N-Q 1 l42661nvq.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 43219-8000
 
(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, 2011
 
 

 


 

Item 1.   Schedule of Investments.
ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Balanced Index Strategy Fund
Schedules of Portfolio Investments
March 31, 2011
(Unaudited)
                 
            Fair  
Shares         Value  
Affiliated Investment Companies (99.6%):        
  10,919,871    
AZL Enhanced Bond Index Fund
  $ 115,095,437  
  2,024,264    
AZL International Index Fund
    29,250,609  
  1,020,736    
AZL Mid Cap Index Fund
    18,026,193  
  6,889,926    
AZL S&P 500 Index Fund, Class 2
    63,042,825  
  920,292    
AZL Small Cap Stock Index Fund
    9,801,108  
       
 
     
Total Affiliated Investment Companies
(Cost $208,052,899)
    235,216,172  
       
 
     
Unaffiliated Investment Company (0.1%):        
  234,157    
Dreyfus Treasury Prime Cash Management, 0.00%(a)
    234,157  
       
 
     
Total Unaffiliated Investment Company
(Cost $234,157)
    234,157  
       
 
     
Total Investment Securities
(Cost $208,287,056)(b)—99.7%
    235,450,329  
Net other assets (liabilities) — 0.3%     779,970  
       
 
     
Net Assets — 100.0%   $ 236,230,299  
       
 
     
 
    Percentages indicated are based on net assets as of March 31, 2011.
 
(a)   The rate represents the effective yield at March 31, 2011.
 
(b)   See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.
See Notes to the Schedules of Portfolio Investments.

 


 

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Balanced Fund
Schedule of Portfolio Investments
March 31, 2011
(Unaudited)
                 
            Fair  
Shares         Value  
Affiliated Investment Companies (99.8%):        
  901,000    
AZL Allianz AGIC Opportunity Fund
  $ 13,379,846  
  2,378,792    
AZL BlackRock Capital Appreciation Fund
    34,278,389  
  1,079,624    
AZL Columbia Mid Cap Value Fund
    9,284,762  
  1,543,651    
AZL Columbia Small Cap Value Fund
    17,674,799  
  5,120,794    
AZL Eaton Vance Large Cap Value Fund
    43,526,748  
  2,377,969    
AZL International Index Fund
    34,361,659  
  2,809,470    
AZL Invesco International Equity Fund
    44,192,963  
  3,477,263    
AZL JPMorgan U.S. Equity Fund
    34,563,995  
  1,194,105    
AZL MFS Investors Trust Fund
    17,816,050  
  536,361    
AZL Mid Cap Index Fund
    9,472,130  
  1,876,103    
AZL Morgan Stanley Global Real Estate Fund
    17,297,674  
  586,699    
AZL Morgan Stanley Mid Cap Growth Fund
    9,111,442  
  1,738,494    
AZL NFJ International Value Fund
    26,616,339  
  2,156,020    
AZL Russell 1000 Growth Index Fund
    24,988,272  
  3,808,960    
AZL Russell 1000 Value Index Fund
    42,431,816  
  1,010,253    
AZL Schroder Emerging Markets Equity Fund, Class 2
    9,112,483  
  7,862,237    
AZL Strategic Investments Trust
    15,488,607  
  829,854    
AZL Turner Quantitative Small Cap Growth Fund
    8,912,628  
  1,570,626    
AZL Van Kampen Growth and Income Fund
    17,700,959  
  1,505,865    
PIMCO PVIT CommodityRealReturn Strategy Portfolio
    13,944,306  
  612,049    
PIMCO PVIT Emerging Markets Bond Portfolio
    8,281,028  
  1,909,801    
PIMCO PVIT Global Bond Portfolio (Unhedged)
    25,973,296  
  4,452,712    
PIMCO PVIT High Yield Portfolio
    35,087,371  
  2,693,815    
PIMCO PVIT Real Return Portfolio
    35,908,552  
  29,584,532    
PIMCO PVIT Total Return Portfolio
    328,684,149  
       
 
     
