARC Properties Operating Partnership LP, 4.60%, 2/6/24, Callable 11/6/23 @ 100(a)		1,712,614
	835,000	Boston Properties LP, 3.85%, 2/1/23, Callable 11/1/22 @ 100		861,081
	380,000	ERP Operating LP, 4.50%, 7/1/44, Callable 1/1/44 @ 100		381,241
	620,000	Simon Property Group LP, 3.75%, 2/1/24, Callable 11/1/23 @ 100		636,925
	485,000	UDR, Inc., 3.75%, 7/1/24, Callable 4/1/24 @ 100		487,135

				4,078,996

	Road & Rail (0.2%):
	370,000	Burlington North Santa Fe LLC, 4.45%, 3/15/43, Callable 9/15/42 @ 100		367,916
	445,000	Burlington North Santa Fe LLC, 4.90%, 4/1/44, Callable 10/1/43 @ 100		475,701
	240,000	Union Pacific Corp., 4.85%, 6/15/44, Callable 12/15/43 @ 100		265,362
	505,000	Union Pacific Railroad Co., Series 14-1, 3.23%, 5/14/26		508,560

				1,617,539

	Software (0.2%):
	605,000	Oracle Corp., 3.40%, 7/8/24, Callable 4/8/24 @ 100		603,881
	1,040,000	Oracle Corp., 4.30%, 7/8/34, Callable 1/8/34 @ 100		1,039,584

				1,643,465

	Specialty Retail (0.2%):
	215,000	Home Depot, Inc. (The), 4.40%, 3/15/45, Callable 9/15/44 @ 100		218,268
	510,000	Lowe’s Cos., Inc., 5.00%, 9/15/43, Callable 3/15/43 @ 100		559,153
	815,000	Penske Truck Leasing Co. LP, 3.13%, 5/11/15(a)		832,731

				1,610,152

	Technology Hardware, Storage & Peripherals (0.1%):
	860,000	Apple, Inc., 2.85%, 5/6/21		867,409
	410,000	Apple, Inc., 3.45%, 5/6/24		414,569

				1,281,978

	Thrifts & Mortgage Finance (0.2%):
	975,000	Capital One Bank USA NA, Series BKNT, 1.15%, 11/21/16, Callable 10/21/16 @ 100		979,710
	440,000	Capital One Bank USA NA, 3.38%, 2/15/23		437,028

				1,416,738

	Tobacco (0.1%):
	155,000	Philip Morris International, Inc., 4.50%, 3/20/42		157,716
	20,000	Philip Morris International, Inc., 3.88%, 8/21/42		18,590


Principal Amount			Fair Value

	Corporate Bonds, continued
	Tobacco, continued
$	370,000	Philip Morris International, Inc., 4.13%, 3/4/43	$	356,433
	425,000	Philip Morris International, Inc., 4.88%, 11/15/43		457,731

				990,470

	Trading Companies & Distributors (0.1%):
	825,000	GATX Corp., 2.50%, 7/30/19		830,309

	Wireless Telecommunication Services (0.1%):
	535,000	Crown Castle Towers LLC, 6.11%, 1/15/20(a)		629,709
	400,000	SBA Tower Trust, 4.25%, 4/15/15(a)		410,730

				1,040,439

	Total Corporate Bonds (Cost $160,355,249)			164,275,074

	Preferred Stock (0.1%)
	Banks (0.1%)
	40,000	Wells Fargo & Co., Callable 9/15/23 @ 25		1,037,600

	Total Preferred Stock (Cost $1,025,200)			1,037,600

	Convertible Preferred Stock(0.1%):
	Capital Markets (0.1%):
	1,165,000	State Street Capital Trust IV, 1.23%, 6/15/37, Callable 8/11/14 @ 100(b)		990,250

	Total Convertible Preferred Stock (Cost $999,020)			990,250

	Yankee Dollars (9.6%):
	Auto Components (0.1%):
	725,000	Magna International, Inc., 3.63%, 6/15/24, Callable 3/15/24 @ 100		730,865

	Banks (4.5%):
	1,805,000	Achmea Hypotheekbank NV, 0.57%, 11/3/14(a)(b)		1,806,933
	2,130,000	Bank of England Euro Note, Series REGS, 0.50%, 3/6/15(a)		2,134,423
	420,000	Barclays Bank plc, 5.14%, 10/14/20		460,024
	675,000	BPCE SA, 5.70%, 10/22/23(a)		743,249
	790,000	Caixa Economica Federal, 2.38%, 11/6/17(a)		772,225
	920,000	Credit Agricole SA, 3.88%, 4/15/24(a)		937,997
	1,870,000	Credit Suisse Group AG, 5.40%, 1/14/20		2,101,323
	710,000	HSBC Holdings plc, 5.25%, 3/14/44		760,268
	1,115,000	ING Bank NV, 3.75%, 3/7/17(a)		1,185,992
	314,000	ING Bank NV, 5.80%, 9/25/23(a)		353,721
	1,914,000	KFW, 0.50%, 7/15/16		1,911,741
	1,465,000	Kommunalbanken AS, 0.25%, 1/26/15(a)(b)		1,465,001
	1,856,000	Kommunalbanken AS, 0.35%, 10/31/16(a)(b)		1,857,141
	1,110,000	National Bank of Canada, 1.50%, 6/26/15		1,122,671
	805,000	Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV, Series G, 1.50%, 2/12/18(a)		805,588
	1,740,000	Nederlandse Waterschapsbank NV, Series E, 3.00%, 3/17/15(a)		1,773,728
	1,185,000	Nordea Bank AB, 2.38%, 4/4/19(a)		1,196,163
	555,000	Nordea Eiendomskreditt AS, 2.13%, 9/22/16^(a)		570,463
	2,610,000	Oesterreichische Kontrollbank AG, Series G, 1.13%, 7/6/15		2,633,046
	990,000	Royal Bank of Canada, 1.45%, 10/30/14		993,843
	2,005,000	Royal Bank of Canada, 1.13%, 7/22/16		2,020,946
	710,000	Royal Bank of Scotland Group plc, 1.88%, 3/31/17		716,325


Principal Amount			Fair Value

	Yankee Dollars, continued
	Banks, continued
$	674,000	Societe Generale SA, 5.00%, 1/17/24(a)	$	704,893
	2,300,000	Toronto-Dominion Bank, 2.20%, 7/29/15(a)		2,345,792
	2,540,000	UBS AG London, 1.88%, 1/23/15(a)		2,561,513
	2,915,000	Westpac Banking Corp., 1.38%, 7/17/15(a)		2,945,403
	1,490,000	Westpac Banking Corp., 2.45%, 11/28/16^(a)		1,543,744
	3,830,000	Westpac Banking Corp., 2.00%, 5/21/19(a)		3,828,319

				42,252,475

	Capital Markets (0.2%):
	1,355,000	Credit Suisse Guernsey, Ltd., 2.60%, 5/27/16(a)		1,403,707

	Chemicals (0.2%):
	1,330,000	LyondellBasell Industries NV, 5.00%, 4/15/19, Callable 1/15/19 @ 100		1,500,208

	Diversified Financial Services (0.4%):
	575,000	BP Capital Markets plc, 4.74%, 3/11/21		644,674
	2,190,000	CDP Financial, Inc., 4.40%, 11/25/19(a)		2,435,741

				3,080,415

	Diversified Telecommunication Services (0.1%):
	407,000	Orange SA, 5.50%, 2/6/44, Callable 8/6/43 @ 100		454,546

	Energy Equipment & Services (0.1%):
	600,000	Schlumberger Investment SA, 3.30%, 9/14/21, Callable 6/14/21 @ 100(a)		622,353

	Government (0.1%):
	689,000	Province of Manitoba Canada, 3.05%, 5/14/24		693,835

	Hotels, Restaurants & Leisure (0.2%):
	1,595,000	Carnival Corp., 1.20%, 2/5/16		1,604,450

	Insurance (0.0%):
	250,000	AIA Group, Ltd., 4.88%, 3/11/44(a)		261,903
	185,000	Aon plc, 4.60%, 6/14/44, Callable 3/14/44 @ 100		184,996
	310,000	Manulife Financial Corp., 3.40%, 9/17/15		320,340

				767,239

	Metals & Mining (0.4%):
	1,310,000	BHP Billiton Finance USA, Ltd., 1.13%, 11/21/14		1,314,419
	385,000	BHP Billiton Finance USA, Ltd., 5.00%, 9/30/43		425,496
	985,000	Rio Tinto Finance (USA) plc, 4.13%, 8/21/42, Callable 2/21/42 @ 100		925,637
	815,000	Xstrata Canada Financial Corp., 2.85%, 11/10/14(a)		819,671

				3,485,223

	Multi-National (1.0%):
	2,385,000	African Development Bank, 0.75%, 10/18/16		2,389,627
	1,640,000	FMS Wertmanagement, 0.63%, 4/18/16		1,644,690
	2,790,000	FMS Wertmanagement, 1.63%, 11/20/18		2,797,556
	1,700,000	International Finance Corp., 0.88%, 6/15/18		1,665,730

				8,497,603

	Oil, Gas & Consumable Fuels (0.9%):
	945,000	BP Capital Markets plc, 0.73%, 5/10/18(b)		948,997
	575,000	BP Capital Markets plc, 2.75%, 5/10/23		552,336
	1,080,000	Petrobras International Finance Co., 3.88%, 1/27/16		1,113,534
	50,000	Petroleos Mexicanos, 8.00%, 5/3/19		61,950


Principal Amount			Fair Value

	Yankee Dollars, continued
	Oil, Gas & Consumable Fuels, continued
$	107,000	Petroleos Mexicanos, 6.00%, 3/5/20	$	122,408
	1,638,000	Petroleos Mexicanos, 4.88%, 1/18/24		1,756,755
	270,000	Petroleos Mexicanos, 4.88%, 1/18/24(a)		289,575
	295,000	Shell International Finance BV, 4.55%, 8/12/43		310,720
	800,000	Statoil ASA, 2.45%, 1/17/23		767,885
	1,100,000	Statoil ASA, 3.70%, 3/1/24		1,150,395
	575,000	Trans-Canada Pipelines, Ltd., 3.75%, 10/16/23, Callable 7/16/23 @ 100		593,389
	175,000	Transocean, Inc., 3.80%, 10/15/22, Callable 7/15/22 @ 100		173,202

				7,841,146

	Personal Products (0.2%):
	690,000	GlaxoSmithKline Capital plc, 2.85%, 5/8/22		681,082
	670,000	Takeda Pharmaceutical Co., Ltd., 1.63%, 3/17/17(a)		677,684

				1,358,766

	Pharmaceuticals (0.2%):
	425,000	Actavis Funding SCS, 3.85%, 6/15/24, Callable 3/15/24 @ 100(a)		429,612
	365,000	Actavis Funding SCS, 4.85%, 6/15/44, Callable 12/15/43 @ 100(a)		368,449
	750,000	Warner Chilcott Co. LLC, 7.75%, 9/15/18		788,468

				1,586,529

	Real Estate Investment Trusts (REITs) (0.1%):
	680,000	CDP Financial, Inc., 3.00%, 11/25/14(a)		687,122

	Sovereign Bonds (0.4%):
	620,000	Canada Government, 1.63%, 2/27/19		621,934
	1,349,000	Federal Republic of Brazil, 4.88%, 1/22/21		1,470,410
	1,450,000	Federal Republic of Brazil, 4.25%, 1/7/25		1,469,575
	364,000	United Mexican States, 5.55%, 1/21/45		414,050

				3,975,969

	Thrifts & Mortgage Finance (0.5%):
	4,158,000	Credit Suisse Guernsey, Ltd., 1.63%, 3/6/15(a)		4,194,341

	Wireless Telecommunication Services (0.0%):
	246,000	Vodafone Group plc, 2.95%, 2/19/23		237,848
	215,000	Vodafone Group plc, 4.38%, 2/19/43		205,040

				442,888

	Total Yankee Dollars (Cost $84,280,811)			85,179,680

	Municipal Bonds (1.0%):
	California (0.2%):
	700,000	California State, GO, 5.00%, 9/1/42, Callable 9/1/22 @ 100		768,215
	750,000	California State University Revenue, Series G, 5.00%, 5/15/37, Callable 5/15/22 @ 100		827,835
	360,000	California State Health Facilities Financing Authority Revenue, Series A, 5.00%, 8/15/52		387,688

				1,983,738

	Massachusetts (0.1%):
	450,000	Massachusetts State School Building Authority Sales Tax Revenue, Series B, 5.00%, 10/15/41, Callable 10/15/21 @ 100		495,473

				495,473


Principal Amount			Fair Value

	Municipal Bonds, continued
	Missouri (0.1%):
$	800,000	Missouri Saint Louis Metropolitan Sewer District West Water System Revenue, Series A, 5.00%, 5/1/42, Callable 5/1/22 @ 100	$	887,288

				887,288

	New Jersey (0.2%):
	2,005,000	New Jersey State Transportation Trust Fund Authority Revenue, Series AA, 5.00%, 6/15/36, Callable 6/15/23 @ 100		2,149,881

				2,149,881

	New York (0.4%):
	905,000	New York City Municipal Finance Authority Water & Sewer System Revenue, Series EE, 5.00%, 6/15/47, Callable 6/15/23 @ 100		988,875
	895,000	New York State Urban Development Corp. Revenue, Series E, 5.00%, 3/15/24, Callable 3/15/23 @ 100		1,067,404
	530,000	New York City Municipal Finance Authority Water & Sewer System Revenue, Series BB, 5.00%, 6/15/47, Callable 12/15/22 @ 100		576,788
	515,000	New York City Municipal Finance Authority Water & Sewer System Revenue, Series CC, 5.00%, 6/15/47, Callable 6/15/23 @ 100		562,730

				3,195,797

	Ohio (0.0%):
	175,000	Ohio State Turnpike Commission Revenue, Series A-1, 5.00%, 2/15/48, Callable 2/15/23 @ 100		188,038

				188,038

	Total Municipal Bonds (Cost $8,706,340)			8,900,215

	U.S. Government Agency Mortgages (32.7%):
	Federal Farm Credit Bank (0.2%)
	2,120,000	2.35%, 4/24/23, Callable 7/18/14 @ 100		2,038,363

	Federal Home Loan Mortgage Corporation (1.0%)
	7,062,854	4.00%, 4/20/44, Pool #MA1839		7,571,252

	Federal Home Loan Mortgage Corporation (8.6%)
	1,299,000	1.00%, 9/27/17		1,297,756
	1,437,000	2.02%, 7/16/18, Callable 7/16/14 @ 100		1,438,131
	1,357,356	Class BW, Series 3738, 3.50%, 10/15/28		1,420,261
	190,000	6.75%, 3/15/31		272,631
	681,000	6.25%, 7/15/32		939,196
	244,179	5.00%, 7/1/35, Pool #G01838		271,106
	182,700	5.00%, 7/1/35, Pool #G01840		202,909
	546,760	6.00%, 4/1/39, Pool #G07613		621,368
	95,538	4.00%, 10/1/40, Pool #A95923		101,539
	99,567	4.00%, 11/1/40, Pool #A95144		105,819
	97,145	4.00%, 11/1/40, Pool #A94977		103,239
	98,355	4.00%, 11/1/40, Pool #A94779		104,496
	367,199	4.00%, 12/1/40, Pool #A95856		389,576
	292,091	4.00%, 12/1/40, Pool #A95656		309,857
	781,943	4.00%, 12/1/40, Pool #A95575		829,504
	163,602	3.14%, 3/1/41, Pool #1B8062(b)		171,634
	2,326,906	5.50%, 6/1/41, Pool #G07553		2,593,708
	97,650	4.00%, 10/1/41, Pool #Q03841		103,816


Principal Amount			Fair Value

	U.S. Government Agency Mortgages, continued
	Federal Home Loan Mortgage Corporation, continued
$	193,627	4.00%, 10/1/41, Pool #Q04022	$	205,872
	386,460	5.00%, 10/1/41, Pool #G07642		427,968
	1,699,194	Class BU, Series 4150, 4.00%, 2/15/42		1,812,423
	386,510	3.50%, 4/1/42, Pool #C03805		398,029
	573,141	3.50%, 4/1/42, Pool #C03811		591,086
	351,745	2.03%, 7/1/42, Pool #2B0646(b)		361,586
	1,100,000	3.00%, 7/15/42		1,108,250
	613,554	3.50%, 11/1/42, Pool #Q12841		631,479
	588,946	3.00%, 1/1/43, Pool #Q14866		582,200
	564,559	3.00%, 3/1/43, Pool #Q16673		557,571
	387,822	3.00%, 3/1/43, Pool #Q16403		383,022
	677,644	3.00%, 3/1/43, Pool #Q16567		669,256
	189,555	3.00%, 4/1/43, Pool #Q17095		187,678
	393,872	3.50%, 7/1/43, Pool #Q20206		406,224
	1,079,820	3.50%, 7/1/43, Pool #Q20262		1,112,013
	3,854,586	3.00%, 7/1/43, Pool #V80169		3,812,824
	390,829	3.50%, 7/1/43, Pool #Q20021		403,450
	3,700,000	3.50%, 7/15/43		3,847,711
	2,800,000	3.50%, 7/15/43		2,878,095
	883,592	3.50%, 8/1/43, Pool #V80355		912,125
	2,118,051	3.00%, 8/1/43, Pool #G07550		2,091,833
	777,828	3.50%, 12/1/43, Pool #G07591		800,986
	27,000,000	4.00%, 6/20/44, Pool #MA1996		28,943,511
	200,000	5.00%, 7/15/44		221,375
	2,800,000	4.00%, 7/15/44		2,990,750
	2,100,000	3.00%, 7/15/44		2,071,616
	700,000	5.50%, 7/15/44		781,170
	4,800,000	4.50%, 7/15/44		5,194,957
	2,000,000	4.00%, 7/15/44		2,118,750

				77,780,356

	Federal National Mortgage Association (20.0%)
	1,065,000	5.00%, 3/2/15, Pool #AQ6099		1,099,730
	241,314	4.00%, 7/1/19, Pool #AE0968		256,590
	30,364	Class NT, Series 2009-70, 4.00%, 8/25/19		31,685
	445,199	4.00%, 7/1/24, Pool #AL1938		475,493
	494,037	5.50%, 7/1/25, Pool #AE0096		552,722
	565,545	4.00%, 9/1/26, Pool #AL2683		603,675
	6,430,843	2.50%, 5/1/28, Pool #310125		6,541,559
	18,800,000	3.00%, 7/25/28		19,528,499
	3,162,728	3.50%, 9/1/28, Pool #AL4245		3,361,481
	1,007,197	3.50%, 10/1/28, Pool #AV0198		1,070,497
	1,280,271	3.50%, 11/1/28, Pool #AV1360		1,360,629
	991,733	Class CD, Series 2011-56, 3.50%, 1/25/29		1,030,135
	878,974	3.50%, 2/1/29, Pool #AL4922		934,224
	100,000	4.50%, 7/25/29		106,141
	1,200,000	5.50%, 7/25/29		1,274,618
	1,100,000	5.00%, 7/25/29		1,167,333
	5,250,000	4.00%, 7/25/29		5,573,203
	2,605,000	5.67%, 1/15/30(c)		1,453,033
	1,500,000	5.70%, 5/15/30(c)		822,152
	444,519	5.50%, 1/1/33, Pool #676661		499,928
	289,351	5.50%, 5/1/33, Pool #555424		325,362
	198,082	5.00%, 7/1/34, Pool #725589		220,710
	685,417	5.50%, 2/1/35, Pool #735989		770,961
	55,537	6.00%, 4/1/35, Pool #735504		62,987


Principal Amount			Fair Value

	U.S. Government Agency Mortgages, continued
	Federal National Mortgage Association, continued
$	1,569,359	5.50%, 9/1/36, Pool #995113	$	1,765,278
	166,628	5.50%, 2/1/38, Pool #961545		186,421
	61,182	6.00%, 3/1/38, Pool #889529		68,899
	438,020	5.50%, 5/1/38, Pool #889692		490,051
	186,125	6.00%, 5/1/38, Pool #889466		210,094
	330,584	5.50%, 5/1/38, Pool #889441		369,853
	310,707	5.50%, 6/1/38, Pool #995018		347,615
	86,121	5.50%, 9/1/38, Pool #889995		96,350
	211,742	6.00%, 10/1/38, Pool #889983		238,723
	99,599	4.00%, 4/1/39, Pool #AV6610		105,850
	398,510	4.00%, 5/1/39, Pool #AS2352		423,523
	224,248	5.50%, 10/1/39, Pool #AD0362		252,742
	204,066	5.50%, 12/1/39, Pool #AD0571		230,311
	1,360,248	6.00%, 4/1/40, Pool #AL4141		1,533,311
	279,884	6.50%, 5/1/40, Pool #AL1704		314,567
	145,100	6.00%, 9/1/40, Pool #AE0823		163,275
	1,245,000	Class CY, Series 2010-136, 4.00%, 12/25/40		1,299,524
	577,546	4.00%, 1/1/41, Pool #AE0835		615,345
	4,127,475	4.00%, 1/1/41, Pool #AL5233		4,386,541
	194,916	2.90%, 2/1/41, Pool #AH6958(b)		205,049
	2,199,473	5.00%, 4/1/41, Pool #AH6176		2,446,520
	1,642,583	5.00%, 4/1/41, Pool #AH6283		1,828,164
	301,877	6.00%, 6/1/41, Pool #AL4142		340,387
	379,565	3.25%, 7/1/41, Pool #AL0533(b)		400,334
	183,216	4.00%, 12/1/41, Pool #AJ4188		195,329
	180,667	4.00%, 5/1/42, Pool #AT6144		192,858
	84,815	3.50%, 6/1/42, Pool #AO3107		87,547
	2,548,034	4.00%, 7/1/42, Pool #AL4244		2,719,229
	121,500	2.32%, 7/1/42, Pool #AO6482(b)		125,564
	83,925	3.50%, 7/1/42, Pool #AO8011		86,550
	393,985	2.02%, 7/1/42, Pool #AP0006(b)		406,832
	2,609,663	4.50%, 9/1/42, Pool #AL5231		2,829,445
	336,966	3.00%, 12/1/42, Pool #AB7425		333,893
	402,186	3.00%, 12/1/42, Pool #AB7271		398,515
	1,093,294	3.00%, 1/1/43, Pool #AB7567		1,082,976
	1,016,269	3.00%, 1/1/43, Pool #AB7497		1,006,678
	1,013,425	3.00%, 1/1/43, Pool #AB7458		1,003,861
	694,783	3.00%, 1/1/43, Pool #AB7755		688,442
	1,399,215	3.00%, 2/1/43, Pool #AL3162		1,387,311
	377,958	3.00%, 2/1/43, Pool #AB8558		374,743
	378,411	3.00%, 2/1/43, Pool #AB7762		375,192
	696,536	3.00%, 3/1/43, Pool #AB8701		690,178
	191,275	3.00%, 3/1/43, Pool #AR7576		189,181
	152,726	3.00%, 3/1/43, Pool #AR7568		151,056
	274,949	3.00%, 3/1/43, Pool #AR9218		271,938
	274,357	4.00%, 3/1/43, Pool #AL3377		292,379
	741,158	3.00%, 3/1/43, Pool #AR9194		734,855
	89,841	3.00%, 3/1/43, Pool #AB8712		89,021
	248,392	3.00%, 3/1/43, Pool #AB8830		246,124
	90,515	3.00%, 4/1/43, Pool #AB9033		89,689
	655,813	3.00%, 4/1/43, Pool #AB9016		649,827
	185,239	3.00%, 4/1/43, Pool #AB8924		183,210
	368,715	3.00%, 4/1/43, Pool #AT2040		364,677
	194,191	3.00%, 4/1/43, Pool #AT2043		192,064
	191,617	3.00%, 4/1/43, Pool #AB8923		189,518
	120,828	3.00%, 4/1/43, Pool #AT2037		119,505


Principal Amount			Fair Value

	U.S. Government Agency Mortgages, continued
	Federal National Mortgage Association, continued
$	284,417	3.00%, 4/1/43, Pool #AR8630	$	281,302
	1,171,142	4.00%, 5/1/43, Pool #AL3692		1,247,881
	469,998	3.00%, 5/1/43, Pool #AB9173		465,999
	282,794	3.00%, 5/1/43, Pool #AL3759		280,684
	335,087	3.00%, 5/1/43, Pool #AB9462		332,548
	277,077	3.00%, 5/1/43, Pool #AT6654		274,720
	2,765,719	3.00%, 5/1/43, Pool #AT5974		2,742,187
	745,659	3.00%, 5/1/43, Pool #AT2719		739,315
	25,737	3.00%, 6/1/43, Pool #AB9564		25,542
	128,500	3.00%, 6/1/43, Pool #AT7676		127,409
	397,884	3.00%, 6/1/43, Pool #AB9662		394,870
	2,848,171	3.50%, 7/1/43, Pool #AL4009		2,944,332
	358,564	3.50%, 7/1/43, Pool #AT8464		370,276
	325,220	3.50%, 7/1/43, Pool #AT4327		336,116
	2,962,418	3.50%, 7/1/43, Pool #AL4014		3,059,681
	864,661	3.50%, 7/1/43, Pool #AL4010		892,514
	1,200,000	2.50%, 7/25/43		1,137,563
	4,082,500	3.50%, 7/25/43		4,202,423
	193,618	3.50%, 8/1/43, Pool #AU0613		199,822
	194,466	3.50%, 8/1/43, Pool #AU0570		200,712
	872,915	4.00%, 8/1/43, Pool #AL5096		929,825
	5,666,863	4.50%, 8/1/43, Pool #AL5097		6,142,349
	959,898	3.50%, 8/1/43, Pool #AS0209		990,819
	98,264	3.50%, 8/1/43, Pool #AU3270		101,410
	98,322	3.50%, 8/1/43, Pool #AU3267		101,603
	1,386,135	4.00%, 10/1/43, Pool #AL4311		1,476,471
	1,912,446	4.00%, 11/1/43, Pool #890567		2,039,382
	975,204	3.50%, 12/1/43, Pool #AL4682		1,008,088
	180,172	3.50%, 1/1/44, Pool #AS1539		186,088
	3,896,417	4.00%, 1/1/44, Pool #AL4685		4,150,092
	590,900	4.00%, 1/1/44, Pool #AV2357		629,800
	390,941	4.00%, 1/1/44, Pool #AV2356		417,164
	96,995	4.00%, 1/1/44, Pool #AS1460		103,508
	98,596	4.00%, 1/1/44, Pool #AS1456		105,131
	2,731,790	2.91%, 1/1/44, Pool #AV7743(b)		2,820,483
	113,195	3.50%, 1/1/44, Pool #AS1453		117,018
	1,080,394	4.00%, 2/1/44, Pool #AS1773		1,152,907
	349,773	4.00%, 2/1/44, Pool #AL4915		373,070
	880,389	4.00%, 2/1/44, Pool #AL4840		938,802
	369,235	4.00%, 4/1/44, Pool #AW1069		393,672
	3,767,341	4.00%, 4/1/44, Pool #AL5159		4,016,501
	371,434	4.00%, 5/1/44, Pool #AL5383		394,748
	16,850,000	4.00%, 7/25/44		17,882,062
	7,300,000	5.00%, 7/25/44		8,106,422
	14,400,000	4.50%, 7/25/44		15,594,753
	600,000	5.50%, 7/25/44		671,739
	2,300,000	6.00%, 7/25/44		2,590,734
	1,320,935	3.50%, 12/31/49, Pool #AL4543		1,362,421

				180,243,219

	Government National Mortgage Association (2.9%)
	60,910	4.50%, 9/15/33, Pool #615516		66,942
	215,495	5.00%, 12/15/33, Pool #783571		239,145
	66,657	6.50%, 8/20/38, Pool #4223		75,291
	99,883	6.50%, 10/15/38, Pool #673213		113,485
	37,793	6.50%, 11/20/38, Pool #4292		42,688


Principal Amount			Fair Value

	U.S. Government Agency Mortgages, continued
	Government National Mortgage Association, continued
$	75,584	6.50%, 12/15/38, Pool #782510	$	85,877
	698,925	5.00%, 1/15/39, Pool #782557		775,123
	492,637	5.00%, 4/15/39, Pool #782619		541,783
	49,919	5.00%, 6/15/39, Pool #782696		55,522
	394,113	5.00%, 10/20/39, Pool #4559		438,037
	115,571	4.50%, 1/15/40, Pool #728627		126,335
	303,629	5.00%, 5/15/40, Pool #782958		336,481
	317,338	4.50%, 7/15/40, Pool #745793		346,897
	526,940	4.50%, 10/15/40, Pool #783609		575,958
	167,416	4.50%, 2/15/41, Pool #738019		182,991
	28,899	5.00%, 4/20/41, Pool #5018		32,057
	477,357	4.50%, 6/20/41, Pool #783590		522,809
	62,679	5.00%, 6/20/41, Pool #5083		69,467
	318,198	4.50%, 7/20/41, Pool #783584		348,447
	32,310	5.00%, 7/20/41, Pool #5116		35,824
	1,072,398	4.50%, 7/20/41, Pool #5115		1,173,609
	365,977	4.50%, 11/15/41, Pool #783610		399,965
	4,676,632	3.50%, 4/20/43, Pool #MA0934		4,880,302
	2,450,000	3.00%, 6/20/43		2,472,969
	5,500,000	3.50%, 7/20/43		5,729,024
	500,000	5.00%, 7/15/44		549,388
	400,000	4.50%, 7/15/44		435,578
	3,300,000	4.50%, 7/20/44		3,603,316
	950,000	4.00%, 4/4/47, Pool #MA1678		1,004,162
	9,314,414	Class XA, Series 2014-GC20, 1.39%, 4/10/47, Pool #MA1678(b)		751,561

				26,011,033

	Total U.S. Government Agency Mortgages (Cost $290,765,470)			293,644,223

	U.S. Treasury Obligations (28.0%):
	U.S. Treasury Bonds (3.4%)
	2,600,000	4.75%, 2/15/37		3,268,281
	4,080,000	3.75%, 8/15/41		4,431,900
	890,000	2.88%, 5/15/43		813,238
	350,000	3.75%, 11/15/43		378,000
	21,375,000	3.38%, 5/15/44		21,518,619

				30,410,038

	U.S. Treasury Inflation Index Bonds (0.2%)
	1,705,000	1.38%, 2/15/44		1,907,526

	U.S. Treasury Inflation Index Notes (1.4%)
	8,885,000	0.13%, 4/15/19		9,256,276
	3,690,000	0.63%, 1/15/24		3,885,057

				13,141,333

	U.S. Treasury Notes (23.0%)
	87,340,000	0.50%, 6/30/16		87,415,024
	50,425,000	0.88%, 6/15/17		50,444,715
	4,500,000	1.63%, 3/31/19		4,513,010
	38,770,000	1.63%, 6/30/19		38,769,999
	6,015,000	2.00%, 5/31/21		5,969,888
	10,675,000	2.13%, 6/30/21		10,673,335
	6,055,000	2.50%, 5/15/24		6,046,487

				203,832,458

	Total U.S. Treasury Obligations (Cost $248,324,759)			249,291,355

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investment securities, at cost	$	974,263,367

Investment securities, at value*	$	983,791,014
Interest and dividends receivable		3,589,829
Foreign currency, at value (cost $199,252)		206,222
Unrealized appreciation on forward currency contracts		5,385
Receivable for capital shares issued		344,904
Receivable for investments sold		125,649,017
Receivable for variation margin on futures contracts		26,192
Prepaid expenses		3,505

Total Assets		1,113,616,068

Liabilities:
Cash overdraft		53,865
Payable for investments purchased		174,695,504
Payable for capital shares redeemed		17
Payable for collateral received on loaned securities		1,740,071
Securities sold short (Proceeds received $46,283,665)		46,658,112
Manager fees payable		252,931
Administration fees payable		27,234
Distribution fees payable		180,666
Custodian fees payable		9,421
Administrative and compliance services fees payable		2,081
Trustee fees payable		4,745
Other accrued liabilities		22,222

Total Liabilities		223,646,869

Net Assets	$	889,969,199

Net Assets Consist of:
Capital	$	864,597,848
Accumulated net investment income/(loss)		14,928,115
Accumulated net realized gains/(losses) from investment transactions		1,303,578
Net unrealized appreciation/(depreciation) on investments		9,139,658

Net Assets	$	889,969,199

Shares of beneficial interest (unlimited number of shares authorized, no par value)		80,448,458
Net Asset Value (offering and redemption price per share)	$	11.06

*	Includes securities on loan of $1,685,218.

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Interest	$	8,651,077
Dividends		14,650
Income from securities lending		51,075

Total Investment Income		8,716,802

Expenses:
Manager fees		1,458,523
Administration fees		148,094
Distribution fees		1,041,805
Custodian fees		17,080
Administrative and compliance services fees		6,614
Trustee fees		20,563
Professional fees		19,755
Shareholder reports		5,178
Other expenses		7,917

Total expenses		2,725,529

Net Investment Income/(Loss)		5,991,273

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		8,371,337
Net realized gains/(losses) on futures contracts		1,798,546
Net realized gains/(losses) on forward currency contracts		(17,114	)
Change in net unrealized appreciation/depreciation on investments		14,353,742

Net Realized/Unrealized Gains/(Losses) on Investments		24,506,511

Change in Net Assets Resulting From Operations	$	30,497,784

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

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of 30 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Enhanced Bond Index Fund (the “Fund”), and 29 are presented in separate reports.

The Fund may purchase securities on a when-issued basis. When-issued securities are securities purchased for delivery beyond the normal settlement date at a stated price and yield and thereby involve risk that the yield obtained in the transaction will be less than that available in the market when the delivery takes place. A Fund will not pay for such securities or start earning interest on them until they are received. When a Fund agrees to purchase securities on a when-issued basis, the Fund will segregate or designate cash or liquid assets equal to the amount of the commitment. Securities purchased on a when-issued basis are recorded as an asset and are subject to changes in the value based upon changes in the general level of interest rates. A Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss.

The Fund may engage in short sales against the box (i.e., where the Fund owns or has an unconditional right to acquire at no additional cost a security substantially similar to the security sold short) for hedging purposes to limit exposure to a possible market decline in the value of its portfolio securities. In a short sale, the Fund sells a borrowed security and has a corresponding obligation to the lender to return the identical security. The Fund may also incur an interest expense if a security that has been sold short has an interest payment. When a Fund engages in a short sale, the Fund records a liability for securities sold short and records an asset equal to the proceeds received. The amount of the liability is subsequently marked to market to reflect the market value of the securities sold short. To borrow the security, a Fund also may be required to pay a premium, which would increase the cost of the security sold.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund paid securities lending fees of $5,012 during the period ended June 30, 2014. These fees have been netted against “Income from securities lending” on the Statement of Operations.

All open derivative positions at period end are reflected on the Fund’s Schedule of Portfolio Investments. The following is a description of the derivative instruments utilized by the Fund, including the primary underlying risk exposures related to each instrument type.

During the period ended June 30, 2014, the Fund entered into forward currency 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. In addition to the foreign currency risk related to the use of these contracts, the Fund 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. In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The contract amount of forward currency contracts outstanding was $0.6 million as of June 30, 2014. The monthly average amount for these contracts was $0.9 million for the period ended June 30, 2014.

During the period ended June 30, 2014, the Fund used futures contracts to provide equity exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $30.9 million as of June 30, 2014. The monthly average notional amount for these contracts was $51.7 million for the period ended June 30, 2014. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2014:

The following is a summary of the effect of derivative instruments on the Fund’s Statement of Operations, categorized by risk exposure, for the June 30, 2014:

The Fund is generally subject to master netting agreements that allow for amounts owed between the Fund and the counterparty to be netted. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements do not apply to amounts owed to/from different counterparties. The amounts shown in the Statement of Assets and Liabilities do not take into consideration the effects of legally enforceable master netting agreements. The table below presents the gross and net amounts of these assets and liabilities with any offsets to reflect the Fund’s ability to reflect the master netting agreements at June 30, 2014. For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to master netting arrangements in the Statement of Assets and Liabilities. This table also summarizes the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2014.

As of June 30, 2014, the Fund’s derivative assets and liabilities by type are as follows:

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under MNA and net of the related collateral received by the Fund as of June 30, 2014:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Financial Management, Inc. (“BlackRock Financial”), BlackRock Financial provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2015.

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator, transfer agent, and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. In addition, the Administrator is entitled to annual account fees related to the transfer agency system, an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $4,800 was paid from the Fund relating to these fees and expenses.

Security prices are generally provided by an independent third party pricing service approved by the Trust’s Board of Trustees (“Trustees”) as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used for long securities and the last quoted ask price is used for securities sold short. Securities listed on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy. Debt and other fixed income securities are generally valued at an evaluated bid price provided by an independent pricing source approved by the Trustees. To value debt securities, pricing services may use various pricing techniques which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short term securities of sufficient credit quality with sixty days or less remaining until maturity may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level in the fair value hierarchy.

Forward currency contracts are generally valued at the foreign currency exchange rate as of the close of the NYSE and are typically categorized as Level 2 in the fair value hierarchy.

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

For the period ended June 30, 2014, purchases and sales on long-term U.S. government securities were as follows:

Mortgage-Related and Other Asset-Backed Risk: The Fund may invest in a variety of mortgage-related and other asset-backed securities, which are subject to certain additional risks. Generally, rising interest rates tend to extend the duration of fixed rate mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, a Fund that holds mortgage-related securities may exhibit additional volatility. This is known as extension risk. In addition, adjustable and fixed rate mortgage-related securities are subject to call risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of a Fund because the Fund will have to reinvest that money at the lower prevailing interest rates. If a Fund purchases mortgage-backed or asset-backed securities that are subordinated to other interests in the same mortgage pool, the Fund may receive payments only after the pool’s obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool’s ability to make payments of principal or interest to the Fund as a holder of such subordinated securities, reducing the values of those securities or in some cases rendering them worthless. An unexpectedly high or low rate of prepayments on a pool’s underlying mortgages may have a similar effect on subordinated securities. A mortgage pool may issue securities subject to various levels of subordination. The risk of non-payment affects securities at each level, although the risk is greater in the case of more highly subordinated securities. A Fund’s investments in other asset-backed securities are subject to risks similar to those associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets.

Cost for federal income tax purposes at June 30, 2014 is $974,593,687. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

As of the end of its tax year ended December 31, 2013, the Fund has capital loss carry forwards (“CLCFs”) as summarized in the tables below. CLCFs subject to expiration are applied as short-term capital loss regardless of whether the originating capital loss was short-term or long-term. CLCFs that are not subject to expiration must be utilized before those that are subject to expiration. The Board does not intend to authorize a distribution of any realized gain for the Fund until any applicable CLCF has been offset or expires.

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

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

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


Shares			Fair Value
	Common Stocks (96.8%):
	Aerospace & Defense (2.9%):
	71,275	Curtiss-Wright Corp.	$	4,672,789
	48,615	Esterline Technologies Corp.*		5,596,558
	45,625	Triumph Group, Inc.		3,185,538

				13,454,885

	Auto Components (0.8%):
	58,125	Tenneco, Inc.*		3,818,813

	Banks (12.2%):
	157,093	Capital Bank Financial Corp.*		3,708,966
	50,560	City Holding Co.		2,281,267
	517,575	F.N.B. Corp.^		6,635,311
	563,198	Investors Bancorp, Inc.		6,223,338
	168,300	PacWest Bancorp		7,265,510
	191,325	Popular, Inc.*		6,539,489
	583,225	Susquehanna Bancshares, Inc.		6,158,856
	216,078	Synovus Financial Corp.		5,267,982
	172,175	Talmer Bancorp, Inc., Class A*		2,374,293
	177,150	Webster Financial Corp.		5,587,311
	92,275	Wintrust Financial Corp.		4,244,650

				56,286,973

	Biotechnology (1.4%):
	50,550	Alkermes plc*		2,544,182
	27,200	Cubist Pharmaceuticals, Inc.*		1,899,104
	279,200	Spectrum Pharmaceuticals, Inc.*^		2,269,896

				6,713,182

	Building Products (0.5%):
	73,100	USG Corp.*^		2,202,503

	Chemicals (2.8%):
	265,975	Chemtura Corp.*		6,949,926
	215,075	Huntsman Corp.		6,043,608

				12,993,534

	Commercial Services & Supplies (0.8%):
	33,950	UniFirst Corp.		3,598,700

	Communications Equipment (1.3%):
	61,200	Black Box Corp.		1,434,528
	238,275	SeaChange International, Inc.*		1,908,583
	45,250	ViaSat, Inc.*^		2,622,690

				5,965,801

	Construction & Engineering (1.0%):
	52,525	Granite Construction, Inc.		1,889,850
	92,750	Tutor Perini Corp.*		2,943,885

				4,833,735

	Containers & Packaging (0.6%):
	115,475	Berry Plastics Group, Inc.*		2,979,255

	Diversified Consumer Services (0.6%):
	202,525	Bridgepoint Education, Inc.*		2,689,532

	Diversified Financial Services (1.2%):
	249,525	FXCM, Inc.^		3,732,894
	79,375	PHH Corp.*		1,824,038

				5,556,932


Shares			Fair Value
	Common Stocks, continued
	Electric Utilities (5.3%):
	133,700	Cleco Corp.	$	7,881,615
	324,500	Great Plains Energy, Inc.		8,719,314
	132,400	IDACORP, Inc.		7,656,692

				24,257,621

	Electronic Equipment, Instruments & Components (1.5%):
	29,700	Anixter International, Inc.		2,972,078
	66,848	CTS Corp.		1,250,058
	90,025	Insight Enterprises, Inc.*		2,767,369

				6,989,505

	Energy Equipment & Services (3.0%):
	100,450	Exterran Holdings, Inc.		4,519,245
	338,275	Key Energy Services, Inc.*		3,091,834
	484,700	Precision Drilling Corp.		6,863,352

				14,474,431

	Food Products (1.5%):
	587,550	Rite AID Corp.*		4,212,734
	91,825	WhiteWave Foods Co., Class A*		2,972,375

				7,185,109

	Gas Utilities (1.4%):
	120,025	Atmos Energy Corp.		6,409,335

	Health Care Equipment & Supplies (2.8%):
	61,825	Alere, Inc.*		2,313,492
	84,650	Cynosure, Inc., Class A*		1,798,813
	140,784	Merit Medical Systems, Inc.*		2,125,838
	102,450	Tornier NV*		2,395,281
	144,425	Wright Medical Group, Inc.*		4,534,944

				13,168,368

	Health Care Providers & Services (2.2%):
	41,675	Magellan Health Services, Inc.*		2,593,852
	36,550	Universal Health Services, Inc., Class B		3,500,028
	56,650	WellCare Health Plans, Inc.*		4,229,489

				10,323,369

	Hotels, Restaurants & Leisure (0.6%):
	199,500	Orient-Express Hotel, Ltd.*		2,900,730

	Household Durables (1.7%):
	136,075	KB Home^		2,541,881
	100,550	La-Z-Boy, Inc.		2,329,744
	51,600	Tempur-Pedic International, Inc.*		3,080,520

				7,952,145

	Insurance (5.8%):
	143,250	American Equity Investment Life Holding Co.		3,523,950
	88,247	Argo Group International Holdings, Ltd.		4,510,304
	271,300	CNO Financial Group, Inc.		4,829,140
	152,250	Fidelity & Guaranty Life		3,644,865
	107,875	Hanover Insurance Group, Inc. (The)		6,812,306
	294,300	Maiden Holdings, Ltd.		3,558,087

				26,878,652

	Internet Software & Services (0.3%):
	30,400	j2 Global, Inc.		1,546,144


Shares			Fair Value
	Common Stocks, continued
	IT Services (0.7%):
	54,625	CSG Systems International, Inc.	$	1,426,259
	82,000	Unisys Corp.*		2,028,680

				3,454,939

	Life Sciences Tools & Services (0.5%):
	93,825	Bruker Corp.*		2,277,133

	Machinery (3.0%):
	100,400	Barnes Group, Inc.		3,869,416
	97,075	Manitowoc Co., Inc. (The)		3,189,885
	77,450	Terex Corp.		3,183,195
	89,200	Trinity Industries, Inc.		3,899,824

				14,142,320

	Marine (0.6%):
	260,825	Diana Shipping, Inc.*^		2,840,384

	Media (2.4%):
	80,550	Carmike Cinemas, Inc.*		2,829,722
	90,375	Cinemark Holdings, Inc.		3,195,659
	141,000	Lions Gate Entertainment Corp.^		4,029,780
	66,225	National CineMedia, Inc.		1,159,600

				11,214,761

	Metals & Mining (1.9%):
	217,575	Stillwater Mining Co.*		3,818,441
	87,100	US Silica Holdings, Inc.		4,828,824

				8,647,265

	Oil, Gas & Consumable Fuels (4.6%):
	241,575	Bill Barrett Corp.*		6,469,379
	191,300	Newfield Exploration Co.*		8,455,460
	100,475	Teekay Shipping Corp.		6,254,569

				21,179,408

	Paper & Forest Products (1.1%):
	159,425	KapStone Paper & Packaging Corp.*		5,281,750

	Pharmaceuticals (0.9%):
	43,900	Impax Laboratories, Inc.*		1,316,561
	93,250	Medicines Co. (The)*		2,709,845

				4,026,406

	Professional Services (0.7%):
	122,225	Trueblue, Inc.*		3,369,743

	Real Estate Investment Trusts (REITs) (13.1%):
	103,950	Associated Estates Realty Corp.		1,873,179
	337,750	Colony Financial, Inc.		7,842,554
	370,800	FelCor Lodging Trust, Inc.		3,897,108
	257,825	First Potomac Realty Trust		3,382,664
	143,450	LaSalle Hotel Properties		5,062,351
	505,150	Lexington Realty Trust^		5,561,702
	551,650	MFA Financial, Inc.		4,529,047
	586,500	New Residential Investment Corp.		3,694,950
	448,275	NorthStar Realty Finance Corp.		7,791,019
	375,700	Starwood Property Trust, Inc.		8,930,388
	75,110	Starwood Waypoint Residential Trust*		1,968,633
	114,500	Sun Communities, Inc.		5,706,680

				60,240,275


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Road & Rail (1.0%):
	179,950	Swift Transportation Co.*	$	4,540,139

	Semiconductors & Semiconductor Equipment (4.5%):
	111,450	Advanced Energy Industries, Inc.*		2,145,413
	226,575	Atmel Corp.*		2,123,008
	289,050	Brooks Automation, Inc.		3,113,068
	236,650	Cypress Semiconductor Corp.^		2,581,852
	147,400	Fairchild Semiconductor International, Inc.*		2,299,440
	229,900	Lattice Semiconductor Corp.*		1,896,675
	76,550	MKS Instruments, Inc.		2,391,422
	57,200	Tessera Technologies, Inc.		1,262,976
	86,700	Veeco Instruments, Inc.*		3,230,441

				21,044,295

	Software (0.5%):
	45,425	Verint Systems, Inc.*		2,228,096

	Specialty Retail (1.4%):
	410,450	American Eagle Outfitters, Inc.^		4,605,249
	60,175	Rent-A-Center, Inc.		1,725,819

				6,331,068

	Technology Hardware, Storage & Peripherals (0.4%):
	1,379,416	Quantum Corp.*		1,682,888

	Textiles, Apparel & Luxury Goods (2.4%):
	125,575	Crocs, Inc.*		1,887,392
	60,475	Deckers Outdoor Corp.*		5,220,807
	86,800	Skechers U.S.A., Inc., Class A*		3,966,760

				11,074,959

	Thrifts & Mortgage Finance (3.0%):
	186,778	Flushing Financial Corp.		3,838,288
	319,600	Radian Group, Inc.		4,733,276
	75,800	WSFS Financial Corp.		5,584,186

				14,155,750

	Tobacco (0.8%):
	179,850	Vector Group, Ltd.^		3,719,298

	Trading Companies & Distributors (1.1%):
	47,575	United Rentals, Inc.*		4,982,530

	Total Common Stocks (Cost $376,315,716)			449,612,661

	Securities Held as Collateral for Securities on Loan (5.8%):
$	26,831,236	Allianz Variable Insurance Products Securities Lending Collateral Trust(a)		26,831,236

	Total Securities Held as Collateral for Securities on Loan (Cost $26,831,236)			26,831,236

	Unaffiliated Investment Company (3.6%):
	16,745,459	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(b)		16,745,459

	Total Unaffiliated Investment Company (Cost $16,745,459)			16,745,459

	Total Investment Securities (Cost $419,892,411)(c) — 106.2%			493,189,356
	Net other assets (liabilities) — (6.2)%			(28,838,205	)

	Net Assets — 100.0%		$	464,351,151

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investment securities, at cost	$	419,892,411

Investment securities, at value*	$	493,189,356
Interest and dividends receivable		950,448
Receivable for investments sold		1,536,883
Prepaid expenses		1,068

Total Assets		495,677,755

Liabilities:
Payable for investments purchased		3,174,526
Payable for capital shares redeemed		716,521
Payable for collateral received on loaned securities		26,831,236
Manager fees payable		283,069
Administration fees payable		20,001
Distribution fees payable		94,356
Custodian fees payable		50,782
Administrative and compliance services fees payable		8,720
Trustee fees payable		17,920
Other accrued liabilities		129,473

Total Liabilities		31,326,604

Net Assets	$	464,351,151

Net Assets Consist of:
Capital	$	297,664,014
Accumulated net investment income/(loss)		8,080,018
Accumulated net realized gains/(losses) from investment transactions		85,310,174
Net unrealized appreciation/(depreciation) on investments		73,296,945

Net Assets	$	464,351,151

Shares of beneficial interest (unlimited number of shares authorized, no par value)		18,016,575
Net Asset Value (offering and redemption price per share)	$	25.77

*	Includes securities on loan of $26,062,981.

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends	$	6,518,450
Interest		20,170
Income from securities lending		39,494
Foreign withholding tax		(13,007	)

Total Investment Income		6,565,107

Expenses:
Manager fees		1,725,102
Administration fees		63,727
Distribution fees		575,034
Custodian fees		15,634
Administrative and compliance services fees		5,295
Trustee fees		16,693
Professional fees		17,148
Shareholder reports		20,569
Other expenses		4,303

Total expenses before reductions		2,443,505

Net expenses		2,443,505

Net Investment Income/(Loss)		4,121,602

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		33,828,412
Change in net unrealized appreciation/depreciation on investments		1,031,229

Net Realized/Unrealized Gains/(Losses) on Investments		34,859,641

Change in Net Assets Resulting From Operations	$	38,981,243

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

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of 30 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Federated Clover Small Value Fund (the “Fund”), and 29 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund paid securities lending fees of $3,928 during the period ended June 30, 2014. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Effective January 6, 2014, the Manager, on behalf of the Trust, requested the Fund cease participation in the program until further notice.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a portfolio management agreement with Federated Global Investment Management Corp. (“Federated”), Federated provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2015.

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:

provided to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $2,665 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2014 is $420,378,604. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

On November 15, 2013, the Fund acquired all of the net assets of the AZL Columbia Small Cap Value Fund, an open-end investment company, pursuant to a plan of reorganization approved by AZL Columbia Small Cap Value Fund shareholders on November 13, 2013. The purpose of the transaction was to combine two funds managed by the Manager with comparable investment objectives and strategies. The acquisition was accomplished by a tax-free exchange of 7,290,861 shares of the Fund, valued at $164,648,332, for 13,890,997 shares of the AZL Columbia Small Cap Value Fund outstanding on November 15, 2013.

The investment portfolio of the AZL Columbia Small Cap Value Fund, with a fair value of $164,695,001 and identified cost of $129,598,076 at November 15, 2013, was the principal asset acquired by the Fund. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the AZL Columbia Small Cap Value Fund was carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Immediately prior to the merger, the net assets of the Fund were $307,055,448. All fees and expenses incurred by the AZL Columbia Small Cap Value Fund and the Fund directly in connection with the plan of reorganization were borne by the Funds.

Assuming the acquisition had been completed on January 1, 2013, the beginning of the annual reporting period of the Fund, the Fund’s pro forma results of operations for the year ended December 31, 2013, are as follows:

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the AZL Columbia Small Cap Value Fund that have been included in the Fund’s statement of operations since November 15, 2013.

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

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


Shares			Fair Value
	Common Stocks (59.6%):
	Aerospace & Defense (0.7%):
	87,790	BAE Systems plc	$	650,379
	15,890	BE Aerospace, Inc.*		1,469,666
	18,753	Huntington Ingalls Industries, Inc.		1,773,846
	7,200	Lockheed Martin Corp.		1,157,256
	6,370	Raytheon Co.		587,633

				5,638,780

	Air Freight & Logistics (0.5%):
	10,490	FedEx Corp.		1,587,977
	204,142	TNT Express NV^		1,845,342
	7,540	United Parcel Service, Inc., Class B		774,056

				4,207,375

	Airlines (0.7%):
	139,520	Deutsche Lufthansa AG, Registered Shares		2,995,257
	296,020	International Consolidated Airlines Group SA*		1,873,652

				4,868,909

	Auto Components (0.4%):
	26,971	Compagnie Generale des Establissements Michelin SCA, Class B		3,226,377

	Automobiles (1.1%):
	40,000	Ford Motor Co.		689,600
	84,132	General Motors Co.		3,053,992
	176,000	Mazda Motor Corp.		827,591
	265,200	Nissan Motor Co., Ltd.		2,520,638
	26,700	Toyota Motor Corp.		1,606,354

				8,698,175

	Banks (5.5%):
	100,000	Bank of America Corp.		1,537,000
	46,750	Barclays plc		170,274
	37,480	BNP Paribas SA		2,542,818
	23,852	CIT Group, Inc.		1,091,468
	9,886	Columbia Banking System, Inc.		260,101
	51,180	Commerzbank AG*		804,585
	5,306	Commonwealth Bank of Australia		404,870
	153,240	Credit Agricole SA		2,161,245
	111,000	DBS Group Holdings, Ltd.		1,488,610
	249,352	HSBC Holdings plc		2,530,252
	38,540	HSBC Holdings plc		391,213
	8,619	ICICI Bank, Ltd., ADR		430,088
	165,735	Intesa Sanpaolo SpA		510,891
	127,520	JPMorgan Chase & Co.		7,347,701
	84,397	KB Financial Group, Inc.		2,940,291
	47,372	PNC Financial Services Group, Inc.		4,218,477
	9,100	Royal Bank of Canada		650,621
	7,304	Societe Generale		381,935
	89,272	SunTrust Banks, Inc.		3,576,236
	9,400	Toronto-Dominion Bank (The)		483,965
	364,398	UniCredit SpA		3,051,870
	114,831	Wells Fargo & Co.		6,035,517

				43,010,028


Shares			Fair Value
	Common Stocks, continued
	Beverages (0.7%):
	28,090	Coca-Cola Co. (The)	$	1,189,892
	16,977	Coca-Cola Enterprises, Inc.		811,161
	37,254	PepsiCo, Inc.		3,328,273

				5,329,326

	Biotechnology (0.4%):
	25,440	Amgen, Inc.		3,011,333

	Capital Markets (0.9%):
	159,144	Credit Suisse Group AG, Registered Shares		4,532,708
	86,717	Morgan Stanley		2,803,561

				7,336,269

	Chemicals (1.4%):
	12,000	Agrium, Inc.		1,099,560
	37,598	Akzo Nobel NV		2,818,798
	62,170	Dow Chemical Co. (The)		3,199,268
	17,620	E.I. du Pont de Nemours & Co.		1,153,053
	15,000	LyondellBasell Industries NV, Class A		1,464,750
	13,950	Mosaic Co. (The)		689,828
	7,560	Potash Corp. of Saskatchewan, Inc.		286,978

				10,712,235

	Commercial Services & Supplies (0.4%):
	230	CEVA Group plc*		252,615
	28,550	Republic Services, Inc.		1,084,044
	214,018	Serco Group plc		1,340,051
	16,210	Waste Management, Inc.		725,073

				3,401,783

	Communications Equipment (1.0%):
	29,824	Brocade Communications Systems, Inc.		274,381
	252,209	Cisco Systems, Inc.		6,267,393
	145,920	Telefonaktiebolaget LM Ericsson, B Shares		1,764,925

				8,306,699

	Construction & Engineering (0.2%):
	22,100	FLSmidth & Co. A/S^		1,235,472

	Construction Materials (0.4%):
	110,471	CRH plc		2,844,469

	Consumer Finance (0.1%):
	44,980	Ally Financial, Inc.*		1,075,472

	Containers & Packaging (0.2%):
	43,374	MeadWestvaco Corp.		1,919,733

	Diversified Consumer Services (0.0%):
	7,063	Cengage Learning Holdings II, LP*		247,205

	Diversified Financial Services (1.2%):
	1,251	Bond Street Holdings LLC, Class A*(a)		21,267
	120,990	Citigroup, Inc.		5,698,629
	299,964	ING Groep NV*		4,208,544

				9,928,440


Shares			Fair Value
	Common Stocks, continued
	Diversified Telecommunication Services (1.6%):
	65,820	AT&T, Inc.	$	2,327,396
	10,000	CenturyLink, Inc.		362,000
	27,407	China Telecom Corp., Ltd., ADR^		1,341,573
	286,680	Koninklijke (Royal) KPN NV*		1,043,831
	548,520	Singapore Telecommunications, Ltd.		1,694,871
	205,627	Telefonica SA		3,525,169
	84,310	Telstra Corp., Ltd.		414,340
	970	Verizon Communications, Inc.		47,462
	21,203	Verizon Communications, Inc.		1,037,171
	43,572	Vivendi		1,065,528

				12,859,341

	Electric Utilities (1.6%):
	15,000	American Electric Power Co., Inc.		836,550
	30,897	Duke Energy Corp.		2,292,248
	24,782	Entergy Corp.		2,034,354
	54,000	Exelon Corp.		1,969,920
	24,000	FirstEnergy Corp.		833,280
	200,000	HK Electric Investments, Ltd.*		135,491
	16,670	NextEra Energy, Inc.		1,708,342
	22,920	PPL Corp.		814,348
	48,220	Southern Co. (The)		2,188,224

				12,812,757

	Electrical Equipment (0.1%):
	23,560	Alstom SA		859,844
	101,615	Dongfang Electric Corp., Ltd., H Shares^		174,657

				1,034,501

	Electronic Equipment, Instruments & Components (0.1%):
	49,730	Flextronics International, Ltd.*		550,511

	Energy Equipment & Services (2.0%):
	80,577	Baker Hughes, Inc.		5,998,958
	14,186	Ensco plc, Class A, ADR		788,316
	30,730	Fugro NV^		1,757,839
	41,644	Halliburton Co.		2,957,140
	62,130	Noble Corp. plc		2,085,083
	56,734	Transocean, Ltd.^		2,554,732

				16,142,068

	Food & Staples Retailing (2.0%):
	56,086	CVS Caremark Corp.		4,227,202
	56,333	Kroger Co. (The)		2,784,540
	14,140	Metro AG*		616,211
	925,014	Tesco plc		4,492,725
	46,772	Walgreen Co.		3,467,208

				15,587,886

	Food Products (0.0%):
	5,000	Nestle SA, Registered Shares		387,502

	Gas Utilities (0.0%):
	2,870	AGL Resources, Inc.		157,936


Shares			Fair Value
	Common Stocks, continued
	Health Care Equipment & Supplies (1.5%):
	78,200	Getinge AB, B Shares	$	2,054,315
	141,740	Medtronic, Inc.		9,037,343
	11,520	Stryker Corp.		971,366

				12,063,024

	Health Care Providers & Services (0.5%):
	48,326	CIGNA Corp.		4,444,542

	Independent Power and Renewable Electricity Producers (0.3%):
	15,370	Dynegy, Inc.*		534,876
	58,183	NRG Energy, Inc.		2,164,408

				2,699,284

	Industrial Conglomerates (0.6%):
	89,340	General Electric Co.		2,347,855
	37,630	Koninklijke Philips Electronics NV		1,192,807
	14,360	Siemens AG, Registered Shares		1,896,461

				5,437,123

	Insurance (3.4%):
	31,667	ACE, Ltd.		3,283,867
	5,163	Alleghany Corp.*		2,262,014
	31,483	Allstate Corp. (The)		1,848,682
	125,486	American International Group, Inc.		6,849,025
	287,997	Aviva plc		2,523,509
	86,573	AXA SA		2,065,904
	54,486	MetLife, Inc.		3,027,242
	8,320	Muenchener Rueckversicherungs-Gesellschaft AG, Registered Shares		1,844,275
	22,760	Swiss Re AG		2,026,046
	980	White Mountains Insurance Group, Ltd.		596,271
	4,601	Zurich Insurance Group AG		1,387,469

				27,714,304

	Life Sciences Tools & Services (0.1%):
	32,100	QIAGEN NV*		777,563

	Machinery (0.7%):
	19,170	Caterpillar, Inc.		2,083,204
	122,448	CNH Industrial NV		1,256,070
	8,060	Deere & Co.		729,833
	3,788	Federal Signal Corp.		55,494
	41,856	Navistar International Corp.*^		1,568,763

				5,693,364

	Marine (0.3%):
	1,275	A.P. Moller – Maersk A/S, Class B		3,170,478

	Media (2.8%):
	40,256	CBS Corp., Class B^		2,501,508
	73,942	Comcast Corp., Special Class A		3,943,327
	83,860	News Corp., Class A*		1,504,448
	59,790	Reed Elsevier NV		1,370,655
	172,817	Reed Elsevier plc		2,777,188
	20,291	Time Warner Cable, Inc.		2,988,864
	2,462	Tribune Co., B Shares*		209,393


Shares			Fair Value
	Common Stocks, continued
	Media, continued
	5,213	Tribune Co.*(b)(c)	$	—
	4,015	Tribune Co.*		341,476
	63,920	Twenty-First Century Fox, Inc.		2,246,788
	120,534	Twenty-First Century Fox, Inc., Class B		4,125,878
	7,740	Walt Disney Co. (The)		663,628

				22,673,153

	Metals & Mining (2.5%):
	54,370	Anglo American plc		1,328,069
	11,046	AngloGold Ashanti, Ltd., ADR*		190,102
	27,100	Barrick Gold Corp.		495,930
	65,240	BHP Billiton plc		2,123,902
	127,985	Freeport-McMoRan Copper & Gold, Inc.		4,671,453
	33,460	Goldcorp, Inc.		933,869
	103,842	Mining and Metallurgical Co. Norilsk Nickel, ADR		2,067,494
	38,760	Newmont Mining Corp.		986,054
	8,511	POSCO		2,548,699
	49,478	Rio Tinto plc, Registered Shares, ADR^		2,685,666
	58,286	ThyssenKrupp AG*		1,699,292

				19,730,530

	Multiline Retail (0.5%):
	29,160	Kohl’s Corp.		1,536,149
	156,610	Marks & Spencer Group plc		1,138,231
	36,240	Target Corp.		2,100,108

				4,774,488

	Multi-Utilities (0.8%):
	17,270	Dominion Resources, Inc.		1,235,150
	38,710	PG&E Corp.		1,858,854
	22,060	Public Service Enterprise Group, Inc.		899,827
	11,070	Sempra Energy		1,159,140
	3,650	TECO Energy, Inc.^		67,452
	27,390	Xcel Energy, Inc.		882,780

				6,103,203

	Oil, Gas & Consumable Fuels (7.1%):
	39,230	Apache Corp.		3,947,324
	77,233	BG Group plc		1,632,602
	55,000	BP plc, ADR		2,901,250
	381,501	BP plc		3,358,774
	39,300	Canadian Oil Sands, Ltd.		890,687
	16,800	Chevron Corp.		2,193,240
	543,000	China Shenhua Energy Co., Ltd., H Shares		1,570,774
	30,549	CONSOL Energy, Inc.		1,407,392
	103,761	Eni SpA		2,836,020
	23,580	Exxon Mobil Corp.		2,374,034
	133,040	Galp Energia SGPS SA, B Shares		2,435,879
	844,000	Kunlun Energy Co., Ltd.		1,392,524
	19,051	LUKOIL, ADR		1,139,631
	78,116	Marathon Oil Corp.		3,118,391
	20,380	Murphy Oil Corp.		1,354,862
	143,499	Petroleo Brasileiro SA, ADR		2,244,325
	55,391	Petroleo Brasileiro SA, ADR		810,370
	460	Royal Dutch Shell plc, A Shares		19,027
	56,209	Royal Dutch Shell plc, ADR		4,629,936


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	54,908	Royal Dutch Shell plc, B Shares	$	2,387,556
	92,497	Royal Dutch Shell plc, A Shares		3,827,748
	22,490	Spectra Energy Corp.		955,375
	106,688	Talisman Energy, Inc.		1,130,893
	11,500	Talisman Energy, Inc.		121,900
	295,454	Talisman Energy, Inc.^		3,123,742
	52,650	Total SA		3,803,724
	23,740	Total SA, Sponsored ADR^		1,714,028
	23,280	Williams Cos., Inc. (The)		1,355,129

				58,677,137

	Paper & Forest Products (0.4%):
	60,562	International Paper Co.		3,056,564

	Personal Products (0.2%):
	111,782	Avon Products, Inc.		1,633,135

	Pharmaceuticals (6.2%):
	23,580	AstraZeneca plc		1,754,396
	9,239	AstraZeneca plc, ADR		686,550
	63,051	Eli Lilly & Co.		3,919,881
	21,710	Forest Laboratories, Inc.*		2,149,290
	106,622	GlaxoSmithKline plc		2,848,779
	35,571	Hospira, Inc.*		1,827,282
	15,000	Johnson & Johnson Co.		1,569,300
	202,544	Merck & Co., Inc.		11,717,169
	21,980	Merck KGaA		1,907,820
	140,360	Pfizer, Inc.		4,165,885
	18,620	Roche Holding AG		5,557,490
	21,470	Sanofi-Aventis SA		2,283,457
	15,000	Sanofi-Aventis SA, ADR		797,550
	146,753	Teva Pharmaceutical Industries, Ltd., ADR		7,692,792

				48,877,641

	Professional Services (0.0%):
	7,005	Randstad Holding NV		379,335

	Real Estate Investment Trusts (REITs) (0.1%):
	2,556	Alexander’s, Inc.		944,365
	26,255	Scentre Group*		79,210

				1,023,575

	Real Estate Management & Development (0.0%):
	13,131	Canary Wharf Group plc*(b)(c)		99,851
	2,624	Forestar Group, Inc.*		50,092

				149,943

	Semiconductors & Semiconductor Equipment (1.3%):
	71,480	Intel Corp.		2,208,732
	5,038	Samsung Electronics Co., Ltd.		6,587,999
	205,000	Taiwan Semiconductor Manufacturing Co., Ltd.		863,642
	19,910	Texas Instruments, Inc.		951,499

				10,611,872

	Software (2.1%):
	300,422	Microsoft Corp.		12,527,598
	14,870	Oracle Corp.		602,681


Shares			Fair Value
	Common Stocks, continued
	Software, continued
	12,060	SAP AG	$	931,427
	140,568	Symantec Corp.		3,219,007

				17,280,713

	Sovereign Bonds (0.1%):
	85,800	Bangkok Bank Public Co., Ltd.		510,519

	Specialty Retail (0.4%):
	33,852	Best Buy Co., Inc.		1,049,751
	414,761	Kingfisher plc		2,545,140

				3,594,891

	Technology Hardware, Storage & Peripherals (2.0%):
	82,389	Apple, Inc.		7,656,409
	132,344	Hewlett-Packard Co.		4,457,346
	166,600	Konica Minolta Holdings, Inc.		1,650,003
	229,395	Xerox Corp.		2,853,674

				16,617,432

	Tobacco (1.4%):
	55,557	Altria Group, Inc.		2,330,061
	62,947	British American Tobacco plc		3,745,327
	48,518	Imperial Tobacco Group plc		2,181,509
	43,450	Lorillard, Inc.		2,649,146
	12,227	Philip Morris International, Inc.		1,030,858

				11,936,901

	Wireless Telecommunication Services (1.1%):
	49,000	China Mobile, Ltd.		475,714
	78,067	Mobile TeleSystems, ADR		1,541,043
	164,437	Turkcell Iletisim Hizmetleri AS, ADR*		2,565,217
	1,196,879	Vodafone Group plc		3,999,217

				8,581,191

	Total Common Stocks (Cost $386,772,613)			482,742,487

	Preferred Stocks (0.3%):
	Automobiles (0.2%):
	5,855	Volkswagen AG, Preferred Shares		1,537,757

	Banks (0.0%):
	6,800	GMAC Capital Trust I, Series 2, Preferred Shares		185,640

	Multi-Utilities (0.1%):
	9,300	Dominion Resources, Inc., Preferred Shares		489,413

	Total Preferred Stocks (Cost $2,170,940)			2,212,810

	Convertible Preferred Stocks (0.3%):
	Banks (0.1%):
	416	Wells Fargo & Co., Series L, Class A, 0.02%		504,660

	Commercial Services & Supplies (0.0%):
	6	CEVA Group plc, Series A-1, 0.00%		8,700
	49	CEVA Group plc, Series A-2, 0.00%		53,405

				62,105

	Diversified Financial Services (0.1%):
	800	Bank of America Corp., Series L, 7.25%		933,600

	Insurance (0.0%):
	4,200	MetLife, Inc., 0.63%		134,232


Shares			Fair Value
	Convertible Preferred Stocks, continued
	Multi-Utilities (0.0%):
	2,500	Dominion Resources, Inc., Series B, 6.00%	$	145,050
	2,500	Dominion Resources, Inc., Series A, 6.13%		144,125

				289,175

	Oil, Gas & Consumable Fuels (0.1%):
	100	Chesapeake Energy Corp., Series A, 5.75%(a)		126,688
	3,500	SandRidge Energy, Inc., 0.25%		386,968

				513,656

	Real Estate Investment Trusts (REITs) (0.0%):
	2,500	FelCor Lodging Trust, Inc., Series A, 29.79%		65,469

	Total Convertible Preferred Stocks (Cost $1,989,072)			2,502,897

Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Convertible Bonds (0.7%):
	Automobiles (0.3%):
$	1,500,000	Volkswagen International Finance NV, 5.50%, 11/9/15(a)		2,406,592

	Construction Materials (0.1%):
	455,000	Cemex SAB de C.V., 3.25%, 3/15/16		660,603
	300,000	Cemex SAB de C.V., 3.75%, 3/15/18		455,063

				1,115,666

	Oil, Gas & Consumable Fuels (0.3%):
	2,000,000	Cobalt International Energy, Inc., 3.13%, 5/15/24		2,151,250

	Total Convertible Bonds (Cost $4,676,627)			5,673,508

	Floating Rate Loans (0.6%):
	Diversified Financial Services (0.2%):
	3,860,813	Lehman Brothers Holdings, Inc., 0.00%, 12/31/49(d)		1,779,603

	Diversified Telecommunication Services (0.0%):
	125,531	Avaya, Inc., 6.50%, 3/31/18(d)		125,548

	Electric Utilities (0.0%):
	148,651	Texas Competitive Electric Holdings Co. LLC, 4.65%, 10/10/17(d)		121,460

	Hotels Restaurants & Leisure (0.0%):
	51,000	Caesars Entertainment Operating Co., Inc., 0.00%, 1/28/18(d)		50,299

	Hotels, Restaurants & Leisure (0.1%):
	95,000	Caesars Entertainment Operating Co., Inc., 4.40%, 1/28/18(d)		87,664
	454,000	Caesars Entertainment Operating Co., Inc., 5.40%, 1/28/18(d)		423,414

				511,078

	Machinery (0.1%):
	483,718	Navistar International Corp., 5.75%, 8/17/17(d)		492,787


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Floating Rate Loans, continued
	Media (0.1%):
$	43,890	Cengage Learning Acquisitions, Inc., 7.00%, 3/31/20(d)	$	44,357
	488	Clear Channel Communications, Inc., 3.80%, 1/19/16(d)		481
	6,958	Clear Channel Communications, Inc., 3.80%, 1/29/16(d)		6,908
	430,631	Clear Channel Communications, Inc., 6.90%, 1/30/19(d)		428,245
	138,444	Clear Channel Communications, Inc., 7.65%, 7/30/19(d)		138,660

				618,651

	Oil, Gas & Consumable Fuels (0.1%):
	1,000,000	Fieldwood Energy LLC, 8.38%, 9/30/20(d)		1,030,500
	26,614	NGPL PipeCo LLC, 6.75%, 9/15/17(d)		26,581

				1,057,081

	Total Floating Rate Loans (Cost $4,590,140)			4,756,507

	Equity-Linked Securities (0.1%):
	Banks (0.1%):
	7,500	Barclays Bank plc, Series 0000, 6.00%, 12/24/14(a)		526,088
	20,000	Wells Fargo & Co., Series 0000, 7.00%, 12/4/14(a)		613,400

				1,139,488

	Total Equity-Linked Securities (Cost $995,675)			1,139,488

	Corporate Bonds (7.3%):
	Aerospace & Defense (0.0%):
	100,000	TransDigm Group, Inc., 6.00%, 7/15/22, Callable 7/15/17 @ 104.5(a)		102,750
	100,000	TransDigm Group, Inc., 6.50%, 7/15/24, Callable 7/15/19 @ 103.25(a)		104,125

				206,875

	Airlines (0.1%):
	527,000	American Airlines, Inc., 7.50%, 3/15/16, Callable 8/11/14 @ 103.75(a)		547,421

	Auto Components (0.2%):
	100,000	Goodyear Tire & Rubber Co., 8.25%, 8/15/20, Callable 8/15/15 @ 104.13		109,750
	1,600,000	Goodyear Tire & Rubber Co., 6.50%, 3/1/21, Callable 3/1/16 @ 104.88		1,736,000

				1,845,750

	Automobiles (0.1%):
	200,000	Chrysler GP / Chrysler CG Co. Issuer, 8.00%, 6/15/19, Callable 6/15/15 @ 104		217,250
	400,000	Chrysler GP / Chrysler CG Co. Issuer, 8.25%, 6/15/21, Callable 6/15/15 @ 104.13		452,000

				669,250

	Banks (0.1%):
	250,000	JPMorgan Chase & Co., Series 1, 7.90%, 4/29/49, Callable 4/30/18 @ 100(d)		279,375


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Banks, continued
$	200,000	Wells Fargo & Co., Series S, 5.90%, 12/31/49, Callable 6/15/24 @ 100(d)	$	212,000

				491,375

	Beverages (0.0%):
	250,000	Innovation Ventures LLC / Innovation Ventures Finance Corp., 9.50%, 8/15/19, Callable 8/15/15 @ 107.13^(a)		246,250

	Capital Markets (0.1%):
	500,000	E*TRADE Financial Corp., 6.00%, 11/15/17, Callable 11/15/14 @ 103		520,000

	Commercial Services & Supplies (0.1%):
	475,000	CEVA Group plc, 4.00%, 5/1/18, Callable 8/11/14 @ 101(a)		441,750

	Diversified Consumer Services (0.1%):
	500,000	Laureate Education, Inc., 9.25%, 9/1/19, Callable 9/1/15 @ 106.94(a)		515,000

	Diversified Financial Services (0.1%):
	75,000	Citigroup, Inc., Series 0000, 6.00%, 10/10/14(a)		1,138,500

	Diversified Telecommunication Services (0.3%):
	200,000	CenturyLink, Inc., Series W, 6.75%, 12/1/23		218,500
	1,700,000	Verizon Communications, Inc., 5.15%, 9/15/23		1,902,458

				2,120,958

	Food & Staples Retailing (0.1%):
	300,000	JBS USA LLC / JBS USA Finance Corp., 8.25%, 2/1/20, Callable 2/1/15 @ 106.19(a)		325,500
	161,000	JBS USA LLC / JBS USA Finance Corp., 7.25%, 6/1/21, Callable 6/1/15 @ 105.44(a)		172,673
	135,000	SuperValu, Inc., 8.00%, 5/1/16		148,331
	200,000	US Foods, Inc., 8.50%, 6/30/19, Callable 8/11/14 @ 106.38		214,100

				860,604

	Health Care Providers & Services (0.5%):
	100,000	FWCT-2 Escrow Corp., 5.13%, 8/1/21, Callable 2/1/17 @ 103.84(a)		103,000
	300,000	FWCT-2 Escrow Corp., 6.88%, 2/1/22, Callable 2/1/18 @ 103.44(a)		319,500
	299,000	HCA, Inc., 6.50%, 2/15/16		321,799
	800,000	HCA, Inc., 7.50%, 2/15/22		923,000
	500,000	HCA, Inc., 5.88%, 5/1/23		523,125
	200,000	MPH Acquisition Holdings LLC, 6.63%, 4/1/22, Callable 4/1/17 @ 104.97(a)		209,500
	400,000	Tenet Healthcare Corp., 9.25%, 2/1/15		419,640
	1,400,000	Tenet Healthcare Corp., 8.13%, 4/1/22		1,620,500

				4,440,064

	Hotels, Restaurants & Leisure (0.1%):
	500,000	MGM Resorts International, 10.00%, 11/1/16		591,250
	200,000	MGM Resorts International, 6.75%, 10/1/20		223,250

				814,500


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Household Products (0.2%):
$	300,000	Reynolds Group Issuer LLC / Reynolds Group Issuer, Inc., 7.88%, 8/15/19, Callable 8/15/15 @ 103.94	$	326,625
	200,000	Reynolds Group Issuer LLC / Reynolds Group Issuer, Inc., 9.88%, 8/15/19, Callable 8/15/15 @ 104.94		221,500
	500,000	Reynolds Group Issuer LLC / Reynolds Group Issuer, Inc., 5.75%, 10/15/20, Callable 10/15/15 @ 104.31		527,500
	600,000	Reynolds Group Issuer LLC / Reynolds Group Issuer, Inc., 8.25%, 2/15/21, Callable 2/15/16 @ 104.13^		652,500

				1,728,125

	Independent Power and Renewable Electricity Producers (0.5%):
	1,000,000	AES Corp., 4.88%, 5/15/23, Callable 5/15/18 @ 102.44		990,000
	160,000	Calpine Corp., 7.88%, 7/31/20, Callable 7/31/15 @ 103.94(a)		173,600
	200,000	Calpine Corp., 7.50%, 2/15/21, Callable 11/1/15 @ 103.75(a)		217,000
	400,000	Calpine Corp., 7.88%, 1/15/23, Callable 1/15/17 @ 103.94(a)		446,000
	410,000	Dynegy Holdings, Inc., 7.50%, 6/1/15(b)(c)(e)		—
	50,000	Dynegy Holdings, Inc., 8.38%, 5/1/16(b)(c)(e)		—
	170,000	Dynegy Holdings, Inc., 7.75%, 6/1/19(b)(c)(e)		—
	115,000	RRI Energy, Inc., 7.88%, 6/15/17		122,188
	2,581,000	Texas Competitive Electric Holdings Co. LLC, 11.50%, 10/1/20, Callable 4/1/16 @ 105.75(a)(e)		2,355,162

				4,303,950

	IT Services (0.0%):
	200,000	SRA International, Inc., 11.00%, 10/1/19, Callable 10/1/15 @ 105.5		214,500

	Machinery (0.1%):
	245,000	Aviation Capital Group Corp., 6.75%, 4/6/21(a)		275,607
	400,000	Navistar International Corp., 8.25%, 11/1/21, Callable 11/1/14 @ 104.13^		417,500

				693,107

	Media (1.1%):
	325,000	Cablevision Systems Corp., 8.63%, 9/15/17		378,219
	100,000	Cablevision Systems Corp., 7.75%, 4/15/18		113,000
	100,000	CBS Outdoor Americas Capital LLC / CBS Outdoor Americas Capital Corp., 5.25%, 2/15/22, Callable 2/15/17 @ 103.94(a)		102,750
	100,000	CBS Outdoor Americas Capital LLC / CBS Outdoor Americas Capital Corp., 5.63%, 2/15/24, Callable 2/15/19 @ 102.81(a)		103,250


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Media, continued
$	1,000,000	CCO Holdings LLC / CCO Holdings Capital Corp., 7.00%, 1/15/19, Callable 8/11/14 @ 105.25	$	1,055,000
	500,000	CCO Holdings LLC / CCO Holdings Capital Corp., 6.50%, 4/30/21, Callable 4/30/15 @ 104.88		532,500
	1,548,000	Clear Channel Communications, Inc., 9.00%, 12/15/19, Callable 7/15/15 @ 104.5		1,650,555
	1,000,000	Clear Channel Communications, Inc., 9.00%, 3/1/21, Callable 3/1/16 @ 104.5		1,075,000
	700,000	CSC Holdings LLC, 6.75%, 11/15/21		770,000
	175,000	Cumulus Media Holdings, Inc., 7.75%, 5/1/19, Callable 5/1/15 @ 103.88^		184,406
	1,000,000	Dish DBS Corp., 5.88%, 7/15/22		1,085,000
	500,000	Dish DBS Corp., 5.00%, 3/15/23		509,375
	200,000	Sirius XM Radio, Inc., 6.00%, 7/15/24, Callable 7/15/19 @ 103(a)		208,000
	1,000,000	Univision Communications, Inc., 5.13%, 5/15/23, Callable 5/15/18 @ 102.56(a)		1,058,750
	200,000	Visant Corp., 10.00%, 10/1/17, Callable 8/11/14 @ 107.5		186,500

				9,012,305

	Metals & Mining (0.1%):
	500,000	Dynacast International LLC / Dynacast Finance, Inc., 9.25%, 7/15/19, Callable 7/15/15 @ 104.63		550,000
	500,000	Molycorp, Inc., 10.00%, 6/1/20, Callable 6/1/16 @ 105^		460,000

				1,010,000

	Multiline Retail (0.1%):
	848,656	J.C. Penney Co., Inc., 6.00%, 5/22/18(d)		857,949

	Oil, Gas & Consumable Fuels (1.8%):
	200,000	Alpha Natural Resources, Inc., 7.50%, 8/1/20, Callable 8/1/16 @ 105.63^(a)		193,500
	200,000	Antero Resources Finance Corp., 5.38%, 11/1/21, Callable 11/1/16 @ 104.03		207,500
	250,000	Arch Coal, Inc., 7.00%, 6/15/19, Callable 6/15/15 @ 103.5		189,375
	750,000	Arch Coal, Inc., 7.25%, 6/15/21, Callable 6/15/16 @ 103.63^		547,500
	500,000	Bill Barrett Corp., 7.00%, 10/15/22, Callable 10/15/17 @ 103.5		530,000
	345,000	Chesapeake Energy Corp., 6.50%, 8/15/17		386,400
	200,000	Chesapeake Energy Corp., 7.25%, 12/15/18		236,000
	1,700,000	Chesapeake Energy Corp., 5.75%, 3/15/23^		1,889,040
	500,000	CONSOL Energy, Inc., 5.88%, 4/15/22, Callable 4/15/17 @ 104.41(a)		523,750
	500,000	Energy XXI Gulf Coast, Inc., 9.25%, 12/15/17, Callable 12/15/14 @ 104.63		532,500
	500,000	EP Energy/EP Finance, Inc., 9.38%, 5/1/20, Callable 5/1/16 @ 104.69		572,500
	400,000	EXCO Resources, Inc., 7.50%, 9/15/18, Callable 9/15/14 @ 103.75		410,000


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Oil, Gas & Consumable Fuel, continued
$	500,000	Halcon Resources Corp., 9.75%, 7/15/20, Callable 7/15/16 @ 104.88	$	545,625
	400,000	Halcon Resources Corp., 8.88%, 5/15/21, Callable 11/15/16 @ 104.44		430,000
	1,300,000	Kinder Morgan (Delaware), Inc., 5.63%, 11/15/23, Callable 8/15/23 @ 100(a)		1,335,750
	100,000	Linn Energy LLC / Linn Energy Finance Corp., 8.63%, 4/15/20, Callable 4/15/15 @ 104.31		108,000
	325,000	Midstates Petroleum Co., Inc. / Midstates Petroleum Co. LLC, 10.75%, 10/1/20, Callable 10/1/16 @ 105.38^		368,875
	315,000	NGPL PipeCo LLC, 7.12%, 12/15/17(a)		319,725
	469,000	NGPL PipeCo LLC, 9.63%, 6/1/19, Callable 6/1/15 @ 107.22^(a)		513,555
	200,000	Peabody Energy Corp., 6.25%, 11/15/21^		199,250
	100,000	Regency Energy Partners LP / Regency Energy Finance Corp., 5.88%, 3/1/22, Callable 12/1/21 @ 100		108,625
	100,000	Rice Energy, Inc., 6.25%, 5/1/22, Callable 5/1/17 @ 104.69(a)		102,500
	300,000	Sabine Pass Liquefaction LLC, 5.75%, 5/15/24(a)		312,750
	900,000	Samson Investment Co., 9.75%, 2/15/20, Callable 2/15/16 @ 104.88(a)		948,375
	900,000	Sanchez Energy Corp., 7.75%, 6/15/21, Callable 6/15/17 @ 103.88(a)		976,500
	500,000	SandRidge Energy, Inc., 8.75%, 1/15/20, Callable 1/15/15 @ 104.38		537,500
	300,000	SandRidge Energy, Inc., 7.50%, 3/15/21, Callable 3/15/16 @ 103.75		325,125
	400,000	W&T Offshore, Inc., 8.50%, 6/15/19, Callable 6/15/15 @ 104.25		432,000

				13,782,220

	Professional Services (0.0%):
	100,000	United Rentals (North America), Inc., 8.38%, 9/15/20, Callable 9/15/15 @ 104.19		109,750

	Real Estate Investment Trusts (REITs) (0.1%):
	1,000,000	iStar Financial, Inc., 5.00%, 7/1/19, Callable 7/1/16 @ 102.5		1,000,000

	Semiconductors & Semiconductor Equipment (0.1%):
	508,000	Freescale Semiconductor, Inc., 8.05%, 2/1/20, Callable 6/1/15 @ 104.03		548,640
	480,000	Freescale Semiconductor, Inc., 10.75%, 8/1/20, Callable 8/1/15 @ 105.38		542,400

				1,091,040

	Software (0.5%):
	500,000	BMC Software Finance, Inc., 8.13%, 7/15/21, Callable 7/15/16 @ 106.1(a)		514,375
	1,389,000	First Data Corp., 8.25%, 1/15/21, Callable 1/15/16 @ 104.13(a)		1,520,954
	727,000	First Data Corp., 12.63%, 1/15/21, Callable 1/15/16 @ 112.63		895,119


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Software, continued
$	544,000	First Data Corp., 11.75%, 8/15/21, Callable 5/15/16 @ 108.81	$	645,320
	141,000	First Data Corp., 8.75%, 1/15/22, Callable 1/15/16 @ 104.38(a)		155,629
	350,009	First Data Holdings, Inc., 14.50%, 9/24/19, Callable 8/4/14 @ 107.25(a)		388,948
	200,000	Infor (US), Inc., 9.38%, 4/1/19, Callable 4/1/15 @ 107.03		222,750

				4,343,095

	Specialty Retail (0.1%):
	400,000	Academy, Ltd., 9.25%, 8/1/19, Callable 8/1/14 @ 106.94(a)		429,000

	Thrifts & Mortgage Finance (0.1%):
	900,000	Nuveen Investments, Inc., 9.50%, 10/15/20, Callable 10/15/16 @ 104.75(a)		1,066,500

	Wireless Telecommunication Services (0.6%):
	510,436	Avaya, Inc., 4.73%, 10/26/17(d)		499,349
	339,000	Avaya, Inc., 7.00%, 4/1/19, Callable 4/1/15 @ 103.5^(a)		339,000
	332,000	Avaya, Inc., 10.50%, 3/1/21, Callable 3/1/17 @ 107.88(a)		306,270
	100,000	Frontier Communications Corp., 8.50%, 4/15/20		118,000
	700,000	Sprint Nextel Corp., 9.13%, 3/1/17		819,875
	500,000	Sprint Nextel Corp., 9.00%, 11/15/18(a)		606,250
	500,000	Sprint Nextel Corp., 11.50%, 11/15/21		675,000
	900,000	T-Mobile USA, Inc., 6.54%, 4/28/20, Callable 4/28/16 @ 103.27		972,000

				4,335,744

	Total Corporate Bonds (Cost $54,049,579)			58,835,582

	Foreign Bonds (16.1%):
	Chemicals (0.1%):
	100,000	Kerling plc, 10.63%, 2/1/17, Callable 8/21/14 @ 105.31+(a)		145,192
	400,000	Orion Engineered Carbons Bondco GmbH, 10.00%, 6/15/18, Callable 8/7/14 @ 107.5+(a)		589,799

				734,991

	Sovereign Bonds (16.0%):
	330,000	Bank Negara Monetary Notes, Series 7413, 1.94%, 7/3/14+(f)		102,803
	280,000	Bank Negara Monetary Notes, Series 4313, 2.54%, 7/8/14+(f)		87,192
	140,000	Bank Negara Monetary Notes, Series 7613, 2.62%, 7/10/14+(f)		43,589
	280,000	Bank Negara Monetary Notes, Series 4413, 2.91%, 7/15/14+(f)		87,135
	400,000	Bank Negara Monetary Notes, Series 7813, 2.74%, 7/17/14+(f)		124,469
	720,000	Bank Negara Monetary Notes, Series 4613, 2.79%, 7/24/14+(f)		223,918


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
$	990,000	Bank Negara Monetary Notes, Series 4813, 2.83%, 8/5/14+(f)	$	307,588
	970,000	Bank Negara Monetary Notes, Series 4913, 2.85%, 8/14/14+(f)		301,155
	315,000	Bank Negara Monetary Notes, Series 5113, 2.86%, 8/21/14+(f)		97,742
	100,000	Bank Negara Monetary Notes, Series 5513, 2.88%, 9/9/14+(f)		30,982
	580,000	Bank Negara Monetary Notes, Series 0814, 2.88%, 9/11/14+(f)		179,663
	390,000	Bank Negara Monetary Notes, Series 5713, 2.89%, 9/18/14+(f)		120,739
	1,390,000	Bank Negara Monetary Notes, Series 1014, 2.80%, 9/25/14+(f)		430,181
	370,000	Bank Negara Monetary Notes, Series 6013, 2.90%, 10/2/14+(f)		114,417
	11,145,000	Bank Negara Monetary Notes, Series 6213, 2.91%, 10/16/14+(f)		3,442,477
	1,465,000	Bank Negara Monetary Notes, Series 6613, 2.91%, 10/28/14+(f)		452,066
	350,000	Bank Negara Monetary Notes, Series 6713, 2.93%, 11/6/14+(f)		107,917
	330,000	Bank Negara Monetary Notes, Series 7013, 2.96%, 11/18/14+(f)		101,641
	80,000	Bank Negara Monetary Notes, Series 7313, 2.99%, 12/2/14+(f)		24,609
	290,000	Bank Negara Monetary Notes, Series 7713, 3.02%, 12/16/14+(f)		89,092
	210,000	Bank Negara Monetary Notes, Series 0214, 3.08%, 1/8/15+(f)		64,375
	1,770,000	Bank Negara Monetary Notes, Series 0914, 3.14%, 2/17/15+(f)		540,545
	1,110,000	Bank Negara Monetary Notes, Series 1114, 3.16%, 3/5/15+(f)		338,485
	150,000	Bank Negara Monetary Notes, Series 1214, 2.89%, 3/12/15+(f)		45,711
	20,000	Bank Negara Monetary Notes, Series 1314, 2.87%, 3/24/15+(f)		6,088
	810,000	Bank Negara Monetary Notes, Series 1614, 2.93%, 4/16/15+(f)		246,033
	17,220,000	Bank Negara Monetary Notes, Series 1914, 2.91%, 4/28/15+(f)		5,229,515
	690,000	Bank Negara Monetary Notes, Series 2014, 2.96%, 5/5/15+(f)		209,008
	3,970,000	Bank Negara Monetary Notes, Series 2214, 3.04%, 5/19/15+(f)		1,202,270
	280,000	Bank Negara Monetary Notes, Series 2514, 3.08%, 6/3/15+(f)		84,767
	680,000	Bank Negara Monetary Notes, Series 2814, 3.08%, 6/16/15+(f)		205,429
	250,000	Boparan Finance plc, 9.88%, 4/30/18, Callable 7/23/14 @ 107.41+(a)		459,881


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
$	365,000	Brazil Nota do Tesouro Nacional, Series NTNB, 0.00%, 5/15/15+(g)	$	412,345
	75,000	Brazil Nota do Tesouro Nacional, Series NTNB, 0.00%, 8/15/16+(g)		86,212
	3,200,000	Brazil Nota do Tesouro Nacional, Series NTNF, 1.37%, 1/1/17+(g)		1,400,097
	230,000	Brazil Nota do Tesouro Nacional, Series NTNB, 0.00%, 8/15/18+(g)		263,831
	4,910,000	Brazil Nota do Tesouro Nacional, Series NTNF, 1.35%, 1/1/19+(g)		2,092,419
	630,000	Brazil Nota do Tesouro Nacional, Series NTNF, 1.39%, 1/1/21+(g)		260,593
	910,000	Brazil Nota do Tesouro Nacional, Series NTNB, 0.00%, 8/15/22+(g)		1,035,387
	1,790,000	Brazil Nota do Tesouro Nacional, Series NTNF, 1.31%, 1/1/23+(g)		725,193
	140,000	Brazil Nota do Tesouro Nacional, Series NTNB, 0.00%, 5/15/45+(g)		153,049
	300,000	Canadian Government, 0.90%, 7/31/14+(f)		280,972
	1,173,000	Canadian Government, 2.25%, 8/1/14+		1,100,656
	80,000	Canadian Government, 0.90%, 8/14/14+(f)		74,899
	150,000	Canadian Government, 0.91%, 8/28/14+(f)		140,385
	260,000	Canadian Government, 0.90%, 9/11/14+(f)		243,246
	678,000	Canadian Government, 1.00%, 11/1/14+		635,461
	609,000	Canadian Government, 2.00%, 12/1/14+		573,239
	1,672,000	Canadian Government, 1.00%, 2/1/15+		1,567,376
	26,230,000	Hungary Government Bond, Series 14/D, 6.75%, 8/22/14+		116,623
	7,800,000	Hungary Government Bond, Series 15/A, 8.00%, 2/12/15+		35,683
	15,720,000	Hungary Government Bond, Series 15/C, 7.75%, 8/24/15+		73,847
	12,500,000	Hungary Government Bond, Series 16/C, 5.50%, 2/12/16+		58,111
	1,257,570,000	Hungary Government Bond, Series 16/D, 5.50%, 12/22/16+		5,942,707
	491,980,000	Hungary Government Bond, Series 17/B, 6.75%, 2/24/17+		2,399,745
	309,150,000	Hungary Government Bond, Series 17/A, 6.75%, 11/24/17+		1,537,764
	141,200,000	Hungary Government Bond, Series 18/B, 4.00%, 4/25/18+		642,394
	333,880,000	Hungary Government Bond, Series 18/A, 5.50%, 12/20/18+		1,613,510
	193,030,000	Hungary Government Bond, Series 19/A, 6.50%, 6/24/19+		976,217
	9,040,000	Hungary Government Bond, Series 20/A, 7.50%, 11/12/20+		48,342
	14,460,000	Hungary Government Bond, Series 22/A, 7.00%, 6/24/22+		76,372
	124,950,000	Hungary Government Bond, Series 23/A, 6.00%, 11/24/23+		625,834


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
$	13,460,000	Hungary Government Bond, Series 25/B, 5.50%, 6/24/25+	$	65,423
	47,000,000	Indonesia Government, Series FR31, 11.00%, 11/15/20+		4,553
	5,300,000,000	Indonesia Government, Series FR34, 12.80%, 6/15/21+		559,308
	120,000,000	Indonesia Government, Series FR53, 8.25%, 7/15/21+		10,232
	3,200,000,000	Indonesia Government, Series FR44, 10.00%, 9/15/24+		298,793
	3,300,000,000	Indonesia Government, Series FR47, 10.00%, 2/15/28+		308,308
	164,700	Ireland Treasury Bill, 5.50%, 10/18/17+		262,417
	246,000	Irish Government, 4.50%, 10/18/18+		391,009
	597,000	Irish Government, 4.40%, 6/18/19+		955,617
	1,175,000	Irish Government, 5.90%, 10/18/19+		2,016,248
	552,000	Irish Government, 4.50%, 4/18/20+		894,159
	1,821,000	Irish Government, 5.00%, 10/18/20+		3,041,558
	958,580	Irish Government, 5.40%, 3/13/25+		1,663,061
	258,700,000	Korea Monetary Stab Bond, Series 1408, 2.82%, 8/2/14+		255,760
	1,092,000,000	Korea Monetary Stab Bond, Series 1409, 2.72%, 9/9/14+		1,079,626
	2,081,000,000	Korea Monetary Stab Bond, Series 1410, 2.78%, 10/2/14+		2,057,909
	768,130,000	Korea Monetary Stab Bond, Series 1412, 2.84%, 12/2/14+		760,004
	1,013,290,000	Korea Monetary Stab Bond, Series 1502, 2.74%, 2/2/15+		1,002,320
	434,060,000	Korea Monetary Stab Bond, Series 1504, 2.47%, 4/2/15+		428,619
	1,618,900,000	Korea Monetary Stab Bond, Series 1506, 2.76%, 6/2/15+		1,602,231
	368,750,000	Korea Monetary Stab Bond, Series 1506, 2.66%, 6/9/15+		364,948
	2,757,580,000	Korea Monetary Stab Bond, Series 1508, 2.80%, 8/2/15+		2,730,778
	6,041,000,000	Korea Monetary Stab Bond, Series 1510, 2.81%, 10/2/15+		5,984,072
	2,618,100,000	Korea Monetary Stab Bond, Series 1512, 2.90%, 12/2/15+		2,597,058
	211,700,000	Korea Monetary Stab Bond, Series 1602, 2.78%, 2/2/16+		209,667
	768,050,000	Korea Monetary Stab Bond, Series 1604, 2.80%, 4/2/16+		760,978
	797,300,000	Korea Monetary Stab Bond, Series 1606, 2.79%, 6/2/16+		789,999
	347,060,000	Korea Treasury Bond, Series 1412, 3.25%, 12/10/14+		344,007
	314,700,000	Korea Treasury Bond, Series 1506, 3.25%, 6/10/15+		312,895


