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ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Balanced Fund

Expense Examples and Portfolio Composition
(Unaudited)

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

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

Actual Example

The 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.

Annualized

Beginning

Ending

Expenses Paid

Expense Ratio

Account Value

During Period*

During Period

1/1/09

6/30/09

1/1/09 - 6/30/09

AZL Fusion Balanced Fund

1,000.00

1,098.20

1.09

0.21%


*		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect one half-year period).

Hypothetical Example for Comparison Purposes

The 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 the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

Annualized

Beginning

Ending

Expenses Paid

Expense Ratio

Account Value

During Period*

During Period

1/1/09

6/30/09

1/1/09 - 6/30/09

AZL Fusion Balanced Fund

1,000.00

1,023.75

1.05

0.21%


*		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect one half-year period).

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Balanced Fund

Expense Examples and Portfolio Composition, continued
(Unaudited)

The AZL Fusion Balanced Fund invested, as a percentage of net assets, in the following investments, as of June 30, 2009:


	Percent of
Investments	net assets*
AZL AIM International Equity Fund		2.4	%
AZL BlackRock Capital Appreciation Fund		4.5
AZL Columbia Mid Cap Value Fund		1.2
AZL Columbia Small Cap Value Fund		1.0
AZL Davis NY Venture Fund		4.6
AZL International Index Fund		3.0
AZL Jennison 20/20 Focus Fund		2.4
AZL JPMorgan U.S. Equity Fund		4.7
AZL Mid Cap Index Fund*		1.3
AZL NFJ International Value Fund		2.4
AZL OCC Opportunity Fund		0.5
AZL S&P 500 Index Fund, Class 2		8.0
AZL Schroder Emerging Markets Equity Fund, Class 2		2.2
AZL Small Cap Stock Index Fund		1.3
AZL Strategic Investments Trust		1.7
AZL Turner Quantitative Small Cap Growth Fund		0.5
AZL Van Kampen Comstock Fund		4.2
AZL Van Kampen Global Real Estate Fund		2.3
AZL Van Kampen Mid Cap Growth Fund		1.2
PIMCO PVIT CommodityRealReturn Strategy Portfolio		2.7
PIMCO PVIT Emerging Markets Bond Portfolio		2.8
PIMCO PVIT Global Bond Portfolio		8.3
PIMCO PVIT High Yield Portfolio (Unhedged)		5.9
PIMCO PVIT Real Return Portfolio		4.3
PIMCO PVIT Total Return Portfolio		26.6
Investment Company		0.1

		100.1	%


*		Investments are shown as a percentage of net assets, not total investments. As such the total may not equal 100%. For more information about the investments, please see the Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Balanced Fund

Schedule of Portfolio Investments

June 30, 2009
(Unaudited)


			Fair
Shares			Value
Affiliated Investment Companies (100.0%):
	955,221	AZL AIM International Equity Fund	$	10,918,177
	2,155,672	AZL BlackRock Capital Appreciation Fund*		20,371,103
	999,166	AZL Columbia Mid Cap Value Fund		5,205,653
	615,960	AZL Columbia Small Cap Value Fund		4,324,040
	2,386,260	AZL Davis NY Venture Fund		20,474,106
	1,234,514	AZL International Index Fund*		13,505,578
	1,044,711	AZL Jennison 20/20 Focus Fund		10,781,420
	3,075,736	AZL JPMorgan U.S. Equity Fund		21,130,303
	551,601	AZL Mid Cap Index Fund*		5,709,075
	981,505	AZL NFJ International Value Fund*		10,649,328
	265,217	AZL OCC Opportunity Fund*		2,416,128
	5,658,008	AZL S&P 500 Index Fund, Class 2		35,758,611
	1,638,212	AZL Schroder Emerging Markets Equity Fund, Class 2		9,812,892
	891,286	AZL Small Cap Stock Index Fund		5,686,404
	801,788	AZL Strategic Investments Trust*		7,657,075
	365,201	AZL Turner Quantitative Small Cap Growth Fund*		2,253,290
	2,992,753	AZL Van Kampen Comstock Fund		18,884,269
	1,743,079	AZL Van Kampen Global Real Estate Fund		10,528,198
	647,584	AZL Van Kampen Mid Cap Growth Fund		5,452,656
	1,510,129	PIMCO PVIT CommodityRealReturn Strategy Portfolio		12,111,237
	1,102,963	PIMCO PVIT Emerging Markets Bond Portfolio		12,717,168
	2,965,378	PIMCO PVIT Global Bond Portfolio (Unhedged)		37,304,455
	4,260,449	PIMCO PVIT High Yield Portfolio		26,670,411
	1,602,595	PIMCO PVIT Real Return Portfolio		19,471,531
	11,194,264	PIMCO PVIT Total Return Portfolio		119,890,571

Total Affiliated Investment Companies (Cost $437,408,079)				449,683,679

Investment Company (0.1%):
	255,568	Dreyfus Treasury Prime Cash Management, 0.09%(a)		255,568

Total Investment Company (Cost $255,568)				255,568

Total Investment Securities (Cost $437,663,647)(b) — 100.1%				449,939,247
Net other assets (liabilities) — (0.1)%				(271,361	)

Net Assets — 100.0%			$	449,667,886

Percentages indicated are based on net assets as of June 30, 2009.


*		Non-income producing security

(a)		The rate presented represents the effective yield at June 30, 2009.