Total Affiliated Investment Companies
(Cost $776,508,607)
    878,090,263  
       
 
     
Unaffiliated Investment Company (0.1%):        
  1,118,246    
Dreyfus Treasury Prime Cash Management, 0.00%(a)
    1,118,246  
       
 
     
Total Unaffiliated Investment Company
(Cost $1,118,246)
    1,118,246  
       
 
     
Total Investment Securities
(Cost $777,626,852)(b)—100.0%
    879,208,509  
Net other assets (liabilities) — 0.0%     349,162  
       
 
     
Net Assets — 100.0%   $ 879,557,671  
       
 
     
 
    Percentages indicated are based on net assets as of March 31, 2011.
 
(a)   The rate represents the effective yield at March 31, 2011.
 
(b)   See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.
See Notes to the Schedules of Portfolio Investments.

 


 

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Conservative Fund
Schedule of Portfolio Investments
March 31, 2011
(Unaudited)
                 
            Fair  
Shares         Value  
Affiliated Investment Companies (99.5%):        
  78,281    
AZL Allianz AGIC Opportunity Fund
  $ 1,162,475  
  234,161    
AZL BlackRock Capital Appreciation Fund
    3,374,263  
  132,768    
AZL Columbia Mid Cap Value Fund
    1,141,801  
  154,991    
AZL Columbia Small Cap Value Fund
    1,774,645  
  656,961    
AZL Eaton Vance Large Cap Value Fund
    5,584,168  
  228,927    
AZL International Index Fund
    3,307,999  
  146,635    
AZL Invesco International Equity Fund
    2,306,571  
  338,176    
AZL JPMorgan U.S. Equity Fund
    3,361,471  
  78,956    
AZL MFS Investors Trust Fund
    1,178,027  
  68,658    
AZL Mid Cap Index Fund
    1,212,505  
  123,548    
AZL Morgan Stanley Global Real Estate Fund
    1,139,113  
  77,035    
AZL Morgan Stanley Mid Cap Growth Fund
    1,196,348  
  74,157    
AZL NFJ International Value Fund
    1,135,337  
  193,961    
AZL Russell 1000 Growth Index Fund
    2,248,006  
  406,580    
AZL Russell 1000 Value Index Fund
    4,529,306  
  113,332    
AZL Turner Quantitative Small Cap Growth Fund
    1,217,181  
  197,925    
AZL Van Kampen Growth and Income Fund
    2,230,618  
  192,138    
PIMCO PVIT CommodityRealReturn Strategy Portfolio
    1,779,201  
  81,658    
PIMCO PVIT Emerging Markets Bond Portfolio
    1,104,838  
  246,939    
PIMCO PVIT Global Bond Portfolio (Unhedged)
    3,358,370  
  713,943    
PIMCO PVIT High Yield Portfolio
    5,625,874  
  258,135    
PIMCO PVIT Real Return Portfolio
    3,440,937  
  5,367,660    
PIMCO PVIT Total Return Portfolio
    59,634,703  
       
 
     
Total Affiliated Investment Companies
(Cost $107,810,656)
    113,043,760  
       
 
     
Unaffiliated Investment Company (0.3%):        
  334,591    
Dreyfus Treasury Prime Cash Management, 0.00%(a)
    334,591  
       
 
     
Total Unaffiliated Investment Company
(Cost $334,591)
    334,591  
       
 
     
Total Investment Securities
(Cost $108,145,248)(b)—99.7%
    113,378,351  
Net other assets (liabilities) — 0.3%     288,380  
       
 
     
Net Assets — 100.0%   $ 113,666,731  
       
 
     
 
    Percentages indicated are based on net assets as of March 31, 2011.
 
(a)   The rate represents the effective yield at March 31, 2011.
 
(b)   See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.
See Notes to the Schedules of Portfolio Investments.