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
$	2,224,930,000	Korea Treasury Bond, Series 1512, 2.75%, 12/10/15+	$	2,203,088
	880,600,000	Korea Treasury Bond, Series 1606, 2.75%, 6/10/16+		871,876
	946,400,000	Korea Treasury Bond, Series 1612, 3.00%, 12/10/16+		942,365
	96,000	Letra do Tesouro Nacional, Series LTN, 10.84%, 1/1/15+(f)(g)		41,165
	1,660,000	Letra do Tesouro Nacional, Series LTN, 11.50%, 1/1/16+(f)(g)		639,162
	1,450,000	Letra do Tesouro Nacional, Series LTN, 12.79%, 7/1/16+(f)(g)		527,595
	3,160,000	Letra do Tesouro Nacional, Series LTN, 12.49%, 1/1/17+(f)(g)		1,085,597
	1,820,000	Letra do Tesouro Nacional, Series LTN, 14.77%, 1/1/18+(f)(g)		556,380
	4,895,000	Malaysian Government, Series 0211, 3.43%, 8/15/14+		1,525,831
	1,915,000	Malaysian Government, Series 0409, 3.74%, 2/27/15+		598,973
	2,100,000	Malaysian Government, Series 0110, 3.84%, 8/12/15+		659,338
	3,105,000	Malaysian Government, Series 2/05, 4.72%, 9/30/15+		985,912
	890,000	Malaysian Government, Series 0312, 3.20%, 10/15/15+		277,455
	6,000,000	Malaysian Government, Series 0113, 3.17%, 7/15/16+		1,865,010
	14,400,000	Mexican Cetes, Series BI, 0.00%, 7/10/14+(h)		110,916
	27,820,000	Mexican Cetes, Series B, 0.00%, 9/18/14+(h)		213,083
	98,679,000	Mexican Cetes, Series BI, 0.00%, 10/16/14+(h)		754,089
	156,245,000	Mexican Cetes, Series BI, 0.00%, 12/11/14+(h)		1,188,037
	31,029,000	Mexican Cetes, Series BI, 0.00%, 12/24/14+(h)		235,700
	182,810,000	Mexican Cetes, Series BI, 0.00%, 4/1/15+(h)		1,376,811
	33,120,000	Mexican Cetes, Series BI, 0.00%, 5/28/15+(h)		248,392
	728,105	Mexican Udibonos, 4.50%, 12/18/14+(d)(h)		57,639
	1,857,462	Mexican Udibonos, 5.00%, 6/16/16+(d)(h)		157,137
	1,580,382	Mexican Udibonos, 3.50%, 12/14/17+(d)(h)		133,467
	954,386	Mexican Udibonos, 4.00%, 6/13/19+(d)(h)		82,977
	769,667	Mexican Udibonos, 2.50%, 12/10/20+(d)(h)		61,991
	15,830,000	Mexico Bonos Desarr, Series MI10, 9.50%, 12/18/14+(d)(h)		1,255,851
	3,650,000	Mexico Bonos Desarr, Series M, 6.00%, 6/18/15+(d)(h)		289,062
	19,710,000	Mexico Bonos Desarr, Series M 10, 8.00%, 12/17/15+(d)(h)		1,622,033
	18,156,000	Mexico Bonos Desarr, Series M, 6.25%, 6/16/16+(d)(h)		1,475,663


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
$	2,407,000	Mexico Bonos Desarr, Series M 10, 7.25%, 12/15/16+(d)(h)	$	201,108
	3,030,000	Philippine Government International Bond, Series 7-48, 7.00%, 1/27/16+		74,427
	4,540,000	Philippine Government International Bond, Series 3-20, 1.63%, 4/25/16+		102,499
	1,830,000	Philippine Government International Bond, Series 1042, 9.13%, 9/4/16+		47,681
	1,720,000	Philippine Treasury Bill, 0.00%, 7/2/14+(f)		39,413
	1,580,000	Philippine Treasury Bill, 1.02%, 8/6/14+(f)		36,167
	6,740,000	Philippine Treasury Bill, 1.13%, 9/3/14+(f)		154,131
	1,800,000	Philippine Treasury Bill, 0.50%, 10/8/14+(f)		41,098
	15,445,000	Philippine Treasury Bill, 0.15%, 10/8/14+(f)		352,641
	60,000	Philippine Treasury Bill, 0.14%, 11/5/14+(f)		1,368
	1,800,000	Philippine Treasury Bill, Series 364, 1.20%, 4/8/15+(f)		40,830
	1,090,000	Poland Government Bond, Series 0714, 2.16%, 7/25/14+(f)		358,498
	1,201,000	Poland Government Bond, Series 0415, 5.50%, 4/25/15+		405,371
	1,146,000	Poland Government Bond, Series 0715, 2.35%, 7/25/15+(f)		368,121
	15,863,000	Poland Government Bond, Series 1015, 6.25%, 10/24/15+		5,480,649
	7,419,000	Poland Government Bond, Series 0116, 2.41%, 1/25/16+(f)		2,353,337
	2,985,000	Poland Government Bond, Series 0416, 5.00%, 4/25/16+		1,026,791
	6,340,000	Poland Government Bond, Series 0716, 2.88%, 7/25/16+(f)		1,984,970
	10,935,000	Poland Government Bond, Series 1016, 4.75%, 10/25/16+		3,781,272
	3,343,000	Poland Government Bond, Series 0117, 2.72%, 1/25/17+(d)		1,100,385
	3,391,000	Poland Government Bond, Series 0121, 2.72%, 1/25/21+(d)		1,100,771
	180,000	Republic of Hungary, 4.38%, 7/4/17+(a)		263,857
	260,000	Republic of Hungary, 5.75%, 6/11/18+(a)		403,608
	70,000	Republic of Hungary, 6.00%, 1/11/19+		110,908
	200,000	Singapore Government, 3.63%, 7/1/14+		160,436
	350,000	Singapore Government, 1.13%, 4/1/16+		284,365
	250,000	Singapore Treasury Bill, Series 81, 0.31%, 7/11/14+(f)		200,532
	620,000	Singapore Treasury Bill, Series 84, 0.31%, 7/25/14+(f)		497,271
	4,391,000	Singapore Treasury Bill, Series 84, 0.30%, 8/1/14+(f)		3,521,594
	915,000	Singapore Treasury Bill, Series 84, 0.32%, 8/15/14+(f)		733,759
	1,371,000	Singapore Treasury Bill, Series 168, 0.25%, 8/19/14+(f)		1,099,422


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
$	1,300,000	Singapore Treasury Bill, Series 168, 0.32%, 9/30/14+(f)	$	1,042,187
	1,690,000	Singapore Treasury Bill, Series 168, 0.32%, 11/25/14+(f)		1,354,210
	34,500,000	Swedish Government Bond, Series 1049, 4.50%, 8/12/15+		5,399,666
	5,150,000	Swedish Treasury Bill, Series 110, 0.57%, 8/20/14+(f)		770,411
	6,470,000	Swedish Treasury Bill, Series 194D, 0.54%, 9/17/14+(f)		967,030
	100,000	Ukraine Government, 4.95%, 10/13/15+(a)		129,185

				130,078,112

	Total Foreign Bonds (Cost $124,979,393)			130,813,103

	Yankee Dollars (3.6%):
	Chemicals (0.0%):
	300,000	INEOS Finance plc, 8.38%, 2/15/19, Callable 2/15/15 @ 106.28(a)		327,750
	200,000	INEOS Group Holdings SA, 5.88%, 2/15/19, Callable 2/15/16 @ 102.94(a)		205,000

				532,750

	Construction & Engineering (0.1%):
	400,000	Abengoa Finance SAU, 8.88%, 11/1/17(a)		452,000

	Construction Materials (0.1%):
	500,000	Cemex Sab de C.V., 7.25%, 1/15/21, Callable 1/15/18 @ 103.63(a)		550,000
	300,000	Cemex SAB de C.V., 5.88%, 3/25/19, Callable 3/25/16 @ 102.94^(a)		313,500

				863,500

	Containers & Packaging (0.2%):
	700,000	Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 6.25%, 1/31/19, Callable 1/31/16 @ 103.13(a)		717,500
	800,000	Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 6.75%, 1/31/21, Callable 1/31/17 @ 103.38(a)		826,000

				1,543,500

	Diversified Telecommunication Services (0.2%):
	500,000	Telecom Italia SpA, 5.30%, 5/30/24(a)		501,875
	1,000,000	Virgin Media Secured Finance plc, 5.50%, 1/15/25, Callable 1/15/19 @ 102.75(a)		1,036,250

				1,538,125

	Energy Equipment & Services (0.3%):
	500,000	CGGVeritas, 6.50%, 6/1/21, Callable 6/1/16 @ 103.25		496,250
	111,000	Expro Finance Luxembourg, 8.50%, 12/15/16, Callable 8/11/14 @ 104.25(a)		115,995
	2,000,000	Ocean Rig UDW, Inc., 7.25%, 4/1/19, Callable 4/1/17 @ 105.44(a)		1,980,000

				2,592,245


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Independent Power and Renewable Electricity Producers (0.1%):
$	1,000,000	InterGen NV, 7.00%, 6/30/23, Callable 6/30/18 @ 103.5(a)	$	1,032,500

	Marine (0.1%):
	200,000	Stena AB, 7.00%, 2/1/24(a)		213,000
	400,000	Stena International SA, 5.75%, 3/1/24(a)		404,000

				617,000

	Media (0.0%):
	300,000	Altice SA, 7.75%, 5/15/22, Callable 5/15/17 @ 105.81(a)		320,250
	500,000	Numericable Group SA, 6.00%, 5/15/22, Callable 5/15/17 @ 104.5(a)		520,000

				840,250

	Metals & Mining (0.2%):
	230,000	First Quantum Minerals, Ltd., 6.75%, 2/15/20, Callable 2/15/17 @ 103.38(a)		236,900
	230,000	First Quantum Minerals, Ltd., 7.00%, 2/15/21, Callable 2/15/18 @ 103.5(a)		236,613
	500,000	FMG Resources Pty, Ltd., 6.88%, 2/1/18, Callable 8/11/14 @ 105.16(a)		525,000
	250,000	FMG Resources Pty, Ltd., 8.25%, 11/1/19, Callable 11/1/15 @ 104.13^(a)		272,188

				1,270,701

	Oil, Gas & Consumable Fuels (0.0%):
	500,000	Niska Gas Storage Canada ULC / Niska Gas Storage Canada Finance Corp., 6.50%, 4/1/19, Callable 10/1/16 @ 103.25(a)		480,000

	Real Estate Investment Trusts (REITs) (0.1%):
	500,000	Algeco Scotsman Global Finance plc, 8.50%, 10/15/18, Callable 10/15/15 @ 104.25(a)		531,250

	Sovereign Bonds (2.1%):
	200,000	Financing of Infrastructure, 7.40%, 4/20/18(a)		189,806
	430,000	Republic of Hungary, 4.13%, 2/19/18		448,275
	1,077,000	Republic of Hungary, 6.25%, 1/29/20		1,217,419
	542,000	Republic of Hungary, 6.38%, 3/29/21		617,880
	800,000	Republic of Hungary, 5.38%, 2/21/23^		861,000
	240,000	Republic of Iceland, 5.88%, 5/11/22(a)		264,842
	230,000	Republic of Lithuania, 7.38%, 2/11/20(a)		281,750
	100,000	Republic of Lithuania, 7.38%, 2/11/20(a)		122,500
	150,000	Republic of Lithuania, 6.13%, 3/9/21(a)		175,260
	200,000	Republic of Serbia, 5.25%, 11/21/17(a)		208,500
	300,000	Republic of Serbia, 4.88%, 2/25/20(a)		303,750
	320,000	Republic of Serbia, 7.25%, 9/28/21(a)		364,800
	1,400,000	Republic of Slovenia, 5.50%, 10/26/22(a)		1,533,000
	1,025,000	Republic of Slovenia, 5.85%, 5/10/23(a)		1,150,563
	506,900	Russia Foreign Bond, 7.50%, 3/31/30(a)		587,061
	100,000	Socialist Republic of Vietnam, 6.75%, 1/29/20(a)		113,000


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Sovereign Bonds, continued
$	200,000	Ukraine Government, 6.25%, 6/17/16(a)	$	193,040
	100,000	Ukraine Government, 6.58%, 11/21/16(a)		96,500
	760,000	Ukraine Government, 9.25%, 7/24/17(a)		769,500
	1,400,000	Ukraine Government, 6.75%, 11/14/17(a)		1,335,600
	620,000	Ukraine Government, 7.75%, 9/23/20(a)		591,480
	1,430,000	Ukraine Government, 7.95%, 2/23/21(a)		1,365,650
	1,240,000	Ukraine Government, 7.80%, 11/28/22(a)		1,168,700
	2,400,000	Ukraine Government, 7.50%, 4/17/23(a)		2,255,999

				16,215,875

	Wireless Telecommunication Services (0.1%):
	500,000	Wind Acquisition Finance SA, 7.38%, 4/23/21, Callable 4/23/17 @ 103.69(a)		533,750

	Total Yankee Dollars (Cost $27,221,524)			29,043,446

	Municipal Bond (0.1%):
	Puerto Rico (0.1%):
	569,000	Puerto Rico Commonwealth, GO, Series A, 8.00%, 7/1/35, Callable 7/1/20 @ 100		500,726

	Total Municipal Bond (Cost $530,102)			500,726

	U.S. Treasury Obligations (0.9%):
	U.S. Treasury Bills (0.9%)
	1,000,000	0.00%, 7/3/14^(f)		1,000,000
	1,000,000	0.06%, 7/10/14(f)		999,999
	1,000,000	0.06%, 7/24/14(f)		999,989
	1,000,000	0.04%, 8/21/14(f)		999,968
	1,000,000	0.02%, 10/2/14^(f)		999,897
	1,000,000	0.04%, 10/9/14(f)		999,917
	1,000,000	0.04%, 10/23/14(f)		999,881

				6,999,651

	Total U.S. Treasury Obligations (Cost $6,999,445)			6,999,651

	U.S. Government Agency Mortgages (4.2%):
	34,000,000	Federal Home Loan Bank, 0.00%, 7/1/14(f)		34,000,000

	Total U.S. Government Agency Mortgages (Cost $34,000,000)			34,000,000

	Securities Held as Collateral for Securities on Loan (2.4%):
	19,090,906	Allianz Variable Insurance Products Securities Lending Collateral Trust(i)		19,090,906

	Total Securities Held as Collateral for Securities on Loan (Cost $19,090,906)			19,090,906

	Unaffiliated Investment Company (5.7%):
	46,134,204	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(f)		46,134,204

	Total Unaffiliated Investment Company (Cost $46,134,204)			46,134,204

	Total Investment Securities (Cost $714,200,220)(j) — 101.9%			824,445,315
	Net other assets (liabilities) — (1.9)%			(15,164,089	)

	Net Assets — 100.0%		$	809,281,226

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2014:


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Short Contracts:
British Pound	Bank of America	8/19/14		2,145,301	$	3,583,851	$	3,669,482	$	(85,631	)
British Pound	Bank of America	8/19/14		124,488		208,686		212,933		(4,247	)
British Pound	Bank of America	8/19/14		293,282		494,443		501,652		(7,209	)
British Pound	Barclays Bank	8/19/14		72,878		122,956		124,656		(1,700	)
British Pound	Barclays Bank	8/19/14		165,380		279,937		282,878		(2,941	)
British Pound	Barclays Bank	8/19/14		5,071,347		8,474,284		8,674,407		(200,123	)
British Pound	Credit Suisse First Boston	8/19/14		13,393		22,311		22,908		(597	)
British Pound	HSBC Bank	8/19/14		3,641,496		6,087,602		6,228,684		(141,082	)
British Pound	HSBC Bank	8/19/14		10,209		17,178		17,462		(284	)
British Pound	State Street Bank	8/19/14		396,419		670,343		678,064		(7,721	)
European Euro	Barclays Bank	7/16/14		82,000		107,207		112,282		(5,075	)
European Euro	Morgan Stanley	7/16/14		277,000		361,377		379,292		(17,915	)
European Euro	UBS Warburg	7/16/14		257,000		335,621		351,907		(16,286	)
European Euro	UBS Warburg	7/16/14		257,000		335,619		351,907		(16,288	)
European Euro	Bank of America	7/17/14		3,828,407		5,205,724		5,242,206		(36,482	)
European Euro	Barclays Bank	7/17/14		11,074		15,038		15,164		(126	)
European Euro	HSBC Bank	7/17/14		124,836		169,925		170,937		(1,012	)
European Euro	State Street Bank	7/17/14		8,935		12,233		12,235		(2	)
European Euro	Barclays Bank	7/18/14		129,000		169,667		176,639		(6,972	)
European Euro	Deutsche Bank	7/21/14		470,000		619,916		643,576		(23,660	)
European Euro	Deutsche Bank	7/22/14		71,000		93,139		97,221		(4,082	)
European Euro	Morgan Stanley	7/22/14		366,000		479,438		501,170		(21,732	)
European Euro	Deutsche Bank	7/23/14		93,795		123,248		128,435		(5,187	)
European Euro	Deutsche Bank	7/25/14		198,000		261,882		271,128		(9,246	)
European Euro	Deutsche Bank	7/25/14		9,975		13,208		13,659		(451	)
European Euro	Goldman Sachs	7/25/14		197,000		260,800		269,758		(8,958	)
European Euro	Citibank	7/28/14		60,360		79,936		82,654		(2,718	)
European Euro	Barclays Bank	7/29/14		19,995		26,506		27,380		(874	)
European Euro	Deutsche Bank	7/29/14		9,978		13,225		13,664		(439	)
European Euro	JPMorgan Chase	7/31/14		380,000		505,178		520,357		(15,179	)
European Euro	UBS Warburg	8/1/14		380,000		505,742		520,359		(14,617	)
European Euro	Barclays Bank	8/4/14		97,592		129,588		133,641		(4,053	)
European Euro	HSBC Bank	8/4/14		380,000		503,663		520,365		(16,702	)
European Euro	Barclays Bank	8/5/14		229,000		303,709		313,590		(9,881	)
European Euro	JPMorgan Chase	8/6/14		269,500		356,468		369,051		(12,583	)
European Euro	Citibank	8/8/14		34,482		45,906		47,220		(1,314	)
European Euro	Citibank	8/11/14		9,686		12,906		13,264		(358	)
European Euro	Deutsche Bank	8/11/14		180,000		240,003		246,495		(6,492	)
European Euro	JPMorgan Chase	8/11/14		239,500		318,923		327,975		(9,052	)
European Euro	Goldman Sachs	8/12/14		61,000		81,669		83,535		(1,866	)
European Euro	Morgan Stanley	8/15/14		66,000		87,581		90,383		(2,802	)
European Euro	Barclays Bank	8/19/14		237,000		314,061		324,561		(10,500	)
European Euro	Deutsche Bank	8/20/14		133,000		177,627		182,138		(4,511	)
European Euro	JPMorgan Chase	8/20/14		263,000		351,379		360,168		(8,789	)
European Euro	Barclays Bank	8/25/14		75,988		101,869		104,065		(2,196	)
European Euro	Deutsche Bank	8/29/14		28,980		38,700		39,688		(988	)
European Euro	Deutsche Bank	9/3/14		15,000		19,865		20,543		(678	)
European Euro	Deutsche Bank	9/3/14		34,000		45,026		46,564		(1,538	)
European Euro	Deutsche Bank	9/5/14		137,800		181,853		188,723		(6,870	)
European Euro	Barclays Bank	9/19/14		19,406		25,926		26,579		(653	)
European Euro	Deutsche Bank	9/23/14		229,000		310,712		313,646		(2,934	)
European Euro	Barclays Bank	9/24/14		45,864		62,089		62,817		(728	)


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
European Euro	Deutsche Bank	9/26/14		120,451	$	162,906	$	164,975	$	(2,069	)
European Euro	Barclays Bank	9/29/14		200,000		270,190		273,932		(3,742	)
European Euro	Deutsche Bank	9/30/14		1,320,000		1,782,488		1,807,962		(25,474	)
European Euro	Goldman Sachs	9/30/14		130,000		175,410		178,057		(2,647	)
European Euro	HSBC Bank	9/30/14		180,000		243,340		246,540		(3,200	)
European Euro	Deutsche Bank	10/9/14		420,000		570,520		575,283		(4,763	)
European Euro	Deutsche Bank	10/15/14		320,000		432,698		438,322		(5,624	)
European Euro	Barclays Bank	10/21/14		3,724,000		5,092,569		5,101,101		(8,532	)
European Euro	Deutsche Bank	10/21/14		570,000		779,931		780,781		(850	)
European Euro	Deutsche Bank	10/24/14		319,000		440,536		436,969		3,567
European Euro	Barclays Bank	10/27/14		175,515		242,685		240,425		2,260
European Euro	Deutsche Bank	10/31/14		1,747,075		2,412,728		2,393,229		19,499
European Euro	Deutsche Bank	11/3/14		7,376		10,150		10,104		46
European Euro	Barclays Bank	11/5/14		49,418		66,833		67,697		(864	)
European Euro	Citibank	11/7/14		1,793,000		2,414,678		2,456,213		(41,535	)
European Euro	Deutsche Bank	11/7/14		3,620,000		4,880,664		4,959,002		(78,338	)
European Euro	JPMorgan Chase	11/12/14		278,508		371,374		381,534		(10,160	)
European Euro	Bank of America	11/17/14		1,395,932		1,913,857		1,912,355		1,502
European Euro	Barclays Bank	11/17/14		1,776,409		2,436,434		2,433,589		2,845
European Euro	Citibank	11/17/14		1,801,000		2,421,841		2,467,277		(45,436	)
European Euro	Deutsche Bank	11/17/14		398,522		537,047		545,955		(8,908	)
European Euro	HSBC Bank	11/17/14		896,541		1,224,115		1,228,215		(4,100	)
European Euro	Morgan Stanley	11/17/14		66,000		88,822		90,417		(1,595	)
European Euro	State Street Bank	11/17/14		5,681		7,747		7,783		(36	)
European Euro	Deutsche Bank	11/19/14		93,863		126,424		128,589		(2,165	)
European Euro	Deutsche Bank	11/20/14		130,000		175,936		178,096		(2,160	)
European Euro	JPMorgan Chase	11/20/14		327,027		442,656		448,016		(5,360	)
European Euro	Deutsche Bank	12/4/14		100,000		135,466		137,005		(1,539	)
European Euro	Standard Charter	12/9/14		76,800		104,919		105,222		(303	)
European Euro	JPMorgan Chase	12/15/14		97,000		133,796		132,901		895
European Euro	Deutsche Bank	12/17/14		525,093		721,898		719,442		2,456
European Euro	Deutsche Bank	1/7/15		312,372		426,054		428,037		(1,983	)
European Euro	Barclays Bank	1/21/15		97,000		132,211		132,929		(718	)
European Euro	Deutsche Bank	1/26/15		1,650,000		2,239,380		2,261,235		(21,855	)
European Euro	Deutsche Bank	1/30/15		2,630,000		3,594,683		3,604,363		(9,680	)
European Euro	Deutsche Bank	2/3/15		2,280,000		3,090,426		3,124,775		(34,349	)
European Euro	Deutsche Bank	2/9/15		1,411,000		1,908,660		1,933,872		(25,212	)
European Euro	Goldman Sachs	2/9/15		181,000		252,267		248,073		4,194
European Euro	JPMorgan Chase	2/19/15		30,000		41,142		41,120		22
European Euro	Barclays Bank	2/20/15		210,000		288,555		287,840		715
European Euro	Credit Suisse First Boston	2/23/15		17,000		23,395		23,302		93
European Euro	Deutsche Bank	2/25/15		277,730		381,740		380,687		1,053
European Euro	Barclays Bank	2/26/15		170,862		234,619		234,203		416
European Euro	Bank of America	2/27/15		76,694		104,864		105,126		(262	)
European Euro	Deutsche Bank	3/5/15		43,000		59,282		58,943		339
European Euro	Barclays Bank	3/9/15		107,759		147,981		147,718		263
European Euro	Barclays Bank	3/9/15		33,304		45,768		45,654		114
European Euro	Deutsche Bank	3/9/15		660,000		906,147		904,737		1,410
European Euro	HSBC Bank	3/9/15		15,000		20,621		20,562		59
European Euro	Citibank	3/10/15		1,704,605		2,359,216		2,336,711		22,505
European Euro	Morgan Stanley	3/10/15		43,000		59,554		58,945		609
European Euro	Deutsche Bank	3/16/15		134,000		185,857		183,697		2,160
European Euro	JPMorgan Chase	3/16/15		15,000		20,787		20,563		224
European Euro	Barclays Bank	3/17/15		10,012		13,962		13,725		237
European Euro	Citibank	3/17/15		10,643		14,850		14,590		260
European Euro	Barclays Bank	3/23/15		9,076		12,638		12,443		195


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
European Euro	Deutsche Bank	3/23/15		173,000	$	240,816	$	237,172	$	3,644
European Euro	Deutsche Bank	3/26/15		78,000		107,418		106,935		483
European Euro	Barclays Bank	3/27/15		200,000		276,200		274,194		2,006
European Euro	Deutsche Bank	3/31/15		4,566		6,285		6,260		25
European Euro	Barclays Bank	4/2/15		17,912		24,691		24,558		133
European Euro	Deutsche Bank	4/7/15		192,660		265,773		264,150		1,623
European Euro	HSBC Bank	4/10/15		73,000		100,643		100,090		553
European Euro	Deutsche Bank	4/13/15		77,961		107,607		106,894		713
European Euro	Standard Charter	4/13/15		37,000		51,143		50,731		412
European Euro	JPMorgan Chase	4/14/15		99,000		137,219		135,742		1,477
European Euro	Deutsche Bank	4/15/15		370,000		513,264		507,321		5,943
European Euro	HSBC Bank	4/16/15		78,849		109,491		108,114		1,377
European Euro	Barclays Bank	4/22/15		16,935		23,372		23,221		151
European Euro	JPMorgan Chase	4/22/15		5,188		7,177		7,114		63
European Euro	Barclays Bank	4/30/15		11,783		16,337		16,158		179
European Euro	Standard Charter	4/30/15		380,000		525,867		521,083		4,784
European Euro	Barclays Bank	5/5/15		228,900		317,223		313,894		3,329
European Euro	Barclays Bank	5/7/15		112,000		155,432		153,589		1,843
European Euro	Goldman Sachs	5/7/15		317,570		440,832		435,494		5,338
European Euro	Deutsche Bank	5/12/15		1,425,000		1,973,340		1,954,209		19,131
European Euro	Citibank	5/13/15		136,787		188,451		187,587		864
European Euro	Goldman Sachs	5/13/15		142,000		195,654		194,736		918
European Euro	Standard Charter	5/13/15		56,000		77,032		76,797		235
European Euro	Goldman Sachs	5/14/15		87,000		119,837		119,311		526
European Euro	Barclays Bank	5/18/15		266,076		365,248		364,904		344
European Euro	Goldman Sachs	5/21/15		289,000		396,742		396,350		392
European Euro	Barclays Bank	5/22/15		363,741		498,734		498,857		(123	)
European Euro	JPMorgan Chase	5/26/15		172,504		235,816		236,589		(773	)
European Euro	Barclays Bank	5/29/15		72,758		99,061		99,789		(728	)
European Euro	Goldman Sachs	6/1/15		760,000		1,034,121		1,042,378		(8,257	)
European Euro	Barclays Bank	6/5/15		237,868		323,964		326,256		(2,292	)
European Euro	Deutsche Bank	6/10/15		285,500		390,079		391,600		(1,521	)
European Euro	Deutsche Bank	6/15/15		124,000		168,066		170,087		(2,021	)
European Euro	Barclays Bank	6/22/15		28,929		39,356		39,683		(327	)
European Euro	Deutsche Bank	6/22/15		420,000		571,116		576,129		(5,013	)
Japanese Yen	Deutsche Bank	7/11/14		26,073,000		258,866		257,433		1,433
Japanese Yen	Morgan Stanley	7/22/14		50,187,445		501,884		495,573		6,311
Japanese Yen	Citibank	7/24/14		74,785,000		751,712		738,473		13,239
Japanese Yen	JP Morgan Hambrecht and Quist	7/24/14		115,000,000		1,154,271		1,135,581		18,690
Japanese Yen	JPMorgan Chase	7/25/14		40,100,000		404,540		395,975		8,565
Japanese Yen	Barclays Bank	7/29/14		8,700,000		87,650		85,913		1,737
Japanese Yen	Barclays Bank	8/11/14		2,240,000		23,148		22,122		1,026
Japanese Yen	Citibank	8/11/14		2,240,000		23,148		22,122		1,026
Japanese Yen	Deutsche Bank	8/12/14		2,240,000		23,312		22,122		1,190
Japanese Yen	Citibank	8/13/14		46,922,100		487,890		463,404		24,486
Japanese Yen	JPMorgan Chase	8/29/14		22,800,000		234,654		225,198		9,456
Japanese Yen	Barclays Bank	9/18/14		2,251,755		22,874		22,244		630
Japanese Yen	JPMorgan Chase	9/29/14		2,255,332		22,954		22,281		673
Japanese Yen	Deutsche Bank	10/7/14		399,565,980		3,848,641		3,947,753		(99,112	)
Japanese Yen	JPMorgan Chase	10/17/14		33,615,000		323,436		332,152		(8,716	)
Japanese Yen	JPMorgan Chase	10/20/14		63,490,000		646,801		627,366		19,435
Japanese Yen	Barclays Bank	10/22/14		26,770,000		274,508		264,529		9,979
Japanese Yen	Deutsche Bank	10/29/14		20,662,500		212,974		204,191		8,783
Japanese Yen	JPMorgan Chase	11/4/14		91,650,000		936,408		905,755		30,653
Japanese Yen	Barclays Bank	11/5/14		536,000,000		5,472,514		5,297,213		175,301
Japanese Yen	Citibank	11/12/14		94,163,000		952,853		930,662		22,191


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Japanese Yen	HSBC Bank	11/12/14		3,336,000	$	33,834	$	32,971	$	863
Japanese Yen	JPMorgan Chase	11/13/14		36,450,000		368,591		360,258		8,333
Japanese Yen	Deutsche Bank	11/14/14		45,848,000		461,489		453,149		8,340
Japanese Yen	Citibank	11/19/14		7,667,000		76,748		75,782		966
Japanese Yen	Deutsche Bank	11/19/14		6,194,000		61,965		61,223		742
Japanese Yen	Citibank	11/20/14		8,613,000		86,424		85,133		1,291
Japanese Yen	HSBC Bank	11/20/14		1,616,000		16,207		15,973		234
Japanese Yen	JPMorgan Chase	11/20/14		5,564,000		55,790		54,996		794
Japanese Yen	Morgan Stanley	12/15/14		41,392,500		404,427		409,234		(4,807	)
Japanese Yen	Deutsche Bank	12/22/14		69,210,000		674,769		684,302		(9,533	)
Japanese Yen	HSBC Bank	12/22/14		69,320,000		674,805		685,390		(10,585	)
Japanese Yen	Barclays Bank	12/26/14		34,730,000		334,925		343,400		(8,475	)
Japanese Yen	Citibank	12/26/14		54,180,000		522,492		535,716		(13,224	)
Japanese Yen	Deutsche Bank	1/7/15		5,989,000		57,509		59,225		(1,716	)
Japanese Yen	Goldman Sachs	1/8/15		23,997,000		231,383		237,310		(5,927	)
Japanese Yen	Citibank	1/13/15		1,520,000		14,533		15,032		(499	)
Japanese Yen	UBS Warburg	1/14/15		4,550,000		43,549		44,999		(1,450	)
Japanese Yen	Barclays Bank	1/15/15		101,530,000		979,037		1,004,126		(25,089	)
Japanese Yen	HSBC Bank	1/15/15		5,640,000		54,231		55,779		(1,548	)
Japanese Yen	JPMorgan Chase	1/15/15		66,000,000		636,362		652,736		(16,374	)
Japanese Yen	Deutsche Bank	1/16/15		37,020,000		358,141		366,130		(7,989	)
Japanese Yen	Deutsche Bank	1/16/15		1,520,000		14,705		15,033		(328	)
Japanese Yen	Standard Charter	1/16/15		7,340,000		71,040		72,593		(1,553	)
Japanese Yen	JPMorgan Chase	1/20/15		33,615,000		323,785		332,469		(8,684	)
Japanese Yen	Goldman Sachs	1/27/15		7,610,000		73,615		75,273		(1,658	)
Japanese Yen	Deutsche Bank	1/28/15		7,248,281		70,992		71,696		(704	)
Japanese Yen	HSBC Bank	1/28/15		9,353,364		91,399		92,518		(1,119	)
Japanese Yen	Deutsche Bank	1/30/15		121,466,500		1,191,642		1,201,503		(9,861	)
Japanese Yen	JPMorgan Chase	2/6/15		100,100,000		991,397		990,232		1,165
Japanese Yen	Standard Charter	2/6/15		100,170,000		991,807		990,924		883
Japanese Yen	Barclays Bank	2/9/15		100,180,000		991,778		991,057		721
Japanese Yen	JPMorgan Chase	2/9/15		100,400,000		991,800		993,234		(1,434	)
Japanese Yen	Citibank	2/10/15		5,590,000		55,059		55,301		(242	)
Japanese Yen	Goldman Sachs	2/12/15		3,771,000		36,934		37,307		(373	)
Japanese Yen	HSBC Bank	2/12/15		53,860,000		528,441		532,843		(4,402	)
Japanese Yen	JPMorgan Chase	2/12/15		53,831,000		528,776		532,556		(3,780	)
Japanese Yen	Citibank	2/13/15		71,350,000		700,059		705,881		(5,822	)
Japanese Yen	JPMorgan Chase	2/13/15		35,730,000		349,800		353,485		(3,685	)
Japanese Yen	Citibank	2/17/15		35,630,000		349,177		352,511		(3,334	)
Japanese Yen	Goldman Sachs	2/18/15		964,860		9,500		9,546		(46	)
Japanese Yen	Goldman Sachs	2/18/15		35,780,000		352,481		353,999		(1,518	)
Japanese Yen	JPMorgan Chase	2/18/15		37,560,000		369,893		371,610		(1,717	)
Japanese Yen	HSBC Bank	2/24/15		4,020,000		39,403		39,776		(373	)
Japanese Yen	Barclays Bank	2/25/15		17,870,000		174,469		176,816		(2,347	)
Japanese Yen	JPMorgan Chase	2/25/15		4,000,000		39,039		39,578		(539	)
Japanese Yen	Barclays Bank	2/26/15		35,700,000		349,086		353,240		(4,154	)
Japanese Yen	Deutsche Bank	2/27/15		11,991,000		117,640		118,648		(1,008	)
Japanese Yen	JPMorgan Chase	3/3/15		5,100,000		50,090		50,466		(376	)
Japanese Yen	JPMorgan Chase	3/3/15		4,600,000		45,169		45,518		(349	)
Japanese Yen	HSBC Bank	3/4/15		4,600,000		45,076		45,519		(443	)
Japanese Yen	Barclays Bank	3/9/15		64,145,400		627,287		634,778		(7,491	)
Japanese Yen	JPMorgan Chase	3/16/15		44,142,850		431,188		436,869		(5,681	)
Japanese Yen	Citibank	3/17/15		2,260,084		22,088		22,368		(280	)
Japanese Yen	Citibank	3/19/15		46,322,000		456,311		458,451		(2,140	)
Japanese Yen	Morgan Stanley	3/19/15		7,060,000		69,922		69,873		49
Japanese Yen	Deutsche Bank	3/24/15		20,538,000		201,124		203,277		(2,153	)


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Japanese Yen	Barclays Bank	3/25/15		25,522,830	$	249,904	$	252,618	$	(2,714	)
Japanese Yen	Citibank	4/15/15		3,500,000		34,576		34,650		(74	)
Japanese Yen	Morgan Stanley	4/16/15		68,447,040		673,280		677,640		(4,360	)
Japanese Yen	Barclays Bank	4/17/15		32,710,000		321,923		323,840		(1,917	)
Japanese Yen	JPMorgan Chase	4/21/15		19,660,000		192,815		194,649		(1,834	)
Japanese Yen	JPMorgan Chase	4/22/15		24,420,000		239,547		241,780		(2,233	)
Japanese Yen	Citibank	5/12/15		5,590,000		55,198		55,359		(161	)
Japanese Yen	Goldman Sachs	5/13/15		7,475,000		73,638		74,027		(389	)
Japanese Yen	Standard Charter	5/13/15		5,588,000		55,098		55,339		(241	)
Japanese Yen	Citibank	5/14/15		5,587,000		54,964		55,330		(366	)
Japanese Yen	Bank of America	5/18/15		84,777,550		835,000		839,621		(4,621	)
Japanese Yen	Bank of America	5/19/15		84,522,875		835,000		837,109		(2,109	)
Japanese Yen	Barclays Bank	5/19/15		84,752,500		835,000		839,383		(4,383	)
Japanese Yen	Citibank	5/19/15		84,652,200		835,000		838,389		(3,389	)
Japanese Yen	HSBC Bank	5/19/15		84,820,600		835,000		840,057		(5,057	)
Japanese Yen	Goldman Sachs	6/1/15		48,990,000		482,670		485,265		(2,595	)
Japanese Yen	Citibank	6/9/15		51,300,000		502,291		508,193		(5,902	)
Japanese Yen	HSBC Bank	6/9/15		76,900,000		752,866		761,794		(8,928	)
Japanese Yen	Barclays Bank	6/10/15		60,420,000		591,729		598,545		(6,816	)
Japanese Yen	Citibank	6/10/15		43,640,000		426,747		432,316		(5,569	)
Japanese Yen	Citibank	6/10/15		51,500,000		503,608		510,180		(6,572	)
Japanese Yen	HSBC Bank	6/10/15		64,350,000		630,453		637,477		(7,024	)
Japanese Yen	Deutsche Bank	6/11/15		21,300,000		208,537		211,009		(2,472	)
Japanese Yen	JPMorgan Chase	6/11/15		59,620,000		583,583		590,627		(7,044	)
Japanese Yen	Citibank	6/17/15		2,416,000		23,749		23,936		(187	)
Japanese Yen	JPMorgan Chase	6/17/15		25,100,000		246,755		248,671		(1,916	)
Japanese Yen	Deutsche Bank	6/22/15		69,330,000		680,841		686,905		(6,064	)
Japanese Yen	Barclays Bank	6/30/15		16,411,000		161,960		162,627		(667	)
Korean Won	Bank of America	8/12/14		60,718,984		59,005		59,997		(992	)
Korean Won	Bank of America	8/12/14		462,105,446		429,416		456,610		(27,194	)
Korean Won	Credit Suisse First Boston	8/12/14		965,501,746		899,373		954,019		(54,646	)
Korean Won	Credit Suisse First Boston	8/12/14		59,961,029		55,817		59,248		(3,431	)
Korean Won	HSBC Bank	8/12/14		806,819,992		753,103		797,224		(44,121	)
Korean Won	HSBC Bank	8/12/14		233,976,159		218,635		231,193		(12,558	)
Malaysian Ringgit	HSBC Bank	8/6/14		110,000		33,698		34,174		(476	)
Malaysian Ringgit	HSBC Bank	8/7/14		110,000		33,696		34,172		(476	)
Malaysian Ringgit	HSBC Bank	8/11/14		170,000		52,063		52,794		(731	)
Malaysian Ringgit	HSBC Bank	10/24/14		812,462		247,702		250,879		(3,177	)
Malaysian Ringgit	HSBC Bank	11/20/14		39,000		11,870		12,018		(148	)
Malaysian Ringgit	HSBC Bank	2/18/15		1,235,558		374,128		378,138		(4,010	)
Malaysian Ringgit	HSBC Bank	2/23/15		720,000		217,951		220,271		(2,320	)
Malaysian Ringgit	HSBC Bank	3/11/15		2,909,811		880,027		889,130		(9,103	)
Malaysian Ringgit	HSBC Bank	3/31/15		500,000		151,057		152,551		(1,494	)
Malaysian Ringgit	HSBC Bank	4/10/15		340,000		102,657		103,657		(1,000	)
Phillipine Peso	JPMorgan Chase	7/11/14		9,520,000		218,128		218,103		25
Singapore Dollar	Deutsche Bank	8/7/14		123,000		97,053		98,670		(1,617	)
Swiss Franc	Bank of America	8/12/14		140,037		159,625		158,010		1,615
Swiss Franc	Bank of America	8/12/14		62,500		70,020		70,521		(501	)
Swiss Franc	Barclays Bank	8/12/14		72,670		83,004		81,997		1,007
Swiss Franc	Deutsche Bank	8/12/14		10,700		11,928		12,073		(145	)
Swiss Franc	HSBC Bank	8/12/14		51,869		58,684		58,526		158
Swiss Franc	State Street Bank	8/12/14		195,320		221,534		220,388		1,146

					$	142,780,594	$	143,968,254	$	(1,187,660	)

Long Contracts:
Brazilian Real	Deutsche Bank	10/31/14		435,000	$	185,264	$	190,214	$	4,950
British Pound	Bank of America	8/19/14		39,996		67,244		68,412		1,168


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
British Pound	Bank of America	8/19/14		14,074	$	23,881	$	24,072	$	191
British Pound	Bank of America	8/19/14		271,337		450,639		464,115		13,476
British Pound	Bank of America	8/19/14		503,402		844,452		861,055		16,603
British Pound	Bank of America	8/19/14		32,871		56,232		56,225		(7	)
British Pound	Barclays Bank	8/19/14		285,806		478,712		488,864		10,152
British Pound	Barclays Bank	8/19/14		4,846		8,242		8,289		47
British Pound	Credit Suisse First Boston	8/19/14		8,837		15,031		15,116		85
British Pound	Credit Suisse First Boston	8/19/14		25,973		44,431		44,426		(5	)
British Pound	Credit Suisse First Boston	8/19/14		4,204		7,189		7,191		2
British Pound	Deutsche Bank	8/19/14		49,020		83,214		83,847		633
British Pound	HSBC Bank	8/19/14		235,976		394,755		403,631		8,876
British Pound	State Street Bank	8/19/14		16,061		27,335		27,472		137
British Pound	State Street Bank	8/19/14		5,954		10,184		10,184		—
British Pound	State Street Bank	8/19/14		44,943		74,686		76,874		2,188
British Pound	State Street Bank	8/19/14		21,947		37,238		37,540		302
British Pound	State Street Bank	8/19/14		726,367		1,213,067		1,242,431		29,364
Chilean Peso	Deutsche Bank	7/10/14		162,750,000		307,511		294,233		(13,278	)
Chilean Peso	Morgan Stanley	7/18/14		305,012,200		578,496		550,947		(27,549	)
Chilean Peso	Morgan Stanley	7/31/14		8,010,000		15,055		14,448		(607	)
Chilean Peso	Deutsche Bank	8/12/14		4,400,000		7,795		7,927		132
Chilean Peso	Deutsche Bank	8/18/14		4,400,000		7,814		7,922		108
Chilean Peso	JPMorgan Chase	8/20/14		4,300,000		7,711		7,740		29
Chilean Peso	Morgan Stanley	8/20/14		4,010,000		7,535		7,218		(317	)
Chilean Peso	Deutsche Bank	8/27/14		2,610,000		4,631		4,695		64
Chilean Peso	JPMorgan Chase	8/28/14		3,900,000		6,914		7,015		101
Chilean Peso	Deutsche Bank	9/5/14		700,000		1,233		1,258		25
Chilean Peso	Citibank	10/20/14		2,148,010,500		4,128,407		3,843,893		(284,514	)
Chilean Peso	Barclays Bank	10/27/14		153,759,000		294,163		274,984		(19,179	)
Chilean Peso	Deutsche Bank	10/29/14		307,366,000		585,236		549,599		(35,637	)
Chilean Peso	Deutsche Bank	11/28/14		3,250,000		5,711		5,796		85
Chilean Peso	Deutsche Bank	12/1/14		3,250,000		5,701		5,794		93
Chilean Peso	Morgan Stanley	1/12/15		8,700,000		15,774		15,453		(321	)
Chilean Peso	Barclays Bank	2/10/15		4,400,000		7,569		7,795		226
Chilean Peso	Morgan Stanley	2/12/15		10,560,000		18,346		18,704		358
Chilean Peso	Deutsche Bank	2/17/15		3,930,000		6,840		6,958		118
Chilean Peso	Morgan Stanley	2/23/15		5,200,000		9,104		9,201		97
Chilean Peso	JPMorgan Chase	2/24/15		7,300,000		12,789		12,916		127
Chilean Peso	Morgan Stanley	2/25/15		5,600,000		9,767		9,907		140
Chilean Peso	Deutsche Bank	2/26/15		3,890,000		6,772		6,881		109
Chilean Peso	Deutsche Bank	3/3/15		700,000		1,208		1,238		30
Chilean Peso	JPMorgan Chase	3/12/15		990,530,400		1,708,547		1,749,935		41,388
Chilean Peso	JPMorgan Chase	3/20/15		4,300,000		7,294		7,591		297
Chilean Peso	Morgan Stanley	5/11/15		4,500,000		7,680		7,906		226
Chilean Peso	Barclays Bank	6/4/15		12,000,000		21,116		21,037		(79	)
Chilean Peso	Morgan Stanley	6/5/15		2,500,000		4,380		4,382		2
European Euro	Bank of America	7/17/14		23,127		31,671		31,668		(3	)
European Euro	Bank of America	7/17/14		669,831		914,443		917,194		2,751
European Euro	Bank of America	7/17/14		72,332		99,164		99,044		(120	)
European Euro	Bank of America	7/17/14		46,864		64,726		64,171		(555	)
European Euro	Bank of America	7/17/14		385,378		532,821		527,694		(5,127	)
European Euro	Bank of America	7/17/14		100,385		137,511		137,456		(55	)
European Euro	Barclays Bank	7/17/14		66,923		91,668		91,637		(31	)
European Euro	Barclays Bank	7/17/14		716,897		986,049		981,641		(4,408	)
European Euro	Deutsche Bank	7/17/14		43,524		59,241		59,597		356
European Euro	HSBC Bank	7/17/14		434,612		594,052		595,110		1,058
European Euro	State Street Bank	7/17/14		293,066		402,598		401,293		(1,305	)


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Indian Rupee	Deutsche Bank	7/31/14		3,173,333	$	51,407	$	52,356	$	949
Indian Rupee	JPMorgan Chase	7/31/14		5,537,000		93,064		91,353		(1,711	)
Indian Rupee	Citibank	8/7/14		12,666,000		207,546		208,644		1,098
Indian Rupee	HSBC Bank	8/13/14		8,549,600		140,171		140,646		475
Indian Rupee	JPMorgan Chase	8/13/14		52,506,800		870,136		863,767		(6,369	)
Indian Rupee	Deutsche Bank	8/19/14		8,080,848		133,890		132,755		(1,135	)
Indian Rupee	HSBC Bank	8/19/14		8,645,260		143,241		142,028		(1,213	)
Indian Rupee	JPMorgan Chase	8/19/14		14,490,000		240,241		238,047		(2,194	)
Indian Rupee	Deutsche Bank	8/27/14		4,760,000		80,289		78,058		(2,231	)
Indian Rupee	Deutsche Bank	8/28/14		3,173,333		53,052		52,027		(1,025	)
Indian Rupee	JPMorgan Chase	8/28/14		5,537,000		92,612		90,780		(1,832	)
Indian Rupee	Citibank	9/3/14		12,790,000		213,831		209,360		(4,471	)
Indian Rupee	JPMorgan Chase	9/23/14		5,537,000		90,939		90,138		(801	)
Indian Rupee	Deutsche Bank	9/26/14		4,760,000		78,097		77,425		(672	)
Indian Rupee	Deutsche Bank	9/30/14		12,693,333		208,064		206,262		(1,802	)
Korean Won	Bank of America	8/12/14		107,316,160		104,633		106,040		1,407
Korean Won	Bank of America	8/12/14		72,600,000		70,213		71,737		1,524
Korean Won	Bank of America	8/12/14		15,938,991		14,636		15,749		1,113
Korean Won	Credit Suisse First Boston	8/12/14		68,843,156		66,074		68,024		1,950
Korean Won	Credit Suisse First Boston	8/12/14		25,394,035		24,804		25,092		288
Korean Won	HSBC Bank	8/12/14		58,777,014		57,193		58,078		885
Korean Won	HSBC Bank	9/26/14		317,000,000		290,027		313,108		23,081
Korean Won	JPMorgan Chase	5/15/15		258,825,900		249,015		254,808		5,793
Korean Won	JPMorgan Chase	5/18/15		44,818,000		43,045		44,121		1,076
Korean Won	JPMorgan Chase	5/20/15		213,852,600		205,095		210,522		5,427
Korean Won	JPMorgan Chase	5/21/15		270,144,000		259,879		265,934		6,055
Korean Won	Deutsche Bank	6/29/15		316,000,000		305,196		310,962		5,766
Malaysian Ringgit	JPMorgan Chase	7/2/14		1,976,500		606,482		615,828		9,346
Malaysian Ringgit	Deutsche Bank	7/3/14		177,180		54,999		55,192		193
Malaysian Ringgit	HSBC Bank	8/6/14		110,000		32,573		34,174		1,601
Malaysian Ringgit	HSBC Bank	8/7/14		110,000		32,802		34,172		1,370
Malaysian Ringgit	HSBC Bank	8/11/14		170,000		50,790		52,794		2,004
Malaysian Ringgit	Deutsche Bank	9/18/14		964,663		290,947		298,698		7,751
Malaysian Ringgit	HSBC Bank	10/24/14		812,462		250,915		250,879		(36	)
Malaysian Ringgit	Barclays Bank	10/27/14		805,012		251,307		248,521		(2,786	)
Malaysian Ringgit	JPMorgan Chase	10/31/14		359,000		112,258		110,795		(1,463	)
Malaysian Ringgit	Deutsche Bank	11/19/14		62,320		19,124		19,205		81
Malaysian Ringgit	HSBC Bank	11/20/14		39,000		11,978		12,018		40
Malaysian Ringgit	JPMorgan Chase	1/8/15		86,100		25,695		26,432		737
Malaysian Ringgit	JPMorgan Chase	1/9/15		46,000		13,738		14,121		383
Malaysian Ringgit	JPMorgan Chase	1/12/15		14,000		4,185		4,297		112
Malaysian Ringgit	JPMorgan Chase	2/4/15		2,661,000		786,371		815,247		28,876
Malaysian Ringgit	HSBC Bank	2/18/15		1,235,558		365,636		378,138		12,502
Malaysian Ringgit	HSBC Bank	2/23/15		720,000		214,286		220,271		5,985
Malaysian Ringgit	HSBC Bank	3/11/15		2,909,811		876,740		889,130		12,390
Malaysian Ringgit	JPMorgan Chase	3/12/15		735,120		219,819		224,608		4,789
Malaysian Ringgit	HSBC Bank	3/31/15		500,000		148,907		152,551		3,644
Malaysian Ringgit	JPMorgan Chase	4/2/15		2,190,750		664,068		668,302		4,234
Malaysian Ringgit	HSBC Bank	4/10/15		340,000		102,087		103,657		1,570
Malaysian Ringgit	Deutsche Bank	5/19/15		2,093,018		635,017		636,223		1,206
Malaysian Ringgit	JPMorgan Chase	7/2/15		988,250		301,719		299,560		(2,159	)
Mexican Peso	Citibank	7/10/14		3,689,235		277,957		284,177		6,220
Mexican Peso	HSBC Bank	9/3/14		11,644,900		849,807		893,657		43,850
Mexican Peso	HSBC Bank	9/10/14		10,223,640		766,390		784,215		17,825
Mexican Peso	Deutsche Bank	10/14/14		19,592,000		1,446,972		1,499,421		52,449
Mexican Peso	Citibank	10/22/14		6,418,829		487,707		490,990		3,283


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Mexican Peso	HSBC Bank	11/7/14		27,672,950	$	2,050,000	$	2,114,547	$	64,547
Mexican Peso	Citibank	12/16/14		3,316,000		249,868		252,734		2,866
Mexican Peso	Citibank	12/18/14		1,589,750		119,413		121,149		1,736
Mexican Peso	Citibank	1/12/15		3,813,785		284,187		290,160		5,973
Mexican Peso	Citibank	3/13/15		1,070,200		80,660		81,104		444
Mexican Peso	JPMorgan Chase	3/13/15		28,297,935		2,079,507		2,144,534		65,027
Mexican Peso	Citibank	3/17/15		903,100		66,154		68,423		2,269
Mexican Peso	Citibank	3/24/15		2,637,800		192,963		199,759		6,796
Mexican Peso	HSBC Bank	5/19/15		51,197,819		3,831,999		3,862,951		30,952
Mexican Peso	Citibank	6/8/15		2,731,280		205,085		205,808		723
Mexican Peso	Citibank	6/9/15		2,728,000		205,693		205,547		(146	)
Mexican Peso	Citibank	6/12/15		5,548,030		414,899		417,946		3,047
Mexican Peso	Citibank	6/15/15		2,384,400		178,513		179,587		1,074
Mexican Peso	Citibank	6/22/15		2,146,000		160,293		161,557		1,264
Phillipine Peso	JPMorgan Chase	7/11/14		9,520,000		218,178		218,103		(75	)
Phillipine Peso	Deutsche Bank	7/18/14		28,970,800		668,871		663,631		(5,240	)
Phillipine Peso	JPMorgan Chase	9/25/14		3,020,000		68,802		69,092		290
Phillipine Peso	JPMorgan Chase	12/29/14		440,000		10,010		10,050		40
Phillipine Peso	JPMorgan Chase	6/25/15		6,140,000		139,362		140,055		693
Phillipine Peso	Deutsche Bank	6/26/15		16,461,720		373,062		375,495		2,433
Phillipine Peso	JPMorgan Chase	6/29/15		4,900,000		111,341		111,770		429
Phillipine Peso	JPMorgan Chase	7/1/15		9,520,000		217,630		217,153		(477	)
Singapore Dollar	JPMorgan Chase	7/24/14		348,966		273,155		279,936		6,781
Singapore Dollar	Deutsche Bank	8/7/14		123,000		96,971		98,670		1,699
Singapore Dollar	HSBC Bank	8/7/14		123,000		97,003		98,670		1,667
Singapore Dollar	Barclays Bank	8/12/14		34,819		27,412		27,932		520
Singapore Dollar	Deutsche Bank	8/12/14		246,000		194,374		197,340		2,966
Singapore Dollar	Barclays Bank	8/18/14		103,000		81,102		82,626		1,524
Singapore Dollar	Deutsche Bank	8/19/14		77,000		60,735		61,769		1,034
Singapore Dollar	HSBC Bank	8/19/14		77,000		60,745		61,769		1,024
Singapore Dollar	Deutsche Bank	8/27/14		172,000		134,554		137,978		3,424
Singapore Dollar	HSBC Bank	9/15/14		215,700		170,030		173,037		3,007
Singapore Dollar	HSBC Bank	9/19/14		252,000		199,052		202,158		3,106
Singapore Dollar	HSBC Bank	11/7/14		3,474,156		2,800,000		2,787,198		(12,802	)
Singapore Dollar	Deutsche Bank	11/28/14		66,000		52,557		52,951		394
Singapore Dollar	JPMorgan Chase	12/19/14		156,000		124,581		125,161		580
Singapore Dollar	HSBC Bank	12/22/14		190,000		151,636		152,440		804
Singapore Dollar	HSBC Bank	2/18/15		77,000		60,918		61,789		871
Singapore Dollar	HSBC Bank	3/13/15		499,540		394,270		400,886		6,616
Singapore Dollar	Citibank	5/18/15		260,154		208,332		208,819		487
Singapore Dollar	Deutsche Bank	5/19/15		77,000		61,632		61,806		174
Singapore Dollar	HSBC Bank	5/19/15		167,000		133,664		134,047		383
Singapore Dollar	JPMorgan Chase	5/19/15		60,863		48,706		48,853		147
Singapore Dollar	JPMorgan Chase	5/20/15		229,983		183,824		184,602		778
Singapore Dollar	Deutsche Bank	5/29/15		66,000		52,579		52,978		399
Swedish Krona	Deutsche Bank	8/19/14		20,440,000		3,105,911		3,058,366		(47,545	)
Swiss Franc	Bank of America	8/12/14		10,789		12,107		12,174		67
Swiss Franc	Credit Suisse First Boston	8/12/14		6,715		7,520		7,577		57
Swiss Franc	Deutsche Bank	8/12/14		12,300		13,752		13,879		127
Swiss Franc	HSBC Bank	8/12/14		2,410		2,718		2,719		1
Swiss Franc	State Street Bank	8/12/14		11,341		12,704		12,797		93

					$	50,773,539	$	50,927,012	$	153,473

At June 30, 2014, the Fund’s open forward cross currency contracts were as follows:


Purchase/Sale	Counterparty	Amount Purchased	Amount Sold		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Hungarian Forint/European Euro	JPMorgan Chase	43,445,000 HUF		143,312 EUR	$	193,385	$	188,724	$	(4,661	)
Hungarian Forint/European Euro	JPMorgan Chase	34,778,000 HUF		113,565 EUR		153,593		151,437		(2,156	)
Hungarian Forint/European Euro	Deutsche Bank	88,267,600 HUF		276,614 EUR		386,003		394,105		8,102
Hungarian Forint/European Euro	JPMorgan Chase	26,454,170 HUF		82,915 EUR		115,687		118,097		2,410
Hungarian Forint/European Euro	JPMorgan Chase	44,259,000 HUF		139,192 EUR		194,587		197,967		3,380
Hungarian Forint/European Euro	JPMorgan Chase	44,021,000 HUF		138,444 EUR		193,541		196,903		3,362
Polish Zloty/European Euro	Deutsche Bank	700,000 PLN		163,540 EUR		225,035		229,895		4,860
Polish Zloty/European Euro	Deutsche Bank	233,000 PLN		54,509 EUR		74,401		75,480		1,079
Polish Zloty/European Euro	Barclays Bank	233,000 PLN		54,477 EUR		74,396		75,515		1,119
Polish Zloty/European Euro	Deutsche Bank	233,000 PLN		54,721 EUR		74,430		75,192		762
Polish Zloty/European Euro	Morgan Stanley	91,000 PLN		21,321 EUR		29,245		29,455		210
Swedish Krona/European Euro	Deutsche Bank	5,900,000 SEK		641,179 EUR		874,934		879,225		4,291
Swedish Krona/European Euro	Deutsche Bank	4,380,000 SEK		494,552 EUR		680,545		658,077		(22,468	)

					$	3,269,782	$	3,270,072	$	290

At June 30, 2014, the Fund’s open over-the-counter interest rate swap agreements were as follows:

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investment securities, at cost	$	714,200,220

Investment securities, at value*	$	824,445,315
Cash		184,813
Segregated cash for collateral		570,000
Interest and dividends receivable		4,364,511
Foreign currency, at value (cost $1,471,792)		1,489,434
Unrealized appreciation on forward currency contracts		1,181,890
Receivable for capital shares issued		428,208
Receivable for investments sold		2,876,848
Reclaims receivable		208,161
Prepaid expenses		3,148

Total Assets		835,752,328

Liabilities:
Unrealized depreciation on forward currency contracts		2,215,787
Payable for investments purchased		3,268,646
Payable for capital shares redeemed		672,847
Unrealized depreciation on swap agreements		472,182
Payable for collateral received on loaned securities		19,090,906
Manager fees payable		462,474
Administration fees payable		22,889
Distribution fees payable		165,169
Custodian fees payable		73,496
Administrative and compliance services fees payable		1,841
Trustee fees payable		4,243
Other accrued liabilities		20,622

Total Liabilities		26,471,102

Net Assets	$	809,281,226

Net Assets Consist of:
Capital	$	651,263,410
Accumulated net investment income/(loss)		24,097,166
Accumulated net realized gains/(losses) from investment transactions		25,161,219
Net unrealized appreciation/(depreciation) on investments		108,759,431

Net Assets	$	809,281,226

Shares of beneficial interest (unlimited number of shares authorized, no par value)		55,141,470
Net Asset Value (offering and redemption price per share)	$	14.68

*	Includes securities on loan of 18,548,434.

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends	$	10,898,453
Interest		5,501,510
Income from securities lending		153,758
Foreign withholding tax		(468,772	)

Total Investment Income		16,084,949

Expenses:
Manager fees		2,623,884
Administration fees		133,805
Distribution fees		937,099
Custodian fees		135,512
Administrative and compliance services fees		5,699
Trustee fees		17,703
Professional fees		16,925
Shareholder reports		15,428
Other expenses		8,531

Total expenses before reduction		3,894,586
Less expenses paid indirectly		(659	)

Net expenses		3,893,927

Net Investment Income/(Loss)		12,191,022

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		13,507,428
Net realized gains/(losses) on options contracts		(161,366	)
Net realized gains/(losses) on forward currency contracts		(615,107	)
Change in net unrealized appreciation/depreciation on investments		19,147,032

Net Realized/Unrealized Gains/(Losses) on Investments		31,877,987

Change in Net Assets Resulting From Operations	$	44,069,009

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

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of 30 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Franklin Templeton Founding Strategy Plus Fund (the “Fund”), and 29 are presented in separate reports.

The Fund may invest in structured notes, the values of which are based on the price movements of a reference security or index. Structured notes are derivative debt securities, the interest rate or principal of which is determined by an unrelated indicator. The terms of the structured notes may provide that in certain circumstances no principal is due at maturity and therefore, may result in a loss of invested capital. Structured notes may be positively or negatively indexed, so that appreciation of the reference may produce an increase or a decrease in the interest rate or the value of the structured note at maturity may be calculated as a specified multiple of the change in the value of the reference; therefore, the value of such security may be very volatile. Structured notes may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the reference. Structured notes may also be more volatile, less liquid, and more difficult to accurately price than less complex securities or more traditional debt securities.

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

To generate additional income, the 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, 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 borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives 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 cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. 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. Securities on loan at June 30, 2014 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $24.4 million for the period ended June 30, 2014.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund paid securities lending fees of $15,023 during the period ended June 30, 2014. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Effective January 6, 2014, the Manager, on behalf of the Trust, requested the Fund cease participation in the program until further notice.

During the period ended June 30, 2014, the Fund entered into forward currency 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. In addition to the foreign currency risk related to the use of these contracts, the Fund 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. In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The contract amount of forward currency contracts outstanding was $196.8 million as of June 30, 2014. The monthly average amount for these contracts was $170.2 million for the period ended June 30, 2014.

The Fund may purchase or write put and call options on a security or an index of securities. During the period ended June 30, 2014, the Fund used written call options to hedge against security prices (equity risk). A stock index fluctuates with changes in the fair values of the stocks included in the index, and therefore options on stock indexes and options on stocks involve elements of equity price risk.

Purchased Options Contracts — The Fund pays a premium which is included in “Investments, at value” on the Statement of Assets and Liabilities and marked to market to reflect the current value of the option. Premiums paid for purchasing put options that expire are treated as realized losses. When a put option is exercised or closed, premiums paid for purchasing put options are offset against proceeds to determine the realized gain/loss on the transaction. The Fund bears the risk of loss of the premium and change in value should the counterparty not perform under the contract.

Realized gains and losses, if any, are reported as “Net realized gains/(losses) on options contracts” on the Statement of Operations.

The Fund had the following transactions in purchased call and put options during the period ended June 30, 2014:

The Fund may 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 Fund may enter into swap agreements to manage its exposure to market, interest rate and credit risk. The value of swap agreements are equal to the Fund’s 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. In connection with these arrangements, securities may be identified as collateral in accordance with the terms of the swap agreements to provide assets of value and recourse in the event of default or bankruptcy by the counterparty.

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 Fund are included as part of realized gains (losses). Swap agreements involve, to varying degrees, elements of market risk and exposure to loss. 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 or clearing house to perform. The counterparty risk for cleared swap agreements is generally lower than for uncleared over-the-counter swap agreements because generally a clearing organization becomes substituted for each counterparty to a cleared swap agreement and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to a clearing house for performance of financial obligations. However, there can be no assurance that the clearing house, or its members, will satisfy its obligations to the Fund. The notional amounts reflect the extent of the total investment exposure each Fund has under the swap agreement. The Fund bears the risk of loss of the amount expected to be received under a swap agreement (i.e., any unrealized appreciation) in the event of the default or bankruptcy of the swap agreement counterparty. The notional amount and related unrealized appreciation (depreciation) of each swap agreement at period end is disclosed in the swap tables in the Schedule of Portfolio Investments.

Interest rate swaps involve the exchange of commitments to pay and receive interest based on a notional amount and are subject to interest rate risk exposure. Interest rate swaps do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that a Fund is contractually obligated to make. If the other party to an interest rate swap defaults, a Fund’s risk of loss consists of the net amount of interest payments that the Fund is contractually entitled to receive. As of June 30, 2014, the Fund entered into interest rate swap agreements to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed rate bonds which may decrease when interest rates rise (interest rate risk). The gross notional amount of interest rate swaps outstanding was $6.1 million as of June 30, 2014. The monthly average gross notional amount of interest rate swaps was $6.1 million for the period ended June 30, 2014.

The following is a summary of the fair values of Liabilities, categorized by risk exposure, as of June 30, 2014:

The following is a summary of the effect of derivative instruments on the Fund’s Statement of Operations, categorized by risk exposure, for the June 30, 2014:

The Fund is generally subject to master netting agreements that allow for amounts owed between the Fund and the counterparty to be netted. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements do not apply to amounts owed to/from different counterparties. The amounts shown in the Statement of Assets and Liabilities do not take into consideration the effects of legally enforceable master netting agreements. The table below presents the gross and net amounts of these assets and liabilities with any offsets to reflect the Fund’s ability to reflect the master netting agreements at June 30, 2014. For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to master netting arrangements in the Statement of Assets and Liabilities. This table also summarizes the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2014.

As of June 30, 2014, the Fund’s derivative assets and liabilities by type are as follows:

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under MNA and net of the related collateral received by the Fund as of June 30, 2014:

The following table presents the Fund’s derivative liabilities by counterparty net of amounts available for offset under MNA and net of the related collateral pledged by the Fund as of June 30, 2014:

The Manager provides investment advisory and management services for the Fund. The Manager has retained three independent money management organizations (the “Subadviser”), Franklin Advisers, Inc. (“Advisers”), Franklin Mutual Advisers, LLC (“Franklin Mutual”) and Templeton Global Advisors Limited (“Global Advisors”) to make investment decisions on behalf of the Fund. Pursuant to subadvisory agreements with the Manager and Advisers, the Manager and Franklin Mutual, and the Manager and Global Advisors, and the Trust, Advisers, Franklin Mutual and Global Advisors provide investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2015.

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator, transfer agent, and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. In addition, the Administrator is entitled to annual account fees related to the transfer agency system, an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $4,282 was paid from the Fund relating to these fees and expenses.

Forward currency contracts are generally valued at the foreign currency exchange rate as of the close of the NYSE and are typically categorized as Level 2 in the fair value hierarchy. Non exchange-traded derivatives, such as swaps and certain options, are generally valued by approved independent pricing services utilizing techniques which take into account factors such as yield, quality, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes and are typically categorized as Level 2 in the far value hierarchy.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:

A reconciliation of assets in which level 3 inputs are used in determining fair value, along with additional quantitative disclosures, are represented when there are significant level 3 investments at the end of the period.

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

A restricted security is a security which has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (the “1933 Act”) or pursuant to the resale limitations provided by Rule 144A under the 1933 Act, or an exemption from the registration requirements of the 1933 Act. Whether a restricted security is illiquid is determined pursuant to guidelines established by the Board of Trustees. Not all restricted securities are considered illiquid. At June 30, 2014, all restricted securities were deemed liquid (except as noted below). The illiquid restricted securities held as of June 30, 2014 are identified below.

Security Quality Risk (also known as “High Yield Risk”): The Fund may invest in high yield, high risk debt securities and unrated securities of similar credit quality (commonly known as “junk bonds”) may be subject to greater levels of credit and liquidity risk than funds that do not invest in such securities. These securities are considered predominately speculative with respect to the issuer’s continuing ability to make principal and interest payments. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce the Fund’s ability to sell these securities (liquidity risk). If the issuer of a security is in default with respect to interest or principal payments, the Fund may lose the value of its entire investment.

Cost for federal income tax purposes at June 30, 2014 is $714,215,505. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

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

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

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


Shares			Fair Value
	Common Stocks+ (99.3%):
	Aerospace & Defense (2.6%):
	12,090	Boeing Co. (The)	$	1,538,211
	16,875	Honeywell International, Inc.		1,568,531
	8,680	Raytheon Co.		800,730
	14,530	United Technologies Corp.		1,677,488

				5,584,960

	Air Freight & Logistics (0.8%):
	17,525	United Parcel Service, Inc., Class B		1,799,117

	Auto Components (0.1%):
	4,275	Cooper Tire & Rubber Co.		128,250

	Automobiles (0.3%):
	42,310	Ford Motor Co.		729,424

	Banks (5.5%):
	4,455	Associated Banc-Corp.		80,546
	124,885	Bank of America Corp.		1,919,482
	41,468	Citigroup, Inc.		1,953,143
	3,430	FirstMerit Corp.		67,743
	51,495	JPMorgan Chase & Co.		2,967,142
	4,600	Old National Bancorp		65,688
	28,955	U.S. Bancorp		1,254,331
	74,155	Wells Fargo & Co.		3,897,586

				12,205,661

	Beverages (2.2%):
	52,735	Coca-Cola Co. (The)		2,233,855
	4,113	Monster Beverage Corp.*		292,146
	24,720	PepsiCo, Inc.		2,208,485

				4,734,486

	Biotechnology (3.0%):
	1,275	Alexion Pharmaceuticals, Inc.*		199,219
	13,815	Amgen, Inc.		1,635,282
	3,775	Biogen Idec, Inc.*		1,190,295
	8,900	Celgene Corp.*		764,332
	25,390	Gilead Sciences, Inc.*		2,105,085
	1,000	Regeneron Pharmaceuticals, Inc.*		282,470
	2,440	Vertex Pharmaceuticals, Inc.*		231,019

				6,407,702

	Capital Markets (2.2%):
	300	Affiliated Managers Group, Inc.*		61,620
	42,490	Charles Schwab Corp. (The)		1,144,255
	9,300	Eaton Vance Corp.		351,447
	6,665	Goldman Sachs Group, Inc. (The)		1,115,988
	12,970	Legg Mason, Inc.		665,491
	23,365	Morgan Stanley		755,390
	9,600	TD Ameritrade Holding Corp.		300,960
	6,200	Waddell & Reed Financial, Inc., Class A		388,058

				4,783,209

	Chemicals (2.4%):
	21,255	Dow Chemical Co. (The)		1,093,781
	14,420	E.I. du Pont de Nemours and Co.		943,645
	7,665	Eastman Chemical Co.		669,538
	8,645	LyondellBasell Industries NV, Class A		844,184
	6,965	Monsanto Co.		868,814
	9,605	Olin Corp.		258,567
	1,925	Potash Corp. of Saskatchewan, Inc.		73,073
	8,360	RPM International, Inc.		386,065

				5,137,667


Shares			Fair Value
	Common Stocks+, continued
	Commercial Services & Supplies (0.6%):
	5,320	ADT Corp. (The)	$	185,881
	9,890	R.R. Donnelley & Sons Co.		167,734
	9,240	Tyco International, Ltd.		421,344
	11,765	Waste Management, Inc.		526,249

				1,301,208

	Communications Equipment (1.7%):
	69,845	Cisco Systems, Inc.		1,735,648
	6,174	Motorola Solutions, Inc.		411,003
	16,045	QUALCOMM, Inc.		1,270,764
	9,895	Telefonaktiebolaget LM Ericsson, Sponsored ADR		119,532

				3,536,947

	Consumer Finance (1.0%):
	15,510	American Express Co.		1,471,434
	12,030	Discover Financial Services		745,619

				2,217,053

	Containers & Packaging (0.5%):
	6,615	Avery Dennison Corp.		339,019
	12,440	MeadWestvaco Corp.		550,594
	3,060	Sonoco Products Co.		134,426

				1,024,039

	Distributors (0.3%):
	7,560	Genuine Parts Co.		663,768

	Diversified Financial Services (1.6%):
	20,305	Berkshire Hathaway, Inc., Class B*		2,569,801
	8,535	CME Group, Inc.		605,558
	1,010	IntercontinentalExchange, Inc.		190,789

				3,366,148

	Diversified Telecommunication Services (2.2%):
	68,570	AT&T, Inc.		2,424,635
	17,889	Frontier Communications Corp.		104,472
	44,010	Verizon Communications, Inc.		2,153,409

				4,682,516

	Electric Utilities (1.3%):
	6,425	American Electric Power Co., Inc.		358,322
	20,696	Duke Energy Corp.		1,535,437
	2,070	Hawaiian Electric Industries, Inc.		52,412
	8,495	OGE Energy Corp.		331,985
	18,565	Pepco Holdings, Inc.		510,166

				2,788,322

	Electrical Equipment (1.1%):
	14,205	Eaton Corp. plc		1,096,342
	14,815	Emerson Electric Co.		983,124
	2,695	Hubbell, Inc., Class B		331,889

				2,411,355

	Electronic Equipment, Instruments & Components (0.5%):
	25,555	Corning, Inc.		560,932
	7,125	TE Connectivity, Ltd.		440,610

				1,001,542

	Energy Equipment & Services (2.7%):
	9,575	Baker Hughes, Inc.		712,859
	1,570	CARBO Ceramics, Inc.		241,968
	3,225	Diamond Offshore Drilling, Inc.		160,057


Shares			Fair Value
	Common Stocks+, continued
	Energy Equipment & Services, continued
	21,450	Halliburton Co.	$	1,523,164
	13,210	Patterson-UTI Energy, Inc.		461,557
	1,350	Rowan Cos. plc, Class A		43,106
	22,781	Schlumberger, Ltd.		2,687,019
	1,400	Seadrill, Ltd.		55,930
	1,145	Tidewater, Inc.		64,292

				5,949,952

	Food & Staples Retailing (1.9%):
	22,310	CVS Caremark Corp.		1,681,505
	12,350	Walgreen Co.		915,506
	20,105	Wal-Mart Stores, Inc.		1,509,282

				4,106,293

	Food Products (1.4%):
	19,555	ConAgra Foods, Inc.		580,392
	13,565	Kraft Foods Group, Inc.		813,222
	41,495	Mondelez International, Inc., Class A		1,560,627

				2,954,241

	Gas Utilities (0.3%):
	1,451	AGL Resources, Inc.		79,849
	5,005	National Fuel Gas Co.		391,891
	2,915	One Gas, Inc.		110,041
	3,500	WGL Holdings, Inc.		150,850

				732,631

	Health Care Equipment & Supplies (2.0%):
	26,325	Abbott Laboratories		1,076,693
	12,135	Baxter International, Inc.		877,361
	36,105	Boston Scientific Corp.*		461,061
	7,540	Covidien plc		679,957
	570	Intuitive Surgical, Inc.*		234,726
	17,325	Medtronic, Inc.		1,104,641

				4,434,439

	Health Care Providers & Services (2.0%):
	12,694	Aetna, Inc.		1,029,230
	10,245	Express Scripts Holding Co.*		710,286
	3,545	HCA Holdings, Inc.*		199,867
	1,050	Patterson Cos., Inc.		41,486
	2,000	Quest Diagnostics, Inc.		117,380
	16,605	UnitedHealth Group, Inc.		1,357,458
	3,915	Universal Health Services, Inc., Class B		374,900
	4,420	WellPoint, Inc.		475,636

				4,306,243

	Hotels, Restaurants & Leisure (1.6%):
	14,810	International Game Technology		235,627
	5,300	Las Vegas Sands Corp.		403,966
	15,880	McDonald’s Corp.		1,599,752
	7,945	Melco Crown Entertainment, Ltd., Sponsored ADR		283,716
	10,165	MGM Resorts International*		268,356
	1,485	Tim Hortons, Inc.		81,274
	5,715	Wendy’s Co. (The)		48,749
	2,495	Wynn Resorts, Ltd.		517,862

				3,439,302


Shares			Fair Value
	Common Stocks+, continued
	Household Durables (0.9%):
	13,485	Leggett & Platt, Inc.	$	462,265
	14,425	Newell Rubbermaid, Inc.		447,031
	12,040	Toll Brothers, Inc.*		444,276
	3,995	Tupperware Brands Corp.		334,382
	2,515	Whirlpool Corp.		350,138

				2,038,092

	Household Products (2.0%):
	14,135	Colgate-Palmolive Co.		963,724
	7,370	Kimberly-Clark Corp.		819,691
	31,105	Procter & Gamble Co. (The)		2,444,543

				4,227,958

	Industrial Conglomerates (2.3%):
	9,495	3M Co.		1,360,064
	136,155	General Electric Co.		3,578,153

				4,938,217

	Insurance (2.7%):
	2,525	AEGON NV, NYS, Sponsored ADR, Registered Shares		22,144
	6,400	AFLAC, Inc.		398,400
	13,705	Allstate Corp. (The)		804,758
	21,920	American International Group, Inc.		1,196,393
	4,445	Aon plc		400,450
	6,800	Arthur J. Gallagher & Co.		316,880
	9,115	Fidelity National Financial, Inc., Class A		298,607
	11,060	Lincoln National Corp.		568,926
	13,240	Marsh & McLennan Cos., Inc.		686,097
	12,620	Old Republic International Corp.		208,735
	6,795	Principal Financial Group, Inc.		343,012
	5,010	Travelers Cos., Inc. (The)		471,291
	8,960	XL Group plc		293,261

				6,008,954

	Internet & Catalog Retail (1.1%):
	6,345	Amazon.com, Inc.*		2,060,729
	457	Lands’ End, Inc.*		15,346
	875	Netflix, Inc.*		385,525

				2,461,600

	Internet Software & Services (3.7%):
	5,365	Akamai Technologies, Inc.*		327,587
	1,240	Baidu, Inc., Sponsored ADR*		231,645
	18,940	eBay, Inc.*		948,136
	15,500	Facebook, Inc., Class A*		1,042,995
	3,825	Google, Inc., Class A*		2,236,363
	3,825	Google, Inc., Class C*		2,200,446
	1,175	LinkedIn Corp., Class A*		201,477
	6,095	VeriSign, Inc.*		297,497
	7,675	Yahoo!, Inc.*		269,623

				7,755,769

	IT Services (3.5%):
	16,710	Automatic Data Processing, Inc.		1,324,769
	4,185	Broadridge Financial Solutions, Inc.		174,263
	13,065	Cognizant Technology Solutions Corp., Class A*		639,009
	9,140	Fidelity National Information Services, Inc.		500,324
	11,385	International Business Machines Corp.		2,063,760
	21,440	Paychex, Inc.		891,046


Shares			Fair Value
	Common Stocks+, continued
	IT Services, continued
	7,910	Visa, Inc., Class A	$	1,666,716
	19,730	Western Union Co.		342,118

				7,602,005

	Leisure Products (0.3%):
	17,575	Mattel, Inc.		684,898

	Machinery (2.5%):
	7,700	Caterpillar, Inc.		836,759
	6,570	Cummins, Inc.		1,013,685
	5,780	Deere & Co.		523,379
	6,320	Parker Hannifin Corp.		794,614
	5,579	Pentair plc		402,357
	2,870	Snap-On, Inc.		340,152
	4,595	SPX Corp.		497,225
	6,880	Stanley Black & Decker, Inc.		604,202
	5,095	Timken Co.		345,645

				5,358,018

	Media (3.6%):
	26,050	Comcast Corp., Class A		1,398,364
	4,088	Liberty Global plc, Series C*		172,963
	1,459	Liberty Global plc, Class A*		64,517
	6,311	News Corp., Class B*		110,127
	9,585	Omnicom Group, Inc.		682,644
	62,395	Sirius XM Holdings, Inc.*		215,887
	7,495	Time Warner Cable, Inc.		1,104,014
	20,390	Time Warner, Inc.		1,432,397
	2,573	Time, Inc.*		62,318
	28,775	Walt Disney Co. (The)		2,467,168

				7,710,399

	Metals & Mining (0.9%):
	20,660	Alcoa, Inc.		307,627
	19,545	Freeport-McMoRan Copper & Gold, Inc.		713,393
	9,705	Nucor Corp.		477,971
	2,300	Silver Wheaton Corp.		60,421
	5,309	Southern Copper Corp.		161,234
	13,000	Steel Dynamics, Inc.		233,350
	3,095	Worthington Industries, Inc.		133,209

				2,087,205

	Multiline Retail (0.8%):
	2,270	J.C. Penney Co., Inc.*		20,544
	11,265	Macy’s, Inc.		653,594
	7,250	Nordstrom, Inc.		492,493
	1,545	Sears Holdings Corp.*		61,738
	9,585	Target Corp.		555,451

				1,783,820

	Multi-Utilities (1.5%):
	16,640	Ameren Corp.		680,243
	14,480	CenterPoint Energy, Inc.		369,819
	14,010	Consolidated Edison, Inc.		808,937
	5,715	Integrys Energy Group, Inc.		406,508
	22,410	Public Service Enterprise Group, Inc.		914,105

				3,179,612


Shares			Fair Value
	Common Stocks+, continued
	Oil, Gas & Consumable Fuels (7.8%):
	18,275	Chesapeake Energy Corp.	$	567,987
	26,325	Chevron Corp.		3,436,729
	26,410	ConocoPhillips		2,264,129
	12,790	CONSOL Energy, Inc.		589,235
	55,060	Exxon Mobil Corp.		5,543,440
	3,700	HollyFrontier Corp.		161,653
	16,345	Occidental Petroleum Corp.		1,677,487
	11,560	ONEOK, Inc.		787,005
	13,005	Phillips 66		1,045,992
	15,895	Southwestern Energy Co.*		723,064
	3,260	Statoil ASA, Sponsored ADR		100,506
	1,890	Total SA, Sponsored ADR		136,458
	2,800	Valero Energy Corp.		140,280

				17,173,965

	Personal Products (0.1%):
	9,190	Avon Products, Inc.		134,266
	1,565	Herbalife, Ltd.		101,005

				235,271

	Pharmaceuticals (6.0%):
	26,700	Abbvie, Inc.		1,506,948
	28,170	Bristol-Myers Squibb Co.		1,366,527
	16,135	Eli Lilly and Co.		1,003,113
	4,160	GlaxoSmithKline plc, Sponsored ADR		222,477
	35,035	Johnson & Johnson Co.		3,665,361
	967	Mallinckrodt plc*		77,379
	42,550	Merck & Co., Inc.		2,461,518
	96,070	Pfizer, Inc.		2,851,357

				13,154,680

	Professional Services (0.1%):
	1,890	Dun & Bradstreet Corp.		208,278

	Real Estate Investment Trusts (REITs) (1.7%):
	26,640	American Capital Agency Corp.		623,642
	41,030	Annaly Capital Management, Inc.		468,973
	31,570	Duke Realty Corp.		573,311
	6,415	Hatteras Financial Corp.		127,081
	3,230	Healthcare Realty Trust, Inc.		82,107
	13,770	Liberty Property Trust		522,296
	11,070	Mack-Cali Realty Corp.		237,784
	12,500	Senior Housing Properties Trust		303,625
	13,293	Ventas, Inc.		852,081

				3,790,900

	Road & Rail (0.7%):
	34,610	CSX Corp.		1,066,334
	13,005	Hertz Global Holdings, Inc.*		364,530

				1,430,864

	Semiconductors & Semiconductor Equipment (2.9%):
	18,865	Advanced Micro Devices, Inc.*		79,044
	8,180	Altera Corp.		284,337
	9,115	Analog Devices, Inc.		492,848
	30,930	Applied Materials, Inc.		697,472
	1,745	First Solar, Inc.*		124,000
	68,840	Intel Corp.		2,127,156
	7,990	Linear Technology Corp.		376,089


Shares			Fair Value
	Common Stocks+, continued
	Semiconductors & Semiconductor Equipment, continued
	9,445	Microchip Technology, Inc.	$	461,010
	8,500	Micron Technology, Inc.*		280,075
	12,135	NVIDIA Corp.		224,983
	5,435	Skyworks Solutions, Inc.		255,228
	10,210	Texas Instruments, Inc.		487,936
	7,475	Xilinx, Inc.		353,642

				6,243,820

	Software (3.8%):
	14,140	Activision Blizzard, Inc.		315,322
	12,075	Adobe Systems, Inc.*		873,747
	8,395	Autodesk, Inc.*		473,310
	100,620	Microsoft Corp.		4,195,853
	4,580	Nuance Communications, Inc.*		85,967
	47,750	Oracle Corp.		1,935,308
	14,795	Symantec Corp.		338,806
	5,940	TIBCO Software, Inc.*		119,810

				8,338,123

	Specialty Retail (2.5%):
	2,840	Abercrombie & Fitch Co., Class A		122,830
	10,455	American Eagle Outfitters, Inc.		117,305
	100	AutoZone, Inc.*		53,624
	5,295	Best Buy Co., Inc.		164,198
	5,640	Foot Locker, Inc.		286,061
	9,350	Gap, Inc. (The)		388,680
	21,865	Home Depot, Inc. (The)		1,770,189
	8,895	L Brands, Inc.		521,781
	21,735	Lowe’s Cos., Inc.		1,043,063
	5,375	Tiffany & Co.		538,844
	6,885	TJX Cos., Inc. (The)		365,938

				5,372,513


Shares or Contracts			Fair Value
	Common Stocks+, continued
	Technology Hardware, Storage & Peripherals (4.2%):
	78,745	Apple, Inc.	$	7,317,772
	23,555	EMC Corp.		620,439
	26,070	Hewlett-Packard Co.		878,038
	5,785	Seagate Technology plc		328,704

				9,144,953

	Thrifts & Mortgage Finance (0.2%):
	20,475	New York Community Bancorp, Inc.		327,191

	Tobacco (1.6%):
	30,370	Altria Group, Inc.		1,273,718
	18,390	Philip Morris International, Inc.		1,550,461
	9,895	Reynolds American, Inc.		597,163
	4,107	Vector Group, Ltd.		84,933

				3,506,275

	Trading Companies & Distributors (0.1%):
	3,285	GATX Corp.		219,898

	Total Common Stocks (Cost $157,768,830)			215,409,753

	Purchased Options (0.2%):
	Total Purchased Options (Cost $968,612)			404,140

	Unaffiliated Investment Company (2.6%):
	5,546,098	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(a)		5,546,098

	Total Unaffiliated Investment Company (Cost $5,546,098)			5,546,098

	Total Investment Securities (Cost $164,283,540)(b) — 102.1%			221,359,991
	Net other assets (liabilities) — (2.1)%			(4,555,810	)

	Net Assets — 100.0%		$	216,804,181

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investment securities, at cost	$	164,283,540

Investment securities, at value	$	221,359,991
Cash		1,593
Interest and dividends receivable		275,182
Receivable for capital shares issued		75,047
Reclaims receivable		2,575
Prepaid expenses		853

Total Assets		221,715,241

Liabilities:
Payable for capital shares redeemed		721
Written Options (Premiums received $3,316,585)		4,706,415
Manager fees payable		142,215
Administration fees payable		7,343
Distribution fees payable		44,442
Custodian fees payable		3,272
Administrative and compliance services fees payable		475
Trustee fees payable		1,017
Other accrued liabilities		5,160

Total Liabilities		4,911,060

Net Assets	$	216,804,181

Net Assets Consist of:
Capital	$	195,940,680
Accumulated net investment income/(loss)		3,814,863
Accumulated net realized gains/(losses) from investment transactions		(38,637,983	)
Net unrealized appreciation/(depreciation) on investments		55,686,621

Net Assets	$	216,804,181

Shares of beneficial interest (unlimited number of shares authorized, no par value)		18,194,959
Net Asset Value (offering and redemption price per share)	$	11.92

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends	$	2,393,508
Foreign withholding tax		(781	)

Total Investment Income		2,392,727

Expenses:
Manager fees		839,944
Administration fees		30,014
Distribution fees		262,482
Custodian fees		6,246
Administrative and compliance services fees		1,561
Trustee fees		4,918
Professional fees		4,788
Shareholder reports		2,736
Other expenses		1,942

Total expenses		1,154,631

Net Investment Income/(Loss)		1,238,096

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		2,609,071
Net realized gains/(losses) on options contracts		(9,173,861	)
Change in net unrealized appreciation/depreciation on investments		10,123,672

Net Realized/Unrealized Gains/(Losses) on Investments		3,558,882

Change in Net Assets Resulting From Operations	$	4,796,978

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

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of 30 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Gateway Fund (the “Fund”), and 29 are presented in separate reports.

Effective January 6, 2014, the Manager, on behalf of the Trust, requested the Fund cease participation in the program until further notice.

Realized gains and losses, if any, are reported as “Net realized gains/(losses) on options contracts” on the Statement of Operations.

The Fund had the following transactions in purchased call and put options during the period ended June 30, 2014:

The Fund had the following transactions in written call and put options during the period ended June 30, 2014:

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2014:

The following is a summary of the effect of derivative instruments on the Fund’s Statement of Operations, categorized by risk exposure, for the period ended June 30, 2014:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Gateway Investment Advisers, LLC (“Gateway”), Gateway provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2015.

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator, transfer agent, and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. In addition, the Administrator is entitled to annual account fees related to the transfer agency system, an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $1,233 was paid from the Fund relating to these fees and expenses.

Options are generally valued at the average of the closing bid and ask quotations on the principal exchange on which the option is traded, which are then typically categorized as Level 1 in the fair value hierarchy. Non exchange-traded derivatives, such as swaps and certain options, are generally valued by approved independent pricing services utilizing techniques which take into account factors such as yields, quality, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes and are typically categorized as Level 2 in the fair value hierarchy.