(b)		Cost for federal income tax purposes is $457,352,254. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	17,922,817
Unrealized depreciation		(25,335,824	)

Net unrealized depreciation	$	(7,413,007	)

See accompanying notes to the financial statements.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

Statement of Assets and Liabilities

June 30, 2009
(Unaudited)


	AZL Fusion
	Balanced
	Fund

Assets:
Investments in non-affiliates, at cost	$	255,568
Investments in affiliates, at cost		437,408,079

Total investments, at cost	$	437,663,647

Investments in non-affiliates, at value	$	255,568
Investments in affiliates, at value		449,683,679

Total Investment securities, at value	$	449,939,247
Interest and dividends receivable		1,001,230
Receivable for capital shares issued		105,320
Prepaid expenses		3,424

Total Assets		451,049,221

Liabilities:
Payable for affiliated investments purchased		1,255,844
Payable for capital shares redeemed		2,605
Manager fees payable		55,231
Administration fees payable		1,308
Administrative and compliance services fees payable		12,169
Trustee fees payable		812
Other accrued liabilities		53,366

Total Liabilities		1,381,335

Net Assets	$	449,667,886

Net Assets Consist of:
Capital	$	503,809,750
Accumulated net investment income/(loss)		14,152,458
Accumulated net realized gains/(losses) from investment transactions		(80,569,922	)
Net unrealized appreciation/(depreciation) on investments		12,275,600

Net Assets	$	449,667,886

Shares of beneficial interest (unlimited number of shares authorized, no par value)		49,052,342
Net Asset Value (offering and redemption price per share)	$	9.17

See accompanying notes to the financial statements.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

Statement of Operations

For the Six Months Ended June 30, 2009
(Unaudited)


	AZL Fusion
	Balanced
	Fund

Investment Income:
Dividends	$	4,847,053

Total Investment Income		4,847,053

Expenses:
Manager fees		364,863
Administration fees		33,268
Custodian fees		2,115
Administrative and compliance service fees		12,169
Trustees’ fees		20,202
Professional fees		23,636
Shareholder reports		17,333
Other expenses		5,599

Total expenses before reductions		479,185
Less expenses waived/reimbursed by the Manager		(91,217	)

Net expenses		387,968

Net Investment Income/(Loss)		4,459,085

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on security transactions from affiliates		(49,576,431	)
Change in unrealized appreciation/(depreciation) on investments		86,494,599

Net Realized/Unrealized Gains/(Losses) on Investments		36,918,168

Change in Net Assets Resulting From Operations	$	41,377,253

See accompanying notes to the financial statements.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

Statements of Changes in Net Assets


	AZL
	Fusion Balanced Fund
	For the Six			For the
	Months Ended			Year Ended
	June 30,			December 31,
	2009			2008
	(Unaudited)

Change in Net Assets:
Operations:
Net investment income/(loss)	$	4,459,085		$	8,456,947
Net realized gains/(losses) on investment transactions		(49,576,431	)		(26,410,459	)
Change in unrealized appreciation/(depreciation) on investments		86,494,599			(92,789,144	)

Change in net assets resulting from operations		41,377,253			(110,742,656	)

Dividends to Shareholders:
From net investment income		—			(8,487,976	)
From net realized gains on investments		—			(11,513,983	)

Change in net assets resulting from dividends to shareholders		—			(20,001,959	)

Capital Transactions:
Proceeds from shares issued		117,758,935			160,686,778
Proceeds from dividends reinvested		—			20,001,959
Value of shares redeemed		(8,622,923	)		(119,183,242	)

Change in net assets resulting from capital transactions		109,136,012			61,505,495

Change in net assets		150,513,265			(69,239,120	)
Net Assets:
Beginning of period		299,154,621			368,393,741

End of period	$	449,667,886		$	299,154,621

Accumulated net investment income/(loss)	$	14,152,458		$	9,693,373

Share Transactions:
Shares issued		14,253,681			15,261,267
Dividends reinvested		—			1,947,610
Shares redeemed		(1,010,424	)		(11,685,338	)

Change in shares		13,243,257			5,523,539

See accompanying notes to the financial statements.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Balanced Fund

Financial Highlights

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


													April 29,
	Six Months												2005 to
	Ended			Year Ended December 31,									December 31,
	June 30, 2009			2008			2007			2006			2005 (a)
	(Unaudited)

Net Asset Value, Beginning of Period	$	8.35		$	12.16		$	11.65		$	10.73		$	10.00

Investment Activities:
Net Investment Income/(Loss)		0.02			0.20			0.24			0.16			0.06
Net Realized and Unrealized Gains/(Losses) on Investments		0.80			(3.43	)		0.58			0.85			0.67

Total from Investment Activities		0.82			(3.23	)		0.82			1.01			0.73

Dividends to Shareholders From:
Net Investment Income		—			(0.25	)		(0.16	)		(0.03	)		—
Net Realized Gains		—			(0.33	)		(0.15	)		(0.06	)		—

Total Dividends		—			(0.58	)		(0.31	)		(0.09	)		—

Net Asset Value, End of Period	$	9.17		$	8.35		$	12.16		$	11.65		$	10.73

Total Return(b)(c)		9.82	%		(27.44	)%		7.11	%		9.49	%		7.30	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period ($000’s)	$	449,668		$	299,155		$	368,394		$	274,945		$	117,000
Net Investment Income/(Loss)(d)		2.44	%		2.37	%		2.49	%		2.18	%		1.75	%
Expenses Before Reductions(d)(e)		0.26	%		0.25	%		0.26	%		0.30	%		0.50	%
Expenses Net of Reductions(d)		0.21	%		0.25	%		0.26	%		0.30	%		0.30	%
Portfolio Turnover Rate(c)		37.79	%		61.54	%		32.61	%		44.38	%		3.96	%


(a)		Period from commencement of operations.

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

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

(d)		Annualized for periods less than one year.

(e)		During the period, certain fees were reduced. If such fee reductions had not occurred, the ratios would have been as indicated.