 


 

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Edge Fund
Schedules of Portfolio Investments
March 31, 2011
(Unaudited)
                 
            Fair  
Shares         Value  
Affiliated Investment Companies (100.1%):        
  11,552    
AZL Allianz AGIC Opportunity Fund
  $ 171,543  
  29,877    
AZL BlackRock Capital Appreciation Fund
    430,528  
  19,270    
AZL Columbia Mid Cap Value Fund
    165,723  
  21,753    
AZL Columbia Small Cap Value Fund
    249,076  
  4,999    
AZL Dynamic Investments Trust
    212,905  
  48,226    
AZL Eaton Vance Large Cap Value Fund
    409,920  
  30,768    
AZL International Index Fund
    444,602  
  44,515    
AZL Invesco International Equity Fund
    700,671  
  37,018    
AZL JPMorgan U.S. Equity Fund
    367,958  
  10,501    
AZL MFS Investors Trust Fund
    156,674  
  3,050    
AZL Mid Cap Index Fund
    53,868  
  26,448    
AZL Morgan Stanley Global Real Estate Fund
    243,854  
  10,601    
AZL Morgan Stanley Mid Cap Growth Fund
    164,627  
  32,961    
AZL NFJ International Value Fund
    504,636  
  18,671    
AZL Russell 1000 Growth Index Fund
    216,393  
  28,766    
AZL Russell 1000 Value Index Fund
    320,455  
  16,448    
AZL Schroder Emerging Markets Equity Fund, Class 2
    148,359  
  7,823    
AZL Turner Quantitative Small Cap Growth Fund
    84,017  
  18,805    
AZL Van Kampen Growth and Income Fund
    211,934  
  12,224    
PIMCO PVIT CommodityRealReturn Strategy Portfolio
    113,191  
       
 
     
Total Affiliated Investment Companies
(Cost $5,049,454)
    5,370,934  
       
 
     
Unaffiliated Investment Company (0.0%):        
  68    
Dreyfus Treasury Prime Cash Management, 0.00%(a)
    68  
       
 
     
Total Unaffiliated Investment Company
(Cost $68)
    68  
       
 
     
Total Investment Securities
(Cost $5,049,519)(b)—100.1%
    5,371,002  
Net other assets (liabilities) — (0.1)%     (5,463 )
       
 
     
Net Assets — 100.0%   $ 5,365,539  
       
 
     
 
    Percentages indicated are based on net assets as of March 31, 2011.
 
(a)   The rate represents the effective yield at March 31, 2011.
 
(b)   See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.
See Notes to the Schedules of Portfolio Investments.

 


 

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Growth Fund
Schedules of Portfolio Investments
March 31, 2011
(Unaudited)
                 
            Fair  
Shares         Value  
Affiliated Investment Companies (100.0%):        
  1,208,272    
AZL Allianz AGIC Opportunity Fund
  $ 17,942,832  
  3,585,254    
AZL BlackRock Capital Appreciation Fund
    51,663,516  
  2,050,281    
AZL Columbia Mid Cap Value Fund
    17,632,415  
  2,378,020    
AZL Columbia Small Cap Value Fund
    27,228,332  
  7,180,012    
AZL Eaton Vance Large Cap Value Fund
    61,030,104  
  4,184,867    
AZL International Index Fund
    60,471,329  
  5,638,161    
AZL Invesco International Equity Fund
    88,688,280  
  5,328,652    
AZL JPMorgan U.S. Equity Fund
    52,966,804  
  1,756,101    
AZL MFS Investors Trust Fund
    26,201,022  
  531,386    
AZL Mid Cap Index Fund
    9,384,281  
  3,821,228    
AZL Morgan Stanley Global Real Estate Fund
    35,231,725  
  1,184,283    
AZL Morgan Stanley Mid Cap Growth Fund
    18,391,922  
  4,137,025    
AZL NFJ International Value Fund
    63,337,854  
  2,455,036    
AZL Russell 1000 Growth Index Fund
    28,453,866  
  4,129,259    
AZL Russell 1000 Value Index Fund
    45,999,948  
  2,926,574    
AZL Schroder Emerging Markets Equity Fund, Class 2
    26,397,699  
  12,321,249    
AZL Strategic Investments Trust
    24,272,861  
  867,354    
AZL Turner Quantitative Small Cap Growth Fund
    9,315,377  
  2,306,655    
AZL Van Kampen Growth and Income Fund
    25,995,997  
  2,029,608    
PIMCO PVIT CommodityRealReturn Strategy Portfolio
    18,794,168  
  619,521    
PIMCO PVIT Emerging Markets Bond Portfolio
    8,382,116  
  1,887,338    
PIMCO PVIT Global Bond Portfolio (Unhedged)
    25,667,799  
  2,226,805    
PIMCO PVIT High Yield Portfolio
    17,547,220  
  2,714,188    
PIMCO PVIT Real Return Portfolio
    36,180,125  
  7,723,127    
PIMCO PVIT Total Return Portfolio
    85,803,943  
       