The Fund generally values index options at the average of the closing bid and ask quotations on the principal exchange on which the option is traded and are typically categorized as Level 1 in the fair value hierarchy. For options where market quotations are not readily available, fair value procedures as described below may be applied. Other assets and securities for which market quotations are not readily available, or are deemed unreliable are valued at fair value as determined in good faith by the Trustees or persons acting on the behalf of the Trustees. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2014 is $164,903,023. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

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

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


Shares			Fair Value
	Common Stocks (97.2%):
	Aerospace & Defense (1.0%):
	199,235	BAE Systems plc	$	1,476,003
	76,147	Cobham plc		406,516
	36,389	European Aeronautic Defence & Space Co. NV		2,442,188
	25,787	Finmeccanica SpA*		244,938
	51,028	Meggitt plc		441,277
	116,091	Rolls-Royce Holdings plc		2,120,030
	15,915,850	Rolls-Royce Holdings plc*(a)		—
	16,850	Safran SA		1,102,494
	97,000	Singapore Technologies Engineering, Ltd.		295,282
	5,633	Thales SA		340,403
	11,763	Zodiac Aerospace		397,818

				9,266,949

	Air Freight & Logistics (0.4%):
	349	Bollore		226,510
	60,455	Deutsche Post AG		2,186,384
	39,654	Royal Mail plc*		338,336
	26,648	TNT Express NV		240,885
	43,939	Toll Holdings, Ltd.		211,424
	23,000	Yamato Holdings Co., Ltd.		476,453

				3,679,992

	Airlines (0.0%):
	69,000	All Nippon Airways Co., Ltd.^		162,953
	71,000	Cathay Pacific Airways, Ltd.		132,679
	14,473	Deutsche Lufthansa AG, Registered Shares		310,711
	9,954	easyJet plc		232,194
	62,529	International Consolidated Airlines Group SA*		398,151
	3,435	Japan Airlines Co., Ltd.		190,136
	57,609	Qantas Airways, Ltd.*		68,493
	1,900	Ryanair Holdings plc, ADR*		106,020
	34,000	Singapore Airlines, Ltd.		282,414

				1,883,751

	Auto Components (1.1%):
	11,700	Aisin Sieki Co., Ltd.		466,416
	40,000	Bridgestone Corp.		1,402,066
	11,496	Compagnie Generale des Establissements Michelin SCA, Class B(b)		1,375,197
	6,797	Continental AG		1,574,440
	29,900	DENSO Corp.		1,430,009
	100,045	GKN plc		620,758
	7,000	Koito Manufacturing Co., Ltd.		179,572
	11,000	NGK Spark Plug Co., Ltd.		310,935
	9,600	NHK SPRING Co., Ltd.		90,147
	5,300	NOK Corp.		106,737
	7,027	Nokian Renkaat OYJ		274,413
	15,275	Pirelli & C. SpA		244,750
	9,000	Stanley Electric Co., Ltd.		235,159
	10,000	Sumitomo Rubber Industries, Ltd.		144,619
	15,000	The Yokohama Rubber Co., Ltd.		129,943
	3,700	Toyoda Gosei Co., Ltd.		76,970
	10,100	Toyota Industries Corp.		522,597
	4,704	Valeo SA		630,771

				9,815,499


Shares			Fair Value
	Common Stocks, continued
	Automobiles (3.6%):
	20,814	Bayerische Motoren Werke AG (BMW)	$	2,639,932
	12,000	Daihatsu Motor Co., Ltd.		213,711
	59,858	Daimler AG, Registered Shares		5,605,319
	53,342	Fiat SpA*		525,671
	36,200	Fuji Heavy Industries, Ltd.		1,004,761
	102,200	Honda Motor Co., Ltd.		3,575,518
	73,000	Isuzu Motors, Ltd.		483,734
	164,000	Mazda Motor Corp.		771,165
	42,800	Mitsubishi Motors Corp.		473,223
	154,900	Nissan Motor Co., Ltd.		1,472,273
	24,514	PSA Peugeot Citroen SA*		362,977
	11,815	Renault SA		1,070,228
	22,200	Suzuki Motor Corp.		696,798
	171,900	Toyota Motor Corp.		10,342,031
	1,852	Volkswagen AG		478,824
	17,100	Yamaha Motor Co., Ltd.		294,919

				30,011,084

	Banks (13.4%):
	77,000	Aozora Bank, Ltd.		253,352
	171,827	Australia & New Zealand Banking Group, Ltd.		5,404,926
	366,229	Banco Bilbao Vizcaya Argentaria SA		4,662,085
	212,031	Banco de Sabadell SA		722,438
	163,391	Banco Espirito Santo SA*		134,547
	23,948	Banco Popolare SC*		394,527
	113,075	Banco Popular Espanol SA		759,454
	730,280	Banco Santander SA		7,619,838
	64,650	Bank Hapoalim BM		373,549
	79,080	Bank Leumi Le*		308,324
	77,600	Bank of East Asia, Ltd. (The)		322,098
	1,473,636	Bank of Ireland*		495,376
	21,000	Bank of Kyoto, Ltd. (The)		191,288
	2,163	Bank of Queensland, Ltd.*		24,880
	22,737	Bank of Queensland, Ltd.		261,529
	75,000	Bank of Yokohama, Ltd. (The)		432,524
	290,166	Bankia SA*		561,449
	1,020,796	Barclays plc		3,717,967
	25,785	Bendigo and Adelaide Bank, Ltd.		296,530
	66,066	BNP Paribas SA		4,482,226
	224,000	BOC Hong Kong Holdings, Ltd.		649,266
	47,000	Chiba Bank, Ltd. (The)		332,439
	12,300	Chugoku Bank, Ltd. (The)		189,448
	205,030	Chuo Mitsui Trust Holdings, Inc.		939,072
	59,931	Commerzbank AG*		942,157
	100,407	Commonwealth Bank of Australia		7,661,465
	62,478	Credit Agricole SA		881,168
	110,217	Criteria Caixacorp SA		679,346
	41,674	Danske Bank A/S		1,178,600
	107,000	DBS Group Holdings, Ltd.		1,434,965
	59,994	DnB NOR ASA		1,096,281
	17,592	Erste Group Bank AG		569,060
	47,000	Fukuoka Financial Group, Inc.		227,305
	26,000	Gunma Bank, Ltd. (The)		154,015
	28,000	Hachijuni Bank, Ltd. (The)		173,620
	48,100	Hang Seng Bank, Ltd.		786,142


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	33,000	Hiroshima Bank, Ltd. (The)	$	157,939
	89,000	Hokuhoku Financial Group, Inc.		190,041
	1,174,524	HSBC Holdings plc		11,922,390
	60,208	Intesa Sanpaolo		159,750
	729,269	Intesa Sanpaolo SpA		2,248,029
	17,400	Iyo Bank, Ltd. (The)		176,189
	45,000	Joyo Bank, Ltd. (The)		240,311
	16,013	KBC Groep NV*		870,163
	3,564,077	Lloyds Banking Group plc*		4,531,863
	791,000	Mitsubishi UFJ Financial Group, Inc.		4,859,813
	8,445	Mizrahi Tefahot Bank, Ltd.		109,178
	1,442,439	Mizuho Financial Group, Inc.		2,965,555
	147,255	National Australia Bank, Ltd.		4,554,264
	54,937	Natixis		351,760
	188,150	Nordea Bank AB		2,653,357
	159,000	Oversea-Chinese Banking Corp., Ltd.		1,218,434
	7,158	Raiffeisen International Bank-Holding AG		227,858
	134,987	Resona Holdings, Inc.		787,847
	155,766	Royal Bank of Scotland Group plc*		877,641
	33,400	Seven Bank, Ltd.		136,670
	103,000	Shinsei Bank, Ltd.		232,431
	35,000	Shizuoka Bank, Ltd. (The)		379,063
	94,803	Skandinaviska Enskilda Banken AB, Class A		1,266,117
	45,132	Societe Generale		2,360,009
	152,247	Standard Chartered plc		3,110,902
	79,769	Sumitomo Mitsui Financial Group, Inc.		3,350,013
	11,000	Suruga Bank, Ltd.		213,885
	30,934	Svenska Handelsbanken AB, A Shares		1,512,976
	56,309	Swedbank AB, A Shares		1,492,763
	53,527	UBI Banca - Unione di Banche Italiane SCPA		462,266
	278,110	UniCredit SpA		2,329,199
	76,073	United Overseas Bank, Ltd.		1,375,194
	193,411	Westpac Banking Corp.		6,183,163
	15,000	Yamaguchi Financial Group, Inc.		158,368

				112,978,657

	Beverages (2.4%):
	49,957	Anheuser-Busch InBev NV		5,741,716
	24,200	Asahi Breweries, Ltd.		760,728
	6,677	Carlsberg A/S, Class B		719,243
	36,363	Coca-Cola Amatil, Ltd.		324,174
	12,509	Coca-Cola HBC AG		287,017
	155,914	Diageo plc		4,962,637
	6,248	Heineken Holding NV		410,777
	14,169	Heineken NV		1,017,209
	50,800	Kirin Holdings Co., Ltd.		734,800
	13,149	Pernod Ricard SA^		1,578,970
	1,475	Remy Cointreau SA		135,692
	60,408	SABMiller plc		3,499,449
	8,800	Suntory Beverage & Food, Ltd.		345,541
	46,255	Treasury Wine Estates, Ltd.		218,531

				20,736,484

	Biotechnology (0.4%):
	6,171	Actelion, Ltd., Registered Shares		780,264
	29,894	CSL, Ltd.		1,876,533


Shares			Fair Value
	Common Stocks, continued
	Biotechnology, continued
	9,048	Grifols SA	$	493,949

				3,150,746

	Building Products (0.6%):
	63,000	Asahi Glass Co., Ltd.		371,896
	20,475	Assa Abloy AB, Class B		1,040,972
	27,792	Compagnie de Saint-Gobain SA		1,565,582
	14,500	Daikin Industries, Ltd.		917,286
	2,325	Geberit AG, Registered Shares		816,676
	16,300	Lixil Group Corp.		440,920
	18,000	TOTO, Ltd.		243,079

				5,396,411

	Capital Markets (1.8%):
	59,663	3i Group plc		409,810
	55,368	Aberdeen Asset Management plc		430,163
	93,881	Credit Suisse Group AG, Registered Shares		2,673,900
	104,300	Daiwa Securities Group, Inc.		905,218
	86,565	Deutsche Bank AG, Registered Shares		3,045,342
	38,492	ICAP plc		250,002
	35,628	Investec plc		328,653
	14,125	Julius Baer Group, Ltd.		582,556
	17,709	Macquarie Group, Ltd.		995,283
	38,186	Mediobanca SpA*		380,730
	224,100	Nomura Holdings, Inc.		1,584,068
	1,118	Partners Group Holding AG		305,385
	11,690	SBI Holdings, Inc.		143,519
	7,885	Schroders plc		337,645
	228,741	UBS AG, Registered Shares		4,192,418

				16,564,692

	Chemicals (3.3%):
	21,327	Air Liquide SA		2,879,148
	10,000	Air Water, Inc.		160,190
	15,251	Akzo Nobel NV^		1,143,398
	3,440	Arkema, Inc.		334,813
	76,000	Asahi Kasei Corp.		582,736
	57,163	BASF SE		6,655,483
	8,319	Croda International plc		313,609
	18,000	Daicel Chemical Industries, Ltd.		172,340
	508	Ems-Chemie Holding AG		202,842
	565	Givaudan SA, Registered Shares		942,750
	8,400	Hitachi Chemical Co., Ltd.		139,225
	103,372	Incitec Pivot, Ltd.		282,866
	28,383	Israel Chemicals, Ltd.		243,637
	163	Israel Corp., Ltd. (The)*		92,793
	12,552	Johnson Matthey plc		665,265
	11,800	JSR Corp.		202,796
	10,653	K+S AG, Registered Shares^		349,684
	15,000	Kaneka Corp.		94,026
	13,000	Kansai Paint Co., Ltd.		217,777
	11,046	Koninklijke DSM NV		803,837
	22,300	Kuraray Co., Ltd.		283,129
	5,849	Lanxess AG		394,544
	11,478	Linde AG		2,440,732
	83,000	Mitsubishi Chemical Holdings Corp.		368,430


Shares			Fair Value
	Common Stocks, continued
	Chemicals, continued
	25,000	Mitsubishi Gas Chemical Co., Inc.	$	160,216
	56,000	Mitsui Chemicals, Inc.		153,378
	10,000	Nippon Paint Co., Ltd.		212,232
	10,100	Nitto Denko Corp.		474,267
	14,195	Novozymes A/S, B Shares		712,327
	23,220	Orica, Ltd.		426,843
	25,400	Shin-Etsu Chemical Co., Ltd.		1,546,461
	133	Sika AG, Bearer Shares		544,124
	3,598	Solvay SA		620,238
	91,000	Sumitomo Chemical Co., Ltd.		344,810
	5,861	Syngenta AG, Registered Shares		2,190,279
	17,000	Taiyo Nippon Sanso Corp.^		150,830
	62,000	Teijin, Ltd.		155,735
	89,000	Toray Industries, Inc.		586,133
	7,101	Umicore		330,480
	11,517	Yara International ASA		577,632

				29,152,035

	Commercial Services & Supplies (0.6%):
	15,730	Aggreko plc		443,823
	30,703	Babcock International Group plc		610,552
	97,290	Brambles, Ltd.		843,564
	35,000	Dai Nippon Printing Co., Ltd.		366,235
	12,919	Edenred		391,431
	98,126	G4S plc		428,299
	6,600	Park24 Co., Ltd.		120,167
	12,900	SECOM Co., Ltd.		789,728
	18,326	Securitas AB, B Shares		217,293
	1,677	Societe BIC SA		229,393
	37,000	Toppan Printing Co., Ltd.		286,902

				4,727,387

	Communications Equipment (0.6%):
	170,427	Alcatel-Lucent*		611,084
	231,027	Nokia OYJ^		1,747,412
	188,644	Telefonaktiebolaget LM Ericsson, B Shares		2,281,678

				4,640,174

	Construction & Engineering (0.8%):
	10,728	ACS, Actividades de Construccion y Servicios SA		490,040
	12,560	Bouygues SA		523,467
	9,000	Chiyoda Corp.		109,243
	25,318	Ferrovial SA		563,203
	1,338	Hochtief AG		115,812
	13,000	JGC Corp.		395,729
	51,000	Kajima Corp.		225,872
	5,932	Koninklijke Boskalis Westminster NV		339,839
	6,904	Leighton Holdings, Ltd.^		128,450
	40,000	Obayashi Corp.		285,997
	5,805	OCI NV*		226,277
	38,000	Shimizu Corp.		269,485
	23,030	Skanska AB, B Shares		525,332
	69,000	TAISEI Corp.		382,720
	30,306	Vinci SA		2,263,285

				6,844,751


Shares			Fair Value
	Common Stocks, continued
	Construction Materials (0.6%):
	50,387	Boral, Ltd.	$	249,653
	45,335	CRH plc		1,167,311
	43,202	Fletcher Building, Ltd.		333,093
	8,620	HeidelbergCement AG		735,107
	14,177	Holcim, Ltd., Registered Shares		1,246,522
	2,219	Imerys SA		187,251
	27,322	James Hardie Industries SE		356,897
	11,589	Lafarge SA^		1,006,088
	77,000	Taiheiyo Cement Corp.		310,633

				5,592,555

	Consumer Finance (0.1%):
	32,300	ACOM Co., Ltd.*^		154,051
	6,800	Aeon Credit Service Co., Ltd.		178,198
	10,400	Credit Saison Co., Ltd.		216,301

				548,550

	Containers & Packaging (0.1%):
	76,058	Amcor, Ltd.		748,339
	43,240	Rexam plc		395,658
	9,800	Toyo Seikan Kaisha, Ltd.		150,896

				1,294,893

	Distributors (0.1%):
	6,000	Jardine Cycle & Carriage, Ltd.		212,354
	352,000	Li & Fung, Ltd.		521,369

				733,723

	Diversified Consumer Services (0.0%):
	3,700	Benesse Holdings, Inc.		160,657

	Diversified Financial Services (1.3%):
	12,354	ASX, Ltd.		415,056
	11,887	Deutsche Boerse AG		922,450
	2,685	Eurazeo		223,169
	6,343	EXOR SpA		260,517
	149,750	First Pacific Co., Ltd.		167,341
	5,077	Groupe Bruxelles Lambert SA		527,553
	15,821	Hargreaves Lansdown plc		334,613
	69,400	Hong Kong Exchanges & Clearing, Ltd.		1,295,505
	8,009	Industrivarden AB, C Shares		158,134
	240,821	ING Groep NV*		3,378,758
	27,986	Investor AB, B Shares		1,049,303
	17,300	Japan Exchange Group, Inc.		427,388
	14,671	Kinnevik Investment AB, Class B		625,079
	10,613	London Stock Exchange Group plc		364,164
	34,100	Mitsubishi UFJ Lease & Finance Co., Ltd.		196,405
	82,600	ORIX Corp.		1,368,245
	1,812	Pargesa Holding SA		162,757
	54,000	Singapore Exchange, Ltd.		300,559

				12,176,996

	Diversified Telecommunication Services (3.3%):
	9,463	Belgacom SA		313,735
	119,553	Bezeq The Israeli Telecommunication Corp., Ltd.		223,908
	496,307	BT Group plc		3,264,745
	194,601	Deutsche Telekom AG, Registered Shares		3,410,687
	8,210	Elisa OYJ		250,972


Shares			Fair Value
	Common Stocks, continued
	Diversified Telecommunication Services, continued
	115,302	France Telecom SA	$	1,816,998
	149,000	HKT Trust & HKT, Ltd.		175,523
	1,632	Iliad SA		492,493
	28,073	Inmarsat plc		358,777
	196,105	Koninklijke (Royal) KPN NV*		714,038
	23,076	Nippon Telegraph & Telephone Corp.		1,441,446
	277,000	PCCW, Ltd.		165,149
	496,000	Singapore Telecommunications, Ltd.		1,532,590
	1,492	Swisscom AG, Registered Shares		866,941
	51,006	TDC A/S		527,907
	125,177	Telecom Corp. of New Zealand, Ltd.		293,625
	612,054	Telecom Italia SpA		774,283
	377,255	Telecom Italia SpA, RSP		372,243
	18,991	Telefonica Deutschland Holding AG		156,948
	256,751	Telefonica SA		4,401,614
	13,949	Telekom Austria AG		136,340
	3,024	Telenet Group Holding NV*		172,215
	47,526	Telenor ASA		1,081,651
	148,786	TeliaSonera AB		1,086,242
	268,814	Telstra Corp., Ltd.		1,321,084
	18,376	TPG Telecom, Ltd.		95,519
	75,886	Vivendi		1,855,747
	9,527	Ziggo NV		440,232

				27,743,652

	Electric Utilities (1.9%):
	39,000	Cheung Kong Infrastructure Holdings, Ltd.		268,966
	40,400	Chubu Electric Power Co., Inc.*		503,172
	18,700	Chugoku Electric Power Co., Inc. (The)		255,639
	119,000	CLP Holdings, Ltd.		977,171
	19,882	Contact Energy, Ltd.		92,399
	125,056	E.ON AG		2,582,134
	145,653	EDP - Energias de Portugal SA		730,303
	15,690	Electricite de France		494,117
	412,875	Enel SpA^		2,402,392
	27,460	Fortum OYJ^		736,678
	11,200	Hokuriku Electric Power Co.		148,735
	84,500	Hongkong Electric Holdings, Ltd.		739,201
	318,704	Iberdrola SA		2,436,509
	42,400	Kansai Electric Power Co., Inc. (The)*		400,338
	26,100	Kyushu Electric Power Co., Inc.*		294,403
	6,025	Red Electrica Corporacion SA^		551,857
	60,966	Scottish & Southern Energy plc		1,633,800
	11,900	Shikoku Electric Power Co., Inc.*		166,420
	114,914	SP AusNet		143,601
	94,887	Terna - Rete Elettrica Nationale SpA^		500,208
	28,400	Tohoku Electric Power Co., Inc.		333,996
	91,100	Tokyo Electric Power Co., Inc. (The)*		380,049

				16,772,088

	Electrical Equipment (1.4%):
	137,862	ABB, Ltd.		3,182,133
	13,191	Alstom SA		481,418
	37,000	Fuji Electric Holdings Co., Ltd.		175,746
	16,317	Legrand SA		997,423
	1,700	Mabuchi Motor Co., Ltd.		129,085


Shares			Fair Value
	Common Stocks, continued
	Electrical Equipment, continued
	120,000	Mitsubishi Electric Corp.	$	1,484,886
	12,600	Nidec Corp.		774,824
	6,048	Osram Licht AG*		305,077
	12,754	Prysmian SpA		287,824
	32,542	Schneider Electric SA		3,068,963
	47,000	Sumitomo Electric Industries, Ltd.		662,906
	14,020	Vestas Wind Systems A/S*		708,114

				12,258,399

	Electronic Equipment, Instruments & Components (1.2%):
	14,500	Citizen Holdings Co., Ltd.		114,058
	28,300	Fujifilm Holdings Corp.		790,946
	4,800	Hamamatsu Photonics K.K.		235,906
	16,053	Hexagon AB, B Shares^		517,150
	1,900	Hirose Electric Co., Ltd.		282,898
	3,500	Hitachi High-Technologies Corp.		83,428
	300,100	Hitachi, Ltd.		2,202,663
	26,500	HOYA Corp.		881,950
	7,600	IBIDEN Co., Ltd.		153,370
	23,600	Japan Display, Inc.*		144,837
	2,770	Keyence Corp.		1,211,805
	20,200	Kyocera Corp.		961,164
	12,500	Murata Manufacturing Co., Ltd.		1,172,685
	25,000	Nippon Electric Glass Co., Ltd.		145,885
	12,500	Omron Corp.		528,193
	17,028	Rexel SA		398,066
	13,000	Shimadzu Corp.		119,389
	7,600	TDK Corp.		357,201
	14,000	Yaskawa Electric Corp.		169,958
	12,900	Yokogawa Electric Corp.		163,620

				10,635,172

	Energy Equipment & Services (0.6%):
	10,552	Aker Solutions ASA		183,200
	19,839	AMEC plc		412,016
	4,737	Fugro NV^		270,969
	16,323	Petrofac, Ltd.		335,429
	16,365	Saipem SpA*		440,983
	23,167	Seadrill, Ltd.^		918,236
	18,110	Subsea 7 SA		337,945
	6,185	Technip-Coflexip SA		677,437
	28,657	Tenaris SA		675,926
	22,572	Transocean, Ltd.		1,013,570
	13,604	WorleyParsons, Ltd.		223,526

				5,489,237

	Food & Staples Retailing (1.9%):
	38,000	Aeon Co., Ltd.^		468,032
	37,852	Carrefour SA		1,394,961
	3,399	Casino Guichard-Perrachon SA		450,366
	4,894	Colruyt SA		248,474
	6,241	Delhaize Group		421,941
	37,768	Distribuidora Internacional de Alimentacion SA		347,305
	3,700	FamilyMart Co., Ltd.		159,684
	74,414	J Sainsbury plc		402,767
	15,701	Jeronimo Martins SGPS SA		258,364


Shares			Fair Value
	Common Stocks, continued
	Food & Staples Retailing, continued
	59,114	Koninklijke Ahold NV	$	1,109,126
	3,900	LAWSON, Inc.		292,828
	57,202	Metcash, Ltd.^		142,446
	10,248	Metro AG*		446,600
	46,500	Seven & I Holdings Co., Ltd.		1,962,602
	501,834	Tesco plc		2,437,371
	70,792	Wesfarmers, Ltd.		2,794,320
	134,588	William Morrison Supermarkets plc		423,364
	78,892	Woolworths, Ltd.		2,619,223

				16,379,774

	Food Products (3.9%):
	36,000	Ajinomoto Co., Inc.		564,240
	5,369	Aryzta AG		508,264
	22,075	Associated British Foods plc		1,155,903
	146	Barry Callebaut AG, Registered Shares		198,407
	4,400	Calbee, Inc.		121,513
	35,622	Danone SA		2,643,601
	458,382	Golden Agri-Resources, Ltd.		204,085
	9,681	Kerry Group plc, Class A		727,123
	10,000	Kikkoman Corp.		208,687
	7	Lindt & Spruengli AG, Registered Shares		432,456
	60	Lindt & Spruengli AG		305,444
	3,926	Meiji Holdings Co., Ltd.		260,446
	200,280	Nestle SA, Registered Shares		15,521,787
	11,000	Nippon Meat Packers, Inc.		215,196
	12,650	Nisshin Seifun Group, Inc.		151,169
	3,500	Nissin Foods Holdings Co., Ltd.		180,202
	28,564	Tate & Lyle plc		334,384
	5,000	Toyo Suisan Kaisha, Ltd.		154,469
	101,068	Unilever NV		4,420,561
	79,654	Unilever plc		3,611,476
	118,000	Wilmar International, Ltd.		302,064
	5,600	Yakult Honsha Co., Ltd.		284,128
	6,000	Yamazaki Baking Co., Ltd.		74,965

				32,580,570

	Gas Utilities (0.5%):
	51,712	APA Group		335,871
	10,800	Enagas^		347,973
	21,397	Gas Natural SDG SA^		677,108
	393,829	Hong Kong & China Gas Co., Ltd.		862,533
	115,000	Osaka Gas Co., Ltd.		484,235
	127,558	Snam Rete Gas SpA		768,436
	28,000	Toho Gas Co., Ltd.		154,218
	147,000	Tokyo Gas Co., Ltd.		860,056

				4,490,430

	Health Care Equipment & Supplies (0.7%):
	3,306	Cochlear, Ltd.^		192,435
	6,838	Coloplast A/S, Class B		618,755
	23,230	Elekta AB, B Shares^		295,414
	12,532	Essilor International SA Cie Generale d’Optique		1,330,400
	12,446	Getinge AB, B Shares		326,957
	14,600	Olympus Co., Ltd.*		504,285
	56,012	Smith & Nephew plc		995,890


Shares			Fair Value
	Common Stocks, continued
	Health Care Equipment & Supplies, continued
	3,349	Sonova Holding AG, Registered Shares	$	511,305
	9,600	Sysmex Corp.		361,116
	19,000	Terumo Corp.		425,738
	1,418	William Demant Holding A/S*		128,766

				5,691,061

	Health Care Providers & Services (0.4%):
	2,700	Alfresa Holdings Corp.		174,260
	2,756	Celesio AG*		98,099
	13,201	Fresenius Medical Care AG & Co., KGaA		888,274
	7,849	Fresenius SE & Co. KGaA		1,170,445
	7,600	Medipal Holdings Corp.		107,868
	3,300	Miraca Holdings, Inc.		160,114
	8,216	Ramsay Health Care, Ltd.		352,770
	21,805	Ryman Healthcare, Ltd.		163,169
	23,193	Sonic Healthcare, Ltd.		379,205
	4,700	Suzuken Co., Ltd.		175,182

				3,669,386

	Health Care Technology (0.0%):
	12,500	M3, Inc.		198,838

	Hotels, Restaurants & Leisure (1.2%):
	10,883	Accor SA		565,506
	11,178	Carnival plc		421,710
	110,721	Compass Group plc		1,932,596
	21,713	Crown, Ltd.		309,704
	3,662	Flight Centre, Ltd.^		153,618
	146,000	Galaxy Entertainment Group, Ltd.		1,167,883
	372,757	Genting Singapore plc		397,791
	16,229	InterContinental Hotels Group plc		671,410
	4,629	McDonald’s Holdings Co., Ltd.^		130,011
	60,400	MGM China Holdings, Ltd.		209,691
	3,100	Oriental Land Co., Ltd.		531,579
	148,500	Sands China, Ltd.		1,121,782
	87,333	Shangri-La Asia, Ltd.		136,876
	120,000	SJM Holdings, Ltd.		301,023
	5,848	Sodexo, Inc.		629,340
	49,758	Tabcorp Holdings, Ltd.		157,594
	90,522	Tatts Group, Ltd.		279,245
	32,640	Tui Travel plc		222,041
	11,308	Whitbread plc		851,962
	55,786	William Hill plc		312,655
	95,600	Wynn Macau, Ltd.		375,046

				10,879,063

	Household Durables (0.6%):
	11,400	Casio Computer Co., Ltd.^		165,870
	14,740	Electrolux AB, Series B		372,548
	26,794	Husqvarna AB, B Shares		208,151
	10,800	Iida Group Holdings Co., Ltd.		164,052
	137,300	Panasonic Corp.		1,676,233
	19,441	Persimmon plc*		422,724
	2,300	Rinnai Corp.		222,440
	27,000	Sekisui Chemical Co., Ltd.		313,393
	36,500	Sekisui House, Ltd.		501,540
	94,000	Sharp Corp.*^		301,263


Shares			Fair Value
	Common Stocks, continued
	Household Durables, continued
	66,200	Sony Corp.	$	1,105,913
	88,000	Techtronic Industries Co., Ltd.		282,311

				5,736,438

	Household Products (0.6%):
	6,707	Henkel AG & Co. KGaA		674,878
	40,615	Reckitt Benckiser Group plc		3,541,496
	7,900	Unicharm Corp.		471,431

				4,687,805

	Independent Power and Renewable Electricity Producers (0.0%):
	7,700	Electric Power Development Co., Ltd.		250,518
	111,801	Enel Green Power SpA		316,589

				567,107

	Industrial Conglomerates (1.4%):
	329	Delek Group, Ltd.		136,081
	70,000	Hankyu Hanshin Holdings, Inc.		399,990
	133,000	Hutchison Whampoa, Ltd.		1,819,414
	88,200	Keppel Corp., Ltd.		763,656
	62,685	Koninklijke Philips Electronics NV		1,987,008
	102,390	NWS Holdings, Ltd.		189,973
	52,166	Orkla ASA		464,532
	63,000	SembCorp Industries, Ltd.		270,781
	49,344	Siemens AG, Registered Shares		6,516,641
	24,324	Smiths Group plc		539,495
	2,053	Wendel		293,883

				13,381,454

	Insurance (5.1%):
	11,865	Admiral Group plc		315,333
	113,297	AEGON NV		988,872
	13,815	Ageas NV		551,160
	746,800	AIA Group, Ltd.		3,758,152
	28,589	Allianz SE, Registered Shares+		4,764,479
	182,929	AMP, Ltd.		914,861
	72,312	Assicurazioni Generali SpA		1,585,026
	182,158	Aviva plc		1,596,118
	112,551	AXA SA		2,685,822
	2,847	Baloise Holding AG, Registered Shares		335,599
	11,102	CNP Assurances		230,474
	53,200	Dai-ichi Life Insurance Co., Ltd. (The)		794,443
	12,323	Delta Lloyd NV		312,522
	94,955	Direct Line Insurance Group plc		439,441
	12,692	Gjensidige Forsikring ASA		227,699
	3,729	Hannover Rueckversicherung AG, Registered Shares		336,035
	144,251	Insurance Australia Group, Ltd.		794,671
	374,817	Legal & General Group plc		1,445,719
	63,211	Mapfre SA		251,634
	30,811	MS&AD Insurance Group Holdings, Inc.		746,107
	11,286	Muenchener Rueckversicherungs-Gesellschaft AG, Registered Shares		2,501,741
	20,425	NKSJ Holdings, Inc.		551,416
	303,022	Old Mutual plc		1,023,918
	160,446	Prudential plc		3,679,977


Shares			Fair Value
	Common Stocks, continued
	Insurance, continued
	80,565	QBE Insurance Group, Ltd.	$	826,170
	86,263	Resolution, Ltd.		464,968
	63,366	RSA Insurance Group plc		514,830
	28,239	Sampo OYJ, A Shares		1,429,247
	9,485	SCOR SE		326,280
	10,400	Sony Financial Holdings, Inc.		177,745
	146,923	Standard Life plc		939,285
	79,656	Suncorp-Metway, Ltd.		1,017,347
	1,973	Swiss Life Holding AG, Registered Shares		468,053
	22,095	Swiss Re AG		1,966,849
	38,336	T&D Holdings, Inc.		522,258
	42,900	Tokio Marine Holdings, Inc.		1,413,751
	1,593	Tryg A/S		160,957
	55,460	Unipolsai Assicurazioni SpA		178,346
	2,104	Vienna Insurance Group Weiner Staeditische Versicherung AG		112,622
	9,344	Zurich Insurance Group AG		2,817,759

				44,167,686

	Internet & Catalog Retail (0.1%):
	3,308	Asos plc*		167,173
	50,100	Rakuten, Inc.		649,013

				816,186

	Internet Software & Services (0.1%):
	6,200	DeNA Co., Ltd.^		84,019
	5,200	Gree, Inc.^		45,673
	8,700	Kakaku.com, Inc.		152,791
	7,563	United Internet AG, Registered Shares		333,199
	87,300	Yahoo! Japan Corp.		404,610

				1,020,292

	IT Services (0.3%):
	23,385	Amadeus IT Holding SA, A Shares		963,377
	4,965	Atos Origin SA		413,861
	8,815	Cap Gemini SA		629,525
	29,719	Computershare, Ltd.		349,946
	1,200	Itochu Techno-Solutions Corp.		52,167
	7,200	Nomura Research Institute, Ltd.		227,168
	7,600	NTT Data Corp.		292,493
	2,700	Otsuka Corp.		131,047

				3,059,584

	Leisure Products (0.2%):
	11,400	Namco Bandai Holdings, Inc.		267,502
	21,300	Nikon Corp.		335,879
	3,200	Sankyo Co., Ltd.		123,219
	11,700	Sega Sammy Holdings, Inc.		230,652
	4,700	Shimano, Inc.		522,604
	11,800	Yamaha Corp.		186,411

				1,666,267

	Life Sciences Tools & Services (0.0%):
	3,322	Lonza Group AG, Registered Shares		361,747
	14,641	QIAGEN NV*		354,651

				716,398


Shares			Fair Value
	Common Stocks, continued
	Machinery (2.4%):
	19,201	Alfa Laval AB	$	494,543
	23,000	AMADA Co., Ltd.		234,203
	4,684	Andritz AG		270,372
	23,778	Atlas Copco AB, B Shares		634,720
	41,430	Atlas Copco AB, A Shares		1,196,241
	57,952	CNH Industrial NV		594,471
	11,800	Fanuc, Ltd.		2,039,444
	11,138	GEA Group AG		527,529
	15,000	Hino Motors, Ltd.		207,122
	6,900	Hitachi Construction Machinery Co., Ltd.		137,722
	83,000	IHI Corp.		387,511
	16,953	IMI plc		431,053
	13,200	JTEKT Corp.		223,087
	88,000	Kawasaki Heavy Industries, Ltd.		335,954
	58,100	Komatsu, Ltd.		1,351,232
	19,451	Kone OYJ, B Shares^		812,098
	71,000	Kubota Corp.		1,008,876
	5,900	Kurita Water Industries, Ltd.		136,938
	7,600	Makita Corp.		469,493
	2,234	MAN AG		276,090
	65,736	Melrose Industries plc		292,429
	6,588	Metso Corp. OYJ		249,583
	187,000	Mitsubishi Heavy Industries, Ltd.		1,169,072
	6,500	Nabtesco Corp.		143,984
	16,000	NGK Insulators, Ltd.		364,154
	30,000	NSK, Ltd.		391,120
	66,162	Sandvik AB^		903,306
	1,239	Schindler Holding AG, Registered Shares		186,842
	3,061	Schindler Holding AG^		465,159
	49,000	SembCorp Marine, Ltd.^		161,193
	24,672	SKF AB, B Shares		629,083
	3,500	SMC Corp.		938,695
	1,669	Sulzer AG, Registered Shares		234,142
	37,000	Sumitomo Heavy Industries, Ltd.		176,360
	7,200	THK Co., Ltd.		170,145
	6,864	Vallourec SA		307,207
	94,057	Volvo AB, B Shares		1,294,566
	9,303	Wartsila Corp. OYJ		461,058
	13,937	Weir Group plc (The)		623,845
	104,250	Yangzijiang Shipbuilding Holdings, Ltd.		90,078
	11,945	Zardoya Otis SA^		212,512

				21,233,232

	Marine (0.4%):
	175	A.P. Moller - Maersk A/S, Class A		412,014
	405	A.P. Moller - Maersk A/S, Class B		1,007,093
	3,282	Kuehne & Nagel International AG, Registered Shares		436,955
	70,000	Mitsui O.S.K. Lines, Ltd.		260,921
	102,000	Nippon Yusen Kabushiki Kaisha		294,471

				2,411,454

	Media (1.4%):
	3,878	Altice SA*^		270,123
	2,392	Axel Springer AG		147,166
	62,505	British Sky Broadcasting Group plc		965,985


Shares			Fair Value
	Common Stocks, continued
	Media, continued
	13,077	Dentsu, Inc.	$	533,781
	10,353	Eutelsat Communications SA		359,526
	15,400	Hakuhodo DY Holdings, Inc.		153,171
	245,357	ITV plc		747,099
	4,332	JC Decaux SA		161,807
	1,278	Kabel Deutschland Holding AG		187,165
	7,055	Lagardere S.C.A.		229,751
	51,175	Pearson plc		1,009,790
	13,363	ProSiebenSat.1 Media AG, Registered Shares^		595,398
	11,327	Publicis Groupe		961,486
	3,075	REA Group, Ltd.		123,947
	42,814	Reed Elsevier NV		981,489
	72,985	Reed Elsevier plc		1,172,876
	2,665	RTL Group		296,245
	18,575	SES, Class A		704,201
	98,768	Singapore Press Holdings, Ltd.^		330,530
	25,726	Sky Deutschland AG*		237,013
	7,400	Toho Co., Ltd.		173,535
	18,945	Wolters Kluwer NV		560,379
	83,562	WPP plc		1,819,332

				12,721,795

	Metals & Mining (3.6%):
	147,224	Alumina, Ltd.*		187,560
	86,562	Anglo American plc		2,114,407
	24,134	Antofagasta plc		316,532
	63,722	ArcelorMittal^		947,012
	132,395	BHP Billiton plc		4,310,147
	199,966	BHP Billiton, Ltd.		6,830,484
	17,343	Boliden AB		251,741
	15,000	Daido Steel Co., Ltd.		76,837
	94,422	Fortescue Metals Group, Ltd.		387,820
	14,577	Fresnillo plc		217,309
	665,955	Glencore International plc		3,710,358
	15,000	Hitachi Metals, Ltd.		227,544
	27,328	Iluka Resources, Ltd.		209,680
	29,800	JFE Holdings, Inc.		616,019
	186,000	Kobe Steel, Ltd.		279,540
	2,600	Maruichi Steel Tube, Ltd.		69,914
	70,000	Mitsubishi Materials Corp.		245,780
	47,975	Newcrest Mining, Ltd.*		485,172
	468,480	Nippon Steel Corp.		1,500,965
	85,150	Norsk Hydro ASA		455,336
	5,355	Randgold Resources, Ltd.		450,477
	79,693	Rio Tinto plc		4,299,589
	26,930	Rio Tinto, Ltd.		1,507,459
	33,000	Sumitomo Metal & Mining Co., Ltd.		536,864
	28,299	ThyssenKrupp AG*		825,040
	6,984	Voestalpine AG^		332,164
	2,900	Yamato Kogyo Co., Ltd.		85,142

				31,476,892

	Multiline Retail (0.4%):
	4,000	Don Quijote Co., Ltd.		223,380
	37,408	Harvey Norman Holdings, Ltd.^		109,421
	22,200	Isetan Mitsukoshi Holdings, Ltd.		289,823


Shares			Fair Value
	Common Stocks, continued
	Multiline Retail, continued
	28,000	J. Front Retailing Co., Ltd.	$	196,925
	100,857	Marks & Spencer Group plc		733,022
	14,500	MARUI GROUP Co., Ltd.		139,228
	9,665	Next plc		1,070,185
	4,666	Pinault Printemps Redoute		1,022,397
	18,000	Takashimaya Co., Ltd.		175,025

				3,959,406

	Multi-Utilities (1.2%):
	34,311	AGL Energy, Ltd.		500,686
	316,689	Centrica plc		1,692,859
	90,467	GDF Suez		2,487,227
	233,886	National Grid plc		3,359,787
	30,083	RWE AG		1,291,852
	17,869	Suez Environnement Co.		342,472
	25,980	Veolia Environnement		494,379

				10,169,262

	Oil, Gas & Consumable Fuels (6.6%):
	213,706	BG Group plc		4,517,459
	1,151,806	BP plc		10,140,620
	8,913	Caltex Australia, Ltd.		181,364
	159,468	Eni SpA		4,358,616
	4,512	Fuchs Petrolub AG		204,034
	24,376	Galp Energia SGPS SA, B Shares		446,309
	6,000	Idemitsu Kosan Co., Ltd.		130,519
	56,600	INPEX Corp.		862,110
	139,570	JX Holdings, Inc.		748,059
	13,881	Lundin Petroleum AB*		280,761
	8,464	Neste Oil OYJ^		164,940
	8,980	OMV AG		405,794
	68,347	Origin Energy, Ltd.		942,735
	53,826	Repsol YPF SA		1,422,002
	243,163	Royal Dutch Shell plc, A Shares		10,057,825
	152,554	Royal Dutch Shell plc, B Shares		6,633,482
	60,558	Santos, Ltd.		814,754
	11,800	Showa Shell Sekiyu K.K.		134,284
	69,375	Statoil ASA		2,140,802
	19,000	TonenGeneral Sekiyu K.K.^		180,623
	133,383	Total SA		9,636,317
	56,776	Tullow Oil plc		828,312
	40,616	Woodside Petroleum, Ltd.		1,573,534

				56,805,255

	Paper & Forest Products (0.2%):
	47,000	Oji Paper Co., Ltd.		193,912
	33,306	Stora Enso OYJ, R Shares		323,742
	35,934	Svenska Cellulosa AB, B Shares		936,111
	32,208	UPM-Kymmene OYJ		549,513

				2,003,278

	Personal Products (0.6%):
	6,140	Beiersdorf AG		594,150
	32,200	Kao Corp.		1,268,828
	14,993	L’Oreal SA		2,585,100
	22,300	Shiseido Co., Ltd.		407,051

				4,855,129


Shares			Fair Value
	Common Stocks, continued
	Pharmaceuticals (8.9%):
	134,400	Astellas Pharma, Inc.	$	1,769,494
	78,678	AstraZeneca plc		5,853,789
	51,503	Bayer AG		7,274,218
	13,900	Chugai Pharmaceutical Co., Ltd.		392,707
	36,400	Daiichi Sankyo Co., Ltd.		680,064
	10,500	Dainippon Sumitomo Pharma Co., Ltd.		120,974
	15,500	Eisai Co., Ltd.		650,273
	302,971	GlaxoSmithKline plc		8,094,931
	3,900	Hisamitsu Pharmaceutical Co., Inc.		174,689
	17,000	Kyowa Hakko Kogyo Co., Ltd.^		230,464
	8,116	Merck KGaA		704,453
	13,200	Mitsubishi Tanabe Pharma Corp.		197,915
	142,750	Novartis AG, Registered Shares		12,933,522
	124,789	Novo Nordisk A/S, B Shares		5,761,168
	5,300	Ono Pharmaceutical Co., Ltd.		467,715
	5,781	Orion OYJ, Class B		215,339
	24,600	Otsuka Holdings Co., Ltd.		763,598
	43,601	Roche Holding AG		13,013,540
	73,750	Sanofi-Aventis SA		7,843,734
	5,200	Santen Pharmaceutical Co., Ltd.		292,918
	18,600	Shionogi & Co., Ltd.		388,970
	36,507	Shire plc		2,862,191
	2,100	Taisho Pharmaceutical Holdings Co., Ltd.		153,561
	49,600	Takeda Pharmacuetical Co., Ltd.		2,303,915
	53,495	Teva Pharmaceutical Industries, Ltd.		2,806,767
	6,901	UCB SA^		583,765

				76,534,674

	Professional Services (0.4%):
	10,692	Adecco SA, Registered Shares		879,422
	27,668	ALS, Ltd.^		231,244
	13,542	Bureau Veritas SA		375,864
	41,040	Capita Group plc		803,480
	62,551	Experian plc		1,056,331
	9,984	Intertek Group plc		469,483
	7,676	Randstad Holding NV		415,671
	333	SGS SA, Registered Shares		798,352

				5,029,847

	Real Estate Investment Trusts (REITs) (1.5%):
	133,000	Ascendas Real Estate Investment Trust		245,452
	59,738	British Land Co. plc		717,500
	135,000	CapitaCommercial Trust^		184,143
	157,000	CapitaMall Trust		248,814
	131,863	CFS Retail Property Trust		253,564
	4,842	Corio NV		247,316
	337,132	Dexus Property Group		352,764
	94,343	Federation Centres		221,436
	1,715	Fonciere des Regions SA		185,850
	1,273	Gecina SA		185,643
	105,263	GPT Group		381,189
	43,409	Hammerson plc+		430,432
	2,354	ICADE		252,236
	52	Japan Prime Realty Investment Corp.		186,654
	76	Japan Real Estate Investment Corp.		442,938
	139	Japan Retail Fund Investment Corp.		312,772


Shares			Fair Value
	Common Stocks, continued
	Real Estate Investment Trusts (REITs), continued
	6,408	Klepierre	$	326,533
	48,805	Land Securities Group plc		864,266
	55,204	Liberty International plc		293,934
	145,000	Link REIT (The)		780,208
	107,428	Macquarie Goodman Group		511,782
	225,581	Mirvac Group		379,804
	86	Nippon Building Fund, Inc.		502,947
	90	Nippon Prologis REIT, Inc.		210,009
	323,988	Scentre Group*		977,459
	48,266	SERGO plc		285,149
	143,327	Stockland Trust Group		524,494
	6,007	Unibail-Rodamco SE		1,745,567
	146	United Urban Investment Corp.		235,761
	121,202	Westfield Corp.*		817,506

				13,304,122

	Real Estate Management & Development (1.8%):
	7,260	AEON Mall Co., Ltd.		191,533
	74,028	BGP Holdings plc*(c)		—
	—	BUWOG-Bauen Und Wohnen Gesellschaft mbH*		7
	157,000	CapitaLand, Ltd.		403,036
	88,000	Cheung Kong Holdings, Ltd.		1,561,583
	26,000	City Developments, Ltd.		212,804
	4,500	Daito Trust Construction Co., Ltd.		529,671
	36,000	Daiwa House Industry Co., Ltd.		747,682
	17,460	Deutsche Wohnen AG		376,531
	196,000	Global Logistic Properties, Ltd.		424,537
	144,000	Hang Lung Properties, Ltd.		444,156
	64,130	Henderson Land Development Co., Ltd.		375,300
	14,200	Hulic Co., Ltd.		187,799
	37,000	Hysan Development Co., Ltd.		173,403
	60,788	Immofinanz Immobilien Anlagen AG		214,784
	40,000	Keppel Land, Ltd.		108,491
	37,000	Kerry Properties, Ltd.		129,504
	33,642	Lend Lease Group		416,392
	77,000	Mitsubishi Estate Co., Ltd.		1,905,342
	51,000	Mitsui Fudosan Co., Ltd.		1,724,907
	317,332	New World Development Co., Ltd.		361,565
	8,100	Nomura Real Estate Holdings, Inc.		153,576
	7,200	NTT Urban Development Corp.		81,312
	191,600	Sino Land Co., Ltd.		315,823
	22,000	Sumitomo Realty & Development Co., Ltd.		946,756
	100,000	Sun Hung Kai Properties, Ltd.		1,371,916
	41,000	Swire Pacific, Ltd., Class A		504,725
	82,000	Swire Properties, Ltd.		239,674
	3,478	Swiss Prime Site AG		288,394
	24,000	Tokyo Tatemono Co., Ltd.		222,524
	30,800	Tokyu Fudosan Holdings Corp.		243,595
	31,996	UOL Group, Ltd.		167,413
	92,300	Wharf Holdings, Ltd. (The)		664,976
	60,000	Wheelock & Co., Ltd.		250,730

				15,940,441

	Road & Rail (0.8%):
	61,846	Asciano, Ltd.		328,536
	134,637	Aurizon Holdings, Ltd.		632,543


Shares			Fair Value
	Common Stocks, continued
	Road & Rail, continued
	9,000	Central Japan Railway Co.	$	1,285,601
	142,000	ComfortDelGro Corp., Ltd.		284,198
	10,676	DSV A/S		348,055
	20,913	East Japan Railway Co.		1,649,651
	31,000	Keihin Electric Express Railway Co., Ltd.		278,909
	38,000	Keio Corp.		299,031
	16,000	Keisei Electric Railway Co., Ltd.		159,631
	113,000	Kintetsu Corp.		412,136
	90,000	MTR Corp., Ltd.		346,658
	54,000	Nagoya Railroad Co., Ltd.^		215,516
	52,000	Nippon Express Co., Ltd.		252,430
	38,000	Odakyu Electric Railway Co., Ltd.		366,251
	61,000	Tobu Railway Co., Ltd.		319,589
	70,000	Tokyu Corp.		496,955
	10,300	West Japan Railway Co.		453,997

				8,129,687

	Semiconductors & Semiconductor Equipment (0.7%):
	8,700	Advantest Corp.		107,753
	88,746	ARM Holdings plc		1,339,453
	17,400	ASM Pacific Technology, Ltd.		190,185
	22,146	ASML Holding NV		2,060,850
	70,988	Infineon Technologies AG		887,356
	6,200	ROHM Co., Ltd.		356,336
	38,926	STMicroelectronics NV		349,035
	10,500	Tokyo Electron, Ltd.		711,917

				6,002,885

	Software (0.9%):
	3,795	Dassault Systemes SA		487,748
	28,100	Gungho Online Enetertainment, Inc.^		181,873
	5,600	Konami Corp.		124,037
	10,900	Nexon Co., Ltd.		104,353
	3,460	NICE Systems, Ltd.		141,359
	6,500	Nintendo Co., Ltd.		779,067
	2,700	Oracle Corp.		118,247
	68,312	Sage Group plc		448,496
	57,750	SAP AG		4,460,191
	6,100	Trend Micro, Inc.		201,263
	4,192	Xero, Ltd.*		95,303

				7,141,937

	Specialty Retail (0.8%):
	1,400	ABC-Mart, Inc.		75,039
	3,300	Fast Retailing Co., Ltd.		1,088,599
	59,542	Hennes & Mauritz AB, B Shares		2,600,532
	1,200	Hikari Tsushin, Inc.		90,739
	13,687	Industria de Diseno Textil SA		2,110,361
	147,082	Kingfisher plc		902,554
	4,000	Nitori Co., Ltd.		218,967
	2,700	Sanrio Co., Ltd.^		78,520
	1,700	Shimamura Co., Ltd.		167,360
	17,232	Sports Direct International*		208,038
	13,100	USS Co., Ltd.		223,863
	59,900	Yamada Denki Co., Ltd.^		213,815

				7,978,387


Shares			Fair Value
	Common Stocks, continued
	Technology Hardware, Storage & Peripherals (0.8%):
	15,300	Brother Industries, Ltd.	$	265,753
	71,400	Canon, Inc.		2,337,517
	116,000	Fujitsu, Ltd.		871,557
	4,821	Gemalto NV		499,438
	29,500	Konica Minolta Holdings, Inc.		292,167
	145,000	NEC Corp.		463,395
	44,800	Ricoh Co., Ltd.		535,117
	20,175	Seek, Ltd.		301,928
	8,000	Seiko Epson Corp.		340,177
	248,000	Toshiba Corp.		1,160,204

				7,067,253

	Textiles, Apparel & Luxury Goods (1.6%):
	13,246	Adidas AG		1,341,611
	10,500	ASICS Corp.		245,398
	27,123	Burberry Group plc		687,592
	3,353	Christian Dior SA		666,580
	32,730	Compagnie Financiere Richemont SA, Registered Shares		3,435,976
	1,954	Hugo Boss AG		291,876
	10,182	Luxottica Group SpA		589,261
	17,438	LVMH Moet Hennessy Louis Vuitton SA		3,358,861
	6,513	Pandora A/S		499,784
	1,914	Swatch Group AG (The)		1,156,297
	3,147	Swatch Group AG (The), Registered Shares		349,656
	45,000	Yue Yuen Industrial Holdings, Ltd.		150,723

				12,773,615

	Tobacco (1.4%):
	117,615	British American Tobacco plc		6,998,057
	59,791	Imperial Tobacco Group plc		2,688,375
	68,300	Japan Tobacco, Inc.		2,494,760
	12,386	Swedish Match AB, Class B		429,814

				12,611,006

	Trading Companies & Distributors (1.1%):
	3,203	Brenntag AG		572,065
	20,730	Bunzl plc		574,842
	94,000	ITOCHU Corp.		1,209,410
	103,000	Marubeni Corp.		754,685
	88,500	Mitsubishi Corp.		1,843,897
	107,400	Mitsui & Co., Ltd.		1,725,000
	268,090	Noble Group, Ltd.		294,818
	69,900	Sumitomo Corp.		945,402
	13,200	Toyota Tsushu Corp.		380,433
	15,419	Travis Perkins plc		431,612
	16,472	Wolseley plc		901,810

				9,633,974

	Transportation Infrastructure (0.4%):
	25,320	Abertis Infraestructuras SA		582,128
	1,880	Aeroports de Paris		247,599
	25,962	Atlantia SpA		740,025
	61,151	Auckland International Airport, Ltd.		208,727
	2,171	Fraport AG		153,308
	24,623	Groupe Eurotunnel SA		333,315
	343,000	Hutchison Port Holdings Trust		246,967


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Transportation Infrastructure, continued
	16,000	Kamigumi Co., Ltd.	$	147,338
	4,545	Koninklijke Vopak NV		222,052
	8,000	Mitsubishi Logistics Corp.		120,050
	67,857	Sydney Airport		270,185
	112,834	Transurban Group		786,421

				4,058,115

	Water Utilities (0.1%):
	15,051	Severn Trent plc		497,235
	42,363	United Utilities Group plc		638,866

				1,136,101

	Wireless Telecommunication Services (1.6%):
	36,500	KDDI Corp.		2,231,512
	4,045	Millicom International Cellular SA, SDR^		370,638
	94,300	NTT DoCoMo, Inc.		1,614,518
	60,200	SoftBank Corp.		4,479,693
	41,202	StarHub, Ltd.		137,646
	20,816	Tele2 AB		245,036
	1,643,636	Vodafone Group plc		5,491,997

				14,571,040

	Total Common Stocks (Cost $660,459,581)			849,511,660

	Preferred Stocks (0.6%):
	Automobiles (0.5%):
	3,235	Bayerische Motoren Werke AG (BMW), Preferred Shares		310,138
	9,444	Porsche Automobil Holding SE, Preferred Shares		983,544
	10,056	Volkswagen AG, Preferred Shares		2,641,109

				3,934,791

	Household Products (0.1%):
	11,032	Henkel AG & Co. KGaA, Preferred Shares		1,276,029

	Total Preferred Stocks (Cost $3,091,556)			5,210,820

	Rights (0.0%):
	Banks (0.0%):
	2,162	Bank of Queensland*		2,935

	Diversified Telecommunication Services (0.0%):
	26,820	HKT Trust & HKT, Ltd.*		7,925

	Household Durables (0.0%):
	19,441	Persimmon plc ORD*(c)		23,287

	Oil, Gas & Consumable Fuels (0.0%):
	53,826	Repsol SA*		36,628

	Transportation Infrastructure (0.0%):
	20,040	Transurban Group*		12,092

	Total Rights (Cost $—)			82,867

	Securities Held as Collateral for Securities on Loan (0.1%):
$	15,947,173	Allianz Variable Insurance Products Securities Lending Collateral Trust(d)		15,947,173

	Total Securities Held as Collateral for Securities on Loan (Cost $15,947,173)			15,947,173

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2014:

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	677,523,588
Investments in affiliates, at cost		3,717,348

Total Investment securities, at cost	$	681,240,936

Investments in non-affiliates, at value*	$	867,300,235
Investments in affiliates, at value		5,194,911

Total Investment securities, at value		872,495,146
Cash		3,500
Segregated cash for collateral		892,256
Interest and dividends receivable		2,056,654
Foreign currency, at value (cost $13,726,562)		14,014,594
Receivable for capital shares issued		601,590
Receivable for variation margin on futures contracts		16,856
Reclaims receivable		411,907
Prepaid expenses		3,404

Total Assets		890,495,907

Liabilities:
Payable for investments purchased		30,123
Payable for capital shares redeemed		44,363
Payable for collateral received on loaned securities		15,947,173
Payable for variation margin on futures contracts		24,540
Manager fees payable		279,204
Administration fees payable		27,621
Distribution fees payable		178,748
Custodian fees payable		83,149
Administrative and compliance services fees payable		2,315
Trustee fees payable		5,212
Other accrued liabilities		89,505

Total Liabilities		16,711,953

Net Assets	$	873,783,954

Net Assets Consist of:
Capital	$	752,850,482
Accumulated net investment income/(loss)		32,446,664
Accumulated net realized gains/(losses) from investment transactions		(103,022,752	)
Net unrealized appreciation/(depreciation) on investments		191,509,560

Net Assets	$	873,783,954

Shares of beneficial interest (unlimited number of shares authorized, no par value)		50,415,484
Net Asset Value (offering and redemption price per share)	$	17.33

*	Includes securities on loan of $15,160,815.

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends	$	24,484,252
Dividends from affiliates		218,179
Income from securities lending		541,721
Foreign withholding tax		(2,377,529	)

Total Investment Income		22,866,623

Expenses:
Manager fees		1,442,875
Administration fees		168,126
Distribution fees		1,030,627
Custodian fees		146,657
Administrative and compliance services fees		7,234
Trustee fees		22,563
Professional fees		23,056
Shareholder reports		9,743
Recoupment of prior expenses reimbursed by the manager		107,209
Other expenses		160,185

Total expenses		3,118,275

Net Investment Income/(Loss)		19,748,348

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		163,352
Net realized gains/(losses) on futures contracts		457,983
Net realized gains/(losses) on forward currency contracts		11,277
Change in net unrealized appreciation/depreciation on investments		18,261,333

Net Realized/Unrealized Gains/(Losses) on Investments		18,893,945

Change in Net Assets Resulting From Operations	$	38,642,293

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

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of 30 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL International Index Fund (the “Fund”), and 29 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund paid securities lending fees of $54,045 during the period ended June 30, 2014. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Effective January 6, 2014, the Manager, on behalf of the Trust, requested the Fund cease participation in the program until further notice.

During the period ended June 30, 2014, the Fund used futures contracts to provide equity exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $17.8 million as of June 30, 2014. The monthly average notional amount for these contracts was $13.2 million for the period ended June 30, 2014. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2014:

The following is a summary of the effect of derivative instruments on the Fund’s Statement of Operations, categorized by risk exposure, for the period ended June 30, 2014:

The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2015.

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:

At June 30, 2014, the contractual reimbursements that are subject to repayment by the Fund in subsequent years were as follows:

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator, transfer agent, and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. In addition, the Administrator is entitled to annual account fees related to the transfer agency system, an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $4,771 was paid from the Fund relating to these fees and expenses.

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2014 is $688,779,864. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

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

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


Shares			Fair Value
	Common Stocks (62.6%):
	Aerospace & Defense (0.7%):
	73,538	General Dynamics Corp.	$	8,570,854

	Automobiles (0.9%):
	294,164	General Motors Co.		10,678,153

	Banks (7.2%):
	593,674	Bank of America Corp.		9,124,769
	183,645	BB&T Corp.		7,241,122
	152,726	Comerica, Inc.		7,660,736
	328,361	Fifth Third Bancorp		7,010,507
	583,952	JPMorgan Chase & Co.		33,647,315
	160,953	PNC Financial Services Group, Inc.		14,332,866
	191,817	Wells Fargo & Co.		10,081,902

				89,099,217

	Biotechnology (0.7%):
	71,025	Amgen, Inc.		8,407,229

	Capital Markets (4.3%):
	430,150	Charles Schwab Corp. (The)		11,583,940
	47,334	Goldman Sachs Group, Inc. (The)		7,925,605
	529,200	Morgan Stanley		17,109,035
	121,041	Northern Trust Corp.		7,772,043
	133,947	State Street Corp.		9,009,275

				53,399,898

	Chemicals (1.1%):
	187,766	Dow Chemical Co. (The)		9,662,439
	18,509	PPG Industries, Inc.		3,889,666

				13,552,105

	Commercial Services & Supplies (1.1%):
	300,599	Tyco International, Ltd.		13,707,314

	Diversified Financial Services (3.6%):
	653,973	Citigroup, Inc.		30,802,128
	87,166	CME Group, Inc.		6,184,428
	204,655	Voya Financial, Inc.		7,437,163

				44,423,719

	Diversified Telecommunication Services (1.0%):
	93,296	France Telecom SA		1,470,214
	320,373	Koninklijke (Royal) KPN NV*		1,166,511
	876,684	Telecom Italia SpA		1,109,055
	85,420	Telefonica SA		1,464,399
	155,365	Verizon Communications, Inc.		7,602,009

				12,812,188

	Electric Utilities (0.8%):
	67,433	Edison International		3,918,532
	100,941	Pinnacle West Capital Corp.		5,838,427

				9,756,959

	Electronic Equipment, Instruments & Components (0.8%):
	471,608	Corning, Inc.		10,351,796

	Energy Equipment & Services (1.0%):
	166,235	Baker Hughes, Inc.		12,376,196

	Food Products (2.0%):
	175,896	Archer-Daniels-Midland Co.		7,758,773
	268,202	Mondelez International, Inc., Class A		10,087,077
	129,619	Unilever NV, ADR		5,672,127

				23,517,977


Shares			Fair Value
	Common Stocks, continued
	Health Care Equipment & Supplies (0.5%):
	103,383	Medtronic, Inc.	$	6,591,700

	Health Care Providers & Services (2.0%):
	72,971	CIGNA Corp.		6,711,143
	95,565	UnitedHealth Group, Inc.		7,812,439
	94,061	WellPoint, Inc.		10,121,904

				24,645,486

	Hotels, Restaurants & Leisure (0.9%):
	290,782	Carnival Corp.		10,947,942

	Household Products (0.6%):
	92,098	Procter & Gamble Co. (The)		7,237,982

	Industrial Conglomerates (1.6%):
	759,733	General Electric Co.		19,965,783

	Insurance (2.2%):
	82,204	Aon plc		7,405,758
	4,601	Chubb Corp. (The)		424,074
	248,938	Marsh & McLennan Cos., Inc.		12,899,967
	131,056	Willis Group Holdings plc		5,674,725

				26,404,524

	Internet Software & Services (1.2%):
	290,525	eBay, Inc.*		14,543,682

	IT Services (0.7%):
	181,129	Amdocs, Ltd.		8,391,707

	Machinery (1.8%):
	114,828	Caterpillar, Inc.		12,478,359
	156,900	Ingersoll-Rand plc		9,807,819

				22,286,178

	Media (4.2%):
	239,297	Comcast Corp., Class A		12,845,463
	177,381	Thomson Reuters Corp.^		6,459,136
	86,904	Time Warner Cable, Inc.		12,800,959
	64,450	Time Warner, Inc.		4,527,613
	174,795	Viacom, Inc., Class B		15,159,970

				51,793,141

	Metals & Mining (0.6%):
	200,453	Freeport-McMoRan Copper & Gold, Inc.		7,316,535

	Multi-Utilities (0.5%):
	118,954	PG&E Corp.		5,712,171

	Oil, Gas & Consumable Fuels (6.7%):
	78,897	Anadarko Petroleum Corp.		8,636,855
	93,928	Apache Corp.		9,451,035
	247,216	Canadian Natural Resources, Ltd.		11,360,952
	78,878	Exxon Mobil Corp.		7,941,437
	91,186	Occidental Petroleum Corp.		9,358,419
	516,388	Royal Dutch Shell plc, A Shares		21,359,089
	191,712	Total SA		13,850,324

				81,958,111

	Personal Products (1.1%):
	913,640	Avon Products, Inc.		13,348,280

	Pharmaceuticals (5.0%):
	86,525	Bristol-Myers Squibb Co.		4,197,328
	161,123	Eli Lilly & Co.		10,017,017
	29,701	Hospira, Inc.*		1,525,740


Shares, Notional Amount or Principal Amount			Fair Value
	Common Stocks, continued
	Pharmaceuticals, continued
	215,895	Merck & Co., Inc.	$	12,489,526
	6,182	Novartis AG, ADR		559,656
	114,245	Novartis AG, Registered Shares		10,350,895
	197,699	Pfizer, Inc.		5,867,706
	61,877	Sanofi-Aventis SA		6,580,973
	192,648	Teva Pharmaceutical Industries, Ltd., ADR		10,098,608

				61,687,449

	Road & Rail (0.7%):
	273,403	CSX Corp.		8,423,546

	Semiconductors & Semiconductor Equipment (2.6%):
	735,136	Applied Materials, Inc.		16,577,317
	182,309	Broadcom Corp., Class A		6,767,310
	67,836	Intel Corp.		2,096,132
	141,062	Texas Instruments, Inc.		6,741,353

				32,182,112

	Software (3.2%):
	207,865	Adobe Systems, Inc.*		15,041,111
	85,814	Citrix Systems, Inc.*		5,367,666
	210,987	Microsoft Corp.		8,798,158
	435,660	Symantec Corp.		9,976,614

				39,183,549

	Specialty Retail (0.8%):
	216,737	Abercrombie & Fitch Co., Class A		9,373,875

	Wireless Telecommunication Services (0.5%):
	180,359	Vodafone Group plc, ADR		6,022,187

	Total Common Stocks (Cost $578,889,353)			768,669,545

	Convertible Preferred Stocks (0.5%):
	Banks (0.2%):
	13,608	KeyCorp, Series A, 7.75%		1,782,647
	32,000	Wells Fargo & Co., 5.85%		830,080

				2,612,727

	Capital Markets (0.2%):
	23,000	AMG Capital Trust II, 5.15%		1,444,688
	25,000	State Street Corp., Series D, 5.90%		655,000

				2,099,688

	Oil, Gas & Consumable Fuels (0.1%):
	27,346	El Paso Energy Capital Trust I, 4.75%		1,497,194

	Total Convertible Preferred Stocks (Cost $5,104,320)			6,209,609

	Convertible Bonds (10.4%):
	Air Freight & Logistics (0.2%):
$	2,153,000	UTI Worldwide, Inc., 4.50%, 3/1/19^(a)		2,290,254

	Banks (0.0%):
	110,000	Wells Fargo & Co., 1.50%, 1/16/18		109,812

	Beverages (0.0%):
	175,000	Brown-Forman Corp., 2.25%, 1/15/23, Callable 10/15/22 @ 100		162,471

	Biotechnology (0.6%):
	1,819,000	Cubist Pharmaceuticals, Inc., 1.13%, 9/1/18^(a)		2,046,375


Notional Amount or Principal Amount			Fair Value
	Convertible Bonds, continued
	Biotechnology, continued
$	1,307,000	Cubist Pharmaceuticals, Inc., 1.88%, 9/1/20^(a)	$	1,489,980
	893,000	Gilead Sciences, Inc., 1.63%, 5/1/16		3,254,985

				6,791,340

	Capital Markets (0.6%):
	1,200,000	Goldman Sachs Group, Inc. (The), 1.00%, 3/15/17, Callable 3/13/15 @ 100(a)		1,548,360
	4,530,000	Goldman Sachs Group, Inc. (The), 1.00%, 9/28/20(a)		4,830,928
	1,138,000	Jefferies Group, 3.88%, 11/1/29, Callable 11/1/17 @ 100		1,216,949

				7,596,237

	Chemicals (0.0%):
	200,000	Dow Chemical Co. (The), 4.38%, 11/15/42, Callable 5/15/42 @ 100		190,927

	Communications Equipment (0.5%):
	2,644,000	Ciena Corp., 4.00%, 12/15/20		3,663,592
	2,333,000	JDS Uniphase Corp., 0.63%, 8/15/33, Callable 8/20/18 @ 200^(a)		2,338,833

				6,002,425

	Construction Materials (0.6%):
	5,432,000	Cemex SAB de C.V., 4.88%, 3/15/15		6,800,185

	Diversified Financial Services (0.1%):
	665,000	Citigroup, Inc., 3.50%, 5/15/23		647,342
	600,000	General Electric Capital Corp., 5.25%, 12/31/99, Callable 6/15/23 @ 100, Perpetual Bond(b)		606,000

				1,253,342

	Electric Utilities (0.0%):
	405,000	Baltimore Gas And Electric Co., 3.35%, 7/1/23		411,110

	Energy Equipment & Services (0.2%):
	2,258,000	Helix Energy Solutions Group, Inc., 3.25%, 3/15/32, Callable 3/20/18 @ 100^		3,045,478

	Health Care Equipment & Supplies (0.4%):
	1,899,000	NuVasive, Inc., 2.75%, 7/1/17		2,171,981
	3,172,000	Volcano Corp., 1.75%, 12/1/17^		3,062,963

				5,234,944

	Health Care Providers & Services (1.6%):
	2,281,000	Brookdale Senior Living, Inc., 2.75%, 6/15/18		3,106,437
	2,875,000	HealthSouth Corp., 2.00%, 12/1/43, Callable 12/1/18 @ 100(a)		3,149,921
	1,642,000	Omnicare, Inc., 3.25%, 12/15/35		1,746,677
	1,415,000	Omnicare, Inc., 3.75%, 4/1/42, Callable 4/1/16 @ 200		2,340,941
	1,407,000	Omnicare, Inc., 3.50%, 2/15/44, Callable 2/15/19 @ 93.09		1,593,428
	3,354,000	WellPoint, Inc., 2.75%, 10/15/42		5,137,908
	1,043,000	WellPoint, Inc., 2.75%, 10/15/42		1,597,746

				18,673,058


Notional Amount or Principal Amount			Fair Value
	Convertible Bonds, continued
	Hotels, Restaurants & Leisure (0.3%):
$	2,752,000	MGM Resorts International, 4.25%, 4/15/15	$	4,040,280

	Insurance (0.2%):
	165,000	Old Republic International Corp., 3.75%, 3/15/18		205,322
	1,295,000	Radian Group, Inc., 3.00%, 11/15/17		1,872,894

				2,078,216

	Internet & Catalog Retail (0.3%):
	1,056,000	Liberty Interactive LLC, 0.75%, 3/30/43, Callable 4/5/23 @ 200		1,415,040
	281,000	Liberty Interactive LLC, 0.75%, 3/30/43, Callable 4/5/23 @ 100		376,540
	1,250,000	QVC, Inc., 7.50%, 10/1/19, Callable 10/1/14 @ 104(a)		1,313,836

				3,105,416

	Machinery (0.1%):
	426,000	Greenbrier Cos., Inc., 3.50%, 4/1/18		714,083

	Media (0.5%):
	415,000	Comcast Corp., 4.25%, 1/15/33		426,303
	200,000	Interpublic Group of Cos., Inc., 2.25%, 11/15/17		203,441
	4,876,000	Liberty Media Corp., 1.38%, 10/15/23(a)		4,943,044
	412,000	Live National Entertainment, Inc., 2.50%, 5/15/19(a)		428,995

				6,001,783

	Metals & Mining (0.3%):
	350,000	Southern Copper Corp., 5.25%, 11/8/42		321,775
	2,416,000	United States Steel Corp., 2.75%, 4/1/19^		3,000,370

				3,322,145

	Oil, Gas & Consumable Fuels (0.7%):
	335,000	Chevron Corp., 1.72%, 6/24/18, Callable 5/24/18 @ 100		337,631
	4,742,000	Cobalt International Energy, Inc., 2.63%, 12/1/19		4,374,496
	3,337,000	Stone Energy Corp., 1.75%, 3/1/17^		4,223,390

				8,935,517

	Personal Products (0.0%):
	100,000	Avon Products, Inc., 2.38%, 3/15/16		101,322

	Pharmaceuticals (0.5%):
	885,000	Abbvie, Inc., 1.20%, 11/6/15		890,976
	670,000	Mylan, Inc., 6.00%, 11/15/18, Callable 11/15/14 @ 103(a)		700,779
	1,396,000	Salix Pharmaceuticals, Ltd., 1.50%, 3/15/19		2,740,523
	970,000	Salix Pharmaceuticals, Ltd., 1.50%, 3/15/19		1,904,230

				6,236,508

	Real Estate Investment Trusts (REITs) (0.0%):
	515,000	EPR Properties, 5.25%, 7/15/23, Callable 4/15/23 @ 100		535,734

	Semiconductors & Semiconductor Equipment (1.2%):
	2,824,000	Lam Research Corp., 1.25%, 5/15/18^		3,858,290


Notional Amount or Principal Amount			Fair Value
	Convertible Bonds, continued
	Semiconductors & Semiconductor Equipment, continued
$	2,730,000	Micron Technology, Inc., Series G, 3.00%, 11/15/43, Callable 11/20/18 @ 83.04^	$	3,516,581
	1,467,000	Novellus Systems, Inc., 2.63%, 5/15/41		2,968,841
	3,464,000	NVIDIA Corp., 1.00%, 12/1/18(a)		3,823,390

				14,167,102

	Software (0.3%):
	1,930,000	Citrix Systems, Inc., 0.50%, 4/15/19(a)		2,043,388
	2,055,000	NetSuite, Inc., 0.25%, 6/1/18^		2,107,659

				4,151,047

	Specialty Retail (0.1%):
	1,400,000	O’Reilly Automotive, Inc., 4.88%, 1/14/21, Callable 10/14/20 @ 100		1,531,174

	Technology Hardware, Storage & Peripherals (0.4%):
	4,379,000	SanDisk Corp., 0.50%, 10/15/20(a)		5,509,329

	Thrifts & Mortgage Finance (0.7%):
	3,438,000	MGIC Investment Corp., 5.00%, 5/1/17^		3,988,080
	1,557,000	MGIC Investment Corp., 2.00%, 4/1/20		2,317,984
	1,141,000	Radian Group, Inc., 2.25%, 3/1/19		1,710,074

				8,016,138

	Total Convertible Bonds (Cost $106,621,336)			127,007,377

	Corporate Bonds (5.7%):
	Aerospace & Defense (0.0%):
	380,000	L-3 Communications Holdings Corp., 3.95%, 5/28/24, Callable 2/28/24 @ 100		382,594
	200,000	Precision Castparts Corp., 2.50%, 1/15/23, Callable 10/15/22 @ 100		191,556

				574,150

	Air Freight & Logistics (0.1%):
	360,000	FedEx Corp., 4.90%, 1/15/34		386,379
	745,000	FedEx Corp., 5.10%, 1/15/44		806,129
	160,000	United Parcel Service, Inc., 2.45%, 10/1/22		155,255

				1,347,763

	Airlines (0.0%):
	90,353	Continental Airlines 2010-A, Series A, 4.75%, 1/12/21		97,807
	285,234	Continental Airlines 2012-A, Series A, 4.15%, 4/11/24		295,896
	63,973	Delta Air Lines, Inc., 6.20%, 7/2/18		71,810

				465,513

	Automobiles (0.0%):
	550,000	Ford Motor Co., 4.75%, 1/15/43		556,044

	Banks (0.3%):
	330,000	Bank of America Corp., 1.25%, 1/11/16, MTN		332,475
	295,000	Bank of America Corp., 5.75%, 12/1/17		332,736
	175,000	Bank of America Corp., 5.65%, 5/1/18, MTN		198,369
	310,000	Bank of America Corp., 4.13%, 1/22/24, MTN		319,608
	105,000	HBOS plc, 6.75%, 5/21/18(a)		120,963
	570,000	JPMorgan Chase & Co., Series V, 5.00%, 12/29/49, Callable 7/1/19 @ 100		567,888


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Banks, continued
$	495,000	JPMorgan Chase & Co., Series S, 6.75%, 12/31/49, Callable 2/1/24 @ 100, Perpetual Bond(b)	$	530,888
	130,000	PNC Funding Corp., 5.13%, 2/8/20		148,495
	250,000	U.S. Bank NA, 3.78%, 4/29/20, Callable 4/29/15 @ 100(b)		255,882
	879,000	Wells Fargo & Co., 4.13%, 8/15/23		913,109
	405,000	Wells Fargo & Co., 4.10%, 6/3/26, MTN		410,103

				4,130,516

	Beverages (0.1%):
	20,000	Anheuser-Busch InBev NV Worldwide, Inc., 5.38%, 11/15/14		20,360
	135,000	Anheuser-Busch InBev NV Worldwide, Inc., 3.63%, 4/15/15		138,470
	175,000	Anheuser-Busch InBev NV Worldwide, Inc., 0.80%, 7/15/15		175,788
	80,000	FBG Finance, Ltd., 5.13%, 6/15/15(a)		83,305
	990,000	PepsiCo, Inc., 3.60%, 3/1/24, Callable 12/1/23 @ 100		1,019,840

				1,437,763

	Biotechnology (0.2%):
	335,000	Celgene Corp., 4.00%, 8/15/23		348,871
	1,220,000	Celgene Corp., 4.63%, 5/15/44, Callable 11/15/43 @ 100		1,221,943
	560,000	Gilead Sciences, Inc., 2.05%, 4/1/19		560,376

				2,131,190

	Capital Markets (0.4%):
	380,000	Apollo Management Holdings LP, 4.00%, 5/30/24(a)		382,434
	120,000	Bear Stearns Co., Inc., 7.25%, 2/1/18		142,809
	180,000	Charles Schwab Corp. (The), 4.45%, 7/22/20		200,845
	240,000	Ford Motor Credit Co. LLC, 2.50%, 1/15/16		246,088
	75,000	General Electric Capital Corp., Series G, 6.00%, 8/7/19, MTN		88,841
	115,000	Goldman Sachs Group, Inc. (The), 6.15%, 4/1/18		131,884
	520,000	Goldman Sachs Group, Inc. (The), 2.63%, 1/31/19		527,068
	175,000	Goldman Sachs Group, Inc. (The), 5.25%, 7/27/21		196,513
	500,000	Goldman Sachs Group, Inc. (The), 5.75%, 1/24/22		578,592
	140,000	Goldman Sachs Group, Inc. (The), 6.75%, 10/1/37		168,425
	650,000	KKR Group Finance Co. III LLC, 5.13%, 6/1/44, Callable 12/1/43 @ 100(a)		659,423
	70,000	Merrill Lynch & Co., 6.88%, 4/25/18, MTN		82,469
	235,000	Morgan Stanley, 4.00%, 7/24/15		243,387
	295,000	Morgan Stanley, 3.45%, 11/2/15		305,237
	120,000	Morgan Stanley, 5.75%, 1/25/21		139,395
	365,000	Morgan Stanley, 6.38%, 7/24/42		463,128


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Capital Markets, continued
$	90,000	National Rural Utilities Cooperative Finance Corp., 3.05%, 2/15/22, Callable 11/15/21 @ 100	$	91,557

				4,648,095

	Chemicals (0.1%):
	275,000	Monsanto Co., 2.13%, 7/15/19		275,680
	190,000	Monsanto Co., 3.38%, 7/15/24, Callable 4/15/24 @ 100		191,256
	200,000	Monsanto Co., 3.60%, 7/15/42, Callable 1/15/42 @ 100		176,286

				643,222

	Commercial Services & Supplies (0.0%):
	430,000	Pitney Bowes, Inc., 4.63%, 3/15/24, Callable 12/15/23 @ 100		444,770

	Communications Equipment (0.0%):
	290,000	Juniper Networks, Inc., 4.50%, 3/15/24		303,302

	Containers & Packaging (0.1%):
	905,000	Packaging Corp. of America, 4.50%, 11/1/23, Callable 8/1/23 @ 100		969,327

	Diversified Financial Services (0.4%):
	135,000	Citigroup, Inc., 6.13%, 11/21/17		154,406
	220,000	Citigroup, Inc., 8.50%, 5/22/19		281,202
	595,000	Citigroup, Inc., 6.68%, 9/13/43		740,724
	220,000	Citigroup, Inc., 5.30%, 5/6/44		229,471
	925,000	Glencore Funding LLC, 3.13%, 4/29/19(a)		943,315
	120,000	JPMorgan Chase & Co., 6.00%, 1/15/18		137,414
	65,000	JPMorgan Chase & Co., 6.30%, 4/23/19		76,851
	150,000	JPMorgan Chase & Co., 4.40%, 7/22/20		163,895
	215,000	JPMorgan Chase & Co., 4.50%, 1/24/22		235,584
	785,000	Moody’s Corp., 4.50%, 9/1/22, Callable 6/1/22 @ 100		823,003
	500,000	Moody’s Corp., 4.88%, 2/15/24, Callable 11/15/23 @ 100		535,199

				4,321,064

	Diversified Telecommunication Services (0.3%):
	1,000,000	Verizon Communications, Inc., 5.15%, 9/15/23		1,119,093
	1,375,000	Verizon Communications, Inc., 6.40%, 9/15/33		1,684,290
	890,000	Verizon Communications, Inc., 6.55%, 9/15/43		1,120,012

				3,923,395

	Electrical Equipment (0.0%):
	405,000	Eaton Corp., 0.95%, 11/2/15		406,785

	Energy Equipment & Services (0.1%):
	960,000	Rowan Cos., Inc., 5.85%, 1/15/44, Callable 7/15/43 @ 100		1,036,327

	Food & Staples Retailing (0.1%):
	85,000	Corn Products International, Inc., 6.63%, 4/15/37		104,585


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Food & Staples Retailing, continued
$	1,085,000	Kroger Co. (The), 3.30%, 1/15/21, Callable 12/15/20 @ 100	$	1,110,716
	315,000	Wal-Mart Stores, Inc., 3.30%, 4/22/24, Callable 1/22/24 @ 100		318,324

				1,533,625

	Food Products (0.0%):
	132,000	Mondelez International, Inc., 6.50%, 2/9/40		169,030

	Health Care Equipment & Supplies (0.2%):
	465,000	CareFusion Corp., 3.88%, 5/15/24, Callable 2/15/24 @ 100		469,810
	370,000	CareFusion Corp., 4.88%, 5/15/44, Callable 11/15/43 @ 100		373,763
	525,000	Edwards Lifesciences Corp., 2.88%, 10/15/18		536,496
	290,000	Medtronic, Inc., 4.00%, 4/1/43, Callable 10/1/42 @ 100		276,181
	465,000	Medtronic, Inc., 4.63%, 3/15/44, Callable 9/15/43 @ 100		488,391

				2,144,641

	Health Care Providers & Services (0.2%):
	220,000	Aetna, Inc., 3.95%, 9/1/20		238,641
	840,000	Express Scripts Holding Co., 2.25%, 6/15/19		836,487
	950,000	McKesson Corp., 2.28%, 3/15/19		953,333
	295,000	UnitedHealth Group, Inc., 1.63%, 3/15/19		290,452

				2,318,913

	Hotels, Restaurants & Leisure (0.0%):
	305,000	Wyndham Worldwide Corp., 2.95%, 3/1/17, Callable 2/1/17 @ 100		316,796
	225,000	Wyndham Worldwide Corp., 5.63%, 3/1/21		253,591

				570,387

	Household Durables (0.0%):
	635,000	MDC Holdings, Inc., 6.00%, 1/15/43, Callable 10/15/42 @ 100		600,710

	Household Products (0.1%):
	695,000	Tupperware Brands Corp., 4.75%, 6/1/21, Callable 6/1/21 @ 100		750,237

	Independent Power and Renewable Electricity Producers (0.1%):
	175,000	Louisville Gas & Electric Co., 1.63%, 11/15/15		177,648
	520,000	Oglethorpe Power Corp., 4.55%, 6/1/44		524,269
	125,000	Ohio Power Co., Series M, 5.38%, 10/1/21		145,914

				847,831

	Insurance (0.3%):
	1,000,000	American Financial Group, Inc., 9.88%, 6/15/19		1,308,302
	205,000	Berkley (WR) Corp., 4.63%, 3/15/22		220,211
	115,000	CNA Financial Corp., 5.88%, 8/15/20		134,572
	320,000	Lincoln National Corp., 4.00%, 9/1/23		332,410
	210,000	Markel Corp., 5.00%, 3/30/43		218,179
	295,000	Marsh & McLennan Cos., Inc., 4.05%, 10/15/23, Callable 7/15/23 @ 100		310,484
	75,000	Pacific Life Corp., 6.00%, 2/10/20(a)		85,655


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Insurance, continued
$	80,000	Prudential Financial, Inc., Series D, 4.75%, 9/17/15, MTN	$	83,961
	20,000	Prudential Financial, Inc., 7.38%, 6/15/19, MTN		24,768
	35,000	Prudential Financial, Inc., 6.63%, 12/1/37, MTN		45,035
	280,000	Prudential Financial, Inc., 5.10%, 8/15/43, MTN		302,337
	560,000	Reinsurance Group of America, Inc., 4.70%, 9/15/23		599,757
	440,000	Travelers Cos., Inc. (The), 4.60%, 8/1/43		464,059

				4,129,730

	IT Services (0.0%):
	315,000	Computer Sciences Corp., 4.45%, 9/15/22		330,290
	195,000	Hewlett-Packard Co., 2.63%, 12/9/14		196,939

				527,229

	Machinery (0.1%):
	655,000	Deere & Co., 2.60%, 6/8/22, Callable 3/8/22 @ 100		640,431

	Media (0.8%):
	135,000	Comcast Corp., 5.70%, 5/15/18		155,522
	245,000	Comcast Corp., 6.45%, 3/15/37		312,496
	70,000	Cox Communications, Inc., 5.45%, 12/15/14		71,542
	1,520,000	Cox Communications, Inc., 8.38%, 3/1/39(a)		2,129,608
	240,000	Cox Communications, Inc., 4.70%, 12/15/42(a)		233,397
	210,000	DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 1.75%, 1/15/18		210,289
	2,185,000	DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.15%, 3/15/42		2,294,540
	315,000	Interpublic Group of Cos., Inc., 4.20%, 4/15/24		325,039
	65,000	NBCUniversal Media LLC, 5.15%, 4/30/20		74,590
	75,000	NBCUniversal Media LLC, 5.95%, 4/1/41		92,082
	2,000,000	Time Warner Cable, Inc., 5.00%, 2/1/20		2,241,218
	160,000	Time Warner Cable, Inc., 5.88%, 11/15/40, Callable 5/15/40 @ 100		186,634
	40,000	Time Warner, Inc., 5.88%, 11/15/16		44,540

				8,371,497

	Metals & Mining (0.1%):
	350,000	Barrick NA Finance LLC, 5.70%, 5/30/41		360,764
	215,000	Freeport-McMoRan Copper & Gold, Inc., 1.40%, 2/13/15		215,851
	215,000	Newmont Mining Corp., 3.50%, 3/15/22, Callable 12/15/21 @ 100		207,291

				783,906

	Oil, Gas & Consumable Fuels (0.5%):
	385,000	Enable Midstream Partners LP, 2.40%, 5/15/19, Callable 4/15/19 @ 100(a)		385,355
	55,000	Enterprise Products Operating LP, 5.25%, 1/31/20		62,767
	75,000	Enterprise Products Partners LP, 6.50%, 1/31/19		88,971


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Oil, Gas & Consumable Fuels, continued
$	640,000	Noble Energy, Inc., 5.25%, 11/15/43, Callable 5/15/43 @ 100	$	705,542
	190,000	Phillips 66, 1.95%, 3/5/15		191,901
	175,000	Plains All American Pipeline LP, 3.65%, 6/1/22, Callable 3/1/22 @ 100		180,723
	365,000	Southwestern Energy Co., 4.10%, 3/15/22, Callable 12/15/21 @ 100		386,839
	45,000	Spectra Energy Capital Corp., 7.50%, 9/15/38		58,483
	470,000	Sunoco Logistics Partners LP, 5.50%, 2/15/20		532,809
	710,000	Sunoco Logistics Partners LP, 5.30%, 4/1/44, Callable 10/1/43 @ 100		747,032
	45,000	Texas East Transmission, 7.00%, 7/15/32		59,461
	830,000	Western Gas Partners LP, 5.45%, 4/1/44, Callable 10/1/43 @ 100		914,278
	755,000	Williams Partners LP, 5.40%, 3/4/44, Callable 9/4/43 @ 100		809,988

				5,124,149

	Paper & Forest Products (0.0%):
	125,000	International Paper Co., 6.00%, 11/15/41, Callable 5/15/41 @ 100		147,298

	Pharmaceuticals (0.1%):
	110,000	Express Scripts, Inc., 3.13%, 5/15/16		114,601
	85,000	GlaxoSmithKline plc, 5.65%, 5/15/18		97,487
	75,000	Medco Health Solutions, Inc., 2.75%, 9/15/15		76,793
	95,000	Merck & Co., Inc., 5.00%, 6/30/19		108,096
	1,100,000	Novartis Capital Corp., 4.40%, 5/6/44		1,144,888
	213,000	Zoetis, Inc., 4.70%, 2/1/43, Callable 8/1/42 @ 100		216,341

				1,758,206

	Real Estate Investment Trusts (REITs) (0.2%):
	55,000	American Tower Corp., 4.63%, 4/1/15		56,649
	443,000	American Tower Corp., 4.50%, 1/15/18		482,689
	510,000	American Tower Corp., 3.40%, 2/15/19		533,540
	460,000	American Tower Corp., 5.00%, 2/15/24		499,619
	115,000	Digital Realty Trust LP, 4.50%, 7/15/15^		118,280
	410,000	HCP, Inc., 4.20%, 3/1/24, Callable 12/1/23 @ 100		422,671
	460,000	Health Care REIT, Inc., 4.50%, 1/15/24, Callable 10/15/23 @ 100		484,687
	125,000	Realty Income Corp., 2.00%, 1/31/18, Callable 12/31/17 @ 100		125,591
	185,000	Senior Housing Properties Trust, 4.30%, 1/15/16, Callable 10/15/15 @ 100		191,688
	240,000	Ventas Realty LP / Capital Corp., 2.70%, 4/1/20, Callable 1/1/20 @ 100		238,859
	95,000	Ventas Realty LP / Capital Corp., 4.25%, 3/1/22		100,916
	155,000	Ventas Realty LP / Capital Corp., 5.70%, 9/30/43, Callable 3/30/43 @ 100		179,766

				3,434,955


Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Real Estate Management & Development (0.0%):
$	510,000	Piedmont Operating Partnership LP, 4.45%, 3/15/24, Callable 12/15/23 @ 100	$	522,409
	75,000	WEA Finance LLC, 7.13%, 4/15/18(a)		91,295

				613,704

	Road & Rail (0.3%):
	1,370,000	Burlington Northern Santa Fe LLC, 5.15%, 9/1/43, Callable 3/1/43 @ 100		1,510,244
	140,000	CSX Corp., 5.50%, 4/15/41, Callable 10/15/40 @ 100		161,901
	845,000	ERAC USA Finance LLC, 2.35%, 10/15/19(a)		843,758
	105,000	Ryder System, Inc., 3.15%, 3/2/15, MTN		106,874
	18,000	Union Pacific Corp., 3.65%, 2/15/24, Callable 11/15/23 @ 100		18,740
	465,000	Union Pacific Corp., 4.85%, 6/15/44, Callable 12/15/43 @ 100		514,139

				3,155,656

	Software (0.1%):
	75,000	Adobe Systems, Inc., 4.75%, 2/1/20		83,424
	1,035,000	Oracle Corp., 4.30%, 7/8/34, Callable 1/8/34 @ 100		1,034,586

				1,118,010

	Specialty Retail (0.2%):
	520,000	Advance Auto Parts, Inc., 4.50%, 12/1/23, Callable 9/1/23 @ 100		548,313
	653,047	CVS Pass-Through Trust, 6.04%, 12/10/28		751,761
	365,000	Penske Truck Leasing Co. LP, 2.50%, 3/15/16(a)		375,193
	355,000	Target Corp., 2.90%, 1/15/22		356,289
	15,000	Wal-Mart Stores, Inc., 6.50%, 8/15/37		19,937

				2,051,493

	Technology Hardware, Storage & Peripherals (0.0%):
	270,000	Apple, Inc., 3.45%, 5/6/24		273,009

	Textiles, Apparel & Luxury Goods (0.0%):
	195,000	Cintas Corp., 2.85%, 6/1/16		201,541

	Tobacco (0.1%):
	310,000	Philip Morris International, Inc., 3.60%, 11/15/23^		320,314
	925,000	Philip Morris International, Inc., 4.88%, 11/15/43		996,239

				1,316,553

	Wireless Telecommunication Services (0.1%):
	1,000	AT&T, Inc., 8.00%, 11/15/31		1,468
	28,000	AT&T, Inc., 5.35%, 9/1/40		30,456
	730,000	Crown Castle Towers LLC, 6.11%, 1/15/20(a)		859,229
	25,000	SBC Communications, Inc., 6.15%, 9/15/34		29,840
	65,000	Verizon Communications, Inc., 3.00%, 4/1/16		67,390
	120,000	Verizon Communications, Inc., 6.40%, 2/15/38		146,561

				1,134,944

	Total Corporate Bonds (Cost $67,587,761)			71,056,911


Notional Amount or Principal Amount			Fair Value
	Yankee Dollars (1.8%):
	Aerospace & Defense (0.0%):
$	275,000	Heathrow Funding, Ltd., 2.50%, 6/25/15(a)	$	279,490

	Airlines (0.1%):
	574,461	Virgin Australia Holdings, Ltd., 5.00%, 10/23/23(a)		610,366

	Banks (0.9%):
	235,000	Abbey National Treasury Services plc, 3.88%, 11/10/14(a)		237,885
	430,000	Banco Inbursa SA, 4.13%, 6/6/24^(a)		420,110
	100,000	Barclays Bank plc, 2.75%, 2/23/15		101,508
	175,000	Barclays Bank plc, 6.75%, 5/22/19		210,746
	110,000	Barclays Bank plc, 5.14%, 10/14/20		120,483
	615,000	BBVA Bancomer SA, 4.38%, 4/10/24(a)		626,531
	564,000	Credit Suisse AG, 6.50%, 8/8/23(a)		625,335
	255,000	HSBC Bank plc, 4.13%, 8/12/20(a)		276,007
	200,000	HSBC Holdings plc, 4.25%, 3/14/24		205,825
	375,000	ING Bank NV, 3.75%, 3/7/17(a)		398,876
	435,000	Lloyds Bank plc, 2.30%, 11/27/18^		441,662
	2,425,000	Mizuho Finance Group (Cayman) 3, Ltd., 4.60%, 3/27/24(a)		2,556,029
	125,000	National Australia Bank, 3.75%, 3/2/15(a)		127,787
	180,000	Rabobank Nederland NV, 4.75%, 1/15/20(a)		200,639
	100,000	Santander U.S. Debt SA, 3.72%, 1/20/15(a)		101,480
	995,000	Societe Generale SA, 5.00%, 1/17/24(a)		1,040,607
	100,000	Standard Chartered plc, 3.85%, 4/27/15(a)		102,590
	545,000	Standard Chartered plc, 5.70%, 3/26/44(a)		571,247
	35,000	UBS AG Stamford CT, Series BKNT, 5.88%, 12/20/17		39,976
	120,000	UBS AG Stamford CT, Series BKNT, 5.75%, 4/25/18		137,585

				8,542,908

	Chemicals (0.1%):
	650,000	Montell Finance Co. BV, 8.10%, 3/15/27(a)		873,223

	Diversified Financial Services (0.1%):
	830,000	BP Capital Markets plc, 2.24%, 5/10/19		837,125

	Diversified Telecommunication Services (0.0%):
	465,000	British Telecommunications plc, 1.25%, 2/14/17		465,419
	320,000	Telefonica Emisiones SAU, 7.05%, 6/20/36		408,157

				873,576

	Electric Utilities (0.1%):
	765,000	Electricite de France SA, 4.88%, 1/22/44(a)		815,561
	785,000	Electricite de France SA, 5.62%, 12/31/49, Callable 1/22/24 @ 100, Perpetual Bond(a)(b)		820,560

				1,636,121

	Food Products (0.1%):
	685,000	Grupo Bimbo SAB de C.V., 3.88%, 6/27/24^(a)		683,644

	Independent Power and Renewable Electricity Producers (0.0%):
	50,000	Electricite de France, 4.60%, 1/27/20(a)		55,593


Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Independent Power and Renewable Electricity Producers, continued
$	100,000	Iberdrola Finance Ireland, Ltd., 3.80%, 9/11/14(a)	$	100,606

				156,199

	Industrial Conglomerates (0.0%):
	350,000	Pentair Finance SA, 5.00%, 5/15/21, Callable 2/15/21 @ 100		386,882

	Insurance (0.0%):
	100,000	AEGON NV, 4.63%, 12/1/15		105,382

	Internet Software & Services (0.2%):
	455,000	Baidu, Inc., 3.25%, 8/6/18		470,090
	845,000	Tencent Holdings, Ltd., 3.38%, 5/2/19(a)		863,903

				1,333,993

	Media (0.0%):
	400,000	Grupo Televisa SAB, 5.00%, 5/13/45		400,796

	Metals & Mining (0.1%):
	100,000	Anglo American Capital plc, 9.38%, 4/8/19(a)		128,729
	465,000	Anglo American Capital plc, 4.13%, 4/15/21(a)		475,970
	205,000	ArcelorMittal, 4.25%, 8/5/15		210,381
	145,000	ArcelorMittal, 9.85%, 6/1/19		185,600
	30,000	ArcelorMittal, 7.25%, 3/1/41		31,875
	265,000	Gold Fields Holdings Co., Ltd., 4.88%, 10/7/20(a)		243,800
	100,000	Rio Tinto Finance (USA), Ltd., 9.00%, 5/1/19		131,105
	110,000	Rio Tinto Finance (USA), Ltd., 7.13%, 7/15/28		143,908
	380,000	Vale Overseas, Ltd., 5.63%, 9/15/19		427,388
	65,000	Vale SA, 5.63%, 9/11/42		63,681
	230,000	Xstrata Finance Canada, 1.80%, 10/23/15(a)		232,605
	230,000	Xstrata Finance Canada, 2.70%, 10/25/17(a)		236,087

				2,511,129

	Oil, Gas & Consumable Fuels (0.0%):
	150,000	Husky Energy, Inc., 3.95%, 4/15/22, Callable 1/15/22 @ 100		158,688
	70,000	Noble Holding International, Ltd., 2.50%, 3/15/17		71,612
	390,000	Petrobras Global Finance Co., 5.63%, 5/20/43		352,950
	40,000	Shell International Finance BV, 3.10%, 6/28/15		41,092

				624,342

	Pharmaceuticals (0.1%):
	850,000	Actavis Funding SCS, 4.85%, 6/15/44, Callable 12/15/43 @ 100(a)		858,032
	310,000	Perrigo Co. plc, 2.30%, 11/8/18(a)		309,873

				1,167,905

	Real Estate Management & Development (0.0%):
	430,000	Dexus Diversified Trust / Dexus Office Trust, 5.60%, 3/15/21(a)		485,518

	Thrifts & Mortgage Finance (0.0%):
	180,000	Nationwide Building Society, 6.25%, 2/25/20(a)		212,534


Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Wireless Telecommunication Services (0.0%):
$	200,000	America Movil SAB de C.V., 2.38%, 9/8/16	$	205,646
	335,000	America Movil SAB de C.V., 4.38%, 7/16/42		316,405
	75,000	Deutsche Telekom International Finance BV, 6.00%, 7/8/19		88,012
	355,000	Rogers Communications, Inc., 4.50%, 3/15/43, Callable 9/15/42 @ 100		344,959

				955,022

	Total Yankee Dollars (Cost $21,866,267)			22,676,155

	U.S. Treasury Obligations (9.8%):
	U.S. Treasury Bonds (0.0%)
	475,000	3.63%, 2/15/44		501,273

	U.S. Treasury Notes (9.8%)
	11,470,000	2.25%, 1/31/15		11,615,164
	17,879,000	0.50%, 6/30/16		17,894,358
	200,000	0.63%, 5/31/17		198,672
	43,495,000	0.88%, 6/15/17		43,512,006
	8,000,000	0.75%, 6/30/17		7,967,504
	13,200,000	0.75%, 2/28/18		12,992,720
	6,200,000	1.25%, 1/31/19		6,130,250
	17,068,000	1.63%, 6/30/19		17,068,000
	6,000	3.63%, 2/15/20		6,600
	400,000	2.63%, 11/15/20		415,500
	900,000	2.50%, 5/15/24^		898,735

				118,699,509

	Total U.S. Treasury Obligations (Cost $119,327,577)			119,200,782


Shares, Notional Amount or Principal Amount			Fair Value
	U.S. Government Agency Mortgages (0.2%):
$	1,200,000	Federal Home Loan Mortgage Corporation, 4.88%, 6/13/18	$	1,329,770
	725,000	Federal National Mortgage Association, 6.63%, 11/15/30		831,138

				2,160,908

	Total U.S. Government Agency Mortgages (Cost $2,004,638)			2,160,908

	Securities Held as Collateral for Securities on Loan (2.4%):
	30,050,448	Allianz Variable Insurance Products Securities Lending Collateral Trust(c)		30,050,448

	Total Securities Held as Collateral for Securities on Loan (Cost $30,050,448)			30,050,448

	Unaffiliated Investment Company (8.8%):
	108,750,179	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(d)		108,750,179

	Total Unaffiliated Investment Company (Cost $108,750,179)			108,750,179

	Total Investment Securities (Cost $1,040,201,879)(e) — 102.2%			1,255,781,914
	Net other assets (liabilities) — (2.2)%			(26,747,657	)

	Net Assets — 100.0%		$	1,229,034,257

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2014:


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Short Contracts:
British Pound	Bank of New York Mellon	7/25/14		5,998,358	$	10,181,673	$	10,262,111	$	(80,438	)
British Pound	State Street	7/25/14		5,994,243		10,174,208		10,255,071		(80,863	)
Canadian Dollar	Bank of New York Mellon	7/25/14		7,106,815		6,612,528		6,656,763		(44,235	)
Canadian Dollar	State Street	7/25/14		7,114,925		6,619,508		6,664,359		(44,851	)
European Euro	Bank of New York Mellon	7/25/14		8,636,942		11,742,009		11,826,837		(84,828	)
European Euro	State Street	7/25/14		8,703,619		11,832,745		11,918,141		(85,396	)
Israeli Shekel	Bank of New York Mellon	7/25/14		3,805,975		1,107,373		1,109,102		(1,729	)
Israeli Shekel	State Street	7/25/14		22,316,591		6,491,155		6,503,293		(12,138	)
Swiss Franc	Bank of New York Mellon	7/25/14		3,656,208		4,086,062		4,124,822		(38,760	)
Swiss Franc	State Street	7/25/14		3,637,987		4,065,153		4,104,266		(39,113	)

					$	72,912,414	$	73,424,765	$	(512,351	)

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investment securities, at cost	$	1,040,201,879

Investment securities, at value*	$	1,255,781,914
Interest and dividends receivable		3,062,879
Foreign currency, at value (cost $208,629)		208,633
Receivable for capital shares issued		1,489,045
Receivable for investments sold		40,601,379
Reclaims receivable		79,852
Prepaid expenses		4,690

Total Assets		1,301,228,392

Liabilities:
Unrealized depreciation on forward currency contracts		512,351
Payable for investments purchased		40,633,888
Payable for collateral received on loaned securities		30,050,448
Manager fees payable		656,188
Administration fees payable		36,736
Distribution fees payable		250,009
Custodian fees payable		15,783
Administrative and compliance services fees payable		2,795
Trustee fees payable		6,457
Other accrued liabilities		29,480

Total Liabilities		72,194,135

Net Assets	$	1,229,034,257

Net Assets Consist of:
Capital	$	932,344,579
Accumulated net investment income/(loss)		20,870,832
Accumulated net realized gains/(losses) from investment transactions		60,750,264
Net unrealized appreciation/(depreciation) on investments		215,068,582

Net Assets	$	1,229,034,257

Shares of beneficial interest (unlimited number of shares authorized, no par value)		73,821,504
Net Asset Value (offering and redemption price per share)	$	16.65

*	Includes securities on loan of $29,383,896.

