N-Q 1 l39782nvq.htm FORM N-Q nvq
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21624
Allianz Variable Insurance Products Fund of Funds Trust
 
(Exact name of registrant as specified in charter)
     
5701 Golden Hills Drive, Minneapolis, MN   55416-1297
 
(Address of principal executive offices)   (Zip code)
Citi Fund Services Ohio, Inc., 3435 Stelzer Road, Columbus, OH 43219-8006
 
(Name and address of agent for service)
Registrant’s telephone number, including area code 877-833-7113
Date of fiscal year end: December 31
Date of reporting period: March 31, 2010
 
 

 

 

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Allianz Global Investors Select Fund
Schedule of Portfolio Investments
March 31, 2010
(Unaudited)
                 
            Fair  
Shares         Value  
Affiliated Investment Companies (99.2%):        
  96,583    
AZL NACM International Growth Fund
   $ 1,012,193  
  111,113    
AZL NFJ International Value Fund*
     1,524,467  
  276,329    
AZL OCC Growth Fund
     3,034,093  
  63,066    
PIMCO PVIT CommodityRealReturn Strategy Portfolio
     507,054  
  368,760    
PIMCO PVIT Total Return Portfolio
     4,071,107  
       
 
      
Total Affiliated Investment Companies
(Cost $9,897,537)		     10,148,914  
       
 
      
Investment Companies (0.8%):        
  80,519    
Dreyfus Treasury Prime Cash Management, 0.00%(a)
     80,519  
       
 
      
Total Investment Companies
(Cost $80,519)		     80,519  
       
 
      
Total Investment Securities
(Cost $9,978,056)(b)—100.0%		     10,229,433  
Net other assets (liabilities) — 0.0%     (3,460 )
       
 
      
Net Assets — 100.0%   $ 10,225,973  
       
 
      
 
    Percentages indicated are based on net assets as of March 31, 2010.
 
*   Non-income producing security.
 
(a)   The rate represents the effective yield at March 31, 2010.
 
(b)   Cost for federal income tax purposes is $9,979,376. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:
         
Unrealized appreciation
   $ 281,702  
Unrealized depreciation
     (31,645 )
 
      
Net unrealized appreciation
   $ 250,057  
 
      
See Notes to Schedule of Portfolio Investments.

 

 

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Moderate Index Strategy Fund
Schedule of Portfolio Investments
March 31, 2010
(Unaudited)
                 
            Fair  
Shares         Value  
Affiliated Investment Companies (100.0%):        
  6,421,294    
AZL Enhanced Bond Index Fund*
   $ 65,368,777  
  2,260,010    
AZL International Index Fund*
     30,374,530  
  1,326,531    
AZL Mid Cap Index Fund*
     18,916,327  
  8,650,814    
AZL S&P 500 Index Fund, Class 2
     69,985,083  
  1,105,691    
AZL Small Cap Stock Index Fund*
     9,519,998  
       
 
      
Total Affiliated Investment Companies
(Cost $178,628,255)		     194,164,715  
       
 
      
Investment Companies (0.7%):        
  1,299,160    
Dreyfus Treasury Prime Cash Management, 0.00%(a)
     1,299,160  
       
 
      
Total Investment Companies
(Cost $1,299,160)		     1,299,160  
       
 
      
Total Investment Securities
(Cost $179,927,415)(b)—100.7%		     195,463,875  
Net other assets (liabilities) — (0.7)%     (1,300,006 )
       
 
      
Net Assets — 100.0%   $ 194,163,869  
       
 
      
 
    Percentages indicated are based on net assets as of March 31, 2010.
 
*   Non-income producing security.
 
(a)   The rate represents the effective yield at March 31, 2010.
 
(b)   Cost for federal income tax purposes is $179,965,926. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:
         
Unrealized appreciation
   $ 15,536,460  
Unrealized depreciation
     (38,511 )
 
      
Net unrealized appreciation
   $ 15,497,949  
 
      
See Notes to Schedule of Portfolio Investments.