 
     
Total Affiliated Investment Companies
(Cost $737,011,367)
    882,981,535  
       
 
     
Unaffiliated Investment Company (0.4%):        
  3,275,377    
Dreyfus Treasury Prime Cash Management, 0.00%(a)
    3,275,377  
       
 
     
Total Unaffiliated Investment Company
(Cost $3,275,377)
    3,275,377  
       
 
     
Total Investment Securities
(Cost $740,286,744)(b)—100.3%
    886,256,912  
Net other assets (liabilities) — (0.3)%     (3,065,873 )
       
 
     
Net Assets — 100.0%   $ 883,191,039  
       
 
     
 
    Percentages indicated are based on net assets as of March 31, 2011.
 
(a)   The rate represents the effective yield at March 31, 2011.
 
(b)   See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.
See Notes to the Schedules of Portfolio Investments.

 


 

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Fusion Moderate Fund
Schedules of Portfolio Investments
March 31, 2011
(Unaudited)
                 
            Fair  
Shares         Value  
Affiliated Investment Companies (99.9%):        
  2,356,007    
AZL Allianz AGIC Opportunity Fund
  $ 34,986,701  
  5,834,256    
AZL BlackRock Capital Appreciation Fund
    84,071,633  
  3,153,820    
AZL Columbia Mid Cap Value Fund
    27,122,852  
  4,540,951    
AZL Columbia Small Cap Value Fund
    51,993,889  
  14,023,400    
AZL Eaton Vance Large Cap Value Fund
    119,198,900  
  6,995,064    
AZL International Index Fund
    101,078,679  
  7,736,010    
AZL Invesco International Equity Fund
    121,687,440  
  8,665,154    
AZL JPMorgan U.S. Equity Fund
    86,131,632  
  2,334,423    
AZL MFS Investors Trust Fund
    34,829,598  
  1,043,169    
AZL Mid Cap Index Fund
    18,422,361  
  5,452,647    
AZL Morgan Stanley Global Real Estate Fund
    50,273,409  
  1,779,974    
AZL Morgan Stanley Mid Cap Growth Fund
    27,642,990  
  5,680,895    
AZL NFJ International Value Fund
    86,974,502  
  4,511,824    
AZL Russell 1000 Growth Index Fund
    52,292,038  
  7,814,545    
AZL Russell 1000 Value Index Fund
    87,054,030  
  2,954,689    
AZL Schroder Emerging Markets Equity Fund, Class 2
    26,651,293  
  17,676,354    
AZL Strategic Investments Trust
    34,822,417  
  1,627,259    
AZL Turner Quantitative Small Cap Growth Fund
    17,476,765  
  3,069,848    
AZL Van Kampen Growth and Income Fund
    34,597,187  
  3,080,375    
PIMCO PVIT CommodityRealReturn Strategy Portfolio
    28,524,273  
  1,245,853    
PIMCO PVIT Emerging Markets Bond Portfolio
    16,856,389  
  3,803,194    
PIMCO PVIT Global Bond Portfolio (Unhedged)
    51,723,443  
  6,563,066    
PIMCO PVIT High Yield Portfolio
    51,716,964  
  5,279,757    
PIMCO PVIT Real Return Portfolio
    70,379,158  
  36,365,711    
PIMCO PVIT Total Return Portfolio
    404,023,051  
       