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends	$	13,923,909
Interest		3,615,409
Income from securities lending		164,087
Foreign withholding tax		(216,831	)

Total Investment Income		17,486,574

Expenses:
Manager fees		4,262,471
Administration fees		167,926
Distribution fees		1,420,823
Custodian fees		32,001
Administrative and compliance services fees		9,825
Trustee fees		30,477
Professional fees		29,005
Shareholder reports		22,148
Other expenses		11,122

Total expenses before reductions		5,985,798
Less expenses voluntarily waived/reimbursed by the Manager		(531,135	)
Less expenses paid indirectly		(107	)

Net expenses		5,454,556

Net Investment Income/(Loss)		12,032,018

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		31,846,662
Net realized gains/(losses) on forward currency contracts		(897,246	)
Change in net unrealized appreciation/depreciation on investments		23,460,021

Net Realized/Unrealized Gains/(Losses) on Investments		54,409,437

Change in Net Assets Resulting From Operations	$	66,441,455

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

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of 30 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Invesco Equity and Income Fund (the “Fund”), and 29 are presented in separate reports.

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

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund paid securities lending fees of $16,305 during the period ended June 30, 2014. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Effective January 6, 2014, the Manager, on behalf of the Trust, requested the Fund cease participation in the program until further notice.

During the period ended June 30, 2014, the Fund entered into forward currency 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. In addition to the foreign currency risk related to the use of these contracts, the Fund 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. In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The contract amount of forward currency contracts outstanding was $72.9 million as of June 30, 2014. The monthly average amount for these contracts was $53.7 million for the period ended June 30, 2014.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2014:

The following is a summary of the effect of derivative instruments on the Fund’s Statement of Operations, categorized by risk exposure, for the period ended June 30, 2014:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Invesco Advisers, Inc. (“Invesco”), Invesco provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2015.

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator, transfer agent, and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. In addition, the Administrator is entitled to annual account fees related to the transfer agency system, an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $6,495 was paid from the Fund relating to these fees and expenses.

Forward currency contracts are generally valued at the foreign currency exchange rate as of the close of the NYSE and are typically categorized as Level 2 in the fair value hierarchy.

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

For the period ended June 30, 2014, purchases and sales on long-term U.S. government securities were as follows:

Cost for federal income tax purposes at June 30, 2014 is $1,043,582,483. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

During the year ended December 31, 2013, the Fund utilized $4,432,600 in capital loss carry forwards to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

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

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


Shares			Fair Value
	Common Stocks (95.1%):
	Aerospace & Defense (1.0%):
	39,088	General Dynamics Corp.	$	4,555,706

	Automobiles (1.3%):
	156,307	General Motors Co.		5,673,944

	Banks (11.1%):
	312,402	Bank of America Corp.		4,801,619
	96,318	BB&T Corp.		3,797,819
	94,357	Comerica, Inc.		4,732,947
	172,219	Fifth Third Bancorp		3,676,876
	318,657	JPMorgan Chase & Co.		18,361,015
	84,417	PNC Financial Services Group, Inc.		7,517,333
	108,560	Wells Fargo & Co.		5,705,914

				48,593,523

	Biotechnology (1.0%):
	37,396	Amgen, Inc.		4,426,565

	Capital Markets (6.8%):
	236,781	Charles Schwab Corp. (The)		6,376,512
	24,826	Goldman Sachs Group, Inc. (The)		4,156,865
	315,745	Morgan Stanley		10,208,036
	68,206	Northern Trust Corp.		4,379,507
	70,252	State Street Corp.		4,725,150

				29,846,070

	Chemicals (1.6%):
	99,744	Dow Chemical Co. (The)		5,132,827
	9,716	PPG Industries, Inc.		2,041,817

				7,174,644

	Commercial Services & Supplies (1.6%):
	160,675	Tyco International, Ltd.		7,326,780

	Diversified Financial Services (5.3%):
	344,132	Citigroup, Inc.		16,208,618
	45,717	CME Group, Inc.		3,243,621
	107,307	Voya Financial, Inc.		3,899,536

				23,351,775

	Diversified Telecommunication Services (1.6%):
	50,892	France Telecom SA		801,987
	175,328	Koninklijke (Royal) KPN NV*		638,387
	483,626	Telecom Italia SpA		611,814
	46,747	Telefonica SA		801,408
	90,735	Verizon Communications, Inc.		4,439,664

				7,293,260

	Electric Utilities (1.4%):
	39,538	Edison International		2,297,553
	63,946	Pinnacle West Capital Corp.		3,698,637

				5,996,190

	Electronic Equipment, Instruments & Components (1.4%):
	271,146	Corning, Inc.		5,951,655

	Energy Equipment & Services (1.6%):
	97,527	Baker Hughes, Inc.		7,260,885

	Food Products (2.8%):
	93,438	Archer-Daniels-Midland Co.		4,121,550
	141,849	Mondelez International, Inc., Class A		5,334,941
	70,275	Unilever NV, ADR		3,075,234

				12,531,725


Shares			Fair Value
	Common Stocks, continued
	Health Care Equipment & Supplies (0.8%):
	54,179	Medtronic, Inc.	$	3,454,453

	Health Care Providers & Services (3.2%):
	41,297	CIGNA Corp.		3,798,085
	54,083	UnitedHealth Group, Inc.		4,421,285
	53,233	WellPoint, Inc.		5,728,403

				13,947,773

	Hotels, Restaurants & Leisure (1.4%):
	165,256	Carnival Corp.		6,221,888

	Household Products (0.9%):
	49,228	Procter & Gamble Co. (The)		3,868,829

	Industrial Conglomerates (2.4%):
	403,822	General Electric Co.		10,612,442

	Insurance (3.2%):
	46,778	Aon plc		4,214,230
	2,406	Chubb Corp. (The)		221,761
	130,749	Marsh & McLennan Cos., Inc.		6,775,413
	69,220	Willis Group Holdings plc		2,997,226

				14,208,630

	Internet Software & Services (1.7%):
	153,161	eBay, Inc.*		7,667,240

	IT Services (1.2%):
	112,830	Amdocs, Ltd.		5,227,414

	Machinery (2.7%):
	61,034	Caterpillar, Inc.		6,632,565
	83,039	Ingersoll-Rand plc		5,190,768

				11,823,333

	Media (6.3%):
	125,506	Comcast Corp., Class A		6,737,162
	93,688	Thomson Reuters Corp.^		3,411,546
	46,493	Time Warner Cable, Inc.		6,848,419
	38,358	Time Warner, Inc.		2,694,650
	91,979	Viacom, Inc., Class B		7,977,338

				27,669,115

	Metals & Mining (0.9%):
	105,595	Freeport-McMoRan Copper & Gold, Inc.		3,854,218

	Multi-Utilities (0.7%):
	64,507	PG&E Corp.		3,097,626

	Oil, Gas & Consumable Fuels (10.4%):
	44,880	Anadarko Petroleum Corp.		4,913,014
	51,542	Apache Corp.		5,186,156
	149,014	Canadian Natural Resources, Ltd.		6,848,024
	42,274	Exxon Mobil Corp.		4,256,146
	51,946	Occidental Petroleum Corp.		5,331,218
	284,636	Royal Dutch Shell plc, A Shares		11,773,251
	105,548	Total SA		7,625,365

				45,933,174

	Personal Products (1.6%):
	486,035	Avon Products, Inc.		7,100,971

	Pharmaceuticals (7.6%):
	45,530	Bristol-Myers Squibb Co.		2,208,660
	86,431	Eli Lilly & Co.		5,373,415


Shares			Fair Value
	Common Stocks, continued
	Pharmaceuticals, continued
	15,581	Hospira, Inc.*	$	800,396
	114,379	Merck & Co., Inc.		6,616,825
	4,845	Novartis AG, ADR		438,618
	66,958	Novartis AG, Registered Shares		6,066,569
	104,092	Pfizer, Inc.		3,089,451
	32,560	Sanofi-Aventis SA		3,462,942
	103,342	Teva Pharmaceutical Industries, Ltd., ADR		5,417,188

				33,474,064

	Road & Rail (1.0%):
	143,988	CSX Corp.		4,436,270

	Semiconductors & Semiconductor Equipment (3.8%):
	386,837	Applied Materials, Inc.		8,723,174
	95,933	Broadcom Corp., Class A		3,561,033
	35,611	Intel Corp.		1,100,380
	74,733	Texas Instruments, Inc.		3,571,490

				16,956,077

	Software (4.9%):
	109,381	Adobe Systems, Inc.*		7,914,809
	45,363	Citrix Systems, Inc.*		2,837,456
	121,305	Microsoft Corp.		5,058,419
	246,416	Symantec Corp.		5,642,926

				21,453,610

	Specialty Retail (1.1%):
	115,294	Abercrombie & Fitch Co., Class A		4,986,466

	Wireless Telecommunication Services (0.8%):
	104,944	Vodafone Group plc, ADR		3,504,080

	Total Common Stocks (Cost $288,789,265)			419,480,395


Shares or Principal Amount			Fair Value
	Securities Held as Collateral for Securities on Loan (0.7%):
$	3,048,000	Allianz Variable Insurance Products Securities Lending Collateral Trust (a)	$	3,048,000

	Total Securities Held as Collateral for Securities on Loan (Cost $3,048,000)			3,048,000

	Unaffiliated Investment Company (4.8%):
	20,994,348	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(b)		20,994,348

	Total Unaffiliated Investment Company (Cost $20,994,348)			20,994,348

	Total Investment Securities (Cost $312,831,613)(c) — 100.6%			443,522,743
	Net other assets (liabilities) — (0.6)%			(2,802,151	)

	Net Assets — 100.0%		$	440,720,592

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2014:


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Short Contracts:
British Pound	Bank of New York Mellon	7/25/14		3,345,941	$	5,679,434	$	5,724,303	$	(44,869	)
British Pound	State Street	7/25/14		3,343,645		5,675,269		5,720,375		(45,106	)
Canadian Dollar	Bank of New York Mellon	7/25/14		4,091,948		3,807,349		3,832,818		(25,469	)
Canadian Dollar	State Street	7/25/14		4,096,617		3,811,366		3,837,190		(25,824	)
European Euro	Bank of New York Mellon	7/25/14		4,690,503		6,376,786		6,422,854		(46,068	)
European Euro	State Street	7/25/14		4,726,714		6,426,062		6,472,438		(46,376	)
Israeli Shekel	Bank of New York Mellon	7/25/14		2,041,636		594,027		594,955		(928	)
Israeli Shekel	State Street	7/25/14		11,971,271		3,482,045		3,488,556		(6,511	)
Swiss Franc	Bank of New York Mellon	7/25/14		2,180,044		2,436,348		2,459,459		(23,111	)
Swiss Franc	State Street	7/25/14		2,169,179		2,423,880		2,447,202		(23,322	)

					$	40,712,566	$	41,000,150	$	(287,584	)

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investment securities, at cost	$	312,831,613

Investment securities, at value*	$	443,522,743
Interest and dividends receivable		634,102
Foreign currency, at value (cost $115,569)		115,578
Receivable for investments sold		1,562,901
Reclaims receivable		49,780
Prepaid expenses		1,977

Total Assets		445,887,081

Liabilities:
Unrealized depreciation on forward currency contracts		287,584
Payable for investments purchased		1,108,965
Payable for capital shares redeemed		360,854
Payable for collateral received on loaned securities		3,048,000
Manager fees payable		237,021
Administration fees payable		14,851
Distribution fees payable		90,372
Custodian fees payable		5,938
Administrative and compliance services fees payable		906
Trustee fees payable		1,932
Other accrued liabilities		10,066

Total Liabilities		5,166,489

Net Assets	$	440,720,592

Net Assets Consist of:
Capital	$	266,357,407
Accumulated net investment income/(loss)		10,452,943
Accumulated net realized gains/(losses) from investment transactions		33,506,135
Net unrealized appreciation/(depreciation) on investments		130,404,107

Net Assets	$	440,720,592

Shares of beneficial interest (unlimited number of shares authorized, no par value)		26,641,779
Net Asset Value (offering and redemption price per share)	$	16.54

*	Includes securities on loan of $2,904,673.

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends	$	8,066,082
Interest		646
Income from securities lending		38,156
Foreign withholding tax		(124,097	)

Total Investment Income		7,980,787

Expenses:
Manager fees		1,596,884
Administration fees		58,540
Distribution fees		535,686
Custodian fees		12,506
Administrative and compliance services fees		3,575
Trustee fees		11,243
Professional fees		10,904
Shareholder reports		10,449
Other expenses		4,175

Total expenses before reductions		2,243,962
Less expenses voluntarily waived/reimbursed by the Manager		(191,699	)
Less expenses paid indirectly		(63	)

Net expenses		2,052,200

Net Investment Income/(Loss)		5,928,587

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		21,287,286
Net realized gains/(losses) on forward currency contracts		(509,494	)
Change in net unrealized appreciation/depreciation on investments		1,212,144

Net Realized/Unrealized Gains/(Losses) on Investments		21,989,936

Change in Net Assets Resulting From Operations	$	27,918,523

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

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of 30 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Invesco Growth and Income Fund (the “Fund”), and 29 are presented in separate reports.

securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives 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 cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. 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. Securities on loan at June 30, 2014 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $6.3 million for the period ended June 30, 2014.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund paid securities lending fees of $3,774 during the period ended June 30, 2014. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Effective January 6, 2014, the Manager, on behalf of the Trust, requested the Fund cease participation in the program until further notice.

During the period ended June 30, 2014, the Fund entered into forward currency 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. In addition to the foreign currency risk related to the use of these contracts, the Fund 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. In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The contract amount of forward currency contracts outstanding was $40.7 million as of June 30, 2014. The monthly average amount for these contracts was $31.7million for the period ended June 30, 2014.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2014:

The following is a summary of the effect of derivative instruments on the Fund’s Statement of Operations, categorized by risk exposure, for the period ended June 30, 2014:

advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2015.

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:

each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $2,533 was paid from the Fund relating to these fees and expenses.

Forward currency contracts are generally valued at the foreign currency exchange rate as of the close of the NYSE and are typically categorized as Level 2 in the fair value hierarchy.

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2014 is $313,595,314. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

During the year ended December 31, 2013, the Fund utilized $10,799,255 in capital loss carry forwards to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

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

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


Shares			Fair Value
	Common Stocks (93.5%):
	Air Freight & Logistics (0.9%):
	157,565	Deutsche Post AG	$	5,698,414

	Auto Components (2.1%):
	87,200	DENSO Corp.		4,170,462
	30,555	Hyundai Mobis Co., Ltd.		8,575,611

				12,746,073

	Automobiles (2.5%):
	1,353,000	Great Wall Motor Co.		5,035,616
	172,400	Toyota Motor Corp.		10,372,113

				15,407,729

	Banks (6.3%):
	1,886,763	Akbank T.A.S.		6,939,291
	561,156	Banco Bradesco SA, ADR		8,147,985
	8,577,000	Industrial & Commercial Bank of China		5,426,208
	1,030,800	Kasikornbank Public Co., Ltd.		6,482,816
	546,352	United Overseas Bank, Ltd.		9,876,566

				36,872,866

	Beverages (3.5%):
	81,313	Anheuser-Busch InBev NV		9,345,562
	78,447	Carlsberg A/S, Class B		8,450,270
	31,194	Fomento Economico Mexicano SAB de C.V., ADR		2,921,318

				20,717,150

	Biotechnology (0.7%):
	62,878	CSL, Ltd.		3,947,035

	Capital Markets (3.3%):
	819,322	Aberdeen Asset Management plc		6,365,440
	128,163	Julius Baer Group, Ltd.		5,285,814
	418,819	UBS AG, Registered Shares		7,676,211

				19,327,465

	Chemicals (2.1%):
	53,072	Agrium, Inc.		4,862,488
	21,033	Syngenta AG, Registered Shares		7,860,115

				12,722,603

	Commercial Services & Supplies (1.1%):
	745,338	Brambles, Ltd.		6,462,540

	Communications Equipment (1.0%):
	507,430	Telefonaktiebolaget LM Ericsson, B Shares		6,137,443

	Containers & Packaging (1.5%):
	950,248	Amcor, Ltd.		9,349,539

	Diversified Financial Services (4.3%):
	2,003,000	Bm&f Bovespa SA		10,545,446
	104,423	Deutsche Boerse AG		8,103,390
	198,029	Investor AB, B Shares		7,424,866

				26,073,702

	Electrical Equipment (2.5%):
	315,800	ABB, Ltd.		7,289,301
	81,978	Schneider Electric SA		7,731,161

				15,020,462

	Electronic Equipment, Instruments & Components (0.9%):
	12,685	Keyence Corp.		5,549,366


Shares			Fair Value
	Common Stocks, continued
	Food Products (2.0%):
	206,248	BRF-Brasil Foods SA	$	5,005,412
	159,453	Unilever NV		6,974,230

				11,979,642

	Health Care Equipment & Supplies (1.4%):
	475,094	Smith & Nephew plc		8,447,140

	Hotels, Restaurants & Leisure (4.5%):
	818,965	Compass Group plc		14,294,739
	1,529,000	Galaxy Entertainment Group, Ltd.		12,230,766

				26,525,505

	Industrial Conglomerates (2.6%):
	627,000	Hutchison Whampoa, Ltd.		8,577,236
	851,841	Keppel Corp., Ltd.		7,375,432

				15,952,668

	Insurance (1.0%):
	12,304	Fairfax Financial Holdings, Ltd.		5,837,971

	Internet Software & Services (1.7%):
	54,499	Baidu, Inc., ADR*		10,180,958

	IT Services (1.1%):
	157,021	Amadeus IT Holding SA, A Shares		6,468,696

	Life Sciences Tools & Services (0.0%):
	160,422	Art Advanced Research Technologies, Inc.*(a)		—
	165,100	Art Advanced Research Technologies, Inc.*(a)		—
	50,591	Art Advanced Research Technologies, Inc.*(a)		—

				—

	Machinery (2.1%):
	35,300	Fanuc, Ltd.		6,101,046
	254,200	Komatsu, Ltd.		5,911,931

				12,012,977

	Media (10.6%):
	798,864	British Sky Broadcasting Group plc		12,346,059
	233,907	Grupo Televisa SA, ADR		8,025,349
	529,823	Informa plc		4,360,143
	129,385	Publicis Groupe		10,982,766
	1,042,434	Reed Elsevier plc		16,752,028
	587,001	WPP plc		12,780,324

				65,246,669

	Multiline Retail (0.9%):
	48,835	Next plc		5,407,399

	Multi-Utilities (0.8%):
	918,542	Centrica plc		4,910,059

	Oil, Gas & Consumable Fuels (8.5%):
	163,759	Cenovus Energy, Inc.		5,309,236
	1,767,000	CNOOC, Ltd.		3,171,368
	306,187	EnCana Corp.^		7,255,045
	225,302	Royal Dutch Shell plc, B Shares		9,796,772
	345,638	Suncor Energy, Inc.		14,740,396
	161,669	Total SA		11,679,854

				51,952,671


Shares			Fair Value
	Common Stocks, continued
	Pharmaceuticals (8.6%):
	75,015	Novartis AG, Registered Shares	$	6,796,554
	145,547	Novo Nordisk A/S, B Shares		6,719,510
	40,302	Roche Holding AG		12,028,891
	179,721	Shire plc		14,090,335
	236,886	Teva Pharmaceutical Industries, Ltd., ADR		12,417,564

				52,052,854

	Road & Rail (0.9%):
	82,874	Canadian National Railway Co.		5,390,810

	Semiconductors & Semiconductor Equipment (5.2%):
	134,656	Avago Technologies, Ltd.		9,704,658
	7,673	Samsung Electronics Co., Ltd.		10,033,686
	531,910	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		11,377,555

				31,115,899

	Software (3.6%):
	267,936	CGI Group, Inc., Class A *		9,497,928
	152,037	SAP AG		11,742,236

				21,240,164

	Specialty Retail (0.8%):
	823,494	Kingfisher plc		5,053,289

	Textiles, Apparel & Luxury Goods (1.0%):
	59,113	Adidas AG		5,987,216

	Tobacco (3.5%):
	227,635	British American Tobacco plc		13,544,213
	204,500	Japan Tobacco, Inc.		7,469,669

				21,013,882

	Total Common Stocks (Cost $387,771,186)			562,808,856


Shares or Principal Amount			Fair Value
	Securities Held as Collateral for Securities on Loan (1.9%):
$	11,223,320	Allianz Variable Insurance Products Securities Lending Collateral Trust(b)	$	11,223,320

	Total Securities Held as Collateral for Securities on Loan (Cost $11,223,320)			11,223,320

	Unaffiliated Investment Company (7.2%):
	43,154,561	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(c)		43,154,561

	Total Unaffiliated Investment Company (Cost $43,154,561)			43,154,561

	Total Investment Securities (Cost $442,149,067)(d) — 102.6%			617,186,737
	Net other assets (liabilities) — (2.6)%			(15,389,841	)

	Net Assets — 100.0%		$	601,796,896

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2014:

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investment securities, at cost	$	442,149,067

Investment securities, at value*	$	617,186,737
Interest and dividends receivable		1,080,625
Foreign currency, at value (cost $2,737,652)		2,711,377
Receivable for investments sold		168,615
Reclaims receivable		271,139
Prepaid expenses		2,710

Total Assets		621,421,203

Liabilities:
Payable for investments purchased		7,450,979
Payable for capital shares redeemed		314,647
Payable for collateral received on loaned securities		11,223,320
Manager fees payable		418,393
Administration fees payable		20,068
Distribution fees payable		123,055
Custodian fees payable		52,714
Administrative and compliance services fees payable		1,476
Trustee fees payable		3,184
Other accrued liabilities		16,471

Total Liabilities		19,624,307

Net Assets	$	601,796,896

Net Assets Consist of:
Capital	$	407,897,437
Accumulated net investment income/(loss)		12,182,207
Accumulated net realized gains/(losses) from investment transactions		6,695,367
Net unrealized appreciation/(depreciation) on investments		175,021,885

Net Assets	$	601,796,896

Shares of beneficial interest (unlimited number of shares authorized, no par value)		30,361,150
Net Asset Value (offering and redemption price per share)	$	19.82

*	Includes securities on loan of $7,135,103.

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends	$	10,962,033
Income from securities lending		188,215
Foreign withholding tax		(1,039,828	)

Total Investment Income		10,110,420

Expenses:
Manager fees		2,611,765
Administration fees		89,444
Distribution fees		725,490
Custodian fees		102,449
Administrative and compliance services fees		5,142
Trustee fees		16,173
Professional fees		16,724
Shareholder reports		15,783
Other expenses		8,863

Total expenses before reductions		3,591,833
Less expenses voluntarily waived/reimbursed by the Manager		(145,102	)
Less expenses paid indirectly		(9,105	)

Net expenses		3,437,626

Net Investment Income/(Loss)		6,672,794

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		25,056,809
Change in net unrealized appreciation/depreciation on investments		5,064,236

Net Realized/Unrealized Gains/(Losses) on Investments		30,121,045

Change in Net Assets Resulting From Operations	$	36,793,839

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

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of 30 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Invesco International Equity Fund (the “Fund”), and 29 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund paid securities lending fees of $18,931 during the period ended June 30, 2014. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Effective January 6, 2014, the Manager, on behalf of the Trust, requested the Fund cease participation in the program until further notice.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a portfolio management agreement with Invesco Advisers, Inc. (“Invesco”), Invesco provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2015.

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator, transfer agent, and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. In addition, the Administrator is entitled to annual account fees related to the transfer agency system, an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $3,410 was paid from the Fund relating to these fees and expenses.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2014 is $448,855,757. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

During the year ended December 31, 2013, the Fund utilized $18,167,077 in CLCFs to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

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

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


Shares			Fair Value
	Common Stocks (95.2%):
	Air Freight & Logistics (1.0%):
	329,500	Yamato Holdings Co., Ltd.	$	6,825,712

	Airlines (1.0%):
	114,700	Japan Airlines Co., Ltd.		6,348,955

	Auto Components (2.1%):
	26,792	Continental AG		6,206,030
	60,406	Valeo SA		8,099,989

				14,306,019

	Automobiles (2.8%):
	105,211	Daimler AG, Registered Shares		9,852,338
	97,244	Renault SA		8,808,567

				18,660,905

	Banks (11.1%):
	395,602	Australia & New Zealand Banking Group, Ltd.		12,443,908
	126,345	BNP Paribas SA		8,571,834
	345,012	Danske Bank A/S		9,757,426
	1,464,753	HSBC Holdings plc		14,868,454
	2,216,900	Mitsubishi UFJ Financial Group, Inc.		13,620,376
	432,261	Nordea Bank AB		6,095,896
	220,972	Sumitomo Mitsui Financial Group, Inc.		9,280,031

				74,637,925

	Beverages (1.8%):
	208,304	SABMiller plc		12,067,098

	Building Products (2.2%):
	88,398	Compagnie de Saint-Gobain SA		4,979,647
	157,800	Daikin Industries, Ltd.(a)		9,982,613

				14,962,260

	Capital Markets (2.2%):
	790,700	Nomura Holdings, Inc.		5,589,124
	502,814	UBS AG, Registered Shares		9,215,691

				14,804,815

	Chemicals (3.2%):
	72,038	BASF SE		8,387,379
	13,149	LG Chem, Ltd.		3,854,426
	51,136	Solvay SA		8,815,026

				21,056,831

	Diversified Financial Services (2.3%):
	511,162	ING Groep NV*		7,171,686
	501,400	ORIX Corp.		8,305,539

				15,477,225

	Diversified Telecommunication Services (1.1%):
	1,942,560	Koninklijke (Royal) KPN NV*		7,073,058

	Electrical Equipment (2.6%):
	128,272	Schneider Electric SA		12,097,044
	309,100	Sumitomo Electric Industries, Ltd.		4,359,663

				16,456,707

	Electronic Equipment, Instruments & Components (2.1%):
	947,000	Hitachi, Ltd.		6,950,756
	16,000	Keyence Corp.		6,999,595

				13,950,351


Shares			Fair Value
	Common Stocks, continued
	Energy Equipment & Services (0.5%):
	147,439	Petrofac, Ltd.	$	3,029,795

	Food & Staples Retailing (1.1%):
	109,100	Seven & I Holdings Co., Ltd.		4,604,731
	2,447,500	Sun Art Retail Group, Ltd. ^		2,801,198

				7,405,929

	Food Products (1.7%):
	266,976	Unilever NV		11,677,121

	Gas Utilities (1.1%):
	966,000	Enn Energy Holdings, Ltd.		6,947,548

	Hotels, Restaurants & Leisure (4.0%):
	244,762	InterContinental Hotels Group plc		10,126,053
	754,800	Sands China, Ltd.		5,701,823
	97,566	Sodexo, Inc.		10,499,686

				26,327,562

	Household Durables (0.9%):
	226,677	Electrolux AB, Series B		5,729,171

	Insurance (3.7%):
	311,217	AXA SA		7,426,618
	504,839	Prudential plc(a)		11,578,948
	67,574	Swiss Re AG		6,015,290

				25,020,856

	IT Services (0.7%):
	137,800	Nomura Research Institute, Ltd.		4,347,735

	Machinery (1.6%):
	398,600	DMG Mori Seiki Co., Ltd.		5,797,814
	1,199,000	Kawasaki Heavy Industries, Ltd.		4,577,372

				10,375,186

	Media (2.4%):
	171,200	Dentsu, Inc.		6,988,089
	104,149	Publicis Groupe		8,840,624

				15,828,713

	Metals & Mining (3.6%):
	366,356	First Quantum Minerals, Ltd.		7,836,015
	906,410	Norsk Hydro ASA		4,846,985
	209,317	Rio Tinto plc		11,293,052

				23,976,052

	Multi-Utilities (2.0%):
	302,281	GDF Suez		8,310,668
	239,995	Suez Environnement Co.		4,599,677

				12,910,345

	Oil, Gas & Consumable Fuels (6.4%):
	535,017	BG Group plc		11,309,544
	491,062	Royal Dutch Shell plc, A Shares		20,321,326
	207,608	Statoil ASA		6,406,452
	281,225	Tullow Oil plc		4,102,827

				42,140,149

	Paper & Forest Products (1.1%):
	418,943	Stora Enso OYJ, R Shares		4,072,224
	179,196	UPM-Kymmene OYJ		3,057,328

				7,129,552


Shares			Fair Value
	Common Stocks, continued
	Pharmaceuticals (11.6%):
	107,028	AstraZeneca plc	$	7,963,082
	106,477	Bayer AG		15,038,676
	194,004	Novartis AG, Registered Shares		17,577,267
	179,689	Novo Nordisk A/S, B Shares		8,295,753
	66,028	Roche Holding AG		19,707,299
	118,315	Shire plc		9,276,033

				77,858,110

	Real Estate Management & Development (3.9%):
	2,438,000	China Overseas Land & Investment, Ltd.		5,913,745
	406,000	Daiwa House Industry Co., Ltd.		8,432,195
	333,000	Mitsubishi Estate Co., Ltd.		8,239,982
	135,000	Mitsui Fudosan Co., Ltd.		4,565,930

				27,151,852

	Semiconductors & Semiconductor Equipment (1.7%):
	79,965	ASML Holding NV		7,441,338
	3,043	Samsung Electronics Co., Ltd.		3,979,213

				11,420,551

	Software (1.6%):
	133,676	SAP AG^		10,324,165

	Specialty Retail (1.0%):
	1,062,644	Kingfisher plc		6,520,809

	Technology Hardware, Storage & Peripherals (0.5%):
	273,200	Ricoh Co., Ltd.		3,263,260

	Textiles, Apparel & Luxury Goods (1.6%):
	102,369	Compagnie Financiere Richemont SA, Registered Shares		10,746,638


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Tobacco (3.2%):
	199,458	British American Tobacco plc	$	11,867,690
	251,800	Japan Tobacco, Inc.(a)		9,197,373

				21,065,063

	Trading Companies & Distributors (1.2%):
	145,274	Wolseley plc		7,953,471

	Wireless Telecommunication Services (2.6%):
	130,800	KDDI Corp.		7,996,763
	2,759,276	Vodafone Group plc		9,219,764

				17,216,527

	Total Common Stocks (Cost $522,597,666)			632,994,021

	Preferred Stock (1.4%):
	Household Products (1.4%):
	78,005	Henkel AG & Co. KGaA, Preferred Shares		9,022,538

	Total Preferred Stock (Cost $5,646,367)			9,022,538

	Securities Held as Collateral for Securities on Loan (0.4%):
$	2,408,489	Allianz Variable Insurance Products Securities Lending Collateral Trust(b)		2,408,489

	Total Securities Held as Collateral for Securities on Loan (Cost $2,408,489)			2,408,489

	Unaffiliated Investment Company (2.1%):
	14,131,124	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(c)		14,131,124

	Total Unaffiliated Investment Company (Cost $14,131,124)			14,131,124

	Total Investment Securities (Cost $544,783,646)(d) — 99.1%			658,556,172
	Net other assets (liabilities) — 0.9%			6,099,915

	Net Assets — 100.0%		$	664,656,087

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2014:

Cash of $680,264 has been segregated to cover margin requirements for the following open contracts as of June 30, 2014.


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Short Contracts:
Australian Dollar	Goldman Sachs	9/12/14		3,663,392	$	3,438,254	$	3,435,290	$	2,964
British Pound	Citibank	9/12/14		1,612,031		2,742,194		2,756,765		(14,571	)
British Pound	JPMorgan Chase	9/12/14		793,979		1,332,085		1,357,799		(25,714	)
Canadian Dollar	State Street	9/12/14		7,303,566		6,676,508		6,832,924		(156,416	)
Danish Krone	UBS Warburg	9/12/14		21,334,065		3,874,363		3,920,416		(46,053	)
European Euro	Goldman Sachs	9/12/14		3,274,283		4,462,884		4,484,381		(21,497	)
European Euro	JPMorgan Chase	9/12/14		977,324		1,328,277		1,338,520		(10,243	)
European Euro	State Street	9/12/14		15,450,142		20,919,182		21,160,153		(240,971	)
Hong Kong Dollar	State Street	9/12/14		30,959,050		3,994,366		3,993,174		1,192
Japanese Yen	Credit Suisse First Boston	9/12/14		329,907,758		3,230,371		3,258,861		(28,490	)
Japanese Yen	Goldman Sachs	9/12/14		224,403,869		2,202,396		2,216,683		(14,287	)
Japanese Yen	UBS Warburg	9/12/14		2,015,216,594		19,701,976		19,906,503		(204,527	)
Norwegian Krone	Goldman Sachs	9/12/14		10,062,948		1,643,189		1,636,409		6,780
Norwegian Krone	State Street	9/12/14		20,412,063		3,404,008		3,319,353		84,655
Swiss Franc	State Street	9/12/14		6,888,537		7,657,844		7,774,755		(116,911	)

					$	86,607,897	$	87,391,986	$	(784,089	)

Long Contracts:
Australian Dollar	State Street	9/12/14		45,926,932	$	42,734,550	$	43,067,287	$	332,737
British Pound	Goldman Sachs	9/12/14		786,665		1,338,744		1,345,291		6,547
British Pound	Royal Bank of Canada	9/12/14		2,444,332		4,145,881		4,180,099		34,218
British Pound	UBS Warburg	9/12/14		5,730,900		9,604,244		9,800,521		196,277
European Euro	HSBC Bank	9/12/14		1,320,520		1,791,735		1,808,553		16,818
European Euro	Royal Bank of Canada	9/12/14		4,664,506		6,345,497		6,388,399		42,902
European Euro	State Street	9/12/14		994,609		1,355,314		1,362,193		6,879
European Euro	UBS Warburg	9/12/14		1,306,279		1,782,475		1,789,049		6,574
Japanese Yen	Barclays Bank	9/12/14		771,799,120		7,576,392		7,623,906		47,514
Japanese Yen	Goldman Sachs	9/12/14		243,050,173		2,387,306		2,400,873		13,567
Japanese Yen	Westpac Banking Corp.	9/12/14		367,277,941		3,623,786		3,628,007		4,221
Singapore Dollar	State Street	9/12/14		12,439,280		9,950,787		9,978,918		28,131
Swedish Krona	UBS Warburg	9/12/14		52,965,932		7,902,202		7,923,527		21,325
Swiss Franc	Royal Bank of Canada	9/12/14		1,903,610		2,128,182		2,148,511		20,329

					$	102,667,095	$	103,445,134	$	778,039

At June 30, 2014, the Fund’s open forward cross currency contracts were as follows:

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investment securities, at cost	$	544,783,646

Investment securities, at value*	$	658,556,172
Cash		637,736
Segregated cash for collateral		680,264
Interest and dividends receivable		1,221,170
Foreign currency, at value (cost $1,548,321)		1,551,754
Unrealized appreciation on forward currency contracts		894,192
Receivable for investments sold		5,523,715
Reclaims receivable		634,035
Prepaid expenses		3,003

Total Assets		669,702,041

Liabilities:
Unrealized depreciation on forward currency contracts		919,016
Payable for capital shares redeemed		401,130
Payable for collateral received on loaned securities		2,408,489
Payable for variation margin on futures contracts		636,675
Manager fees payable		464,804
Administration fees payable		21,898
Distribution fees payable		136,708
Custodian fees payable		38,996
Administrative and compliance services fees payable		1,272
Trustee fees payable		2,701
Other accrued liabilities		14,265

Total Liabilities		5,045,954

Net Assets	$	664,656,087

Net Assets Consist of:
Capital	$	528,861,881
Accumulated net investment income/(loss)		19,985,589
Accumulated net realized gains/(losses) from investment transactions		2,114,320
Net unrealized appreciation/(depreciation) on investments		113,694,297

Net Assets	$	664,656,087

Shares of beneficial interest (unlimited number of shares authorized, no par value)		34,432,082
Net Asset Value (offering and redemption price per share)	$	19.30

*	Includes securities on loan of $2,276,235.

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends	$	19,826,259
Income from securities lending		423,551
Foreign withholding tax		(1,592,350	)

Total Investment Income		18,657,460

Expenses:
Manager fees		3,079,220
Administration fees		99,684
Distribution fees		810,319
Custodian fees		98,101
Administrative and compliance services fees		5,826
Trustee fees		18,374
Professional fees		19,038
Shareholder reports		19,128
Other expenses		8,938

Total expenses before reductions		4,158,628
Less expenses voluntarily waived/reimbursed by the Manager		(324,125	)
Less expenses paid indirectly		(1,008	)

Net expenses		3,833,495

Net Investment Income/(Loss)		14,823,965

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		25,836,404
Net realized gains/(losses) on forward currency contracts		2,151,059
Change in net unrealized appreciation/depreciation on investments		(22,644,603	)

Net Realized/Unrealized Gains/(Losses) on Investments		5,342,860

Change in Net Assets Resulting From Operations	$	20,166,825

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

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of 30 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL JPMorgan International Opportunities Fund (the “Fund”), and 29 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund paid securities lending fees of $40,890 during the period ended June 30, 2014. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Effective January 6, 2014, the Manager, on behalf of the Trust, requested the Fund cease participation in the program until further notice.

During the period ended June 30, 2014, the Fund entered into forward currency 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. In addition to the foreign currency risk related to the use of these contracts, the Fund 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. In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The contract amount of forward currency contracts outstanding was $195.1 million as of June 30, 2014. The monthly average amount for these contracts was $193.8 million for the period ended June 30, 2014.

During the period ended June 30, 2014, the Fund used futures contracts to provide equity exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $10.5 million as of June 30, 2014. The monthly average notional amount for these contracts was $1.8 million for the period ended June 30, 2014. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2014:

The following is a summary of the effect of derivative instruments on the Fund’s Statement of Operations, categorized by risk exposure, for the period ended June 30, 2014:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with J.P. Morgan Investment Management Inc. (“JPMIM”), JPMIM provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2015.

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $3,838 was paid from the Fund relating to these fees and expenses.

Forward currency contracts are generally valued at the foreign currency exchange rate as of the close of the NYSE and are typically categorized as Level 2 in the fair value hierarchy.

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2014 is $550,407,807. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

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

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


Shares			Fair Value
	Common Stocks (99.3%):
	Aerospace & Defense (3.6%):
	116,807	Honeywell International, Inc.(a)	$	10,857,211
	65,793	United Technologies Corp.		7,595,802

				18,453,013

	Airlines (1.5%):
	87,002	Delta Air Lines, Inc.		3,368,717
	102,358	United Continental Holdings, Inc.*		4,203,844

				7,572,561

	Auto Components (0.5%):
	29,953	TRW Automotive Holdings Corp.*		2,681,393

	Automobiles (2.2%):
	315,234	General Motors Co.		11,442,994

	Banks (5.0%):
	624,881	Bank of America Corp.		9,604,421
	3,000	BB&T Corp.		118,290
	3,140	SVB Financial Group*		366,187
	297,602	Wells Fargo & Co.		15,641,961

				25,730,859

	Beverages (1.7%):
	145,985	Coca-Cola Co. (The)		6,183,925
	13,947	Constellation Brands, Inc., Class A*		1,229,149
	18,693	Dr Pepper Snapple Group, Inc.		1,095,036

				8,508,110

	Biotechnology (3.3%):
	10,012	Alexion Pharmaceuticals, Inc.*		1,564,375
	20,294	Biogen Idec, Inc.*		6,398,900
	67,154	Celgene Corp.*		5,767,186
	33,829	Vertex Pharmaceuticals, Inc.*		3,202,930

				16,933,391

	Building Products (0.6%):
	25,603	Fortune Brands Home & Security, Inc.		1,022,328
	81,531	Masco Corp.		1,809,988

				2,832,316

	Capital Markets (3.6%):
	24,210	Ameriprise Financial, Inc.		2,905,200
	36,479	Charles Schwab Corp. (The)		982,379
	14,970	Goldman Sachs Group, Inc. (The)		2,506,577
	86,044	Invesco, Ltd.		3,248,161
	183,592	Morgan Stanley		5,935,530
	36,190	State Street Corp.		2,434,139
	15,626	TD Ameritrade Holding Corp.		489,875

				18,501,861

	Chemicals (1.8%):
	28,107	Axiall Corp.		1,328,618
	40,395	Dow Chemical Co. (The)		2,078,727
	16,667	Methanex Corp.		1,029,687
	25,059	Monsanto Co.		3,125,859
	29,457	Mosaic Co. (The)		1,456,649

				9,019,540

	Communications Equipment (2.8%):
	178,018	Cisco Systems, Inc.		4,423,747
	124,223	QUALCOMM, Inc.		9,838,462

				14,262,209


Shares			Fair Value
	Common Stocks, continued
	Construction & Engineering (1.1%):
	70,177	Fluor Corp.	$	5,396,611

	Consumer Finance (0.6%):
	11,048	American Express Co.(a)		1,048,124
	21,437	Capital One Financial Corp.		1,770,696

				2,818,820

	Diversified Financial Services (2.3%):
	133,303	Citigroup, Inc.		6,278,571
	20,468	CME Group, Inc.		1,452,205
	21,509	IntercontinentalExchange Group, Inc.		4,063,050

				11,793,826

	Diversified Telecommunication Services (1.7%):
	180,719	Verizon Communications, Inc.(a)		8,842,581

	Electric Utilities (1.0%):
	10,012	Entergy Corp.		821,885
	42,093	Exelon Corp.		1,535,553
	26,564	NextEra Energy, Inc.		2,722,278

				5,079,716

	Electrical Equipment (1.2%):
	46,066	Eaton Corp. plc		3,555,374
	34,975	Emerson Electric Co.		2,320,941

				5,876,315

	Energy Equipment & Services (3.7%):
	6,520	Ensco plc, Class A, ADR		362,316
	154,595	Schlumberger, Ltd.		18,234,480

				18,596,796

	Food & Staples Retailing (0.9%):
	12,636	Costco Wholesale Corp.		1,455,162
	41,707	CVS Caremark Corp.		3,143,456

				4,598,618

	Food Products (0.8%):
	30,036	General Mills, Inc.		1,578,091
	69,044	Mondelez International, Inc., Class A		2,596,745

				4,174,836

	Health Care Equipment & Supplies (1.5%):
	24,692	Abbott Laboratories(a)		1,009,903
	237,105	Boston Scientific Corp.*		3,027,831
	772	CareFusion Corp.*		34,238
	41,495	Stryker Corp.		3,498,858

				7,570,830

	Health Care Providers & Services (3.9%):
	15,491	Aetna, Inc.		1,256,010
	31,058	Humana, Inc.		3,966,728
	9,260	McKesson, Inc.		1,724,305
	156,836	UnitedHealth Group, Inc.		12,821,343

				19,768,386

	Hotels, Restaurants & Leisure (1.2%):
	14,792	Royal Caribbean Cruises, Ltd.		822,435
	30,325	Starbucks Corp.		2,346,549
	31,830	Yum! Brands, Inc.		2,584,596

				5,753,580


Shares			Fair Value
	Common Stocks, continued
	Household Durables (0.5%):
	11,459	Harman International Industries, Inc.	$	1,231,040
	44,967	PulteGroup, Inc.		906,535
	13,986	Toll Brothers, Inc.*		516,083

				2,653,658

	Household Products (1.5%):
	14,295	Colgate-Palmolive Co.		974,633
	86,346	Procter & Gamble Co. (The)		6,785,932

				7,760,565

	Insurance (4.6%):
	95,201	ACE, Ltd.		9,872,344
	9,993	Axis Capital Holdings, Ltd.		442,490
	30,576	Hartford Financial Services Group, Inc. (The)		1,094,927
	149,897	Marsh & McLennan Cos., Inc.		7,767,662
	55,056	MetLife, Inc.		3,058,911
	14,680	Prudential Financial, Inc.		1,303,144

				23,539,478

	Internet & Catalog Retail (1.3%):
	10,571	Amazon.com, Inc.*		3,433,249
	2,874	Priceline.com, Inc.*		3,457,422

				6,890,671

	Internet Software & Services (3.8%):
	4,236	eBay, Inc.*		212,054
	19,042	Google, Inc., Class C*		10,954,482
	13,814	Google, Inc., Class A*		8,076,631

				19,243,167

	IT Services (2.6%):
	48,532	Accenture plc, Class A		3,923,327
	6,424	Alliance Data Systems Corp.*		1,806,750
	29,361	Cognizant Technology Solutions Corp., Class A*		1,436,047
	26,600	Fidelity National Information Services, Inc.		1,456,084
	24,249	Visa, Inc., Class A		5,109,506

				13,731,714

	Machinery (1.5%):
	20,302	Flowserve Corp.		1,509,454
	32,312	Ingersoll-Rand plc		2,019,823
	55,103	PACCAR, Inc.		3,462,121
	6,499	SPX Corp.		703,257

				7,694,655

	Media (6.3%):
	14,958	CBS Corp., Class B		929,490
	177,207	Comcast Corp., Class A		9,512,472
	25,561	DISH Network Corp., Class A*		1,663,510
	8,006	Time Warner Cable, Inc.		1,179,284
	222,431	Time Warner, Inc.		15,625,779
	4,602	Time, Inc.*		111,460
	71,043	Twenty-First Century Fox, Inc.		2,497,161
	14,861	Walt Disney Co. (The)		1,274,182

				32,793,338


Shares			Fair Value
	Common Stocks, continued
	Metals & Mining (1.9%):
	254,371	Alcoa, Inc.(a)	$	3,787,584
	77,802	Freeport-McMoRan Copper & Gold, Inc.		2,839,773
	121,919	United States Steel Corp.^		3,174,771

				9,802,128

	Multi-Utilities (0.2%):
	16,764	Dominion Resources, Inc.		1,198,961

	Oil, Gas & Consumable Fuels (7.1%):
	16,571	Anadarko Petroleum Corp.		1,814,027
	68,650	Chevron Corp.		8,962,258
	23,323	EOG Resources, Inc.		2,725,526
	9,580	EQT Corp.		1,024,102
	90,968	Exxon Mobil Corp.		9,158,659
	1,000	Hess Corp.(a)		98,890
	47,425	Marathon Oil Corp.		1,893,206
	5,479	Marathon Petroleum Corp.		427,746
	74,192	Occidental Petroleum Corp.		7,614,325
	6,019	Phillips 66		484,108
	10,629	Southwestern Energy Co.*		483,513
	39,640	Valero Energy Corp.		1,985,964

				36,672,324

	Pharmaceuticals (6.3%):
	5,575	Allergan, Inc.		943,402
	120,541	Bristol-Myers Squibb Co.		5,847,444
	203,713	Johnson & Johnson Co.		21,312,453
	59,795	Merck & Co., Inc.		3,459,141
	5,672	Perrigo Co. plc		826,751

				32,389,191

	Road & Rail (1.2%):
	147,171	CSX Corp.(a)		4,534,339
	18,172	Union Pacific Corp.		1,812,657

				6,346,996

	Semiconductors & Semiconductor Equipment (4.3%):
	98,519	Avago Technologies, Ltd.		7,100,264
	48,220	Broadcom Corp., Class A		1,789,926
	58,394	Freescale Semiconductor Holdings I, Ltd.*^		1,372,259
	87,226	KLA-Tencor Corp.		6,336,097
	62,566	Lam Research Corp.		4,228,210
	41,591	Teradyne, Inc.^		815,184
	1,927	Xilinx, Inc.		91,166

				21,733,106

	Software (3.5%):
	38,312	Adobe Systems, Inc.*		2,772,256
	25,155	Citrix Systems, Inc.*		1,573,445
	265,868	Microsoft Corp.		11,086,696
	60,436	Oracle Corp.		2,449,471

				17,881,868

	Specialty Retail (1.9%):
	58,066	Home Depot, Inc. (The)		4,701,023
	60,400	Lowe’s Cos., Inc.		2,898,596
	36,884	TJX Cos., Inc. (The)		1,960,385

				9,560,004


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Technology Hardware, Storage & Peripherals (3.3%):
	183,833	Apple, Inc.(a)	$	17,083,601

	Textiles, Apparel & Luxury Goods (0.2%):
	18,344	V.F. Corp.		1,155,672

	Tobacco (0.8%):
	45,739	Philip Morris International, Inc.		3,856,255

	Total Common Stocks (Cost $382,701,734)			508,196,514

	Securities Held as Collateral for Securities on Loan (0.4%):
$	2,186,874	Allianz Variable Insurance Products Securities Lending Collateral Trust(b)		2,186,874

	Total Securities Held as Collateral for Securities on Loan (Cost $2,186,874)			2,186,874

Cash of $225,000 has been segregated to cover margin requirements for the following open contracts as of June 30, 2014:

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investment securities, at cost	$	389,845,006

Investment securities, at value*	$	515,339,786
Cash		32,486
Segregated cash for collateral		225,000
Interest and dividends receivable		387,409
Receivable for investments sold		1,863,684
Receivable for variation margin on futures contracts		100
Prepaid expenses		2,247

Total Assets		517,850,712

Liabilities:
Payable for investments purchased		3,179,697
Payable for capital shares redeemed		148,326
Payable for collateral received on loaned securities		2,186,874
Manager fees payable		297,144
Administration fees payable		17,324
Distribution fees payable		104,655
Custodian fees payable		15,974
Administrative and compliance services fees payable		1,516
Trustee fees payable		3,241
Other accrued liabilities		16,836

Total Liabilities		5,971,587

Net Assets	$	511,879,125

Net Assets Consist of:
Capital	$	446,182,572
Accumulated net investment income/(loss)		5,811,206
Accumulated net realized gains/(losses) from investment transactions		(65,615,383	)
Net unrealized appreciation/(depreciation) on investments		125,500,730

Net Assets	$	511,879,125

Shares of beneficial interest (unlimited number of shares authorized, no par value)		32,926,500
Net Asset Value (offering and redemption price per share)	$	15.55

*	Includes securities on loan of $2,149,737.

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends	$	4,548,967
Income from securities lending		10,174
Foreign withholding tax		(1,055	)

Total Investment Income		4,558,086

Expenses:
Manager fees		1,985,066
Administration fees		67,310
Distribution fees		620,332
Custodian fees		22,862
Administrative and compliance services fees		3,949
Trustee fees		12,413
Professional fees		12,025
Shareholder reports		10,792
Other expenses		5,012

Total expenses before reductions		2,739,761
Less expenses voluntarily waived/reimbursed by the Manager		(223,338	)
Less expenses paid indirectly		(13,020	)

Net expenses		2,503,403

Net Investment Income/(Loss)		2,054,683

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		37,833,845
Net realized gains/(losses) on futures contracts		114,149
Change in net unrealized appreciation/depreciation on investments		(6,347,788	)

Net Realized/Unrealized Gains/(Losses) on Investments		31,600,206

Change in Net Assets Resulting From Operations	$	33,654,889

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

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of 30 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL JPMorgan U.S. Equity Fund (the “Fund”), and 29 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund paid securities lending fees of $1,005 during the period ended June 30, 2014. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Effective January 6, 2014, the Manager, on behalf of the Trust, requested the Fund cease participation in the program until further notice.

During the period ended June 30, 2014, the Fund used futures contracts to provide equity exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $0.5 million as of June 30, 2014. The monthly average notional amount for these contracts was $0.8 million for the period ended June 30, 2014. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2014:

The following is a summary of the effect of derivative instruments on the Fund’s Statement of Operations, categorized by risk exposure, for the period ended June 30, 2014:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with J.P. Morgan Investment Management Inc. (“JPMIM”), JPMIM provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2015.

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator, transfer agent, and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. In addition, the Administrator is entitled to annual account fees related to the transfer agency system, an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $2,933 was paid from the Fund relating to these fees and expenses.

Compensation to the Trustees is allocated between the Trust and the Allianz Variable Insurance Products Fund of Funds Trust in proportion to the assets under management of each trust. During the period ended June 30, 2014, actual Trustee compensation was $456,400 in total for both trusts.

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2014 is $393,287,229. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

During the year ended December 31, 2013, the Fund utilized $63,108,021 in CLCFs to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

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

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


Shares			Fair Value
	Common Stocks (99.3%):
	Aerospace & Defense (4.9%):
	66,935	Honeywell International, Inc.	$	6,221,608
	22,604	Precision Castparts Corp.		5,705,250
	57,281	United Technologies Corp.		6,613,091

				18,539,949

	Air Freight & Logistics (0.8%):
	30,544	United Parcel Service, Inc., Class B		3,135,647

	Auto Components (0.5%):
	26,302	Delphi Automotive plc		1,807,999

	Automobiles (0.4%):
	11,029	Bayerische Motoren Werke AG (BMW)		1,398,857

	Banks (6.3%):
	301,472	Bank of America Corp.		4,633,625
	192,083	JPMorgan Chase & Co.		11,067,822
	156,497	Wells Fargo & Co.		8,225,482

				23,926,929

	Beverages (2.0%):
	98,235	Diageo plc		3,126,754
	37,649	Pernod Ricard SA^		4,521,001

				7,647,755

	Capital Markets (5.2%):
	19,119	BlackRock, Inc., Class A		6,110,432
	25,530	Franklin Resources, Inc.		1,476,655
	41,930	Goldman Sachs Group, Inc. (The)		7,020,759
	96,735	Morgan Stanley		3,127,443
	31,785	State Street Corp.		2,137,859

				19,873,148

	Chemicals (4.2%):
	27,881	FMC Corp.		1,984,848
	15,634	Linde AG		3,324,482
	25,007	Praxair, Inc.		3,321,930
	17,638	Sherwin Williams Co.		3,649,479
	40,936	W.R. Grace & Co.*		3,869,680

				16,150,419

	Construction & Engineering (0.8%):
	40,890	Fluor Corp.		3,144,441

	Consumer Finance (1.9%):
	74,377	American Express Co.		7,056,146

	Containers & Packaging (0.8%):
	58,144	Crown Holdings, Inc.*		2,893,245

	Diversified Financial Services (0.7%):
	72,889	NASDAQ OMX Group, Inc. (The)		2,814,973

	Electric Utilities (0.7%):
	49,511	American Electric Power Co., Inc.		2,761,228

	Energy Equipment & Services (4.4%):
	63,763	Cameron International Corp.*		4,317,393
	45,895	Dresser-Rand Group, Inc.*		2,924,888
	41,575	National-Oilwell Varco, Inc.		3,423,701
	53,103	Schlumberger, Ltd.		6,263,499

				16,929,481


Shares			Fair Value
	Common Stocks, continued
	Food Products (2.8%):
	61,636	Danone SA	$	4,574,167
	29,678	General Mills, Inc.		1,559,282
	125,099	Mondelez International, Inc., Class A		4,704,974

				10,838,423

	Health Care Equipment & Supplies (4.4%):
	82,251	Abbott Laboratories		3,364,065
	84,765	Covidien plc		7,644,108
	37,315	St. Jude Medical, Inc.		2,584,064
	39,333	Stryker Corp.		3,316,559

				16,908,796

	Hotels, Restaurants & Leisure (1.2%):
	46,736	McDonald’s Corp.		4,708,185

	Household Durables (0.5%):
	62,455	Newell Rubbermaid, Inc.		1,935,480

	Household Products (2.8%):
	48,130	Colgate-Palmolive Co.		3,281,503
	92,579	Procter & Gamble Co. (The)		7,275,784

				10,557,287

	Industrial Conglomerates (2.7%):
	129,804	Danaher Corp.		10,219,469

	Insurance (0.8%):
	29,995	ACE, Ltd.		3,110,482

	Internet Software & Services (3.1%):
	9,594	Google, Inc., Class C*		5,519,236
	10,636	Google, Inc., Class A		6,218,550

				11,737,786

	IT Services (7.5%):
	69,519	Accenture plc, Class A		5,619,916
	99,272	Cognizant Technology Solutions Corp., Class A*		4,855,394
	89,614	Fidelity National Information Services, Inc.		4,905,470
	71,173	MasterCard, Inc., Class A		5,229,080
	37,512	Visa, Inc., Class A		7,904,154

				28,514,014

	Life Sciences Tools & Services (1.6%):
	52,738	Thermo Fisher Scientific, Inc.		6,223,084

	Media (6.4%):
	119,941	Comcast Corp., Class A		6,438,433
	72,660	Time Warner, Inc.		5,104,365
	132,532	Twenty-First Century Fox, Inc.		4,658,500
	95,712	Walt Disney Co. (The)		8,206,347

				24,407,645

	Multiline Retail (1.9%):
	65,693	Kohl’s Corp.		3,460,707
	66,477	Target Corp.		3,852,342

				7,313,049

	Multi-Utilities (1.0%):
	117,626	CMS Energy Corp.		3,664,050

	Oil, Gas & Consumable Fuels (4.1%):
	16,503	Chevron Corp.		2,154,467
	39,095	EOG Resources, Inc.		4,568,642


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	13,766	Exxon Mobil Corp.	$	1,385,961
	45,418	Noble Energy, Inc.		3,518,078
	38,662	Occidental Petroleum Corp.		3,967,881

				15,595,029

	Pharmaceuticals (7.4%):
	62,694	Bristol-Myers Squibb Co.		3,041,286
	48,006	Endo International plc*		3,361,380
	80,825	Johnson & Johnson Co.		8,455,911
	269,097	Pfizer, Inc.		7,986,799
	42,525	Valeant Pharmaceuticals International, Inc.*		5,363,253

				28,208,629

	Real Estate Investment Trusts (REITs) (1.7%):
	72,350	American Tower Corp.		6,510,053

	Road & Rail (1.3%):
	77,579	Canadian National Railway Co.		5,044,187

	Semiconductors & Semiconductor Equipment (2.8%):
	124,901	Altera Corp.		4,341,559
	131,353	Microchip Technology, Inc.		6,411,340

				10,752,899

	Software (1.8%):
	43,298	Citrix Systems, Inc.*		2,708,290
	98,443	Oracle Corp.		3,989,895

				6,698,185

	Specialty Retail (1.7%):
	62,498	Bed Bath & Beyond, Inc.*		3,586,136
	43,634	Ross Stores, Inc.		2,885,516

				6,471,652

	Technology Hardware, Storage & Peripherals (4.5%):
	62,804	Apple, Inc.		5,836,376
	293,822	EMC Corp.		7,739,271


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Technology Hardware, Storage & Peripherals, continued
	101,013	Hewlett-Packard Co.	$	3,402,118

				16,977,765

	Textiles, Apparel & Luxury Goods (2.6%):
	19,996	LVMH Moet Hennessy Louis Vuitton SA		3,851,576
	34,910	Nike, Inc., Class B		2,707,271
	51,790	V.F. Corp.		3,262,770

				9,821,617

	Trading Companies & Distributors (1.1%):
	16,787	W.W. Grainger, Inc.		4,268,430

	Total Common Stocks (Cost $247,541,832)			378,566,413

	Preferred Stock (0.3%):
	Electric Utilities (0.3%):
	20,030	Exelon Corp., Preferred Shares*		1,080,550

	Total Preferred Stock (Cost $1,013,350)			1,080,550

	Securities Held as Collateral for Securities on Loan (1.2%):
$	4,713,464	Allianz Variable Insurance Products Securities Lending Collateral Trust(a)		4,713,464

	Total Securities Held as Collateral for Securities on Loan (Cost $4,713,464)			4,713,464

	Unaffiliated Investment Company (0.5%):
	1,718,281	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(b)		1,718,281

	Total Unaffiliated Investment Company (Cost $1,718,281)			1,718,281

	Total Investment Securities (Cost $254,986,927)(c) — 101.3%			386,078,708
	Net other assets (liabilities) — (1.3)%			(4,920,807	)

	Net Assets — 100.0%		$	381,157,901

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2014:

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investment securities, at cost	$	254,986,927

Investment securities, at value*	$	386,078,708
Cash		13,123
Interest and dividends receivable		246,332
Foreign currency, at value (cost $36)		36
Reclaims receivable		441
Prepaid expenses		1,904

Total Assets		386,340,544

Liabilities:
Payable for capital shares redeemed		131,961
Payable for collateral received on loaned securities		4,713,464
Manager fees payable		222,900
Administration fees payable		13,855
Distribution fees payable		78,140
Custodian fees payable		8,125
Administrative and compliance services fees payable		960
Trustee fees payable		1,948
Other accrued liabilities		11,290

Total Liabilities		5,182,643

Net Assets	$	381,157,901

Net Assets Consist of:
Capital	$	212,438,935
Accumulated net investment income/(loss)		4,174,049
Accumulated net realized gains/(losses) from investment transactions		33,453,120
Net unrealized appreciation/(depreciation) on investments		131,091,797

Net Assets	$	381,157,901

Shares of beneficial interest (unlimited number of shares authorized, no par value)		17,054,067
Net Asset Value (offering and redemption price per share)	$	22.35

*	Includes securities on loan of $2,795,068.

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends	$	3,290,170
Interest		87
Income from securities lending		25,287
Foreign withholding tax		(52,662	)

Total Investment Income		3,262,882

Expenses:
Manager fees		1,451,107
Administration fees		52,825
Distribution fees		483,702
Custodian fees		12,978
Administrative and compliance services fees		3,040
Trustee fees		9,592
Professional fees		9,349
Shareholder reports		10,080
Other expenses		3,690

Total expenses before reductions		2,036,363
Less expenses voluntarily waived/reimbursed by the Manager		(71,948	)
Less expenses paid indirectly		(808	)

Net expenses		1,963,607

Net Investment Income/(Loss)		1,299,275

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		27,224,929
Change in net unrealized appreciation/depreciation on investments		(10,501,211	)

Net Realized/Unrealized Gains/(Losses) on Investments		16,723,718

Change in Net Assets Resulting From Operations	$	18,022,993

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

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of 30 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL MFS Investors Trust Fund (the “Fund”), and 29 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund paid securities lending fees of $2,500 during the period ended June 30, 2014. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Effective January 6, 2014, the Manager, on behalf of the Trust, requested the Fund cease participation in the program until further notice.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a portfolio management agreement with Massachusetts Financial Services Company (“MFS”), MFS provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2015.

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $2,328 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2014 is $255,990,465. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

During the year ended December 31, 2013, the Fund utilized $16,620,137 in capital loss carry forwards to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

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

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


Shares			Fair Value
	Common Stocks (98.5%):
	Aerospace & Defense (1.1%):
	12,779	Mtu Aero Engines AG	$	1,175,742
	20,301	Triumph Group, Inc.		1,417,416

				2,593,158

	Airlines (1.5%):
	12,525	Alaska Air Group, Inc.		1,190,501
	41,463	Delta Air Lines, Inc.		1,605,448
	21,689	United Continental Holdings, Inc.*		890,767

				3,686,716

	Auto Components (2.4%):
	57,944	Allison Transmission Holdings, Inc.		1,802,058
	29,534	Delphi Automotive plc		2,030,167
	23,545	TRW Automotive Holdings Corp.*		2,107,749

				5,939,974

	Banks (6.8%):
	60,894	BB&T Corp.		2,401,050
	31,380	Comerica, Inc.		1,574,021
	82,271	Fifth Third Bancorp		1,756,486
	205,896	Huntington Bancshares, Inc.		1,964,248
	137,655	KeyCorp		1,972,596
	10,738	M&T Bank Corp.		1,332,049
	30,149	PrivateBancorp, Inc.		876,130
	109,587	Regions Financial Corp.		1,163,814
	34,761	SunTrust Banks, Inc.		1,392,526
	126,615	TCF Financial Corp.		2,072,688

				16,505,608

	Beverages (2.2%):
	31,634	Coca-Cola Enterprises, Inc.		1,511,473
	22,421	Dr Pepper Snapple Group, Inc.		1,313,422
	33,715	Molson Coors Brewing Co., Class B		2,500,304

				5,325,199

	Building Products (0.2%):
	10,453	Armstrong World Industries, Inc.*		600,316

	Capital Markets (1.8%):
	7,340	Affiliated Managers Group, Inc.*		1,507,635
	12,017	Evercore Partners, Inc., Class A		692,660
	15,211	State Street Corp.		1,023,092
	37,945	TD Ameritrade Holding Corp.		1,189,576

				4,412,963

	Chemicals (4.4%):
	23,398	Akzo Nobel NV		1,754,195
	18,201	Albemarle Corp.		1,301,372
	28,420	Celanese Corp., Series A		1,826,837
	23,104	FMC Corp.		1,644,774
	16,481	Rockwood Holdings, Inc.		1,252,391
	19,100	Sensient Technologies Corp.		1,064,252
	23,115	Valspar Corp. (The)		1,761,132

				10,604,953

	Commercial Services & Supplies (0.8%):
	42,254	Tyco International, Ltd.		1,926,782

	Consumer Finance (0.9%):
	34,516	Discover Financial Services		2,139,302


Shares			Fair Value
	Common Stocks, continued
	Containers & Packaging (2.7%):
	56,557	Crown Holdings, Inc.*	$	2,814,277
	18,631	Greif, Inc., Class A		1,016,507
	48,399	Owens-Illinois, Inc.*		1,676,541
	19,852	Silgan Holdings, Inc.		1,008,879

				6,516,204

	Diversified Consumer Services (1.0%):
	27,376	DeVry, Inc.		1,159,100
	21,464	ITT Educational Services, Inc.*^		358,234
	48,460	ServiceMaster Global Holdings, Inc.*		883,426

				2,400,760

	Diversified Financial Services (1.0%):
	61,454	NASDAQ OMX Group, Inc. (The)		2,373,353

	Diversified Telecommunication Services (1.4%):
	290,163	Colt Group SA*		682,861
	240,217	Frontier Communications Corp. ^		1,402,867
	121,896	Windstream Holdings, Inc. ^		1,214,084

				3,299,812

	Electric Utilities (1.8%):
	50,587	Great Plains Energy, Inc.		1,359,273
	45,673	Northeast Utilities		2,158,963
	12,360	Pinnacle West Capital Corp.		714,902

				4,233,138

	Electrical Equipment (2.0%):
	22,861	Eaton Corp. plc		1,764,411
	69,042	GrafTech International, Ltd.*		722,179
	18,523	Regal-Beloit Corp.		1,455,167
	25,509	Sensata Technologies Holding NV*		1,193,311

				5,135,068

	Electronic Equipment, Instruments & Components (0.7%):
	54,649	Ingram Micro, Inc., Class A*		1,596,297

	Energy Equipment & Services (2.5%):
	27,316	Cameron International Corp.*		1,849,566
	20,057	Dresser-Rand Group, Inc.*		1,278,233
	26,525	Ensco plc, Class A, ADR		1,473,994
	58,335	Pacific Drilling SA*		583,350
	18,054	Tidewater, Inc.		1,013,732

				6,198,875

	Food & Staples Retailing (0.5%):
	16,394	Empire Co., Ltd., Class A		1,114,958

	Food Products (3.1%):
	21,278	Bunge, Ltd.		1,609,468
	78,805	Flowers Foods, Inc.		1,661,209
	25,548	Ingredion, Inc.		1,917,122
	20,575	J.M. Smucker Co. (The)		2,192,678

				7,380,477

	Gas Utilities (0.6%):
	24,649	AGL Resources, Inc.		1,356,434

	Health Care Equipment & Supplies (3.2%):
	37,320	CareFusion Corp.*		1,655,142
	11,025	Cooper Cos., Inc. (The)		1,494,218
	29,915	DENTSPLY International, Inc.		1,416,475


Shares			Fair Value
	Common Stocks, continued
	Health Care Equipment & Supplies, continued
	21,103	St. Jude Medical, Inc.	$	1,461,383
	14,938	Teleflex, Inc.		1,577,453

				7,604,671

	Health Care Providers & Services (2.0%):
	27,785	AmerisourceBergen Corp.		2,018,858
	26,964	Quest Diagnostics, Inc.		1,582,517
	13,297	Universal Health Services, Inc., Class B		1,273,321

				4,874,696

	Hotels, Restaurants & Leisure (0.5%):
	5,659	Wynn Resorts, Ltd.		1,174,582

	Household Durables (1.1%):
	88,377	Newell Rubbermaid, Inc.		2,738,803

	Independent Power and Renewable Electricity Producers (2.7%):
	115,742	AES Corp. (The)		1,799,789
	44,716	Calpine Corp.*		1,064,688
	53,240	NextEra Energy Partners LP*		1,784,072
	47,832	NRG Energy, Inc.		1,779,350

				6,427,899

	Insurance (6.9%):
	40,857	Allied World Assurance Co. Holdings AG		1,553,383
	40,290	Arthur J. Gallagher & Co.		1,877,514
	9,990	Everest Re Group, Ltd.		1,603,295
	41,746	Genworth Financial, Inc., Class A*		726,380
	16,423	Hanover Insurance Group, Inc. (The)		1,037,112
	21,542	Hartford Financial Services Group, Inc. (The)		771,419
	33,236	HCC Insurance Holdings, Inc.		1,626,570
	39,616	Lincoln National Corp.		2,037,848
	48,174	Symetra Financial Corp.		1,095,477
	72,950	Third Point Reinsurance, Ltd.*		1,113,217
	50,001	UnumProvident Corp.		1,738,035
	41,785	Validus Holdings, Ltd.		1,597,858

				16,778,108

	IT Services (1.4%):
	31,302	Fidelity National Information Services, Inc.		1,713,471
	80,434	Sabre Corp.*		1,612,702

				3,326,173

	Leisure Products (0.9%):
	54,269	Mattel, Inc.		2,114,863

	Life Sciences Tools & Services (1.1%):
	55,707	PerkinElmer, Inc.		2,609,316

	Machinery (3.8%):
	9,834	Cummins, Inc.		1,517,288
	17,761	Joy Global, Inc.		1,093,722
	22,763	Kennametal, Inc.		1,053,472
	18,780	Pentair plc		1,354,414
	14,996	SPX Corp.		1,622,717
	26,349	Stanley Black & Decker, Inc.		2,313,969

				8,955,582

	Media (2.3%):
	19,315	AMC Networks, Inc., Class A*		1,187,679
	46,201	Cinemark Holdings, Inc.		1,633,667
	87,214	Interpublic Group of Cos., Inc. (The)		1,701,546


Shares			Fair Value
	Common Stocks, continued
	Media, continued
	40,749	Quebecor, Inc., Class B	$	986,165

				5,509,057

	Metals & Mining (0.3%):
	88,490	Iluka Resources, Ltd.		678,960

	Multiline Retail (1.0%):
	36,187	Burlington Stores, Inc.*		1,152,918
	25,851	Kohl’s Corp.		1,361,831

				2,514,749

	Multi-Utilities (3.3%):
	65,887	CMS Energy Corp.		2,052,380
	19,657	DTE Energy Co.		1,530,691
	31,351	NiSource, Inc.		1,233,348
	19,070	NorthWestern Corp.		995,263
	53,333	Public Service Enterprise Group, Inc.		2,175,453

				7,987,135

	Oil, Gas & Consumable Fuels (6.6%):
	38,502	Cabot Oil & Gas Corp.		1,314,458
	8,548	Cimarex Energy Co.		1,226,296
	36,548	CONSOL Energy, Inc.		1,683,767
	16,289	Energen Corp.		1,447,766
	15,338	EQT Corp.		1,639,632
	23,506	Memorial Resource Development Corp.*		572,606
	22,930	Noble Energy, Inc.		1,776,159
	21,816	PDC Energy, Inc.*		1,377,680
	53,206	Peabody Energy Corp.		869,918
	39,733	QEP Midstream Partners LP		1,023,125
	16,423	SM Energy Co.		1,381,174
	36,773	Spectra Energy Corp.		1,562,117

				15,874,698

	Pharmaceuticals (2.6%):
	22,431	Endo International plc*		1,570,619
	33,862	Hospira, Inc.*		1,739,491
	43,905	Impax Laboratories, Inc.*		1,316,711
	11,645	Valeant Pharmaceuticals International, Inc.*		1,468,667

				6,095,488

	Professional Services (0.5%):
	16,224	Equifax, Inc.		1,176,889

	Real Estate Investment Trusts (REITs) (4.2%):
	76,301	Annaly Capital Management, Inc.		872,120
	63,308	Corporate Office Properties Trust		1,760,595
	75,139	DDR Corp.		1,324,701
	30,804	EPR Properties		1,721,019
	23,047	Equity Lifestyle Properties, Inc.		1,017,756
	22,089	Mid-America Apartment Communities, Inc.		1,613,601
	37,555	Plum Creek Timber Co., Inc.		1,693,731

				10,003,523

	Real Estate Management & Development (0.5%):
	30,980	Realogy Holdings Corp.*		1,168,256

	Road & Rail (0.5%):
	50,675	Swift Transportation Co.*		1,278,530


Shares			Fair Value
	Common Stocks, continued
	Semiconductors & Semiconductor Equipment (3.2%):
	44,012	Altera Corp.	$	1,529,857
	30,188	Analog Devices, Inc.		1,632,265
	13,267	Avago Technologies, Ltd.		956,153
	36,333	Microchip Technology, Inc.		1,773,414
	27,521	Nxp Semiconductors NV*		1,821,340

				7,713,029

	Software (1.2%):
	43,241	NICE Systems, Ltd., ADR		1,764,665
	57,162	Symantec Corp.		1,309,010

				3,073,675

	Specialty Retail (4.3%):
	2,452	AutoZone, Inc.*		1,314,860
	23,936	Bed Bath & Beyond, Inc.*		1,373,448
	53,792	Best Buy Co., Inc.		1,668,090
	16,560	Children’s Place Retail Stores, Inc. (The)		821,873
	61,333	Express, Inc.*		1,044,501
	22,734	Guess?, Inc.		613,818
	376,485	Office Depot, Inc.*		2,142,199
	52,512	Sally Beauty Holdings, Inc.*		1,317,001

				10,295,790

	Technology Hardware, Storage & Peripherals (1.7%):
	50,578	NCR Corp.*		1,774,782
	192,561	Xerox Corp.		2,395,459

				4,170,241

	Textiles, Apparel & Luxury Goods (1.5%):
	10,644	PVH Corp.		1,241,090
	9,104	Ralph Lauren Corp.		1,462,922


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Textiles, Apparel & Luxury Goods, continued
	16,276	V.F. Corp.	$	1,025,388

				3,729,400

	Tobacco (0.7%):
	26,515	Lorillard, Inc.		1,616,620

	Trading Companies & Distributors (1.1%):
	6,687	Brenntag AG		1,194,318
	15,788	WESCO International, Inc.*		1,363,767

				2,558,085

	Total Common Stocks (Cost $211,382,543)			237,389,165

	Securities Held as Collateral for Securities on Loan (1.3%):
$	3,023,206	Allianz Variable Insurance Products Securities Lending Collateral Trust(a)		3,023,206

	Total Securities Held as Collateral for Securities on Loan (Cost $3,023,206)			3,023,206

	Unaffiliated Investment Company (0.4%):
	1,050,730	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(b)		1,050,730

	Total Unaffiliated Investment Company (Cost $1,050,730)			1,050,730

	Total Investment Securities (Cost $215,456,479)(c) —100.2%			241,463,101
	Net other assets (liabilities) — (0.2)%			(432,701	)

	Net Assets — 100.0%		$	241,030,400

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2014:

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investment securities, at cost	$	215,456,479

Investment securities, at value*	$	241,463,101
Cash		16,769
Interest and dividends receivable		258,002
Receivable for investments sold		6,497,199
Reclaims receivable		4,820
Prepaid expenses		1,014

Total Assets		248,240,905

Liabilities:
Payable for investments purchased		3,310,546
Payable for capital shares redeemed		664,223
Payable for collateral received on loaned securities		3,023,206
Manager fees payable		147,371
Administration fees payable		8,002
Distribution fees payable		49,124
Custodian fees payable		3,464
Administrative and compliance services fees payable		324
Trustee fees payable		708
Other accrued liabilities		3,537

Total Liabilities		7,210,505

Net Assets	$	241,030,400

Net Assets Consist of:
Capital	$	150,714,009
Accumulated net investment income/(loss)		1,669,392
Accumulated net realized gains/(losses) from investment transactions		62,640,483
Net unrealized appreciation/(depreciation) on investments		26,006,516

Net Assets	$	241,030,400

Shares of beneficial interest (unlimited number of shares authorized, no par value)		18,573,461
Net Asset Value (offering and redemption price per share)	$	12.98

*	Includes securities on loan of $2,943,713.

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends	$	2,118,824
Interest		2,776
Income from securities lending		16,220
Foreign withholding tax		(20,273	)

Total Investment Income		2,117,547

Expenses:
Manager fees		861,057
Administration fees		31,866
Distribution fees		287,019
Custodian fees		9,307
Administrative and compliance services fees		1,502
Trustee fees		4,706
Professional fees		4,548
Shareholder reports		4,788
Other expenses		1,993

Total expenses		1,206,786

Net Investment Income/(Loss)		910,761

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		53,293,441
Change in net unrealized appreciation/depreciation on investments		(33,085,539	)

Net Realized/Unrealized Gains/(Losses) on Investments		20,207,902

Change in Net Assets Resulting From Operations	$	21,118,663

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

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of 30 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL MFS Mid Cap Value Fund (formerly AZL Columbia Mid Cap Value Fund) (the “Fund”), and 29 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund paid securities lending fees of $1,603 during the period ended June 30, 2014. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Effective January 6, 2014, the Manager, on behalf of the Trust, requested the Fund cease participation in the program until further notice.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement effective January 24, 2014 with Massachusetts Financial Services Company (“MFS”), MFS provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. Prior to January 24, 2014, the Fund was subadvised by Columbia Management Investment Advisers, LLC. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2015.

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $1,345 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2014 is $215,704,216. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

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

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


Shares			Fair Value
	Common Stocks (98.9%):
	Aerospace & Defense (6.8%):
	105,519	Honeywell International, Inc.	$	9,807,991
	72,482	Lockheed Martin Corp.		11,650,032
	35,946	Northrop Grumman Corp.		4,300,220
	91,343	United Technologies Corp.		10,545,549

				36,303,792

	Air Freight & Logistics (1.6%):
	82,688	United Parcel Service, Inc., Class B		8,488,750

	Auto Components (1.7%):
	53,880	Delphi Automotive plc		3,703,711
	112,151	Johnson Controls, Inc.		5,599,700

				9,303,411

	Automobiles (0.2%):
	29,304	General Motors Co.		1,063,735

	Banks (10.0%):
	385,686	JPMorgan Chase & Co.		22,223,227
	45,087	PNC Financial Services Group, Inc.		4,014,997
	213,007	U.S. Bancorp		9,227,463
	339,874	Wells Fargo & Co.		17,863,777

				53,329,464

	Beverages (2.1%):
	261,921	Diageo plc		8,336,767
	48,120	Dr Pepper Snapple Group, Inc.		2,818,870

				11,155,637

	Capital Markets (6.4%):
	221,566	Bank of New York Mellon Corp. (The)		8,304,294
	15,544	BlackRock, Inc., Class A		4,967,862
	127,114	Franklin Resources, Inc.		7,352,274
	56,327	Goldman Sachs Group, Inc. (The)		9,431,393
	69,315	State Street Corp.		4,662,127

				34,717,950

	Chemicals (1.5%):
	36,053	PPG Industries, Inc.		7,576,538
	6,731	Valspar Corp. (The)		512,835

				8,089,373

	Commercial Services & Supplies (1.0%):
	123,225	Tyco International, Ltd.		5,619,060

	Containers & Packaging (0.5%):
	55,704	Crown Holdings, Inc.*		2,771,831

	Diversified Financial Services (1.1%):
	26,885	Citigroup, Inc.		1,266,284
	19,411	Moody’s Corp.		1,701,568
	79,161	NASDAQ OMX Group, Inc. (The)		3,057,198

				6,025,050

	Diversified Telecommunication Services (2.3%):
	87,824	AT&T, Inc.		3,105,457
	199,443	Verizon Communications, Inc.		9,758,112

				12,863,569

	Electric Utilities (0.3%):
	24,387	Duke Energy Corp.		1,809,272


Shares			Fair Value
	Common Stocks, continued
	Electrical Equipment (0.9%):
	61,930	Eaton Corp. plc	$	4,779,757

	Food & Staples Retailing (1.8%):
	128,300	CVS Caremark Corp.		9,669,971

	Food Products (4.4%):
	60,307	Danone SA		4,475,539
	154,958	General Mills, Inc.		8,141,493
	24,615	Kellogg Co.		1,617,206
	124,434	Nestle SA, Registered Shares		9,643,688

				23,877,926

	Health Care Equipment & Supplies (4.0%):
	152,935	Abbott Laboratories		6,255,042
	51,441	Covidien plc		4,638,949
	101,207	Medtronic, Inc.		6,452,958
	58,985	St. Jude Medical, Inc.		4,084,711

				21,431,660

	Health Care Providers & Services (1.0%):
	70,178	Express Scripts Holding Co.*		4,865,441
	11,278	Quest Diagnostics, Inc.		661,906

				5,527,347

	Hotels, Restaurants & Leisure (1.1%):
	57,120	McDonald’s Corp.		5,754,269

	Household Products (0.5%):
	33,755	Procter & Gamble Co. (The)		2,652,805

	Industrial Conglomerates (3.3%):
	76,783	3M Co.		10,998,397
	85,018	Danaher Corp.		6,693,467

				17,691,864

	Insurance (7.5%):
	55,010	ACE, Ltd.		5,704,537
	58,757	Aon plc		5,293,418
	42,142	Chubb Corp. (The)		3,884,228
	197,308	MetLife, Inc.		10,962,432
	63,436	Prudential Financial, Inc.		5,631,214
	99,482	Travelers Cos., Inc. (The)		9,358,272

				40,834,101

	IT Services (5.0%):
	141,287	Accenture plc, Class A		11,421,641
	39,545	Fidelity National Information Services, Inc.		2,164,693
	49,587	Fiserv, Inc.*		2,991,088
	52,489	International Business Machines Corp.		9,514,681
	87,744	Western Union Co.^		1,521,481

				27,613,584

	Leisure Products (0.8%):
	46,266	Hasbro, Inc.		2,454,411
	41,379	Mattel, Inc.		1,612,540

				4,066,951

	Life Sciences Tools & Services (0.9%):
	42,164	Thermo Fisher Scientific, Inc.		4,975,352


Shares			Fair Value
	Common Stocks, continued
	Machinery (1.3%):
	27,302	Illinois Tool Works, Inc.	$	2,390,563
	19,960	Pentair plc		1,439,515
	39,337	Stanley Black & Decker, Inc.		3,454,576

				7,284,654

	Media (5.3%):
	114,338	Comcast Corp., Special Class A		6,097,646
	27,579	McGraw-Hill Cos., Inc. (The)		2,289,884
	85,524	Omnicom Group, Inc.		6,091,019
	48,517	Time Warner, Inc.		3,408,319
	6,064	Time, Inc.*		146,870
	51,401	Viacom, Inc., Class B		4,458,009
	77,008	Walt Disney Co. (The)		6,602,666

				29,094,413

	Multiline Retail (1.5%):
	22,712	Kohl’s Corp.		1,196,468
	121,599	Target Corp.		7,046,662

				8,243,130

	Oil, Gas & Consumable Fuels (6.5%):
	27,728	Apache Corp.		2,789,991
	74,092	Chevron Corp.		9,672,711
	21,703	EOG Resources, Inc.		2,536,213
	122,742	Exxon Mobil Corp.		12,357,664
	74,371	Occidental Petroleum Corp.		7,632,696

				34,989,275

	Pharmaceuticals (8.2%):
	189,068	Johnson & Johnson Co.		19,780,294
	96,062	Merck & Co., Inc.		5,557,187
	19,232	Novartis AG, Registered Shares		1,742,469
	529,341	Pfizer, Inc.		15,710,841
	5,518	Roche Holding AG		1,646,951
	4,560	Zoetis, Inc.		147,151

				44,584,893

	Road & Rail (0.7%):
	57,419	Canadian National Railway Co.		3,733,383

	Semiconductors & Semiconductor Equipment (0.2%):
	17,078	Texas Instruments, Inc.		816,158


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Software (1.3%):
	171,232	Oracle Corp.	$	6,940,033

	Specialty Retail (1.2%):
	24,151	Advance Auto Parts, Inc.		3,258,453
	19,797	Bed Bath & Beyond, Inc.*		1,135,952
	174,081	Staples, Inc.^		1,887,038

				6,281,443

	Tobacco (5.4%):
	64,289	Altria Group, Inc.		2,696,281
	25,822	Imperial Tobacco Group plc		1,161,031
	100,473	Lorillard, Inc.		6,125,839
	230,617	Philip Morris International, Inc.		19,443,320

				29,426,471

	Wireless Telecommunication Services (0.6%):
	916,888	Vodafone Group plc		3,063,663

	Total Common Stocks (Cost $383,394,569)			534,873,997

	Convertible Preferred Stock (0.1%):
	Aerospace & Defense (0.1%):
	7,000	United Technologies Corp., 0.46%^		456,330

	Total Convertible Preferred Stock (Cost $403,403)			456,330

	Securities Held as Collateral for Securities on Loan (0.3%):
$	1,817,603	Allianz Variable Insurance Products Securities Lending Collateral Trust(a)		1,817,603

	Total Securities Held as Collateral for Securities on Loan (Cost $1,817,603)			1,817,603

	Unaffiliated Investment Company (1.0%):
	5,568,747	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(b)		5,568,747

	Total Unaffiliated Investment Company (Cost $5,568,747)			5,568,747

	Total Investment Securities (Cost $391,184,322)(c) — 100.3%			542,716,677
	Net other assets (liabilities) — (0.3)%			(1,692,412	)

	Net Assets — 100.0%		$	541,024,265

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2014:

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investment securities, at cost	$	391,184,322

Investment securities, at value*	$	542,716,677
Cash		11,520
Interest and dividends receivable		770,693
Foreign currency, at value (cost $68)		67
Reclaims receivable		83,620
Prepaid expenses		2,573

Total Assets		543,585,150

Liabilities:
Payable for capital shares redeemed		269,918
Payable for collateral received on loaned securities		1,817,603
Manager fees payable		314,756
Administration fees payable		18,833
Distribution fees payable		111,576
Custodian fees payable		8,807
Administrative and compliance services fees payable		1,356
Trustee fees payable		2,871
Other accrued liabilities		15,165

Total Liabilities		2,560,885

Net Assets	$	541,024,265

Net Assets Consist of:
Capital	$	424,381,245
Accumulated net investment income/(loss)		14,320,810
Accumulated net realized gains/(losses) from investment transactions		(49,212,047	)
Net unrealized appreciation/(depreciation) on investments		151,534,257

Net Assets	$	541,024,265

Shares of beneficial interest (unlimited number of shares authorized, no par value)		43,154,214
Net Asset Value (offering and redemption price per share)	$	12.54

*	Includes securities on loan of $1,783,574.

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends	$	9,878,847
Interest		50
Income from securities lending		14,271
Foreign withholding tax		(111,973	)

Total Investment Income		9,781,195

Expenses:
Manager fees		1,966,349
Administration fees		72,308
Distribution fees		666,290
Custodian fees		15,118
Administrative and compliance services fees		4,251
Trustee fees		13,382
Professional fees		12,991
Shareholder reports		14,299
Other expenses		5,149

Total expenses before reductions		2,770,137
Less expenses voluntarily waived/reimbursed by the Manager		(85,226	)

Net expenses		2,684,911

Net Investment Income/(Loss)		7,096,284

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		15,785,516
Change in net unrealized appreciation/depreciation on investments		1,169,482

Net Realized/Unrealized Gains/(Losses) on Investments		16,954,998

Change in Net Assets Resulting From Operations	$	24,051,282

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

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of 30 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL MFS Value Fund (the “Fund”), and 29 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund paid securities lending fees of $1,413 during the period ended June 30, 2014. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Effective January 6, 2014, the Manager, on behalf of the Trust, requested the Fund cease participation in the program until further notice.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Massachusetts Financial Services Company (“MFS”), MFS provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2015.