 

 

Item 1. Schedule of Investments.
ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Balanced Index Strategy Fund
Schedule of Portfolio Investments
March 31, 2010
(Unaudited)
                 
            Fair  
Shares         Value  
Affiliated Investment Companies (100.1%):        
  7,331,460    
AZL Enhanced Bond Index Fund*
   $ 74,634,260  
  1,398,195    
AZL International Index Fund*
     18,791,748  
  787,279    
AZL Mid Cap Index Fund*
     11,226,595  
  4,801,860    
AZL S&P 500 Index Fund, Class 2
     38,847,047  
  698,880    
AZL Small Cap Stock Index Fund*
     6,017,353  
       
 
      
Total Affiliated Investment Companies
(Cost $138,971,571)		     149,517,003  
       
 
      
Total Investment Securities
(Cost $138,971,571)(a)—100.1%		     149,517,003  
Net other assets (liabilities) — (0.1)%     (188,068 )
       
 
      
Net Assets — 100.0%   $ 149,328,935  
       
 
      
 
    Percentages indicated are based on net assets as of March 31, 2010.
 
*   Non-income producing security.
 
(a)   Cost for federal income tax purposes is $138,993,650. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:
         
Unrealized appreciation
   $ 10,545,431  
Unrealized depreciation
     (22,078 )
 
      
Net unrealized appreciation
   $ 10,523,353  
 
      
See Notes to Schedule of Portfolio Investments.

 

 

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Balanced Fund
Schedule of Portfolio Investments
March 31, 2010
(Unaudited)
                 
            Fair  
Shares         Value  
Affiliated Investment Companies (99.9%):        
  1,097,131    
AZL AIM International Equity Fund
   $ 15,140,406  
  2,436,860    
AZL BlackRock Capital Appreciation Fund
     29,656,590  
  1,151,832    
AZL Columbia Mid Cap Value Fund
     8,189,528  
  706,039    
AZL Columbia Small Cap Value Fund
     6,643,830  
  2,768,035    
AZL Davis NY Venture Fund
     30,476,065  
  3,414,719    
AZL Eaton Vance Large Cap Value Fund
     27,351,901  
  1,354,828    
AZL International Index Fund*
     18,208,888  
  3,456,203    
AZL JPMorgan U.S. Equity Fund
     30,656,523  
  1,192,057    
AZL MFS Investors Trust Fund
     15,973,561  
  623,335    
AZL Mid Cap Index Fund*
     8,888,761  
  1,113,121    
AZL NFJ International Value Fund*
     15,272,026  
  280,084    
AZL OCC Opportunity Fund*
     3,366,610  
  6,625,276    
AZL S&P 500 Index Fund, Class 2
     53,598,487  
  1,884,121    
AZL Schroder Emerging Markets Equity Fund, Class 2
     14,903,396  
  1,023,707    
AZL Small Cap Stock Index Fund*
     8,814,120  
  2,665,311    
AZL Strategic Investments Trust*
     8,928,791  
  404,917    
AZL Turner Quantitative Small Cap Growth Fund*
     3,364,860  
  1,920,330    
AZL Van Kampen Global Real Estate Fund
     15,189,814  
  699,648    
AZL Van Kampen Mid Cap Growth Fund*
     8,045,950  
  2,103,682    
PIMCO PVIT CommodityRealReturn Strategy Portfolio
     16,913,601  
  1,374,202    
PIMCO PVIT Emerging Markets Bond Portfolio
     17,878,362  
  3,874,877    
PIMCO PVIT Global Bond Portfolio (Unhedged)
     49,520,927  
  5,175,053    
PIMCO PVIT High Yield Portfolio
     38,916,395  
  2,152,628    
PIMCO PVIT Real Return Portfolio
     27,058,533  
  14,574,515    
PIMCO PVIT Total Return Portfolio
     160,902,640  
       
 
      
Total Affiliated Investment Companies
(Cost $548,928,983)		     633,860,565  
       
 
      