See accompanying notes to the financial statements.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Balanced Fund

Notes to the Financial Statements

June 30, 2009
(Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”). The Trust consists of three separate investment portfolios, the AZL Fusion Balanced Fund, the AZL Fusion Growth Fund, and the AZL Fusion Moderate Fund (collectively, the “Funds”), each of which is a series of the Trust. These Notes to the Financial Statements are for the AZL Fusion Balanced Fund (the “Fund”).

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

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

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

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles (“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. Management has evaluated events and transactions through August 24, 2009, the date the financial statements were issued, for purposes of recognition or disclosure in these financial statements.

Security Valuation

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

Investments in other investment companies are valued at their published net asset value. 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 (generally 4:00 pm EST). 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 on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ.

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.

Investment Transactions and Investment Income

Investment transactions are recorded no later than one business day following the trade date. For financial reporting purposes, securities transactions are recorded on trade date of the last business day of the reporting period. Net realized gains and losses on investments sold are recorded on the basis of identified cost of the security lot sold with the net sales proceeds. 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.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Balanced Fund

Notes to the Financial Statements, continued

June 30, 2009
(Unaudited)

Dividends to Shareholders

Dividends to shareholders are recorded on the ex-dividend date. The Fund distributes its income dividends and its net realized capital gains, if any, on an annual basis. The amount of dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either considered 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 which exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

Expense Allocation

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products 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 Trust.

3. Related Party Transactions

The Manager provides investment advisory and management services for the Fund. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary not incurred in the ordinary course of the Fund’s business and expenses paid indirectly, based on the daily net assets of the Fund, through April 30, 2010. Expenses incurred are reflected on the Statement of Operations as “Manager fees.” The annual expense limit of the Fund is 0.30%.

For the period ended June 30, 2009, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*		Expense Limit
AZL Fusion Balanced Fund		0.20%		0.30%


*		The Manager is voluntarily reducing the management fee to 0.15%. The Manager reserves the right to increase the management fee to the amount shown in the table above at anytime.

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 stated limit during the respective year. Any amounts recouped by the Manager during the period are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2009, there were no remaining contractual reimbursements that may potentially be made 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 period can be found on the Statement of Operations.

The Manager or an affiliate of the Manager serves as the investment adviser of certain underlying funds in which the Fund invests. At December 31, 2009 these underlying funds are noted as Affiliated Investment Companies in the Fund’s Schedule of Portfolio Investments. The Manager or an affiliate of the Manager is paid separate fee from the underlying funds for such services.

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 $75.00 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.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Balanced Fund

Notes to the Financial Statements, continued

June 30, 2009
(Unaudited)

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 fee, accrued daily and paid monthly, in the amount of $50,000 annually for each Fund. In addition, the Administrator is entitled to annual account fees related to the transfer agency system, and a Trust-wide annual fee of $65,000 for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

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

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, 2009, $11,583 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 Trust, each non-interested Trustee receives a $26,000 annual Board retainer and a $6,500 meeting fee for each regular in-person Board meeting and a $2,500 meeting fee for each Committee meeting. In addition, Trustees may receive compensation for special meetings and telephonic meetings. Also, 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 Trust in proportion to the assets under management of each Trust. During the period ended June 30, 2009, actual Trustee compensation was $280,000 in total for both Trusts.

4. Investment Valuation Summary

The valuation techniques, as described in Note 2 above, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund’s investments are summarized in the three broad levels listed below:


	•	Level 1 — quoted prices in active markets for identical assets
	•	Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)
	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments. For example, money market securities held in the AZL Money Market Fund are valued using amortized cost in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

The Schedule of Portfolio Investments includes additional information regarding the investments for the Fund. The following is a summary of the valuation inputs used as of June 30, 2009 in valuing the Fund’s investments based upon three levels defined above:


	LEVEL 1		LEVEL 2		TOTAL
Investment Securities:
Affiliated Investment Companies	$	442,026,604	$	7,657,075	$	449,683,679
Investment Companies		255,568		—		255,568

Total Investment Securities	$	442,282,172	$	7,657,075	$	449,939,247

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Balanced Fund

Notes to the Financial Statements, continued

June 30, 2009
(Unaudited)

5. Security Purchases and Sales

For the period ended June 30, 2009, cost of purchases and sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases		Sales
AZL Fusion Balanced Fund	$	236,487,109	$	138,410,953

6. Federal Income Tax Information

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.

In addition, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”) provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Trust’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable), including the recognition of any related interest and penalties as an operating expense. Implementation of FIN 48 included a review of tax positions taken in tax years that remain subject to examination by tax authorities in all major tax jurisdictions, including federal tax (i.e., the last 4 tax year ends and the interim tax period since then, as applicable). FIN 48 did not impact the Fund’s net assets or results of operations for the period ended June 30, 2009.

Under current tax law, capital losses realized after October 31 of a Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The Fund had $26,761,780 of deferred post October capital and currency losses, which will be treated as arising on the first business day of the fiscal year ending December 31, 2009.

The tax character of dividends paid to shareholders during the latest tax year ended December 31, 2008 were as follows:


			Net
	Ordinary		Long-Term		Total
	Income		Capital Gains		Distributions(a)
AZL Fusion Balanced Fund	$	13,699,782	$	6,302,177	$	20,001,959


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

As of the latest tax year ended December 31, 2008, the components of accumulated earnings on a tax basis were as follows:


													Total
	Undistributed		Undistributed				Accumulated						Accumulated
	Ordinary		Long Term		Accumulated		Capital and			Unrealized			Earnings
	Income		Capital Gains		Earnings		Other Losses			Depreciation(a)			(Deficit)
AZL Fusion Balanced Fund	$	12,764,838	$	12,399,492	$	25,164,330	$	(26,761,780	)	$	(93,921,667	)	$	(95,519,117	)


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

The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings and any net capital loss carryforwards will be determined at the end of the current tax year ending December 31, 2009.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

Other Information (Unaudited)

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

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

The Fund files complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on Form N-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.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Growth Fund

Expense Examples and Portfolio Composition
(Unaudited)

As a shareholder of the AZL Fusion Growth Fund (the “Fund”), you incur ongoing costs, including management fees, and other Fund expenses. The examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount or the insurance contract were included, your costs would have been higher. This example does not include expenses from the underlying investment companies in which the Fund invests.