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:

of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. In addition, the Administrator is entitled to annual account fees related to the transfer agency system, an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $3,157 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2014 is $394,093,982. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

During the year ended December 31, 2013, the Fund utilized $17,184,462 in CLCFs to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

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

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


Shares			Fair Value
	Common Stocks (97.0%):
	Aerospace & Defense (1.7%):
	10,262	Alliant Techsystems, Inc.	$	1,374,287
	31,856	BE Aerospace, Inc.*		2,946,362
	10,298	Esterline Technologies Corp.*		1,185,506
	61,068	Exelis, Inc.		1,036,935
	15,816	Huntington Ingalls Industries, Inc.		1,496,035
	16,787	Triumph Group, Inc.		1,172,068

				9,211,193

	Airlines (0.5%):
	22,129	Alaska Air Group, Inc.		2,103,361
	73,642	JetBlue Airways Corp.*		799,016

				2,902,377

	Auto Components (0.3%):
	46,997	Gentex Corp.		1,367,143

	Automobiles (0.2%):
	14,428	Thor Industries, Inc.		820,520

	Banks (4.7%):
	51,328	Associated Banc-Corp.		928,010
	27,237	BancorpSouth, Inc.		669,213
	14,300	Bank of Hawaii Corp.		839,267
	23,867	Cathay General Bancorp		610,041
	15,403	City National Corp.		1,166,931
	26,044	Commerce Bancshares, Inc.		1,211,046
	17,069	Cullen/Frost Bankers, Inc.		1,355,620
	46,180	East West Bancorp, Inc.		1,615,838
	76,225	First Horizon National Corp.		904,029
	114,027	First Niagara Financial Group, Inc.		996,596
	53,269	FirstMerit Corp.		1,052,063
	60,828	Fulton Financial Corp.		753,659
	26,511	Hancock Holding Co.		936,369
	18,323	International Bancshares Corp.		494,721
	30,693	PacWest Bancorp		1,325,017
	19,317	Prosperity Bancshares, Inc.		1,209,244
	16,103	Signature Bank*		2,031,876
	16,049	SVB Financial Group*		1,871,634
	44,771	Synovus Financial Corp.		1,091,517
	53,688	TCF Financial Corp.		878,873
	21,743	Trustmark Corp.		536,835
	55,213	Umpqua Holdings Corp.		989,417
	64,614	Valley National Bancorp		640,325
	29,099	Webster Financial Corp.		917,782
	8,469	Westamerica Bancorp		442,759

				25,468,682

	Biotechnology (0.5%):
	24,252	Cubist Pharmaceuticals, Inc.*		1,693,275
	14,206	United Therapeutics Corp.*		1,257,089

				2,950,364

	Building Products (0.9%):
	24,499	A.O. Smith Corp.		1,214,660
	53,472	Fortune Brands Home & Security, Inc.		2,135,138
	14,564	Lennox International, Inc.		1,304,497

				4,654,295


Shares			Fair Value
	Common Stocks, continued
	Capital Markets (1.5%):
	38,860	Eaton Vance Corp.	$	1,468,519
	30,477	Federated Investors, Inc., Class B		942,349
	48,333	Janus Capital Group, Inc.		603,196
	39,978	Raymond James Financial, Inc.		2,028,084
	45,749	SEI Investments Co.		1,499,195
	27,448	Waddell & Reed Financial, Inc., Class A		1,717,970

				8,259,313

	Chemicals (3.1%):
	25,617	Albemarle Corp.		1,831,616
	23,338	Ashland, Inc.		2,537,773
	19,318	Cabot Corp.		1,120,251
	11,550	Cytec Industries, Inc.		1,217,601
	11,113	Minerals Technologies, Inc.		728,791
	3,562	NewMarket Corp.		1,396,696
	25,433	Olin Corp.		684,656
	30,298	PolyOne Corp.		1,276,758
	13,575	Rayonier Advanced Materials, Inc.*		526,044
	42,910	RPM International, Inc.		1,981,584
	14,006	Scotts Miracle-Gro Co. (The)		796,381
	15,921	Sensient Technologies Corp.		887,118
	24,999	Valspar Corp. (The)		1,904,674

				16,889,943

	Commercial Services & Supplies (2.0%):
	34,157	Civeo Corp.*		854,950
	17,813	Clean Harbors, Inc.*		1,144,485
	36,134	Copart, Inc.*		1,299,379
	37,483	Corrections Corp. of America		1,231,317
	16,112	Deluxe Corp.		943,841
	19,096	Herman Miller, Inc.		577,463
	14,539	HNI Corp.		568,620
	10,233	MSA Safety, Inc.		588,193
	64,301	R.R. Donnelley & Sons Co.		1,090,545
	20,709	Rollins, Inc.		621,270
	39,916	Waste Connections, Inc.		1,937,921

				10,857,984

	Communications Equipment (1.2%):
	18,161	ADTRAN, Inc.		409,712
	38,406	Arris Group, Inc.*		1,249,346
	33,845	Ciena Corp.*		733,083
	13,041	InterDigital, Inc.		623,360
	75,623	JDS Uniphase Corp.*		943,019
	13,696	Plantronics, Inc.		658,093
	44,535	Polycom, Inc.*		558,024
	51,719	Riverbed Technology, Inc.*		1,066,963

				6,241,600

	Construction & Engineering (0.7%):
	31,974	Aecom Technology Corp.*		1,029,563
	11,729	Granite Construction, Inc.		422,009
	47,380	KBR, Inc.		1,130,013
	22,222	URS Corp.		1,018,879

				3,600,464


Shares			Fair Value
	Common Stocks, continued
	Construction Materials (0.6%):
	16,119	Eagle Materials, Inc.	$	1,519,699
	14,891	Martin Marietta Materials, Inc.		1,966,357

				3,486,056

	Consumer Finance (0.2%):
	136,091	SLM Corp.		1,130,916

	Containers & Packaging (1.6%):
	21,082	AptarGroup, Inc.		1,412,705
	9,837	Greif, Inc., Class A		536,707
	31,660	Packaging Corp. of America		2,263,373
	23,111	Rock-Tenn Co., Class A		2,440,290
	14,133	Silgan Holdings, Inc.		718,239
	32,845	Sonoco Products Co.		1,442,881

				8,814,195

	Distributors (0.5%):
	97,199	LKQ Corp.*		2,594,241

	Diversified Consumer Services (0.8%):
	31,949	Apollo Group, Inc., Class A*		998,406
	18,414	DeVry, Inc.		779,649
	68,777	Service Corp. International		1,425,060
	22,191	Sotheby’s		931,800

				4,134,915

	Diversified Financial Services (0.6%):
	27,677	CBOE Holdings, Inc.		1,361,985
	37,585	MSCI, Inc., Class A*		1,723,272

				3,085,257

	Diversified Telecommunication Services (0.3%):
	44,398	TW Telecom, Inc.*		1,789,683

	Electric Utilities (1.7%):
	19,419	Cleco Corp.		1,144,750
	49,520	Great Plains Energy, Inc.		1,330,602
	32,699	Hawaiian Electric Industries, Inc.^		827,939
	16,208	IDACORP, Inc.		937,309
	64,124	OGE Energy Corp.		2,505,965
	25,670	PNM Resources, Inc.		752,901
	41,514	Westar Energy, Inc.		1,585,420

				9,084,886

	Electrical Equipment (1.2%):
	13,915	Acuity Brands, Inc.		1,923,749
	14,140	Belden CDT, Inc.		1,105,182
	17,341	Hubbell, Inc., Class B		2,135,544
	14,537	Regal-Beloit Corp.		1,142,027

				6,306,502

	Electronic Equipment, Instruments & Components (2.5%):
	32,072	Arrow Electronics, Inc.*		1,937,470
	44,569	Avnet, Inc.		1,974,852
	13,612	FEI Co.		1,235,017
	49,989	Ingram Micro, Inc., Class A*		1,460,179
	12,678	Itron, Inc.*		514,093
	27,398	Knowles Corp.*		842,215
	31,696	National Instruments Corp.		1,026,633
	12,322	Tech Data Corp.*		770,371


Shares			Fair Value
	Common Stocks, continued
	Electronic Equipment, Instruments & Components, continued
	83,997	Trimble Navigation, Ltd.*	$	3,103,689
	43,720	Vishay Intertechnology, Inc.		677,223

				13,541,742

	Energy Equipment & Services (2.8%):
	18,640	Atwood Oceanics, Inc.*		978,227
	6,402	CARBO Ceramics, Inc.		986,676
	24,630	Dresser-Rand Group, Inc.*		1,569,670
	13,103	Dril-Quip, Inc.*		1,431,372
	31,579	Helix Energy Solutions Group, Inc.*		830,843
	34,776	Oceaneering International, Inc.		2,717,049
	17,078	Oil States International, Inc.*		1,094,529
	46,537	Patterson-UTI Energy, Inc.		1,626,003
	50,408	Superior Energy Services, Inc.		1,821,745
	15,964	Tidewater, Inc.		896,379
	14,215	Unit Corp.*		978,418

				14,930,911

	Food & Staples Retailing (0.3%):
	63,762	Supervalu, Inc.*		524,124
	15,987	United Natural Foods, Inc.*		1,040,753

				1,564,877

	Food Products (2.0%):
	30,089	Dean Foods Co.		529,266
	56,618	Flowers Foods, Inc.		1,193,507
	16,141	Hain Celestial Group, Inc.*		1,432,352
	39,505	Hillshire Brands Co.		2,461,162
	24,019	Ingredion, Inc.		1,802,386
	6,257	Lancaster Colony Corp.		595,416
	14,165	Post Holdings, Inc.*		721,140
	6,635	Tootsie Roll Industries, Inc.		195,334
	55,996	WhiteWave Foods Co., Class A*		1,812,591

				10,743,154

	Gas Utilities (1.6%):
	32,265	Atmos Energy Corp.		1,722,951
	27,053	National Fuel Gas Co.		2,118,249
	16,753	One Gas, Inc.		632,426
	56,237	Questar Corp.+		1,394,678
	37,061	UGI Corp.		1,871,580
	16,727	WGL Holdings, Inc.		720,934

				8,460,818

	Health Care Equipment & Supplies (2.9%):
	23,141	Align Technology, Inc.*		1,296,822
	15,437	Cooper Cos., Inc. (The)		2,092,177
	18,419	Hill-Rom Holdings, Inc.		764,573
	88,978	Hologic, Inc.*		2,255,592
	16,515	IDEXX Laboratories, Inc.*		2,205,909
	45,172	ResMed, Inc.^		2,287,058
	17,827	Sirona Dental Systems, Inc.*		1,470,014
	19,036	STERIS Corp.		1,018,045
	13,324	Teleflex, Inc.		1,407,014
	18,336	Thoratec Corp.*		639,193

				15,436,397


Shares			Fair Value
	Common Stocks, continued
	Health Care Providers & Services (3.2%):
	37,121	Community Health Systems, Inc.*	$	1,684,180
	25,838	Health Net, Inc.*		1,073,311
	27,485	Henry Schein, Inc.*		3,261,645
	28,262	HMS Holdings Corp.*		576,827
	14,331	LifePoint Hospitals, Inc.*		889,955
	31,992	MEDNAX, Inc. *		1,860,335
	31,876	Omnicare, Inc.		2,121,985
	20,333	Owens & Minor, Inc.		690,915
	28,945	Universal Health Services, Inc., Class B		2,771,773
	28,448	VCA Antech, Inc.*		998,240
	14,072	WellCare Health Plans, Inc.*		1,050,616

				16,979,782

	Health Care Technology (0.2%):
	51,475	Allscripts Healthcare Solutions, Inc.*		826,174

	Hotels, Restaurants & Leisure (1.5%):
	12,655	Bally Technologies, Inc.*		831,687
	20,908	Brinker International, Inc.		1,017,174
	14,791	Cheesecake Factory, Inc. (The)		686,598
	17,910	Domino’s Pizza, Inc.		1,309,042
	79,570	International Game Technology		1,265,959
	8,990	International Speedway Corp., Class A		299,187
	12,104	Life Time Fitness, Inc.*		589,949
	8,400	Panera Bread Co., Class A*		1,258,572
	85,114	Wendy’s Co. (The)		726,022

				7,984,190

	Household Durables (1.7%):
	38,640	Jarden Corp.*		2,293,283
	29,008	KB Home^		541,869
	12,602	M.D.C. Holdings, Inc.		381,715
	1,309	NVR, Inc.*		1,506,135
	19,585	Tempur-Pedic International, Inc.*		1,169,225
	51,525	Toll Brothers, Inc.*		1,901,273
	16,251	Tupperware Brands Corp.		1,360,209

				9,153,709

	Household Products (1.0%):
	43,749	Church & Dwight Co., Inc.		3,060,242
	19,860	Energizer Holdings, Inc.		2,423,516

				5,483,758

	Industrial Conglomerates (0.3%):
	20,639	Carlisle Cos., Inc.		1,787,750

	Insurance (4.6%):
	5,300	Alleghany Corp.*		2,322,036
	23,067	American Financial Group, Inc.		1,373,871
	50,586	Arthur J. Gallagher & Co.		2,357,307
	21,079	Aspen Insurance Holdings, Ltd.		957,408
	38,267	Brown & Brown, Inc.		1,175,180
	14,848	Everest Re Group, Ltd.		2,382,956
	34,419	First American Financial Corp.		956,504
	14,195	Hanover Insurance Group, Inc. (The)		896,414
	32,175	HCC Insurance Holdings, Inc.		1,574,645
	16,388	Kemper Corp.		604,062
	9,257	Mercury General Corp.		435,449
	78,046	Old Republic International Corp.		1,290,881
	17,516	Primerica, Inc.		838,141


Shares			Fair Value
	Common Stocks, continued
	Insurance, continued
	25,392	Protective Life Corp.	$	1,760,427
	22,236	Reinsurance Group of America, Inc.		1,754,420
	13,052	RenaissanceRe Holdings, Ltd.		1,396,564
	14,092	StanCorp Financial Group, Inc.		901,888
	33,287	W.R. Berkley Corp.		1,541,521

				24,519,674

	Internet & Catalog Retail (0.1%):
	10,807	HSN, Inc.		640,207

	Internet Software & Services (1.1%):
	25,754	AOL, Inc.*		1,024,752
	20,273	Conversant, Inc.*^		514,934
	16,042	Equinix, Inc.*		3,370,264
	37,523	Rackspace Hosting, Inc.*		1,263,024

				6,172,974

	IT Services (2.7%):
	24,810	Acxiom Corp.*		538,129
	38,863	Broadridge Financial Solutions, Inc.		1,618,255
	32,703	Convergys Corp.		701,152
	29,591	CoreLogic, Inc.*		898,383
	11,253	DST Systems, Inc.		1,037,189
	29,043	Gartner, Inc.*		2,048,112
	23,129	Global Payments, Inc.		1,684,948
	27,217	Jack Henry & Associates, Inc.		1,617,506
	20,484	Leidos Holdings, Inc.		785,357
	17,152	NeuStar, Inc., Class A*^		446,295
	13,130	Science Applications International Corp.		579,821
	35,985	VeriFone Systems, Inc.*		1,322,449
	12,473	Wex, Inc.*		1,309,291

				14,586,887

	Leisure Products (0.7%):
	29,867	Brunswick Corp.		1,258,297
	21,216	Polaris Industries, Inc.		2,763,172

				4,021,469

	Life Sciences Tools & Services (1.2%):
	6,501	Bio-Rad Laboratories, Inc., Class A*		778,235
	15,585	Charles River Laboratories International, Inc.*		834,109
	18,491	Covance, Inc.*		1,582,460
	9,406	Mettler-Toledo International, Inc.*		2,381,411
	10,727	Techne Corp.		992,998

				6,569,213

	Machinery (5.4%):
	28,133	AGCO Corp.		1,581,637
	16,243	CLARCOR, Inc.		1,004,630
	15,921	Crane Co.		1,183,886
	42,335	Donaldson Co., Inc.		1,791,617
	19,512	Graco, Inc.		1,523,497
	26,021	Harsco Corp.		692,939
	25,951	IDEX Corp.		2,095,284
	29,536	ITT Corp.		1,420,682
	25,307	Kennametal, Inc.		1,171,208
	25,888	Lincoln Electric Holdings, Inc.		1,809,053
	19,263	Nordson Corp.		1,544,700


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	27,357	Oshkosh Corp.	$	1,519,134
	14,104	SPX Corp.		1,526,194
	35,505	Terex Corp.		1,459,256
	24,673	Timken Co.		1,673,816
	49,794	Trinity Industries, Inc.		2,176,994
	8,659	Valmont Industries, Inc.^		1,315,735
	31,056	Wabtec Corp.		2,564,914
	18,995	Woodward, Inc.		953,169

				29,008,345

	Marine (0.5%):
	13,823	Alexander & Baldwin, Inc.		572,963
	18,350	Kirby Corp.*		2,149,519

				2,722,482

	Media (1.5%):
	19,025	AMC Networks, Inc., Class A*		1,169,847
	33,541	Cinemark Holdings, Inc.		1,186,009
	23,191	DreamWorks Animation SKG, Inc., Class A*		539,423
	15,088	John Wiley & Sons, Inc., Class A		914,182
	21,148	Lamar Advertising Co.		1,120,844
	45,810	Live Nation, Inc.*		1,131,049
	11,908	Meredith Corp.		575,871
	40,685	New York Times Co. (The), Class A		618,819
	35,955	Time, Inc.*		870,830

				8,126,874

	Metals & Mining (1.7%):
	17,103	Carpenter Technology Corp.		1,081,765
	49,367	Cliffs Natural Resources, Inc.^		742,973
	37,947	Commercial Metals Co.		656,863
	10,803	Compass Minerals International, Inc.		1,034,279
	25,027	Reliance Steel & Aluminum Co.		1,844,740
	20,911	Royal Gold, Inc.		1,591,745
	71,950	Steel Dynamics, Inc.		1,291,503
	16,754	Worthington Industries, Inc.		721,092

				8,964,960

	Multiline Retail (0.3%):
	17,857	Big Lots, Inc.*		816,065
	94,930	J.C. Penney Co., Inc.*^		859,116

				1,675,181

	Multi-Utilities (1.2%):
	35,724	Alliant Energy Corp.		2,174,163
	14,380	Black Hills Corp.		882,788
	61,701	MDU Resources Group, Inc.		2,165,705
	26,566	Vectren Corp.		1,129,055

				6,351,711

	Oil, Gas & Consumable Fuels (2.3%):
	16,028	Bill Barrett Corp.*		429,230
	23,437	Energen Corp.		2,083,081
	27,511	Gulfport Energy Corp.*		1,727,691
	63,971	HollyFrontier Corp.		2,794,892
	19,792	Rosetta Resources, Inc.*		1,085,591
	21,596	SM Energy Co.		1,816,224
	23,187	World Fuel Services Corp.		1,141,496
	65,108	WPX Energy, Inc.*		1,556,732

				12,634,937


Shares			Fair Value
	Common Stocks, continued
	Paper & Forest Products (0.3%):
	20,933	Domtar Corp.	$	896,979
	45,485	Louisiana-Pacific Corp.*		683,185

				1,580,164

	Pharmaceuticals (1.3%):
	45,104	Endo International plc*		3,158,182
	16,649	Mallinckrodt plc*		1,332,253
	2,185	Mallinckrodt plc*		174,844
	20,418	Salix Pharmaceuticals, Ltd.*		2,518,560

				7,183,839

	Professional Services (1.0%):
	10,892	Corporate Executive Board Co. (The)		743,052
	13,173	FTI Consulting, Inc.*		498,203
	25,640	Manpower, Inc.		2,175,554
	20,592	Towers Watson & Co., Class A		2,146,304

				5,563,113

	Real Estate Investment Trusts (REITs) (8.5%):
	23,074	Alexandria Real Estate Equities, Inc.		1,791,465
	33,791	American Campus Communities, Inc.		1,292,168
	62,005	BioMed Realty Trust, Inc.		1,353,569
	27,555	Camden Property Trust		1,960,538
	28,230	Corporate Office Properties Trust		785,076
	106,108	Duke Realty Corp.		1,926,921
	20,419	Equity One, Inc.		481,684
	35,471	Extra Space Storage, Inc.		1,888,831
	21,661	Federal Realty Investment Trust		2,619,248
	29,030	Highwoods Properties, Inc.		1,217,809
	18,404	Home Properties, Inc.		1,177,120
	48,200	Hospitality Properties Trust		1,465,280
	26,479	Kilroy Realty Corp.		1,649,112
	33,747	LaSalle Hotel Properties		1,190,932
	47,565	Liberty Property Trust		1,804,140
	28,577	Mack-Cali Realty Corp.		613,834
	24,157	Mid-America Apartment Communities, Inc.		1,764,669
	39,677	National Retail Properties, Inc.		1,475,588
	40,595	OMEGA Healthcare Investors, Inc.^		1,496,332
	13,087	Potlatch Corp.		541,802
	40,726	Rayonier, Inc.		1,447,809
	71,300	Realty Income Corp.^		3,167,146
	29,739	Regency Centers Corp.		1,655,868
	65,577	Senior Housing Properties Trust		1,592,865
	30,526	SL Green Realty Corp.		3,339,851
	20,364	Taubman Centers, Inc.		1,543,795
	80,964	UDR, Inc.		2,317,999
	50,000	Washington Prime Group, Inc.*		937,000
	36,204	Weingarten Realty Investors		1,188,939

				45,687,390

	Real Estate Management & Development (0.3%):
	14,352	Jones Lang LaSalle, Inc.		1,813,949

	Road & Rail (1.4%):
	18,383	Con-way, Inc.		926,687
	16,427	Genesee & Wyoming, Inc., Class A*		1,724,835
	29,452	J.B. Hunt Transport Services, Inc.		2,172,969
	14,470	Landstar System, Inc.		926,080


Shares			Fair Value
	Common Stocks, continued
	Road & Rail, continued
	22,479	Old Dominion Freight Line, Inc.*	$	1,431,463
	14,644	Werner Enterprises, Inc.		388,212

				7,570,246

	Semiconductors & Semiconductor Equipment (2.8%):
	208,689	Advanced Micro Devices, Inc.*^		874,407
	135,504	Atmel Corp.*		1,269,672
	39,268	Cree, Inc.*		1,961,437
	46,784	Cypress Semiconductor Corp.^		510,413
	40,265	Fairchild Semiconductor International, Inc.*		628,134
	43,732	Integrated Device Technology, Inc.*		676,097
	22,971	International Rectifier Corp.*		640,891
	41,506	Intersil Corp., Class A		620,515
	92,193	RF Micro Devices, Inc.*		884,131
	21,657	Semtech Corp.*		566,331
	12,885	Silicon Laboratories, Inc.*		634,586
	61,046	Skyworks Solutions, Inc.		2,866,720
	79,257	SunEdison, Inc.*		1,791,208
	62,573	Teradyne, Inc.		1,226,431

				15,150,973

	Software (4.1%):
	12,208	ACI Worldwide, Inc.*		681,573
	13,114	Advent Software, Inc.		427,123
	29,839	Ansys, Inc.*		2,262,393
	93,241	Cadence Design Systems, Inc.*		1,630,785
	14,278	CommVault Systems, Inc.*		702,049
	70,797	Compuware Corp.		707,262
	15,389	Concur Technologies, Inc.*		1,436,409
	12,675	FactSet Research Systems, Inc.^		1,524,549
	11,032	Fair Isaac Corp.		703,400
	44,127	Fortinet, Inc.*		1,108,912
	35,364	Informatica Corp.*		1,260,727
	31,169	Mentor Graphics Corp.		672,315
	24,084	Micros Systems, Inc.*		1,635,304
	38,205	PTC, Inc.*		1,482,354
	30,493	Rovi Corp.*		730,612
	21,134	Solarwinds, Inc.*		817,040
	22,146	Solera Holdings, Inc.		1,487,104
	49,829	Synopsys, Inc.*		1,934,362
	49,279	TIBCO Software, Inc.*		993,957

				22,198,230

	Specialty Retail (3.9%):
	23,275	Aaron’s, Inc.		829,521
	23,451	Abercrombie & Fitch Co., Class A		1,014,256
	23,490	Advance Auto Parts, Inc.		3,169,271
	55,142	American Eagle Outfitters, Inc.		618,693
	15,094	Ann, Inc.*		620,967
	41,679	Ascena Retail Group, Inc.*		712,711
	15,102	Cabela’s, Inc., Class A*		942,365
	49,328	Chico’s FAS, Inc.		836,603
	24,366	CST Brands, Inc.		840,627
	31,977	Dick’s Sporting Goods, Inc.		1,488,849
	46,938	Foot Locker, Inc.		2,380,695
	19,240	Guess?, Inc.		519,480


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Specialty Retail, continued
	14,315	Murphy USA, Inc.*	$	699,860
	156,788	Office Depot, Inc.*		892,124
	17,024	Rent-A-Center, Inc.		488,248
	25,824	Signet Jewelers, Ltd.		2,855,876
	28,192	Williams-Sonoma, Inc.		2,023,622

				20,933,768

	Technology Hardware, Storage & Peripherals (1.3%):
	32,921	3D Systems Corp.*^		1,968,676
	20,814	Diebold, Inc.		836,098
	20,061	Lexmark International, Inc., Class A		966,138
	54,071	NCR Corp.*		1,897,351
	16,262	Zebra Technologies Corp., Class A*		1,338,688

				7,006,951

	Textiles, Apparel & Luxury Goods (1.3%):
	17,295	Carter’s, Inc.		1,192,144
	11,156	Deckers Outdoor Corp.*		963,097
	32,063	Hanesbrands, Inc.		3,156,283
	40,757	Kate Spade & Co.*		1,554,472

				6,865,996

	Thrifts & Mortgage Finance (0.6%):
	27,264	Astoria Financial Corp.		366,701
	142,540	New York Community Bancorp, Inc.		2,277,789
	32,618	Washington Federal, Inc.		731,622

				3,376,112

	Tobacco (0.1%):
	7,230	Universal Corp.		400,181

	Trading Companies & Distributors (1.5%):
	14,833	GATX Corp.		992,921
	15,255	MSC Industrial Direct Co., Inc., Class A		1,458,988
	34,560	NOW, Inc.*		1,251,418
	31,311	United Rentals, Inc.*		3,279,201
	8,788	Watsco, Inc.		903,055

				7,885,583

	Water Utilities (0.3%):
	57,028	Aqua America, Inc.		1,495,274

	Wireless Telecommunication Services (0.2%):
	31,888	Telephone & Data Systems, Inc.		832,596

	Total Common Stocks (Cost $369,335,585)			522,083,070

	Securities Held as Collateral for Securities on Loan (2.3%):
$	12,125,769	Allianz Variable Insurance Products Securities Lending Collateral Trust(a)		12,125,769

	Total Securities Held as Collateral for Securities on Loan (Cost $12,125,769)			12,125,769

	Unaffiliated Investment Company (1.9%):
	10,329,982	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(b)		10,329,982

	Total Unaffiliated Investment Company (Cost $10,329,982)			10,329,982

	Total Investment Securities (Cost $391,791,336)(c) — 101.2%			544,538,821
	Net other assets (liabilities) — (1.2)%			(6,563,546	)

	Net Assets — 100.0%		$	537,975,275

Cash of $607,000 has been segregated to cover margin requirements for the following open contracts as of June 30, 2014:

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	390,733,162
Investments in affiliates, at cost		1,058,174

Total Investment securities, at cost	$	391,791,336

Investments in non-affiliates, at value*	$	543,144,143
Investments in affiliates, at value		1,394,678

Total Investment securities, at value		544,538,821
Cash		3,883
Segregated cash for collateral		607,000
Interest and dividends receivable		446,736
Receivable for investments sold		7,303,946
Receivable for variation margin on futures contracts		52,781
Prepaid expenses		2,206

Total Assets		552,955,373

Liabilities:
Payable for investments purchased		2,296,234
Payable for capital shares redeemed		222,462
Payable for collateral received on loaned securities		12,125,769
Manager fees payable		108,866
Administration fees payable		16,783
Distribution fees payable		108,865
Custodian fees payable		6,981
Administrative and compliance services fees payable		1,376
Trustee fees payable		3,091
Other accrued liabilities		89,671

Total Liabilities		14,980,098

Net Assets	$	537,975,275

Net Assets Consist of:
Capital	$	347,092,615
Accumulated net investment income/(loss)		5,761,588
Accumulated net realized gains/(losses) from investment transactions		32,176,582
Net unrealized appreciation/(depreciation) on investments		152,944,490

Net Assets	$	537,975,275

Shares of beneficial interest (unlimited number of shares authorized, no par value)		22,369,182
Net Asset Value (offering and redemption price per share)	$	24.05

*	Includes securities on loan of $11,829,548.

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends	$	3,586,063
Dividends from affiliates		19,073
Income from securities lending		121,799

Total Investment Income		3,726,935

Expenses:
Manager fees		630,331
Administration fees		70,494
Distribution fees		630,331
Custodian fees		11,220
Administrative and compliance services fees		4,265
Trustee fees		13,282
Professional fees		12,744
Shareholder reports		8,105
Other expenses		58,113

Total expenses		1,438,885

Net Investment Income/(Loss)		2,288,050

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		13,504,627
Net realized gains/(losses) on futures contracts		1,538,659
Change in net unrealized appreciation/depreciation on investments		19,023,312

Net Realized/Unrealized Gains/(Losses) on Investments		34,066,598

Change in Net Assets Resulting From Operations	$	36,354,648

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

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of 30 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Mid Cap Index Fund (the “Fund”), and 29 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund paid securities lending fees of $12,116 during the period ended June 30, 2014. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Effective January 6, 2014, the Manager, on behalf of the Trust, requested the Fund cease participation in the program until further notice.

During the period ended June 30, 2014, the Fund used futures contracts to provide equity exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $16.2 million as of June 30, 2014. The monthly average notional amount for these contracts was $17.9 million for the period ended June 30, 2014. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2014:

The following is a summary of the effect of derivative instruments on the Fund’s Statement of Operations, categorized by risk exposure, for the period ended June 30, 2014:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2015.

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator, transfer agent, and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. In addition, the Administrator is entitled to annual account fees related to the transfer agency system, an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $2,932 was paid from the Fund relating to these fees and expenses.

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2014 is $392,623,735. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

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

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


Principal Amount			Fair Value
	Certificates of Deposit (44.6%):
	Banks (42.3%)
$	11,000,000	Bank of Montreal Chicago, 0.22%, 9/5/14(a)	$	11,000,000
	7,000,000	Bank of Montreal Chicago, 0.23%, 4/9/15(a)		7,000,000
	8,500,000	Bank of Nova Scotia, 0.22%, 12/1/14(a)		8,500,000
	8,000,000	Bank of Nova Scotia, 0.23%, 6/24/15(a)		8,000,000
	5,000,000	Bank of Nova Scotia, 0.38%, 10/6/14(a)		5,001,714
	16,000,000	Bank of Tokyo-Mitsubishi UFJ, NY, 0.24%, 11/13/14		16,000,000
	7,000,000	Bank of Tokyo-Mitsubishi UFJ, NY, 0.25%, 8/19/14		7,000,000
	5,000,000	Bank of Tokyo-Mitsubishi UFJ, NY, 0.25%, 8/27/14		4,999,960
	7,000,000	BNP Paribas, NY, 0.30%, 8/4/14		7,000,000
	6,750,000	Canadian Imperial Bank of Commerce, 0.31%, 8/1/14, Callable 9/2/14 @ 100.00(a)		6,750,000
	8,000,000	Canadian Imperial Bank of Commerce, 0.21%, 8/8/14(a)		8,000,000
	5,000,000	Canadian Imperial Bank of Commerce, 0.22%, 6/17/15(a)		5,000,000
	14,000,000	Citibank NA, 0.23%, 11/7/14		14,000,000
	10,000,000	Credit Agricole CIB, NY, 0.25%, 9/4/14		10,000,000
	6,000,000	Deutsche Bank, NY, Series yCd1, 0.32%, 8/22/14(a)		6,000,000
	8,000,000	HSBC Bank plc, 0.23%, 10/30/14(a)(b)		8,000,000
	12,000,000	National Australia Bank, NY, 0.22%, 8/8/14(a)		12,000,146
	10,000,000	National Australia Bank, NY, 0.23%, 8/14/14(a)		10,000,000
	5,000,000	National Bank of Canada, NY, 0.22%, 12/20/14(a)		5,000,000
	8,000,000	National Bank of Canada, NY, 0.26%, 12/24/14(a)		8,000,000
	10,000,000	Natixis, NY, 0.27%, 9/8/14(a)		9,999,812
	15,500,000	Norinchukin Bank, NY, 0.10%, 7/2/14		15,500,000
	7,000,000	Rabobank Nederland NV, NY, 0.35%, 1/12/15		7,000,000
	14,000,000	Rabobank Nederland NV, NY, 0.27%, 9/16/14(a)		14,000,000
	8,000,000	Rabobank Nederland NV, NY, 0.27%, 5/6/15(a)		8,000,000
	5,000,000	Royal Bank of Canada, NY, 0.27%, 12/5/14(a)		5,000,000
	5,500,000	Royal Bank of Canada, NY, 0.29%, 10/10/14(a)		5,500,000
	8,000,000	Skandinav Enskilda Bank, NY, 0.25%, 10/20/14		8,000,000
	5,000,000	Societe Generale, NY, 0.33%, 9/19/14, Callable 9/14/14 @ 100.00(a)		5,000,000
	13,000,000	Sumitomo Mitsui Bank, NY, 0.25%, 10/2/14		13,000,000
	4,500,000	Sumitomo Mitsui Bank, NY, 0.25%, 12/3/14		4,500,000
	6,100,000	Svenska Handelsbanken AB, 0.28%, 8/15/14(a)		6,100,000
	5,000,000	Toronto Dominion Bank, NY, 0.24%, 9/4/14		5,000,000
	9,000,000	Toronto Dominion Bank, NY, 0.25%, 8/12/14		9,000,000
	5,000,000	Toronto Dominion Bank, NY, 0.22%, 7/24/14(a)		5,000,000
	11,000,000	Westpac Banking Corp., NY, 0.22%, 10/8/14(a)		11,000,000
	8,000,000	Westpac Banking Corp., NY, 0.26%, 7/18/14(a)		8,000,000

				306,851,632

	Diversified Financial Services (2.3%)
	1,000,000	Credit Industriel Et Commercial, NY, 0.32%, 11/17/14		1,000,000
	2,000,000	Credit Industriel Et Commercial, NY, 0.32%, 11/3/14		2,000,000


Principal Amount			Fair Value
	Certificates of Deposit, continued
	Diversified Financial Services, continued
$	4,000,000	Credit Industriel Et Commercial, NY, 0.32%, 10/14/14	$	4,000,000
	10,000,000	Credit Suisse, NY, 0.30%, 11/14/14		10,000,000

				17,000,000

	Total Certificates of Deposit (Cost $323,851,632)			323,851,632

	Commercial Paper (40.2%):
	Banks (8.8%)
	10,000,000	Commonwealth Bank of Australia, 0.24%, 5/18/15(a)(b)		10,000,000
	7,000,000	Commonwealth Bank of Australia, 0.23%, 5/15/15(a)(b)		7,000,000
	10,000,000	HSBC Bank plc, 0.24%, 10/22/14(a)(b)		10,000,000
	12,000,000	ING (US) Funding LLC, 0.25%, 9/2/14(c)		11,994,750
	1,000,000	Nederlandse Waterschapsbank NV, 0.27%, 7/28/14(a)(b)		1,000,015
	1,000,000	Nederlandse Waterschapsbank NV, 0.26%, 7/30/14(a)(b)		1,000,016
	10,000,000	Skandinaviska Enskilda Banken AB, 0.25%, 9/26/14(b)(c)		9,993,958
	3,000,000	Sumitomo Mitsui Bank, NY, 0.07%, 7/7/14(b)(c)		2,999,965
	10,000,000	Westpac Banking Corp., NY, 0.24%, 4/17/15(a)(b)		10,000,000

				63,988,704

	Diversified Financial Services (31.4%)
	8,000,000	Antalis US Funding Corp., 0.25%, 9/19/14(b)(c)		7,995,556
	8,000,000	Antalis US Funding Corp., 0.23%, 8/8/14(b)(c)		7,998,058
	5,000,000	Bedford Row Funding Corp., 0.24%, 1/26/15(a)(b)		5,000,000
	10,000,000	Bedford Row Funding Corp., 0.28%, 1/28/15(b)(c)		9,983,589
	5,000,000	Charta LLC, 0.24%, 11/19/14(b)(c)		4,995,300
	12,000,000	Charta LLC, 0.23%, 11/10/14(b)(c)		11,989,880
	8,000,000	Collateralized CP Co. LLC, 0.25%, 9/25/14(c)		7,995,222
	10,000,000	Collateralized CP Co. LLC, 0.28%, 9/24/14(c)		9,993,389
	7,000,000	Collateralized CP Co. LLC, 0.30%, 8/12/14(c)		6,997,550
	14,000,000	Gemini Securitization Corp. LLC, Class B, 0.12%, 7/7/14(b)(c)		13,999,720
	15,000,000	Gemini Securitization Corp. LLC, Class B, 0.11%, 7/1/14(b)(c)		15,000,000
	10,000,000	Kells Funding LLC, 0.23%, 2/13/15(a)(b)		10,000,351
	12,000,000	Kells Funding LLC, 0.23%, 12/9/14(a)(b)		11,999,298
	10,000,000	Kells Funding LLC, 0.23%, 10/15/14(a)(b)		9,999,705
	25,000,000	LMA Americas LLC, 0.10%, 7/1/14(b)(c)		25,000,000
	15,000,000	Matchpoint Master Trust, Series A, 0.12%, 7/7/14(b)(c)		14,999,700
	5,029,000	Matchpoint Master Trust, Series A, 0.09%, 7/1/14(b)(c)		5,029,000
	13,433,000	Natixis US Finance Co., 0.05%, 7/1/14(c)		13,433,000
	10,000,000	Old Line Funding LLC, 0.22%, 8/13/14(b)(c)		9,997,372
	26,000,000	Starbird Funding Corp., 0.12%, 7/1/14(b)(c)		26,000,000

				228,406,690

	Total Commercial Paper (Cost $292,395,394)			292,395,394


Principal Amount			Fair Value
	Corporate Bond (1.1%):
	Hotels, Restaurants & Leisure (1.1%)
$	8,000,000	Jets Stadium Development LLC, Series A-4C, 0.12%, 4/1/47, Callable 9/4/14 @ 100.00(a)	$	8,000,000

	Total Corporate Bond (Cost $8,000,000)			8,000,000

	Municipal Bonds (9.6%):
	California (5.0%):
	16,500,000	California Health Facilities Financing Authority Revenue, Series B, 0.03%, 10/1/40, LOC: JPMorgan Chase Bank(a)		16,500,000
	1,900,000	California Housing Finance Agency Revenue, Series E-1, 0.04%, 2/1/23, LOC: Freddie Mac, Fannie Mae, AMT(a)		1,900,000
	8,500,000	Los Angeles Community Redevelopment Agency Multi-Family Housing Revenue, Series A, 0.07%, 4/15/42, LIQ FAC: Fannie Mae, AMT(a)		8,500,000
	9,500,000	San Francisco City & County Redevelopment Agency Multi-Family Housing Revenue, Series A, 0.06%, 6/15/35, LIQ FAC: Fannie Mae(a)		9,500,000

				36,400,000

	New York (3.1%):
	15,000,000	New York City Housing Development Corp. Multi-Family Rent Revenue, Series A, 0.04%, 3/15/36, LIQ FAC: Fannie Mae(a)		15,000,000
	7,900,000	New York State Dormitory Authority Revenue State Supported Debt, Series D, 0.05%, 7/1/31, LOC: Toronto Dominion Bank(a)		7,900,000

				22,900,000


Principal Amount			Fair Value
	Municipal Bonds continued
	Pennsylvania (1.5%):
$	10,900,000	Pennsylvania Housing Finance Agency Single Family Mortgage Revenue, Series 83C, 0.08%, 10/1/35, SPA: Bank of Tokyo-Mitsubishi UFJ, AMT(a)	$	10,900,000

	Total Municipal Bonds (Cost $70,200,000)			70,200,000

	U.S. Treasury Obligation (3.4%):
	U.S. Treasury Note (3.4%)
	25,000,000	0.25%, 10/31/14		25,016,075

	Total U.S. Treasury Obligation (Cost $25,016,075)			25,016,075

	Yankee Dollar (1.1%):
	Banks (1.1%)
	8,000,000	Nederlandse Waterschapsbank NV, 0.28%, 10/27/14(a)		8,001,339

	Total Yankee Dollar (Cost $8,001,339)			8,001,339

	Total Investment Securities (Cost $727,464,440)(d) — 100.0%			727,464,440
	Net other assets (liabilities) — 0.0%			101,663

	Net Assets — 100.0%		$	727,566,103

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2014:

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investment securities, at cost	$	727,464,440

Investment securities, at value	$	727,464,440
Cash		2,527
Interest receivable		177,782
Receivable from Manager		141,902
Prepaid expenses		4,434

Total Assets		727,791,085

Liabilities:
Administration fees payable		26,738
Distribution fees payable		148,916
Custodian fees payable		11,872
Administrative and compliance services fees payable		2,599
Trustee fees payable		4,284
Other accrued liabilities		30,573

Total Liabilities		224,982

Net Assets	$	727,566,103

Net Assets Consist of:
Capital	$	727,478,274
Accumulated net realized gains/(losses) from investment transactions		87,829

Net Assets	$	727,566,103

Shares of beneficial interest (unlimited number of shares authorized, no par value)		727,478,916
Net Asset Value (offering and redemption price per share)	$	1.00

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Interest	$	747,183

Total Investment Income		747,183

Expenses:
Manager fees		1,300,687
Administration fees		102,205
Distribution fees		929,064
Custodian fees		13,480
Administrative and compliance services fees		5,840
Trustee fees		18,735
Professional fees		18,921
Shareholder reports		18,626
Other expenses		8,057

Total expenses before reductions		2,415,615
Less expenses voluntarily waived/reimbursed by the Manager		(1,668,432	)

Net expenses		747,183

Net Investment Income/(Loss)		—

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		31,365

Net Realized/Unrealized Gains/(Losses) on Investments		31,365

Change in Net Assets Resulting From Operations	$	31,365

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

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of 30 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Money Market Fund (the “Fund”), and 29 are presented in separate reports.

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

Dividends from net investment income are declared daily and paid monthly from the Fund. The net realized gains, if any, are declared and paid at least annually by the Fund. The amount of dividends from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and post October losses) do not require reclassification. Dividends to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Advisors, LLC (“BlackRock Advisors”), BlackRock Advisors provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2015.

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:

The Manager has voluntarily agreed to waive, reimburse, or pay Fund expenses to the extent necessary in order to maintain a minimum daily net investment income for the Fund of 0.00%. The Distributor may waive its Rule 12b-1 fees. The amount waived, reimbursed, or paid by the Manager and/or the Distributor will be repaid to the Manager and/or the Distributor subject to the following limitations:

The ability of the Manager and/or Distributor to receive such payments could negatively affect the Fund’s future yield. Amounts waived under this agreement during the period ended June 30, 2014 are reflected on the Statement of Operations as “Expenses voluntarily waived/reimbursed by the Manager.”

Any amounts waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.”

At June 30, 2014, the reimbursements that are subject to repayment by the Fund in subsequent years were as follows:

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator, transfer agent, and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. In addition, the Administrator is entitled to annual account fees related to the transfer agency system, an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $4,577 was paid from the Fund relating to these fees and expenses.

Investments of the Fund are valued, in accordance with Rule 2a-7 of the 1940 Act, at amortized cost, which approximates fair value, and are typically categorized as Level 2 in the fair value hierarchy.

Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

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

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


Shares			Fair Value
	Common Stocks (99.0%):
	Diversified Real Estate Activities (18.6%):
	569,000	CapitaLand, Ltd.	$	1,460,684
	57,000	City Developments, Ltd.		466,532
	174,000	Hang Lung Properties, Ltd.		536,688
	113,185	Henderson Land Development Co., Ltd.		662,378
	120,303	Kerry Properties, Ltd.		421,075
	293,000	Mitsubishi Estate Co., Ltd.		7,250,194
	225,000	Mitsui Fudosan Co., Ltd.		7,609,884
	244	Mobimo Holding AG, Registered Shares		51,713
	1,284,981	New World Development Co., Ltd.		1,464,094
	9,200	Nomura Real Estate Holdings, Inc.		174,431
	114,000	Sumitomo Realty & Development Co., Ltd.		4,905,917
	538,340	Sun Hung Kai Properties, Ltd.		7,385,575
	89,000	Tokyo Tatemono Co., Ltd.		825,194
	140,340	UOL Group, Ltd.		734,301
	350,035	Wharf Holdings, Ltd. (The)		2,521,831

				36,470,491

	Diversified REITs (11.1%):
	66	Activia Properties, Inc.		580,594
	207,308	British Land Co. plc		2,489,931
	1,600	Cofinimmo SA		199,290
	38,699	Cousins Properties, Inc.		481,803
	22,360	Crombie REIT		281,674
	24	Daiwa House REIT Investment Corp.		106,141
	574,034	Dexus Property Group		600,650
	70,990	Duke Realty Corp.		1,289,178
	4,865	Fonciere des Regions SA		527,207
	2,495	Gecina SA		363,848
	286,947	GPT Group		1,039,122
	5,065	ICADE		542,726
	11	Kenedix Office Investment Corp.		59,863
	150,328	Land Securities Group plc		2,662,090
	793	Lexington Realty Trust^		8,731
	8,100	Liberty Property Trust		307,233
	631,144	Mirvac Group		1,062,638
	4,331	PS Business Parks, Inc.		361,595
	35,360	Shaftesbury plc		396,991
	319,734	Stockland Trust Group		1,170,042
	294	United Urban Investment Corp.		474,751
	61,321	Vornado Realty Trust		6,544,790
	3,967	Wereldhave NV		368,819

				21,919,707

	Health Care Facilities (0.1%):
	25,410	Extendicare, Inc.^		163,382

	Health Care REITs (4.0%):
	37,806	HCP, Inc.		1,564,412
	10,230	Health Care REIT, Inc.		641,114
	30,395	Healthcare Realty Trust, Inc.		772,641
	92,815	Senior Housing Properties Trust		2,254,476
	40,082	Ventas, Inc.		2,569,256

				7,801,899

	Hotel & Resort REITs (4.3%):
	9,537	Chesapeake Lodging Trust		288,304
	349,360	Host Hotels & Resorts, Inc.		7,689,414


Shares			Fair Value
	Common Stocks, continued
	Hotel & Resort REITs, continued
	38,608	Summit Hotel Properties, Inc.	$	409,245

				8,386,963

	Hotels, Resorts & Cruise Lines (1.9%):
	32,650	Hilton Worldwide Holdings, Inc.*		760,745
	35,317	Starwood Hotels & Resorts Worldwide, Inc.		2,854,320

				3,615,065

	Industrial REITs (3.3%):
	163,000	Ascendas Real Estate Investment Trust		300,817
	83,942	DCT Industrial Trust, Inc.		689,164
	170	GLP J-REIT		190,427
	12	Industrial & Infrastructure Fund Investment Corp.		107,476
	314,276	Macquarie Goodman Group		1,497,197
	204	Nippon Prologis REIT, Inc.		476,021
	58,179	ProLogis, Inc.		2,390,575
	8,600	Rexford Industrial Realty, Inc.		122,464
	51,301	SERGO plc		303,079

				6,077,220

	Office REITs (6.4%):
	10,920	Alexandria Real Estate Equities, Inc.		847,829
	12,946	Alstria Office AG		171,445
	312,726	Beni Stabili SpA		286,855
	26,977	Boston Properties, Inc.		3,188,142
	16,506	Brookfield Canada Office Properties^		426,226
	104,000	CapitaCommercial Trust		141,859
	111,000	Champion REIT		51,567
	17,836	Derwent Valley Holdings plc		816,636
	67,729	Great Portland Estates plc		749,044
	32,998	Hudson Pacific Properties, Inc.		836,169
	276	Japan Real Estate Investment Corp.		1,608,565
	74,000	Keppel REIT		75,978
	61,158	Mack-Cali Realty Corp.		1,313,674
	330	Nippon Building Fund, Inc.		1,929,910
	404	ORIX JREIT, Inc.		566,742

				13,010,641

	Real Estate Development (1.2%):
	2,485,087	BGP Holdings plc*(a)(b)		—
	132,000	China Overseas Land & Investment, Ltd.		320,186
	643,000	China Resources Land, Ltd.		1,177,827
	231,418	Sino Land Co., Ltd.		381,456
	41,946	ST Modwen Properties plc		257,916
	51,094	Urban & Civic plc*		211,141

				2,348,526

	Real Estate Management & Development (0.0%):
	132,000	China Overseas Grand Oceans Group, Ltd.		81,776

	Real Estate Operating Companies (11.0%):
	53,049	Atrium European Real Estate, Ltd.		316,987
	21,035	Atrium Ljungberg AB, B Shares		343,304
	47,508	BR Malls Participacoes SA		404,323
	70,400	BR Properties SA		424,185
	3,853	BUWOG-Bauen Und Wohnen Gesellschaft mbH*		74,351
	67,292	Capital & Counties Properties plc		375,095
	352,373	Capital & Regional plc		278,692
	10,451	Castellum AB		185,287


Shares			Fair Value
	Common Stocks, continued
	Real Estate Operating Companies, continued
	28,730	Citycon Oyj	$	105,322
	17,002	Deutsche Annington Immobilien SE		500,274
	8,448	Deutsche Euroshop AG		417,446
	32,211	Deutsche Wohnen AG		694,641
	9,381	Fabege AB		132,713
	35,954	First Capital Realty, Inc.^		627,485
	54,976	Forest City Enterprises, Inc., Class A*		1,092,373
	7,417	GAGFAH SA*		135,026
	416,000	Global Logistic Properties, Ltd.		901,059
	90,473	Grainger Trust plc		325,462
	10,800	Hispania Activos Inmobiliarios SA*		149,311
	474,500	Hongkong Land Holdings, Ltd.		3,165,304
	53,040	Hufvudstaden AB		744,158
	67,400	Hulic Co., Ltd.		891,383
	395,346	Hysan Development Co., Ltd.		1,852,813
	51,738	Iguatemi Empresa de Shopping Centers SA		519,488
	13,983	LEG Immobilien AG		941,907
	329,899	LXB Retail Properties plc*		704,507
	257,600	Norwegian Property ASA*		317,222
	11,500	NTT Urban Development Corp.		129,873
	44,166	Prime Office AG*		205,732
	12,046	PSP Swiss Property AG		1,133,994
	266,661	Quintain Estates & Development plc*		403,828
	80,501	Sponda Oyj		429,456
	399,850	Swire Properties, Ltd.		1,168,705
	4,766	Swiss Prime Site AG		395,195
	44,953	Unite Group plc		302,816

				20,789,717

	Residential REITs (9.4%):
	47	Advance Residence Investment		118,817
	37,286	AvalonBay Communities, Inc.		5,301,696
	13,667	Boardwalk REIT		835,981
	25,951	Camden Property Trust		1,846,414
	3,811	Canadian Apartment Properties REIT		81,657
	24,234	Equity Lifestyle Properties, Inc.		1,070,173
	115,718	Equity Residential Property Trust		7,290,234
	6,358	Essex Property Trust, Inc.		1,175,658
	14,375	Mid-America Apartment Communities, Inc.		1,050,094

				18,770,724

	Retail REITs (24.8%):
	14,324	Acadia Realty Trust		402,361
	429	Altarea SCA		81,942
	7,486	Calloway REIT		186,361
	319,000	CapitaMall Trust		505,551
	11,325	Corio NV		578,450
	7,350	DDR Corp.		129,581
	10,801	Eurocommercial Properties NV		532,523
	6,307	Federal Realty Investment Trust		762,642
	267,932	Federation Centres		628,874
	161,791	General Growth Properties, Inc.		3,811,796
	167,640	Hammerson plc		1,662,274
	307	Japan Retail Fund Investment Corp.		690,798
	11,684	Klepierre		595,382
	128,807	Liberty International plc		685,833


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Retail REITs, continued
	412,215	Link REIT (The)	$	2,218,023
	46,985	Macerich Co. (The)		3,136,249
	5,751	Mercialys SA		134,022
	46,250	National Retail Properties, Inc.^		1,720,038
	8,828	Realty Income Corp.^		392,140
	61,883	Regency Centers Corp.		3,445,645
	75,796	RioCan REIT		1,940,190
	993,314	Scentre Group*		2,996,790
	68,392	Simon Property Group, Inc.		11,372,222
	377,000	SPH REIT		310,012
	35,087	Tanger Factory Outlet Centers, Inc.		1,226,992
	10,483	Taubman Centers, Inc.		794,716
	13,384	Unibail-Rodamco SE		3,889,242
	1,665	Vastned Retail NV		84,783
	17,457	Washington Prime Group, Inc.*		327,144
	370,004	Westfield Corp.*		2,495,672

				47,738,248

	Specialized REITs (2.9%):
	26,287	Public Storage, Inc.		4,504,277
	134,239	Safestore Holdings, Ltd.		501,243
	3,070	Sovran Self Storage, Inc.		237,158
	24,759	Sunstone Hotel Investors, Inc.		369,652

				5,612,330

	Total Common Stocks (Cost $132,271,797)			192,786,689

	Warrant (0.0%):
	Diversified Real Estate Activies (0.0%):
	47,204	Sun Hung Kai Properties, Ltd.*		61,638

	Total Warrant (Cost $—)			61,638

	Rights (0.0%):
	Real Estate Operating Companies (0.0%):
	7,841	Citycon OYJ*		46

	Retail REITs (0.0%):
	282,966	Capital & Regional plc*(b)		—

	Total Rights (Cost $—)			46

	Securities Held as Collateral for Securities on Loan (1.1%):
$	2,056,881	Allianz Variable Insurance Products Securities Lending Collateral Trust(c)		2,056,881

	Total Securities Held as Collateral for Securities on Loan (Cost $2,056,881)			2,056,881

	Unaffiliated Investment Company (0.4%):
	867,389	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(d)		867,389

	Total Unaffiliated Investment Company (Cost $867,389)			867,389

	Total Investment Securities (Cost $135,196,067)(e) — 100.5%			195,772,643
	Net other assets (liabilities) — (0.5%)			(986,749	)

	Net Assets — 100.0%		$	194,785,894

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2014:

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investment securities, at cost	$	135,196,067

Investment securities, at value*	$	195,772,643
Interest and dividends receivable		842,147
Foreign currency, at value (cost $533,125)		541,839
Receivable for investments sold		281,180
Reclaims receivable		21,636
Prepaid expenses		870

Total Assets		197,460,315

Liabilities:
Payable for investments purchased		315,347
Payable for capital shares redeemed		52,795
Payable for collateral received on loaned securities		2,056,881
Manager fees payable		144,211
Administration fees payable		6,735
Distribution fees payable		40,059
Custodian fees payable		48,658
Administrative and compliance services fees payable		664
Trustee fees payable		1,470
Other accrued liabilities		7,601

Total Liabilities		2,674,421

Net Assets	$	194,785,894

Net Assets Consist of:
Capital	$	169,811,836
Accumulated net investment income/(loss)		3,193,332
Accumulated net realized gains/(losses) from investment transactions		(38,810,665	)
Net unrealized appreciation/(depreciation) on investments		60,591,391

Net Assets	$	194,785,894

Shares of beneficial interest (unlimited number of shares authorized, no par value)		17,785,574
Net Asset Value (offering and redemption price per share)	$	10.95

*	Includes securities on loan of $1,985,493.

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends	$	5,237,012
Interest		2,410
Income from securities lending		15,587
Foreign withholding tax		(216,077	)

Total Investment Income		5,038,932

Expenses:
Manager fees		834,743
Administration fees		39,337
Distribution fees		231,873
Custodian fees		67,061
Administrative and compliance services fees		1,614
Trustee fees		5,058
Professional fees		4,965
Shareholder reports		6,769
Other expenses		2,296

Total expenses before reductions		1,193,716
Less expenses paid indirectly		(89	)

Net expenses		1,193,627

Net Investment Income/(Loss)		3,845,305

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		2,517,017
Change in net unrealized appreciation/depreciation on investments		13,472,207

Net Realized/Unrealized Gains/(Losses) on Investments		15,989,224

Change in Net Assets Resulting From Operations	$	19,834,529

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

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of 30 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Morgan Stanley Global Real Estate Fund (the “Fund”), and 29 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund paid securities lending fees of $1,555 during the period ended June 30, 2014. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Effective January 6, 2014, the Manager, on behalf of the Trust, requested the Fund cease participation in the program until further notice.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Morgan Stanley Investment Management Inc. (“MSIM”), MSIM provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2015.

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $1,086 was paid from the Fund relating to these fees and expenses.

During the period ended June 30, 2014, the Fund paid approximately $76 to affiliated broker/dealers of the Subadvisor on the execution of purchases and sales of the Fund’s portfolio investments.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:

A reconciliation of assets in which Level 3 inputs are used in determining fair value, along with additional quantitative disclosures are presented when there are significant Level 3 investments at the end of the period.

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2014 is $147,486,556. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

During the year ended December 31, 2013, the Fund utilized $8,082,781 in CLCFs to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

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

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

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


Shares			Fair Value
	Common Stocks (95.2%):
	Aerospace & Defense (2.1%):
	63,996	TransDigm Group, Inc.	$	10,703,971

	Auto Components (3.6%):
	76,571	Tesla Motors, Inc.*^		18,381,634

	Biotechnology (1.3%):
	23,794	Alnylam Pharmaceuticals, Inc.*		1,503,067
	2,136	Intercept Pharmaceuticals, Inc.*		505,442
	226,756	Ironwood Pharmaceuticals, Inc.*		3,476,169
	28,596	Seattle Genetics, Inc.*		1,093,797

				6,578,475

	Commercial Services & Supplies (3.7%):
	434,391	Edenred		13,161,562
	46,331	Stericycle, Inc.*		5,486,517

				18,648,079

	Communications Equipment (2.9%):
	173,369	Motorola Solutions, Inc.		11,541,174
	39,148	Palo Alto Networks, Inc.*		3,282,560

				14,823,734

	Diversified Financial Services (2.5%):
	276,262	MSCI, Inc., Class A*		12,666,613

	Electrical Equipment (0.5%):
	32,720	Solarcity Corp.*^		2,310,032

	Food Products (6.3%):
	42,467	Keurig Green Mountain, Inc.		5,291,813
	141,901	McCormick & Co.		10,158,693
	176,788	Mead Johnson Nutrition Co.		16,471,337

				31,921,843

	Health Care Equipment & Supplies (3.6%):
	45,020	Intuitive Surgical, Inc.*		18,539,236

	Health Care Technology (2.9%):
	116,496	athenahealth, Inc.*^		14,577,144

	Hotels, Restaurants & Leisure (3.9%):
	85,545	Ctrip.com International, ADR*		5,478,302
	104,674	Dunkin’ Brands Group, Inc.		4,795,116
	62,501	Panera Bread Co., Class A*		9,364,525

				19,637,943

	Insurance (3.9%):
	176,630	Arch Capital Group, Ltd.*		10,145,627
	386,311	Progressive Corp. (The)		9,796,847

				19,942,474

	Internet & Catalog Retail (2.9%):
	31,011	Asos plc*		1,567,173
	398,397	Groupon, Inc.*^		2,637,388
	47,107	TripAdvisor, Inc.*		5,118,647
	136,258	zulily, Inc., Class A*^		5,579,765

				14,902,973

	Internet Software & Services (9.9%):
	105,199	LinkedIn Corp., Class A*		18,038,473
	27,560	MercadoLibre, Inc.^		2,629,224
	56,025	Qihoo 360 Technology Co., Ltd., ADR*		5,156,541
	484,378	Twitter, Inc.*		19,844,966
	226,179	Youku.com, Inc., ADR*		5,396,631

				51,065,835


Shares			Fair Value
	Common Stocks, continued
	IT Services (4.7%):
	94,412	FleetCor Technologies, Inc.*	$	12,443,502
	163,774	Gartner, Inc.*		11,549,342

				23,992,844

	Life Sciences Tools & Services (6.0%):
	171,720	Illumina, Inc.*		30,658,889

	Machinery (2.3%):
	159,474	Colfax Corp.*		11,887,192

	Media (2.1%):
	270,583	Aimia, Inc.		4,737,548
	201,285	Pandora Media, Inc.*		5,937,908

				10,675,456

	Multiline Retail (2.1%):
	200,234	Dollar Tree, Inc.*		10,904,744

	Oil, Gas & Consumable Fuels (1.0%):
	57,732	Range Resources Corp.		5,019,797

	Pharmaceuticals (2.7%):
	50	Endo Health Solutions, Inc.*		3,501
	182,349	Endo International plc*		12,768,077
	12,198	Pharmacyclics, Inc.*		1,094,283

				13,865,861

	Professional Services (6.1%):
	98,878	IHS, Inc., Class A*		13,414,778
	393,406	Qualicorp SA*		4,651,772
	220,526	Verisk Analytics, Inc., Class A*		13,235,971

				31,302,521

	Software (13.2%):
	261,620	FireEye, Inc.*^		10,608,691
	43,535	NetSuite, Inc.*		3,782,321
	97,964	ServiceNow, Inc.*		6,069,849
	226,134	Solera Holdings, Inc.		15,184,898
	243,858	Splunk, Inc.*		13,492,663
	13,454	Tableau Software, Inc., Class A*		959,674
	165,427	Workday, Inc., Class A*		14,865,270
	618,353	Zynga, Inc.*		1,984,913

				66,948,279

	Technology Hardware, Storage & Peripherals (1.0%):
	43,752	3D Systems Corp.*^		2,616,370
	23,744	Stratasys, Ltd.*^		2,698,031

				5,314,401

	Textiles, Apparel & Luxury Goods (4.0%):
	156,533	Carter’s, Inc.		10,789,820
	51,699	Michael Kors Holdings, Ltd.*		4,583,116
	302,538	Moncler SpA		5,011,023

				20,383,959

	Total Common Stocks (Cost $373,872,552)			485,653,929

	Private Placements (2.2%):
	Internet & Catalog Retail (0.3%):
	37,815	Flipkart, Preferred(a)(b)		1,482,008
	33,446	Peixe Urbano, Inc.*(a)(b)		669

				1,482,677


Shares or Principal Amount			Fair Value
	Securities Held as Collateral for Securities on Loan (6.0%):
$	30,603,495	Allianz Variable Insurance Products Securities Lending Collateral Trust(c)	$	30,603,495

	Total Securities Held as Collateral for Securities on Loan (Cost $30,603,495)			30,603,495

	Unaffiliated Investment Company (2.8%):
	14,287,276	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(d)		14,287,276

	Total Unaffiliated Investment Company (Cost $14,287,276)			14,287,276

	Total Investment Securities (Cost $429,310,109)(e) — 106.2%			541,918,179
	Net other assets (liabilities) — (6.2)%			(31,709,163	)

	Net Assets — 100.0%		$	510,209,016

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2014:

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investment securities, at cost	$	429,310,109

Investment securities, at value*	$	541,918,179
Interest and dividends receivable		159,778
Foreign currency, at value (cost $36)		36
Prepaid expenses		2,500

Total Assets		542,080,493

Liabilities:
Payable for capital shares redeemed		787,425
Payable for collateral received on loaned securities		30,603,495
Manager fees payable		323,504
Administration fees payable		17,144
Distribution fees payable		101,383
Custodian fees payable		15,304
Administrative and compliance services fees payable		1,522
Trustee fees payable		3,063
Other accrued liabilities		18,637

Total Liabilities		31,871,477

Net Assets	$	510,209,016

Net Assets Consist of:
Capital	$	306,661,152
Accumulated net investment income/(loss)		1,198,882
Accumulated net realized gains/(losses) from investment transactions		89,740,912
Net unrealized appreciation/(depreciation) on investments		112,608,070

Net Assets	$	510,209,016

Shares of beneficial interest (unlimited number of shares authorized, no par value)		27,515,248
Net Asset Value (offering and redemption price per share)	$	18.54

*	Includes securities on loan of $30,636,969.

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends	$	3,705,896
Interest		309
Income from securities lending		375,051
Foreign withholding tax		(91,482	)

Total Investment Income		3,989,774

Expenses:
Manager fees		2,019,495
Administration fees		68,644
Distribution fees		634,245
Custodian fees		18,222
Administrative and compliance services fees		3,989
Trustee fees		12,545
Professional fees		12,174
Shareholder reports		16,448
Other expenses		4,819

Total expenses		2,790,581

Net Investment Income/(Loss)		1,199,193

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		44,175,941
Change in net unrealized appreciation/depreciation on investments		(43,405,208	)

Net Realized/Unrealized Gains/(Losses) on Investments		770,733

Change in Net Assets Resulting From Operations	$	1,969,926

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

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of 30 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Morgan Stanley Mid Cap Growth Fund (the “Fund”), and 29 are presented in separate reports.

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. Securities on loan at June 30, 2014 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $42.2 million for the period ended June 30, 2014.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund paid securities lending fees of $37,098 during the period ended June 30, 2014. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Effective January 6, 2014, the Manager, on behalf of the Trust, requested the Fund cease participation in the program until further notice.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Morgan Stanley Investment Management Inc. (“MSIM”), MSIM provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2015.

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator, transfer agent, and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. In addition, the Administrator is entitled to annual account fees related to the transfer agency system, an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $3,107 was paid from the Fund relating to these fees and expenses.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2014 is $429,402,937. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

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

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


Shares			Fair Value
	Common Stocks (96.1%):
	Aerospace & Defense (2.2%):
	119,950	BAE Systems plc, ADR	$	3,581,707

	Auto Components (1.4%):
	21,600	Magna International, Inc.		2,327,400

	Automobiles (3.3%):
	486,900	Isuzu Motors, Ltd.		3,226,442
	55,000	Tata Motors, Ltd., ADR		2,148,300

				5,374,742

	Banks (18.0%):
	101,400	Australia & New Zealand Banking Group, Ltd., ADR^		3,189,030
	213,170	Banco Bradesco SA, ADR		3,095,228
	494,500	Barclays plc		1,801,079
	951,100	BOC Hong Kong Holdings, Ltd.		2,756,770
	4,022,000	China Construction Bank		3,043,198
	463,839	HSBC Holdings plc		4,708,350
	1,526,000	Mizuho Financial Group, Inc.		3,137,350
	136,500	Sberbank of Russia, ADR		1,388,205
	61,100	Toronto-Dominion Bank (The)		3,141,151
	84,800	United Overseas Bank, Ltd., ADR		3,068,912

				29,329,273

	Beverages (3.0%):
	30,400	Carlsberg A/S, Class B		3,274,672
	12,300	Diageo plc, ADR		1,565,421

				4,840,093

	Chemicals (2.1%):
	141,400	Israel Chemicals, Ltd.		1,213,765
	10,400	Methanex Corp.		642,512
	72,800	Nitto Denko Corp., ADR		1,698,424

				3,554,701

	Commercial Services & Supplies (0.8%):
	206,000	Serco Group plc		1,289,848

	Construction Materials (1.8%):
	870,000	Anhui Conch Cement Co., Ltd.^		2,987,173

	Containers & Packaging (0.8%):
	59,227	Smurfit Kappa Group plc		1,353,031

	Diversified Financial Services (1.0%):
	20,800	Deutsche Boerse AG		1,614,113

	Diversified Telecommunication Services (2.2%):
	138,800	Orange SA, ADR		2,193,040
	66,200	Telenor ASA		1,506,655

				3,699,695

	Electric Utilities (1.6%):
	174,700	Companhia Paranaense de Energia, ADR^		2,674,657

	Electronic Equipment, Instruments & Components (2.1%):
	439,800	Hitachi, Ltd.		3,228,028

	Energy Equipment & Services (0.9%):
	25,200	Ensco plc, Class A, ADR		1,400,364

	Food & Staples Retailing (1.6%):
	522,200	Tesco plc		2,536,287


Shares			Fair Value
	Common Stocks, continued
	Food Products (1.8%):
	6,447,500	Golden Agri-Resources, Ltd.	$	2,870,610

	Household Durables (1.9%):
	141,115	Persimmon plc*		3,068,394

	Household Products (1.0%):
	61,300	Svenska Cellulosa AB, ADR^		1,593,187

	Industrial Conglomerates (3.1%):
	62,460	Koc Holding AS, ADR		1,514,655
	27,300	Siemens AG, Registered Shares		3,605,389

				5,120,044

	Insurance (8.3%):
	70,900	Axis Capital Holdings, Ltd.		3,139,452
	181,800	Manulife Financial Corp.		3,612,366
	17,700	RenaissanceRe Holdings, Ltd.		1,893,900
	157,100	Zurich Insurance Group AG, ADR		4,728,710

				13,374,428

	IT Services (1.2%):
	27,100	Cap Gemini SA		1,935,350

	Leisure Products (0.3%):
	28,200	Sega Sammy Holdings, Inc.		555,930

	Machinery (1.0%):
	67,600	Komatsu, Ltd.		1,572,174

	Metals & Mining (4.1%):
	54,400	Rio Tinto plc, Registered Shares, ADR^		2,952,832
	171,900	Vale SA, ADR^		2,274,237
	173,700	Yamana Gold, Inc.		1,427,814

				6,654,883

	Multiline Retail (1.0%):
	111,550	Marks & Spencer Group plc, ADR^		1,619,706

	Multi-Utilities (1.8%):
	555,900	Centrica plc		2,971,559

	Oil, Gas & Consumable Fuels (12.5%):
	3,668,695	China Petroleum & Chemical Corp. (Sinopec), H Shares		3,501,623
	49,700	LUKOIL, ADR		2,973,054
	61,000	Royal Dutch Shell plc, ADR		5,024,570
	88,400	Sasol, Ltd., ADR^		5,226,208
	114,900	Statoil ASA, ADR^		3,542,367

				20,267,822

	Pharmaceuticals (4.3%):
	31,000	Sanofi-Aventis SA		3,297,027
	67,900	Teva Pharmaceutical Industries, Ltd., ADR		3,559,318

				6,856,345

	Semiconductors & Semiconductor Equipment (1.3%):
	97,900	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		2,094,081

	Software (1.0%):
	62,469	Sage Group plc (The), ADR^		1,637,312

	Tobacco (2.1%):
	74,700	Imperial Tobacco Group plc		3,358,727


Shares			Fair Value
	Common Stocks, continued
	Trading Companies & Distributors (1.9%):
	9,600	Mitsui & Co., Ltd., ADR	$	3,076,800

	Water Utilities (2.1%):
	313,000	Companhia de Saneamento Basico do Estado de Sao Paulo, ADR		3,355,360

	Wireless Telecommunication Services (2.6%):
	292,800	China Mobile, Ltd.		2,842,634
	74,200	Mobile TeleSystems, ADR		1,464,708

				4,307,342

	Total Common Stocks (Cost $133,332,474)			156,081,166

	Preferred Stock (2.2%):
	Automobiles (2.2%):
	13,700	Volkswagen AG, Preferred Shares		3,598,169

	Total Preferred Stock (Cost $2,807,254)			3,598,169

	Right (0.1%):
	Household Durables (0.1%):
	141,115	Persimmon plc ORD*(a)		169,032

	Total Right (Cost $—)			169,032


Shares or Principal Amount			Fair Value
	Securities Held as Collateral for Securities on Loan (9.9%):
$	16,065,527	Allianz Variable Insurance Products Securities Lending Collateral Trust(b)	$	16,065,527

	Total Securities Held as Collateral for Securities on Loan (Cost $16,065,527)			16,065,527

	Unaffiliated Investment Company (1.6%):
	2,629,253	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(c)		2,629,253

	Total Unaffiliated Investment Company (Cost $2,629,253)			2,629,253

	Total Investment Securities (Cost $154,834,508)(d) — 109.9%			178,543,147
	Net other assets (liabilities) — (9.9)%			(16,061,286	)

	Net Assets — 100.0%		$	162,481,861

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2014:

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investment securities, at cost	$	154,834,508

Investment securities, at value*	$	178,543,147
Cash		77,004
Interest and dividends receivable		364,386
Reclaims receivable		22,886
Prepaid expenses		634

Total Assets		179,008,057

Liabilities:
Payable for investments purchased		292,071
Payable for capital shares redeemed		31
Payable for collateral received on loaned securities		16,065,527
Manager fees payable		120,231
Administration fees payable		5,555
Distribution fees payable		33,395
Custodian fees payable		5,789
Administrative and compliance services fees payable		272
Trustee fees payable		603
Other accrued liabilities		2,722

Total Liabilities		16,526,196

Net Assets	$	162,481,861

Net Assets Consist of:
Capital	$	124,905,633
Accumulated net investment income/(loss)		5,244,829
Accumulated net realized gains/(losses) from investment transactions		8,621,569
Net unrealized appreciation/(depreciation) on investments		23,709,830

Net Assets	$	162,481,861

Shares of beneficial interest (unlimited number of shares authorized, no par value)		12,063,872
Net Asset Value (offering and redemption price per share)	$	13.47

*	Includes securities on loan of $15,580,674.

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends	$	3,262,230
Interest		1,313
Income from securities lending		146,745
Foreign withholding tax		(185,297	)

Total Investment Income		3,224,991

Expenses:
Manager fees		685,965
Administration fees		32,911
Distribution fees		190,546
Custodian fees		19,986
Administrative and compliance services fees		1,619
Trustee fees		5,082
Professional fees		5,244
Shareholder reports		1,280
Other expenses		1,693

Total expenses before reductions		944,326
Less expenses paid indirectly		(177	)

Net expenses		944,149

Net Investment Income/(Loss)		2,280,842

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		2,860,159
Change in net unrealized appreciation/depreciation on investments		2,068,893

Net Realized/Unrealized Gains/(Losses) on Investments		4,929,052

Change in Net Assets Resulting From Operations	$	7,209,894

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

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of 30 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL NFJ International Value Fund (the “Fund”), and 29 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund paid securities lending fees of $14,553 during the period ended June 30, 2014. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Effective January 6, 2014, the Manager, on behalf of the Trust, requested the Fund cease participation in the program until further notice.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an affiliated money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with NFJ Investment Group LLC (“NFJ”), NFJ provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2015.

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $885 was paid from the Fund relating to these fees and expenses.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:

A reconciliation of assets in which level 3 inputs are used in determining fair value, along with additional quantitative disclosures, are presented when there are significant level 3 investments at the end of the period.

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2014 is $155,279,585. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

During the period ended December 31, 2013 the Fund utilized $249,922 in capital loss carry forwards to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

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

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


Shares			Fair Value
	Common Stocks (98.1%):
	Aerospace & Defense (3.1%):
	38,870	Curtiss-Wright Corp.	$	2,548,317
	69,747	HEICO Corp.		3,622,659
	95,100	Hexcel Corp.*		3,889,590

				10,060,566

	Airlines (0.5%):
	13,622	Allegiant Travel Co.		1,604,263

	Auto Components (1.4%):
	31,190	Dorman Products, Inc.*		1,538,291
	65,200	Gentherm, Inc.*		2,898,140

				4,436,431

	Banks (3.5%):
	79,860	Bank of the Ozarks, Inc.		2,671,317
	34,760	Signature Bank*		4,386,016
	29,200	South State Corp.		1,781,200
	8,300	Square 1 Financial, Inc., Class A*		157,783
	104,490	Western Alliance BanCorp*		2,486,862

				11,483,178

	Beverages (0.5%):
	6,580	Boston Beer Co., Inc. (The), Class A*		1,470,762

	Biotechnology (3.0%):
	55,310	Cepheid, Inc.*		2,651,561
	47,900	Cubist Pharmaceuticals, Inc.*		3,344,378
	43,440	InterMune, Inc.*		1,917,876
	57,180	NPS Pharmaceuticals, Inc.*		1,889,799

				9,803,614

	Building Products (0.8%):
	54,090	A.O. Smith Corp.		2,681,782

	Capital Markets (1.8%):
	39,570	Artisan Partners Asset Management, Inc.		2,242,828
	59,380	Evercore Partners, Inc., Class A		3,422,663
	8,248	HFF, Inc., Class A		306,743

				5,972,234

	Chemicals (1.5%):
	119,820	PolyOne Corp.		5,049,215

	Commercial Services & Supplies (2.0%):
	133,700	Mobile Mini, Inc.		6,402,893

	Communications Equipment (0.1%):
	3,109	Arista Networks, Inc.*^		193,971

	Construction Materials (1.9%):
	47,600	CaesarStone Sdot-Yam, Ltd.		2,336,208
	36,020	Eagle Materials, Inc.		3,395,965

				5,732,173

	Diversified Consumer Services (1.4%):
	18,641	Bright Horizons Family Solutions, Inc.*		800,445
	50,420	Grand Canyon Education, Inc.*		2,317,807
	112,860	Lifelock, Inc.*		1,575,526

				4,693,778

	Electrical Equipment (1.6%):
	34,600	Generac Holdings, Inc.*		1,686,404
	90,490	Methode Electronics, Inc.		3,457,623

				5,144,027


Shares			Fair Value
	Common Stocks, continued
	Energy Equipment & Services (1.6%):
	15,170	Dril-Quip, Inc.*	$	1,657,171
	53,813	Forum Energy Technologies, Inc.*		1,960,407
	49,190	Matrix Service Co.*		1,612,940

				5,230,518

	Food Products (2.1%):
	140,530	Boulder Brands, Inc.*		1,992,714
	20,047	J & J Snack Foods Corp.		1,886,824
	17,294	Sanderson Farms, Inc.		1,680,977
	98,012	SunOpta, Inc.*		1,380,009

				6,940,524

	Health Care Equipment & Supplies (6.3%):
	35,760	Cantel Medical Corp.		1,309,531
	53,170	Cardiovascular Systems, Inc.*		1,656,777
	77,188	Dexcom, Inc.*		3,061,276
	144,890	Globus Medical, Inc., Class A*		3,465,769
	63,730	Insulet Corp.*		2,528,169
	107,940	Spectranetics Corp. (The)*		2,469,667
	59,730	West Pharmaceutical Services, Inc.		2,519,411
	67,853	Wright Medical Group, Inc.*		2,130,584
	79,650	Zeltiq Aesthetics, Inc.*		1,209,884

				20,351,068

	Health Care Providers & Services (5.8%):
	79,760	Acadia Healthcare Co., Inc.*		3,629,080
	49,830	Centene Corp.*		3,767,646
	73,970	ExamWorks Group, Inc.*		2,347,068
	37,743	LifePoint Hospitals, Inc.*		2,343,840
	16,840	MWI Veterinary Supply, Inc.*		2,391,112
	91,030	Team Health Holdings, Inc.*		4,546,039

				19,024,785

	Hotels, Restaurants & Leisure (5.3%):
	41,460	Buffalo Wild Wings, Inc.*		6,870,336
	66,210	Chuy’s Holdings, Inc.*		2,403,423
	87,550	Fiesta Restaurant Group, Inc.*		4,063,196
	54,640	Red Robin Gourmet Burgers*		3,890,368

				17,227,323

	Household Durables (0.6%):
	50,808	GoPro, Inc., Class A*		2,060,264

	Internet & Catalog Retail (0.3%):
	32,240	RetailMeNot, Inc.*^		857,906

	Internet Software & Services (6.3%):
	69,690	Channeladvisor Corp.*		1,837,028
	100,950	Cornerstone OnDemand, Inc.*		4,645,720
	48,530	Demandware, Inc.*		3,366,526
	45,360	Shutterstock, Inc.*		3,763,973
	29,570	Sps Commerce, Inc.*		1,868,528
	104,320	Web.com Group, Inc.*		3,011,718
	28,300	Yelp, Inc.*^		2,170,044

				20,663,537

	IT Services (0.9%):
	68,800	Maximus, Inc.		2,959,776

	Life Sciences Tools & Services (1.0%):
	69,470	ICON plc*		3,272,732


Shares			Fair Value
	Common Stocks, continued
	Machinery (5.7%):
	41,880	Greenbrier Companies, Inc.*	$	2,412,288
	86,730	Middleby Corp. (The)*		7,174,305
	51,380	Proto Labs, Inc.*		4,209,050
	56,330	Wabtec Corp.		4,652,295

				18,447,938

	Media (1.7%):
	108,280	MDC Partners, Inc.		2,326,937
	107,850	Pandora Media, Inc.*		3,181,575

				5,508,512

	Metals & Mining (1.7%):
	49,280	Carpenter Technology Corp.		3,116,960
	46,558	US Silica Holdings, Inc.		2,581,176

				5,698,136

	Oil, Gas & Consumable Fuels (5.1%):
	74,830	Athlon Energy, Inc.*		3,569,391
	75,153	C&J Energy Services, Inc.*		2,538,668
	61,340	Diamondback Energy, Inc.*		5,446,992
	65,170	Matador Resources Co.*		1,908,178
	35,480	Oasis Petroleum, Inc.*		1,982,977
	43,767	Parsley Energy, Inc., Class A*		1,053,472

				16,499,678

	Pharmaceuticals (2.5%):
	141,360	Akorn, Inc.*^		4,700,220
	38,130	Pacira Pharmaceuticals, Inc.*		3,502,622

				8,202,842

	Professional Services (5.9%):
	38,210	CoStar Group, Inc.*		6,043,676
	57,580	Huron Consulting Group, Inc.*		4,077,816
	84,090	Korn/Ferry International*		2,469,723
	187,070	On Assignment, Inc.*		6,654,080

				19,245,295

	Real Estate Investment Trusts (REITs) (0.3%):
	22,234	Pebblebrook Hotel Trust		821,769

	Road & Rail (0.9%):
	29,330	Genesee & Wyoming, Inc., Class A*		3,079,650

	Semiconductors & Semiconductor Equipment (2.9%):
	60,440	Cavium, Inc.*		3,001,450
	109,530	Monolithic Power Systems, Inc.		4,638,596
	79,210	Spansion, Inc.*		1,668,955

				9,309,001


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Software (11.9%):
	131,670	Aspen Technology, Inc.*	$	6,109,487
	67,580	Envestnet, Inc.*		3,306,014
	147,060	Guidewire Software, Inc.*		5,979,460
	62,380	Interactive Intelligence Group*		3,501,389
	81,450	Proofpoint, Inc.*		3,051,117
	47,320	ServiceNow, Inc.*		2,931,947
	48,700	Tableau Software, Inc., Class A*		3,473,771
	44,870	Tyler Technologies, Inc.*		4,092,593
	47,880	Ultimate Software Group, Inc. (The)*		6,615,579

				39,061,357

	Specialty Retail (1.3%):
	45,480	Lithia Motors, Inc., Class A		4,278,304

	Technology Hardware, Storage & Peripherals (0.9%):
	24,550	Stratasys, Ltd.*^		2,789,617

	Textiles, Apparel & Luxury Goods (2.0%):
	24,110	Deckers Outdoor Corp.*		2,081,416
	25,510	G-III Apparel Group, Ltd.*		2,083,147
	52,566	Skechers U.S.A., Inc., Class A*		2,402,266

				6,566,829

	Trading Companies & Distributors (2.0%):
	183,490	H&E Equipment Services, Inc.*		6,668,027

	Total Common Stocks (Cost $253,635,820)			319,494,275

	Securities Held as Collateral for Securities on Loan (3.1%):
$	10,062,311	Allianz Variable Insurance Products Securities Lending Collateral Trust(a)		10,062,311

	Total Securities Held as Collateral for Securities on Loan (Cost $10,062,311)			10,062,311

	Unaffiliated Investment Company (2.3%):
	7,638,451	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(b)		7,638,451

	Total Unaffiliated Investment Company (Cost $7,638,451)			7,638,451

	Total Investment Securities (Cost $271,336,582)(c) — 103.5%			337,195,037
	Net other assets (liabilities) — (3.5)%			(11,402,311	)

	Net Assets — 100.0%		$	325,792,726

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investment securities, at cost	$	271,336,582

Investment securities, at value*	$	337,195,037
Interest and dividends receivable		58,136
Receivable for capital shares issued		137,867
Receivable for investments sold		1,620,691
Prepaid expenses		1,882

Total Assets		339,013,613

Liabilities:
Payable for investments purchased		2,403,403
Payable for capital shares redeemed		427,304
Payable for collateral received on loaned securities		10,062,311
Manager fees payable		223,245
Administration fees payable		11,687
Distribution fees payable		65,660
Custodian fees payable		10,559
Administrative and compliance services fees payable		1,106
Trustee fees payable		2,217
Other accrued liabilities		13,395

Total Liabilities		13,220,887

Net Assets	$	325,792,726

Net Assets Consist of:
Capital	$	224,394,173
Accumulated net investment income/(loss)		(1,427,531	)
Accumulated net realized gains/(losses) from investment transactions		36,967,629
Net unrealized appreciation/(depreciation) on investments		65,858,455

Net Assets	$	325,792,726

Shares of beneficial interest (unlimited number of shares authorized, no par value)		21,705,932
Net Asset Value (offering and redemption price per share)	$	15.01

*	Includes securities on loan of $9,998,701.

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends	$	445,021
Income from securities lending		20,548
Foreign withholding tax reclaims received		(4,192	)

Total Investment Income		461,377

Expenses:
Manager fees		1,388,980
Administration fees		45,005
Distribution fees		408,522
Custodian fees		12,686
Administrative and compliance services fees		2,820
Trustee fees		8,883
Professional fees		8,657
Shareholder reports		10,791
Other expenses		3,231

Total expenses		1,889,575

Net Investment Income/(Loss)		(1,428,198	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		16,712,330
Change in net unrealized appreciation/depreciation on investments		(31,343,817	)

Net Realized/Unrealized Gains/(Losses) on Investments		(14,631,487	)

Change in Net Assets Resulting From Operations	$	(16,059,685	)

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

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of 30 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Oppenheimer Discovery Fund (the “Fund”), and 29 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund paid securities lending fees of $2,047 during the period ended June 30, 2014. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Effective January 6, 2014, the Manager, on behalf of the Trust, requested the Fund cease participation in the program until further notice.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Oppenheimer Funds, Inc. (“Oppenheimer”), Oppenheimer provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2015.

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:

written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $2,003 was paid from the Fund relating to these fees and expenses.

During the period ended June 30, 2014, the Fund paid approximately $5,875 to affiliated broker/dealers of the Subadvisor on the execution of purchases and sales of the Fund’s portfolio investments.

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2014 is $272,098,872. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

During the year ended December 31, 2013, the Fund utilized $585,012 in capital loss carry forwards to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

On April 26, 2013, the Fund acquired all of the net assets of the AZL Allianz AGIC Opportunity Fund, an open-end investment company, pursuant to a plan of reorganization approved by AZL Allianz AGIC Opportunity Fund shareholders on April 24, 2013. The purpose of the transaction was to combine two funds managed by the Manager with comparable investment objectives and strategies. The acquisition was accomplished by a tax-free exchange of 12,864,661 shares of the Fund, valued at $153,408,602, for 11,687,440 shares of the AZL Allianz AGIC Opportunity Fund outstanding on April 26, 2013.

The investment portfolio of the AZL Allianz AGIC Opportunity Fund, with a fair value of $153,524,247 and identified cost of $138,025,821 at April 26, 2013, was the principal asset acquired by the Fund. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the

investments received from the AZL Allianz AGIC Opportunity Fund was carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Immediately prior to the merger, the net assets of the Fund were $142,046,883. All fees and expenses incurred by the AZL Allianz AGIC Opportunity Fund and the Fund directly in connection with the plan of reorganization were borne by the Manager.

Assuming the acquisition had been completed on January 1, 2013, the beginning of the annual reporting period of the Fund, the Fund’s pro forma results of operations for the period ended June 30, 2013, are as follows:

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the AZL Allianz AGIC Opportunity Fund that have been included in the Fund’s statement of operations since April 26, 2013.

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

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


Principal Amount			Fair Value
	Asset Backed Securities (3.8%):
$	1,155,000	AmeriCredit Automobile Receivables Trust, Class D, Series 2012-5, 2.35%, 12/10/18	$	1,173,579
	900,000	AmeriCredit Automobile Receivables Trust, Class D, Series 2013-3, 3.00%, 7/8/19		926,651
	1,750,000	AmeriCredit Automobile Receivables Trust, Class C, Series 2013-4, 2.72%, 9/9/19		1,792,405
	1,750,000	AmeriCredit Automobile Receivables Trust, Class D, Series 2013-4, 3.31%, 10/8/19		1,813,732
	38,983	CFC LLC, Class A, Series 2013-1A, 1.65%, 7/17/17(a)		39,092
	4,220,000	CFC LLC, Class B, Series 2013-1A, 2.75%, 11/15/18(a)		4,264,800
	128,619	Countrywide Asset-Backed Certificates, Class AF5, Series 2004-7, 5.87%, 1/25/35(b)		134,753
	1,130,000	Ford Credit Floorplan Master Owner Trust, Class C, Series 2013-3, 1.29%, 6/15/17		1,134,396
	1,130,000	Ford Credit Floorplan Master Owner Trust, Class D, Series 2013-3, 1.74%, 6/15/17		1,133,346
	387,000	Santander Drive Auto Receivables Trust, Class C, Series 2014-2, 2.33%, 11/15/19		389,491
	959,000	Santander Drive Auto Receivables Trust, Class B, Series 2014-3, 1.45%, 5/15/19		959,444
	963,000	Santander Drive Auto Receivables Trust, Class C, Series 2014-3, 2.13%, 8/17/20		964,057

	Total Asset Backed Securities (Cost $14,570,476)			14,725,746

	Collateralized Mortgage Obligations (10.8%):
	39,203	Banc of America Commercial Mortgage Trust, Class A4, Series 2006-3, 5.89%, 7/10/44(b)		42,279
	110,000	Bank of America Commercial Mortgage Trust, Class A4, Series 2007-1, 5.45%, 1/15/49		118,587
	215,972	Citigroup Mortgage Loan Trust, Inc., Class A, Series 2012-A, 2.50%, 6/25/51(a)		209,384
	200,000	Citigroup/Deutsche Bank Commercial Mortgage Trust, Class A4, Series 2007-CD4, 5.32%, 12/11/49^		217,588
	236,120	Commercial Mortgage Trust, Class A5, Series 2004-LB4A, 4.84%, 10/15/37		236,861
	320,000	Extended Stay America Trust, Class BFL, Series 2013-ESFL, 1.25%, 12/5/31(a)(b)		319,790
	230,000	Extended Stay America Trust, Class CFL, Series 2013-ESFL, 1.65%, 12/5/31(a)(b)		230,420
	4,716,000	GE Capital Commercial Mortgage Corp., Class A4, Series 2007-C1, 5.54%, 12/10/49		5,122,991
	281,749	Granite Master Issuer plc, Class A1, Series 2006-1A, 0.22%, 12/20/54(a)(b)		279,742
	3,700,000	Granite Master Issuer plc, Class M2, Series 2006-1A, 0.73%, 12/20/54(a)(b)		3,643,486
	79,818	Granite Master Issuer plc, Class A4, Series 2006-2, 0.23%, 12/20/54(b)		79,262
	37,879	Granite Master Issuer plc, Class A3, Series 2006-3, 0.23%, 12/20/54(b)		37,530
	43,958	Granite Master Issuer plc, Class A7, Series 2006-3, 0.35%, 12/20/54(b)		43,734
	3,750,000	Granite Master Issuer plc, Class M2, Series 2006-3, 0.71%, 12/20/54(b)		3,689,141


Principal Amount			Fair Value
	Collateralized Mortgage Obligations, continued
$	1,773,108	Granite Master Issuer plc, Class A4, Series 2006-4, 0.25%, 12/20/54(b)	$	1,756,619
	101,190	Granite Master Issuer plc, Class 2A1, Series 2007-1, 0.29%, 12/20/54(b)		100,580
	1,371,000	Granite Master Issuer plc, Class 1B1, Series 2007-1, 0.29%, 12/20/54(b)		1,340,248
	21,761	Granite Master Issuer plc, Class 3A1, Series 2007-2, 0.33%, 12/17/54(b)		21,644
	257,000	Granite Master Issuer plc, Class 1B1, Series 2007-2, 0.31%, 12/17/54(b)		251,438
	371,941	Greenwich Capital Commercial Funding Corp. Commercial Mortgage Trust, Class A4, Series 2007-GG9, 6.01%, 7/10/38(b)		400,318
	900,000	Greenwich Capital Commercial Funding Corp. Commercial Mortgage Trust, Class A4, Series 2007-GG9, 5.44%, 3/10/39		982,049
	9,100,000	GS Mortgage Securities Trust, Class XB1, Series 2013-KY0, 3.25%, 11/8/29(b)(c)		277,400
	4,112,000	Hilton USA Trust, Class DFX, Series 2013-HLT, 4.41%, 11/5/30(a)		4,257,997
	220,000	JPMorgan Chase Commercial Mortgage Securities Corp., Class A4, Series 2006-LDP7, 6.06%, 4/15/45(b)		236,640
	328,793	JPMorgan Chase Commercial Mortgage Securities Corp., Class A1A, Series 2006-LDP8, 5.40%, 5/15/45		355,182
	468,167	JPMorgan Chase Commercial Mortgage Securities Corp., Class A4, Series 2007-CB18, 5.44%, 6/12/47		510,682
	5,157,000	JPMorgan Chase Commercial Mortgage Securities Corp., Class A4, Series 2007-LD11, 5.99%, 6/15/49(b)		5,670,988
	3,921,205	LB-UBS Commercial Mortgage Trust, Class A3, Series 2007-C7, 5.87%, 9/15/45(b)		4,409,308
	1,390,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Class A4, Series 2007-6, 5.48%, 3/12/51(b)		1,526,723
	476,178	Merrill Lynch/Countrywide Commercial Mortgage Trust, Class A4, Series 2007-5, 5.38%, 8/12/48		513,741
	1,970,000	Morgan Stanley Capital I, Class A4, Series 2007-IQ14, 5.69%, 4/15/49(b)		2,172,295
	323,707	Wachovia Bank Commercial Mortgage Trust, Class A1A, Series 2006-C26, 6.01%, 6/15/45(b)		350,611
	784,000	Wachovia Bank Commercial Mortgage Trust, Class A4, Series 2007-C33, 6.14%, 7/15/17(b)		857,882
	1,843,000	Wachovia Bank Commercial Mortgage Trust, Class A4, Series 2007-C31, 5.51%, 4/15/47		1,995,271

	Total Collateralized Mortgage Obligations (Cost $42,425,748)			42,258,411

	Corporate Bonds (34.1%):
	Airlines (0.1%):
	220,983	Continental Airlines 1998-1, Class A, Series 981, 6.65%, 9/15/17		234,640

	Banks (5.0%):
	320,000	Bank of America Corp., Series L, 1.35%, 11/21/16		320,941


Principal Amount			Fair Value
	Corporate Bonds, continued
	Banks, continued
$	113,000	Bank of America Corp., 3.88%, 3/22/17	$	120,524
	3,677,000	Bank of America Corp., 2.60%, 1/15/19		3,720,252
	872,000	Bank of America Corp., Series L, 2.65%, 4/1/19		883,859
	550,000	Bank of America Corp., 5.70%, 1/24/22		638,211
	250,000	Discover Bank, 7.00%, 4/15/20		300,291
	250,000	Huntington National Bank (The), Series BKNT, 1.30%, 11/20/16, Callable 10/20/16 @ 100		251,145
	400,000	Huntington National Bank (The), 2.20%, 4/1/19, Callable 3/1/19 @ 100		402,591
	5,103,000	JPMorgan Chase & Co., 2.00%, 8/15/17		5,189,510
	2,340,000	JPMorgan Chase & Co., 2.35%, 1/28/19		2,367,387
	28,000	M&I Marshall & Ilsley Bank, Series BKNT, 5.00%, 1/17/17		30,300
	1,278,000	Regions Bank, Series BKNT, 7.50%, 5/15/18, MTN		1,521,091
	500,000	Regions Bank, 6.45%, 6/26/37		594,095
	500,000	Regions Financial Corp., 5.75%, 6/15/15		522,585
	88,000	Regions Financial Corp., 2.00%, 5/15/18, Callable 4/15/18 @ 100		87,690
	32,000	SunTrust Banks, Inc., Series BKNT, 3.50%, 1/20/17, Callable 12/20/16 @ 100		33,881
	181,000	SunTrust Banks, Inc., 2.35%, 11/1/18, Callable 10/1/18 @ 100		183,314
	1,200,000	Wachovia Bank NA, Series BKNT, 6.00%, 11/15/17		1,374,844
	800,000	Wells Fargo & Co., 4.10%, 6/3/26, MTN		810,079

				19,352,590

	Biotechnology (0.7%):
	781,000	Amgen, Inc., 1.25%, 5/22/17		780,301
	1,937,000	Amgen, Inc., 2.20%, 5/22/19, Callable 5/22/19 @ 100		1,934,749

				2,715,050

	Capital Markets (2.3%):
	147,000	Affiliated Managers Group, Inc., 4.25%, 2/15/24		152,090
	1,355,000	Goldman Sachs Group, Inc. (The), 6.25%, 9/1/17		1,542,608
	400,000	Goldman Sachs Group, Inc. (The), 1.75%, 9/15/17		399,208
	1,000,000	Goldman Sachs Group, Inc. (The), 6.15%, 4/1/18		1,146,820
	642,000	Goldman Sachs Group, Inc. (The), 2.90%, 7/19/18		661,433
	750,000	Goldman Sachs Group, Inc. (The), 2.63%, 1/31/19		760,194
	490,000	Morgan Stanley, Series G, 5.45%, 1/9/17, MTN		539,782
	1,300,000	Morgan Stanley, Series F, 6.63%, 4/1/18, MTN		1,519,665
	180,000	Morgan Stanley, 2.13%, 4/25/18		181,977
	2,060,000	Morgan Stanley, 2.50%, 1/24/19		2,083,072
	68,000	Retail Opportunity Investments Corp., 5.00%, 12/15/23, Callable 9/15/23 @ 100		72,782

				9,059,631

	Chemicals (0.0%):
	192,000	Ecolab, Inc., 1.45%, 12/8/17		192,246

	Consumer Finance (2.5%):
	690,000	Capital One Bank USA NA, 1.30%, 6/5/17, Callable 5/5/17 @ 100		689,770


Principal Amount			Fair Value
	Corporate Bonds, continued
	Consumer Finance, continued
$	320,000	Capital One Financial Corp., 2.45%, 4/24/19, Callable 3/24/19 @ 100	$	323,001
	1,000,000	Ford Motor Credit Co. LLC, 2.50%, 1/15/16		1,025,368
	1,140,000	Ford Motor Credit Co. LLC, 1.50%, 1/17/17		1,146,197
	324,000	Ford Motor Credit Co. LLC, 3.00%, 6/12/17		338,013
	600,000	Ford Motor Credit Co. LLC, 5.00%, 5/15/18		667,471
	600,000	Ford Motor Credit Co. LLC, 2.88%, 10/1/18		621,025
	1,100,000	Ford Motor Credit Co. LLC, 2.38%, 3/12/19		1,105,339
	751,000	Ford Motor Credit Co. LLC, 5.88%, 8/2/21		881,721
	902,000	Ford Motor Credit Co. LLC, 4.38%, 8/6/23		963,272
	186,000	Lazard Group LLC, 4.25%, 11/14/20		194,871
	1,600,000	NiSource Finance Corp., 4.45%, 12/1/21, Callable 9/1/21 @ 100		1,722,228

				9,678,276

	Diversified Financial Services (2.9%):
	270,000	Bank of America NA, Series BKNT, 5.30%, 3/15/17		296,955
	2,568,000	Citigroup, Inc., 1.25%, 1/15/16		2,583,467
	500,000	Citigroup, Inc., 1.70%, 7/25/16		506,572
	570,000	Citigroup, Inc., 1.30%, 11/15/16		570,735
	900,000	Citigroup, Inc., 6.00%, 8/15/17		1,018,686
	1,043,000	Citigroup, Inc., 6.13%, 11/21/17		1,192,928
	1,271,000	Citigroup, Inc., 2.55%, 4/8/19		1,280,939
	769,000	Citigroup, Inc., 5.30%, 5/6/44		802,104
	228,000	Daimler Finance NA LLC, 1.45%, 8/1/16(a)		230,511
	1,000,000	Discover Financial Services, 5.20%, 4/27/22		1,109,842
	112,000	Hyundai Capital America, Inc., 1.63%, 10/2/15(a)		113,014
	91,000	Hyundai Capital America, Inc., 1.88%, 8/9/16(a)		92,339
	378,000	Hyundai Capital America, Inc., 1.45%, 2/6/17(a)		379,424
	124,000	Hyundai Capital America, Inc., 2.13%, 10/2/17(a)		125,887
	161,000	Hyundai Capital America, Inc., 2.88%, 8/9/18(a)		165,657
	378,000	Hyundai Capital America, Inc., 2.55%, 2/6/19(a)		381,022
	444,000	JPMorgan Chase Bank NA, Series BKNT, 6.00%, 10/1/17		505,037
	161,000	Tanger Properties LP, 3.88%, 12/1/23, Callable 9/1/23 @ 100		164,228

				11,519,347

	Diversified Telecommunication Services (3.9%):
	820,000	CenturyLink, Inc., Series N, 6.00%, 4/1/17		905,075
	28,000	CenturyLink, Inc., Series R, 5.15%, 6/15/17		30,240
	62,000	CenturyLink, Inc., Series Q, 6.15%, 9/15/19		67,580
	3,294,000	Verizon Communications, Inc., 2.50%, 9/15/16		3,395,267
	605,000	Verizon Communications, Inc., 1.35%, 6/9/17		604,798
	1,708,000	Verizon Communications, Inc., 3.65%, 9/14/18		1,826,674
	3,751,000	Verizon Communications, Inc., 4.50%, 9/15/20		4,126,069
	1,400,000	Verizon Communications, Inc., 2.45%, 11/1/22, Callable 8/1/22 @ 100		1,313,347
	346,000	Verizon Communications, Inc., 6.40%, 9/15/33		423,829
	500,000	Verizon Communications, Inc., 6.25%, 4/1/37		606,754
	1,480,000	Verizon Communications, Inc., 6.55%, 9/15/43		1,862,493

				15,162,126

	Electric Utilities (1.8%):
	146,000	American Electric Power Co., Inc., 1.65%, 12/15/17, Callable 11/15/17 @ 100		146,775


Principal Amount			Fair Value
	Corporate Bonds, continued
	Electric Utilities, continued
$	138,000	American Electric Power Co., Inc., Series F, 2.95%, 12/15/22, Callable 9/15/22 @ 100	$	134,104
	302,000	FirstEnergy Corp., Series A, 2.75%, 3/15/18, Callable 2/15/18 @ 100		305,614
	1,131,000	FirstEnergy Corp., Series B, 4.25%, 3/15/23, Callable 12/15/22 @ 100		1,126,382
	2,247,000	FirstEnergy Corp., Series C, 7.38%, 11/15/31		2,655,596
	340,000	Indiana Michigan Power Co., Series J, 3.20%, 3/15/23, Callable 12/15/22 @ 100		337,538
	91,000	Northeast Utilities, 1.45%, 5/1/18, Callable 4/1/18 @ 100		89,362
	411,000	Northeast Utilities, 2.80%, 5/1/23, Callable 2/1/23 @ 100		395,791
	117,000	NV Energy, Inc., 6.25%, 11/15/20		138,077
	600,000	Progress Energy, Inc., 4.40%, 1/15/21, Callable 10/15/20 @ 100		657,475
	49,000	Puget Energy, Inc., 6.00%, 9/1/21		57,747
	1,000,000	West Penn Power Co., 5.95%, 12/15/17(a)		1,130,243

				7,174,704

	Electrical Equipment (0.1%):
	34,000	Ingersoll-Rand Global Holding Co., Ltd., 2.88%, 1/15/19		34,853
	240,000	Ingersoll-Rand Global Holding Co., Ltd., 4.25%, 6/15/23		252,480

				287,333

	Energy Equipment & Services (0.3%):
	985,000	Pemex Proj FDG Master TR, 5.75%, 3/1/18		1,110,588

	Food & Staples Retailing (0.2%):
	286,000	CVS Caremark Corp., 2.25%, 12/5/18, Callable 11/5/18 @ 100		289,500
	370,000	Kroger Co. (The), 3.30%, 1/15/21, Callable 12/15/20 @ 100		378,770

				668,270

	Food Products (0.2%):
	130,000	ConAgra Foods, Inc., 1.90%, 1/25/18		130,313
	151,000	ConAgra Foods, Inc., 3.20%, 1/25/23, Callable 10/25/22 @ 100		145,544
	216,000	Wm. Wrigley Jr. Co., 1.40%, 10/21/16(a)		217,496
	309,000	Wm. Wrigley Jr. Co., 2.00%, 10/20/17(a)		313,534

				806,887

	Health Care Providers & Services (0.8%):
	781,000	AmerisourceBergen Corp., 1.15%, 5/15/17		780,086
	500,000	Express Scripts Holding Co., 4.75%, 11/15/21		553,391
	1,600,000	Express Scripts Holding Co., 3.90%, 2/15/22		1,674,470
	300,000	McKesson Corp., 2.28%, 3/15/19		301,053

				3,309,000

	Independent Power and Renewable Electricity Producers (0.3%):
	1,196,000	Dominion Resources, Inc., Series 06-B, 2.53%, 9/30/66, Callable 8/1/14 @ 100(b)		1,105,284
	198,000	PPL Capital Funding, Inc., 3.40%, 6/1/23, Callable 3/1/23 @ 100		198,283

				1,303,567


Principal Amount			Fair Value
Corporate Bonds, continued
	Industrial Conglomerates (0.3%):
$	1,200,000	General Electric Capitial Corp., Series A, 5.63%, 9/15/17	$	1,358,431

	Insurance (2.6%):
	307,000	American International Group, Inc., Series G, 5.60%, 10/18/16, MTN		337,515
	1,565,000	American International Group, Inc., 3.80%, 3/22/17		1,672,371
	103,000	American International Group, Inc., 4.88%, 6/1/22		114,697
	600,000	Aon plc, 5.00%, 9/30/20		673,014
	1,100,000	Five Corners Funding Trust, 4.42%, 11/15/23(a)		1,154,516
	59,000	Hartford Financial Services Group, Inc. (The), 5.13%, 4/15/22		67,090
	700,000	Liberty Mutual Group, Inc., 5.00%, 6/1/21(a)		769,985
	180,000	Liberty Mutual Group, Inc., 4.25%, 6/15/23(a)		186,564
	978,000	Marsh & McLennan Cos., Inc., 4.80%, 7/15/21, Callable 4/15/21 @ 100		1,086,235
	291,000	MetLife Global Funding, Inc., 1.88%, 6/22/18(a)		290,131
	300,000	Northwestern Mutual Life Insurance Co. (The), 6.06%, 3/30/40(a)		372,109
	1,077,000	Pacific Life Corp., 6.00%, 2/10/20(a)		1,230,012
	500,000	Pacific Life Corp., 9.25%, 6/15/39(a)		769,165
	436,000	Pacific Life Corp., 5.13%, 1/30/43(a)		452,372
	50,000	Prudential Financial, Inc., 2.30%, 8/15/18		50,849
	65,000	Symetra FINL Corp., 6.13%, 4/1/16(a)		69,760
	854,000	Unum Group, 5.75%, 8/15/42		994,584