Investment Companies (0.3%):        
  1,706,176    
Dreyfus Treasury Prime Cash Management, 0.00%(a)
     1,706,176  
       
 
      
Total Investment Companies
(Cost $1,706,176)		     1,706,176  
       
 
      
Total Investment Securities
(Cost $550,635,159)(b)—100.2%		     635,566,741  
Net other assets (liabilities) — (0.2)%     (966,170 )
       
 
      
Net Assets — 100.0%   $ 634,600,571  
       
 
      
 
    Percentages indicated are based on net assets as of March 31, 2010.
 
*   Non-income producing security.
 
(a)   The rate represents the effective yield at March 31, 2010.
 
(b)   Cost for federal income tax purposes is $573,894,829. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:
         
Unrealized appreciation
   $ 91,632,078  
Unrealized depreciation
     (29,960,166 )
 
      
Net unrealized appreciation
   $ 61,671,912  
 
      
See Notes to Schedule of Portfolio Investments.

 

 

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Conservative Fund
Schedule of Portfolio Investments
March 31, 2010
(Unaudited)
                 
            Fair  
Shares         Value  
Affiliated Investment Companies (101.0%):        
  28,027    
AZL AIM International Equity Fund
   $ 386,779  
  57,288    
AZL BlackRock Capital Appreciation Fund
     697,201  
  28,314    
AZL Columbia Mid Cap Value Fund
     201,314  
  17,755    
AZL Columbia Small Cap Value Fund
     167,077  
  62,905    
AZL Davis NY Venture Fund
     692,588  
  116,338    
AZL Eaton Vance Large Cap Value Fund
     931,866  
  33,689    
AZL International Index Fund*
     452,781  
  86,582    
AZL JPMorgan U.S. Equity Fund
     767,986  
  29,339    
AZL MFS Investors Trust Fund
     393,137  
  18,415    
AZL Mid Cap Index Fund*
     262,598  
  28,057    
AZL NFJ International Value Fund*
     384,946  
  7,055    
AZL OCC Opportunity Fund*
     84,802  
  172,584    
AZL S&P 500 Index Fund, Class 2
     1,396,207  
  46,750    
AZL Schroder Emerging Markets Equity Fund, Class 2
     369,792  
  25,029    
AZL Small Cap Stock Index Fund*
     215,500  
  10,062    
AZL Turner Quantitative Small Cap Growth Fund*
     83,617  
  44,445    
AZL Van Kampen Global Real Estate Fund
     351,560  
  17,462    
AZL Van Kampen Mid Cap Growth Fund*
     200,813  
  54,058    
PIMCO PVIT CommodityRealReturn Strategy Portfolio
     434,625  
  57,077    
PIMCO PVIT Emerging Markets Bond Portfolio
     742,567  
  158,107    
PIMCO PVIT Global Bond Portfolio (Unhedged)
     2,020,604  
  129,665    
PIMCO PVIT High Yield Portfolio
     975,079  
  120,231    
PIMCO PVIT Real Return Portfolio
     1,511,299  
       
 
      
  793,088    
PIMCO PVIT Total Return Portfolio
     8,755,691  
       
 
      
Total Affiliated Investment Companies
(Cost $21,953,890)		     22,480,429  
       
 
      
Total Investment Securities
(Cost $21,953,890)(a)—101.0%		     22,480,429  
Net other assets (liabilities) — (1.0)%     (214,696 )
       
 
      
Net Assets — 100.0%   $ 22,265,733  
       
 
      
 
    Percentages indicated are based on net assets as of March 31, 2010.
 
*   Non-income producing security.
 
(a)   Cost for federal income tax purposes is $21,972,261. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:
         
Unrealized appreciation
   $ 584,203  
Unrealized depreciation
     (76,035 )
 
      
Net unrealized appreciation
   $ 508,168  
 
      
See Notes to Schedule of Portfolio Investments.