 
     
Total Affiliated Investment Companies
(Cost $1,509,814,503)
    1,720,531,594  
       
 
     
Unaffiliated Investment Company (0.1%):        
  2,375,050    
Dreyfus Treasury Prime Cash Management, 0.00%(a)
    2,375,050  
       
 
     
Total Unaffiliated Investment Company
(Cost $2,375,050)
    2,375,050  
       
 
     
Total Investment Securities
(Cost $1,512,189,552)(b)—100.0%
    1,722,906,644  
Net other assets (liabilities) — 0.0%     (656,912 )
       
 
     
Net Assets — 100.0%   $ 1,722,249,732  
       
 
     
 
    Percentages indicated are based on net assets as of March 31, 2011.
 
(a)   The rate represents the effective yield at March 31, 2011.
 
(b)   See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.
See Notes to the Schedules of Portfolio Investments.

 


 

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
AZL Growth Index Strategy Fund
Schedules of Portfolio Investments
March 31, 2011
(Unaudited)
                 
            Fair  
Shares         Value  
Affiliated Investment Companies (99.6%):        
  12,119,061    
AZL Enhanced Bond Index Fund
  $ 127,734,903  
  6,673,152    
AZL International Index Fund
    96,427,046  
  3,206,773    
AZL Mid Cap Index Fund
    56,631,620  
  21,995,241    
AZL S&P 500 Index Fund, Class 2
    201,256,453  
  2,665,592    
AZL Small Cap Stock Index Fund
    28,388,553  
       
 
     
Total Affiliated Investment Companies
(Cost $451,201,370)
    510,438,575  
       
 
     
Unaffiliated Investment Company (0.3%):        
  1,567,023    
Dreyfus Treasury Prime Cash Management, 0.00%(a)
    1,567,023  
       
 
     
Total Unaffiliated Investment Company
(Cost $1,567,023)
    1,567,023  
       
 
     
Total Investment Securities
(Cost $452,768,393)(b)—99.9%
    512,005,598  
Net other assets (liabilities) — 0.1%     395,561  
       
 
     
Net Assets — 100.0%   $ 512,401,159  
       
 
     
 
    Percentages indicated are based on net assets as of March 31, 2011.
 
(a)   The rate represents the effective yield at March 31, 2011.
 
(b)   See Federal Tax Information listed in the Notes to the Schedules of Portfolio Investments.
See Notes to the Schedules of Portfolio Investments.

 


 

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS
March 31, 2011 (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 Balanced Index Strategy Fund, the AZL Fusion Balanced Fund, the AZL Fusion Conservative Fund, the AZL Fusion Edge Fund, the AZL Fusion Growth Fund, the AZL Fusion Moderate Fund, and the AZL Growth Index Strategy Fund (individually a “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 their asset allocations they seek to achieve their investment objectives.
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 willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 3.
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 below, 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:

 


 

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST
NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS
March 31, 2011 (Unaudited)
•   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.
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 (“NYSE”) (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. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy. Investments in open-ended investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.
For the quarter ended March 31, 2011, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.
The following is a summary of the valuation inputs used as of March 31, 2011 in valuing the Funds’ investments based upon three levels defined above:
AZL Balanced Index Strategy Fund
                         
    Level 1     Level 2     Total  
Investment Securities:
                       
Affiliated Investment Companies
  $ 235,216,172     $ —     $ 235,216,172  
Unaffiliated Investment Company
    234,157       —       234,157  
 
                 
Total Investment Securities
  $ 235,450,329     $ —     $ 235,450,329  
 
                 
AZL Fusion Balanced Fund
                         
    Level 1     Level 2     Total  
Investment Securities:
                       
Affiliated Investment Companies
  $ 862,601,656     $ 15,488,607 (1)   $ 878,090,263  
Unaffiliated Investment Company
    1,118,246       —       1,118,246  
 