				10,290,969

	Life Sciences Tools & Services (0.1%):
	104,000	Thermo Fisher Scientific, Inc., 1.30%, 2/1/17		104,153
	66,000	Thermo Fisher Scientific, Inc., 2.40%, 2/1/19		66,672
	101,000	Thermo Fisher Scientific, Inc., 4.15%, 2/1/24, Callable 11/1/23 @ 100		105,621

				276,446

	Media (1.3%):
	134,000	COX Communications, Inc., 3.25%, 12/15/22(a)		131,220
	395,000	News America, Inc., 7.75%, 12/1/45		569,502
	101,000	Time Warner Cable, Inc., 5.85%, 5/1/17		113,592
	716,000	Time Warner Cable, Inc., 8.25%, 4/1/19		907,265
	1,000,000	Time Warner Cable, Inc., 4.13%, 2/15/21, Callable 11/15/20 @ 100		1,079,748
	623,000	Time Warner Cable, Inc., 4.00%, 9/1/21, Callable 6/1/21 @ 100		665,511
	153,000	Time Warner Cable, Inc., 5.88%, 11/15/40, Callable 5/15/40 @ 100		178,468
	658,000	Time Warner Cable, Inc., 4.50%, 9/15/42, Callable 3/15/42 @ 100		640,551
	775,000	Time Warner, Inc., 2.10%, 6/1/19		771,056
	46,000	Viacom, Inc., 2.50%, 9/1/18		47,016

				5,103,929

	Multi-Utilities (0.3%):
	305,000	FirstEnergy Solutions Co., 6.05%, 8/15/21		338,079
	404,000	MidAmerican Energy Holdings Co., 2.00%, 11/15/18, Callable 10/15/18 @ 100		404,675
	48,000	NiSource Finance Corp., 6.40%, 3/15/18		55,148


Principal Amount			Fair Value
Corporate Bonds, continued
	Multi-Utilities, continued
$	56,000	PG&E Corp., 2.40%, 3/1/19, Callable 2/1/19 @ 100	$	56,505
	500,000	Sempra Energy, 2.88%, 10/1/22, Callable 7/1/22 @ 100		490,214

				1,344,621

	Oil, Gas & Consumable Fuels (2.6%):
	1,900,000	Anadarko Petroleum Corp., 6.38%, 9/15/17		2,187,547
	166,000	DCP Midstream Operating LLC, 2.50%, 12/1/17, Callable 11/1/17 @ 100		170,763
	37,000	DCP Midstream Operating LLC, 2.70%, 4/1/19, Callable 3/1/19 @ 100		37,478
	500,000	DCP Midstream Operating LLC, 5.35%, 3/15/20(a)		553,418
	1,300,000	DCP Midstream Operating LLC, 4.75%, 9/30/21(a)		1,371,912
	106,000	DCP Midstream Operating LLC, 3.88%, 3/15/23, Callable 12/15/22 @ 100		107,317
	1,000,000	El Paso Pipeline Partners LP, 5.00%, 10/1/21, Callable 7/1/21 @ 100		1,093,247
	117,000	Enable Midstream Partners LP, 2.40%, 5/15/19, Callable 4/15/19 @ 100(a)		117,108
	124,000	Enable Midstream Partners LP, 3.90%, 5/15/24, Callable 2/15/24 @ 100(a)		123,736
	157,000	Kinder Morgan Energy Partners LP, 2.65%, 2/1/19		158,898
	600,000	Marathon Petroleum Corp., 5.13%, 3/1/21		680,274
	1,300,000	Phillips 66, 4.30%, 4/1/22		1,406,994
	346,000	Southeast Supply Header LLC, 4.25%, 6/15/24, Callable 3/15/24 @ 100(a)		352,177
	600,000	Western Gas Partners LP, 5.38%, 6/1/21, Callable 3/1/21 @ 100		679,444
	114,000	Williams Cos., Inc., 3.70%, 1/15/23, Callable 0 @ 100		109,661
	517,000	Williams Cos., Inc., 4.55%, 6/24/24, Callable 3/24/24 @ 100		522,119
	285,000	Williams Partners LP, 4.30%, 3/4/24, Callable 12/4/23 @ 100		297,226

				9,969,319

	Pharmaceuticals (0.2%):
	355,000	AbbVie, Inc., 1.75%, 11/6/17		356,936
	121,000	Mylan, Inc., 1.35%, 11/29/16		121,202
	117,000	Watson Pharmaceuticals, Inc., 1.88%, 10/1/17		118,044
	57,000	Zoetis, Inc., 1.88%, 2/1/18		57,128
	138,000	Zoetis, Inc., 3.25%, 2/1/23, Callable 11/1/22 @ 100		136,509

				789,819

	Real Estate Investment Trusts (REITs) (4.0%):
	102,000	American Campus Communities, Inc., 3.75%, 4/15/23, Callable 1/15/23 @ 100		100,822
	161,000	AvalonBay Communities, Inc., 3.63%, 10/1/20, Callable 7/1/20 @ 100		168,108
	1,000,000	BioMed Realty LP, 3.85%, 4/15/16, Callable 3/15/16 @ 100		1,046,214


Principal Amount			Fair Value
Corporate Bonds, continued
	Real Estate Investment Trusts (REITs), continued
$	72,000	BioMed Realty LP, 2.63%, 5/1/19, Callable 4/1/19 @ 100	$	72,433
	500,000	BioMed Realty LP, 4.25%, 7/15/22, Callable 4/15/22 @ 100		515,527
	305,000	Boston Properties LP, 3.85%, 2/1/23, Callable 11/1/22 @ 100		314,527
	44,000	Brandywine Operating Partners LP, 7.50%, 5/15/15		46,469
	151,000	Brandywine Operating Partners LP, 6.00%, 4/1/16		162,810
	251,000	Brandywine Operating Partners LP, 4.95%, 4/15/18, Callable 3/15/18 @ 100		273,362
	357,000	Brandywine Operating Partners LP, 3.95%, 2/15/23, Callable 11/15/22 @ 100		359,380
	134,000	Camden Property Trust, 2.95%, 12/15/22		129,544
	307,000	Camden Property Trust, 4.25%, 1/15/24, Callable 10/15/23 @ 100		321,251
	70,000	CommonWealth REIT, 5.88%, 9/15/20, Callable 3/15/20 @ 100		76,221
	255,000	Corporate Office Properties LP, 3.70%, 6/15/21, Callable 4/15/21 @ 100		254,861
	107,000	DDR Corp., 9.63%, 3/15/16		122,431
	1,000,000	DDR Corp., 7.50%, 4/1/17		1,153,919
	1,114,000	DDR Corp., 4.63%, 7/15/22, Callable 4/15/22 @ 100		1,192,032
	700,000	Duke Realty Corp., 4.38%, 6/15/22, Callable 3/15/22 @ 100		737,370
	256,000	Duke Realty Corp., 3.88%, 10/15/22, Callable 7/15/22 @ 100		260,584
	183,000	Duke Realty Corp., 3.63%, 4/15/23, Callable 1/15/23 @ 100		181,483
	500,000	Equity One, Inc., 3.75%, 11/15/22, Callable 8/15/22 @ 100		495,517
	253,000	ERP Operating LP, 2.38%, 7/1/19, Callable 6/1/19 @ 100		253,998
	62,000	Essex Portfolio LP, 5.00%, 3/15/17(a)		68,674
	500,000	HCP, Inc., 3.15%, 8/1/22, Callable 5/1/22 @ 100		490,325
	255,000	HCP, Inc., 4.25%, 11/15/23, Callable 8/15/23 @ 100		265,048
	48,000	Health Care REIT, Inc., 4.70%, 9/15/17		52,508
	143,000	Health Care REIT, Inc., 2.25%, 3/15/18		145,192
	500,000	Health Care REIT, Inc., 4.13%, 4/1/19, Callable 1/1/19 @ 100		537,846
	135,000	Lexington Realty Trust, 4.40%, 6/15/24, Callable 3/15/24 @ 100		136,526
	1,000,000	Liberty Property LP, 4.13%, 6/15/22, Callable 3/15/22 @ 100		1,040,788
	184,000	Liberty Property LP, 3.38%, 6/15/23, Callable 3/15/23 @ 100		178,574
	303,000	Mack-Cali Realty LP, 5.80%, 1/15/16		322,751
	250,000	Mack-Cali Realty LP, 2.50%, 12/15/17		253,034
	500,000	Mack-Cali Realty LP, 4.50%, 4/18/22, Callable 1/18/22 @ 100		506,366
	401,000	Mack-Cali Realty LP, 3.15%, 5/15/23, Callable 2/15/23 @ 100		362,148


Principal Amount			Fair Value
Corporate Bonds, continued
	Real Estate Investment Trusts (REITs), continued
$	1,573,000	Mid-America Apartments LP, 4.30%, 10/15/23, Callable 7/15/23 @ 100	$	1,646,615
	126,000	Omega Healthcare Investors, Inc., 4.95%, 4/1/24, Callable 1/1/24 @ 100(a)		128,692
	70,000	Post Apartment Homes LP, 3.38%, 12/1/22, Callable 9/1/22 @ 100		68,041
	80,000	PPF Funding, Inc., 5.70%, 4/15/17(a)		86,436
	116,000	Reckson Operating Partnership LP, 6.00%, 3/31/16		124,841
	425,000	Regency Centers LP, 5.25%, 8/1/15		445,031
	63,000	Ventas Realty LP/Capital Corp., 1.55%, 9/26/16		63,641
	190,000	Ventas Realty LP/Capital Corp., 1.25%, 4/17/17		190,025
	225,000	Ventas Realty LP/Capital Corp., 2.00%, 2/15/18, Callable 1/15/18 @ 100		226,845
	111,000	Ventas Realty LP/Capital Corp., 4.00%, 4/30/19, Callable 1/30/19 @ 100		119,256
	67,000	Weingarten Realty Investors, 3.38%, 10/15/22, Callable 7/15/22 @ 100		65,663

				15,763,729

	Technology Hardware, Storage & Peripherals (0.2%):
	300,000	Xerox Corp., 4.25%, 2/15/15		306,908
	354,000	Xerox Corp., 2.95%, 3/15/17		369,525

				676,433

	Tobacco (0.7%):
	1,100,000	Altria Group, Inc., 2.85%, 8/9/22		1,058,515
	212,000	Altria Group, Inc., 4.00%, 1/31/24		217,836
	475,000	Philip Morris International, Inc., 1.88%, 1/15/19		473,875
	186,000	Reynolds American, Inc., 3.25%, 11/1/22		179,446
	600,000	Reynolds American, Inc., 7.25%, 6/15/37		751,041

				2,680,713

	Wireless Telecommunication Services (0.7%):
	233,000	Embarq Corp., 7.08%, 6/1/16		259,253
	2,390,000	Embarq Corp., 8.00%, 6/1/36		2,611,075

				2,870,328

	Total Corporate Bonds (Cost $131,507,830)			133,698,992

	Yankee Dollars (8.4%):
	Banks (2.4%):
	365,000	Banco Nacional de Desenvolvimento Economico, 3.38%, 9/26/16(a)		377,319
	620,000	Banco Nacional de Desenvolvimento Economico, 4.00%, 4/14/19(a)		629,300
	126,000	Banco Nacional de Desenvolvimento Economico, 6.50%, 6/10/19(a)		141,750
	265,000	Banco Nacional de Desenvolvimento Economico, 5.50%, 7/12/20(a)		287,114
	334,000	Banco Nacional de Desenvolvimento Economico, 5.75%, 9/26/23(a)		359,050
	200,000	Barclays Bank plc, 2.50%, 2/20/19		202,581
	42,000	Credit Suisse, NY, 6.00%, 2/15/18		47,853
	205,000	HSBC Holdings plc, 4.25%, 3/14/24		210,971
	1,161,000	Intesa Sanpaolo SpA, 3.13%, 1/15/16		1,193,397
	700,000	Intesa Sanpaolo SpA, 2.38%, 1/13/17		710,569


Principal Amount			Fair Value
Yankee Dollars, continued
	Banks, continued
$	2,550,000	Royal Bank of Scotland Group plc, 6.13%, 12/15/22	$	2,789,023
	452,000	Royal Bank of Scotland Group plc, 6.10%, 6/10/23		494,756
	569,000	Royal Bank of Scotland Group plc, 6.00%, 12/19/23		615,206
	387,000	Royal Bank of Scotland Group plc, 5.13%, 5/28/24		392,959
	1,000,000	Sumitomo Mitsui Banking Corp., 1.30%, 1/10/17		1,001,692

				9,453,540

	Beverages (0.1%):
	179,000	Heineken NV, 1.40%, 10/1/17(a)		178,914
	187,000	Heineken NV, 2.75%, 4/1/23(a)		178,605

				357,519

	Containers & Packaging (0.5%):
	2,000,000	Tyco Electronics Group SA, 1.60%, 2/3/15		2,013,428
	75,000	Tyco Electronics Group SA, 2.38%, 12/17/18, Callable 11/17/18 @ 100		75,587

				2,089,015

	Diversified Financial Services (0.4%):
	900,000	BP Capital Markets plc, 4.74%, 3/11/21		1,009,054
	366,000	BP Capital Markets plc, 3.81%, 2/10/24		378,134

				1,387,188

	Insurance (0.1%):
	200,000	AIA Group, Ltd., 2.25%, 3/11/19(a)		200,134

	Media (0.0%):
	123,000	Thomson Reuters Corp., 1.30%, 2/23/17		123,154

	Metals & Mining (0.4%):
	200,000	Codelco, Inc., 5.63%, 10/18/43(a)		220,754
	1,000,000	Vale Overseas, Ltd., 6.25%, 1/11/16		1,074,587

				1,295,341

	Oil, Gas & Consumable Fuels (2.9%):
	762,000	Petrobras Global Finance BV, 3.25%, 3/17/17		781,271
	1,731,000	Petrobras Global Finance BV, 3.00%, 1/15/19^		1,699,236
	762,000	Petrobras Global Finance BV, 4.88%, 3/17/20		782,650
	234,000	Petrobras Global Finance BV, 4.38%, 5/20/23^		225,354
	1,000,000	Petrobras International Finance Co., 3.50%, 2/6/17		1,026,500
	1,087,000	Petrobras International Finance Co., 5.75%, 1/20/20		1,161,786
	263,000	Petrobras International Finance Co., 5.38%, 1/27/21		274,106
	450,000	Petroleos Mexicanos, 3.50%, 7/18/18		472,950
	60,000	Petroleos Mexicanos, 3.13%, 1/23/19^(a)		62,070
	285,000	Petroleos Mexicanos, 3.50%, 1/30/23		278,303
	135,000	Petroleos Mexicanos, 4.88%, 1/18/24		144,788
	284,000	Petroleos Mexicanos, 4.88%, 1/18/24(a)		304,590
	696,000	Petroleos Mexicanos, 6.50%, 6/2/41		809,100
	1,761,000	Petroleos Mexicanos, 5.50%, 6/27/44		1,833,200
	750,000	Petroleos Mexicanos, 6.38%, 1/23/45(a)		870,937
	1,000,000	Transocean, Inc., 5.05%, 12/15/16		1,086,322

				11,813,163


Principal Amount			Fair Value
Yankee Dollars, continued
	Pharmaceuticals (0.4%):
$	774,000	Actavis Funding SCS, 1.30%, 6/15/17(a)	$	772,520
	230,000	Actavis Funding SCS, 2.45%, 6/15/19(a)		230,644
	200,000	Perrigo Co. plc, 2.30%, 11/8/18(a)		199,918

				1,203,082

	Sovereign Bonds (1.1%):
	730,000	Federal Republic of Brazil, 4.25%, 1/7/25		739,855
	400,000	Federal Republic of Brazil, 5.63%, 1/7/41		430,000
	424,000	Italy Government International Bond, 4.50%, 1/21/15		433,484
	564,000	Italy Government International Bond, 3.13%, 1/26/15		572,180
	419,000	Italy Government International Bond, 4.75%, 1/25/16		445,108
	255,000	Italy Government International Bond, 5.38%, 6/12/17^		282,813
	400,000	United Mexican States, Series G, 3.50%, 1/21/21, MTN^		415,400
	812,000	United Mexican States, 4.00%, 10/2/23		853,412
	350,000	United Mexican States, 4.75%, 3/8/44, MTN		357,000

				4,529,252

	Thrifts & Mortgage Finance (0.1%):
	200,000	RBS Citizens Financial Group, Inc., 4.15%, 9/28/22(a)		201,155

	Total Yankee Dollars (Cost $31,710,618)			32,652,543

	Municipal Bonds (5.5%):
	California (2.0%):
	10,000	California State, Build America Bonds, GO, 7.35%, 11/1/39		14,306
	15,000	California State, Build America Bonds, GO, 7.63%, 3/1/40		22,129
	2,825,000	California State, Build America Bonds, GO, 7.60%, 11/1/40		4,271,090
	1,600,000	California State, Build America Bonds, GO, 7.50%, 4/1/34		2,277,600
	475,000	California State, Build America Bonds, GO, 7.55%, 4/1/39		714,077
	460,000	California State, Build America Bonds, GO, 7.30%, 10/1/39		654,612

				7,953,814

	Illinois (3.5%):
	35,000	Illinois State, GO, 4.96%, 3/1/16		37,231
	15,000	Illinois State, GO, 5.37%, 3/1/17		16,416
	35,000	Illinois State, GO, 4.35%, 6/1/18		37,028
	4,275,000	Illinois State, GO, 5.10%, 6/1/33		4,295,178
	455,000	Illinois State, GO, 1.28%, 12/1/15		457,803
	420,000	Illinois State, GO, 4.00%, 12/1/20		430,685
	565,000	Illinois State, GO, 5.67%, 3/1/18		630,738
	870,000	Illinois State, GO, 5.88%, 3/1/19		980,081
	1,865,000	Illinois State, Build America Bonds, GO, 7.35%, 7/1/35		2,258,217
	105,000	Chicago Illinois, Taxable Project, GO, Series B, 5.43%, 1/1/42		104,295
	570,000	Chicago Illinois, Taxable Project, GO, Series B, 6.31%, 1/1/44		625,706


Principal Amount			Fair Value
Municipal Bonds, continued
	Illinois, continued
$	80,000	Chicago Illinois, GO, Series B, 5.63%, 1/1/22	$	86,086
	395,000	Chicago Illinois, Taxable Project, GO, Series C1, 7.78%, 1/1/35		488,982
	315,000	Illinois State, Build America Bonds, GO, Series 3, 6.73%, 4/1/35		365,995
	10,000	Illinois State, Build America Bonds, GO, Series 3, 5.55%, 4/1/19		11,061
	2,500,000	Illinois State Finance Authority Revenue, Series A, 4.55%, 10/1/18		2,559,825
	250,000	Illinois State, Build America Bonds, GO, 6.63%, 2/1/35		285,488

				13,670,815

	Total Municipal Bonds (Cost $20,527,302)			21,624,629

	U.S. Government Agency Mortgages (17.8%):
	Federal Home Loan Mortgage Corporation (1.6%)
	560,945	3.50%, 1/1/26, Pool #G14312		595,289
	329,392	3.50%, 6/1/42, Pool #U90448		336,209
	172,111	3.50%, 9/1/42, Pool #U90206		175,688
	102,644	3.50%, 4/1/43, Pool #U91319		104,775
	168,344	3.50%, 5/1/43, Pool #U91441		171,828
	105,051	3.50%, 5/1/43, Pool #U91367		107,238
	439,190	3.50%, 6/1/43, Pool #U91609		448,314
	475,420	3.50%, 6/1/43, Pool #U91669		485,286
	109,352	3.50%, 7/1/43, Pool #U91708		111,616
	154,742	3.50%, 7/1/43, Pool #U91694		157,963
	340,853	3.50%, 7/1/43, Pool #U91654		347,898
	93,292	3.50%, 7/1/43, Pool #U91781		95,229
	177,912	3.50%, 7/1/43, Pool #U91740		181,610
	235,011	3.50%, 7/1/43, Pool #U91712		239,893
	124,945	3.50%, 8/1/43, Pool #U91759		127,533
	325,594	3.50%, 8/1/43, Pool #U91752		332,368
	373,742	3.50%, 8/1/43, Pool #U91812		381,514
	129,514	3.50%, 8/1/43, Pool #U91858		132,207
	724,965	3.50%, 8/1/43, Pool #U91853		740,050
	126,643	3.50%, 8/1/43, Pool #U91871		129,281
	220,630	3.50%, 8/1/43, Pool #U91813		225,218
	113,646	3.50%, 8/1/43, Pool #U91779		116,012
	248,952	3.50%, 9/1/43, Pool #U91991		254,135
	675,388	3.50%, 9/1/43, Pool #U91987		689,428
	111,038	3.50%, 9/1/43, Pool #U95147		113,350
	95,412	3.50%, 9/1/43, Pool #U91910		97,398
	166,099	3.50%, 10/1/43, Pool #U92116		169,558
	195,303	3.50%, 10/1/43, Pool #U92089		199,366

				7,266,254

	Federal National Mortgage Association (13.9%)
	110,411	3.50%, 1/1/34, Pool #AS1406		115,467
	333,274	3.50%, 1/1/34, Pool #AS1611		348,466
	49,476	3.50%, 1/1/34, Pool #AS1614		51,828
	246,243	3.50%, 1/1/34, Pool #AS1612		257,482
	84,409	6.00%, 10/1/34, Pool #AL2130		96,436
	1,127,792	6.00%, 1/1/37, Pool #932030		1,273,208
	250,470	6.00%, 3/1/37, Pool #889506		282,775
	295,511	6.00%, 1/1/38, Pool #889371		337,048
	103,842	6.00%, 3/1/38, Pool #889219		118,388
	59,180	6.00%, 7/1/38, Pool #889733		67,463


Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	400,688	6.00%, 5/1/40, Pool #AL2129	$	456,708
	1,707,318	4.50%, 8/1/40, Pool #AE0217		1,849,786
	30,186	4.00%, 9/1/40, Pool #AD5173		32,081
	54,556	4.00%, 9/1/40, Pool #AE3951		57,981
	35,498	4.00%, 10/1/40, Pool #AE4428		37,726
	97,646	4.00%, 10/1/40, Pool #AE4044		103,775
	33,394	4.00%, 10/1/40, Pool #AE4047		35,490
	188,845	4.00%, 11/1/40, Pool #AE9285		200,698
	56,594	4.00%, 11/1/40, Pool #AE4833		60,146
	90,702	4.00%, 12/1/40, Pool #AE7856		96,395
	197,465	4.00%, 12/1/40, Pool #AA4757		209,860
	291,590	4.50%, 3/1/41, Pool #AB2483		316,516
	248,629	4.50%, 4/1/41, Pool #AH8419		269,747
	1,559,109	4.00%, 10/1/41, Pool #AL2512		1,657,101
	428,110	4.50%, 10/1/41, Pool #AH7962		464,654
	378,640	4.50%, 10/1/41, Pool #AJ2075		410,969
	93,095	4.00%, 11/1/41, Pool #AI0847		99,048
	87,429	4.00%, 12/1/41, Pool #AJ3638		93,010
	93,082	4.00%, 12/1/41, Pool #AJ9247		99,058
	103,116	4.00%, 1/1/42, Pool #AL1456		109,588
	39,274	6.00%, 1/1/42, Pool #AL2128		44,849
	92,541	4.00%, 2/1/42, Pool #AK3446		98,465
	464,528	4.00%, 3/1/42, Pool #AK9442		494,348
	92,215	4.00%, 3/1/42, Pool #AK6488		98,099
	1,450,319	4.00%, 5/1/42, Pool #AO2983		1,543,181
	466,833	4.00%, 5/1/42, Pool #AO3350		496,511
	93,328	4.00%, 6/1/42, Pool #AJ9977		99,222
	263,364	4.00%, 7/1/42, Pool #AO8233		280,084
	90,824	4.00%, 7/1/42, Pool #AO2672		96,572
	4,123,481	3.50%, 8/1/42, Pool #AP2133		4,251,245
	62,328	3.50%, 8/1/42, Pool #AP2471		63,718
	5,169,513	3.50%, 9/1/42, Pool #MA1177		5,284,742
	931,331	3.50%, 9/1/42, Pool #AP7510		952,091
	920,407	3.50%, 9/1/42, Pool #AP3356		940,925
	91,013	3.50%, 11/1/42, Pool #MA1251		93,042
	182,349	3.50%, 12/1/42, Pool #AB7131		186,413
	951,969	3.50%, 1/1/43, Pool #AR1341		973,193
	98,460	3.50%, 1/1/43, Pool #AR1820		100,655
	239,174	3.50%, 2/1/43, Pool #AR3327		244,506
	1,371,198	3.50%, 3/1/43, Pool #MA1373		1,401,770
	294,767	3.50%, 3/1/43, Pool #AB8527		301,340
	95,122	3.50%, 4/1/43, Pool #AT3018		97,243
	199,506	3.50%, 4/1/43, Pool #AT2388		203,954
	552,341	3.50%, 4/1/43, Pool #MA1404		564,656
	184,495	3.50%, 4/1/43, Pool #AR8235		188,609
	311,236	3.50%, 4/1/43, Pool #AT2032		318,176
	393,675	3.00%, 5/1/43, Pool #AB9441		389,363
	249,868	3.50%, 5/1/43, Pool #MA1437		255,439
	81,069	3.50%, 5/1/43, Pool #AT5978		82,850
	5,593,774	3.50%, 6/1/43, Pool #MA1463		5,717,069
	416,167	4.00%, 6/1/43, Pool #AT8380		442,459
	170,395	3.50%, 6/1/43, Pool #AT9582		174,168
	311,459	3.50%, 6/1/43, Pool #AT5914		318,343
	157,869	4.00%, 6/1/43, Pool #AL3837		167,835
	72,989	3.50%, 6/1/43, Pool #AT4264		74,601
	456,272	3.50%, 6/1/43, Pool #AB9703		466,446


Shares or Principal Amount			Fair Value
U.S. Government Agency Mortgages, continued
Federal National Mortgage Association, continued
$	460,331	3.50%, 7/1/43, Pool #MA1508	$	470,761
	2,100,000	3.50%, 7/25/43		2,161,688
	8,606,519	3.00%, 8/1/43, Pool #AT8490		8,512,265
	397,939	3.50%, 8/1/43, Pool #AU3741		410,363
	98,621	3.50%, 9/1/43, Pool #AT8534		100,809
	98,678	3.50%, 10/1/43, Pool #AU9313		100,868
	98,758	3.50%, 10/1/43, Pool #AU6940		100,943
	783,389	4.00%, 1/1/44, Pool #AV2359		832,560
	1,500,000	4.50%, 7/25/44		1,624,454
	96,833	3.50%, 12/31/49, Pool #MA1667		99,027
	1,407,813	3.50%, 12/31/49, Pool #MA1546		1,438,872

				52,967,690

	Government National Mortgage Association (2.3%)
	27,908	5.00%, 6/15/34, Pool #629493		30,694
	562,881	5.50%, 6/15/35, Pool #783800		627,891
	29,756	5.00%, 3/15/38, Pool #676766		32,710
	20,442	5.00%, 4/15/38, Pool #672672		22,471
	67,214	5.00%, 8/15/38, Pool #687818		73,885
	657,812	5.00%, 1/15/39, Pool #705997		722,907
	5,546	5.00%, 3/15/39, Pool #697946		6,096
	660,852	5.00%, 3/15/39, Pool #646746		726,779
	15,396	5.00%, 11/20/39, Pool #4578		17,112
	23,030	5.00%, 2/20/40, Pool #4637		25,580
	49,115	5.00%, 3/20/40, Pool #4658		54,565
	81,741	5.00%, 6/20/40, Pool #4715		90,832
	130,870	5.00%, 6/20/40, Pool #783069		145,464
	19,363	5.00%, 7/20/40, Pool #783050		21,523
	67,180	5.00%, 7/20/40, Pool #4747		74,654
	138,681	5.00%, 9/20/40, Pool #4802		154,089
	809,083	4.00%, 10/15/40, Pool #783143		865,629
	50,807	5.00%, 10/20/40, Pool #783232		56,473
	939,814	5.00%, 2/20/41, Pool #783278		1,044,627
	1,890,484	4.50%, 3/20/41, Pool #4978		2,070,644
	1,313,548	4.00%, 5/20/41, Pool #5054		1,408,342
	824,862	5.00%, 7/20/41, Pool #783366		916,854

				9,189,821

	Total U.S. Government Agency Mortgages (Cost $68,331,387)			69,423,765

	U.S. Treasury Obligations (18.6%):
	U.S. Treasury Bonds (2.7%)
	10,557,000	3.38%, 5/15/44		10,627,932

	U.S. Treasury Notes (15.9%)
	62,003,000	0.50%, 6/30/16		62,056,261

	Total U.S. Treasury Obligations (Cost $72,494,218)			72,684,193

	Securities Held as Collateral for Securities on Loan (0.8%):
	2,978,098	Allianz Variable Insurance Products Securities Lending Collateral Trust(d)		2,978,098

	Total Securities Held as Collateral for Securities on Loan (Cost $2,978,098)			2,978,098

	Unaffiliated Investment Company (1.0%):
	3,839,568	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(e)		3,839,568

	Total Unaffiliated Investment Company (Cost $3,839,568)			3,839,568

	Total Investment Securities (Cost $388,385,245)(f) — 100.8%			393,885,945
	Net other assets (liabilities) — (0.8)%			(2,992,098	)

	Net Assets — 100.0%		$	390,893,847

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investment securities, at cost	$	388,385,245

Investment securities, at value*	$	393,885,945
Interest and dividends receivable		2,364,224
Receivable for capital shares issued		58,347
Receivable for investments sold		8,739,944
Prepaid expenses		1,633

Total Assets		405,050,093

Liabilities:
Payable for investments purchased		10,904,107
Payable for collateral received on loaned securities		2,978,098
Interest payable on securities sold short		3,376
Manager fees payable		159,436
Administration fees payable		11,591
Distribution fees payable		79,718
Custodian fees payable		4,823
Administrative and compliance services fees payable		1,061
Trustee fees payable		2,299
Other accrued liabilities		11,737

Total Liabilities		14,156,246

Net Assets	$	390,893,847

Net Assets Consist of:
Capital	$	380,209,086
Accumulated net investment income/(loss)		9,928,350
Accumulated net realized gains/(losses) from investment transactions		(4,744,289	)
Net unrealized appreciation/(depreciation) on investments		5,500,700

Net Assets	$	390,893,847

Shares of beneficial interest (unlimited number of shares authorized, no par value)		38,253,623
Net Asset Value (offering and redemption price per share)	$	10.22

*	Includes securities on loan of $2,873,437.

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Interest	$	5,197,283
Dividends		4
Income from securities lending		2,860

Total Investment Income		5,200,147

Expenses:
Manager fees		948,753
Administration fees		82,371
Distribution fees		474,376
Custodian fees		7,903
Administrative and compliance services fees		3,162
Trustee fees		9,918
Professional fees		9,663
Shareholder reports		2,633
Other expenses		3,716

Total expenses		1,542,495

Net Investment Income/(Loss)		3,657,652

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		2,030,640
Change in net unrealized appreciation/depreciation on investments		10,941,205

Net Realized/Unrealized Gains/(Losses) on Investments		12,971,845

Change in Net Assets Resulting From Operations	$	16,629,497

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

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of 30 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Pyramis Core Bond Fund (the “Fund”), and 29 are presented in separate reports.

To generate additional income, the Fund may lend up to 33¹/₃% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, 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 borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives 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 cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. 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 Securities on loan at June 30, 2014 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $2.6 million for the period ended June 30, 2014.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund paid securities lending fees of $283 during the period ended June 30, 2014. These fees have been netted against “Income from securities lending” on the Statement of Operations.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Pyramis Global Advisors, LLC (“Pyramis”), Pyramis provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2015.

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:

certain documents with the Securities and Exchange Commission. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator, transfer agent, and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. In addition, the Administrator is entitled to annual account fees related to the transfer agency system, an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $2,234 was paid from the Fund relating to these fees and expenses.

Securities listed on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

For the period ended June 30, 2014, purchases and sales on long-term U.S. government securities were as follows:

Cost for federal income tax purposes at June 30, 2014 is $388,460,472. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:

During the year ended December 31, 2013 there were no dividends paid to shareholders.

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

As a shareholder of the AZL Russell 1000 Growth Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

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


Shares			Fair Value
	Common Stocks (97.8%):
	Aerospace & Defense (2.9%):
	1,302	BE Aerospace, Inc.*	$	120,422
	9,021	Boeing Co. (The)		1,147,741
	1,200	Hexcel Corp.*		49,080
	9,682	Honeywell International, Inc.		899,942
	513	Huntington Ingalls Industries, Inc.		48,525
	3,352	Lockheed Martin Corp.		538,767
	1,791	Precision Castparts Corp.		452,048
	1,477	Rockwell Collins, Inc.		115,413
	1,388	Spirit AeroSystems Holdings, Inc., Class A*		46,776
	661	TransDigm Group, Inc.		110,559
	155	Triumph Group, Inc.		10,822
	1,270	United Technologies Corp.		146,622

				3,686,717

	Air Freight & Logistics (1.1%):
	1,827	C.H. Robinson Worldwide, Inc.		116,544
	2,440	Expeditors International of Washington, Inc.		107,750
	1,572	FedEx Corp.		237,969
	8,756	United Parcel Service, Inc., Class B		898,892

				1,361,155

	Airlines (0.7%):
	764	Alaska Air Group, Inc.		72,618
	8,910	American Airlines Group, Inc.*		382,775
	323	Copa Holdings SA, Class A		46,050
	543	Delta Air Lines, Inc.		21,025
	7,618	Southwest Airlines Co.		204,619
	900	Spirit Airlines, Inc.*		56,916
	4,621	United Continental Holdings, Inc.*		189,784

				973,787

	Auto Components (0.6%):
	1,671	Allison Transmission Holdings, Inc.		51,968
	2,842	BorgWarner, Inc.		185,270
	1,032	Gentex Corp.		30,021
	3,091	Goodyear Tire & Rubber Co.		85,868
	2,194	Johnson Controls, Inc.		109,546
	806	Lear Corp.		71,992
	1,176	Tesla Motors, Inc.*^		282,311

				816,976

	Automobiles (0.2%):
	2,700	Harley-Davidson, Inc.		188,595
	550	Thor Industries, Inc.		31,279

				219,874

	Banks (0.1%):
	546	Signature Bank*		68,895
	54	SVB Financial Group*		6,297

				75,192

	Beverages (3.5%):
	1,904	Brown-Forman Corp., Class B		179,300
	49,121	Coca-Cola Co. (The)		2,080,765
	3,109	Coca-Cola Enterprises, Inc.		148,548
	1,850	Constellation Brands, Inc., Class A*		163,041
	2,428	Dr Pepper Snapple Group, Inc.		142,232


Shares			Fair Value
	Common Stocks, continued
	Beverages, continued
	1,771	Monster Beverage Corp.*	$	125,794
	18,755	PepsiCo, Inc.		1,675,572

				4,515,252

	Biotechnology (4.7%):
	2,447	Alexion Pharmaceuticals, Inc.*		382,344
	1,529	Alkermes plc*		76,955
	697	Alnylam Pharmaceuticals, Inc.*		44,029
	8,878	Amgen, Inc.		1,050,889
	2,935	Biogen Idec, Inc.*		925,435
	1,805	BioMarin Pharmaceutical, Inc.*		112,289
	10,266	Celgene Corp.*		881,644
	883	Cubist Pharmaceuticals, Inc.*		61,651
	18,999	Gilead Sciences, Inc.*		1,575,208
	1,789	Incyte Corp.*		100,971
	154	Intercept Pharmaceuticals, Inc.*		36,441
	940	Medivation, Inc.*		72,455
	810	Myriad Genetics, Inc.*^		31,525
	975	Regeneron Pharmaceuticals, Inc.*		275,408
	1,265	Seattle Genetics, Inc.*		48,386
	586	United Therapeutics Corp.*		51,855
	2,922	Vertex Pharmaceuticals, Inc.*		276,655

				6,004,140

	Building Products (0.3%):
	415	A.O. Smith Corp.		20,576
	1,194	Allegion plc		67,676
	560	Armstrong World Industries, Inc.*		32,161
	857	Fortune Brands Home & Security, Inc.		34,220
	606	Lennox International, Inc.		54,279
	4,377	Masco Corp.		97,169
	1,153	USG Corp.*		34,740

				340,821

	Capital Markets (1.2%):
	683	Affiliated Managers Group, Inc.*		140,288
	822	Ameriprise Financial, Inc.		98,640
	340	Artisan Partners Asset Management, Inc.		19,271
	602	BlackRock, Inc., Class A+		192,399
	2,295	Charles Schwab Corp. (The)		61,804
	1,512	Eaton Vance Corp.		57,138
	859	Federated Investors, Inc., Class B		26,560
	4,009	Franklin Resources, Inc.		231,881
	819	Invesco, Ltd.		30,917
	1,515	Lazard, Ltd., Class A		78,113
	504	Legg Mason, Inc.		25,860
	1,537	SEI Investments Co.		50,367
	3,251	T. Rowe Price Group, Inc.		274,418
	2,910	TD Ameritrade Holding Corp.		91,229
	1,040	Waddell & Reed Financial, Inc., Class A		65,094

				1,443,979

	Chemicals (3.6%):
	919	Airgas, Inc.		100,088
	418	Albemarle Corp.		29,887
	52	Cabot Corp.		3,015
	165	Celanese Corp., Series A		10,606


Shares			Fair Value
	Common Stocks, continued
	Chemicals, continued
	53	Cytec Industries, Inc.	$	5,587
	2,384	Dow Chemical Co. (The)		122,681
	10,724	E.I. du Pont de Nemours & Co.		701,779
	1,691	Eastman Chemical Co.		147,709
	3,298	Ecolab, Inc.		367,199
	1,630	FMC Corp.		116,040
	1,752	Huntsman Corp.		49,231
	1,000	International Flavor & Fragrances, Inc.		104,280
	5,455	LyondellBasell Industries NV, Class A		532,681
	6,484	Monsanto Co.		808,814
	111	NewMarket Corp.		43,524
	1,053	Platform Speciality Products Corp.*		29,516
	1,711	PPG Industries, Inc.		359,567
	3,620	Praxair, Inc.		480,881
	62	Rayonier Advanced Materials, Inc.*		2,390
	56	Rockwood Holdings, Inc.		4,255
	1,504	RPM International, Inc.		69,455
	538	Scotts Miracle-Gro Co. (The)		30,591
	1,065	Sherwin Williams Co.		220,359
	676	Sigma Aldrich Corp.		68,600
	1,031	Valspar Corp. (The)		78,552
	805	W.R. Grace & Co.*		76,097
	445	Westlake Chemical Corp.		37,273

				4,600,657

	Commercial Services & Supplies (0.6%):
	996	Cintas Corp.		63,286
	552	Clean Harbors, Inc.*		35,466
	1,407	Copart, Inc.*		50,596
	545	Covanta Holding Corp.		11,232
	1,851	Iron Mountain, Inc.		65,618
	696	KAR Auction Services, Inc.		22,182
	1,123	Pitney Bowes, Inc.		31,017
	240	R.R. Donnelley & Sons Co.		4,070
	752	Rollins, Inc.		22,560
	1,041	Stericycle, Inc.*		123,275
	5,091	Tyco International, Ltd.		232,150
	929	Waste Connections, Inc.		45,103
	593	Waste Management, Inc.		26,525

				733,080

	Communications Equipment (1.6%):
	1,557	Arris Group, Inc.*		50,649
	771	CommScope Holding Co., Inc.*		17,833
	131	EchoStar Corp., Class A*		6,935
	938	F5 Networks, Inc.*		104,531
	270	Harris Corp.		20,453
	1,272	Juniper Networks, Inc.*		31,215
	624	Motorola Solutions, Inc.		41,540
	643	Palo Alto Networks, Inc.*		53,916
	20,880	QUALCOMM, Inc.		1,653,695
	2,042	Riverbed Technology, Inc.*		42,126

				2,022,893


Shares			Fair Value
	Common Stocks, continued
	Construction & Engineering (0.2%):
	1,234	Chicago Bridge & Iron Co. NV	$	84,159
	1,194	Fluor Corp.		91,819
	1,234	Foster Wheeler, Ltd.*		42,042
	639	Quanta Services, Inc.*		22,097

				240,117

	Construction Materials (0.1%):
	624	Eagle Materials, Inc.		58,831
	579	Martin Marietta Materials, Inc.		76,457

				135,288

	Consumer Finance (0.9%):
	2,994	Ally Financial, Inc.*		71,587
	11,222	American Express Co.		1,064,630
	70	Santander Consumer USA Holdings, Inc.		1,361
	1,780	SLM Corp.		14,792

				1,152,370

	Containers & Packaging (0.4%):
	183	AptarGroup, Inc.		12,263
	397	Avery Dennison Corp.		20,346
	1,730	Ball Corp.		108,436
	1,715	Crown Holdings, Inc.*		85,338
	1,219	Owens-Illinois, Inc.*		42,226
	1,199	Packaging Corp. of America		85,717
	2,672	Sealed Air Corp.		91,302
	563	Silgan Holdings, Inc.		28,612

				474,240

	Distributors (0.2%):
	1,767	Genuine Parts Co.		155,143
	3,768	LKQ Corp.*		100,568

				255,711

	Diversified Consumer Services (0.1%):
	3,419	H&R Block, Inc.		114,605
	2,056	Service Corp. International		42,600

				157,205

	Diversified Financial Services (0.4%):
	1,047	CBOE Holdings, Inc.		51,523
	604	IntercontinentalExchange Group, Inc.		114,096
	748	Leucadia National Corp.		19,613
	1,082	LPL Financial Holdings, Inc.		53,819
	2,338	Moody’s Corp.		204,948
	646	MSCI, Inc., Class A*		29,619

				473,618

	Diversified Telecommunication Services (2.1%):
	433	CenturyLink, Inc.		15,675
	2,086	Level 3 Communications, Inc.*		91,596
	1,698	TW Telecom, Inc.*		68,446
	51,232	Verizon Communications, Inc.		2,506,782
	7,042	Windstream Holdings, Inc.^		70,138

				2,752,637

	Electric Utilities (0.1%):
	1,839	ITC Holdings Corp.		67,087


Shares			Fair Value
	Common Stocks, continued
	Electrical Equipment (0.8%):
	535	Acuity Brands, Inc.	$	73,964
	3,038	AMETEK, Inc.		158,827
	6,484	Emerson Electric Co.		430,277
	117	Hubbell, Inc., Class B		14,409
	1,719	Rockwell Automation, Inc.		215,150
	559	Roper Industries, Inc.		81,620
	525	Solarcity Corp.*^		37,065

				1,011,312

	Electronic Equipment, Instruments & Components (0.4%):
	1,941	Amphenol Corp., Class A		186,996
	348	Avnet, Inc.		15,420
	1,075	CDW Corp.		34,271
	3,756	Corning, Inc.		82,444
	1,241	FLIR Systems, Inc.		43,100
	403	IPG Photonics Corp.*^		27,726
	1,263	National Instruments Corp.		40,909
	3,228	Trimble Navigation, Ltd.*		119,275

				550,141

	Energy Equipment & Services (2.7%):
	174	Atwood Oceanics, Inc.*		9,132
	448	Baker Hughes, Inc.		33,354
	1,611	Cameron International Corp.*		109,081
	959	Dresser-Rand Group, Inc.*		61,117
	511	Dril-Quip, Inc.*		55,822
	2,920	FMC Technologies, Inc.*		178,324
	51	Frank’s International NV		1,254
	10,438	Halliburton Co.		741,202
	809	Helmerich & Payne, Inc.		93,933
	365	Nabors Industries, Ltd.		10,720
	451	National-Oilwell Varco, Inc.		37,140
	1,327	Oceaneering International, Inc.		103,679
	914	Patterson-UTI Energy, Inc.		31,935
	782	RPC, Inc.		18,369
	16,089	Schlumberger, Ltd.		1,897,697
	1,296	Seadrill, Ltd.^		51,775
	132	Superior Energy Services, Inc.		4,770
	39	Unit Corp.*		2,684

				3,441,988

	Food & Staples Retailing (1.6%):
	5,126	Costco Wholesale Corp.		590,310
	2,054	CVS Caremark Corp.		154,810
	6,302	Kroger Co. (The)		311,508
	1,209	Sprouts Farmers Market, Inc.*^		39,558
	2,712	Sysco Corp.		101,564
	8,879	Walgreen Co.		658,201
	2,009	Wal-Mart Stores, Inc.		150,816
	1,976	Whole Foods Market, Inc.		76,333

				2,083,100

	Food Products (1.8%):
	794	Archer-Daniels-Midland Co.		35,023
	1,455	Campbell Soup Co.		66,654
	2,141	Flowers Foods, Inc.		45,132
	7,601	General Mills, Inc.		399,357


Shares			Fair Value
	Common Stocks, continued
	Food Products, continued
	568	Hain Celestial Group, Inc.*	$	50,404
	1,846	Hershey Co.		179,745
	925	Hillshire Brands Co.		57,628
	1,638	Hormel Foods Corp.		80,835
	140	Ingredion, Inc.		10,506
	2,896	Kellogg Co.		190,267
	1,749	Keurig Green Mountain, Inc.		217,943
	7,365	Kraft Foods Group, Inc., Class A		441,531
	1,624	McCormick & Co.		116,262
	2,492	Mead Johnson Nutrition Co.		232,180
	104	Pilgrim’s Pride Corp.*		2,845
	8,075	Rite AID Corp.*		57,898
	203	Tyson Foods, Inc., Class A		7,621
	2,151	WhiteWave Foods Co., Class A*		69,628

				2,261,459

	Health Care Equipment & Supplies (1.6%):
	1,010	Align Technology, Inc.*		56,600
	6,713	Baxter International, Inc.		485,351
	2,391	Becton, Dickinson & Co.		282,856
	1,555	Boston Scientific Corp.*		19,857
	952	C.R. Bard, Inc.		136,146
	431	Cooper Cos., Inc. (The)		58,413
	550	DENTSPLY International, Inc.		26,043
	1,318	Edwards Lifesciences Corp.*		113,137
	63	Hill-Rom Holdings, Inc.		2,615
	957	Hologic, Inc.*		24,260
	641	IDEXX Laboratories, Inc.*		85,618
	440	Intuitive Surgical, Inc.*		181,192
	1,743	ResMed, Inc.^		88,248
	438	Sirona Dental Systems, Inc.*		36,117
	2,265	St. Jude Medical, Inc.		156,851
	2,479	Stryker Corp.		209,029
	1,285	Varian Medical Systems, Inc.*		106,835
	156	Zimmer Holdings, Inc.		16,202

				2,085,370

	Health Care Providers & Services (1.8%):
	1,318	Aetna, Inc.		106,863
	2,793	AmerisourceBergen Corp.		202,939
	1,552	Brookdale Senior Living, Inc.*		51,744
	341	Cardinal Health, Inc.		23,379
	2,534	Catamaran Corp.*		111,901
	714	Centene Corp.*		53,986
	3,699	Cerner Corp.*		190,794
	259	CIGNA Corp.		23,820
	762	DaVita, Inc.*		55,108
	1,004	Envision Healthcare Holdings, Inc.*		36,054
	8,287	Express Scripts Holding Co.*		574,538
	384	HCA Holdings, Inc.*		21,650
	1,065	Henry Schein, Inc.*		126,384
	415	Laboratory Corp. of America Holdings*		42,496
	2,853	McKesson, Inc.		531,257
	814	MEDNAX, Inc.*		47,334
	93	Patterson Cos., Inc.		3,674
	401	Premier, Inc., Class A*		11,629


Shares			Fair Value
	Common Stocks, continued
	Health Care Providers & Services, continued
	330	Quintiles Transnational Holdings, Inc.*	$	17,586
	1,221	Tenet Healthcare Corp.*		57,314
	242	Universal Health Services, Inc., Class B		23,174

				2,313,624

	Health Care Technology (0.1%):
	829	Allscripts Healthcare Solutions, Inc.*		13,305
	468	athenahealth, Inc.*		58,561
	925	IMS Health Holdings, Inc.*		23,754

				95,620

	Hotels, Restaurants & Leisure (3.1%):
	532	Aramark Holdings Corp.		13,768
	482	Bally Technologies, Inc.*		31,677
	777	Brinker International, Inc.^		37,801
	1,308	Burger King Worldwide, Inc.		35,604
	386	Chipotle Mexican Grill, Inc.*		228,709
	37	Choice Hotels International, Inc.		1,743
	674	Domino’s Pizza, Inc.		49,263
	1,288	Dunkin’ Brands Group, Inc.		59,003
	1,674	Hilton Worldwide Holdings, Inc.*		39,004
	42	Hyatt Hotels Corp., Class A*		2,561
	4,651	Las Vegas Sands Corp.		354,499
	2,394	Marriott International, Inc., Class A		153,455
	12,227	McDonald’s Corp.		1,231,749
	393	MGM Resorts International*		10,375
	1,040	Norwegian Cruise Line Holdings, Ltd.*		32,968
	302	Panera Bread Co., Class A*		45,249
	842	SeaWorld Entertainment, Inc.		23,854
	902	Six Flags Entertainment Corp.		38,380
	9,313	Starbucks Corp.		720,640
	1,067	Starwood Hotels & Resorts Worldwide, Inc.		86,235
	1,565	Wyndham Worldwide Corp.		118,502
	1,006	Wynn Resorts, Ltd.		208,805
	5,459	Yum! Brands, Inc.		443,271

				3,967,115

	Household Durables (0.3%):
	328	D.R. Horton, Inc.		8,062
	843	Harman International Industries, Inc.		90,564
	487	Jarden Corp.*		28,903
	848	Leggett & Platt, Inc.		29,069
	135	Lennar Corp.		5,667
	2,017	Newell Rubbermaid, Inc.		62,507
	55	NVR, Inc.*		63,284
	753	Tempur-Pedic International, Inc.*		44,954
	623	Tupperware Brands Corp.		52,145
	89	Whirlpool Corp.		12,391

				397,546

	Household Products (1.2%):
	1,665	Church & Dwight Co., Inc.		116,467
	1,315	Clorox Co. (The)		120,191
	10,123	Colgate-Palmolive Co.		690,186
	3,864	Kimberly-Clark Corp.		429,754


Shares			Fair Value
	Common Stocks, continued
	Household Products, continued
	1,908	Procter & Gamble Co. (The)	$	149,950
	263	Spectrum Brands Holdings, Inc.		22,626

				1,529,174

	Independent Power and Renewable Electricity Producers (0.0%):
	744	Calpine Corp.*		17,715

	Industrial Conglomerates (1.0%):
	8,094	3M Co.		1,159,384
	1,767	Danaher Corp.		139,116

				1,298,500

	Insurance (0.5%):
	135	American Financial Group, Inc.		8,041
	2,818	Aon plc		253,874
	1,861	Arthur J. Gallagher & Co.		86,723
	84	Brown & Brown, Inc.		2,580
	304	Erie Indemnity Co., Class A		22,879
	4,583	Marsh & McLennan Cos., Inc.		237,490
	238	Reinsurance Group of America, Inc.		18,778

				630,365

	Internet & Catalog Retail (2.4%):
	4,648	Amazon.com, Inc.*		1,509,578
	1,251	Expedia, Inc.		98,529
	5,954	Groupon, Inc.*^		39,415
	1,070	HomeAway, Inc.*		37,257
	3,036	Liberty Media Corp. — Interactive, Class A*		89,137
	925	LibeMrty Ventures, Inc., Series A*		68,265
	742	Netflix, Inc.*		326,925
	638	Priceline.com, Inc.*		767,514
	1,373	TripAdvisor, Inc.*		149,190
	188	zulily, Inc., Class A*^		7,699

				3,093,509

	Internet Software & Services (5.7%):
	2,188	Akamai Technologies, Inc.*		133,599
	15,677	eBay, Inc.*		784,791
	621	Equinix, Inc.*^		130,466
	24,427	Facebook, Inc., Class A*		1,643,693
	3,514	Google, Inc., Class C*		2,021,534
	3,472	Google, Inc., Class A*		2,029,973
	378	IAC/InterActiveCorp		26,169
	1,291	LinkedIn Corp., Class A*		221,368
	1,484	Rackspace Hosting, Inc.*		49,951
	5,928	Twitter, Inc.*		242,870
	1,490	VeriSign, Inc.*		72,727
	629	Yelp, Inc.*		48,232
	385	Zillow, Inc., Class A*		55,028

				7,460,401

	IT Services (5.6%):
	7,825	Accenture plc, Class A		632,573
	671	Alliance Data Systems Corp.*		188,719
	5,971	Automatic Data Processing, Inc.		473,381
	860	Booz Allen Hamilton Holding Corp.		18,266
	1,466	Broadridge Financial Solutions, Inc.		61,044
	7,528	Cognizant Technology Solutions Corp., Class A*		368,194


Shares			Fair Value
	Common Stocks, continued
	IT Services, continued
	110	Computer Sciences Corp.	$	6,952
	317	DST Systems, Inc.		29,218
	442	Fidelity National Information Services, Inc.		24,195
	3,095	Fiserv, Inc.*		186,690
	1,026	FleetCor Technologies, Inc.*		135,227
	1,108	Gartner, Inc.*		78,136
	213	Genpact, Ltd.*		3,734
	904	Global Payments, Inc.		65,856
	11,702	International Business Machines Corp.		2,121,223
	1,041	Jack Henry & Associates, Inc.		61,867
	12,436	MasterCard, Inc., Class A		913,673
	3,594	Paychex, Inc.		149,367
	560	Sabre Corp.*		11,228
	1,537	Teradata Corp.*		61,787
	1,578	Total System Services, Inc.		49,565
	1,541	Vantive, Inc., Class A*		51,808
	1,379	VeriFone Systems, Inc.*		50,678
	6,203	Visa, Inc., Class A		1,307,035
	6,663	Western Union Co.		115,536

				7,165,952

	Leisure Products (0.2%):
	1,228	Hasbro, Inc.		65,145
	1,517	Mattel, Inc.		59,117
	815	Polaris Industries, Inc.		106,146

				230,408

	Life Sciences Tools & Services (0.7%):
	594	Agilent Technologies, Inc.		34,119
	1,406	Bruker Corp.*		34,124
	290	Charles River Laboratories International, Inc.*		15,521
	642	Covance, Inc.*		54,942
	1,589	Illumina, Inc.*		283,700
	358	Mettler-Toledo International, Inc.*		90,638
	265	PerkinElmer, Inc.		12,413
	213	Techne Corp.		19,717
	1,989	Thermo Fisher Scientific, Inc.		234,702
	1,054	Waters Corp.*		110,080

				889,956

	Machinery (2.1%):
	1,637	Caterpillar, Inc.		177,893
	1,178	Colfax Corp.*		87,808
	219	Crane Co.		16,285
	2,275	Cummins, Inc.		351,010
	989	Deere & Co.		89,554
	1,643	Donaldson Co., Inc.		69,532
	1,517	Dover Corp.		137,971
	1,698	Flowserve Corp.		126,246
	737	Graco, Inc.		57,545
	932	IDEX Corp.		75,250
	4,225	Illinois Tool Works, Inc.		369,941
	283	Ingersoll-Rand plc		17,690
	254	ITT Corp.		12,217
	338	Lincoln Electric Holdings, Inc.		23,619
	1,662	Manitowoc Co., Inc. (The)		54,613


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	709	Middleby Corp. (The)*	$	58,648
	111	Navistar International Corp.*		4,160
	810	Nordson Corp.		64,954
	4,020	PACCAR, Inc.		252,577
	1,359	Pall Corp.		116,045
	982	Parker Hannifin Corp.		123,467
	165	Pentair plc		11,900
	101	Snap-On, Inc.		11,971
	216	Stanley Black & Decker, Inc.		18,969
	66	Timken Co.		4,477
	681	Toro Co.		43,312
	1,468	Trinity Industries, Inc.		64,181
	21	Valmont Industries, Inc.^		3,191
	711	WABCO Holdings, Inc.*		75,949
	1,179	Wabtec Corp.		97,374
	1,649	Xylem, Inc.		64,443

				2,682,792

	Marine (0.1%):
	705	Kirby Corp.*		82,584

	Media (5.7%):
	757	AMC Networks, Inc., Class A*		46,548
	2,455	Cablevision Systems Corp., Class A		43,331
	6,368	CBS Corp., Class B		395,708
	982	Charter Communications, Inc., Class A*		155,529
	1,453	Cinemark Holdings, Inc.		51,378
	232	Clear Channel Outdoor Holdings, Inc., Class A		1,898
	29,321	Comcast Corp., Class A		1,573,950
	5,786	DIRECTV, Inc., Class A*		491,868
	2,838	Discovery Communications, Inc., Class A*		210,807
	1,933	DISH Network Corp., Class A*		125,800
	5,242	Interpublic Group of Cos., Inc. (The)		102,271
	993	Lamar Advertising Co.		52,629
	953	Lions Gate Entertainment Corp.^		27,237
	909	Live Nation, Inc.*		22,443
	3,368	McGraw-Hill Cos., Inc. (The)		279,645
	224	Morningstar, Inc.		16,085
	3,183	Omnicom Group, Inc.		226,693
	2,542	Pandora Media, Inc.*		74,989
	273	Regal Entertainment Group, Class A		5,760
	1,306	Scripps Networks Interactive, Class A		105,969
	34,123	Sirius XM Holdings, Inc.*		118,066
	1,013	Starz — Liberty Capital*		30,177
	3,446	Time Warner Cable, Inc.		507,596
	17,360	Twenty-First Century Fox, Inc.		610,204
	5,317	Viacom, Inc., Class B		461,143
	17,954	Walt Disney Co. (The)		1,539,376

				7,277,100

	Metals & Mining (0.1%):
	40	Carpenter Technology Corp.		2,530
	416	Compass Minerals International, Inc.		39,828
	1,801	Southern Copper Corp.		54,696
	128	Tahoe Resources, Inc.*		3,354

				100,408


Shares			Fair Value
	Common Stocks, continued
	Multiline Retail (0.6%):
	193	Big Lots, Inc.*	$	8,820
	204	Dillard’s, Inc., Class A		23,788
	2,917	Dollar General Corp.*		167,319
	2,552	Dollar Tree, Inc.*		138,982
	1,115	Family Dollar Stores, Inc.		73,746
	142	Kohl’s Corp.		7,481
	3,452	Macy’s, Inc.		200,284
	1,714	Nordstrom, Inc.		116,432
	258	Sears Holdings Corp.*		10,310
	790	Target Corp.		45,781

				792,943

	Multi-Utilities (0.0%):
	439	Dominion Resources, Inc.		31,397

	Oil, Gas & Consumable Fuels (3.5%):
	456	Anadarko Petroleum Corp.		49,918
	656	Antero Resources Corp.*		43,053
	634	Athlon Energy, Inc.*		30,242
	5,188	Cabot Oil & Gas Corp.		177,118
	2,933	Cheniere Energy, Inc.*		210,296
	1,499	Chesapeake Energy Corp.		46,589
	130	Cimarex Energy Co.		18,650
	3,945	Cobalt International Energy, Inc.*		72,391
	1,388	Concho Resources, Inc.*		200,566
	537	Continental Resources, Inc.*^		84,867
	78	CVR Energy, Inc.^		3,759
	6,761	EOG Resources, Inc.		790,090
	1,695	EQT Corp.		181,196
	873	Gulfport Energy Corp.*		54,824
	450	HollyFrontier Corp.		19,661
	2,241	Kinder Morgan, Inc.		81,259
	1,290	Kosmos Energy LLC*		14,487
	845	Laredo Petroleum Holdings, Inc.*		26,178
	2,318	Marathon Petroleum Corp.		180,966
	3,182	Noble Energy, Inc.		246,478
	1,266	Oasis Petroleum, Inc.*		70,757
	1,362	ONEOK, Inc.		92,725
	269	PBF Energy, Inc.		7,169
	2,870	Phillips 66		230,834
	1,770	Pioneer Natural Resources Co.		406,764
	317	QEP Resources, Inc.		10,937
	2,038	Range Resources Corp.		177,204
	833	SM Energy Co.		70,055
	4,382	Southwestern Energy Co.*		199,337
	467	Targa Resources Corp.*		65,179
	259	Teekay Shipping Corp.		16,123
	688	Tesoro Corp.		40,365
	567	Ultra Petroleum Corp.*		16,834
	1,578	Valero Energy Corp.		79,058
	152	Whiting Petroleum Corp.*		12,198
	8,481	Williams Cos., Inc. (The)		493,679
	174	World Fuel Services Corp.		8,566

				4,530,372


Shares			Fair Value
	Common Stocks, continued
	Paper & Forest Products (0.0%):
	829	International Paper Co.	$	41,840

	Personal Products (0.3%):
	2,188	Avon Products, Inc.		31,967
	686	Coty, Inc., Class A		11,751
	2,851	Estee Lauder Co., Inc. (The), Class A		211,715
	995	Herbalife, Ltd.^		64,217
	736	Nu Skin Enterprises, Inc., Class A		54,435

				374,085

	Pharmaceuticals (3.6%):
	19,671	Abbvie, Inc.		1,110,230
	2,158	Actavis, Inc. plc*		481,342
	3,681	Allergan, Inc.		622,899
	7,317	Bristol-Myers Squibb Co.		354,948
	1,884	Endo International plc*		131,918
	2,974	Forest Laboratories, Inc.*		294,426
	735	Jazz Pharmaceuticals plc*		108,052
	5,495	Johnson & Johnson Co.		574,887
	336	Mallinckrodt plc*		26,887
	5,062	Merck & Co., Inc.		292,837
	4,622	Mylan, Inc.*		238,310
	374	Perrigo Co. plc		54,514
	753	Pharmacyclics, Inc.*		67,552
	754	Questcor Pharmaceuticals, Inc.		69,737
	785	Salix Pharmaceuticals, Ltd.*		96,830
	6,232	Zoetis, Inc.		201,107

				4,726,476

	Professional Services (0.5%):
	356	CoStar Group, Inc.*		56,309
	163	Dun & Bradstreet Corp.		17,963
	807	Equifax, Inc.		58,540
	842	IHS, Inc., Class A*		114,234
	2,605	Nielsen Holdings NV		126,108
	1,701	Robert Half International, Inc.		81,206
	2,059	Verisk Analytics, Inc., Class A*		123,580

				577,940

	Real Estate Investment Trusts (REITs) (1.5%):
	4,896	American Tower Corp.		440,542
	1,029	Apartment Investment & Management Co., Class A		33,206
	227	Boston Properties, Inc.		26,827
	232	Columbia Property Trust, Inc.		6,034
	724	Equity Lifestyle Properties, Inc.		31,972
	1,435	Extra Space Storage, Inc.		76,414
	553	Federal Realty Investment Trust		66,869
	175	Gaming & Leisure Properties, Inc.		5,945
	2,018	Health Care REIT, Inc.		126,468
	353	Healthcare Trust of America, Inc.		4,250
	973	NorthStar Realty Finance Corp.		16,911
	509	OMEGA Healthcare Investors, Inc.^		18,762
	1,054	Plum Creek Timber Co., Inc.		47,535
	1,643	Public Storage, Inc.		281,528
	185	Rayonier, Inc.		6,577
	2,867	Simon Property Group, Inc.		476,724


Shares			Fair Value
	Common Stocks, continued
	Real Estate Investment Trusts (REITs), continued
	701	Tanger Factory Outlet Centers, Inc.	$	24,514
	731	Taubman Centers, Inc.		55,417
	1,626	Ventas, Inc.		104,227
	522	Vornado Realty Trust		55,713
	757	Weyerhaeuser Co.		25,049

				1,931,484

	Real Estate Management & Development (0.2%):
	3,430	CBRE Group, Inc.*		109,897
	233	Howard Hughes Corp. (The)*		36,774
	147	Jones Lang LaSalle, Inc.		18,579
	781	Realogy Holdings Corp.*		29,452

				194,702

	Road & Rail (1.4%):
	49	AMERCO, Inc.		14,247
	1,313	Avis Budget Group, Inc.*		78,373
	297	Genesee & Wyoming, Inc., Class A*		31,185
	5,539	Hertz Global Holdings, Inc.*		155,258
	1,152	J.B. Hunt Transport Services, Inc.		84,995
	1,053	Kansas City Southern Industries, Inc.		113,208
	542	Landstar System, Inc.		34,688
	812	Norfolk Southern Corp.		83,660
	777	Old Dominion Freight Line, Inc.*		49,479
	11,205	Union Pacific Corp.		1,117,699

				1,762,792

	Semiconductors & Semiconductor Equipment (2.2%):
	7,835	Advanced Micro Devices, Inc.*^		32,829
	1,450	Altera Corp.		50,402
	1,772	Analog Devices, Inc.		95,812
	10,061	Applied Materials, Inc.		226,876
	5,127	Atmel Corp.*		48,040
	3,091	Avago Technologies, Ltd.		222,768
	825	Cree, Inc.*		41,209
	383	Freescale Semiconductor Holdings I, Ltd.*		9,001
	818	Freescale Semiconductor, Ltd.*		19,223
	5,235	Intel Corp.		161,762
	1,871	KLA-Tencor Corp.		135,909
	534	Lam Research Corp.		36,088
	2,927	Linear Technology Corp.		137,774
	3,208	Maxim Integrated Products, Inc.		108,462
	2,479	Microchip Technology, Inc.		121,000
	11,614	Micron Technology, Inc.*		382,680
	1,133	NVIDIA Corp.		21,006
	2,790	ON Semiconductor Corp.*		25,501
	2,346	Skyworks Solutions, Inc.		110,168
	1,061	SunEdison, Inc.*		23,979
	64	Sunpower Corp. Common*		2,623
	265	Teradyne, Inc.		5,194
	13,351	Texas Instruments, Inc.		638,043
	3,319	Xilinx, Inc.		157,022

				2,813,371

	Software (5.6%):
	4,046	Activision Blizzard, Inc.		90,226
	6,158	Adobe Systems, Inc.*		445,593


Shares			Fair Value
	Common Stocks, continued
	Software, continued
	264	Ansys, Inc.*	$	20,016
	2,221	Autodesk, Inc.*		125,220
	3,582	Cadence Design Systems, Inc.*		62,649
	1,833	Citrix Systems, Inc.*		114,654
	582	Concur Technologies, Inc.*		54,324
	2,981	Electronic Arts, Inc.*		106,928
	530	FactSet Research Systems, Inc.^		63,748
	860	FireEye, Inc.*^		34,873
	1,681	Fortinet, Inc.*		42,244
	1,220	Informatica Corp.*		43,493
	3,511	Intuit, Inc.		282,741
	685	Micros Systems, Inc.*		46,512
	66,116	Microsoft Corp.		2,757,038
	514	NetSuite, Inc.*		44,656
	40,632	Oracle Corp.		1,646,816
	1,468	PTC, Inc.*		56,958
	2,334	Red Hat, Inc.*		129,000
	7,596	Salesforce.com, Inc.*		441,176
	1,782	ServiceNow, Inc.*		110,413
	818	Solarwinds, Inc.*		31,624
	868	Solera Holdings, Inc.		58,286
	1,468	Splunk, Inc.*		81,224
	471	Tableau Software, Inc., Class A*		33,596
	2,054	TIBCO Software, Inc.*		41,429
	469	Veeva Systems, Inc., Class A*^		11,936
	1,084	VMware, Inc., Class A*		104,942
	1,159	Workday, Inc., Class A*		104,148

				7,186,463

	Specialty Retail (3.4%):
	138	Aaron’s, Inc.		4,918
	106	Abercrombie & Fitch Co., Class A		4,585
	899	Advance Auto Parts, Inc.		121,293
	900	AutoNation, Inc.*		53,712
	403	AutoZone, Inc.*		216,105
	1,066	Bed Bath & Beyond, Inc.*		61,167
	1,063	Best Buy Co., Inc.		32,964
	70	Cabela’s, Inc., Class A*^		4,368
	1,877	CarMax, Inc.*		97,623
	829	Chico’s FAS, Inc.		14,060
	798	CST Brands, Inc.		27,531
	205	Dick’s Sporting Goods, Inc.		9,545
	262	Foot Locker, Inc.		13,289
	74	GameStop Corp., Class A		2,995
	3,272	Gap, Inc. (The)		136,017
	1,151	GNC Holdings, Inc., Class A		39,249
	16,919	Home Depot, Inc. (The)		1,369,761
	1,072	L Brands, Inc.		62,884
	12,602	Lowe’s Cos., Inc.		604,770
	269	Murphy USA, Inc.*		13,151
	1,312	O’Reilly Automotive, Inc.*		197,587
	234	Penske Automotive Group, Inc.		11,583
	1,214	PetSmart, Inc.^		72,597
	2,627	Ross Stores, Inc.		173,724
	1,481	Sally Beauty Holdings, Inc.*		37,143


Shares			Fair Value
	Common Stocks, continued
	Specialty Retail, continued
	682	Signet Jewelers, Ltd.	$	75,422
	1,396	Tiffany & Co.		139,949
	8,662	TJX Cos., Inc. (The)		460,385
	1,718	Tractor Supply Co.		103,767
	800	Ulta Salon, Cosmetics & Fragrance, Inc.*		73,128
	953	Urban Outfitters, Inc.*		32,269
	1,157	Williams-Sonoma, Inc.		83,049

				4,350,590

	Technology Hardware, Storage & Peripherals (5.6%):
	1,360	3D Systems Corp.*^		81,328
	74,595	Apple, Inc.		6,932,113
	799	Diebold, Inc.		32,096
	2,504	EMC Corp.		65,955
	197	NCR Corp.*		6,913
	1,477	NetApp, Inc.		53,940
	1,329	SanDisk Corp.		138,787
	347	Stratasys, Ltd.*^		39,430
	625	Zebra Technologies Corp., Class A*		51,450

				7,402,012

	Textiles, Apparel & Luxury Goods (1.5%):
	650	Carter’s, Inc.		44,805
	3,373	Coach, Inc.		115,323
	428	Deckers Outdoor Corp.*		36,949
	585	Fossil Group, Inc.*		61,144
	1,240	Hanesbrands, Inc.		122,066
	1,566	Kate Spade & Co.*		59,727
	2,528	Michael Kors Holdings, Ltd.*		224,107
	8,640	Nike, Inc., Class B		670,031
	897	PVH Corp.		104,590
	549	Ralph Lauren Corp.		88,219
	2,140	Under Armour, Inc., Class A*		127,309
	4,267	V.F. Corp.		268,821

				1,923,091

	Thrifts & Mortgage Finance (0.0%):
	248	Nationstar Mortgage Holdings, Inc.*^		9,002
	1,306	Ocwen Financial Corp.*		48,453

				57,455


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Tobacco (1.9%):
	23,246	Altria Group, Inc.	$	974,937
	4,484	Lorillard, Inc.		273,389
	11,421	Philip Morris International, Inc.		962,905
	2,882	Reynolds American, Inc.		173,929

				2,385,160

	Trading Companies & Distributors (0.5%):
	81	Air Lease Corp.		3,125
	3,651	Fastenal Co.		180,688
	1,313	HD Supply Holdings, Inc.*		37,276
	572	MRC Global, Inc.*		16,182
	595	MSC Industrial Direct Co., Inc., Class A		56,906
	113	NOW, Inc.*		4,092
	1,203	United Rentals, Inc.*		125,990
	716	W.W. Grainger, Inc.		182,057

				606,316

	Wireless Telecommunication Services (0.4%):
	4,146	Crown Castle International Corp.		307,882
	1,594	SBA Communications Corp., Class A*		163,066

				470,948

	Total Common Stocks (Cost $76,555,421)			125,328,372

	Securities Held as Collateral for Securities on Loan (1.1%):
$	1,367,315	Allianz Variable Insurance Products Securities Lending Collateral Trust(a)		1,367,315

	Total Securities Held as Collateral for Securities on Loan (Cost $1,367,315)			1,367,315

	Unaffiliated Investment Company (2.2%):
	2,867,982	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(b)		2,867,982

	Total Unaffiliated Investment Company (Cost $2,867,982)			2,867,982

	Total Investment Securities (Cost $80,790,718)(c) —101.1%			129,563,669
	Net other assets (liabilities) — (1.1)%			(1,447,079	)

	Net Assets — 100.0%		$	128,116,590

Cash of $137,000 has been segregated to cover margin requirements for the following open contracts as of June 30, 2014:

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	80,682,402
Investments in affiliates, at cost		108,316

Total Investment securities, at cost	$	80,790,718

Investments in non-affiliates, at value*	$	129,371,270
Investments in affiliates, at value		192,399

Total Investment securities, at value		129,563,669
Cash		1,025
Segregated cash for collateral		137,000
Interest and dividends receivable		112,874
Receivable for capital shares issued		2,506
Receivable for investments sold		14,378,592
Receivable for variation margin on futures contracts		2,492
Prepaid expenses		648

Total Assets		144,198,806

Liabilities:
Payable for investments purchased		14,430,009
Payable for capital shares redeemed		182,769
Payable for collateral received on loaned securities		1,367,315
Manager fees payable		45,981
Administration fees payable		4,598
Distribution fees payable		26,125
Custodian fees payable		6,959
Administrative and compliance services fees payable		420
Trustee fees payable		805
Other accrued liabilities		17,235

Total Liabilities		16,082,216

Net Assets	$	128,116,590

Net Assets Consist of:
Capital	$	56,776,326
Accumulated net investment income/(loss)		1,838,202
Accumulated net realized gains/(losses) from investment transactions		20,706,288
Net unrealized appreciation/(depreciation) on investments		48,795,774

Net Assets	$	128,116,590

Shares of beneficial interest (unlimited number of shares authorized, no par value)		7,309,911
Net Asset Value (offering and redemption price per share)	$	17.53

*	Includes securities on loan of $1,337,420.

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends	$	1,087,603
Dividends from affiliates		2,364
Income from securities lending		10,771
Foreign withholding tax		(77	)

Total Investment Income		1,100,661

Expenses:
Manager fees		295,056
Administration fees		21,619
Distribution fees		167,645
Custodian fees		7,149
Administrative and compliance services fees		976
Trustee fees		3,086
Professional fees		3,005
Shareholder reports		748
Other expenses		17,671

Total expenses		516,955

Net Investment Income/(Loss)		583,706

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		11,947,276
Net realized gains/(losses) on futures contracts		194,962
Change in net unrealized appreciation/depreciation on investments		(5,536,287	)

Net Realized/Unrealized Gains/(Losses) on Investments		6,605,951

Change in Net Assets Resulting From Operations	$	7,189,657

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

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of 30 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Russell 1000 Growth Index Fund (the “Fund”), and 29 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund paid securities lending fees of $1,063 during the period ended June 30, 2014. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Effective January 6, 2014, the Manager, on behalf of the Trust, requested the Fund cease participation in the program until further notice.

During the period ended June 30, 2014, the Fund used futures contracts to provide equity exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $3.1 million as of June 30, 2014. The monthly average notional amount for these contracts was $1.9 million for the period ended June 30, 2014. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2014:

The following is a summary of the effect of derivative instruments on the Fund’s Statement of Operations, categorized by risk exposure, for the period ended June 30, 2014:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2015.

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator, transfer agent, and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. In addition, the Administrator is entitled to annual account fees related to the transfer agency system, an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $822 was paid from the Fund relating to these fees and expenses.

Futures contracts are generally valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2014 is $80,943,563. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

During the year ended December 31, 2013, the Fund utilized $1,248,758 in capital loss carry forwards to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

As a shareholder of the AZL Russell 1000 Value Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

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


Shares			Fair Value
	Common Stocks (98.9%):
	Aerospace & Defense (2.2%):
	692	Alliant Techsystems, Inc.	$	92,673
	4,144	Exelis, Inc.		70,365
	6,663	General Dynamics Corp.		776,573
	168	Huntington Ingalls Industries, Inc.		15,891
	1,878	L-3 Communications Holdings, Inc.		226,769
	4,664	Northrop Grumman Corp.		557,954
	6,814	Raytheon Co.		628,592
	351	Rockwell Collins, Inc.		27,427
	180	Spirit AeroSystems Holdings, Inc., Class A*		6,066
	6,057	Textron, Inc.		231,923
	868	Triumph Group, Inc.		60,604
	17,732	United Technologies Corp.		2,047,158

				4,741,995

	Air Freight & Logistics (0.3%):
	3,669	FedEx Corp.		555,413

	Airlines (0.3%):
	140	Alaska Air Group, Inc.		13,307
	158	Copa Holdings SA, Class A		22,526
	17,513	Delta Air Lines, Inc.		678,104
	1,656	Southwest Airlines Co.		44,480

				758,417

	Auto Components (0.4%):
	1,324	Gentex Corp.		38,515
	10,603	Johnson Controls, Inc.		529,407
	352	Lear Corp.		31,441
	2,415	TRW Automotive Holdings Corp.*		216,191
	1,057	Visteon Corp.*		102,540

				918,094

	Automobiles (1.2%):
	84,596	Ford Motor Co.		1,458,435
	34,936	General Motors Co.		1,268,177

				2,726,612

	Banks (9.4%):
	3,471	Associated Banc-Corp.		62,756
	229,035	Bank of America Corp.		3,520,268
	967	Bank of Hawaii Corp.		56,753
	15,654	BB&T Corp.		617,237
	591	BOK Financial Corp.		39,361
	4,212	CIT Group, Inc.		192,741
	1,028	City National Corp.		77,881
	3,956	Comerica, Inc.		198,433
	1,779	Commerce Bancshares, Inc.		82,724
	1,146	Cullen/Frost Bankers, Inc.		91,015
	3,102	East West Bancorp, Inc.		108,539
	18,523	Fifth Third Bancorp		395,466
	5,150	First Horizon National Corp.		61,079
	7,798	First Niagara Financial Group, Inc.		68,155
	3,001	First Republic Bank		165,025
	4,113	Fulton Financial Corp.		50,960
	18,025	Huntington Bancshares, Inc.		171,959
	82,433	JPMorgan Chase & Co.		4,749,789
	19,236	KeyCorp		275,652
	2,869	M&T Bank Corp.		355,899


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	2,220	PacWest Bancorp	$	95,837
	11,633	PNC Financial Services Group, Inc.		1,035,919
	2,275	Popular, Inc.*		77,760
	30,032	Regions Financial Corp.		318,940
	75	Signature Bank*		9,464
	11,605	SunTrust Banks, Inc.		464,896
	1,002	SVB Financial Group*		116,853
	3,014	Synovus Financial Corp.		73,481
	3,678	TCF Financial Corp.		60,209
	37,414	U.S. Bancorp		1,620,774
	104,015	Wells Fargo & Co.		5,467,029
	4,054	Zions Bancorp		119,471

				20,802,325

	Beverages (0.1%):
	240	Constellation Brands, Inc., Class A*		21,151
	2,960	Molson Coors Brewing Co., Class B		219,514

				240,665

	Biotechnology (0.1%):
	457	Alkermes plc*		23,001
	223	Alnylam Pharmaceuticals, Inc.*		14,087
	859	Amgen, Inc.		101,679
	88	Cubist Pharmaceuticals, Inc.*		6,144
	206	Myriad Genetics, Inc.*		8,018

				152,929

	Building Products (0.1%):
	901	A.O. Smith Corp.		44,672
	2,110	Fortune Brands Home & Security, Inc.		84,252
	2,564	Owens Corning, Inc.		99,175

				228,099

	Capital Markets (3.1%):
	2,688	Ameriprise Financial, Inc.		322,560
	24,837	Bank of New York Mellon Corp. (The)		930,890
	1,716	BlackRock, Inc., Class A +		548,434
	20,443	Charles Schwab Corp. (The)		550,530
	6,310	ETRADE Financial Corp.		134,151
	530	Federated Investors, Inc., Class B		16,388
	1,585	Franklin Resources, Inc.		91,676
	9,740	Goldman Sachs Group, Inc. (The)		1,630,865
	7,981	Invesco, Ltd.		301,283
	1,374	Legg Mason, Inc.		70,500
	33,406	Morgan Stanley		1,080,015
	5,150	Northern Trust Corp.		330,682
	2,724	Raymond James Financial, Inc.		138,189
	170	SEI Investments Co.		5,571
	9,374	State Street Corp.		630,495
	731	TD Ameritrade Holding Corp.		22,917

				6,805,146

	Chemicals (1.6%):
	4,625	Air Products & Chemicals, Inc.		594,867
	1,027	Albemarle Corp.		73,431
	1,697	Ashland, Inc.		184,532
	1,313	Cabot Corp.		76,141


Shares			Fair Value
	Common Stocks, continued
	Chemicals, continued
	3,107	Celanese Corp., Series A	$	199,718
	1,135	CF Industries Holdings, Inc.		273,002
	687	Cytec Industries, Inc.		72,424
	22,028	Dow Chemical Co. (The)		1,133,560
	1,123	E.I. du Pont de Nemours & Co.		73,489
	297	Eastman Chemical Co.		25,943
	1,308	Huntsman Corp.		36,755
	7,293	Mosaic Co. (The)		360,639
	810	Rayonier Advanced Materials, Inc.*		31,400
	1,482	Rockwood Holdings, Inc.		112,617
	227	RPM International, Inc.		10,483
	1,400	Sigma Aldrich Corp.		142,072
	234	W.R. Grace & Co.*		22,120
	122	Westlake Chemical Corp.		10,219

				3,433,412

	Commercial Services & Supplies (0.5%):
	3,794	ADT Corp. (The)^		132,562
	438	Cintas Corp.		27,831
	353	Clean Harbors, Inc.*		22,680
	2,541	Corrections Corp. of America		83,472
	1,390	Covanta Holding Corp.		28,648
	438	Iron Mountain, Inc.		15,527
	1,827	KAR Auction Services, Inc.		58,226
	2,395	Pitney Bowes, Inc.		66,150
	3,930	R.R. Donnelley & Sons Co.		66,653
	5,783	Republic Services, Inc.		219,581
	1,089	Tyco International, Ltd.		49,658
	1,065	Waste Connections, Inc.		51,706
	9,091	Waste Management, Inc.		406,640

				1,229,334

	Communications Equipment (1.6%):
	9,475	Brocade Communications Systems, Inc.		87,170
	111,574	Cisco Systems, Inc.		2,772,614
	708	EchoStar Corp., Class A*		37,482
	1,844	Harris Corp.		139,683
	5,054	JDS Uniphase Corp.*		63,023
	8,078	Juniper Networks, Inc.*		198,234
	3,793	Motorola Solutions, Inc.		252,500

				3,550,706

	Construction & Engineering (0.3%):
	2,168	Aecom Technology Corp.*		69,810
	1,348	Fluor Corp.		103,661
	2,876	Jacobs Engineering Group, Inc.*		153,233
	3,172	KBR, Inc.		75,652
	3,523	Quanta Services, Inc.*		121,825
	1,516	URS Corp.		69,509

				593,690

	Construction Materials (0.1%):
	2,858	Vulcan Materials Co.		182,198

	Consumer Finance (0.9%):
	626	Ally Financial, Inc.*		14,968
	12,449	Capital One Financial Corp.		1,028,286
	10,155	Discover Financial Services		629,407


Shares			Fair Value
	Common Stocks, continued
	Consumer Finance, continued
	9,205	Navient Corp.	$	163,021
	1,788	Santander Consumer USA Holdings, Inc.		34,759
	6,073	SLM Corp.		50,467

				1,920,908

	Containers & Packaging (0.3%):
	1,105	AptarGroup, Inc.		74,046
	1,353	Avery Dennison Corp.		69,341
	2,202	Bemis Co., Inc.		89,533
	695	Greif, Inc., Class A		37,919
	3,677	MeadWestvaco Corp.		162,744
	1,433	Owens-Illinois, Inc.*		49,639
	1,565	Rock-Tenn Co., Class A		165,249
	2,229	Sonoco Products Co.		97,920

				746,391

	Distributors (0.0%):
	216	Genuine Parts Co.		18,965

	Diversified Consumer Services (0.1%):
	2,086	Apollo Group, Inc., Class A*		65,188
	1,387	DeVry, Inc.		58,726
	97	Graham Holdings Co., Class B		69,656
	1,002	Service Corp. International		20,761

				214,331

	Diversified Financial Services (4.3%):
	39,865	Berkshire Hathaway, Inc., Class B*		5,045,315
	66,164	Citigroup, Inc.		3,116,324
	6,943	CME Group, Inc.		492,606
	1,183	Interactive Brokers Group, Inc., Class A		27,552
	1,446	IntercontinentalExchange Group, Inc.		273,149
	6,719	Leucadia National Corp.		176,172
	1,415	MSCI, Inc., Class A*		64,878
	2,550	NASDAQ OMX Group, Inc. (The)		98,481
	3,138	Voya Financial, Inc.		114,035

				9,408,512

	Diversified Telecommunication Services (2.1%):
	113,051	AT&T, Inc.		3,997,482
	11,713	CenturyLink, Inc.		424,011
	21,953	Frontier Communications Corp.^		128,206
	250	Level 3 Communications, Inc.*		10,978
	900	Windstream Holdings, Inc.^		8,964

				4,569,641

	Electric Utilities (3.1%):
	10,630	American Electric Power Co., Inc.		592,835
	15,404	Duke Energy Corp.		1,142,823
	7,096	Edison International		412,349
	3,917	Entergy Corp.		321,547
	18,702	Exelon Corp.		682,249
	9,134	FirstEnergy Corp.		317,132
	3,385	Great Plains Energy, Inc.		90,955
	2,217	Hawaiian Electric Industries, Inc.^		56,134
	198	ITC Holdings Corp.		7,223
	9,501	NextEra Energy, Inc.		973,662
	6,871	Northeast Utilities		324,792


Shares			Fair Value
	Common Stocks, continued
	Electric Utilities, continued
	4,360	OGE Energy Corp.	$	170,389
	5,470	Pepco Holdings, Inc.		150,316
	2,419	Pinnacle West Capital Corp.		139,915
	13,759	PPL Corp.		488,857
	19,422	Southern Co. (The)		881,370
	2,799	Westar Energy, Inc.		106,894

				6,859,442

	Electrical Equipment (0.7%):
	2,408	Babcock & Wilcox Co. (The)		78,164
	10,382	Eaton Corp. plc		801,282
	3,866	Emerson Electric Co.		256,548
	1,083	Hubbell, Inc., Class B		133,371
	991	Regal-Beloit Corp.		77,853
	1,191	Roper Industries, Inc.		173,898

				1,521,116

	Electronic Equipment, Instruments & Components (0.5%):
	2,170	Arrow Electronics, Inc.*		131,090
	2,402	Avnet, Inc.		106,433
	1,040	AVX Corp.		13,811
	21,886	Corning, Inc.		480,398
	1,046	Dolby Laboratories, Inc., Class A*^		45,187
	933	FLIR Systems, Inc.		32,403
	3,354	Ingram Micro, Inc., Class A*		97,970
	4,463	Jabil Circuit, Inc.		93,277
	1,858	Knowles Corp.*		57,115
	823	Tech Data Corp.*		51,454
	3,005	Vishay Intertechnology, Inc.		46,547

				1,155,685

	Energy Equipment & Services (1.2%):
	1,099	Atwood Oceanics, Inc.*		57,676
	8,707	Baker Hughes, Inc.		648,235
	1,605	Cameron International Corp.*		108,675
	1,459	Diamond Offshore Drilling, Inc.^		72,410
	658	Frank’s International NV		16,187
	679	Helmerich & Payne, Inc.		78,839
	5,836	Nabors Industries, Ltd.		171,403
	8,550	National-Oilwell Varco, Inc.		704,092
	1,022	Oil States International, Inc.*		65,500
	1,538	Patterson-UTI Energy, Inc.		53,738
	2,735	Rowan Cos. plc, Class A		87,329
	5,413	Seadrill, Ltd.		216,250
	3,178	Superior Energy Services, Inc.		114,853
	1,065	Tidewater, Inc.		59,800
	1,010	Unit Corp.*		69,518

				2,524,505

	Food & Staples Retailing (2.3%):
	557	Costco Wholesale Corp.		64,144
	21,850	CVS Caremark Corp.		1,646,835
	5,022	Safeway, Inc.		172,455
	7,957	Sysco Corp.		297,990
	5,145	Walgreen Co.		381,399
	31,164	Wal-Mart Stores, Inc.		2,339,481
	4,529	Whole Foods Market, Inc.		174,955

				5,077,259


Shares			Fair Value
	Common Stocks, continued
	Food Products (1.5%):
	12,857	Archer-Daniels-Midland Co.	$	567,123
	3,206	Bunge, Ltd.		242,502
	1,267	Campbell Soup Co.		58,041
	9,180	ConAgra Foods, Inc.		272,462
	94	Hain Celestial Group, Inc.*		8,342
	928	Hillshire Brands Co.		57,814
	1,379	Ingredion, Inc.		103,480
	2,260	J.M. Smucker Co. (The)		240,848
	495	Kellogg Co.		32,522
	36,840	Mondelez International, Inc., Class A		1,385,553
	1,204	Pilgrim’s Pride Corp.*		32,941
	1,191	Pinnacle Foods, Inc.		39,184
	7,061	Rite AID Corp.*		50,627
	5,487	Tyson Foods, Inc., Class A		205,982

				3,297,421

	Gas Utilities (0.3%):
	2,600	AGL Resources, Inc.		143,078
	2,178	Atmos Energy Corp.		116,305
	1,832	National Fuel Gas Co.		143,446
	3,174	Questar Corp.+		78,715
	2,505	UGI Corp.		126,503

				608,047

	Health Care Equipment & Supplies (2.4%):
	32,712	Abbott Laboratories		1,337,921
	1,803	Alere, Inc.*		67,468
	26,069	Boston Scientific Corp.*		332,901
	4,515	CareFusion Corp.*		200,240
	271	Cooper Cos., Inc. (The)		36,729
	9,820	Covidien plc		885,568
	2,127	DENTSPLY International, Inc.		100,713
	1,162	Hill-Rom Holdings, Inc.		48,235
	3,536	Hologic, Inc.*		89,638
	63	Intuitive Surgical, Inc.*		25,943
	21,758	Medtronic, Inc.		1,387,289
	485	Sirona Dental Systems, Inc.*		39,993
	2,203	St. Jude Medical, Inc.		152,558
	2,958	Stryker Corp.		249,419
	905	Teleflex, Inc.		95,568
	3,381	Zimmer Holdings, Inc.		351,151

				5,401,334

	Health Care Providers & Services (2.7%):
	5,464	Aetna, Inc.		443,021
	6,809	Cardinal Health, Inc.		466,825
	5,395	CIGNA Corp.		496,178
	2,515	Community Health Systems, Inc.*		114,106
	2,531	DaVita, Inc.*		183,042
	2,261	Express Scripts Holding Co.*		156,755
	6,438	HCA Holdings, Inc.*		362,974
	1,721	Health Net, Inc.*		71,490
	3,371	Humana, Inc.		430,544
	1,118	Laboratory Corp. of America Holdings*		114,483
	976	LifePoint Hospitals, Inc.*		60,610
	752	MEDNAX, Inc.*		43,729


Shares			Fair Value
	Common Stocks, continued
	Health Care Providers & Services, continued
	2,146	Omnicare, Inc.	$	142,859
	1,710	Patterson Cos., Inc.		67,562
	3,150	Quest Diagnostics, Inc.		184,874
	655	Quintiles Transnational Holdings, Inc.*		34,905
	21,341	UnitedHealth Group, Inc.		1,744,626
	1,510	Universal Health Services, Inc., Class B		144,598
	1,910	VCA Antech, Inc.*		67,022
	6,091	WellPoint, Inc.		655,453

				5,985,656

	Health Care Technology (0.0%):
	2,449	Allscripts Healthcare Solutions, Inc.*		39,306

	Hotels, Restaurants & Leisure (0.7%):
	101	Aramark Holdings Corp.		2,614
	9,284	Carnival Corp.		349,543
	711	Choice Hotels International, Inc.		33,495
	2,886	Darden Restaurants, Inc.		133,535
	853	Hyatt Hotels Corp., Class A*		52,016
	5,392	International Game Technology		85,787
	623	Marriott International, Inc., Class A		39,934
	7,431	MGM Resorts International*		196,178
	148	Norwegian Cruise Line Holdings, Ltd.*		4,692
	3,628	Royal Caribbean Cruises, Ltd.		201,717
	2,304	Starwood Hotels & Resorts Worldwide, Inc.		186,209
	5,943	Wendy’s Co. (The)		50,694

				1,336,414

	Household Durables (0.7%):
	5,685	D.R. Horton, Inc.		139,737
	2,845	Garmin, Ltd.		173,261
	1,954	Jarden Corp.*		115,970
	1,527	Leggett & Platt, Inc.		52,346
	3,637	Lennar Corp.		152,681
	1,334	Mohawk Industries, Inc.*		184,546
	2,452	Newell Rubbermaid, Inc.		75,987
	8,258	PulteGroup, Inc.		166,481
	717	Taylor Morrison Home Corp., Class A*		16,075
	3,853	Toll Brothers, Inc.*		142,176
	1,537	Whirlpool Corp.		213,981

				1,433,241

	Household Products (2.2%):
	468	Clorox Co. (The)		42,775
	2,116	Colgate-Palmolive Co.		144,269
	1,343	Energizer Holdings, Inc.		163,886
	1,405	Kimberly-Clark Corp.		156,264
	55,578	Procter & Gamble Co. (The)		4,367,875

				4,875,069

	Independent Power and Renewable Electricity Producers (0.3%):
	15,812	AES Corp. (The)		245,877
	7,921	Calpine Corp.*		188,599
	7,351	NRG Energy, Inc.		273,457

				707,933


Shares			Fair Value
	Common Stocks, continued
	Industrial Conglomerates (3.0%):
	1,398	Carlisle Cos., Inc.	$	121,095
	10,123	Danaher Corp.		796,984
	218,409	General Electric Co.		5,739,788

				6,657,867

	Insurance (5.7%):
	7,355	ACE, Ltd.		762,713
	9,891	AFLAC, Inc.		615,715
	359	Alleghany Corp.*		157,285
	1,167	Allied World Assurance Co. Holdings AG		44,369
	985	Allied World Assurance Co. Holdings AG		37,450
	9,452	Allstate Corp. (The)		555,021
	1,318	American Financial Group, Inc.		78,500
	31,508	American International Group, Inc.		1,719,707
	159	American National Insurance Co.		18,158
	1,499	Aon plc		135,045
	2,924	Arch Capital Group, Ltd.*		167,955
	193	Arthur J. Gallagher & Co.		8,994
	1,422	Aspen Insurance Holdings, Ltd.		64,587
	1,560	Assurant, Inc.		102,258
	3,920	Assured Guaranty, Ltd.		96,040
	2,352	Axis Capital Holdings, Ltd.		104,147
	2,482	Brown & Brown, Inc.		76,222
	5,327	Chubb Corp. (The)		490,990
	3,553	Cincinnati Financial Corp.		170,686
	576	CNA Financial Corp.		23,282
	977	Endurance Specialty Holdings, Ltd.		50,403
	1,005	Everest Re Group, Ltd.		161,292
	6,038	Fidelity National Financial, Inc., Class A		197,805
	10,843	Genworth Financial, Inc., Class A*		188,668
	963	Hanover Insurance Group, Inc. (The)		60,813
	9,794	Hartford Financial Services Group, Inc. (The)		350,723
	2,168	HCC Insurance Holdings, Inc.		106,102
	5,744	Lincoln National Corp.		295,471
	7,098	Loews Corp.		312,383
	304	Markel Corp.*		199,315
	3,902	Marsh & McLennan Cos., Inc.		202,202
	3,073	MBIA, Inc.*		33,926
	579	Mercury General Corp.		27,236
	20,382	MetLife, Inc.		1,132,424
	5,715	Old Republic International Corp.		94,526
	1,100	PartnerRe, Ltd.		120,131
	6,408	Principal Financial Group, Inc.		323,476
	1,292	ProAssurance Corp.		57,365
	12,902	Progressive Corp. (The)		327,195
	1,727	Protective Life Corp.		119,733
	10,020	Prudential Financial, Inc.		889,475
	1,086	Reinsurance Group of America, Inc.		85,685
	883	RenaissanceRe Holdings, Ltd.		94,481
	952	StanCorp Financial Group, Inc.		60,928
	1,910	Torchmark Corp.		156,467
	7,568	Travelers Cos., Inc. (The)		711,922
	5,605	UnumProvident Corp.		194,830
	1,983	Validus Holdings, Ltd.		75,830
	2,185	W.R. Berkley Corp.		101,187


Shares			Fair Value
	Common Stocks, continued
	Insurance, continued
	136	White Mountains Insurance Group, Ltd.	$	82,748
	5,912	XL Group plc, Class B		193,500

				12,437,366

	Internet & Catalog Retail (0.1%):
	159	HomeAway, Inc.*		5,536
	5,344	Liberty Media Corp. — Interactive, Class A*		156,900

				162,436

	Internet Software & Services (0.4%):
	1,759	AOL, Inc.*		69,991
	956	IAC/InterActiveCorp		66,184
	21,935	Yahoo!, Inc.*		770,576

				906,751

	IT Services (0.4%):
	3,484	Amdocs, Ltd.		161,414
	130	Booz Allen Hamilton Holding Corp.		2,761
	2,962	Computer Sciences Corp.		187,198
	1,999	CoreLogic, Inc.*		60,690
	132	DST Systems, Inc.		12,166
	5,490	Fidelity National Information Services, Inc.		300,523
	3,112	Genpact, Ltd.*		54,553
	1,398	Leidos Holdings, Inc.		53,599
	778	Paychex, Inc.		32,334
	729	Teradata Corp.*		29,306
	860	Total System Services, Inc.		27,013