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

Actual Example

Annualized

Beginning

Ending

Expenses Paid

Expense Ratio

Account Value

During Period*

During Period

1/1/09

6/30/09

1/1/09 - 6/30/09

AZL Fusion Growth Fund

1,000.00

1,100.50

1.09

0.21


*		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect one half-year period).

Hypothetical Example for Comparison Purposes

Annualized

Beginning

Ending

Expenses Paid

Expense Ratio

Account Value

During Period*

During Period

1/1/09

6/30/09

1/1/09 - 6/30/09

AZL Fusion Growth Fund

1,000.00

1,023.75

1.05

0.21


*		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect one half-year period).

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Growth Fund

Expense Examples and Portfolio Composition, continued
(Unaudited)

The AZL Fusion Growth Fund invested, as a percentage of net assets, in the following investments, as of June 30, 2009:


	Percent of
Investments	net assets*
AZL AIM International Equity Fund		4.0	%
AZL BlackRock Capital Appreciation Fund*		8.1
AZL Columbia Mid Cap Value Fund		2.0
AZL Columbia Small Cap Value Fund		1.9
AZL Davis NY Venture Fund		8.1
AZL International Index Fund*		4.3
AZL Jennison 20/20 Focus Fund		3.9
AZL JPMorgan U.S. Equity Fund		8.0
AZL Mid Cap Index Fund*		2.0
AZL NFJ International Value Fund*		3.9
AZL OCC Opportunity Fund*		1.1
AZL S&P 500 Index Fund, Class 2		10.4
AZL Schroder Emerging Markets Equity Fund, Class 2		3.9
AZL Small Cap Stock Index Fund		2.0
AZL Strategic Investments Trust*		1.4
AZL Turner Quantitative Small Cap Growth Fund*		1.0
AZL Van Kampen Comstock Fund		7.1
AZL Van Kampen Global Real Estate Fund		3.9
AZL Van Kampen Mid Cap Growth Fund		2.1
PIMCO PVIT CommodityRealReturn Strategy Portfolio		4.5
PIMCO PVIT Emerging Markets Bond Portfolio		1.0
PIMCO PVIT Global Bond Portfolio (Unhedged)		2.8
PIMCO PVIT High Yield Portfolio		2.1
PIMCO PVIT Real Return Portfolio		1.5
PIMCO PVIT Total Return Portfolio		9.1

		100.1	%


*		Investments are shown as a percentage of net assets, not total investments. As such the total may not equal 100%. For more information about the investments, please see the Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Growth Fund

Schedule of Portfolio Investments

June 30, 2009
(Unaudited)


			Fair
Shares			Value
Affiliated Investment Companies (100.1%):
	2,487,976	AZL AIM International Equity Fund	$	28,437,569
	6,049,377	AZL BlackRock Capital Appreciation Fund*		57,166,610
	2,760,918	AZL Columbia Mid Cap Value Fund		14,384,383
	1,958,033	AZL Columbia Small Cap Value Fund		13,745,395
	6,647,525	AZL Davis NY Venture Fund		57,035,761
	2,771,594	AZL International Index Fund*		30,321,239
	2,643,780	AZL Jennison 20/20 Focus Fund		27,283,814
	8,196,968	AZL JPMorgan U.S. Equity Fund		56,313,170
	1,339,152	AZL Mid Cap Index Fund*		13,860,224
	2,573,445	AZL NFJ International Value Fund*		27,921,876
	821,316	AZL OCC Opportunity Fund*		7,482,185
	11,797,249	AZL S&P 500 Index Fund, Class 2		74,558,613
	4,657,755	AZL Schroder Emerging Markets Equity Fund, Class 2		27,899,955
	2,179,590	AZL Small Cap Stock Index Fund		13,905,782
	1,074,168	AZL Strategic Investments Trust*		10,258,302
	1,134,123	AZL Turner Quantitative Small Cap Growth Fund*		6,997,537
	7,912,803	AZL Van Kampen Comstock Fund		49,929,789
	4,538,465	AZL Van Kampen Global Real Estate Fund		27,412,327
	1,772,479	AZL Van Kampen Mid Cap Growth Fund		14,924,269
	3,943,692	PIMCO PVIT CommodityRealReturn Strategy Portfolio		31,628,411
	614,234	PIMCO PVIT Emerging Markets Bond Portfolio		7,082,123
	1,581,488	PIMCO PVIT Global Bond Portfolio (Unhedged)		19,895,122
	2,415,320	PIMCO PVIT High Yield Portfolio		15,119,906
	852,900	PIMCO PVIT Real Return Portfolio		10,362,730
	6,035,469	PIMCO PVIT Total Return Portfolio		64,639,869

Total Affiliated Investment Companies (Cost $758,784,513)				708,566,961

Total Investment Securities (Cost $758,784,513)(a) — 100.1%				708,566,961
Net other assets (liabilities) — (0.1)%				(461,919	)

Net Assets — 100.0%			$	708,105,042

Percentages indicated are based on net assets as of June 30, 2009.