 

 

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Growth Fund
Schedule of Portfolio Investments
March 31, 2010
(Unaudited)
                 
            Fair  
Shares         Value  
Affiliated Investment Companies (100.0%):        
  2,361,742    
AZL AIM International Equity Fund
   $ 32,592,039  
  5,622,161    
AZL BlackRock Capital Appreciation Fund
     68,421,702  
  2,600,347    
AZL Columbia Mid Cap Value Fund
     18,488,464  
  1,839,754    
AZL Columbia Small Cap Value Fund
     17,312,088  
  6,299,791    
AZL Davis NY Venture Fund
     69,360,701  
  7,575,444    
AZL Eaton Vance Large Cap Value Fund
     60,679,310  
  2,501,663    
AZL International Index Fund*
     33,622,351  
  7,709,727    
AZL JPMorgan U.S. Equity Fund
     68,385,275  
  2,480,911    
AZL MFS Investors Trust Fund
     33,244,203  
  1,248,911    
AZL Mid Cap Index Fund*
     17,809,464  
  2,382,055    
AZL NFJ International Value Fund*
     32,681,792  
  716,430    
AZL OCC Opportunity Fund*
     8,611,485  
  10,667,214    
AZL S&P 500 Index Fund, Class 2
     86,297,760  
  4,359,021    
AZL Schroder Emerging Markets Equity Fund, Class 2
     34,479,856  
  2,052,259    
AZL Small Cap Stock Index Fund*
     17,669,952  
  4,943,429    
AZL Strategic Investments Trust*
     16,560,488  
  1,056,011    
AZL Turner Quantitative Small Cap Growth Fund*
     8,775,450  
  3,946,730    
AZL Van Kampen Global Real Estate Fund
     31,218,636  
  1,585,420    
AZL Van Kampen Mid Cap Growth Fund*
     18,232,334  
  4,517,475    
PIMCO PVIT CommodityRealReturn Strategy Portfolio
     36,320,502  
  657,617    
PIMCO PVIT Emerging Markets Bond Portfolio
     8,555,603  
  1,786,126    
PIMCO PVIT Global Bond Portfolio (Unhedged)
     22,826,690  
  2,499,916    
PIMCO PVIT High Yield Portfolio
     18,799,372  
  990,743    
PIMCO PVIT Real Return Portfolio
     12,453,646  
  6,909,229    
PIMCO PVIT Total Return Portfolio
     76,277,887  
       
 
      
Total Affiliated Investment Companies
(Cost $739,243,671)		     849,677,050  
       
 
      
Total Investment Securities
(Cost $739,243,671)(a)—100.0%		     849,677,050  
Net other assets (liabilities) — 0.0%     317,261  
       
 
      
Net Assets — 100.0%   $ 849,994,311  
       
 
      
 
    Percentages indicated are based on net assets as of March 31, 2010.
 
*   Non-income producing security.
 
(a)   Cost for federal income tax purposes is $807,343,153. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:
         
Unrealized appreciation
   $ 130,475,494  
Unrealized depreciation
     (88,141,597 )
 
      
Net unrealized appreciation
   $ 42,333,897  
 
      
See Notes to Schedule of Portfolio Investments.

 

 

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Moderate Fund
Schedule of Portfolio Investments
March 31, 2010
(Unaudited)
                 