				921,557

	Leisure Products (0.1%):
	409	Hasbro, Inc.		21,697
	4,719	Mattel, Inc.		183,900

				205,597

	Life Sciences Tools & Services (0.6%):
	6,216	Agilent Technologies, Inc.		357,047
	444	Bio-Rad Laboratories, Inc., Class A*		53,151
	547	Charles River Laboratories International, Inc.*		29,275
	121	Covance, Inc.*		10,355
	1,999	PerkinElmer, Inc.		93,633
	5,070	QIAGEN NV*		123,962
	406	Techne Corp.		37,583
	5,187	Thermo Fisher Scientific, Inc.		612,067

				1,317,073

	Machinery (1.9%):
	2,045	AGCO Corp.		114,970
	10,713	Caterpillar, Inc.		1,164,181
	676	Crane Co.		50,267
	6,183	Deere & Co.		559,870
	297	Donaldson Co., Inc.		12,569
	950	Dover Corp.		86,403
	146	IDEX Corp.		11,788
	5,391	Ingersoll-Rand plc		336,991
	1,552	ITT Corp.		74,651
	2,171	Joy Global, Inc.		133,690
	1,692	Kennametal, Inc.		78,306
	1,157	Lincoln Electric Holdings, Inc.		80,851


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	999	Navistar International Corp.*	$	37,443
	1,849	Oshkosh Corp.		102,675
	648	PACCAR, Inc.		40,714
	1,515	Parker Hannifin Corp.		190,481
	3,925	Pentair plc		283,071
	1,091	Snap-On, Inc.		129,305
	954	SPX Corp.		103,232
	3,018	Stanley Black & Decker, Inc.		265,041
	2,398	Terex Corp.		98,558
	1,659	Timken Co.		112,547
	790	Trinity Industries, Inc.		34,539
	549	Valmont Industries, Inc.		83,421
	1,100	Xylem, Inc.		42,988

				4,228,552

	Media (1.8%):
	1,167	CBS Corp., Class B		72,517
	460	CBS Outdoor Americas, Inc.		15,033
	518	Clear Channel Outdoor Holdings, Inc., Class A		4,237
	4,799	Comcast Corp., Class A		257,610
	1,244	DISH Network Corp., Class A*		80,960
	1,600	DreamWorks Animation SKG, Inc., Class A*		37,216
	4,938	Gannett Co., Inc.		154,609
	960	John Wiley & Sons, Inc., Class A		58,166
	2,066	Liberty Media Corp.*		282,381
	1,557	Live Nation, Inc.*		38,442
	1,349	Madison Square Garden, Inc., Class A*		84,245
	10,844	News Corp., Class A*		194,541
	1,295	Regal Entertainment Group, Class A		27,325
	217	Starz — Liberty Capital*		6,464
	7,738	Thomson Reuters Corp.		281,353
	19,212	Time Warner, Inc.		1,349,644
	10,907	Twenty-First Century Fox, Inc.		383,381
	6,110	Walt Disney Co. (The)		523,872

				3,851,996

	Metals & Mining (1.1%):
	25,530	Alcoa, Inc.		380,142
	2,377	Allegheny Technologies, Inc.		107,203
	1,089	Carpenter Technology Corp.		68,879
	3,382	Cliffs Natural Resources, Inc.^		50,899
	22,623	Freeport-McMoRan Copper & Gold, Inc.		825,740
	10,903	Newmont Mining Corp.		277,372
	6,936	Nucor Corp.		341,598
	1,688	Reliance Steel & Aluminum Co.		124,422
	1,406	Royal Gold, Inc.		107,025
	4,853	Steel Dynamics, Inc.		87,111
	1,536	Tahoe Resources, Inc.*		40,243
	3,177	United States Steel Corp.^		82,729

				2,493,363

	Multiline Retail (0.6%):
	884	Big Lots, Inc.*		40,399
	173	Dillard’s, Inc., Class A		20,174
	1,617	Dollar General Corp.*		92,751
	122	Family Dollar Stores, Inc.		8,069


Shares			Fair Value
	Common Stocks, continued
	Multiline Retail, continued
	5,135	J.C. Penney Co., Inc.*^	$	46,472
	4,292	Kohl’s Corp.		226,103
	1,794	Macy’s, Inc.		104,088
	127	Sears Holdings Corp.*^		5,075
	12,412	Target Corp.		719,274

				1,262,405

	Multi-Utilities (2.4%):
	2,406	Alliant Energy Corp.		146,429
	5,284	Ameren Corp.		216,010
	9,339	CenterPoint Energy, Inc.		238,518
	5,868	CMS Energy Corp.		182,788
	6,379	Consolidated Edison, Inc.		368,323
	11,894	Dominion Resources, Inc.		850,660
	3,858	DTE Energy Co.		300,422
	1,742	Integrys Energy Group, Inc.		123,908
	4,154	MDU Resources Group, Inc.		145,805
	6,860	NiSource, Inc.		269,872
	10,122	PG&E Corp.		486,059
	11,018	Public Service Enterprise Group, Inc.		449,424
	3,106	SCANA Corp.		167,134
	5,345	Sempra Energy		559,676
	4,791	TECO Energy, Inc.^		88,538
	1,786	Vectren Corp.		75,905
	4,911	Wisconsin Energy Corp.		230,424
	10,930	Xcel Energy, Inc.		352,274

				5,252,169

	Oil, Gas & Consumable Fuels (12.6%):
	10,197	Anadarko Petroleum Corp.		1,116,266
	8,401	Apache Corp.		845,309
	8,832	Chesapeake Energy Corp.		274,499
	41,463	Chevron Corp.		5,412,995
	1,666	Cimarex Energy Co.		239,004
	714	Cobalt International Energy, Inc.*		13,102
	26,740	ConocoPhillips		2,292,420
	5,027	CONSOL Energy, Inc.		231,594
	204	CVR Energy, Inc.		9,831
	7,620	Denbury Resources, Inc.		140,665
	8,884	Devon Energy Corp.		705,390
	1,589	Energen Corp.		141,230
	729	EP Energy Corp., Class A*^		16,803
	313	EQT Corp.		33,460
	93,534	Exxon Mobil Corp.		9,417,002
	949	Golar LNG, Ltd.^		57,035
	373	Gulfport Energy Corp.*		23,424
	6,052	Hess Corp.		598,482
	3,535	HollyFrontier Corp.		154,444
	10,364	Kinder Morgan, Inc.		375,799
	211	Laredo Petroleum Holdings, Inc.*		6,537
	14,724	Marathon Oil Corp.		587,782
	1,396	Marathon Petroleum Corp.		108,986
	3,908	Murphy Oil Corp.		259,804
	2,982	Newfield Exploration Co.*		131,804
	2,255	Noble Energy, Inc.		174,672
	17,111	Occidental Petroleum Corp.		1,756,102


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	2,131	ONEOK, Inc.	$	145,078
	1,039	PBF Energy, Inc.		27,689
	5,934	Peabody Energy Corp.		97,021
	7,271	Phillips 66		584,807
	3,423	QEP Resources, Inc.		118,094
	10,735	SandRidge Energy, Inc.*^		76,755
	14,607	Spectra Energy Corp.		620,505
	536	Teekay Shipping Corp.		33,366
	1,605	Tesoro Corp.		94,165
	2,337	Ultra Petroleum Corp.*		69,386
	8,844	Valero Energy Corp.		443,084
	2,324	Whiting Petroleum Corp.*		186,501
	1,220	World Fuel Services Corp.		60,061
	4,408	WPX Energy, Inc.*		105,395

				27,786,348

	Paper & Forest Products (0.2%):
	1,396	Domtar Corp.		59,819
	7,977	International Paper Co.		402,599

				462,418

	Personal Products (0.0%):
	5,615	Avon Products, Inc.		82,035
	298	Coty, Inc., Class A		5,105

				87,140

	Pharmaceuticals (7.1%):
	23,213	Bristol-Myers Squibb Co.		1,126,063
	21,431	Eli Lilly & Co.		1,332,365
	3,640	Hospira, Inc.*		186,987
	51,945	Johnson & Johnson Co.		5,434,485
	680	Mallinckrodt plc*		54,414
	54,739	Merck & Co., Inc.		3,166,651
	2,257	Perrigo Co. plc		328,980
	138,931	Pfizer, Inc.		4,123,472

				15,753,417

	Professional Services (0.2%):
	520	Dun & Bradstreet Corp.		57,304
	1,239	Equifax, Inc.		89,877
	1,737	Manpower, Inc.		147,385
	1,552	Nielsen Holdings NV		75,132
	1,414	Towers Watson & Co., Class A		147,381

				517,079

	Real Estate Investment Trusts (REITs) (4.5%):
	1,572	Alexandria Real Estate Equities, Inc.		122,050
	2,307	American Campus Communities, Inc.		88,220
	7,682	American Capital Agency Corp.		179,836
	3,054	American Homes 4 Rent, Class A		54,239
	19,793	American Realty Capital Properties, Inc.		248,006
	20,634	Annaly Capital Management, Inc.		235,847
	1,380	Apartment Investment & Management Co., Class A		44,533
	2,823	AvalonBay Communities, Inc.		401,402
	4,202	BioMed Realty Trust, Inc.		91,730
	2,933	Boston Properties, Inc.		346,622


Shares			Fair Value
	Common Stocks, continued
	Real Estate Investment Trusts (REITs), continued
	3,403	Brandywine Realty Trust	$	53,087
	1,056	Brixmor Property Group, Inc.		24,235
	1,867	Camden Property Trust		132,837
	3,639	CBL & Associates Properties, Inc.		69,141
	22,653	Chimera Investment Corp.		72,263
	2,321	Columbia Property Trust, Inc.		60,369
	2,542	CommonWealth REIT		66,905
	1,925	Corporate Office Properties Trust		53,534
	6,523	DDR Corp.		115,000
	2,951	Digital Realty Trust, Inc.^		172,102
	3,140	Douglas Emmett, Inc.		88,611
	7,190	Duke Realty Corp.		130,570
	502	Equity Lifestyle Properties, Inc.		22,168
	7,867	Equity Residential Property Trust		495,621
	1,363	Essex Property Trust, Inc.		252,032
	486	Federal Realty Investment Trust		58,767
	1,529	Gaming & Leisure Properties, Inc.		51,940
	12,316	General Growth Properties, Inc.		290,165
	9,979	HCP, Inc.		412,931
	3,137	Health Care REIT, Inc.		196,596
	4,565	Healthcare Trust of America, Inc.		54,963
	1,257	Home Properties, Inc.		80,398
	3,229	Hospitality Properties Trust		98,162
	16,459	Host Hotels & Resorts, Inc.		362,263
	1,792	Kilroy Realty Corp.		111,606
	8,902	Kimco Realty Corp.		204,568
	3,222	Liberty Property Trust		122,210
	3,067	Macerich Co. (The)		204,722
	8,076	MFA Financial, Inc.		66,304
	1,642	Mid-America Apartment Communities, Inc.		119,948
	2,689	National Retail Properties, Inc.^		100,004
	6,297	NorthStar Realty Finance Corp.		109,442
	1,850	OMEGA Healthcare Investors, Inc.		68,191
	3,358	Piedmont Office Realty Trust, Inc., Class A		63,601
	2,003	Plum Creek Timber Co., Inc.		90,335
	1,183	Post Properties, Inc.		63,243
	10,883	ProLogis, Inc.		447,182
	243	Public Storage, Inc.		41,638
	2,431	Rayonier, Inc.		86,422
	4,822	Realty Income Corp.^		214,193
	2,015	Regency Centers Corp.		112,195
	5,165	Retail Properties of America, Inc., Class A		79,438
	4,437	Senior Housing Properties Trust		107,775
	1,724	Simon Property Group, Inc.		286,667
	1,878	SL Green Realty Corp.		205,472
	8,703	Spirit Realty Capital, Inc.		98,866
	4,803	Starwood Property Trust, Inc.^		114,167
	748	Tanger Factory Outlet Centers, Inc.		26,158
	90	Taubman Centers, Inc.		6,823
	8,044	Two Harbors Investment Corp.		84,301
	5,445	UDR, Inc.		155,890
	3,378	Ventas, Inc.		216,530
	3,163	Vornado Realty Trust		337,587
	3,383	Washington Prime Group, Inc.*		63,397


Shares			Fair Value
	Common Stocks, continued
	Real Estate Investment Trusts (REITs), continued
	2,683	Weingarten Realty Investors	$	88,110
	11,410	Weyerhaeuser Co.		377,557
	2,167	WP Carey, Inc.		139,555

				9,841,242

	Real Estate Management & Development (0.1%):
	3,630	Forest City Enterprises, Inc., Class A*		72,128
	453	Howard Hughes Corp. (The)*		71,497
	711	Jones Lang LaSalle, Inc.		89,863
	1,810	Realogy Holdings Corp.*		68,255

				301,743

	Road & Rail (0.7%):
	66	AMERCO, Inc.		19,190
	1,247	Con-way, Inc.		62,861
	21,882	CSX Corp.		674,185
	613	Genesee & Wyoming, Inc., Class A*		64,365
	550	Kansas City Southern Industries, Inc.		59,131
	5,314	Norfolk Southern Corp.		547,501
	1,166	Ryder System, Inc.		102,713

				1,529,946

	Semiconductors & Semiconductor Equipment (2.4%):
	4,270	Altera Corp.		148,425
	3,722	Analog Devices, Inc.		201,249
	8,802	Applied Materials, Inc.		198,485
	11,656	Broadcom Corp., Class A		432,671
	1,205	Cree, Inc.*		60,190
	1,599	First Solar, Inc.*		113,625
	84	Freescale Semiconductor Holdings I, Ltd.*		1,974
	93	Freescale Semiconductor, Ltd.*		2,186
	99,206	Intel Corp.		3,065,464
	317	KLA-Tencor Corp.		23,027
	2,591	Lam Research Corp.		175,100
	8,853	Marvell Technology Group, Ltd.		126,863
	511	Maxim Integrated Products, Inc.		17,277
	2,866	Micron Technology, Inc.*		94,435
	10,158	NVIDIA Corp.		188,329
	4,700	ON Semiconductor Corp.*		42,958
	3,976	SunEdison, Inc.*		89,858
	911	Sunpower Corp. Common*		37,333
	3,764	Teradyne, Inc.^		73,774

				5,093,223

	Software (1.8%):
	3,667	Activision Blizzard, Inc.		81,774
	1,555	Ansys, Inc.*		117,900
	1,046	Autodesk, Inc.*		58,973
	6,966	CA, Inc.		200,203
	342	Citrix Systems, Inc.*		21,392
	1,591	Electronic Arts, Inc.*		57,069
	358	FireEye, Inc.*^		14,517
	245	Informatica Corp.*		8,734
	423	Micros Systems, Inc.*		28,722
	63,515	Microsoft Corp.		2,648,577
	5,755	Nuance Communications, Inc.*		108,021
	2,072	Rovi Corp.*		49,645


Shares			Fair Value
	Common Stocks, continued
	Software, continued
	15,075	Symantec Corp.	$	345,218
	3,383	Synopsys, Inc.*		131,328
	15,802	Zynga, Inc.*		50,724

				3,922,797

	Specialty Retail (0.6%):
	1,151	Aaron’s, Inc.		41,022
	1,356	Abercrombie & Fitch Co., Class A		58,647
	2,846	Ascena Retail Group, Inc.*		48,667
	2,567	Bed Bath & Beyond, Inc.*		147,294
	4,406	Best Buy Co., Inc.		136,630
	967	Cabela’s, Inc., Class A*		60,341
	1,497	CarMax, Inc.*		77,859
	1,881	Chico’s FAS, Inc.		31,902
	241	CST Brands, Inc.		8,315
	1,744	Dick’s Sporting Goods, Inc.		81,201
	1,643	DSW, Inc., Class A		45,905
	2,715	Foot Locker, Inc.		137,705
	2,365	GameStop Corp., Class A^		95,712
	3,408	L Brands, Inc.		199,912
	544	Murphy USA, Inc.*		26,596
	520	Penske Automotive Group, Inc.		25,740
	922	Sally Beauty Holdings, Inc.*		23,124
	549	Signet Jewelers, Ltd.		60,714
	14,080	Staples, Inc.		152,627
	654	Urban Outfitters, Inc.*		22,144

				1,482,057

	Technology Hardware, Storage & Peripherals (1.7%):
	40,185	EMC Corp.		1,058,473
	41,276	Hewlett-Packard Co.		1,390,176
	1,348	Lexmark International, Inc., Class A		64,920
	3,312	NCR Corp.*		116,218
	4,616	NetApp, Inc.		168,576
	2,586	SanDisk Corp.		270,056
	467	Stratasys, Ltd.*^		53,065
	4,851	Western Digital Corp.		447,747
	25,422	Xerox Corp.		316,250

				3,885,481

	Textiles, Apparel & Luxury Goods (0.0%):
	224	PVH Corp.		26,118
	321	Ralph Lauren Corp.		51,582

				77,700

	Thrifts & Mortgage Finance (0.2%):
	2,220	BankUnited, Inc.		74,326
	11,428	Hudson City Bancorp, Inc.		112,337


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Thrifts & Mortgage Finance, continued
	55	Nationstar Mortgage Holdings, Inc.*	$	1,997
	9,697	New York Community Bancorp, Inc.^		154,957
	6,815	People’s United Financial, Inc.		103,384
	1,604	TFS Financial Corp.*		22,873

				469,874

	Tobacco (0.6%):
	2,341	Altria Group, Inc.		98,182
	14,151	Philip Morris International, Inc.		1,193,071
	1,647	Reynolds American, Inc.		99,396

				1,390,649

	Trading Companies & Distributors (0.2%):
	2,083	Air Lease Corp.		80,362
	1,002	GATX Corp.		67,074
	1,222	MRC Global, Inc.*		34,570
	2,137	NOW, Inc.*		77,381
	971	WESCO International, Inc.*		83,875

				343,262

	Water Utilities (0.1%):
	3,908	American Water Works Co., Inc.		193,251
	3,864	Aqua America, Inc.		101,314

				294,565

	Wireless Telecommunication Services (0.2%):
	15,890	Sprint Corp.*		135,542
	1,873	Telephone & Data Systems, Inc.		48,904
	5,789	T-Mobile US, Inc.*		194,626
	299	United States Cellular Corp.*		12,199

				391,271

	Total Common Stocks (Cost $156,720,471)			217,947,555

	Securities Held as Collateral for Securities on Loan (0.7%):
$	1,630,877	Allianz Variable Insurance Products Securities Lending Collateral Trust(a)		1,630,877

	Total Securities Held as Collateral for Securities on Loan (Cost $1,630,877)			1,630,877

	Unaffiliated Investment Company (1.0%):
	2,169,863	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(b)		2,169,863

	Total Unaffiliated Investment Company (Cost $2,169,863)			2,169,863

	Total Investment Securities (Cost $160,521,211)(c) — 100.6%			221,748,295
	Net other assets (liabilities) — (0.6)%			(1,362,283	)

	Net Assets — 100.0%		$	220,386,012

Cash of $146,000 has been segregated to cover margin requirements for the following open contracts as of June 30, 2014:

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	160,108,845
Investments in affiliates, at cost		412,366

Total Investment securities, at cost	$	160,521,211

Investments in non-affiliates, at value*	$	221,121,146
Investments in affiliates, at value		627,149

Total Investment securities, at value		221,748,295
Cash		2,832
Segregated cash for collateral		146,000
Interest and dividends receivable		277,061
Receivable for investments sold		24,044,615
Receivable for variation margin on futures contracts		520
Prepaid expenses		854

Total Assets		246,220,177

Liabilities:
Payable for investments purchased		24,048,405
Payable for capital shares redeemed		1,289
Payable for collateral received on loaned securities		1,630,877
Manager fees payable		79,486
Administration fees payable		7,346
Distribution fees payable		45,163
Custodian fees payable		2,596
Administrative and compliance services fees payable		627
Trustee fees payable		1,391
Other accrued liabilities		16,985

Total Liabilities		25,834,165

Net Assets	$	220,386,012

Net Assets Consist of:
Capital	$	123,780,312
Accumulated net investment income/(loss)		4,853,090
Accumulated net realized gains/(losses) from investment transactions		30,512,996
Net unrealized appreciation/(depreciation) on investments		61,239,614

Net Assets	$	220,386,012

Shares of beneficial interest (unlimited number of shares authorized, no par value)		13,898,419
Net Asset Value (offering and redemption price per share)	$	15.86

*	Includes securities on loan of $1,598,273.

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends	$	2,414,310
Dividends from affiliates		8,317
Income from securities lending		11,416
Foreign withholding tax		(1,092	)

Total Investment Income		2,432,951

Expenses:
Manager fees		455,089
Administration fees		31,676
Distribution fees		258,573
Custodian fees		3,951
Administrative and compliance services fees		1,709
Trustee fees		5,357
Professional fees		5,196
Shareholder reports		1,366
Other expenses		23,913

Total expenses		786,830

Net Investment Income/(Loss)		1,646,121

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		11,045,321
Net realized gains/(losses) on futures contracts		412,065
Change in net unrealized appreciation/depreciation on investments		3,049,660

Net Realized/Unrealized Gains/(Losses) on Investments		14,507,046

Change in Net Assets Resulting From Operations	$	16,153,167

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

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of 30 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Russell 1000 Value Index Fund (the “Fund”), and 29 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund paid securities lending fees of $1,125 during the period ended June 30, 2014. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Effective January 6, 2014, the Manager, on behalf of the Trust, requested the Fund cease participation in the program until further notice.

During the period ended June 30, 2014, the Fund used futures contracts to provide equity exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $2.5 million as of June 30, 2014. The monthly average notional amount for these contracts was $3.6 million for the period ended June 30, 2014. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2014:

The following is a summary of the effect of derivative instruments on the Fund’s Statement of Operations, categorized by risk exposure, for the period ended June 30, 2014:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2015.

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator, transfer agent, and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. In addition, the Administrator is entitled to annual account fees related to the transfer agency system, an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $1,204 was paid from the Fund relating to these fees and expenses.

Futures contracts are generally valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2014 is $161,007,777. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

As a shareholder of the AZL S&P 500 Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

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


Shares			Fair Value
	Common Stocks (96.6%):
	Aerospace & Defense (2.5%):
	63,192	Boeing Co. (The)	$	8,039,918
	30,681	General Dynamics Corp.		3,575,871
	73,766	Honeywell International, Inc.		6,856,550
	8,131	L-3 Communications Holdings, Inc.		981,818
	25,111	Lockheed Martin Corp.		4,036,091
	20,168	Northrop Grumman Corp.		2,412,698
	13,618	Precision Castparts Corp.		3,437,183
	29,490	Raytheon Co.		2,720,453
	12,808	Rockwell Collins, Inc.		1,000,817
	26,236	Textron, Inc.		1,004,576
	79,443	United Technologies Corp.		9,171,693

				43,237,668

	Air Freight & Logistics (0.7%):
	13,920	C.H. Robinson Worldwide, Inc.		887,957
	18,584	Expeditors International of Washington, Inc.		820,669
	26,166	FedEx Corp.		3,961,009
	66,391	United Parcel Service, Inc., Class B		6,815,700

				12,485,335

	Airlines (0.3%):
	79,897	Delta Air Lines, Inc.		3,093,612
	65,155	Southwest Airlines Co.		1,750,063

				4,843,675

	Auto Components (0.4%):
	21,533	BorgWarner, Inc.		1,403,736
	26,005	Delphi Automotive plc		1,787,584
	25,996	Goodyear Tire & Rubber Co.		722,169
	62,558	Johnson Controls, Inc.		3,123,521

				7,037,010

	Automobiles (0.7%):
	372,466	Ford Motor Co.		6,421,314
	123,868	General Motors Co.		4,496,408
	20,505	Harley-Davidson, Inc.		1,432,274

				12,349,996

	Banks (4.9%):
	990,293	Bank of America Corp.		15,220,803
	67,676	BB&T Corp.		2,668,465
	17,085	Comerica, Inc.		856,984
	80,304	Fifth Third Bancorp		1,714,490
	78,088	Huntington Bancshares, Inc.		744,960
	356,501	JPMorgan Chase & Co.		20,541,588
	83,391	KeyCorp		1,194,993
	12,385	M&T Bank Corp.		1,536,359
	50,077	PNC Financial Services Group, Inc.		4,459,357
	129,863	Regions Financial Corp.		1,379,145
	50,134	SunTrust Banks, Inc.		2,008,368
	170,894	U.S. Bancorp		7,403,128
	451,480	Wells Fargo & Co.		23,729,789
	17,401	Zions Bancorp		512,807

				83,971,236

	Beverages (2.1%):
	15,306	Brown-Forman Corp., Class B		1,441,366
	356,043	Coca-Cola Co. (The)		15,081,981
	22,018	Coca-Cola Enterprises, Inc.		1,052,020


Shares			Fair Value
	Common Stocks, continued
	Beverages, continued
	15,897	Constellation Brands, Inc., Class A*	$	1,401,003
	18,498	Dr Pepper Snapple Group, Inc.		1,083,613
	14,995	Molson Coors Brewing Co., Class B		1,112,029
	12,685	Monster Beverage Corp.*		901,016
	142,756	PepsiCo, Inc.		12,753,821

				34,826,849

	Biotechnology (2.4%):
	18,631	Alexion Pharmaceuticals, Inc.*		2,911,094
	71,308	Amgen, Inc.		8,440,728
	22,343	Biogen Idec, Inc.*		7,044,971
	76,142	Celgene Corp.*		6,539,075
	144,653	Gilead Sciences, Inc.*		11,993,181
	7,507	Regeneron Pharmaceuticals, Inc.*		2,120,502
	22,259	Vertex Pharmaceuticals, Inc.*		2,107,482

				41,157,033

	Building Products (0.1%):
	8,437	Allegion plc		478,209
	33,805	Masco Corp.		750,471

				1,228,680

	Capital Markets (2.1%):
	5,206	Affiliated Managers Group, Inc.*		1,069,312
	17,897	Ameriprise Financial, Inc.		2,147,640
	107,415	Bank of New York Mellon Corp. (The)		4,025,914
	11,781	BlackRock, Inc., Class A+		3,765,208
	110,301	Charles Schwab Corp. (The)		2,970,406
	27,032	ETRADE Financial Corp.		574,700
	37,857	Franklin Resources, Inc.		2,189,649
	39,172	Goldman Sachs Group, Inc. (The)		6,558,961
	40,883	Invesco, Ltd.		1,543,333
	9,611	Legg Mason, Inc.		493,140
	131,836	Morgan Stanley		4,262,259
	20,902	Northern Trust Corp.		1,342,117
	40,621	State Street Corp.		2,732,168
	24,747	T. Rowe Price Group, Inc.		2,088,894

				35,763,701

	Chemicals (2.6%):
	19,995	Air Products & Chemicals, Inc.		2,571,757
	6,341	Airgas, Inc.		690,598
	4,904	CF Industries Holdings, Inc.		1,179,559
	113,410	Dow Chemical Co. (The)		5,836,078
	86,499	E.I. du Pont de Nemours & Co.		5,660,494
	14,149	Eastman Chemical Co.		1,235,915
	25,475	Ecolab, Inc.		2,836,387
	12,580	FMC Corp.		895,570
	7,614	International Flavor & Fragrances, Inc.		793,988
	39,235	LyondellBasell Industries NV, Class A		3,831,297
	49,374	Monsanto Co.		6,158,912
	30,464	Mosaic Co. (The)		1,506,445
	13,038	PPG Industries, Inc.		2,739,936
	27,565	Praxair, Inc.		3,661,735
	7,994	Sherwin Williams Co.		1,654,039
	11,177	Sigma Aldrich Corp.		1,134,242

				42,386,952


Shares			Fair Value
	Common Stocks, continued
	Commercial Services & Supplies (0.5%):
	16,403	ADT Corp. (The)^	$	573,121
	9,565	Cintas Corp.		607,760
	16,223	Iron Mountain, Inc.		575,105
	19,064	Pitney Bowes, Inc.		526,548
	25,102	Republic Services, Inc.		953,123
	8,005	Stericycle, Inc.*		947,952
	43,448	Tyco International, Ltd.		1,981,229
	40,760	Waste Management, Inc.		1,823,195

				7,988,033

	Communications Equipment (1.7%):
	482,520	Cisco Systems, Inc.		11,990,622
	7,163	F5 Networks, Inc.*		798,245
	9,983	Harris Corp.		756,212
	44,612	Juniper Networks, Inc.*		1,094,778
	21,336	Motorola Solutions, Inc.		1,420,338
	158,989	QUALCOMM, Inc.		12,591,929

				28,652,124

	Construction & Engineering (0.1%):
	15,035	Fluor Corp.		1,156,192
	12,382	Jacobs Engineering Group, Inc.*		659,713
	20,418	Quanta Services, Inc.*		706,054

				2,521,959

	Construction Materials (0.0%):
	12,242	Vulcan Materials Co.		780,428

	Consumer Finance (0.9%):
	85,790	American Express Co.		8,138,898
	53,839	Capital One Financial Corp.		4,447,101
	43,915	Discover Financial Services		2,721,852
	39,603	Navient Corp.		701,369

				16,009,220

	Containers & Packaging (0.2%):
	9,025	Avery Dennison Corp.		462,531
	13,178	Ball Corp.		825,997
	9,488	Bemis Co., Inc.		385,782
	15,804	MeadWestvaco Corp.		699,485
	15,412	Owens-Illinois, Inc.*		533,872
	18,324	Sealed Air Corp.		626,131

				3,533,798

	Distributors (0.1%):
	14,417	Genuine Parts Co.		1,265,813

	Diversified Consumer Services (0.1%):
	407	Graham Holdings Co., Class B		292,271
	25,712	H&R Block, Inc.		861,866

				1,154,137

	Diversified Financial Services (2.5%):
	169,599	Berkshire Hathaway, Inc., Class B*		21,464,450
	286,143	Citigroup, Inc.		13,477,336
	29,731	CME Group, Inc.		2,109,414
	10,841	IntercontinentalExchange Group, Inc.		2,047,865
	29,852	Leucadia National Corp.		782,719
	17,734	Moody’s Corp.		1,554,562
	10,962	NASDAQ OMX Group, Inc. (The)		423,352

				41,859,698


Shares			Fair Value
	Common Stocks, continued
	Diversified Telecommunication Services (2.4%):
	488,871	AT&T, Inc.	$	17,286,479
	53,919	CenturyLink, Inc.		1,951,868
	95,129	Frontier Communications Corp.^		555,553
	390,075	Verizon Communications, Inc.		19,086,369
	56,756	Windstream Holdings, Inc.^		565,290

				39,445,559

	Electric Utilities (1.7%):
	45,973	American Electric Power Co., Inc.		2,563,914
	66,617	Duke Energy Corp.		4,942,316
	30,730	Edison International		1,785,720
	16,896	Entergy Corp.		1,386,993
	80,885	Exelon Corp.		2,950,685
	39,556	FirstEnergy Corp.		1,373,384
	41,080	NextEra Energy, Inc.		4,209,879
	29,797	Northeast Utilities		1,408,504
	23,578	Pepco Holdings, Inc.		647,923
	10,369	Pinnacle West Capital Corp.		599,743
	59,504	PPL Corp.		2,114,177
	83,908	Southern Co. (The)		3,807,745

				27,790,983

	Electrical Equipment (0.7%):
	23,167	AMETEK, Inc.		1,211,171
	44,901	Eaton Corp. plc		3,465,459
	66,099	Emerson Electric Co.		4,386,330
	13,013	Rockwell Automation, Inc.		1,628,707
	9,403	Roper Industries, Inc.		1,372,932

				12,064,599

	Electronic Equipment, Instruments & Components (0.4%):
	14,838	Amphenol Corp., Class A		1,429,493
	123,247	Corning, Inc.		2,705,273
	13,233	FLIR Systems, Inc.		459,582
	17,596	Jabil Circuit, Inc.		367,756
	38,466	TE Connectivity, Ltd.		2,378,737

				7,340,841

	Energy Equipment & Services (2.1%):
	41,135	Baker Hughes, Inc.		3,062,501
	19,228	Cameron International Corp.*		1,301,928
	6,494	Diamond Offshore Drilling, Inc.^		322,297
	22,106	Ensco plc, Class A, ADR		1,228,430
	22,097	FMC Technologies, Inc.*		1,349,464
	79,545	Halliburton Co.		5,648,490
	10,186	Helmerich & Payne, Inc.		1,182,696
	24,481	Nabors Industries, Ltd.		719,007
	40,413	National-Oilwell Varco, Inc.		3,328,011
	23,838	Noble Corp. plc		800,003
	11,606	Rowan Cos. plc, Class A		370,580
	122,678	Schlumberger, Ltd.		14,469,871
	32,049	Transocean, Ltd.^		1,443,166

				35,226,444

	Food & Staples Retailing (2.2%):
	41,318	Costco Wholesale Corp.		4,758,181
	110,132	CVS Caremark Corp.		8,300,649
	47,990	Kroger Co. (The)		2,372,146
	21,594	Safeway, Inc.		741,538


Shares			Fair Value
	Common Stocks, continued
	Food & Staples Retailing, continued
	55,122	Sysco Corp.	$	2,064,319
	82,701	Walgreen Co.		6,130,625
	151,837	Wal-Mart Stores, Inc.		11,398,403
	34,615	Whole Foods Market, Inc.		1,337,177

				37,103,038

	Food Products (1.6%):
	61,733	Archer-Daniels-Midland Co.		2,723,043
	16,772	Campbell Soup Co.		768,325
	39,708	ConAgra Foods, Inc.		1,178,533
	57,876	General Mills, Inc.		3,040,805
	14,060	Hershey Co.		1,369,022
	12,780	Hormel Foods Corp.		630,693
	9,722	J.M. Smucker Co. (The)		1,036,074
	23,949	Kellogg Co.		1,573,449
	11,954	Keurig Green Mountain, Inc.		1,489,588
	56,083	Kraft Foods Group, Inc., Class A		3,362,176
	12,334	McCormick & Co.		882,991
	19,039	Mead Johnson Nutrition Co.		1,773,864
	159,226	Mondelez International, Inc., Class A		5,988,490
	25,924	Tyson Foods, Inc., Class A		973,187

				26,790,240

	Gas Utilities (0.0%):
	11,197	AGL Resources, Inc.		616,171

	Health Care Equipment & Supplies (2.0%):
	141,467	Abbott Laboratories		5,786,000
	51,109	Baxter International, Inc.		3,695,181
	18,198	Becton, Dickinson & Co.		2,152,823
	124,958	Boston Scientific Corp.*		1,595,714
	7,181	C.R. Bard, Inc.		1,026,955
	19,539	CareFusion Corp.*		866,555
	42,470	Covidien plc		3,829,945
	13,325	DENTSPLY International, Inc.		630,939
	9,933	Edwards Lifesciences Corp.*		852,649
	3,618	Intuitive Surgical, Inc.*		1,489,892
	94,099	Medtronic, Inc.		5,999,751
	26,771	St. Jude Medical, Inc.		1,853,892
	27,852	Stryker Corp.		2,348,481
	9,832	Varian Medical Systems, Inc.*		817,432
	15,780	Zimmer Holdings, Inc.		1,638,911

				34,585,120

	Health Care Providers & Services (2.1%):
	33,662	Aetna, Inc.		2,729,315
	21,268	AmerisourceBergen Corp.		1,545,333
	32,004	Cardinal Health, Inc.		2,194,194
	27,735	Cerner Corp.*		1,430,571
	25,302	CIGNA Corp.		2,327,025
	16,745	DaVita, Inc.*		1,210,998
	72,766	Express Scripts Holding Co.*		5,044,867
	14,579	Humana, Inc.		1,862,030
	7,998	Laboratory Corp. of America Holdings*		818,995
	21,719	McKesson, Inc.		4,044,295
	7,669	Patterson Cos., Inc.		303,002
	13,664	Quest Diagnostics, Inc.		801,940


Shares			Fair Value
	Common Stocks, continued
	Health Care Providers & Services, continued
	9,094	Tenet Healthcare Corp.*	$	426,872
	92,294	UnitedHealth Group, Inc.		7,545,036
	26,341	WellPoint, Inc.		2,834,555

				35,119,028

	Hotels, Restaurants & Leisure (1.6%):
	41,353	Carnival Corp.		1,556,940
	2,928	Chipotle Mexican Grill, Inc.*		1,734,869
	12,510	Darden Restaurants, Inc.		578,838
	20,733	Marriott International, Inc., Class A		1,328,985
	93,104	McDonald’s Corp.		9,379,297
	70,878	Starbucks Corp.		5,484,540
	18,121	Starwood Hotels & Resorts Worldwide, Inc.		1,464,539
	12,015	Wyndham Worldwide Corp.		909,776
	7,644	Wynn Resorts, Ltd.		1,586,589
	41,524	Yum! Brands, Inc.		3,371,749

				27,396,122

	Household Durables (0.4%):
	26,769	D.R. Horton, Inc.		657,982
	11,489	Garmin, Ltd.^		699,680
	6,453	Harman International Industries, Inc.		693,246
	13,024	Leggett & Platt, Inc.^		446,463
	16,484	Lennar Corp.		691,998
	5,735	Mohawk Industries, Inc.*		793,380
	26,151	Newell Rubbermaid, Inc.		810,419
	32,203	PulteGroup, Inc.		649,212
	7,336	Whirlpool Corp.		1,021,319

				6,463,699

	Household Products (1.8%):
	12,070	Clorox Co. (The)		1,103,198
	81,858	Colgate-Palmolive Co.		5,581,078
	35,484	Kimberly-Clark Corp.		3,946,530
	254,888	Procter & Gamble Co. (The)		20,031,649

				30,662,455

	Independent Power and Renewable Electricity Producers (0.1%):
	62,457	AES Corp. (The)		971,206
	31,763	NRG Energy, Inc.		1,181,584

				2,152,790

	Industrial Conglomerates (2.2%):
	58,547	3M Co.		8,386,272
	56,667	Danaher Corp.		4,461,393
	944,566	General Electric Co.		24,823,195

				37,670,860

	Insurance (2.8%):
	31,809	ACE, Ltd.		3,298,593
	42,740	AFLAC, Inc.		2,660,565
	40,874	Allstate Corp. (The)		2,400,121
	136,261	American International Group, Inc.		7,437,126
	27,925	Aon plc		2,515,763
	6,717	Assurant, Inc.		440,299
	23,029	Chubb Corp. (The)		2,122,583
	13,773	Cincinnati Financial Corp.		661,655
	46,741	Genworth Financial, Inc., Class A*		813,293


Shares			Fair Value
	Common Stocks, continued
	Insurance, continued
	42,356	Hartford Financial Services Group, Inc. (The)	$	1,516,768
	24,918	Lincoln National Corp.		1,281,782
	28,697	Loews Corp.		1,262,955
	51,768	Marsh & McLennan Cos., Inc.		2,682,618
	106,022	MetLife, Inc.		5,890,582
	25,770	Principal Financial Group, Inc.		1,300,870
	51,344	Progressive Corp. (The)		1,302,084
	43,414	Prudential Financial, Inc.		3,853,861
	8,304	Torchmark Corp.		680,264
	32,727	Travelers Cos., Inc. (The)		3,078,629
	24,112	UnumProvident Corp.		838,133
	25,563	XL Group plc, Class B		836,677

				46,875,221

	Internet & Catalog Retail (1.3%):
	35,110	Amazon.com, Inc.*		11,403,027
	9,619	Expedia, Inc.		757,592
	5,647	Netflix, Inc.*		2,488,068
	4,939	Priceline.com, Inc.*		5,941,617
	10,499	TripAdvisor, Inc.*		1,140,821

				21,731,125

	Internet Software & Services (3.1%):
	16,717	Akamai Technologies, Inc.*		1,020,740
	107,433	eBay, Inc.*		5,378,096
	161,963	Facebook, Inc., Class A*		10,898,490
	26,685	Google, Inc., Class C*		15,351,347
	26,685	Google, Inc., Class A*		15,601,918
	11,586	VeriSign, Inc.*		565,513
	88,274	Yahoo!, Inc.*		3,101,066

				51,917,170

	IT Services (3.1%):
	59,606	Accenture plc, Class A		4,818,549
	5,106	Alliance Data Systems Corp.*		1,436,063
	45,411	Automatic Data Processing, Inc.		3,600,184
	57,311	Cognizant Technology Solutions Corp., Class A *		2,803,081
	13,661	Computer Sciences Corp.		863,375
	27,099	Fidelity National Information Services, Inc.		1,483,399
	23,470	Fiserv, Inc.*		1,415,710
	89,621	International Business Machines Corp.		16,245,599
	94,645	MasterCard, Inc., Class A		6,953,568
	30,600	Paychex, Inc.		1,271,736
	14,928	Teradata Corp.*		600,106
	15,770	Total System Services, Inc.		495,336
	47,351	Visa, Inc., Class A		9,977,329
	50,661	Western Union Co.		878,462

				52,842,497

	Leisure Products (0.1%):
	10,927	Hasbro, Inc.		579,677
	31,914	Mattel, Inc.		1,243,689

				1,823,366

	Life Sciences Tools & Services (0.4%):
	31,434	Agilent Technologies, Inc.		1,805,569
	10,608	PerkinElmer, Inc.		496,879


Shares			Fair Value
	Common Stocks, continued
	Life Sciences Tools & Services, continued
	37,578	Thermo Fisher Scientific, Inc.	$	4,434,203
	7,995	Waters Corp.*		834,998

				7,571,649

	Machinery (1.7%):
	58,797	Caterpillar, Inc.		6,389,471
	16,107	Cummins, Inc.		2,485,149
	34,264	Deere & Co.		3,102,605
	15,679	Dover Corp.		1,426,005
	12,901	Flowserve Corp.		959,189
	35,751	Illinois Tool Works, Inc.		3,130,358
	23,638	Ingersoll-Rand plc		1,477,611
	9,389	Joy Global, Inc.		578,175
	33,409	PACCAR, Inc.		2,099,087
	10,291	Pall Corp.		878,748
	14,062	Parker Hannifin Corp.		1,768,015
	18,335	Pentair plc		1,322,320
	5,517	Snap-On, Inc.		653,875
	14,704	Stanley Black & Decker, Inc.		1,291,305
	17,369	Xylem, Inc.		678,781

				28,240,694

	Media (3.6%):
	20,587	Cablevision Systems Corp., Class A^		363,361
	49,778	CBS Corp., Class B		3,093,205
	244,888	Comcast Corp., Class A		13,145,587
	44,132	DIRECTV, Inc., Class A*		3,751,661
	20,535	Discovery Communications, Inc., Class A*		1,525,340
	21,287	Gannett Co., Inc.		666,496
	39,760	Interpublic Group of Cos., Inc. (The)		775,718
	25,639	McGraw-Hill Cos., Inc. (The)		2,128,806
	46,781	News Corp., Class A*		839,251
	24,354	Omnicom Group, Inc.		1,734,492
	10,093	Scripps Networks Interactive, Class A		818,946
	26,244	Time Warner Cable, Inc.		3,865,741
	83,084	Time Warner, Inc.		5,836,651
	180,343	Twenty-First Century Fox, Inc.		6,339,056
	36,840	Viacom, Inc., Class B		3,195,133
	151,709	Walt Disney Co. (The)		13,007,530

				61,086,974

	Metals & Mining (0.5%):
	110,416	Alcoa, Inc.		1,644,094
	10,327	Allegheny Technologies, Inc.		465,748
	97,839	Freeport-McMoRan Copper & Gold, Inc.		3,571,123
	47,129	Newmont Mining Corp.		1,198,962
	30,048	Nucor Corp.		1,479,864
	13,515	United States Steel Corp.^		351,931

				8,711,722

	Multiline Retail (0.6%):
	28,568	Dollar General Corp.*		1,638,660
	19,530	Dollar Tree, Inc.*		1,063,604
	8,949	Family Dollar Stores, Inc.		591,887
	18,349	Kohl’s Corp.		966,625
	33,945	Macy’s, Inc.		1,969,489


Shares			Fair Value
	Common Stocks, continued
	Multiline Retail, continued
	13,237	Nordstrom, Inc.	$	899,189
	59,670	Target Corp.		3,457,877

				10,587,331

	Multi-Utilities (1.2%):
	22,785	Ameren Corp.		931,451
	40,653	CenterPoint Energy, Inc.		1,038,278
	25,381	CMS Energy Corp.		790,618
	27,645	Consolidated Edison, Inc.		1,596,222
	54,783	Dominion Resources, Inc.		3,918,080
	16,739	DTE Energy Co.		1,303,466
	7,455	Integrys Energy Group, Inc.		530,274
	29,708	NiSource, Inc.		1,168,713
	43,775	PG&E Corp.		2,102,076
	47,723	Public Service Enterprise Group, Inc.		1,946,621
	13,432	SCANA Corp.		722,776
	21,475	Sempra Energy		2,248,647
	19,083	TECO Energy, Inc.^		352,654
	21,158	Wisconsin Energy Corp.		992,733
	47,280	Xcel Energy, Inc.		1,523,834

				21,166,443

	Oil, Gas & Consumable Fuels (8.4%):
	47,573	Anadarko Petroleum Corp.		5,207,816
	36,329	Apache Corp.		3,655,424
	39,297	Cabot Oil & Gas Corp.		1,341,600
	47,804	Chesapeake Energy Corp.		1,485,748
	179,315	Chevron Corp.		23,409,573
	8,198	Cimarex Energy Co.		1,176,085
	115,643	ConocoPhillips		9,914,074
	21,728	CONSOL Energy, Inc.		1,001,009
	33,379	Denbury Resources, Inc.		616,176
	36,116	Devon Energy Corp.		2,867,610
	51,478	EOG Resources, Inc.		6,015,719
	14,294	EQT Corp.		1,528,029
	404,508	Exxon Mobil Corp.		40,725,866
	24,858	Hess Corp.		2,458,208
	62,883	Kinder Morgan, Inc.		2,280,138
	63,674	Marathon Oil Corp.		2,541,866
	27,184	Marathon Petroleum Corp.		2,122,255
	15,883	Murphy Oil Corp.		1,055,902
	12,957	Newfield Exploration Co.*		572,699
	33,879	Noble Energy, Inc.		2,624,267
	73,998	Occidental Petroleum Corp.		7,594,415
	19,642	ONEOK, Inc.		1,337,227
	25,523	Peabody Energy Corp.		417,301
	53,296	Phillips 66		4,286,597
	13,474	Pioneer Natural Resources Co.		3,096,460
	17,053	QEP Resources, Inc.		588,329
	15,886	Range Resources Corp.		1,381,288
	33,308	Southwestern Energy Co.*		1,515,181
	63,173	Spectra Energy Corp.		2,683,589
	12,140	Tesoro Corp.		712,254
	50,263	Valero Energy Corp.		2,518,176
	69,552	Williams Cos., Inc. (The)		4,048,622

				142,779,503


Shares			Fair Value
	Common Stocks, continued
	Paper & Forest Products (0.1%):
	40,797	International Paper Co.	$	2,059,025

	Personal Products (0.1%):
	41,204	Avon Products, Inc.		601,990
	23,794	Estee Lauder Co., Inc. (The), Class A		1,766,943

				2,368,933

	Pharmaceuticals (6.0%):
	149,775	Abbvie, Inc.		8,453,301
	16,432	Actavis, Inc. plc*		3,665,158
	28,049	Allergan, Inc.		4,746,452
	156,096	Bristol-Myers Squibb Co.		7,572,217
	92,792	Eli Lilly & Co.		5,768,879
	22,595	Forest Laboratories, Inc.*		2,236,905
	15,808	Hospira, Inc.*		812,057
	266,488	Johnson & Johnson Co.		27,879,974
	275,269	Merck & Co., Inc.		15,924,312
	35,201	Mylan, Inc.*		1,814,964
	12,612	Perrigo Co. plc		1,838,325
	600,843	Pfizer, Inc.		17,833,019
	47,190	Zoetis, Inc.		1,522,821

				100,068,384

	Professional Services (0.2%):
	3,515	Dun & Bradstreet Corp.		387,353
	11,443	Equifax, Inc.		830,075
	28,551	Nielsen Holdings NV		1,382,154
	12,947	Robert Half International, Inc.		618,090

				3,217,672

	Real Estate Investment Trusts (REITs) (2.0%):
	37,277	American Tower Corp.		3,354,184
	13,632	Apartment Investment & Management Co., Class A		439,905
	11,479	AvalonBay Communities, Inc.		1,632,199
	14,434	Boston Properties, Inc.		1,705,810
	31,487	Equity Residential Property Trust		1,983,681
	5,888	Essex Property Trust, Inc.		1,088,750
	49,311	General Growth Properties, Inc.		1,161,767
	43,157	HCP, Inc.		1,785,837
	28,771	Health Care REIT, Inc.		1,803,079
	71,409	Host Hotels & Resorts, Inc.		1,571,712
	38,495	Kimco Realty Corp.		884,615
	13,210	Macerich Co. (The)		881,768
	16,643	Plum Creek Timber Co., Inc.		750,599
	47,091	ProLogis, Inc.		1,934,969
	13,652	Public Storage, Inc.		2,339,270
	29,261	Simon Property Group, Inc.		4,865,520
	27,594	Ventas, Inc.		1,768,775
	16,428	Vornado Realty Trust		1,753,360
	55,136	Weyerhaeuser Co.^		1,824,450

				33,530,250

	Real Estate Management & Development (0.0%):
	26,179	CBRE Group, Inc.*		838,775


Shares			Fair Value
	Common Stocks, continued
	Road & Rail (0.9%):
	94,478	CSX Corp.	$	2,910,867
	10,344	Kansas City Southern Industries, Inc.		1,112,083
	29,167	Norfolk Southern Corp.		3,005,076
	5,007	Ryder System, Inc.		441,067
	85,338	Union Pacific Corp.		8,512,466

				15,981,559

	Semiconductors & Semiconductor Equipment (2.3%):
	29,490	Altera Corp.		1,025,072
	29,589	Analog Devices, Inc.		1,599,877
	114,668	Applied Materials, Inc.		2,585,763
	23,709	Avago Technologies, Ltd.		1,708,708
	52,346	Broadcom Corp., Class A		1,943,084
	6,741	First Solar, Inc.*		479,015
	468,901	Intel Corp.		14,489,042
	15,638	KLA-Tencor Corp.		1,135,944
	15,260	Lam Research Corp.		1,031,271
	22,333	Linear Technology Corp.		1,051,214
	18,875	Microchip Technology, Inc.		921,289
	100,821	Micron Technology, Inc.*		3,322,052
	52,552	NVIDIA Corp.		974,314
	101,663	Texas Instruments, Inc.		4,858,475
	25,317	Xilinx, Inc.		1,197,747

				38,322,867

	Software (3.4%):
	43,555	Adobe Systems, Inc.*		3,151,640
	21,486	Autodesk, Inc.*		1,211,381
	30,193	CA, Inc.		867,747
	15,430	Citrix Systems, Inc.*		965,147
	29,625	Electronic Arts, Inc.*		1,062,649
	26,740	Intuit, Inc.		2,153,372
	708,039	Microsoft Corp.		29,525,225
	323,397	Oracle Corp.		13,107,279
	17,785	Red Hat, Inc.*		982,977
	53,207	Salesforce.com, Inc.*		3,090,263
	65,225	Symantec Corp.		1,493,653

				57,611,333

	Specialty Retail (1.9%):
	5,917	AutoNation, Inc.*		353,127
	3,130	AutoZone, Inc.*		1,678,431
	19,212	Bed Bath & Beyond, Inc.*		1,102,385
	26,070	Best Buy Co., Inc.		808,431
	20,740	CarMax, Inc.*		1,078,687
	10,671	GameStop Corp., Class A^		431,855
	24,485	Gap, Inc. (The)		1,017,841
	128,865	Home Depot, Inc. (The)		10,432,911
	23,098	L Brands, Inc.		1,354,929
	93,935	Lowe’s Cos., Inc.		4,507,941
	9,973	O’Reilly Automotive, Inc.*		1,501,934
	9,339	PetSmart, Inc. ^		558,472
	20,003	Ross Stores, Inc.		1,322,798
	61,015	Staples, Inc.		661,403
	10,453	Tiffany & Co.		1,047,913
	65,960	TJX Cos., Inc. (The)		3,505,774
	13,106	Tractor Supply Co.		791,602


Shares, or Principal Amount			Fair Value
	Common Stocks, continued
	Specialty Retail, continued
	9,591	Urban Outfitters, Inc.*	$	324,751

				32,481,185

	Technology Hardware, Storage & Peripherals (4.1%):
	567,964	Apple, Inc.		52,780,895
	192,842	EMC Corp.		5,079,458
	176,263	Hewlett-Packard Co.		5,936,538
	31,062	NetApp, Inc.		1,134,384
	21,307	SanDisk Corp.		2,225,090
	30,826	Seagate Technology plc		1,751,533
	19,719	Western Digital Corp.		1,820,064
	102,871	Xerox Corp.		1,279,715

				72,007,677

	Textiles, Apparel & Luxury Goods (0.8%):
	25,782	Coach, Inc.		881,487
	4,507	Fossil Group, Inc.*		471,072
	16,933	Michael Kors Holdings, Ltd.*		1,501,110
	69,477	Nike, Inc., Class B		5,387,942
	7,749	PVH Corp.		903,533
	5,538	Ralph Lauren Corp.		889,901
	15,255	Under Armour, Inc., Class A*		907,520
	32,422	V.F. Corp.		2,042,586

				12,985,151

	Thrifts & Mortgage Finance (0.1%):
	44,427	Hudson City Bancorp, Inc.		436,717
	29,090	People’s United Financial, Inc.		441,296

				878,013

	Tobacco (1.4%):
	187,161	Altria Group, Inc.		7,849,532
	34,148	Lorillard, Inc.		2,082,004
	148,154	Philip Morris International, Inc.		12,490,863
	29,351	Reynolds American, Inc.		1,771,333

				24,193,732

	Trading Companies & Distributors (0.2%):
	25,803	Fastenal Co.^		1,276,990
	5,742	W.W. Grainger, Inc.		1,460,019

				2,737,009

	Wireless Telecommunication Services (0.1%):
	31,461	Crown Castle International Corp.		2,336,294

	Total Common Stocks (Cost $1,008,390,455)			1,640,432,848

	Securities Held as Collateral for Securities on Loan (0.5%):
$	7,883,629	Allianz Variable Insurance Products Securities Lending Collateral Trust(a)		7,883,629

	Total Securities Held as Collateral for Securities on Loan (Cost $7,883,629)			7,883,629

	Unaffiliated Investment Company (3.4%):
	58,182,344	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(b)		58,182,344

	Total Unaffiliated Investment Company (Cost $58,182,344)			58,182,344

	Total Investment Securities (Cost $1,074,456,428)(c) — 100.5%			1,706,498,821
	Net other assets (liabilities) — (0.5)%			(8,388,522	)

	Net Assets — 100.0%		$	1,698,110,299

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	1,072,066,094
Investments in affiliates, at cost		2,390,334

Total Investment securities, at cost	$	1,074,456,428

Investments in non-affiliates, at value*	$	1,702,733,613
Investments in affiliates, at value		3,765,208

Total Investment securities, at value		1,706,498,821
Cash		11,913
Interest and dividends receivable		1,744,967
Receivable for capital shares issued		550,541
Receivable for investments sold		73,935
Receivable for variation margin on futures contracts		12,044
Prepaid expenses		6,765

Total Assets		1,708,898,986

Liabilities:
Payable for investments purchased		1,360,716
Payable for capital shares redeemed		544,457
Payable for collateral received on loaned securities		7,883,629
Manager fees payable		241,219
Administration fees payable		54,661
Distribution fees payable		343,177
Custodian fees payable		15,915
Administrative and compliance services fees payable		4,650
Trustee fees payable		10,422
Other accrued liabilities		329,841

Total Liabilities		10,788,687

Net Assets	$	1,698,110,299

Net Assets Consist of:
Capital	$	1,112,151,864
Accumulated net investment income/(loss)		32,005,340
Accumulated net realized gains/(losses) from investment transactions		(78,374,315	)
Net unrealized appreciation/(depreciation) on investments		632,327,410

Net Assets	$	1,698,110,299

Class 1
Net Assets	$	19,544,225
Shares of beneficial interest (unlimited number of shares authorized, no par value)		1,409,405
Net Asset Value (offering and redemption price per share)	$	13.87

Class 2
Net Assets	$	1,678,566,074
Shares of beneficial interest (unlimited number of shares authorized, no par value)		121,938,630
Net Asset Value (offering and redemption price per share)	$	13.77

*	Includes securities on loan of $7,745,820.

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends	$	15,705,302
Dividends from affiliates		45,639
Income from securities lending		20,215
Foreign withholding tax		(1,708	)

Total Investment Income		15,769,448

Expenses:
Manager fees		1,360,768
Administration fees		216,125
Distribution fees — Class 2		1,977,492
Custodian fees		25,781
Administrative and compliance services fees		13,458
Trustee fees		42,002
Professional fees		40,339
Shareholder reports		24,554
Recoupment of prior expenses reimbursed by the manager		11,957
Other expenses		185,239

Total expenses		3,897,715

Net Investment Income/(Loss)		11,871,733

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		3,608,955
Net realized gains/(losses) on futures contracts		5,879,342
Change in net unrealized appreciation/depreciation on investments		88,864,543

Net Realized/Unrealized Gains/(Losses) on Investments		98,352,840

Change in Net Assets Resulting From Operations	$	110,224,573

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

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of 30 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL S&P 500 Index Fund (the “Fund”), and 29 are presented in separate reports.

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Each class of shares bears its pro-rata portion of expenses attributable to its series, except that each class separately bears expenses related specifically to that class, such as distribution fees. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products and Allianz Variable Insurance Products Fund of Funds Trusts based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust and the Allianz Variable Insurance Products Fund of Funds Trust.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund paid securities lending fees of $2,000 during the period ended June 30, 2014. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Effective January 6, 2014, the Manager, on behalf of the Trust, requested the Fund cease participation in the program until further notice.

During the period ended June 30, 2014, the Fund used futures contracts to provide equity exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $58.9 million as of June 30, 2014. The monthly average notional amount for these contracts was $56.9 million for the period ended June 30, 2014. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2014:

The following is a summary of the effect of derivative instruments on the Fund’s Statement of Operations, categorized by risk exposure, for the period ended June 30, 2014:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2015.

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:

At June 30, 2014, the contractual reimbursements that are subject to repayment by the Fund in subsequent years were as follows:

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator, transfer agent, and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. In addition, the Administrator is entitled to annual account fees related to the transfer agency system, an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $9,287 was paid from the Fund relating to these fees and expenses.

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2014 is $1,087,531,518. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

During the year ended December 31, 2013, the Fund utilized $19,707,155 in CLCFs to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

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

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


Shares			Fair Value
	Common Stocks (99.1%):
	Auto Components (0.4%):
	18,281	Hankook Tire Co., Ltd.	$	1,091,238

	Automobiles (5.4%):
	1,712,000	Brilliance China Automotive Holdings, Ltd.		3,211,927
	384,000	Chongqing Changan Automobi-B		758,051
	40,436	Hyundai Motor Co.		9,170,852
	22,472	Maruti Suzuki India, Ltd.		911,860
	195,767	Tata Motors, Ltd.		1,403,909

				15,456,599

	Banks (21.4%):
	493,925	Akbank T.A.S.		1,816,597
	1,454,184	Alpha Bank AE*		1,355,038
	128,294	Axis Bank, Ltd.		4,093,541
	182,043	Banco Bradesco SA, ADR		2,643,264
	10,426,832	China Construction Bank		7,889,338
	3,457,190	Chinatrust Financial Holding Co., Ltd.		2,305,395
	556,185	CIMB Group Holdings Berhad		1,268,945
	141,126	Commercial International Bank Egypt SAE		702,619
	86,290	DGB Financial Group, Inc.		1,292,989
	94,506	Grupo Financiero Banorte SA de C.V.		675,917
	91,110	Grupo Financiero Santander Mexico SAB de C.V., ADR, Class B		1,209,941
	119,690	Hana Financial Holdings		4,401,066
	353,055	HDFC Bank, Ltd.		4,826,140
	5,278,385	Industrial & Commercial Bank of China		3,339,351
	512,255	Itau Unibanco Banco Multiplo SA, ADR		7,366,226
	500,200	Kasikornbank Public Co., Ltd.		3,145,813
	3,349	Komercni Banka AS		770,802
	150,256	OTP Bank Nyrt		2,891,113
	296,065	Powszechna Kasa Oszczednosci Bank Polski SA		3,676,374
	1,716,000	PT Bank Mandiri Tbk		1,410,100
	63,509	Qatar National Bank		2,850,310
	16,675	Sberbank of Russia, ADR		168,549
	612,860	Sberbank of Russia		1,479,380
	47,772	Sberbank of Russia, ADR		485,841
	38,360	Shinhan Financial Group Co., Ltd.		1,777,599
	108,389	Turkiye Garanti Bankasi AS		424,227

				64,266,475

	Beverages (2.5%):
	647,765	Ambev SA, ADR		4,560,266
	23,748	Fomento Economico Mexicano SAB de C.V., ADR		2,224,000
	84,000	Tsingtao Brewery Co., Ltd., Class H		657,074

				7,441,340

	Chemicals (2.6%):
	536,240	Alfa SAB de C.V., Class A		1,483,998
	396,560	Formosa Plastic Corp.		1,058,241
	17,453	LG Chem, Ltd.		5,116,076

				7,658,315

	Construction & Engineering (0.2%):
	9,501	Hyundai Engineering & Construction Co., Ltd.		538,286


Shares			Fair Value
	Common Stocks, continued
	Construction Materials (1.0%):
	153,956	Cemex SAB de C.V, ADR*	$	2,036,838
	501,427	Taiwan Cement Corp.		759,971

				2,796,809

	Diversified Consumer Services (0.7%):
	69,700	Kroton Educacional SA		1,959,110

	Diversified Telecommunication Services (1.2%):
	50,830	Hellenic Telecommunications Organization SA (OTE)*		751,096
	10,379,100	PT Telekomunikasi Indonesia Tbk		2,161,991
	33,300	Telefonica Brasil SA, ADR		682,983

				3,596,070

	Electric Utilities (0.4%):
	31,290	Korea Electric Power Corp., Ltd.		1,150,730

	Electronic Equipment, Instruments & Components (4.5%):
	418,000	AAC Technologies Holdings, Inc.^		2,721,974
	2,497,215	Hon Hai Precision Industry Co., Ltd.		8,362,835
	80,190	LG Display Co., Ltd.*		2,525,721

				13,610,530

	Energy Equipment & Services (0.3%):
	33,491	Gulf International Services Qsc		847,406

	Food & Staples Retailing (1.7%):
	292,100	Alliance Global Group, Inc.		194,736
	18,117	Bim Birlesik Magazalar AS		415,678
	5,598	Magnit		1,416,864
	318,480	Robinsons Retail Holdings, Inc.*		532,409
	24,222	Shoprite Holdings, Ltd.		350,625
	919,000	Sun Art Retail Group, Ltd.^		1,051,808
	490,300	Wal-Mart de Mexico SAB de C.V., Series V		1,314,532

				5,276,652

	Health Care Equipment & Supplies (0.6%):
	55,900	Mindray Medical International, Ltd., ADR^		1,760,850

	Hotels, Restaurants & Leisure (1.6%):
	236,700	Alsea SAB de C.V.*		851,196
	395,300	Genting Berhard		1,231,268
	32,115	Yum! Brands, Inc.		2,607,738

				4,690,202

	Household Products (0.5%):
	3,286	LG Household & Health Care, Ltd.		1,479,274

	Industrial Conglomerates (0.2%):
	107,186	KOC Holdings AS		526,290

	Insurance (6.2%):
	899,000	AIA Group, Ltd.		4,524,074
	172,200	BB Seguridade Participacoes SA		2,516,349
	2,402,649	Cathay Financial Holding Co., Ltd.		3,753,520
	876,000	China Life Insurance Co., Ltd.		2,289,969
	1,164,400	China Pacific Insurance Group Co., Ltd., Class H		4,111,018
	7,614	Samsung Life Insurance Co., Ltd.		767,799

				17,962,729

	Internet Software & Services (4.7%):
	2,431	Mail.ru Group, Ltd., Registered Shares, GDR*		85,601
	14,944	Mail.ru Group, Ltd., GDR*		526,214


Shares			Fair Value
	Common Stocks, continued
	Internet Software & Services, continued
	3,698	NHN Corp.	$	3,060,196
	684,000	Tencent Holdings, Ltd.		10,459,729

				14,131,740

	IT Services (2.2%):
	170,400	Cielo SA		3,513,680
	76,538	Tata Consultancy Services, Ltd.		3,087,466

				6,601,146

	Machinery (0.8%):
	90,878	Iochpe-Maxion SA		802,228
	411,799	Weichai Power Co., Ltd., Class H		1,593,288

				2,395,516

	Media (1.4%):
	54,700	Cheil Worldwide, Inc.*		1,233,591
	26,764	Naspers, Ltd.		3,153,267

				4,386,858

	Metals & Mining (2.4%):
	173,900	Gerdau SA, Sponsored ADR		1,024,271
	461,700	Grupo Mexico SAB de C.V., Series B		1,540,732
	28,597	KGHM Polska Miedz SA		1,172,638
	23,408	Mining and Metallurgical Co. Norilsk Nickel, ADR		466,053
	193,100	Vale SA, ADR ^		2,554,713
	32,000	Vale SA, ADR		380,800

				7,139,207

	Multiline Retail (0.9%):
	9,323	Hyundai Department Store Co., Ltd.		1,280,691
	191,672	Woolworths Holdings, Ltd.		1,410,034

				2,690,725

	Oil, Gas & Consumable Fuels (13.6%):
	8,714,400	China Petroleum & Chemical Corp. (Sinopec), H Shares		8,317,547
	2,696,000	CNOOC, Ltd.		4,838,715
	177,416	Coal India, Ltd.		1,135,690
	90,960	LUKOIL, ADR		5,441,227
	3,450	LUKOIL, ADR		205,664
	303,582	OAO Gazprom, ADR		2,645,717
	38,701	Petroleo Brasileiro SA, ADR		566,196
	225,804	Petroleo Brasileiro SA, ADR		3,531,575
	262,800	PTT pcl		2,579,546
	208,399	Reliance Industries, Ltd.		3,518,740
	48,128	Sasol, Ltd.		2,864,320
	9,575	SK Energy Co., Ltd.		1,062,898
	32,947	Tupras-Turkiye Petrol Rafine		768,414
	4,700	Ultrapar Participacoes SA, ADR		110,920
	100,042	Ultrapar Participacoes SA		2,364,958

				39,952,127

	Personal Products (1.1%):
	291,500	Hengan International Group Co., Ltd.		3,071,272

	Pharmaceuticals (1.0%):
	95,529	Lupin, Ltd.		1,664,810
	55,864	Richter Gedeon Nyrt.		1,072,828

				2,737,638


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Real Estate Management & Development (2.2%):
	2,160,500	Ayala Land, Inc.	$	1,510,260
	157,800	BR Malls Participacoes SA		1,342,979
	1,232,031	Emaar Properties Pjsc		2,822,185
	2,176,900	Land & Houses Public Co., Ltd.		661,002

				6,336,426

	Semiconductors & Semiconductor Equipment (12.2%):
	1,505,000	Advanced Semiconductor Engineering, Inc.		1,957,743
	206,000	MediaTek, Inc.		3,488,935
	12,115	Samsung Electronics Co., Ltd.		15,842,319
	66,800	SK Hynix, Inc.*		3,204,541
	2,768,110	Taiwan Semiconductor Manufacturing Co., Ltd.		11,661,736

				36,155,274

	Technology Hardware, Storage & Peripherals (0.6%):
	211,000	Catcher Technology Co., Ltd.		1,968,372

	Textiles, Apparel & Luxury Goods (0.2%):
	47,000	Eclat Textile Co., Ltd.		569,438

	Tobacco (0.3%):
	10,506	KT&G Corp.		924,699

	Transportation Infrastructure (1.0%):
	367,056	Companhia de Concessoes Rodoviarias		2,999,258

	Wireless Telecommunication Services (3.1%):
	310,000	China Mobile, Ltd.		3,009,619
	21,200	Mobile TeleSystems, ADR		418,488
	188,158	Mobile TeleSystems OJSC		1,623,326
	2,820	Philippine Long Distance Telephone Co.		192,029
	11,506	SK Telecom Co., Ltd.		2,692,793
	183,276	Turkcell Iletisim Hizmetleri AS*		1,146,448

				9,082,703

	Total Common Stocks (Cost $227,270,585)			293,251,304

	Preferred Stocks (0.6%):
	Metals & Mining (0.2%):
	60,200	Vale SA, Preferred Shares, ADR		716,380

	Oil, Gas & Consumable Fuels (0.4%):
	1,466,212	Surgutneftegas, Preferred Shares*		1,172,780

	Total Preferred Stocks (Cost $1,594,316)			1,889,160

	Securities Held as Collateral for Securities on Loan (2.2%):
$	6,543,295	Allianz Variable Insurance Products Securities Lending Collateral Trust (a)		6,543,295

	Total Securities Held as Collateral for Securities on Loan (Cost $6,543,295)			6,543,295

	Total Investment Securities (Cost $235,408,196)(b) — 101.9%			301,683,759
	Net other assets (liabilities) — (1.9)%			(5,646,317	)

	Net Assets — 100.0%		$	296,037,442

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2014:


Country	Percentage
Brazil		13.1	%
British Virgin Islands		0.2	%
Cayman Islands		2.5	%
China		10.4	%
Czech Republic		0.3	%
Egypt		0.2	%
Greece		0.7	%
Hong Kong		6.8	%
Hungary		1.3	%
India		6.8	%
Indonesia		1.2	%
Korea, Republic Of		1.8	%
Malaysia		0.8	%
Mexico		3.8	%
Philippines		0.8	%
Poland		1.6	%
Qatar		1.2	%
Republic of Korea (South)		17.6	%
Russian Federation		5.2	%
South Africa		2.6	%
Switzerland		1.4	%
Taiwan		11.9	%
Thailand		2.1	%
Turkey		1.7	%
United Arab Emirates		0.9	%
United States		3.1	%

		100.0	%

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investment securities, at cost	$	235,408,196

Investment securities, at value*	$	301,683,759
Interest and dividends receivable		645,497
Foreign currency, at value (cost $775,694)		775,412
Receivable for investments sold		1,496,715
Reclaims receivable		21,701
Prepaid expenses		1,383

Total Assets		304,624,467

Liabilities:
Cash overdraft		947,871
Payable for investments purchased		319,534
Payable for capital shares redeemed		280,424
Payable for collateral received on loaned securities		6,543,295
Manager fees payable		262,871
Administration fees payable		10,998
Distribution fees payable		54,487
Custodian fees payable		155,454
Administrative and compliance services fees payable		863
Trustee fees payable		1,790
Other accrued liabilities		9,438

Total Liabilities		8,587,025

Net Assets	$	296,037,442

Net Assets Consist of:
Capital	$	224,490,681
Accumulated net investment income/(loss)		2,423,763
Accumulated net realized gains/(losses) from investment transactions		2,846,903
Net unrealized appreciation/(depreciation) on investments		66,276,095

Net Assets	$	296,037,442

Class 1
Net Assets	$	31,097,430
Shares of beneficial interest (unlimited number of shares authorized, no par value)		3,846,134
Net Asset Value (offering and redemption price per share)	$	8.09

Class 2
Net Assets	$	264,940,012
Shares of beneficial interest (unlimited number of shares authorized, no par value)		32,854,713
Net Asset Value (offering and redemption price per share)	$	8.06

*	Includes securities on loan of $6,296,228.

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends	$	3,016,002
Interest		2
Income from securities lending		88,022
Foreign withholding tax		(258,308	)

Total Investment Income		2,845,718

Expenses:
Manager fees		1,747,217
Administration fees		49,949
Distribution fees — Class 2		317,860
Custodian fees		217,662
Administrative and compliance services fees		2,091
Trustee fees		6,663
Professional fees		6,946
Shareholder reports		13,725
Other expenses		3,346

Total expenses before reductions		2,365,459
Less expenses voluntarily waived/reimbursed by the Manager		(213,076	)
Less expenses paid indirectly		(45	)

Net expenses		2,152,338

Net Investment Income/(Loss)		693,380

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		4,447,276
Change in net unrealized appreciation/depreciation on investments		4,355,533

Net Realized/Unrealized Gains/(Losses) on Investments		8,802,809

Change in Net Assets Resulting From Operations	$	9,496,189

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

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of 30 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Schroder Emerging Markets Equity Fund (the “Fund”), and 29 are presented in separate reports.

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Each class of shares bears its pro-rata portion of expenses attributable to its series, except that each class separately bears expenses related specifically to that class, such as distribution fees. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products and Allianz Variable Insurance Products Fund of Funds Trusts based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust and the Allianz Variable Insurance Products Fund of Funds Trust.

previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives 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 cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. 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. Securities on loan at June 30, 2014 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $6.2 million for the period ended June 30, 2014.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund paid securities lending fees of $8,705 during the period ended June 30, 2014. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Effective January 6, 2014, the Manager, on behalf of the Trust, requested the Fund cease participation in the program until further notice.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Schroder Investment Management North America Inc. (“Schroder”), Schroder provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2015.

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $1,685 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2014, there have been no significant changes to the Fund’s fair valuation methodologies. Changes in valuation techniques may result in transfers in to or out of an investment’s assigned level within the hierarchy during the reporting period. There were significant transfers from Level 2 to Level 1, based on valuations at the reporting period end, the result of certain country holdings valued at close prices at period end; and transfers from Level 1 to Level 2, the result of fair value prices applied to certain country holdings at period end, are noted below:

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2014 is $237,503,691. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

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

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


Shares			Fair Value
Common Stocks (98.4%):
Aerospace & Defense (2.5%):
	21,892	AAR Corp.	$	603,344
	10,969	Aerovironment, Inc.*		348,814
	4,367	American Science & Engineering, Inc.		303,900
	11,562	Cubic Corp.		514,625
	26,650	Curtiss-Wright Corp.		1,747,174
	9,716	Engility Holdings, Inc.*		371,734
	32,308	Gencorp, Inc.*		617,083
	24,598	Moog, Inc., Class A*		1,792,948
	2,706	National Presto Industries, Inc.^		197,105
	33,511	Orbital Sciences Corp.*		990,250
	29,810	TASER International, Inc.*		396,473
	20,748	Teledyne Technologies, Inc.*		2,016,082

				9,899,532

	Air Freight & Logistics (0.7%):
	13,961	Atlas Air Worldwide Holdings*		514,463
	17,260	Forward Air Corp.		825,891
	19,259	Hub Group, Inc., Class A*		970,653
	50,734	UTI Worldwide, Inc.*		524,590

				2,835,597

	Airlines (0.3%):
	7,821	Allegiant Travel Co.		921,079
	28,240	SkyWest, Inc.		345,093

				1,266,172

	Auto Components (0.6%):
	16,774	Dorman Products, Inc.*		827,293
	12,287	Drew Industries, Inc.		614,473
	11,365	Standard Motor Products, Inc.		507,675
	12,792	Superior Industries International, Inc.		263,771

				2,213,212

	Automobiles (0.1%):
	15,055	Winnebago Industries, Inc.*		379,085

	Banks (6.8%):
	35,672	Bank of the Ozarks, Inc.		1,193,228
	10,833	Banner Corp.		429,312
	44,041	BBCN Bancorp, Inc.		702,454
	44,221	Boston Private Financial Holdings, Inc.		594,330
	17,693	Cardinal Financial Corp.		326,613
	8,689	City Holding Co.		392,048
	29,097	Columbia Banking System, Inc.		765,542
	22,503	Community Bank System, Inc.		814,609
	52,136	CVB Financial Corp.		835,740
	92,021	F.N.B. Corp.		1,179,709
	55,591	First Bancorp*		302,415
	52,102	First Commonwealth Financial Corp.		480,380
	31,930	First Financial Bancorp		549,515
	33,649	First Financial Bankshares, Inc.^		1,055,569
	41,639	First Midwest Bancorp, Inc.		709,112
	41,187	Glacier Bancorp, Inc.		1,168,887
	17,619	Hanmi Financial Corp.		371,409
	26,327	Home Bancshares, Inc.		864,052
	13,230	Independent Bank Corp.		507,767
	30,499	MB Financial, Inc.		824,998
	61,594	National Penn Bancshares, Inc.		651,665


Shares			Fair Value
Common Stocks, continued
Banks, continued
	24,150	NBT Bancorp, Inc.	$	580,083
	58,470	Old National Bancorp		834,952
	18,496	Pinnacle Financial Partners, Inc.		730,222
	37,001	PrivateBancorp, Inc.		1,075,249
	16,491	S & T Bancorp, Inc.		409,801
	9,022	Simmons First National Corp., Class A		355,377
	43,412	Sterling BanCorp/de		520,944
	103,776	Susquehanna Bancshares, Inc.		1,095,875
	8,429	Taylor Capital Group, Inc.*		180,212
	23,818	Texas Capital Bancshares, Inc.*		1,284,981
	6,603	Tompkins Financial Corp.		318,133
	20,858	UMB Financial Corp.		1,322,188
	34,755	United Bankshares, Inc.		1,123,629
	21,620	United Community Banks, Inc.		353,919
	37,685	Wilshire Bancorp, Inc.		387,025
	25,741	Wintrust Financial Corp.		1,184,086

				26,476,030

	Beverages (0.3%):
	4,904	Boston Beer Co., Inc. (The), Class A*		1,096,142

	Biotechnology (0.7%):
	23,038	Acorda Therapeutics, Inc.*		776,610
	16,358	Emergent Biosolutions, Inc.*		367,401
	11,465	Ligand Pharmaceuticals, Inc., Class B*		714,155
	25,786	Momenta Pharmaceuticals, Inc.*		311,495
	16,783	Repligen Corp.*		382,485
	30,522	Spectrum Pharmaceuticals, Inc.*		248,144

				2,800,290

	Building Products (1.0%):
	15,382	AAON, Inc.		515,605
	6,678	American Woodmark Corp.*		212,828
	16,106	Apogee Enterprises, Inc.		561,455
	16,076	Gibraltar Industries, Inc.*		249,339
	24,120	Griffon Corp.		299,088
	17,571	PGT, Inc.*		148,826
	20,766	Quanex Building Products Corp.		371,088
	22,766	Simpson Manufacturing Co., Inc.		827,772
	11,093	Universal Forest Products, Inc.		535,459

				3,721,460

	Capital Markets (1.9%):
	10,586	Calamos Asset Management, Inc., Class A		141,747
	19,273	Evercore Partners, Inc., Class A		1,110,896
	28,454	Financial Engines, Inc.		1,288,397
	14,821	Greenhill & Co., Inc.		729,934
	18,550	HFF, Inc., Class A		689,875
	19,862	Investment Technology Group, Inc.*		335,271
	9,018	Piper Jaffray Cos., Inc.*		466,862
	33,667	Stifel Financial Corp.*		1,594,131
	16,199	SWS Group, Inc.*		117,929
	3,904	Virtus Investment Partners, Inc.*		826,672

				7,301,714

	Chemicals (2.5%):
	16,158	A. Schulman, Inc.		625,315
	13,905	American Vanguard Corp.		183,824


Shares			Fair Value
	Common Stocks, continued
	Chemicals, continued
	16,825	Balchem Corp.	$	901,146
	29,450	Calgon Carbon Corp.*		657,619
	26,183	Flotek Industries, Inc.*		842,045
	12,485	Futurefuel Corp.		207,126
	27,706	H.B. Fuller Co.		1,332,658
	5,218	Hawkins, Inc.		193,797
	12,129	Innophos Holdings, Inc.		698,267
	30,663	Intrepid Potash, Inc.*		513,912
	11,306	Koppers Holdings, Inc.		432,455
	18,137	Kraton Performance Polymers, Inc.*		406,087
	10,610	LSB Industries, Inc.*		442,119
	17,773	OM Group, Inc.		576,378
	7,335	Quaker Chemical Corp.		563,255
	10,496	Stepan Co.		554,819
	13,990	Tredegar Corp.		327,506
	12,655	Zep, Inc.		223,487

				9,681,815

	Commercial Services & Supplies (2.8%):
	28,811	ABM Industries, Inc.		777,321
	26,781	Brink’s Co. (The)		755,760
	13,085	Encore Capital Group, Inc.*		594,321
	11,032	G & K Services, Inc., Class A		574,436
	38,864	Healthcare Services Group, Inc.		1,144,157
	32,380	Interface, Inc.		610,039
	22,742	Mobile Mini, Inc.		1,089,114
	27,685	Portfolio Recovery Associates, Inc.*		1,648,089
	21,632	Sykes Enterprises, Inc.*		470,063
	35,938	Tetra Tech, Inc.		988,295
	8,440	UniFirst Corp.		894,640
	21,803	United Stationers, Inc.		904,170
	11,322	Viad Corp.		269,916

				10,720,321

	Communications Equipment (1.1%):
	5,599	Bel Fuse, Inc., Class B		143,726
	8,611	Black Box Corp.		201,842
	18,695	Calamp Corp.*		404,934
	8,875	Comtech Telecommunications Corp.		331,304
	14,014	Digi International, Inc.*		132,012
	52,387	Harmonic, Inc.*		390,807
	31,262	Ixia*		357,325
	20,226	NETGEAR, Inc.*		703,258
	9,507	Oplink Communications, Inc.*		161,334
	11,424	Procera Networks, Inc.*^		115,268
	23,602	ViaSat, Inc.*		1,367,971

				4,309,781

	Construction & Engineering (0.8%):
	21,014	Aegion Corp.*		488,996
	20,885	Comfort Systems USA, Inc.		329,983
	18,782	Dycom Industries, Inc.*		588,064
	37,209	Emcor Group, Inc.		1,656,917
	15,122	Orion Marine Group, Inc.*		163,771

				3,227,731


Shares			Fair Value
	Common Stocks, continued
	Construction Materials (0.4%):
	40,590	Headwaters, Inc.*	$	563,795
	11,876	Texas Industries, Inc.*		1,096,867

				1,660,662

	Consumer Finance (0.6%):
	15,546	Cash America International, Inc.		690,709
	30,168	EZCORP, Inc., Class A*		348,440
	16,015	First Cash Financial Services, Inc.*		922,304
	5,352	World Acceptance Corp.*^		406,538

				2,367,991

	Containers & Packaging (0.1%):
	14,521	Myers Industries, Inc.		291,727

	Distributors (0.4%):
	24,848	Pool Corp.		1,405,403
	10,884	VOXX International Corp.*		102,418

				1,507,821

	Diversified Consumer Services (1.1%):
	9,659	American Public Education, Inc.*		332,076
	6,036	Capella Education Co.		328,298
	31,904	Career Education Corp.*		149,311
	34,713	Hillenbrand, Inc.		1,132,337
	10,043	ITT Educational Services, Inc.*^		167,618
	15,129	Matthews International Corp., Class A		628,913
	11,276	Outerwall, Inc.*^		669,230
	24,233	Regis Corp.		341,201
	6,002	Strayer Education, Inc.*		315,165
	11,725	Universal Technical Institute, Inc.		142,342

				4,206,491

	Diversified Financial Services (0.8%):
	21,061	FXCM, Inc.^		315,073
	17,074	Green Dot Corp., Class A*		324,065
	26,614	Interactive Brokers Group, Inc., Class A		619,840
	20,847	MarketAxess Holdings, Inc.		1,126,988
	19,804	ViewPoint Financial Group		532,926

				2,918,892

	Diversified Telecommunication Services (0.4%):
	45,587	8x8, Inc.*		368,343
	5,549	Atlantic Tele-Network, Inc.		321,842
	16,138	Cbeyond, Inc.*		160,573
	115,645	Cincinnati Bell, Inc.*		454,484
	17,483	General Communication, Inc., Class A*		193,712
	9,914	Lumos Networks Corp.		143,456

				1,642,410

	Electric Utilities (1.2%):
	21,320	ALLETE, Inc.		1,094,782
	22,385	El Paso Electric Co.		900,101
	31,268	UIL Holdings Corp.		1,210,384
	23,064	UNS Energy Corp.		1,393,296

				4,598,563

	Electrical Equipment (1.8%):
	14,176	AZZ, Inc.		653,230
	25,467	Brady Corp., Class A		760,699
	10,314	Encore Wire Corp.		505,799


Shares			Fair Value
	Common Stocks, continued
	Electrical Equipment, continued
	25,958	EnerSys	$	1,785,651
	21,651	Franklin Electric Co., Inc.		873,185
	26,893	General Cable Corp.		690,074
	29,786	II-VI, Inc.*		430,706
	19,929	Methode Electronics, Inc.		761,487
	5,126	Powell Industries, Inc.		335,138
	9,945	Vicor Corp.*		83,339

				6,879,308

	Electronic Equipment, Instruments & Components (4.4%):
	7,796	Agilysys, Inc.*		109,768
	14,815	Anixter International, Inc.		1,482,537
	7,981	Badger Meter, Inc.		420,200
	29,823	Benchmark Electronics, Inc.*		759,890
	23,069	Checkpoint Systems, Inc.*		322,735
	45,624	Cognex Corp.*		1,751,961
	13,792	Coherent, Inc.*		912,617
	18,711	CTS Corp.		349,896
	21,106	Daktronics, Inc.		251,584
	9,374	DTS, Inc.*		172,575
	14,221	Electro Scientific Industries, Inc.		96,845
	16,325	Fabrinet*		336,295
	9,513	FARO Technologies, Inc.*		467,279
	22,628	Insight Enterprises, Inc.*		695,585
	12,451	Littlelfuse, Inc.		1,157,320
	8,361	Measurement Specialties, Inc.*		719,631
	18,417	Mercury Computer Systems, Inc.*		208,849
	8,369	MTS Systems Corp.		567,083
	22,058	Newport Corp.*		408,073
	10,370	OSI Systems, Inc.*		692,198
	11,591	Park Electrochemical Corp.		326,982
	18,746	Plexus Corp.*		811,514
	15,495	Rofin-Sinar Technologies, Inc.*		372,500
	10,026	Rogers Corp.*		665,225
	45,553	Sanmina Corp.*		1,037,697
	15,761	ScanSource, Inc.*		600,179
	15,138	SYNNEX Corp.*		1,102,803
	30,461	TTM Technologies, Inc.*		249,780

				17,049,601

	Energy Equipment & Services (2.2%):
	19,364	Basic Energy Services, Inc.*		565,816
	19,674	Bristow Group, Inc.		1,586,119
	10,475	Era Group, Inc.*		300,423
	32,813	Exterran Holdings, Inc.		1,476,257
	7,268	Geospace Technologies Corp.*		400,321
	6,808	Gulf Island Fabrication, Inc.		146,508
	18,048	Hornbeck Offshore Services, Inc.*		846,812
	70,934	ION Geophysical Corp.*		299,341
	14,580	Matrix Service Co.*		478,078
	46,904	Newpark Resources, Inc.*		584,424
	10,608	SEACOR Holdings, Inc.*		872,508
	17,757	Tesco Corp.		378,934
	43,655	TETRA Technologies, Inc.*		514,256

				8,449,797


Shares			Fair Value
Common Stocks, continued
	Food & Staples Retailing (0.7%):
	14,687	Andersons, Inc. (The)	$	757,555
	21,281	Casey’s General Stores, Inc.		1,495,842
	20,887	SpartanNash Co.		438,836

				2,692,233

	Food Products (2.2%):
	9,425	Annie’s, Inc.*		318,754
	29,697	B&G Foods, Inc.		970,795
	7,635	Calavo Growers, Inc.		258,292
	8,295	Cal-Maine Foods, Inc.		616,484
	91,014	Darling International, Inc.*		1,902,192
	12,173	Diamond Foods, Inc.*^		343,279
	8,081	J & J Snack Foods Corp.		760,584
	11,241	Sanderson Farms, Inc.		1,092,625
	3,974	Seneca Foods Corp., Class A*		121,604
	27,143	Snyders-Lance, Inc.		718,204
	20,340	TreeHouse Foods, Inc.*		1,628,623

				8,731,436

	Gas Utilities (1.8%):
	23,112	Laclede Group, Inc. (The)		1,122,088
	23,304	New Jersey Resources Corp.		1,332,057
	15,013	Northwest Natural Gas Co.		707,863
	43,222	Piedmont Natural Gas Co., Inc.^		1,616,935
	18,241	South Jersey Industries, Inc.		1,101,939
	25,719	Southwest Gas Corp.		1,357,706

				7,238,588

	Health Care Equipment & Supplies (3.4%):
	11,681	Abaxis, Inc.		517,585
	19,613	ABIOMED, Inc.*		493,071
	6,840	Analogic Corp.		535,162
	6,547	Anika Therapeutics, Inc.*		303,323
	18,567	Cantel Medical Corp.		679,924
	15,057	CONMED Corp.		664,767
	14,093	CryoLife, Inc.		126,132
	13,360	Cyberonics, Inc.*		834,466
	10,749	Cynosure, Inc., Class A*		228,416
	13,764	Greatbatch, Inc.*		675,262
	28,792	Haemonetics Corp.*		1,015,781
	7,491	ICU Medical, Inc.*		455,528
	13,153	Integra LifeSciences Holdings*		618,980
	16,027	Invacare Corp.		294,416
	28,547	Masimo Corp.*		673,709
	22,994	Meridian Bioscience, Inc.		474,596
	22,599	Merit Medical Systems, Inc.*		341,245
	16,009	Natus Medical, Inc.*		402,466
	20,283	Neogen Corp.*		820,853
	25,776	NuVasive, Inc.*		916,852
	7,552	Surmodics, Inc.*		161,764
	20,621	Symmetry Medical, Inc.*		182,702
	39,083	West Pharmaceutical Services, Inc.		1,648,520

				13,065,520

Health Care Providers & Services (3.4%):
	19,490	Air Methods Corp.*		1,006,659
	4,644	Almost Family, Inc.*		102,540


Shares			Fair Value
Common Stocks, continued
Health Care Providers & Services, continued
	18,170	Amedisys, Inc.*	$	304,166
	25,709	AMN Healthcare Services, Inc.*		316,221
	22,667	AmSurg Corp.*		1,032,935
	13,594	Bio-Reference Laboratories, Inc.*^		410,811
	31,892	Centene Corp.*		2,411,353
	9,696	Chemed Corp.^		908,709
	6,236	CorVel Corp.*		281,742
	14,963	Cross Country Healthcare, Inc.*		97,559
	10,923	Ensign Group, Inc. (The)		339,487
	16,118	Gentiva Health Services, Inc.*		242,737
	19,481	Hanger Orthopedic Group, Inc.*		612,677
	19,525	Healthways, Inc.*		342,469
	9,511	IPC The Hospitalist Co.*		420,576
	35,239	Kindred Healthcare, Inc.		814,021
	5,313	Landauer, Inc.		223,146
	6,847	LHC Group, Inc.*		146,320
	15,244	Magellan Health Services, Inc.*		948,787
	15,868	Molina Healthcare, Inc.*		708,189
	7,113	MWI Veterinary Supply, Inc.*		1,009,975
	16,596	PharMerica Corp.*		474,480

				13,155,559

	Health Care Technology (0.7%):
	5,823	Computer Programs & Systems, Inc.		370,343
	11,409	HealthStream, Inc.*		277,239
	28,134	Medidata Solutions, Inc.*		1,204,416
	20,253	Omnicell, Inc.*		581,463
	24,352	Quality Systems, Inc.		390,850

				2,824,311

	Hotels, Restaurants & Leisure (3.5%):
	812	Biglari Holdings, Inc.*		343,452
	13,885	BJ’s Restaurants, Inc.*		484,725
	13,658	Bob Evans Farms, Inc.		683,583
	41,974	Boyd Gaming Corp.*		509,145
	10,453	Buffalo Wild Wings, Inc.*		1,732,166
	13,175	Cracker Barrel Old Country Store, Inc.		1,311,834
	9,004	DineEquity, Inc.		715,728
	22,040	Interval Leisure Group, Inc.		483,558
	22,137	Jack in the Box, Inc.		1,324,677
	10,042	Marcus Corp.		183,267
	16,375	Marriott Vacations Worldwide Corp.*		960,066
	5,398	Monarch Casino & Resort, Inc.*		81,726
	16,386	Multimedia Games, Inc.*		485,681
	16,881	Papa John’s International, Inc.		715,586
	32,510	Pinnacle Entertainment, Inc.*		818,602
	7,189	Red Robin Gourmet Burgers*		511,857
	31,908	Ruby Tuesday, Inc.*		242,182
	19,814	Ruth’s Hospitality Group, Inc.		244,703
	26,547	Scientific Games Corp., Class A*		295,203
	27,940	Sonic Corp.*		616,915
	32,728	Texas Roadhouse, Inc.		850,928

				13,595,584


Shares			Fair Value
Common Stocks, continued
	Household Durables (1.5%):
	14,446	Ethan Allen Interiors, Inc.	$	357,394
	14,868	Helen of Troy, Ltd.*		901,447
	16,310	iRobot Corp.*^		667,895
	28,953	La-Z-Boy, Inc.		670,841
	13,568	M/I Homes, Inc.*		329,295
	20,343	Meritage Corp.*		858,678
	25,950	Ryland Group, Inc. (The)		1,023,468
	83,351	Standard Pacific Corp.*		716,819
	8,807	Universal Electronics, Inc.*		430,486

				5,956,323

	Household Products (0.2%):
	23,749	Central Garden & Pet Co., Class A*		218,491
	7,783	WD-40 Co.		585,437

				803,928

	Industrial Conglomerates (0.1%):
	7,070	Standex International Corp.		526,574

	Insurance (1.9%):
	10,312	Amerisafe, Inc.		419,389
	10,529	eHealth, Inc.*		399,786
	17,367	Employers Holdings, Inc.		367,833
	5,510	Hci Group, Inc.		223,706
	22,531	Horace Mann Educators Corp.		704,544
	6,371	Infinity Property & Casualty Corp.		428,322
	25,863	Meadowbrook Insurance Group, Inc.		185,955
	5,909	Navigators Group, Inc.*		396,198
	32,825	ProAssurance Corp.		1,457,431
	19,046	RLI Corp.		871,927
	7,105	Safety Insurance Group, Inc.		365,055
	31,099	Selective Insurance Group, Inc.		768,767
	11,610	Stewart Information Services Corp.		360,026
	11,950	United Fire Group, Inc.		350,374
	16,095	Universal Insurance Holdings, Inc.		208,752

				7,508,065

	Internet & Catalog Retail (0.2%):
	6,693	Blue Nile, Inc.*		187,404
	10,498	FTD Cos., Inc.*		333,731
	15,890	Nutri/System, Inc.		271,878
	11,177	PetMed Express, Inc.^		150,666

				943,679

	Internet Software & Services (2.1%):
	23,360	Blucora, Inc.*		440,803
	17,833	comScore, Inc.*		632,715
	24,288	DealerTrack Holdings, Inc.*		1,101,218
	20,589	Dice Holdings, Inc.*		156,682
	15,304	Digital River, Inc.*		236,141
	24,722	j2 Global, Inc.		1,257,361
	14,340	Liquidity Services, Inc.*^		225,998
	27,419	LivePerson, Inc.*		278,303
	12,628	LogMeIn, Inc.*		588,717
	50,303	Monster Worldwide, Inc.*		328,982
	33,235	NIC, Inc.		526,775
	13,007	OpenTable, Inc.*		1,347,525
	19,129	Perficient, Inc.*		372,442


Shares			Fair Value
Common Stocks, continued
	Internet Software & Services, continued
	15,866	QuinStreet, Inc.*	$	87,422
	8,152	Stamps.com, Inc.*		274,641
	13,724	XO Group, Inc.*		167,707

				8,023,432

	IT Services (1.9%):
	12,996	CACI International, Inc., Class A*		912,449
	24,605	Cardtronics, Inc.*		838,538
	38,086	CIBER, Inc.*		188,145
	18,829	CSG Systems International, Inc.		491,625
	16,995	Exlservice Holdings, Inc.*		500,503
	6,656	Forrester Research, Inc.		252,129
	19,811	Heartland Payment Systems, Inc.		816,411
	17,967	Higher One Holdings, Inc.*		68,454
	16,247	iGATE Corp.*		591,228
	13,184	ManTech International Corp., Class A		389,192
	37,439	Maximus, Inc.		1,610,627
	10,352	TeleTech Holdings, Inc.*		300,104
	14,367	Virtusa Corp.*		514,339

				7,473,744

	Leisure Products (0.3%):
	7,127	Arctic Cat, Inc.		280,946
	42,864	Callaway Golf Co.		356,628
	10,736	Sturm, Ruger & Co., Inc.^		633,532

				1,271,106

	Life Sciences Tools & Services (0.8%):
	40,246	Affymetrix, Inc.*		358,592
	10,577	Albany Molecular Research, Inc.*		212,809
	16,914	Cambrex Corp.*		350,120
	20,946	Luminex Corp.*		359,224
	31,454	PAREXEL International Corp.*		1,662,029