*		Non-income producing security

(a)		Cost for federal income tax purposes is $815,170,357. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	23,887,096
Unrealized depreciation		(130,490,492	)

Net unrealized depreciation	$	(106,603,396	)

See accompanying notes to the financial statements.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

Statement of Assets and Liabilities

June 30, 2009
(Unaudited)


	AZL Fusion
	Growth Fund

Assets:
Investments in affiliates, at cost	$	758,784,513

Investments in affiliates, at value	$	708,566,961
Interest and dividends receivable		547,812
Receivable for affiliated investments sold		225,941
Prepaid expenses		7,509

Total Assets		709,348,223

Liabilities:
Cash overdraft		225,940
Payable for affiliated investments purchased		548,135
Payable for capital shares redeemed		253,863
Manager fees payable		87,824
Administration fees payable		2,080
Administrative and compliance services fees payable		20,753
Trustee fees payable		1,276
Other accrued liabilities		103,310

Total Liabilities		1,243,181

Net Assets	$	708,105,042

Net Assets Consist of:
Capital	$	1,017,899,904
Accumulated net investment income/(loss)		19,695,513
Accumulated net realized gains/(losses) from investment transactions		(279,272,823	)
Net unrealized appreciation/(depreciation) on investments		(50,217,552	)

Net Assets	$	708,105,042

Shares of beneficial interest (unlimited number of shares authorized, no par value)		87,430,394
Net Asset Value (offering and redemption price per share)	$	8.10

See accompanying notes to the financial statements.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

Statement of Operations

For the Six Months Ended June 30, 2009
(Unaudited)


	AZL Fusion
	Growth Fund

Investment Income:
Dividends	$	3,027,401

Total Investment Income		3,027,401

Expenses:
Manager fees		632,386
Administration fees		41,899
Custodian fees		3,456
Administrative and compliance service fees		20,753
Trustees’ fees		36,800
Professional fees		41,819
Shareholder reports		26,736
Other expenses		8,179

Total expenses before reductions		812,028
Less expenses waived/reimbursed by the Manager		(158,099	)

Net expenses		653,929

Net Investment Income/(Loss)		2,373,472

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on security transactions from affiliates		(151,324,297	)
Change in unrealized appreciation/(depreciation) on investments		213,341,320

Net Realized/Unrealized Gains/(Losses) on Investments		62,017,023

Change in Net Assets Resulting From Operations	$	64,390,495

See accompanying notes to the financial statements.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

Statements of Changes in Net Assets


	AZL Fusion Growth Fund
	For the Six			For the
	Months Ended			Year Ended
	June 30,			December 31,
	2009			2008
	(Unaudited)

Change in Net Assets:
Operations:
Net investment income/(loss)	$	2,373,472		$	10,550,006
Net realized gains/(losses) on investment transactions		(151,324,297	)		(111,284,874	)
Change in unrealized appreciation/(depreciation) on investments		213,341,320			(323,825,715	)

Change in net assets resulting from operations		64,390,495			(424,560,583	)

Dividends to Shareholders:
From net investment income		—			(13,701,686	)
From net realized gains on investments		—			(52,140,296	)

Change in net assets resulting from dividends to shareholders		—			(65,841,982	)

Capital Transactions:
Proceeds from shares issued		41,699,681			225,372,043
Proceeds from dividends reinvested		—			65,841,982
Value of shares redeemed		(30,414,897	)		(295,734,581	)

Change in net assets resulting from capital transactions		11,284,784			(4,520,556	)

Change in net assets		75,675,279			(494,923,121	)
Net Assets:
Beginning of period		632,429,763			1,127,352,884

End of period	$	708,105,042		$	632,429,763

Accumulated net investment income/(loss)	$	19,695,513		$	17,322,041

Share Transactions:
Shares issued		5,769,867			21,158,667
Dividends reinvested		—			6,623,942
Shares redeemed		(4,297,994	)		(28,978,876	)

Change in shares		1,471,873			(1,196,267	)

See accompanying notes to the financial statements.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Growth Fund

Financial Highlights

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


													April 29,
													2005 to
	Six Months												Year Ended
	Ended			Year Ended December 31,									December 31,
	June 30, 2009			2008			2007			2006			2005(a)
	(Unaudited)

Net Asset Value, Beginning of Period	$	7.36		$	12.94		$	12.49		$	11.21		$	10.00

Investment Activities:
Net Investment Income/(Loss)		0.02			0.12			0.12			0.06			0.01
Net Realized and Unrealized Gains/(Losses) on Investments		0.72			(4.94	)		0.60			1.29			1.20

Total from Investment Activities		0.74			(4.82	)		0.72			1.35			1.21

Dividends to Shareholders From:
Net Investment Income		—			(0.16	)		(0.06	)		(0.01	)		—
Net Realized Gains		—			(0.60	)		(0.21	)		(0.06	)		—

Total Dividends		—			(0.76	)		(0.27	)		(0.07	)		—

Net Asset Value, End of Period	$	8.10		$	7.36		$	12.94		$	12.49		$	11.21

Total Return(b)(c)		10.05	%		(38.77	)%		5.75	%		12.20	%		12.10	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period ($000’s)	$	708,105		$	632,430		$	1,127,353		$	900,439		$	342,171
Net Investment Income/(Loss)(d)		0.75	%		1.15	%		1.10	%		0.81	%		0.42	%
Expenses Before Reductions(d)(e)		0.26	%		0.24	%		0.25	%		0.26	%		0.38	%
Expenses Net of Reductions(d)		0.21	%		0.24	%		0.25	%		0.26	%		0.30	%
Portfolio Turnover Rate(c)		46.94	%		62.37	%		32.07	%		28.37	%		0.58	%


(a)		Period from commencement of operations.

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

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

(d)		Annualized for periods less than one year.

(e)		During the period, certain fees were reduced. If such fee reductions had not occurred, the ratios would have been as indicated.

See accompanying notes to the financial statements.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Growth Fund

Notes to the Financial Statements

June 30, 2009
(Unaudited)

1. Organization

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Growth Fund

Notes to the Financial Statements, continued

June 30, 2009
(Unaudited)

Dividends to Shareholders

Expense Allocation

3. Related Party Transactions

For the period ended June 30, 2009, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Expense Limit
AZL Fusion Growth Fund		0.20	%		0.30	%


*		The Manager is voluntarily reducing the management fee to 0.15%. The Manager reserves the right to increase the management fee to the amount shown in the table above at anytime.