                 
Total Investment Securities
  $ 863,719,902     $ 15,488,607     $ 879,208,509  
 
                 
AZL Fusion Conservative Fund
                         
    Level 1     Level 2     Total  
Investment Securities:
                       
Affiliated Investment Companies
  $ 113,043,760     $ —     $ 113,043,760  
Unaffiliated Investment Company
    334,591       —       334,591  
 
                 
Total Investment Securities
  $ 113,378,351     $ —     $ 113,378,351  
 
                 
AZL Fusion Edge Fund
                         
    Level 1     Level 2     Total  
Investment Securities:
                       
Affiliated Investment Companies
  $ 5,158,029     $ 212,905 (2)   $ 5,370,934  
Unaffiliated Investment Company
    68       —       68  
 
                 
Total Investment Securities
  $ 5,158,097     $ 212,905     $ 5,371,002  
 
                 
AZL Fusion Growth Fund
                         
    Level 1     Level 2     Total  
Investment Securities:
                       
Affiliated Investment Companies
  $ 858,708,674     $ 24,272,861 (1)   $ 882,981,535  
Unaffiliated Investment Company
    3,275,377       —       3,275,377  
 
                 
Total Investment Securities
  $ 861,984,051     $ 24,272,861     $ 886,256,912  
 
                 
AZL Fusion Moderate Fund
                         
    Level 1     Level 2     Total  
Investment Securities:
                       
Affiliated Investment Companies
  $ 1,685,709,177     $ 34,822,417 (1)   $ 1,720,531,594  
Unaffiliated Investment Company
    2,375,050       —       2,375,050  
 
                 
Total Investment Securities
  $ 1,688,084,227     $ 34,822,417     $ 1,722,906,644  
 
                 
AZL Growth Index Strategy Fund
                         
    Level 1     Level 2     Total  
Investment Securities:
                       
Affiliated Investment Companies
  $ 510,438,575     $ —     $ 510,438,575  
Unaffiliated Investment Company
    1,567,023       —       1,567,023  
 
                 
Total Investment Securities
  $ 512,005,598     $ —     $ 512,005,598  
 
                 
 
(1)   Consists of the holding AZL Strategic Investments Trust, listed under Affiliated Investment Companies on the Funds’ Schedules of Portfolio Investments.
 
(2)   Consists of the holding AZL Dynamic Investments Trust, listed under Affiliated Investment Companies on the Funds’ Schedules of Portfolio Investments.
The Trust recognizes significant transfers between fair value hierarchy levels at the reporting period end. There were no significant transfers between Levels 1 and 2 as of March 31, 2011.
4. Federal Tax Information
At March 31, 2011, the cost and aggregate gross unrealized appreciation and depreciation of securities, for federal tax purposes were as follows:
                                 
            Gross Tax     Gross Tax     Net Unrealized  
            Unrealized     Unrealized     Appreciation  
Fund   Tax Cost     Appreciation     (Depreciation)     (Depreciation)  
AZL Balanced Index Strategy Fund
  $ 208,307,221     $ 27,143,108     $ —     $ 27,143,108  
AZL Fusion Balanced Fund
    786,976,615       105,247,573       (13,015,679 )     92,231,894  
AZL Fusion Conservative Fund
    108,384,622       5,482,359       (488,630 )     4,993,729  
AZL Fusion Edge Fund
    5,203,730       454,258       (286,986 )     167,272  
AZL Fusion Growth Fund
    793,087,868       110,578,887       (17,409,843 )     93,169,044  
AZL Fusion Moderate Fund
    1,540,907,511       209,323,224       (27,324,091 )     181,999,133  
AZL Growth Index Strategy Fund
    452,857,668       59,147,930       —       59,147,930  

 


 

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/ Brian Muench
 
Brian Muench, President
   
 
       
Date
  May 20, 2011    
     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/ Brian Muench
 
Brian Muench, President
   
 
       
Date
  May 20, 2011    
 
       
By (Signature and Title)
  /s/ Ty Edwards
 
Ty Edwards, Treasurer
   
 
       
Date
  May 20, 2011