            Fair  
Shares         Value  
Affiliated Investment Companies (99.9%):        
  2,520,355    
AZL AIM International Equity Fund
   $ 34,780,900  
  5,485,177    
AZL BlackRock Capital Appreciation Fund
     66,754,609  
  2,763,485    
AZL Columbia Mid Cap Value Fund
     19,648,378  
  1,935,162    
AZL Columbia Small Cap Value Fund
     18,209,877  
  6,547,258    
AZL Davis NY Venture Fund
     72,085,312  
  7,936,928    
AZL Eaton Vance Large Cap Value Fund
     63,574,793  
  2,644,504    
AZL International Index Fund*
     35,542,140  
  7,852,915    
AZL JPMorgan U.S. Equity Fund
     69,655,354  
  2,708,805    
AZL MFS Investors Trust Fund
     36,297,990  
  1,150,485    
AZL Mid Cap Index Fund*
     16,405,917  
  2,533,048    
AZL NFJ International Value Fund*
     34,753,423  
  757,327    
AZL OCC Opportunity Fund*
     9,103,068  
  12,883,708    
AZL S&P 500 Index Fund, Class 2
     104,229,199  
  4,527,851    
AZL Schroder Emerging Markets Equity Fund, Class 2
     35,815,304  
  1,736,346    
AZL Small Cap Stock Index Fund*
     14,949,941  
  5,275,437    
AZL Strategic Investments Trust*
     17,672,715  
  1,110,090    
AZL Turner Quantitative Small Cap Growth Fund*
     9,224,850  
  4,265,642    
AZL Van Kampen Global Real Estate Fund
     33,741,229  
  1,674,968    
AZL Van Kampen Mid Cap Growth Fund*
     19,262,130  
  4,805,612    
PIMCO PVIT CommodityRealReturn Strategy Portfolio
     38,637,119  
  1,601,401    
PIMCO PVIT Emerging Markets Bond Portfolio
     20,834,222  
  4,575,090    
PIMCO PVIT Global Bond Portfolio (Unhedged)
     58,469,651  
  6,290,247    
PIMCO PVIT High Yield Portfolio
     47,302,660  
  2,525,306    
PIMCO PVIT Real Return Portfolio
     31,743,095  
  16,940,027    
PIMCO PVIT Total Return Portfolio
     187,017,897  
       
 
      
Total Affiliated Investment Companies
(Cost $953,692,211)		     1,095,711,773  
       
 
      
Investment Companies (0.1%):        
       
 
      
  1,053,667    
Dreyfus Treasury Prime Cash Management, 0.00%(a)
     1,053,667  
       
 
      
Total Investment Companies
(Cost $1,053,667)		     1,053,667  
       
 
      
Total Investment Securities
(Cost $954,745,878)(b)—100.0%		     1,096,765,440  
Net other assets (liabilities) — 0.0%     (433,356 )
       
 
      
Net Assets — 100.0%   $ 1,096,332,084  
       
 
      
 
    Percentages indicated are based on net assets as of March 31, 2010.
 
*   Non-income producing security.
 
(a)   The rate represents the effective yield at March 31, 2010.
 
(b)   Cost for federal income tax purposes is $1,010,197,677. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:
         
Unrealized appreciation
   $ 155,858,147  
Unrealized depreciation
     (69,290,384 )
 
      
Net unrealized appreciation
   $ 86,567,763  
 
      
See Notes to Schedule of Portfolio Investments.

 

 

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
NOTES TO THE SCHEDULE OF PORTFOLIO INVESTMENTS
March 31, 2010 (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 seven separate investment portfolios, the AZL Allianz Global Investors Select Fund, the AZL Balanced Index Strategy Fund, the AZL Fusion Balanced Fund, the AZL Fusion Conservative Fund, the AZL Fusion Growth Fund, the AZL Fusion Moderate Fund, and the AZL Moderate Index Strategy Fund (collectively, the “Funds”), each of which is a series of the Trust.
The Funds are “fund of funds,” which means that the Funds invest 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 Funds 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 Funds without par value. Shares of the Funds 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 Funds. In addition, in the normal course of business, the Funds may enter into contracts with its vendors and others that provide for general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect that risk of loss to be remote.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of its schedules of portfolio investments (“Schedules”). The policies conform with U.S. generally accepted accounting principles (“GAAP”). The preparation of the Schedules requires management to make certain estimates and assumptions that affect the reported amounts at the date of the Schedules. Actual results could differ from those estimates.
Security Valuation
The Funds record their 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 listed on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. Investments in open-ended investment companies are valued at their respective net asset value as reported by such companies.
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.
3. Investment Valuation Summary
The valuation techniques employed by the Funds, 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 Funds’ investments are summarized in the three broad levels listed below:
     