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 $75.00 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.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Growth Fund

Notes to the Financial Statements, continued

June 30, 2009
(Unaudited)

The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services 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, 2009, $20,870 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary


	•	Level 1 — quoted prices in active markets for identical assets
	•	Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)
	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)


	LEVEL 1		LEVEL 2		TOTAL
Investment Securities:
Affiliated Investment Companies	$	698,308,659	$	10,258,302	$	708,566,961

Total Investment Securities	$	698,308,659	$	10,258,302	$	708,566,961

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Growth Fund

Notes to the Financial Statements, continued

June 30, 2009
(Unaudited)

5. Security Purchases and Sales

For the period ended June 30, 2009, cost of purchases and sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases		Sales
AZL Fusion Growth Fund	$	314,261,286	$	299,706,436

6. Federal Income Tax Information

Under current tax law, capital losses realized after October 31 of a Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The Fund had $104,615,297 of deferred post October capital and currency losses, which will be treated as arising on the first business day of the fiscal year ending December 31, 2009.

The tax character of dividends paid to shareholders during the latest tax year ended December 31, 2008 were as follows:


			Net
	Ordinary		Long-Term		Total
	Income		Capital Gains		Distributions(a)
AZL Fusion Growth Fund	$	18,202,780	$	47,639,202	$	65,841,982


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

As of the latest tax year ended December 31, 2008, the components of accumulated earnings on a tax basis were as follows:


													Total
	Undistributed		Undistributed				Accumulated						Accumulated
	Ordinary		Long Term		Accumulated		Capital and			Unrealized			Earnings
	Income		Capital Gains		Earnings		Other Losses			Depreciation(a)			(Deficit)
AZL Fusion Growth Fund	$	20,005,640	$	26,123,584	$	46,129,224	$	(104,615,297	)	$	(315,699,284	)	$	(374,185,357	)


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

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

Other Information (Unaudited)

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

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Moderate Fund

Expense Examples and Portfolio Composition
(Unaudited)

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

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

Actual Example

Annualized

Beginning

Ending

Expenses Paid

Expense Ratio

Account Value

During Period*

During Period

1/1/09

6/30/09

1/1/09 - 6/30/09

AZL Fusion Moderate Fund

1,000.00

1,099.40

1.09

0.21%


*		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect one half-year period).

Hypothetical Example for Comparison Purposes

Annualized

Beginning

Ending

Expenses Paid

Expense Ratio

Account Value

During Period*

During Period

1/1/09

6/30/09

1/1/09 - 6/30/09

AZL Fusion Moderate Fund

1,000.00

1,023.75

1.05

0.21%


*		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect one half-year period).

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Moderate Fund

Expense Examples and Portfolio Composition, continued
(Unaudited)

The AZL Fusion Moderate Fund invested, as a percentage of net assets, in the following investments, as of June 30, 2009:


	Percent of
Investments	net assets*
AZL AIM International Equity Fund		3.3	%
AZL BlackRock Capital Appreciation Fund*		6.0
AZL Columbia Mid Cap Value Fund		1.6
AZL Columbia Small Cap Value Fund		1.5
AZL Davis NY Venture Fund		6.5
AZL International Index Fund*		3.5
AZL Jennison 20/20 Focus Fund		3.2
AZL JPMorgan U.S. Equity Fund		6.2
AZL Mid Cap Index Fund*		1.4
AZL NFJ International Value Fund*		3.2
AZL OCC Opportunity Fund		0.8
AZL S&P 500 Index Fund, Class 2		9.6
AZL Schroder Emerging Markets Equity Fund, Class 2		3.1
AZL Small Cap Stock Index Fund		1.3
AZL Strategic Investments Trust*		1.5
AZL Turner Quantitative Small Cap Growth Fund*		0.8
AZL Van Kampen Comstock Fund		5.7
AZL Van Kampen Global Real Estate Fund		3.1
AZL Van Kampen Mid Cap Growth Fund		1.7
PIMCO PVIT CommodityRealReturn Strategy Portfolio		3.6
PIMCO PVIT Emerging Markets Bond Portfolio		1.9
PIMCO PVIT Global Bond Portfolio (Unhedged)		5.6
PIMCO PVIT High Yield Portfolio		4.2
PIMCO PVIT Real Return Portfolio		2.9
PIMCO PVIT Total Return Portfolio		17.8
Investment Company		0.1

		100.1	%


*		Investments are shown as a percentage of net assets, not total investments. As such the total may not equal 100%. For more information about the investments, please see the Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Moderate Fund

Schedule of Portfolio Investments

June 30, 2009
(Unaudited)