				2,942,774

	Machinery (3.3%):
	39,262	Actuant Corp., Class A		1,357,287
	15,659	Albany International Corp., Class A		594,416
	10,395	Astec Industries, Inc.		456,133
	26,055	Barnes Group, Inc.		1,004,160
	25,865	Briggs & Stratton Corp.		529,198
	9,769	CIRCOR International, Inc.		753,483
	12,568	EnPro Industries, Inc.*		919,475
	14,691	ESCO Technologies, Inc.		508,896
	34,742	Federal Signal Corp.		508,970
	15,164	John Bean Technologies Corp.		469,932
	7,107	Lindsay Corp.^		600,328
	9,422	Lydall, Inc.*		257,880
	31,369	Mueller Industries, Inc.		922,562
	10,184	Tennant Co.		777,243
	29,635	Titan International, Inc.^		498,461
	30,779	Toro Co.		1,957,543
	15,750	Watts Water Technologies, Inc., Class A		972,248

				13,088,215

	Marine (0.2%):
	23,751	Matson, Inc.		637,477


Shares			Fair Value
Common Stocks, continued
	Media (0.3%):
	16,770	E.W. Scripps Co. (The), Class A*	$	354,853
	24,352	Harte-Hanks, Inc.		175,091
	14,431	Scholastic Corp.		491,953
	12,759	Sizmek, Inc.*		121,593

				1,143,490

	Metals & Mining (2.0%):
	9,447	A.M. Castle & Co.*^		104,295
	75,658	AK Steel Holding Corp.*		602,238
	28,519	Century Aluminum Co.*		447,178
	35,091	Globe Specialty Metals, Inc.		729,191
	6,871	Haynes International, Inc.		388,830
	9,974	Kaiser Aluminum Corp.		726,805
	11,371	Materion Corp.		420,613
	5,037	Olympic Steel, Inc.		124,666
	16,986	RTI International Metals, Inc.*		451,658
	66,262	Stillwater Mining Co.*		1,162,898
	38,628	SunCoke Energy, Inc.*		830,502
	29,730	US Silica Holdings, Inc.		1,648,231

				7,637,105

	Multiline Retail (0.2%):
	18,974	Fred’s, Inc.		290,112
	20,646	Tuesday Morning Corp.*		367,912

				658,024

	Multi-Utilities (0.6%):
	33,280	Avista Corp.		1,115,546
	21,646	NorthWestern Corp.		1,129,704

				2,245,250

	Oil, Gas & Consumable Fuels (2.8%):
	19,532	Approach Resources, Inc.*^		443,962
	117,640	Arch Coal, Inc.^		429,386
	25,409	C&J Energy Services, Inc.*		858,316
	22,894	Carrizo Oil & Gas, Inc.*		1,585,639
	33,708	Cloud Peak Energy, Inc.*		620,901
	24,628	Comstock Resources, Inc.		710,272
	8,585	Contango Oil & Gas Co.*		363,231
	65,993	Forest Oil Corp.*		150,464
	17,421	Green Plains Renewable Energy, Inc.		572,628
	31,042	Northern Oil & Gas, Inc.*^		505,674
	19,796	PDC Energy, Inc.*		1,250,117
	29,403	Penn Virginia Corp.*		498,381
	31,965	PetroQuest Energy, Inc.*		240,377
	34,717	Pioneer Energy Services Corp.*		608,936
	30,647	Stone Energy Corp.*		1,433,974
	24,202	Swift Energy Co.*^		314,142
	35,731	Synergy Resources Corp.*		473,436

				11,059,836

	Paper & Forest Products (1.3%):
	17,443	Boise Cascade Co.*		499,568
	11,289	Clearwater Paper Corp.*		696,757
	6,191	Deltic Timber Corp.		374,060
	44,542	KapStone Paper & Packaging Corp.*		1,475,677
	9,163	Neenah Paper, Inc.		487,013


Shares			Fair Value
Common Stocks, continued
	Paper & Forest Products, continued
	23,827	P.H. Glatfelter Co.	$	632,130
	16,851	Schweitzer-Mauduit International, Inc.		735,715
	27,593	Wausau Paper Corp.		298,556

				5,199,476

	Personal Products (0.4%):
	9,440	Inter Parfums, Inc.		278,952
	6,676	Medifast, Inc.*		203,017
	28,683	Prestige Brands Holdings, Inc.*		972,067

				1,454,036

	Pharmaceuticals (1.9%):
	39,660	Akorn, Inc.*^		1,318,695
	36,037	Impax Laboratories, Inc.*		1,080,750
	15,545	Lannett Co., Inc.*		771,343
	35,959	Medicines Co. (The)*		1,044,969
	31,022	Questcor Pharmaceuticals, Inc.^		2,869,224
	11,907	Sagent Pharmaceuticals, Inc.*		307,915

				7,392,896

	Professional Services (1.4%):
	8,054	CDI Corp.		116,058
	7,250	Exponent, Inc.		537,298
	8,914	Heidrick & Struggles International, Inc.		164,909
	12,577	Insperity, Inc.		415,041
	15,147	Kelly Services, Inc., Class A		260,074
	27,470	Korn/Ferry International*		806,794
	27,196	Navigant Consulting, Inc.*		474,570
	25,843	On Assignment, Inc.*		919,235
	21,472	Resources Connection, Inc.		281,498
	22,815	Trueblue, Inc.*		629,010
	16,701	Wageworks, Inc.*		805,155

				5,409,642

	Real Estate Investment Trusts (REITs) (7.4%):
	31,738	Acadia Realty Trust		891,520
	8,239	Agree Realty Corp.		249,065
	18,272	American Assets Trust, Inc.		631,298
	31,846	Associated Estates Realty Corp.		573,865
	50,297	Capstead Mortgage Corp.^		661,406
	10,923	CareTrust REIT, Inc.*		216,275
	37,504	Cedar Shopping Centers, Inc.		234,400
	27,664	Chesapeake Lodging Trust		836,283
	11,969	Coresite Realty Corp.		395,815
	102,061	Cousins Properties, Inc.		1,270,659
	108,223	DiamondRock Hospitality, Co.		1,387,419
	17,312	EastGroup Properties, Inc.		1,111,950
	29,559	EPR Properties		1,651,460
	48,223	Franklin Street Properties Corp.		606,645
	40,135	Geo Group, Inc. (The)		1,434,024
	14,741	Getty Realty Corp.		281,258
	29,219	Government Properties Income Trust		741,870
	53,115	Healthcare Realty Trust, Inc.		1,350,183
	46,378	Inland Real Estate Corp.		492,998
	72,911	Kite Realty Group Trust		447,674
	113,376	Lexington Realty Trust^		1,248,270
	19,230	LTC Properties, Inc.		750,739


Shares			Fair Value
Common Stocks, continued
	Real Estate Investment Trusts (REITs), continued
	95,374	Medical Properties Trust, Inc.	$	1,262,752
	39,941	Parkway Properties, Inc.		824,782
	38,029	Pennsylvania Real Estate Investment Trust		715,706
	30,052	Post Properties, Inc.		1,606,580
	11,158	PS Business Parks, Inc.		931,581
	48,339	Retail Opportunity Investments Corp.		760,372
	26,146	Sabra Health Care REIT, Inc.		750,652
	7,070	Saul Centers, Inc.		343,602
	18,217	Sovran Self Storage, Inc.		1,407,263
	53,005	Tanger Factory Outlet Centers, Inc.		1,853,584
	6,520	Universal Health Realty Income Trust		283,490
	13,353	Urstadt Biddle Properties, Inc., Class A		278,811

				28,484,251

	Real Estate Management & Development (0.1%):
	19,231	Forestar Group, Inc.*		367,120

	Road & Rail (0.8%):
	13,520	ArcBest Corp.		588,255
	27,642	Heartland Express, Inc.		589,880
	33,530	Knight Transportation, Inc.		797,009
	14,053	Roadrunner Transportation System, Inc.*		394,889
	13,645	Saia, Inc.*		599,425

				2,969,458

	Semiconductors & Semiconductor Equipment (4.0%):
	20,881	Advanced Energy Industries, Inc.*		401,959
	36,976	Brooks Automation, Inc.		398,232
	13,330	Cabot Microelectronics Corp.*		595,185
	11,595	CEVA, Inc.*		171,258
	34,290	Cirrus Logic, Inc.*		779,755
	13,078	Cohu, Inc.		139,935
	20,158	Diodes, Inc.*		583,776
	12,230	DSP Group, Inc.*		103,833
	49,092	Entropic Communications, Inc.*		163,476
	26,200	Exar Corp.*		296,060
	75,432	GT Advanced Technologies, Inc.*^		1,403,035
	17,351	Hittite Microwave Corp.		1,352,510
	33,516	Kopin Corp.*		109,262
	42,442	Kulicke & Soffa Industries, Inc.*		605,223
	25,013	Micrel, Inc.		282,147
	52,522	Microsemi Corp.*		1,405,488
	29,612	MKS Instruments, Inc.		925,079
	19,449	Monolithic Power Systems, Inc.		823,665
	12,568	Nanometrics, Inc.*		229,366
	11,143	Pericom Semiconductor Corp.*		100,733
	16,825	Power Integrations, Inc.		968,111
	12,913	Rubicon Technology, Inc.*		112,989
	18,448	Rudolph Technologies, Inc.*		182,266
	26,621	Tessera Technologies, Inc.		587,792
	94,731	TriQuint Semiconductor, Inc.*		1,497,696
	15,518	Ultratech, Inc.*		344,189
	22,150	Veeco Instruments, Inc.*		825,309

				15,388,329


Shares			Fair Value
Common Stocks, continued
	Software (2.7%):
	25,544	Blackbaud, Inc.	$	912,943
	20,808	Bottomline Technologies, Inc.*		622,575
	17,854	Ebix, Inc.^		255,491
	17,068	EPIQ Systems, Inc.		239,805
	8,986	Interactive Intelligence Group*		504,384
	41,901	Manhattan Associates, Inc.*		1,442,651
	5,002	MicroStrategy, Inc., Class A*		703,381
	21,867	Monotype Imaging Holdings, Inc.		615,993
	20,408	NetScout Systems, Inc.*		904,891
	28,381	Progress Software Corp.*		682,279
	17,086	Synchronoss Technologies, Inc.*		597,327
	52,003	Take-Two Interactive Software, Inc.*		1,156,547
	19,061	Tangoe, Inc.*		287,059
	16,065	Tyler Technologies, Inc.*		1,465,289
	16,259	VASCO Data Security International, Inc.*		188,604

				10,579,219

	Specialty Retail (4.1%):
	43,280	Aeropostale, Inc.*^		151,047
	20,592	Barnes & Noble, Inc.*		469,292
	9,859	Big 5 Sporting Goods Corp.		120,970
	22,947	Brown Shoe Co., Inc.		656,514
	15,545	Buckle, Inc. (The)^		689,576
	14,252	Cato Corp.		440,387
	12,071	Children’s Place Retail Stores, Inc. (The)		599,084
	20,151	Christopher & Banks Corp.*		176,523
	26,674	Finish Line, Inc. (The), Class A		793,285
	23,366	Francesca’s Holdings Corp.*		344,415
	13,266	Genesco, Inc.*		1,089,536
	11,651	Group 1 Automotive, Inc.		982,295
	11,050	Haverty Furniture Co., Inc.		277,687
	14,156	Hibbett Sports, Inc.*		766,831
	8,301	Kirkland’s, Inc.*		153,984
	12,569	Lithia Motors, Inc., Class A		1,182,365
	15,170	Lumber Liquidators Holdings, Inc.*^		1,152,161
	13,732	MarineMax, Inc.*		229,874
	25,202	Men’s Wearhouse, Inc. (The)		1,406,271
	16,558	Monro Muffler Brake, Inc.		880,719
	29,480	Pep Boys – Manny, Moe & Jack*		337,841
	29,999	Select Comfort Corp.*		619,779
	18,904	Sonic Automotive, Inc., Class A		504,359
	17,559	Stage Store, Inc.		328,178
	15,677	Stein Mart, Inc.		217,754
	17,025	Vitamin Shoppe, Inc.*		732,416
	11,718	Zumiez, Inc.*		323,300

				15,626,443

	Technology Hardware, Storage & Peripherals (1.0%):
	25,753	Electronics for Imaging, Inc.*		1,164,036
	13,349	Intevac, Inc.*		106,925
	48,330	QLogic Corp.*		487,650
	18,896	Super Micro Computer, Inc.*		477,502
	19,922	Synaptics, Inc.*^		1,805,730

				4,041,843


Shares or Principal Amount			Fair Value
Common Stocks, continued
	Textiles, Apparel & Luxury Goods (1.9%):
	48,389	Crocs, Inc.*	$	727,287
	9,870	G-III Apparel Group, Ltd.*		805,984
	26,930	Iconix Brand Group, Inc.*		1,156,374
	9,940	Movado Group, Inc.		414,200
	8,021	Oxford Industries, Inc.		534,760
	6,858	Perry Ellis International, Inc.*		119,604
	71,625	Quiksilver Resources, Inc.*		256,418
	21,803	Skechers U.S.A., Inc., Class A*		996,397
	31,857	Steven Madden, Ltd.*		1,092,695
	56,092	Wolverine World Wide, Inc.		1,461,757

				7,565,476

	Thrifts & Mortgage Finance (0.8%)
	23,882	Bank Mutual Corp.		138,516
	6,834	Bofi Holding, Inc.*		502,094
	39,062	Brookline Bancorp, Inc.		366,011
	16,322	Dime Community Bancshares		257,724
	52,360	Northwest Bancshares, Inc.		710,525
	21,825	Oritani Financial Corp.		335,887
	29,702	Provident Financial Services, Inc.		514,439
	52,452	TrustCo Bank Corp.		350,379

				3,175,575

	Tobacco (0.0%):
	45,443	Alliance One International, Inc.*		113,608

	Trading Companies & Distributors (0.7%):
	14,953	Aceto Corp.		271,247
	23,096	Applied Industrial Technologies, Inc.		1,171,661
	5,885	Dxp Enterprises, Inc.*		444,553
	15,151	Kaman Corp., Class A		647,402

				2,534,863

	Water Utilities (0.2%):
	21,493	American States Water Co.		714,212

	Wireless Telecommunication Services (0.1%):
	8,445	NTELOS Holdings Corp.^		105,225
	11,973	USA Mobility, Inc.		184,384

				289,609

	Total Common Stocks (Cost $251,124,078)			382,030,454

	Right (0.0%):
	Electronic Equipment, Instruments & Components (0.0%):
	10,537	Gerber Scientific, Inc.*		—

	Total Right (Cost $—)			—

	Securities Held as Collateral for Securities on Loan (4.0%):
$	15,655,081	Allianz Variable Insurance Products Securities Lending Collateral Trust(a)		15,655,081

	Total Securities Held as Collateral for Securities on Loan (Cost $15,655,081)			15,655,081

	Unaffiliated Investment Company (1.0%):
	3,701,888	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(b)		3,701,888

	Total Unaffiliated Investment Company (Cost $3,701,888)			3,701,888

	Total Investment Securities (Cost $270,481,047)(c) — 103.4%			401,387,423
	Net other assets (liabilities) — (3.4)%			(13,076,388	)

	Net Assets — 100.0%		$	388,311,035

Cash of $231,000 has been segregated to cover margin requirements for the following open contracts as of June 30, 2014:

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investment securities, at cost	$	270,481,047

Investment securities, at value*	$	401,387,423
Cash		732,745
Segregated cash for collateral		231,000
Interest and dividends receivable		381,310
Receivable for investments sold		4,076,680
Receivable for variation margin on futures contracts		36,175
Prepaid expenses		1,710

Total Assets		406,847,043

Liabilities:
Payable for investments purchased		2,349,194
Payable for capital shares redeemed		280,880
Payable for collateral received on loaned securities		15,655,081
Manager fees payable		81,813
Administration fees payable		13,328
Distribution fees payable		78,666
Custodian fees payable		8,036
Administrative and compliance services fees payable		993
Trustee fees payable		2,122
Other accrued liabilities		65,895

Total Liabilities		18,536,008

Net Assets	$	388,311,035

Net Assets Consist of:
Capital	$	225,942,901
Accumulated net investment income/(loss)		3,895,104
Accumulated net realized gains/(losses) from investment transactions		27,458,052
Net unrealized appreciation/(depreciation) on investments		131,014,978

Net Assets	$	388,311,035

Shares of beneficial interest (unlimited number of shares authorized, no par value)		24,098,894
Net Asset Value (offering and redemption price per share)	$	16.11

*	Includes securities on loan of $15,404,217.

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends	$	2,568,430
Income from securities lending		122,109
Foreign withholding tax		(132	)

Total Investment Income		2,690,407

Expenses:
Manager fees		485,965
Administration fees		53,862
Distribution fees		467,272
Custodian fees		12,719
Administrative and compliance services fees		3,055
Trustee fees		9,587
Professional fees		9,219
Shareholder reports		12,387
Other expenses		41,272

Total expenses		1,095,338

Net Investment Income/(Loss)		1,595,069

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		14,816,068
Net realized gains/(losses) on futures contracts		371,988
Change in net unrealized appreciation/depreciation on investments		(5,514,733	)

Net Realized/Unrealized Gains/(Losses) on Investments		9,673,323

Change in Net Assets Resulting From Operations	$	11,268,392

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

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of 30 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Small Cap Stock Index Fund (the “Fund”), and 29 are presented in separate reports.

During the period ended June 30, 2014, the Fund used futures contracts to provide equity exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $6.8 million as of June 30, 2014. The monthly average notional amount for these contracts was $5.8 million for the period ended June 30, 2014. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2014:

The following is a summary of the effect of derivative instruments on the Fund’s Statement of Operations, categorized by risk exposure, for the period ended June 30, 2014:

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:

At June 30, 2014, the contractual reimbursements that are subject to repayment by the Fund in subsequent years were as follows:

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator, transfer agent, and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. In addition, the Administrator is entitled to annual account fees related to the transfer agency system, an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $2,208 was paid from the Fund relating to these fees and expenses.

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2014 is $278,438,764. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

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

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


Shares			Fair Value
	Common Stocks (60.3%):
	Aerospace & Defense (3.5%):
	43,700	Boeing Co. (The)	$	5,559,951
	145,700	United Technologies Corp.		16,821,065

				22,381,016

	Auto Components (2.3%):
	67,300	Delphi Automotive plc		4,626,202
	103,400	Johnson Controls, Inc.		5,162,762
	55,500	TRW Automotive Holdings Corp.*		4,968,360

				14,757,324

	Banks (2.3%):
	75,300	Bank of America Corp.		1,157,361
	172,600	JPMorgan Chase & Co.		9,945,212
	38,000	PNC Financial Services Group, Inc.		3,383,900

				14,486,473

	Beverages (1.2%):
	86,400	PepsiCo, Inc.		7,718,976

	Capital Markets (4.7%):
	180,600	Invesco, Ltd.		6,817,650
	167,100	State Street Corp.		11,239,147
	354,600	TD Ameritrade Holding Corp.		11,116,710

				29,173,507

	Chemicals (0.4%):
	24,100	Cytec Industries, Inc.		2,540,622

	Commercial Services & Supplies (1.4%):
	82,900	Iron Mountain, Inc.		2,938,805
	120,900	Tyco International, Ltd.		5,513,040

				8,451,845

	Electric Utilities (0.1%):
	7,300	Entergy Corp.		599,257

	Electrical Equipment (0.6%):
	25,100	Roper Industries, Inc.		3,664,851

	Electronic Equipment, Instruments & Components (0.2%):
	23,600	TE Connectivity, Ltd.		1,459,424

	Food & Staples Retailing (0.5%):
	45,400	CVS Caremark Corp.		3,421,798

	Food Products (1.1%):
	25,400	General Mills, Inc.		1,334,516
	154,600	Mondelez International, Inc., Class A		5,814,506

				7,149,022

	Health Care Equipment & Supplies (0.4%):
	58,200	Abbott Laboratories		2,380,380
	5,000	DENTSPLY International, Inc.		236,750

				2,617,130

	Health Care Providers & Services (3.5%):
	61,900	DaVita, Inc.*		4,476,608
	22,200	Henry Schein, Inc.*		2,634,474
	7,400	Humana, Inc.		945,128
	177,700	UnitedHealth Group, Inc.		14,526,975

				22,583,185


Shares			Fair Value
	Common Stocks, continued
	Household Products (0.6%):
	45,300	Procter & Gamble Co. (The)	$	3,560,127

	Industrial Conglomerates (3.5%):
	283,500	Danaher Corp.		22,319,955

	Insurance (3.2%):
	296,200	Marsh & McLennan Cos., Inc.		15,349,084
	151,036	XL Group plc, Class B		4,943,408

				20,292,492

	Internet Software & Services (0.9%):
	5,100	Google, Inc., Class C*		2,933,928
	5,100	Google, Inc., Class A*		2,981,817

				5,915,745

	IT Services (3.2%):
	24,400	Fidelity National Information Services, Inc.		1,335,656
	230,300	Fiserv, Inc.*		13,891,696
	25,000	Visa, Inc., Class A		5,267,750

				20,495,102

	Life Sciences Tools & Services (2.4%):
	37,200	Agilent Technologies, Inc.		2,136,768
	113,500	Thermo Fisher Scientific, Inc.		13,393,000

				15,529,768

	Media (1.9%):
	27,300	Liberty Global plc, Class A*		1,207,206
	74,100	Liberty Global plc, Series C*		3,135,171
	161,100	Twenty-First Century Fox, Inc., Class B		5,514,453
	24,500	Viacom, Inc., Class B		2,124,885

				11,981,715

	Multiline Retail (0.6%):
	68,600	Dollar Tree, Inc.*		3,735,956

	Multi-Utilities (4.0%):
	264,300	PG&E Corp.		12,691,686
	396,400	Xcel Energy, Inc.		12,775,972

				25,467,658

	Oil, Gas & Consumable Fuels (3.1%):
	12,400	Anadarko Petroleum Corp.		1,357,428
	54,200	Apache Corp.		5,453,604
	32,100	Canadian Natural Resources, Ltd.		1,473,711
	83,000	Chesapeake Energy Corp.		2,579,640
	20,800	Concho Resources, Inc.*		3,005,600
	12,400	Pioneer Natural Resources Co.		2,849,644
	35,373	Range Resources Corp.		3,075,682

				19,795,309

	Paper & Forest Products (0.0%):
	488,000	Sino-Forest Corp.*(a)(b)		—

	Personal Products (0.1%):
	46,500	Avon Products, Inc.		679,365


Shares			Fair Value
	Common Stocks, continued
	Pharmaceuticals (4.5%):
	67,600	Allergan, Inc.	$	11,439,272
	40,200	Perrigo Co. plc		5,859,552
	170,000	Pfizer, Inc.		5,045,600
	198,300	Zoetis, Inc.		6,399,141

				28,743,565

	Real Estate Investment Trusts (REITs) (1.5%):
	107,400	American Tower Corp.		9,663,852

	Semiconductors & Semiconductor Equipment (1.7%):
	43,900	Nxp Semiconductors NV*		2,905,302
	165,000	Texas Instruments, Inc.		7,885,350

				10,790,652

	Specialty Retail (3.5%):
	25,300	AutoZone, Inc.*		13,566,872
	102,300	Lowe’s Cos., Inc.		4,909,377
	26,900	O’Reilly Automotive, Inc.*		4,051,140

				22,527,389

	Technology Hardware, Storage & Peripherals (0.6%):
	15,700	Apple, Inc.		1,459,001
	19,200	Seagate Technology plc		1,090,944
	9,700	Western Digital Corp.		895,310

				3,445,255

	Tobacco (1.0%):
	76,200	Philip Morris International, Inc.		6,424,422

	Wireless Telecommunication Services (1.8%):
	95,200	Crown Castle International Corp.		7,069,552
	44,000	SBA Communications Corp., Class A*		4,501,200

				11,570,752

	Total Common Stocks (Cost $340,521,726)			383,943,509

	Preferred Stocks (0.0%):
	Banks (0.0%):
	9,874	U.S. Bancorp, Series F, Preferred Shares ^		279,039

	Oil, Gas & Consumable Fuels (0.0%):
	92	Chesapeake Energy Corp.		8,970

	Total Preferred Stocks (Cost $273,418)			288,009

Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Convertible Bonds (1.4%):
	Airlines (0.1%):
$	365,000	United Airlines, Inc., 4.50%, 1/15/15		800,491

	Diversified Telecommunication Services (1.3%):
	8,000,000	Intelsat Jackson Holding SA, 3.75%, 6/30/19(c)		8,006,640

	Total Convertible Bonds (Cost $8,856,166)			8,807,131


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Floating Rate Loans (3.6%):
	Banks (0.2%):
$	746,231	Pinnacle Foods Finance LLC, 3.25%, 4/29/20(c)	$	741,798
	497,500	Pinnacle Foods Finance LLC, 3.25%, 4/29/20(c)		494,545

				1,236,343

	Chemicals (0.1%):
	544,885	Kronos, Inc., 4.50%, 10/30/19(c)		548,699

	Diversified Financial Services (0.8%):
	5,000,000	UPC Financing Partnership, 3.25%, 6/30/21(c)		4,960,650

	Diversified Telecommunication Services (0.3%):
	1,989,950	Telesat Canada, 3.50%, 3/28/19(c)		1,984,358

	Electric Utilities (0.1%):
	450,000	Texas Competitive Electric Holdings Co. LLC, 0.00%, 5/5/16(c)		451,125

	Food & Staples Retailing (0.1%):
	750,000	Rite Aid Corp., 3.50%, 2/21/20(c)		748,748

	Food Products (1.7%):
	10,696,115	H.J. Heinz Co., 3.50%, 6/5/20(c)		10,771,416

	Hotels, Restaurants & Leisure (0.3%):
	933,333	Hilton Worldwide Finance LLC, 3.50%, 10/25/20(c)		931,392
	994,987	Wendy’s International LLC, 3.25%, 5/15/19(c)		995,764

				1,927,156

	Total Floating Rate Loans (Cost $22,713,988)			22,628,495

	Corporate Bonds (14.1%):
	Airlines (0.1%):
	604,743	U.S. Airways 2010-1A PTT, Series A, 6.25%, 10/22/24		684,872

	Auto Components (0.5%):
	950,000	Delphi Corp., 6.13%, 5/15/21, Callable 5/15/16 @ 103.06		1,061,720
	2,000,000	Delphi Corp., 5.00%, 2/15/23, Callable 2/15/18 @ 102.5		2,150,000
	250,000	TRW Automotive, Inc., 4.50%, 3/1/21(d)		263,750

				3,475,470

	Beverages (0.2%):
	650,000	SABMiller Holdings, Inc., 2.20%, 8/1/18(d)		656,859
	750,000	SABMiller Holdings, Inc., 0.92%, 8/1/18 (c)(d)		754,231

				1,411,090

	Capital Markets (1.7%):
	1,650,000	E*TRADE Financial Corp., 6.75%, 6/1/16		1,790,250
	1,150,000	E*TRADE Financial Corp., 6.00%, 11/15/17, Callable 11/15/14 @ 103		1,196,000
	1,450,000	E*TRADE Financial Corp., 6.38%, 11/15/19, Callable 11/15/15 @ 104.78		1,569,625
	250,000	Ford Motor Credit Co. LLC, 4.25%, 2/3/17		268,484
	500,000	Ford Motor Credit Co. LLC, 6.63%, 8/15/17		575,557
	1,800,000	Ford Motor Credit Co. LLC, 0.80%, 12/6/17(c)		1,801,184
	1,975,000	Ford Motor Credit Co. LLC, 2.38%, 3/12/19		1,984,587
	900,000	Legg Mason, Inc., 5.50%, 5/21/19		1,040,166

				10,225,853


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Commercial Services & Supplies (0.1%):
$	500,000	International Lease Finance Corp., 2.18%, 6/15/16(c)	$	503,125

	Consumer Finance (0.1%):
	475,000	Ford Motor Credit Co. LLC, 1.72%, 12/6/17		475,193
	470,000	PACCAR Financial Corp., 0.42%, 6/6/17, MTN(c)		469,997

				945,190

	Diversified Consumer Services (0.3%):
	1,625,000	Ford Motor Credit Co. LLC, 5.00%, 5/15/18		1,807,733

	Diversified Financial Services (0.0%):
	275,000	CNH Capital LLC, 3.63%, 4/15/18		280,844

	Diversified Telecommunication Services (0.2%):
	1,480,000	Verizon Communications, Inc., 0.63%, 6/9/17(c)		1,481,709

	Electric Utilities (0.6%):
	505,000	Duke Energy Corp., 0.61%, 4/3/17(c)		506,516
	365,000	ITC Holdings Corp., 3.65%, 6/15/24, Callable 3/15/24 @ 100		363,751
	300,000	Northern States Power Co. Wisconsin, 3.30%, 6/15/24, Callable 12/15/23 @ 100		300,860
	400,000	Pennsylvania Electricity Co., 4.15%, 4/15/25, Callable 1/15/25 @ 100(d)		399,382
	16,700	SCE Trust I, 0.95%, Callable 6/15/17 @ 25, Perpetual Bond		395,790
	2,930	SCE Trust II, 0.94%, Callable 3/15/18 @ 25, Perpetual Bond		63,874
	32,472	SCE Trust III, 0.87%, Callable 3/15/24 @ 25, Perpetual Bond		857,260
	725,000	Xcel Energy, Inc., 0.75%, 5/9/16		725,740

				3,613,173

	Food & Staples Retailing (0.1%):
	850,000	Rite Aid Corp., 8.00%, 8/15/20, Callable 8/15/15 @ 104		935,000

	Food Products (0.0%):
	250,000	B&G Foods, Inc., 4.63%, 6/1/21, Callable 6/1/16 @ 103.47		250,625

	Gas Utilities (0.2%):
	300,000	Suburban Propane Partners LP, 7.50%, 10/1/18, Callable 10/1/14 @ 103.75		314,511
	625,000	Suburban Propane Partners LP, 7.38%, 3/15/20, Callable 3/15/15 @ 103.69		665,625

				980,136

	Health Care Providers & Services (0.4%):
	775,000	DaVita Healthcare Partners, Inc., 8.50%, 6/19/21, Callable 7/15/15 @ 102.52(c)(e)		771,125
	1,350,000	DaVita Healthcare Partners, Inc., 5.13%, 7/15/24, Callable 7/15/19 @ 102.56		1,358,437
	150,000	DaVita, Inc., 5.75%, 8/15/22, Callable 8/15/17 @ 102.87		160,313

				2,289,875


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Hotels, Restaurants & Leisure (0.1%):
$	700,000	Cedar Fair LP, 9.13%, 8/1/18, Callable 8/1/14 @ 104.56	$	736,400
	200,000	Cedar Fair LP, 5.25%, 3/15/21, Callable 3/15/16 @ 103.94		206,000

				942,400

	Household Products (0.4%):
	2,275,000	Procter & Gamble Co. (The), 3.10%, 8/15/23		2,293,705

	Machinery (0.3%):
	1,425,000	CNH Capital LLC, 6.25%, 11/1/16		1,546,125
	550,000	Xylem, Inc., 3.55%, 9/20/16		579,429

				2,125,554

	Media (0.9%):
	250,000	Lamar Media Corp., 5.88%, 2/1/22, Callable 2/1/17 @ 102.94		267,813
	270,000	Lamar Media Corp., 5.00%, 5/1/23, Callable 5/1/18 @ 102.5		271,688
	1,525,000	Univision Communications, Inc., 6.88%, 5/15/19, Callable 5/15/15 @ 103.44(d)		1,627,937
	625,000	Univision Communications, Inc., 7.88%, 11/1/20, Callable 11/1/15 @ 103.94(d)		687,500
	1,809,000	Univision Communications, Inc., 6.75%, 9/15/22, Callable 9/15/17 @ 103.38(d)		2,001,205
	750,000	Univision Communications, Inc., 5.13%, 5/15/23, Callable 5/15/18 @ 102.56(d)		794,063

				5,650,206

	Multiline Retail (0.1%):
	75,000	Amerigas Finance Corp. LLC, 6.75%, 5/20/20, Callable 5/20/16 @ 103.38		81,375
	525,000	Amerigas Finance Corp. LLC, 7.00%, 5/20/22, Callable 5/20/17 @ 103.5		581,438

				662,813

	Multi-Utilities (0.1%):
	450,000	CMS Energy Corp., 8.75%, 6/15/19		580,131

	Oil, Gas & Consumable Fuels (5.1%):
	1,075,000	Antero Resources Finance Corp., 6.00%, 12/1/20, Callable 12/1/15 @ 104.03		1,152,938
	1,000,000	Antero Resources Finance Corp., 5.38%, 11/1/21, Callable 11/1/16 @ 104.03		1,037,500
	475,000	Antero Resources Finance Corp., 5.13%, 12/1/22, Callable 6/1/17 @ 103.84(d)		488,063
	225,000	Athlon Holdings LP, 6.00%, 5/1/22, Callable 5/1/17 @ 104.5^(d)		232,875
	225,000	Chesapeake Energy Corp., 3.25%, 3/15/16, Callable 8/4/14 @ 101		226,406
	1,000,000	Concho Resources, Inc., 7.00%, 1/15/21, Callable 1/15/16 @ 103.5		1,097,500
	825,000	Concho Resources, Inc., 6.50%, 1/15/22, Callable 1/15/17 @ 103.25		909,563
	100,000	Concho Resources, Inc., 5.50%, 4/1/23, Callable 10/1/17 @ 102.75		107,500


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Oil, Gas & Consumable Fuels, continued
$	700,000	CONSOL Energy, Inc., 5.88%, 4/15/22, Callable 4/15/17 @ 104.41(d)	$	733,250
	500,000	Energy Transfer Partners LP, 4.15%, 10/1/20, Callable 8/1/20 @ 100		528,612
	550,000	Energy Transfer Partners LP, 4.90%, 2/1/24, Callable 11/1/23 @ 100^		590,621
	210,000	EQT Corp., 6.50%, 4/1/18		238,572
	350,000	EQT Corp., 8.13%, 6/1/19		437,922
	2,025,000	EQT Corp., 4.88%, 11/15/21		2,213,149
	1,425,000	Laredo Petroleum, Inc., 9.50%, 2/15/19, Callable 2/15/15 @ 104.75		1,563,938
	600,000	Laredo Petroleum, Inc., 5.63%, 1/15/22, Callable 1/15/17 @ 104.22		620,250
	350,000	Markwest Energy Partners LP, 6.75%, 11/1/20, Callable 11/1/15 @ 103.38		379,750
	825,000	Markwest Energy Partners LP, 6.50%, 8/15/21, Callable 2/15/16 @ 103.25		891,000
	1,525,000	Markwest Energy Partners LP, 6.25%, 6/15/22, Callable 12/15/16 @ 103.13		1,666,063
	2,400,000	Markwest Energy Partners LP, 5.50%, 2/15/23, Callable 8/15/17 @ 102.75		2,556,000
	2,575,000	Markwest Energy Partners LP, 4.50%, 7/15/23, Callable 4/15/23 @ 100		2,626,499
	500,000	Range Resources Corp., 6.75%, 8/1/20, Callable 8/1/15 @ 103.38		537,500
	2,175,000	Range Resources Corp., 5.75%, 6/1/21, Callable 6/1/16 @ 102.88		2,349,000
	2,525,000	Range Resources Corp., 5.00%, 8/15/22, Callable 2/15/17 @ 102.5		2,676,499
	3,500,000	Range Resources Corp., 5.00%, 3/15/23, Callable 3/15/18 @ 102.5		3,727,499
	875,000	SM Energy Co., 6.50%, 11/15/21, Callable 11/15/16 @ 103.25		947,188
	500,000	Spectra Energy Partners LP, 4.75%, 3/15/24, Callable 12/15/23 @ 100		541,706
	300,000	Targa Resources Partners LP, 5.25%, 5/1/23, Callable 11/1/17 @ 102.63		313,500
	750,000	Targa Resources Partners LP, 4.25%, 11/15/23, Callable 5/15/18 @ 102.13		745,313

				32,136,176

	Real Estate Investment Trusts (REITs) (1.3%):
	300,000	American Tower Corp., 5.00%, 2/15/24		325,838
	1,050,000	Crown Castle International Corp., 4.88%, 4/15/22		1,085,438
	6,071,603	Crown Castle Operating Co., 3.00%, 1/31/21(c)		6,068,628

				7,479,904

	Real Estate Management & Development (0.1%):
	750,000	CBRE Services, Inc., 5.00%, 3/15/23, Callable 3/15/18 @ 102.5		757,500


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Road & Rail (0.3%):
$	1,900,000	Burlington Northern Santa Fe LLC, 3.85%, 9/1/23, Callable 6/1/23 @ 100	$	1,979,206
	130,000	Burlington Northern Santa Fe LLC, 3.75%, 4/1/24, Callable 1/1/24 @ 100		134,161

				2,113,367

	Semiconductors & Semiconductor Equipment (0.1%):
	825,000	Xilinx, Inc., 3.00%, 3/15/21		832,678

	Specialty Retail (0.3%):
	50,000	Group 1 Automotive, Inc., 5.00%, 6/1/22, Callable 6/1/17 @ 103.75(d)		50,000
	350,000	L Brands, Inc., 6.90%, 7/15/17		397,250
	250,000	L Brands, Inc., 8.50%, 6/15/19		306,875
	250,000	L Brands, Inc., 7.00%, 5/1/20		287,188
	500,000	L Brands, Inc., 6.63%, 4/1/21		568,125
	525,000	L Brands, Inc., 5.63%, 2/15/22		568,312

				2,177,750

	Wireless Telecommunication Services (0.5%):
	725,000	Crown Castle International Corp., 5.25%, 1/15/23		755,813
	225,000	SBA Communications Corp., 5.63%, 10/1/19, Callable 10/1/16 @ 102.81		238,219
	500,000	SBA Communications Corp., 5.75%, 7/15/20, Callable 7/15/16 @ 102.88		530,000
	1,500,000	Sprint Nextel Corp., 9.00%, 11/15/18(d)		1,818,749

				3,342,781

	Total Corporate Bonds (Cost $88,250,510)			89,979,660

	Foreign Bond (0.2%):
	Containers & Packaging (0.2%):
	750,000	Rexam plc, 6.75%, 6/29/67, Callable 6/29/17 @ 100+(c)		1,084,668

	Total Foreign Bond (Cost $1,076,822)			1,084,668

	Yankee Dollars (3.2%):
	Banks (0.2%):
	1,225,000	KFW, Series G, 0.50%, 4/19/16		1,225,772

	Diversified Telecommunication Services (1.1%):
	550,000	Intelsat Jackson Holding SA, 7.25%, 4/1/19, Callable 4/1/15 @ 103.65		585,063
	600,000	Intelsat Jackson Holding SA, 8.50%, 11/1/19, Callable 11/1/14 @ 104.25		637,500
	2,985,000	Intelsat Jackson Holding SA, 7.25%, 10/15/20, Callable 10/15/15 @ 103.63		3,216,337
	1,715,000	Intelsat Jackson Holding SA, 5.50%, 8/1/23, Callable 8/1/18 @ 102.75		1,706,425
	530,000	Telesat Canada, 6.00%, 5/15/17, Callable 8/5/14 @ 103(d)		546,563

				6,691,888


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Media (0.3%):
$	1,925,000	Unitymedia Hessen, 7.50%, 3/15/19, Callable 3/15/15 @ 103.75(d)	$	2,054,937
	250,000	Unitymedia Hessen, 5.50%, 1/15/23, Callable 1/15/18 @ 103(d)		258,750

				2,313,687

	Semiconductors & Semiconductor Equipment (0.5%):
	800,000	NXP Funding BV/NXP Funding LLC, 3.75%, 6/1/18(d)		802,000
	725,000	NXP Funding BV/NXP Funding LLC, 5.75%, 2/15/21, Callable 2/15/17 @ 102.88(d)		762,156
	1,400,000	NXP Funding BV/NXP Funding LLC, 5.75%, 3/15/23, Callable 3/15/18 @ 102.88(d)		1,471,750

				3,035,906

	Wireless Telecommunication Services (1.1%):
	3,055,000	UPCB Finance III, Ltd., 6.63%, 7/1/20, Callable 7/1/15 @ 103.31(d)		3,253,575
	1,800,000	UPCB Finance V, Ltd., 7.25%, 11/15/21, Callable 11/15/16 @ 103.63(d)		1,980,000
	1,925,000	UPCB Finance VI, Ltd., 6.88%, 1/15/22, Callable 1/15/17 @ 103.44(d)		2,103,063

				7,336,638

	Total Yankee Dollars (Cost $20,468,144)			20,603,891


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	U.S. Treasury Obligations (7.1%):
	U.S. Treasury Notes (7.1%)
$	10,000,000	0.25%, 10/31/15	$	10,008,590
	4,000,000	0.63%, 11/15/16		4,000,936
	10,525,000	2.50%, 8/15/23		10,587,497
	19,950,000	2.75%, 11/15/23		20,447,194

				45,044,217

	Total U.S. Treasury Obligations (Cost $43,987,118)			45,044,217

	Securities Held as Collateral for Securities on Loan (0.2%):
	1,126,559	Allianz Variable Insurance Products Securities Lending Collateral Trust (f)		1,126,559

	Total Securities Held as Collateral for Securities on Loan (Cost $1,126,559)			1,126,559

	Unaffiliated Investment Company (10.2%):
	65,088,209	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(g)		65,088,209

	Total Unaffiliated Investment Company (Cost $65,088,209)			65,088,209

	Total Investment Securities (Cost $592,362,660)(h) — 100.3%			638,594,348
	Net other assets (liabilities) — (0.3)%			(1,804,268	)

	Net Assets — 100.0%		$	636,790,080


Description	Counterparty	Put/ Call	Strike Price			Expiration Date		Contracts		Fair Value
Anadarko Petroleum Corp.	Citibank	Call		USD	110.00		01/16/15		29	$	(23,507	)
Anadarko Petroleum Corp.	Citibank	Call		USD	115.00		01/16/15		17		(10,198	)
Apache Corp.	Morgan Stanley	Call		USD	90.00		01/16/15		34		(43,603	)
Apache Corp.	Morgan Stanley	Call		USD	92.50		01/16/15		68		(74,847	)
Apache Corp.	Morgan Stanley	Call		USD	95.00		01/16/15		23		(21,381	)
Apache Corp.	Morgan Stanley	Call		USD	95.00		01/16/15		67		(62,493	)
CVS Caremark Corp.	Morgan Stanley	Call		USD	77.50		01/16/15		19		(4,997	)
CVS Caremark Corp.	Morgan Stanley	Call		USD	80.00		01/16/15		19		(3,358	)
CVS Caremark Corp.	Morgan Stanley	Call		USD	77.50		08/06/14		19		(1,131	)
CVS Caremark Corp.	Morgan Stanley	Call		USD	80.00		08/06/14		19		(371	)
Danaher Corp.	JPMorgan Chase	Call		USD	80.00		01/16/15		18		(6,538	)
Danaher Corp.	JPMorgan Chase	Call		USD	85.00		01/16/15		18		(3,213	)
Danaher Corp.	JPMorgan Chase	Call		USD	90.00		01/16/15		61		(4,941	)
Danaher Corp.	JPMorgan Chase	Call		USD	80.00		09/19/14		18		(3,531	)
Danaher Corp.	JPMorgan Chase	Call		USD	85.00		09/19/14		18		(971	)
Lowe’s Cos., Inc.	Morgan Stanley	Call		USD	52.50		01/16/15		14		(1,504	)
Lowe’s Cos., Inc.	JPMorgan Chase	Call		USD	55.00		01/16/15		167		(10,432	)
Lowe’s Cos., Inc.	Morgan Stanley	Call		USD	52.50		10/17/14		14		(689	)
Lowe’s Cos., Inc.	Morgan Stanley	Call		USD	55.00		10/17/14		14		(307	)
Pfizer, Inc.	Citibank	Call		USD	32.00		01/16/15		98		(4,302	)
Pfizer, Inc.	Citibank	Call		USD	35.00		01/16/15		98		(1,090	)
PNC Financial Services Group	Morgan Stanley	Call		USD	87.50		01/16/15		17		(7,292	)
PNC Financial Services Group	Morgan Stanley	Call		USD	90.00		01/16/15		125		(38,750	)
PNC Financial Services Group	Morgan Stanley	Call		USD	95.00		01/16/15		7		(1,157	)
PNC Financial Services Group	Morgan Stanley	Call		USD	87.50		08/15/14		17		(3,883	)
PNC Financial Services Group	Morgan Stanley	Call		USD	90.00		08/15/14		17		(1,855	)
Procter & Gamble Co. (The)	JPMorgan Chase	Call		USD	85.00		01/16/15		106		(5,198	)
State Street Corp.	Morgan Stanley	Call		USD	70.00		01/16/15		21		(5,614	)
State Street Corp.	Morgan Stanley	Call		USD	72.50		01/16/15		21		(3,848	)
State Street Corp.	Morgan Stanley	Call		USD	70.00		08/15/14		21		(1,593	)
State Street Corp.	Morgan Stanley	Call		USD	72.50		08/15/14		21		(666	)
TE Connectivity, Ltd.	JPMorgan Chase	Call		USD	65.00		07/18/14		24		(788	)
TE Connectivity, Ltd.	JPMorgan Chase	Call		USD	65.00		10/17/14		24		(2,313	)
Texas Instruments, Inc.	Citibank	Call		USD	45.00		01/16/15		489		(192,941	)
Texas Instruments, Inc.	Citibank	Call		USD	50.00		01/16/15		215		(32,483	)
Texas Instruments, Inc.	Citibank	Call		USD	50.00		10/17/14		214		(18,252	)
The Boeing Co.	Citibank	Call		USD	145.00		01/16/15		40		(6,045	)
The Boeing Co.	Citibank	Call		USD	150.00		01/16/15		41		(3,896	)
The Boeing Co.	Citibank	Call		USD	155.00		01/16/15		40		(2,395	)
TRW Automotive Holdings Corp.	JPMorgan Chase	Call		USD	90.00		07/18/14		8		(875	)
TRW Automotive Holdings Corp.	JPMorgan Chase	Call		USD	95.00		07/18/14		8		(203	)
TRW Automotive Holdings Corp.	JPMorgan Chase	Call		USD	90.00		10/17/14		8		(2,947	)
TRW Automotive Holdings Corp.	JPMorgan Chase	Call		USD	95.00		10/17/14		8		(1,480	)
United Technologies Corp.	Citibank	Call		USD	120.00		01/16/15		116		(33,942	)
United Technologies Corp.	Citibank	Call		USD	125.00		01/16/15		115		(18,052	)

Total										$	(669,872	)


Description	Put/ Call	Strike Price		Expiration Date		Contracts		Fair Value
Apache Corp.	Call	USD	97.50		01/16/15		26	$	(21,060	)
Apache Corp.	Call	USD	100.00		01/16/15		56		(37,940	)
Apache Corp.	Call	USD	105.00		01/16/15		26		(11,895	)
AutoZone, Inc.	Call	USD	570.00		01/16/15		1		(1,505	)
AutoZone, Inc.	Call	USD	600.00		01/16/15		1		(765	)
AutoZone, Inc.	Call	USD	570.00		09/19/14		1		(445	)
AutoZone, Inc.	Call	USD	600.00		09/19/14		1		(110	)
Google, Inc.	Call	USD	1280.00		01/16/15		1		(2,915	)
Google, Inc.	Call	USD	1330.00		01/16/15		1		(1,915	)
Google, Inc.	Call	USD	1280.00		09/19/14		1		(940	)
Google, Inc.	Call	USD	1330.00		09/19/14		1		(435	)
JPMorgan Chase & Co.	Call	USD	60.00		01/16/15		24		(3,732	)
JPMorgan Chase & Co.	Call	USD	65.00		01/16/15		24		(1,020	)
JPMorgan Chase & Co.	Call	USD	70.00		01/16/15		365		(4,928	)
JPMorgan Chase & Co.	Call	USD	60.00		09/19/14		24		(1,464	)
JPMorgan Chase & Co.	Call	USD	65.00		09/19/14		24		(192	)
Philip Morris International, Inc.	Call	USD	95.00		01/16/15		42		(1,575	)
Philip Morris International, Inc.	Call	USD	97.50		01/16/15		114		(2,565	)
Procter & Gamble Co. (The)	Call	USD	85.00		01/16/15		330		(19,140	)
Texas Instruments, Inc.	Call	USD	50.00		01/16/15		62		(9,641	)
Texas Instruments, Inc.	Call	USD	48.00		10/17/14		31		(5,224	)
Texas Instruments, Inc.	Call	USD	50.00		10/17/14		31		(2,790	)
The Boeing Co.	Call	USD	135.00		01/16/15		21		(7,718	)
The Boeing Co.	Call	USD	140.00		01/16/15		21		(4,851	)
The Boeing Co.	Call	USD	135.00		08/15/14		21		(1,649	)
The Boeing Co.	Call	USD	140.00		08/15/14		21		(630	)
United Technologies Corp.	Call	USD	125.00		01/16/15		12		(2,028	)
United Technologies Corp.	Call	USD	130.00		01/16/15		12		(990	)
United Technologies Corp.	Call	USD	125.00		08/15/14		12		(156	)
United Technologies Corp.	Call	USD	130.00		08/15/14		12		(36	)

Total								$	(150,254	)

Statement of Assets and Liabilities

June 30, 2014 (Unaudited)


Assets:
Investment securities, at cost	$	592,362,660

Investment securities, at value*	$	638,594,348
Interest and dividends receivable		2,282,457
Foreign currency, at value (cost $106,488)		107,087
Receivable for capital shares issued		1,229,011
Receivable for investments sold		4,656,233
Reclaims receivable		50,919
Prepaid expenses		2,319

Total Assets		646,922,374

Liabilities:
Payable for investments purchased		7,627,793
Written Options (Proceeds received $1,040,513)		820,126
Payable for collateral received on loaned securities		1,126,559
Manager fees payable		360,637
Administration fees payable		21,727
Distribution fees payable		128,799
Custodian fees payable		11,759
Administrative and compliance services fees payable		2,445
Trustee fees payable		5,746
Other accrued liabilities		26,703

Total Liabilities		10,132,294

Net Assets	$	636,790,080

Net Assets Consist of:
Capital	$	508,142,143
Accumulated net investment income/(loss)		4,710,988
Accumulated net realized gains/(losses) from investment transactions		77,479,763
Net unrealized appreciation/(depreciation) on investments		46,457,186

Net Assets	$	636,790,080

Shares of beneficial interest (unlimited number of shares authorized, no par value)		37,665,212
Net Asset Value (offering and redemption price per share)	$	16.91

*	Includes securities on loan of $1,088,705.

Statement of Operations

For the Six Months Ended June 30, 2014 (Unaudited)


Investment Income:
Dividends	$	2,974,684
Interest		2,513,081
Income from securities lending		1,303
Foreign withholding tax		(23,150	)

Total Investment Income		5,465,918

Expenses:
Manager fees		2,120,740
Administration fees		84,298
Distribution fees		706,913
Custodian fees		14,458
Administrative and compliance services fees		4,959
Trustee fees		15,377
Professional fees		14,905
Shareholder reports		21,144
Other expenses		6,900

Total expenses before reductions		2,989,694
Less expenses voluntarily waived/reimbursed by the Manager		(141,387	)

Net expenses		2,848,307

Net Investment Income/(Loss)		2,617,611

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		10,873,287
Net realized gains/(losses) on options contracts		113,732
Net realized gains/(losses) on forward currency contracts		(17,475	)
Change in net unrealized appreciation/depreciation on investments		24,494,213

Net Realized/Unrealized Gains/(Losses) on Investments		35,463,757

Change in Net Assets Resulting From Operations	$	38,081,368

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

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of 30 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL T. Rowe Price Capital Appreciation Fund (the “Fund”), and 29 are presented in separate reports.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund paid securities lending fees of $129 during the period ended June 30, 2014. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Effective January 6, 2014, the Manager, on behalf of the Trust, requested the Fund cease participation in the program until further notice.

Realized gains and losses, if any, are reported as “Net realized gains/(losses) on options contracts” on the Statement of Operations.

The Fund had the following transactions in written call and put options during the period ended June 30, 2014:

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2014:

The following is a summary of the effect of derivative instruments on the Fund’s Statement of Operations, categorized by risk exposure, for the June 30, 2014:

The Fund is generally subject to master netting agreements that allow for amounts owed between the Fund and the counterparty to be netted. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements do not apply to amounts owed to/from different counterparties. The amounts shown in the Statement of Assets and Liabilities do not take into consideration the effects of legally enforceable master netting agreements. The table below presents the gross and net amounts of these assets and liabilities with any offsets to reflect the Fund’s ability to reflect the master netting agreements at June 30, 2014. For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to master netting arrangements in the Statement of Assets and Liabilities. This table also summarizes the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2014.

As of June 30, 2014, the Fund’s derivative assets and liabilities by type are as follows:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with T. Rowe Price Associates, Inc. (“T. Rowe Price”), T. Rowe Price provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2015.

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator, transfer agent, and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. In addition, the Administrator is entitled to annual account fees related to the transfer agency system, an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $3,216 was paid from the Fund relating to these fees and expenses.

long securities and the last quoted ask price is used for securities sold short. Securities listed on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy. Debt and other fixed income securities are generally valued at an evaluated bid price provided by an independent pricing source approved by the Trustees. To value debt securities, pricing services may use various pricing techniques which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short term securities of sufficient credit quality with sixty days or less remaining until maturity may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy. Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:

Other Financial Instruments would include any derivative instruments, such as written options. These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

the 1933 Act. Whether a restricted security is illiquid is determined pursuant to guidelines established by the Board of Trustees. Not all restricted securities are considered illiquid. The illiquid restricted securities held as of June 30, 2014 are identified below.

Cost for federal income tax purposes at June 30, 2014 is $592,790,616. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

During the year ended December 31, 2013, the Fund utilized $139,138,286 in capital loss carry forwards to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

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

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

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


Shares			Fair Value
	Common Stocks (98.8%):
	Aerospace & Defense (3.9%):
	9,840	Boeing Co. (The)	$	1,251,943
	4,750	Precision Castparts Corp.		1,198,900
	13,630	United Technologies Corp.		1,573,584

				4,024,427

	Air Freight & Logistics (1.0%):
	9,980	United Parcel Service, Inc., Class B		1,024,547

	Airlines (0.5%):
	18,400	Southwest Airlines Co.		494,224

	Auto Components (0.5%):
	7,420	Delphi Automotive plc		510,051

	Biotechnology (7.5%):
	13,770	Alexion Pharmaceuticals, Inc.*		2,151,562
	5,690	Biogen Idec, Inc.*		1,794,114
	14,900	Celgene Corp.*		1,279,612
	14,130	Gilead Sciences, Inc.*		1,171,518
	4,900	Regeneron Pharmaceuticals, Inc.*		1,384,103

				7,780,909

	Capital Markets (2.2%):
	11,740	Northern Trust Corp.		753,825
	46,910	TD Ameritrade Holding Corp.		1,470,629

				2,224,454

	Chemicals (4.6%):
	12,500	Ecolab, Inc.		1,391,750
	9,710	Monsanto Co.		1,211,225
	15,920	Praxair, Inc.		2,114,813

				4,717,788

	Commercial Services & Supplies (0.6%):
	14,410	Tyco International, Ltd.		657,096

	Communications Equipment (1.6%):
	20,370	QUALCOMM, Inc.		1,613,304

	Consumer Finance (2.8%):
	16,780	American Express Co.		1,591,918
	21,220	Discover Financial Services		1,315,216

				2,907,134

	Energy Equipment & Services (1.6%):
	14,350	Schlumberger, Ltd.		1,692,583

	Food & Staples Retailing (5.1%):
	19,230	Costco Wholesale Corp.		2,214,526
	22,860	Walgreen Co.		1,694,612
	35,450	Whole Foods Market, Inc.		1,369,434

				5,278,572

	Health Care Equipment & Supplies (1.2%):
	13,710	Covidien plc		1,236,368

	Health Care Providers & Services (2.6%):
	13,510	AmerisourceBergen Corp.		981,637
	9,000	Catamaran Corp.*		397,440
	24,600	Cerner Corp.*		1,268,868

				2,647,945

	Hotels, Restaurants & Leisure (6.4%):
	2,590	Chipotle Mexican Grill, Inc.*		1,534,601
	15,790	Hilton Worldwide Holdings, Inc.*		367,907
	19,240	Marriott International, Inc., Class A		1,233,284


Shares			Fair Value
	Common Stocks, continued
	Hotels, Restaurants & Leisure, continued
	23,240	Starbucks Corp.	$	1,798,310
	7,930	Wynn Resorts, Ltd.		1,645,951

				6,580,053

	Household Products (0.9%):
	13,000	Colgate-Palmolive Co.		886,340

	Industrial Conglomerates (0.9%):
	11,290	Danaher Corp.		888,862

	Internet & Catalog Retail (4.3%):
	6,750	Amazon.com, Inc.*		2,192,265
	1,190	Netflix, Inc.*		524,314
	1,440	Priceline.com, Inc.*		1,732,320

				4,448,899

	Internet Software & Services (7.4%):
	16,430	eBay, Inc.*		822,486
	28,500	Facebook, Inc., Class A*		1,917,765
	4,230	Google, Inc., Class C*		2,433,434
	4,230	Google, Inc., Class A*		2,473,153

				7,646,838

	IT Services (6.7%):
	8,450	Accenture plc, Class A		683,098
	4,040	Alliance Data Systems Corp.*		1,136,250
	30,660	Cognizant Technology Solutions Corp., Class A*		1,499,581
	28,180	MasterCard, Inc., Class A		2,070,385
	6,730	Visa, Inc., Class A		1,418,078

				6,807,392

	Media (3.8%):
	27,520	CBS Corp., Class B		1,710,093
	32,690	Pandora Media, Inc.*		964,355
	14,330	Walt Disney Co. (The)		1,228,654

				3,903,102

	Multiline Retail (3.4%):
	42,570	Dollar Tree, Inc.*		2,318,362
	17,320	Nordstrom, Inc.		1,176,548

				3,494,910

	Oil, Gas & Consumable Fuels (4.8%):
	7,910	Antero Resources Corp.*		519,133
	10,340	Concho Resources, Inc.*		1,494,130
	4,090	Continental Resources, Inc.*		646,384
	9,720	Pioneer Natural Resources Co.		2,233,753

				4,893,400

	Personal Products (0.7%):
	9,630	Estee Lauder Co., Inc. (The), Class A		715,124

	Pharmaceuticals (3.1%):
	3,080	Allergan, Inc.		521,197
	8,270	Merck & Co., Inc.		478,420
	10,210	Perrigo Co. plc		1,488,209
	2,970	Shire plc, ADR		699,405

				3,187,231

	Professional Services (0.2%):
	3,440	Verisk Analytics, Inc., Class A*		206,469


Shares			Fair Value
	Common Stocks, continued
	Road & Rail (3.4%):
	7,000	Kansas City Southern Industries, Inc.	$	752,570
	11,000	Norfolk Southern Corp.		1,133,330
	15,880	Union Pacific Corp.		1,584,030

				3,469,930

	Semiconductors & Semiconductor Equipment (1.8%):
	28,240	Microchip Technology, Inc.		1,378,394
	10,750	Texas Instruments, Inc.		513,743

				1,892,137

	Software (3.8%):
	7,070	Adobe Systems, Inc.*		511,585
	29,560	Salesforce.com, Inc.*		1,716,845
	16,500	ServiceNow, Inc.*		1,022,340
	11,000	Splunk, Inc.*		608,630

				3,859,400

	Specialty Retail (4.1%):
	33,250	CarMax, Inc.*		1,729,333
	9,650	O’Reilly Automotive, Inc.*		1,453,290
	16,320	Tractor Supply Co.		985,728

				4,168,351


Shares			Fair Value
	Common Stocks, continued
	Technology Hardware, Storage & Peripherals (1.7%):
	18,890	Apple, Inc.	$	1,755,448

	Textiles, Apparel & Luxury Goods (4.1%):
	9,060	Michael Kors Holdings, Ltd.*		803,169
	23,940	Nike, Inc., Class B		1,856,547
	24,280	V.F. Corp.		1,529,640

				4,189,356

	Trading Companies & Distributors (1.6%):
	6,530	W.W. Grainger, Inc.		1,660,383

	Total Common Stocks (Cost $95,216,765)			101,463,027

	Unaffiliated Investment Company (1.2%):
	1,234,807	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(a)		1,234,807

	Total Unaffiliated Investment Company (Cost $1,234,807)			1,234,807

	Total Investment Securities (Cost $96,451,572)(b) — 100.0%			102,697,834
	Net other assets (liabilities) — 0.0%			(44,097	)

	Net Assets — 100.0%		$	102,653,737

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investment securities, at cost	$	96,451,572

Investment securities, at value	$	102,697,834
Interest and dividends receivable		35,791
Receivable for investments sold		274,177

Total Assets		103,007,802

Liabilities:
Payable for investments purchased		258,354
Manager fees payable		58,493
Administration fees payable		31
Distribution fees payable		20,891
Custodian fees payable		2,052
Administrative and compliance services fees payable		1,489
Trustee fees payable		4,386
Other accrued liabilities		8,369

Total Liabilities		354,065

Net Assets	$	102,653,737

Net Assets Consist of:
Capital	$	96,455,461
Accumulated net investment income/(loss)		(7,091	)
Accumulated net realized gains/(losses) from investment transactions		(40,895	)
Net unrealized appreciation/(depreciation) on investments		6,246,262

Net Assets	$	102,653,737

Shares of beneficial interest (unlimited number of shares authorized, no par value)		9,602,117
Net Asset Value (offering and redemption price per share)	$	10.69

Statement of Operations

For the Period Ended June 30, 2014(a)

(Unaudited)


Investment Income:
Dividends	$	171,066
Income from securities lending		206

Total Investment Income		171,272

Expenses:
Manager fees		135,896
Administration fees		1,201
Distribution fees		42,467
Administrative and compliance services fees		1,752
Trustee fees		5,159
Professional fees		5,900
Shareholder reports		1,988
Other expenses		987

Total expenses before reductions		195,350
Less expenses voluntarily waived/reimbursed by the Manager		(16,987	)

Net expenses		178,363

Net Investment Income/(Loss)		(7,091	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(40,895	)
Change in net unrealized appreciation/depreciation on investments		6,246,262

Net Realized/Unrealized Gains/(Losses) on Investments		6,205,367

Change in Net Assets Resulting From Operations	$	6,198,276

(a)	For the period April 28, 2014 (commencement of operations) to June 30, 2014.

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

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of 30 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Wells Fargo Large Cap Growth Fund (the “Fund”), and 29 are presented in separate reports.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a portfolio management agreement with Wells Capital Management Incorporated (“Wells Capital”), Wells Capital provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2015.

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator, transfer agent, and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. In addition, the Administrator is entitled to annual account fees related to the transfer agency system, an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $75 was paid from the Fund relating to these fees and expenses.

Forward currency contracts are generally valued at the foreign currency exchange rate as of the close of the NYSE and are typically categorized as Level 2 in the fair value hierarchy.

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2014 is $96,598,532. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:

The Allianz Variable Insurance Products Trust (the “Trust”) is a manager-of-managers fund, which consists of 30 separate investment portfolios or series (together the “Funds,” and each individually a “Fund”). That means that the Trust’s Manager (Allianz Investment Management LLC) is responsible for monitoring the various Subadvisers that have day-to-day responsibility for the decisions made for each of the Funds of the Trust. The Trust’s Manager is responsible for determining, in the first instance, which investment advisers to consider recommending for selection as a Subadviser.

In reviewing the services provided by the Manager and the terms of the investment management agreement, the Board receives and reviews information related to the Manager’s experience and expertise in the variable insurance marketplace. Currently, the Funds are offered only through variable annuities and variable life insurance policies, and not in the retail fund market. In addition, the Board receives information regarding the Manager’s expertise with regard to portfolio diversification and asset allocation requirements within variable insurance products issued by Allianz Life Insurance Company of North America and its subsidiary, Allianz Life Insurance Company of New York. Currently, the Funds are offered only through Allianz Life and Allianz of New York variable products.

The Trust’s Manager has adopted policies and procedures to assist it in the process of analyzing each potential Subadviser with expertise in particular asset classes for purposes of making the recommendation that a specific investment adviser be selected. The Trust’s Board reviews and considers the information provided by the Manager in deciding which investment advisers to select. After an investment adviser becomes a Subadviser, a similarly rigorous process is instituted by the Manager to monitor the investment performance and other responsibilities of the Subadviser. The Manager reports to the Trust’s Board on its analysis at the regular meetings of the Board, which are held at least quarterly. Where warranted, the Manager will add or remove a particular Subadviser from a “watch” list that it maintains. Watch list criteria include, for example: (a) Fund performance over various time periods; (b) Fund risk issues, such as changes in key personnel involved with Fund management, changes in investment philosophy or process, or “capacity” concerns; and (c) organizational risk issues, such as regulatory, compliance or legal concerns, or changes in the ownership of the Subadviser. The Manager may place a Fund on the watch list for other reasons, and if so, will explain its rationale to the Trustees. Funds which are on the watch list are subject to special scrutiny of the Manager and the Board of Trustees. Funds may be removed from such watch list, if for example, performance improves or regulatory matters are satisfactorily resolved. However, in some situations where Funds which have been on the watch list, the Manager has recommended the retention of a new Subadviser, and the Board of Trustees has subsequently approved new Subadvisory Agreements with such Subadvisers.

In assessing the Manager’s and Subadvisers’ (collectively, the “Advisory Organizations”), performance of their obligations, the Board considers whether there has occurred a circumstance or event that would constitute a reason for it to not renew an advisory contract. In this regard, the Board is mindful of the potential disruption of a Fund’s operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew a contract.

As required by the Investment Company Act of 1940 (“1940 Act”), the Trust’s Board has reviewed and approved the Trust’s Investment Management Agreement with the Manager (the “Advisory Agreement”) and portfolio management agreements (the “Subadvisory Agreements”) with the Subadvisers. The Board’s decision to approve these contracts reflects the exercise of its business judgment on whether to approve new arrangements and continue the existing arrangements. During its review of these contracts, the Board considers many factors, among the most material of which are: the Fund’s investment objectives and long term performance; the Advisory Organizations’ management philosophy, personnel, and processes, including their compliance history and the adequacy of their compliance processes; the preferences and expectations of Fund shareholders (and underlying contract owners) and their relative sophistication; the continuing state of competition in the mutual fund industry; and comparable fees in the mutual fund industry.

The Board also considers the compensation and benefits received by the Advisory Organizations. This includes fees received for services provided to the Fund by affiliated persons of the Advisory Organizations and research services received by the Advisory Organizations from brokers that execute Fund trades, as well as advisory fees. The Board considered the fact that: (1) the Manager and the Trust are parties to an Administrative Service Agreement, a Compliance Services Agreement, and a Chief Compliance Officer Agreement, under which the Manager is compensated by the Trust for performing certain administrative and compliance services including providing an employee of the Manager or one of its affiliates to act as the Trust’s Chief Compliance Officer; and (2) Allianz Life Financial Services, LLC, an affiliated person of the Manager, is a registered securities broker-dealer and receives (along with its affiliated persons) payments made by the Trust pursuant to Rule 12b-1.

The Board is aware that various courts have interpreted provisions of the 1940 Act and have indicated in their decisions that the following factors may be relevant to an adviser’s compensation: the nature and quality of the services provided by the adviser, including the performance of the fund; the adviser’s cost of providing the services; the extent to which the adviser may realize “economies of scale” as the fund grows larger; any indirect benefits that may accrue to the adviser and its affiliates as a result of the adviser’s relationship with the fund; performance and expenses of comparable funds; and the extent to which the independent Board members are fully informed about all facts bearing on the adviser’s service and fee. The Trust’s Board is aware of these factors and takes them into account in its review of the Trust’s advisory contracts.

The Board considered and weighed these circumstances in light of its experience in governing the Trust and working with the Advisory Organizations on matters relating to the Funds, and is assisted in its deliberations by the advice of legal counsel to the Independent Trustees. In this regard, the Board requests and receives a significant amount of information about the Funds and the Advisory Organizations. Some of this information is provided at each regular meeting of the Board; additional information is provided in connection with the particular meeting or meetings at which the Board’s formal review of an advisory contract occurs. In between regularly scheduled meetings, the Board may receive information on particular matters as the need arises. Thus, the Board’s evaluation of an advisory contract is informed by reports covering such matters as: an Advisory Organization’s investment philosophy, personnel, and processes; the Fund’s short- and long-term performance (in absolute terms as well as in relationship to its benchmark(s), certain competitor or “peer group” funds and similar funds managed by the particular Subadviser), and comments on the reasons for performance; the Fund’s expenses (including the advisory fee itself and the overall expense structure of the Fund, both in absolute terms and relative to similar and/or competing funds, with due regard for contractual or voluntary expense limitations); the use and allocation of brokerage commissions derived from trading the Fund’s portfolio securities; the nature and extent of the advisory and other services provided to the Fund by the Advisory Organizations and their affiliates; compliance and audit reports concerning the Funds and the companies that service them; and relevant developments in the mutual fund industry and how the Funds and/or Advisory Organizations are responding to them.

The Board also receives financial information about Advisory Organizations, including reports on the compensation and benefits the Advisory Organizations derive from their relationships with the Funds. These reports cover not only the fees under the advisory contracts, but also fees, if any, received for providing other services to the Funds. The reports also discuss any indirect or “fall out” benefits an Advisory Organization may derive from its relationship with the Funds.

At an “in-person” Board of Trustees meeting held February 19, 2014, the Board authorized the creation of the AZL Wells Fargo Large Cap Growth Fund (the “Wells Fargo Fund”) as a new series of the Trust.

The Advisory and Subadvisory Agreements pertaining to the Wells Fargo Fund (collectively, the “Agreements”) were approved at the Board of Trustees meeting of February 19, 2014. (The Subadvisory Agreement is between the Manager and Wells Capital Management Incorporated (“WellsCap”), the Subadviser to the Wells Fargo Fund.) At such meeting the Board also approved an Expense Limitation Agreement between the Manager and the Trust for the period ending April 30, 2015. In connection with such meeting, the Trustees requested and evaluated extensive materials from the Manager, including performance and expense information for other investment companies with similar investment objectives to that of the Wells Fargo Fund, derived from data compiled by an independent third party provider and other sources believed to be reliable by

the Manager. Prior to voting, the Trustees reviewed the proposed approval of the Agreements with management and with experienced counsel who are independent of the Manager. At least annually, the Board receives from experienced counsel who are independent of the Manager a memorandum discussing the legal standards for the Board’s consideration of proposed investment management agreements. The independent (“disinterested”) Trustees also discussed the proposed approvals in a private session with such counsel at which no representatives of the Manager were present. In reaching their determinations relating to the approval of the Agreements in respect of the Wells Fargo Fund, the Trustees considered all factors they believed relevant. The Board based its decision to approve the Agreements on the totality of the circumstances and relevant factors, and with a view to past and future long-term considerations. Not all of the factors and considerations discussed above and below are necessarily relevant to every Fund, and the Board did not assign relative weights to factors discussed herein or deem any one or group of them to be controlling in and of themselves.

An SEC Rule requires that shareholder reports include a discussion of certain factors relating to the selection of investment advisers and the approval of advisory fees. The “factors” enumerated by the SEC are set forth below in italics, as well as the Board’s conclusions regarding such factors:

(1) The nature, extent and quality of services provided by the Manager and Subadvisers. The Trustees noted that the Manager, subject to the control of the Board of Trustees, administers each Fund’s business and other affairs. Under the Advisory Agreement, the Manager holds the sole and exclusive responsibility to provide, or arrange for other to provide, the management of the Funds’ assets and the placement of orders for the purchase and sale of the securities of the Funds. As the Trust is a manager of managers fund, the Manager is authorized, under the Advisory Agreement, to retain one or more Subadvisers for each Fund to handle day-to-day management of the Funds’ investment portfolios; the Manager is responsible for determining, in the first instance, which investment advisers to recommend to the Board of Trustees for selection as a Subadviser. The Trustees were aware that, notwithstanding the retention of the Subadvisers to handle day-to-day portfolio management, the Manager remains responsible for substantial other matters, including continuously monitoring compliance by each Subadviser with the investment policies and restrictions of the respective Funds, with such other limitations or directions of the Board of Trustees, and with all legal requirements under federal or state law or regulation. The Manager also is responsible primarily to provide statistical information and other data to the Trustees regarding the Funds’ portfolio investments and to make available to the Funds’ administrator such information as is necessary for the conduct of its duties.

The Trustees also noted that the Manager provides the Trust and each Fund with such administrative and other services (exclusive of, and in addition to, any such services provided by any others retained by the Trust on behalf of the Funds) and executive and other personnel as are necessary for the operation of the Trust and the Funds. Except for the Trust’s Chief Compliance Officer, the Manager pays all of the compensation of Trustees and officers of the Trust who are employees of the Manager or its affiliates.

The Trustees considered the scope and quality of services provided by the Manager and the Subadvisers and noted that the scope of such services provided had expanded as a result of recent regulatory and other developments. The Trustees noted that, for example, the Manager and Subadvisers are responsible for maintaining and monitoring their own compliance programs, and these compliance programs are continuously refined and enhanced in light of new regulatory requirements. The Trustees considered the capabilities and resources which the Manager has dedicated to performing services on behalf of the Trust and its Funds. The quality of administrative and other services, including the Manager’s role in coordinating the activities of the Trust’s other service providers, also were considered. The Trustees concluded at the February 19, 2014 meeting that, overall, they were satisfied with the nature, extent and quality of services expected to be provided to the Trust and to the Wells Fargo Fund under the Agreements.

(2) The investment performance of the Funds, the Manager and the Subadvisers. In connection with every in-person quarterly Board of Trustees meeting, Trustees receive extensive information on the performance results of each of the Funds. This includes, for example, performance information on all of the Funds for the previous quarter, and previous one, three and five-year periods, and since inception. (For Funds which have been in existence for less than five years, Trustees may receive performance information on comparable funds managed by the particular Subadviser for periods prior to the creation of a particular Fund.) Such performance information includes information on absolute total return, performance versus Subadvisers’ comparable fund(s), performance versus the appropriate benchmark(s), and performance versus peer groups. For example, in connection with the Board of Trustees meeting held February 19, 2014 the Manager reported that for a fund managed by WellsCap with investment objectives and policies similar to those of the Wells Fargo Fund, for the one, three, and five year periods ended December 31, 2013, such fund’s total returns were in the 42^nd, 31^st, and 29^th percentiles respectively. At the Board of Trustees meeting held February 19, 2014, the Trustees determined that the overall investment performance of such Fund was acceptable.

(3) The costs of services to be provided and profits to be realized by the Manager and the Subadvisers and their affiliates from their relationship with the Funds. The Manager supplied information to the Board of Trustees pertaining to the level of investment advisory fees to which the Wells Fargo Fund is subject. The Manager has agreed to temporarily “cap” Fund expenses at certain levels, and information was provided to Trustees setting forth “contractual” advisory fees and “actual” fees after taking expense caps into account. Based upon the information provided, the “actual” management fee payable by the Wells Fargo Fund to the Manager would be in the 47^th percentile. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Board has concluded that the advisory fee to be paid to the Manager by the Wells Fargo Fund is not unreasonable.

The Manager also supplied information to the Board of Trustees pertaining to total anticipated Wells Fargo Fund expenses (which includes advisory fees, the 25 basis point 12b-1 fee paid by the Fund, and other Fund expenses). As noted above, the Manager has agreed to “cap” Fund expenses at certain levels. Based upon the information provided, the overall total expense ratio ranking for the Wells Fargo Fund based upon 2013 data would have placed such Fund in the 52^nd percentile.

The Manager has committed to providing the Funds with a high quality of service and working to reduce Fund expenses over time, particularly as the Funds grow larger. The Trustees concluded therefore that the anticipated total expense ratio for the Wells Fargo Fund was not unreasonable.

At Board of Trustees meetings held October 16, 2013 and October 22, 2013, the Manager provided information concerning the profitability of the Manager’s investment advisory activities for the period from 2011 through June 30, 2013. (The Wells Fargo Fund did not commence until February 19, 2014.) The Trustees recognized that it is difficult to make comparisons of profitability from investment company advisory agreements because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocation of expenses and the adviser’s capital structure and cost of capital. In considering profitability information, the Trustees considered the possible effect of certain fall-out benefits to the Manager and its affiliates. The Trustees focused on profitability of the Manager’s relationships with the Funds before taxes and distribution expenses. The Trustees recognized that the Manager should, in the abstract, be entitled to earn a reasonable level of profits for the services it provides to each Fund and, based on their review, concluded that they were satisfied that the Manager’s level of profitability from its relationship with the Funds was not excessive. It is expected that at Board of Trustees meetings to be held in October, 2014, the Trustees will receive information on the Manager’s level of profitability from its relationship with the Wells Fargo Fund.

The Manager, on behalf of the Board of Trustees, endeavored to obtain information on the profitability of each Subadviser in connection with its relationship with the Fund or Funds which it subadvises. The Manager was unable to obtain meaningful profitability information from some of the unaffiliated Subadvisers. The Manager assured the Board of Trustees that the Agreements with the Subadvisers which are not affiliated with it were negotiated on an “arm’s length” basis, so that arguably, such profitability information should be less relevant. At the February 19, 2014 meeting, the Trustees were provided with certain information on the profitability to WellsCap from managing a fund similar to the Wells Fargo Fund. Trustees recognized the difficulty of allocating costs to multiple advisory accounts and products of a large advisory organization. Based upon the information provided, the Trustees determined that there was no evidence that the anticipated profitability to WellsCap from being the Subadviser to the Wells Fargo Fund was excessive.

(4) and (5) The extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect these economies of scale. The Trustees noted that the advisory fee schedule for the Wells Fargo Fund does not contain breakpoints that reduce the fee rate on assets above specified levels, although the Subadvisory Agreement has such “breakpoints.” The Trustees recognized that breakpoints may be an appropriate way for the Manager to share its economies of scale, if any, with Funds that have substantial assets. However, they also recognized that there may not be a direct relationship between any economies of scale realized by Funds and those realized by the Manager as assets increase. The Trustees do not believe there is a uniform methodology for establishing breakpoints that give effect to Fund-specific service provided by the Manager. The Trustees noted that in the fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. Depending on the age, size, and other characteristics of a particular fund and its manager’s cost structure, different conclusions can be drawn as to whether there are economies of scale to be realized at any particular level of assets, notwithstanding the intuitive conclusion that such economies exist, or will be realized at some level of total assets. Moreover, because different managers have different cost structures and service models, it is difficult to draw meaningful conclusions from the breakpoints that may have been adopted by other funds. The Trustees also noted that the advisory agreements for many funds do not have breakpoints at all, or if breakpoints exist, they may be at asset levels significantly greater than those of the individual Funds. The Trustees also noted that the Wells Fargo Fund had no assets as of February 19, 2014.

The Trustees noted that the Manager has agreed to temporarily “cap” Fund expenses at certain levels, which has the effect of reducing expenses as would the implementation of advisory fee breakpoints. The Manager has committed to continue to consider the continuation of fee “caps” and/or advisory fee breakpoints as the Funds grow larger. The Board receives quarterly reports on the level of Fund assets. It expects to consider whether or not to approve the Agreements at a meeting to be held prior to December 31, 2014, and will at that time, or prior thereto, consider: (a) the extent to which economies of scale can be realized, and (b) whether the advisory fee should be modified to reflect such economies of scale, if any.

Having taken these factors into account, the Trustees concluded at the February 19, 2014 meeting that the absence of breakpoints in the advisory fee rate schedule for the Wells Fargo Fund was acceptable under the circumstances.

(a) The Schedule of Investments as of the close of the reporting period are included as part of the report to shareholders filed under Item 1 of the Form N-CSR.

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


5701 Golden Hills Drive, Minneapolis, MN		55416-1297
(Address of principal executive offices)		(Zip code)


	Beginning Account Value 1/1/14			Ending Account Value 6/30/14			Expenses Paid During Period 1/1/14 - 6/30/14*			Annualized Expense Ratio During Period 1/1/14 - 6/30/14
AZL BlackRock Capital Appreciation Fund		$	1,000.00		$	1,007.40		$	4.98		1.00	%


	Beginning Account Value 1/1/14			Ending Account Value 6/30/14			Expenses Paid During Period 1/1/14 - 6/30/14*			Annualized Expense Ratio During Period 1/1/14 - 6/30/14
AZL BlackRock Capital Appreciation Fund		$	1,000.00		$	1,019.84		$	5.01		1.00	%


	AZL BlackRock Capital Appreciation Fund
	For the Six Months Ended June 30, 2014				For the Year Ended December 31, 2013
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(960,572	)		$	(1,357,741	)
Net realized gains/(losses) on investment transactions			78,647,117				128,641,753
Change in unrealized appreciation/depreciation on investments			(77,280,970	)			55,425,199

Change in net assets resulting from operations			405,575				182,709,211

Dividends to Shareholders:
From net investment income			—				(3,318,026	)

Change in net assets resulting from dividends to shareholders			—				(3,318,026	)

Capital Transactions:
Proceeds from shares issued			7,817,331				39,281,631
Proceeds from dividends reinvested			—				3,318,026
Value of shares redeemed			(120,567,499	)			(68,680,901	)

Change in net assets resulting from capital transactions			(112,750,168	)			(26,081,244	)

Change in net assets			(112,344,593	)			153,309,941
Net Assets:
Beginning of period			711,132,997				557,823,056

End of period		$	598,788,404			$	711,132,997

Accumulated net investment income/(loss)		$	(960,572	)		$	—

Share Transactions:
Shares issued			418,857				2,445,729
Dividends reinvested			—				198,803
Shares redeemed			(6,574,733	)			(4,183,127	)

Change in shares			(6,155,876	)			(1,538,595	)


	Six Months Ended June 30, 2014				Year Ended December 31, 2013				Year Ended December 31, 2012				Year Ended December 31, 2011				Year Ended December 31, 2010				Year Ended December 31, 2009
	(Unaudited)
Net Asset Value, Beginning of Period		$	18.97			$	14.29			$	12.57			$	13.83			$	11.73			$	8.66

Investment Activities:
Net Investment Income/(Loss)			(0.03	)			(0.03	)			0.09				0.01				(0.01	)			0.01
Net Realized and Unrealized Gains/(Losses) on Investments			0.17				4.80				1.64				(1.27	)			2.24				3.06

Total from Investment Activities			0.14				4.77				1.73				(1.26	)			2.23				3.07

Dividends to Shareholders From:
Net Investment Income			—				(0.09	)			(0.01	)			—				(0.01	)			—	(a)
Net Realized Gains			—				—				—				—				(0.12	)			—
Return of Capital			—				—				—				—				—	(a)			—

Total Dividends			—				(0.09	)			(0.01	)			—				(0.13	)			—	(a)

Net Asset Value, End of Period		$	19.11			$	18.97			$	14.29			$	12.57			$	13.83			$	11.73

Total Return(b)			0.74	%(c)			33.44	%			13.73	%			(9.11	)%			19.20	%			35.46	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	598,788			$	711,133			$	557,823			$	477,619			$	562,801			$	489,930
Net Investment Income/(Loss)(d)			(0.30	)%			(0.22	)%			0.62	%			0.05	%			(0.06	)%			0.11	%
Expenses Before Reductions(d)(e)			1.10	%			1.11	%			1.11	%			1.13	%			1.13	%			1.15	%
Expenses Net of Reductions(d)			1.00	%			1.00	%			1.01	%			1.02	%			1.00	%			1.07	%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly(d)(f)			1.00	%			1.01	%			1.01	%			1.02	%			1.00	%			1.07	%
Portfolio Turnover Rate			59	%(c)			161	%			62	%			81	%			80	%(g)			80	%(h)


Investments	Percent of Net Assets
Information Technology		29.4	%
Consumer Discretionary		24.8
Health Care		17.8
Industrials		11.9
Energy		6.8
Financials		3.3
Telecommunication Services		2.2
Consumer Staples		1.7
Materials		1.5

Total Common Stock		99.4
Securities Held as Collateral for Securities on Loan		0.3
Money Market		0.3

Total Investment Securities		100.0
Net other assets (liabilities)		—	^

Net Assets		100.0	%


Country	Percentage
Canada		2.4	%
Cayman Islands		1.8	%
China		1.2	%
Ireland (Republic of)		1.7	%
Japan		1.2	%
Netherlands		2.2	%
United Kingdom		1.2	%
United States		88.3	%

		100.0	%


	Annual Rate*			Annual Expense Limit
AZL BlackRock Capital Appreciation Fund		0.80	%		1.20	%


Investment Securities:	Level 1			Level 2			Level 3			Total

Common Stocks
Internet & Catalog Retail		$	36,338,336		$	—		$	7,405,812		$	43,744,148
Oil, Gas & Consumable Fuels			17,622,585			—			5,157,898			22,780,483
All Other Common Stocks+			528,602,590			—			—			528,602,590
Securities Held as Collateral for Securities on Loan			—			2,034,458			—			2,034,458
Unaffiliated Investment Company			1,505,295			—			—			1,505,295

Total Investment Securities		$	584,068,806		$	2,034,458		$	12,563,710		$	598,666,974


	Common Stocks
Balance as of December 31, 2013	$	—
Change in Unrealized Appreciation/Depreciation*		—
Net Realized Gain (Loss)		—
Gross Purchases		12,563,710
Gross Sales		—

Balance as of June 30, 2014	$	12,563,710


	Purchases			Sales
AZL BlackRock Capital Appreciation Fund		$	376,717,004		$	493,237,714


Security	Acquisition Date(a)		Acquisition Cost			Shares		Fair Value			Percentage of Net Assets
Alibaba Group Holding, Ltd.		4/25/14		$	7,405,812		108,909		$	7,405,812		1.24	%
Palantir Technologies, Inc.		2/7/14			5,157,898		841,419			5,157,899		0.86	%


Unrealized appreciation	$	91,728,716
Unrealized depreciation		(2,585,465	)

Net unrealized appreciation depreciation	$	89,143,251


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL BlackRock Capital Appreciation Fund		$	3,317,990		$	36		$	3,318,026


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)(a)			Total Accumulated Earnings/ (Deficit)
AZL BlackRock Capital Appreciation Fund		$	—		$	59,294,962		$	—		$	167,071,975		$	226,366,937


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0614 8/14


Investments	Percent of net assets
Common Stocks, Preferred Stocks and Convertible Preferred Stocks		64.0	%
U.S. Treasury Obligations		16.5
Foreign Bonds		9.7
Yankee Dollars		2.6
Convertible Bonds		2.3
Corporate Bonds		2.0
Securities Held as Collateral for Securities on Loan		1.7
Floating Rate Loans		1.1
Exchange Traded Funds		1.1
Options		0.5
Swaptions		0.2
Money Market		0.2
Warrant		—	^

Total Investment Securities		101.9
Net other assets (liabilities)		(1.9	)

Net Assets		100.0	%


Country	Percentage
Argentina		0.5	%
Australia		1.1	%
Austria		—	%^NM
Belgium		—	%^NM
Bermuda		0.1	%
Brazil		2.7	%
Canada		2.1	%
Cayman Islands		0.5	%
Chile		0.2	%
China		0.2	%
Colombia		—	%^NM
Denmark		0.1	%
European Community		0.2	%
France		3.9	%
Germany		2.6	%
Guernsey		0.1	%
Hong Kong		1.3	%
India		0.1	%
Indonesia		0.2	%
Ireland (Republic of)		0.6	%
Israel		—	%^NM
Italy		0.6	%
Japan		10.4	%
Jersey		0.3	%


Security Description	Proceeds Received			Fair Value			Unrealized Appreciation/ Deprecation
Eni SpA	$	(349,635	)	$	(375,600	)	$	(25,965	)

		$(349,635)			$(375,600)		$	(25,965	)


Purchase/Sale	Counterparty	Amount Purchased		Amount Sold			Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Great British Pound/European Euro	Deutsche Bank		1,058,043		1,306,000	EUR	$	1,783,585	$	1,805,535	$	21,950
Great British Pound/European Euro	Morgan Stanley		433,238		543,000	EUR		734,902		732,547		(2,355	)

							$	2,518,487	$	2,538,082	$	19,595


Underlying Instrument	Clearing Agent	Expiration Date	Implied Credit Spread at June 30, 2014 (%)(c)		Notional Amount ($)(d)			Fixed Rate (%)		Value ($)			Premiums Paid/ (Received) ($)			Unrealized Appreciaton/ (Depreciation) ($)
CDX North America High Yield Index Swap Agreement with JPMorgan Chase Bank, N.A., Series 22*	JPMorgan Chase Bank	6/20/19		3.04		1,616,868	**		5.00		(140,017	)		(119,514	)		(20,503	)

											(140,017	)		(119,514	)		(20,503	)


	AZL BlackRock Global Allocation Fund
	For the Six Months Ended June 30, 2014				For the Year Ended December 31, 2013
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	5,752,488			$	3,428,686
Net realized gains/(losses) on investment transactions			16,063,229				15,537,052
Change in unrealized appreciation/depreciation on investments			3,246,349				43,890,720

Change in net assets resulting from operations			25,062,066				62,856,458

Dividends to Shareholders:
From net investment income			—				(48,119	)
From net realized gains			—				(976,480	)

Change in net assets resulting from dividends to shareholders			—				(1,024,599	)

Capital Transactions:
Proceeds from shares issued			78,288,293				276,183,753
Proceeds from dividends reinvested			—				1,024,599
Value of shares redeemed			(3,436,283	)			(1,414,434	)

Change in net assets resulting from capital transactions			74,852,010				275,793,918

Change in net assets			99,914,076				337,625,777
Net Assets:
Beginning of period			646,688,772				309,062,995

End of period		$	746,602,848			$	646,688,772

Accumulated net investment income/(loss)		$	9,145,938			$	3,393,450

Share Transactions:
Shares issued			6,467,587				24,476,115
Dividends reinvested			—				89,877
Shares redeemed			(284,180	)			(120,241	)

Change in shares			6,183,407				24,445,751


	Six Months Ended June 30, 2014				Year Ended December 31, 2013				January 10, 2012 to December 31, 2012 (a)
	(Unaudited)
Net Asset Value, Beginning of Period		$	12.05			$	10.58			$	10.00

Investment Activities:
Net Investment Income/(Loss)			0.09				0.07				0.13
Net Realized and Unrealized Gains/(Losses) on Investments			0.34				1.42				0.58

Total from Investment Activities			0.43				1.49				0.71

Dividends to Shareholders From:
Net Investment Income			—				—	(b)			(0.13	)
Realized Gains			—				(0.02	)			—

Total Dividends			—				(0.02	)			(0.13	)

Net Asset Value, End of Period		$	12.48			$	12.05			$	10.58

Total Return(c)			3.57	%(d)			14.11	%			7.13	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	746,603			$	646,689			$	309,063
Net Investment Income/(Loss)(e)			1.68	%			0.72	%			1.09	%
Expenses Before Reductions(e)(f)			1.11	%			1.14	%			1.15	%
Expenses Net of Reductions(e)			1.11	%			1.14	%			1.14	%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly(e)(g)			1.11	%			1.14	%			1.15	%
Portfolio Turnover Rate			36	%(d)			50	%			74	%(d)


	Number of Contracts			Cost
Options outstanding at December 31, 2013		4,017,737			$	4,217,942
Options purchased		2,929,347				11,339,616
Options exercised		—				—
Options expired		(2,058,916	)			(2,499,413	)
Options closed		(1,431,138	)			(5,451,927	)

Options outstanding at June 30, 2014		3,457,030			$	7,606,218


	Number of Contracts			Premiums Received
Options outstanding at December 31, 2013		(63,845	)		$	(1,043,812	)
Options written		(3,668,123	)			(6,292,492	)
Options exercised		19,712				100,336
Options expired		520,752				725,345
Options closed		617,490				3,305,637

Options outstanding at June 30, 2014		(2,574,014	)		$	(3,204,986	)


	Realized Gain/(Loss) on Derivatives Recognized as a Result from Operations															Net Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized as a Result from Operations
	Net Realized Gains/(Losses) on Futures Contracts				Net Realized Gains/(Losses) on Swap Agreements				Net Realized Gains/(Losses) on Option Contracts				Net Realized Gains/(Losses) on Forward Currency Contracts			Change in Net Unrealized Appreciation/Depreciation on Investments
Equity Risk Exposure		$	(3,432,424	)		$	—			$	(350,115	)		$	—		$	2,574,355
Credit Risk Exposure			—				(31,596	)			—				—			28,635
Interest Rate Risk Exposure			—				—				—				—			91,517
Foreign Exchange Rate Risk Exposure			—				—				—				12,592			(1,524,764	)


	Assets				Liabilities
Derivative Financial Instruments:
Futures contracts		$	44,820			$	50,511
Forward currency contracts			146,316				808,630
Option contracts*			8,292,062				3,273,802
Swap agreements			179,475				30,651

Total derivative assets and liabilities in the Consolidated Statement of Assets and Liabilities			8,662,673				4,163,594
Derivatives not subject to a master netting agreement or similar agreement (“MNA”)			(756,719	)			(263,168	)

Total assets and liabilities subject to a MNA		$	7,905,954			$	3,900,426


Counterparty	Derivative Assets Subject to a MNA by Counterparty			Derivatives Available for Offset				Non-cash Collateral Received*				Cash Collateral Received*				Net Amount of Derivative Assets
Bank of America		$	371,672		$	(364,658	)		$	—			$	—			$	7,014
Barclays Bank			231,143			(92,758	)			—				—				138,385
BNP Paribas			102,404			(100,613	)			—				—				1,791
Citibank			906,508			(719,652	)			—				(100,000	)			86,856
Credit Suisse First Boston			423,529			(319,937	)			(103,592	)			—				—
Deutsche Bank			2,390,486			(805,183	)			—				(1,200,000	)			385,303
Goldman Sachs			2,460,668			(831,563	)			—				(1,629,105	)			—
JPMorgan Chase			322,966			(126,032	)			—				—				196,934
Morgan Stanley			524,630			(371,192	)			—				—				153,438
UBS Warburg			171,948			(168,838	)			—				—				3,110

Total		$	7,905,954		$	(3,900,426	)		$	(103,592	)		$	(2,929,105	)		$	972,831


Counterparty	Derivative Liabilities Subject to a MNA by Counterparty			Derivatives Available for Offset				Non-cash Collateral Pledged*			Cash Collateral Pledged*			Net Amount of Derivative Liabilities
Bank of America		$	364,658		$	(364,658	)		$	—		$	—		$	—
Barclays Bank			92,758			(92,758	)			—			—			—
BNP Paribas			100,613			(100,613	)			—			—			—
Citibank			719,652			(719,652	)			—			—			—
Credit Suisse First Boston			319,937			(319,937	)			—			—			—
Deutsche Bank			805,183			(805,183	)			—			—			—
Goldman Sachs			831,563			(831,563	)			—			—			—
JPMorgan Chase			126,032			(126,032	)			—			—			—
Morgan Stanley			371,192			(371,192	)			—			—			—
UBS Warburg			168,838			(168,838	)			—			—			—

Total		$	3,900,426		$	(3,900,426	)		$	—		$	—		$	—


	Annual Rate			Annual Expense Limit
AZL BlackRock Global Allocation Fund		0.75	%		1.19	%


Unrealized appreciation	$	76,543,622
Unrealized depreciation		(23,173,573	)

Net unrealized appreciation depreciation	$	53,370,049


	AZL Dreyfus Research Growth Fund
	For the Six Months Ended June 30, 2014				For the Year Ended December 31, 2013
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	385,621			$	643,804
Net realized gains/(losses) on investment transactions			29,274,724				29,632,495
Change in unrealized appreciation/depreciation on investments			(16,109,769	)			68,018,427

Change in net assets resulting from operations			13,550,576				98,294,726

Dividends to Shareholders:
From net investment income			—				(1,345,946	)

Change in net assets resulting from dividends to shareholders			—				(1,345,946	)

Capital Transactions:
Proceeds from shares issued			8,468,692				20,353,105
Proceeds from dividends reinvested			—				1,345,946
Value of shares redeemed			(30,798,042	)			(39,532,733	)

Change in net assets resulting from capital transactions			(22,329,350	)			(17,833,682	)

Change in net assets			(8,778,774	)			79,115,098
Net Assets:
Beginning of period			360,773,877				281,658,779

End of period		$	351,995,103			$	360,773,877

Accumulated net investment income/(loss)		$	1,029,401			$	643,780

Share Transactions:
Shares issued			566,953				1,617,698
Dividends reinvested			—				102,353
Shares redeemed			(2,082,880	)			(3,128,891	)

Change in shares			(1,515,927	)			(1,408,840	)


	Annual Rate*			Annual Expense Limit
AZL Dreyfus Research Growth Fund		1.00	%		1.20	%


Unrealized appreciation	$	98,351,460
Unrealized depreciation		(1,334,329	)

Net unrealized appreciation depreciation	$	97,017,131


Investments	Percent of Net Assets
U.S. Government Agency Mortgages		32.7	%
U.S. Treasury Obligation		28.0
Corporate Bond		18.4
Yankee Dollar		9.6
Collateralized Mortgage Obligations		7.5
Asset Backed Securities		6.5
Money Market		6.1
Municipal Bond		1.0
Securities Held as Collateral for Securities on Loan		0.2
Other Investments		0.2

Total Investment Securities		110.2
Net other assets (liabilities)		(10.2	)

Net Assets		100.0	%