•   Level 1—quoted prices in active markets for identical assets
 
•   Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)
 
•   Level 3— significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.
The following is a summary of the valuation inputs used as of March 31, 2010 in valuing the Funds’ investments based upon three levels defined above:
AZL Allianz Global Investors Select Fund
                         
    Level 1     Level 2     Total  
Investment Securities:
                        
Affiliated Investment Companies
   $ 10,148,914     $ —     $ 10,148,914  
Investment Company
     80,519       —       80,519  
 
                  
Total Investment Securities
   $ 10,229,433     $ —     $ 10,229,433  
 
                  
AZL Balanced Index Strategy Fund
                         
    Level 1     Level 2     Total  
Investment Securities:
                        
Affiliated Investment Companies
   $ 149,517,003     $ —     $ 149,517,003  
 
                  
Total Investment Securities
   $ 149,517,003     $ —     $ 149,517,003  
 
                  
AZL Fusion Balanced Fund
                         
    Level 1     Level 2     Total  
Investment Securities:
                        
Affiliated Investment Companies
   $ 624,931,774     $ 8,928,791 (1)   $ 633,860,565  
Investment Companies
     1,706,176       —       1,706,176  
 
                  
Total Investment Securities
   $ 626,637,950     $ 8,928,791     $ 635,566,741  
 
                  
AZL Fusion Conservative Fund
                         
    Level 1     Level 2     Total  
Investment Securities:
                        
Affiliated Investment Companies
   $ 22,480,429     $ —     $ 22,480,429  
 
                  
Total Investment Securities
   $ 22,480,429     $ —     $ 22,480,429  
 
                  
AZL Fusion Growth Fund
                         
    Level 1     Level 2     Total  
Investment Securities:
                        
Affiliated Investment Companies
   $ 833,116,562     $ 16,560,488 (1)   $ 849,677,050  
 
                  
Total Investment Securities
   $ 833,116,562     $ 16,560,488     $ 849,677,050  
 
                  
AZL Fusion Moderate Fund
                         
    Level 1     Level 2     Total  
Investment Securities:
                        
Affiliated Investment Companies
   $ 1,078,039,058     $ 17,672,715 (1)   $ 1,095,711,773  
Investment Companies
     1,053,667       —       1,053,667  
 
                  
Total Investment Securities
   $ 1,079,092,725     $ 17,672,715     $ 1,096,765,440  
 
                  
AZL Moderate Index Strategy Fund
                         
    Level 1     Level 2     Total  
Investment Securities:
                        
Affiliated Investment Companies
   $ 194,164,715     $ —     $ 194,164,715  
Investment Companies
     1,299,160       —       1,299,160  
 
                  
Total Investment Securities
   $ 195,463,875     $ —     $ 195,463,875  
 
                  
 
(1)   Represents the holding of the AZL Strategic Investments Trust which is under Affiliated Investment Companies.
The Trust recognizes significant transfers between Level 1 and Level 2 at the reporting period end. There were no significant transfers between Level 1 and Level 2 as of March 31, 2010 from the valuation input levels used on December 31, 2009.

 

 

Item 2. 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-Q 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 registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits.
Certifications pursuant to Rule 30a-2(a) are attached hereto.

 

 

SIGNATURES
     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.
(Registrant) Allianz Variable Insurance Products Fund of Funds Trust
         
By (Signature and Title)*  
  /s/ Jeffrey Kletti    
         
 
  Jeffrey Kletti, President    
Date May 20, 2010
     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.
         
By (Signature and Title)*  
  /s/ Jeffrey Kletti    
         
 
  Jeffrey Kletti, President    
Date May 20, 2010
         
By (Signature and Title)*  
  /s/ Ty Edwards    
         
 
  Ty Edwards, Treasurer    
Date May 20, 2010
 
*   Print the name and title of each signing officer under his or her signature.