			Fair
Shares			Value
Affiliated Investment Companies (100.0%):
	2,013,574	AZL AIM International Equity Fund	$	23,015,154
	4,459,546	AZL BlackRock Capital Appreciation Fund*		42,142,710
	2,187,810	AZL Columbia Mid Cap Value Fund		11,398,492
	1,515,030	AZL Columbia Small Cap Value Fund		10,635,513
	5,270,837	AZL Davis NY Venture Fund		45,223,781
	2,214,052	AZL International Index Fund*		24,221,732
	2,194,764	AZL Jennison 20/20 Focus Fund		22,649,964
	6,320,184	AZL JPMorgan U.S. Equity Fund		43,419,665
	913,194	AZL Mid Cap Index Fund*		9,451,557
	2,083,321	AZL NFJ International Value Fund*		22,604,036
	648,034	AZL OCC Opportunity Fund		5,903,592
	10,440,883	AZL S&P 500 Index Fund, Class 2		65,986,378
	3,650,733	AZL Schroder Emerging Markets Equity Fund, Class 2		21,867,888
	1,370,079	AZL Small Cap Stock Index Fund		8,741,107
	1,124,044	AZL Strategic Investments Trust*		10,734,623
	896,823	AZL Turner Quantitative Small Cap Growth Fund*		5,533,399
	6,278,538	AZL Van Kampen Comstock Fund		39,617,575
	3,566,368	AZL Van Kampen Global Real Estate Fund		21,540,864
	1,417,700	AZL Van Kampen Mid Cap Growth Fund		11,937,030
	3,161,105	PIMCO PVIT CommodityRealReturn Strategy Portfolio		25,352,063
	1,153,897	PIMCO PVIT Emerging Markets Bond Portfolio		13,304,429
	3,125,945	PIMCO PVIT Global Bond Portfolio (Unhedged)		39,324,391
	4,672,640	PIMCO PVIT High Yield Portfolio		29,250,728
	1,688,003	PIMCO PVIT Real Return Portfolio		20,509,231
	11,527,427	PIMCO PVIT Total Return Portfolio		123,458,738

Total Affiliated Investment Companies (Cost $693,795,597)				697,824,640

Investment Company (0.1%):
	464,700	Dreyfus Treasury Prime Cash Management, 0.09%(a)		464,700

Total Investment Company (Cost $464,700)				464,700

Total Investment Securities (Cost $694,260,297)(b) — 100.1%				698,289,340
Net other assets (liabilities) — (0.1)%				(484,749	)

Net Assets — 100.0%			$	697,804,591

Percentages indicated are based on net assets as of June 30, 2009.


*		Non-income producing security


(a)		The rate presented represents the effective yield at June 30, 2009.


(b)		Cost for federal income tax purposes is $744,604,708. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	28,936,440
Unrealized depreciation		(75,251,808	)

Net unrealized depreciation	$	(46,315,368	)

See accompanying notes to the financial statements.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

Statement of Assets and Liabilities

June 30, 2009
(Unaudited)


	AZL Fusion
	Moderate Fund

Assets:
Investments in non-affiliates, at cost	$	464,700
Investments in affiliates, at cost		693,795,597

Total investments, at cost	$	694,260,297

Investments in non-affiliates, at value	$	464,700
Investments in affiliates, at value		697,824,640

Total Investment securities, at value	$	698,289,340
Interest and dividends receivable		1,045,568
Receivable for capital shares issued		170,935
Prepaid expenses		5,266

Total Assets		699,511,109

Liabilities:
Payable for affiliated investments purchased		1,510,887
Payable for capital shares redeemed		3,201
Manager fees payable		85,633
Administration fees payable		2,028
Administrative and compliance services fees payable		18,811
Trustee fees payable		1,260
Other accrued liabilities		84,698

Total Liabilities		1,706,518

Net Assets	$	697,804,591

Net Assets Consist of:
Capital	$	845,353,277
Accumulated net investment income/(loss)		19,552,038
Accumulated net realized gains/(losses) from investment transactions		(171,129,767	)
Net unrealized appreciation/(depreciation) on investments		4,029,043

Net Assets	$	697,804,591

Shares of beneficial interest (unlimited number of shares authorized, no par value)		81,872,340
Net Asset Value (offering and redemption price per share)	$	8.52

See accompanying notes to the financial statements.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

Statement of Operations

For the Six Months Ended June 30, 2009
(Unaudited)


	AZL Fusion
	Moderate Fund

Investment Income:
Dividends	$	5,049,116

Total Investment Income		5,049,116

Expenses:
Manager fees		542,067
Administration fees		36,919
Transfer agent fees		1,022
Custodian fees		3,063
Administrative and compliance service fees		18,811
Trustees’ fees		30,564
Professional fees		35,769
Shareholder reports		24,365
Other expenses		8,655

Total expenses before reductions		701,235
Less expenses waived/reimbursed by the Manager		(135,519	)

Net expenses		565,716

Net Investment Income/(Loss)		4,483,400

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on security transactions from affiliates		(83,944,661	)
Change in unrealized appreciation/(depreciation) on investments		147,192,255

Net Realized/Unrealized Gains/(Losses) on Investments		63,247,594

Change in Net Assets Resulting From Operations	$	67,730,994

See accompanying notes to the financial statements.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

Statements of Changes in Net Assets


	AZL
	Fusion Moderate Fund
	For the Six			For the
	Months Ended			Year Ended
	June 30,			December 31,
	2009			2008
	(Unaudited)

Change in Net Assets:
Operations:
Net investment income/(loss)	$	4,483,400		$	11,779,543
Net realized gains/(losses) on investment transactions		(83,944,661	)		(77,012,508	)
Change in unrealized appreciation/(depreciation) on investments		147,192,255			(185,350,463	)

Change in net assets resulting from operations		67,730,994			(250,583,428	)

Dividends to Shareholders:
From net investment income		—			(15,014,187	)
From net realized gains on investments		—			(34,684,053	)

Change in net assets resulting from dividends to shareholders		—			(49,698,240	)

Capital Transactions:
Proceeds from shares issued		199,485,977			126,975,582
Proceeds from dividends reinvested		—			49,698,240
Value of shares redeemed		(7,729,055	)		(268,777,542	)

Change in net assets resulting from capital transactions		191,756,922			(92,103,720	)

Change in net assets		259,487,916			(392,385,388	)
Net Assets:
Beginning of period		438,316,675			830,702,063

End of period	$	697,804,591		$	438,316,675

Accumulated net investment income/(loss)	$	19,552,038		$	15,068,638

Share Transactions:
Shares issued		26,331,835			12,250,620
Dividends reinvested		—			5,004,858
Shares redeemed		(1,031,730	)		(27,385,621	)

Change in shares		25,300,105			10,130,143

See accompanying notes to the financial statements.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Moderate Fund

Financial Highlights

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


													April 29,
													2005 to
	Six Months												Year Ended
	Ended			Year Ended December 31,									December 31,
	June 30, 2009			2008			2007			2006			2005(a)
	(Unaudited)

Net Asset Value, Beginning of Period	$	7.75		$	12.45		$	11.98		$	10.91		$	10.00

Investment Activities:
Net Investment Income/(Loss)		(0.03	)		0.23			0.20			0.12			0.08	(b)
Net Realized and Unrealized Gains/(Losses) on Investments		0.80			(4.13	)		0.58			1.04			0.83

Total from Investment Activities		0.77			(3.90	)		0.78			1.16			0.91

Dividends to Shareholders From:
Net Investment Income		—			(0.24	)		(0.12	)		(0.02	)		—
Net Realized Gains		—			(0.56	)		(0.19	)		(0.07	)		—

Total Dividends		—			(0.80	)		(0.31	)		(0.09	)		—

Net Asset Value, End of Period	$	8.52		$	7.75		$	12.45		$	11.98		$	10.91

Total Return(c)(d)		9.94	%		(32.76	)%		6.54	%		10.71	%		9.10	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period ($000’s)	$	697,805		$	438,317		$	830,702		$	648,711		$	303,316
Net Investment Income/(Loss)(e)		1.65	%		1.79	%		1.82	%		1.50	%		1.09	%
Expenses Before Reductions(e)(f)		0.26	%		0.25	%		0.25	%		0.27	%		0.42	%
Expenses Net of Reductions(e)		0.21	%		0.24	%		0.25	%		0.27	%		0.30	%
Portfolio Turnover Rate(d)		75.21	%		55.14	%		31.35	%		23.53	%		0.00	%


(a)		Period from commencement of operations.

(b)		Average shares method used in calculation.

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

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

(e)		Annualized for periods less than one year.

(f)		During the period, certain fees were reduced. If such fee reductions had not occurred, the ratios would have been as indicated.

See accompanying notes to the financial statements.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Moderate Fund

Notes to the Financial Statements

June 30, 2009
(Unaudited)

1. Organization

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Moderate Fund

Notes to the Financial Statements, continued

June 30, 2009
(Unaudited)

Dividends to Shareholders

Expense Allocation

3. Related Party Transactions

For the period ended June 30, 2009, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Expense Limit
AZL Fusion Moderate Fund		0.20	%		0.30	%


*		The Manager is voluntarily reducing the management fee to 0.15%. The Manager reserves the right to increase the management fee to the amount shown in the table above at anytime.

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 $75.00 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.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Moderate Fund

Notes to the Financial Statements, continued

June 30, 2009
(Unaudited)

The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services 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, 2009, $17,016 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary


	•	Level 1 — quoted prices in active markets for identical assets
	•	Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)
	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)


	LEVEL 1		LEVEL 2		TOTAL
Investment Securities:
Affiliated Investment Companies	$	687,090,017	$	10,734,623	$	697,824,640
Investment Companies		464,700		—		464,700

Total Investment Securities	$	687,554,717	$	10,734,623	$	698,289,340

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Moderate Fund

Notes to the Financial Statements, continued

June 30, 2009
(Unaudited)

5. Security Purchases and Sales

For the period ended June 30, 2009, cost of purchases and sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases		Sales
AZL Fusion Moderate Fund	$	410,358,759	$	686,381,087

6. Federal Income Tax Information

Under current tax law, capital losses realized after October 31 of a Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The Fund had $59,815,428 of deferred post October capital and currency losses, which will be treated as arising on the first business day of the fiscal year ending December 31, 2009.

The tax character of dividends paid to shareholders during the latest tax year ended December 31, 2008 were as follows:


			Net
	Ordinary		Long-Term		Total
	Income		Capital Gains		Distributions(a)
AZL Fusion Moderate Fund	$	19,347,776	$	30,350,464	$	49,698,240


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

As of the latest tax year ended December 31, 2008, the components of accumulated earnings on a tax basis were as follows:


													Total
	Undistributed		Undistributed				Accumulated						Accumulated
	Ordinary		Long Term		Accumulated		Capital and			Unrealized			Earnings
	Income		Capital Gains		Earnings		Other Losses			Depreciation(a)			(Deficit)
AZL Fusion Moderate Fund	$	17,239,832	$	14,687,448	$	31,927,280	$	(59,815,428	)	$	(187,391,532	)	$	(215,279,680	)


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

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

Other Information (Unaudited)

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

Item 2. Code of Ethics.

Not applicable — only for annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable — only for annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable — only for annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(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.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(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 (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) 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.

Item 12. Exhibits.

(a)(1) Not applicable — Only effective for annual reports.

(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.


5701 Golden Hills Drive, Minneapolis, MN		55416-1297

(Address of principal executive offices)		(Zip code)


	Item 1. Reports to Stockholders
	Item 2. Code of Ethics
	Item 3. Audit Committee Financial Expert
	Item 4. Principal Accountant Fees and Services
	Item 5. Audit Committee of Listed Registrants
	Item 6. Investments
	Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
	Item 8. Portfolio Managers of Closed-End Management Investment Companies
	Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
	Item 10. Submission of Matters to a Vote of Security Holders
	Item 11. Controls and Procedures
	Item 12. Exhibits
SIGNATURES
EX-99.CERT
EX-99.906CERT


The Allianz VIP Fund of Funds will be distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SANNRPT0609 8/09


By (Signature and Title)*		/s/ Troy A. Sheets Troy A. Sheets, Treasurer


By (Signature and Title)*		/s/ Jeffrey Kletti Jeffrey Kletti, President


*		Print the name and title of each signing officer under his or her signature.