N-Q 1 d255564dnq.htm FORM N-Q Form N-Q

 

 

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: 1-877-833-7113

Date of fiscal year end: December 31

Date of reporting period: September 30, 2011

 

 

 

Item 1. Schedule of Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

AZL Balanced Index Strategy Fund

Schedule of Portfolio Investments

September 30, 2011

(Unaudited)

 

Shares

         Fair
Value		  

Affiliated Investment Companies (99.8%):

   

12,427,289

    AZL Enhanced Bond Index Fund    $ 135,208,902   

2,762,355

    AZL International Index Fund      31,960,445   

1,372,148

    AZL Mid Cap Index Fund      18,359,335   

8,522,191

    AZL S&P 500 Index Fund, Class 2      66,132,205   

1,134,850

    AZL Small Cap Stock Index Fund      9,578,130   
     

 

 

  

Total Affiliated Investment Companies (Cost $255,916,518)

      261,239,017   
     

 

 

  

Unaffiliated Investment Company (0.1%):

   

236,464

    Dreyfus Treasury Prime Cash Management, 0.00%(a)      236,464   
     

 

 

  

Total Unaffiliated Investment Company (Cost $236,464)

      236,464   
     

 

 

  

Total Investment Securities (Cost $256,152,982)(b)—99.9%

      261,475,481   

Net other assets (liabilities)—0.1%

      222,404   
     

 

 

  

Net Assets—100.0%

    $ 261,697,885   
     

 

 

  

Percentages indicated are based on net assets as of September 30, 2011.

 

(a) The rate represents the effective yield at September 30, 2011.

 

(b) See Federal Tax Information listed in the Notes to Schedules of Portfolio Investments.

See Notes to Schedules of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

AZL Fusion Balanced Fund

Schedule of Portfolio Investments

September 30, 2011

(Unaudited)

 

Shares

         Fair
Value		  

Affiliated Investment Companies (100.0%):

   
943,201    AZL Allianz AGIC Opportunity Fund    $ 9,799,858   
2,548,937    AZL BlackRock Capital Appreciation Fund      29,899,029   
1,061,666    AZL Columbia Mid Cap Value Fund      7,187,478   
1,665,281    AZL Columbia Small Cap Value Fund      14,554,558   
5,427,094    AZL Eaton Vance Large Cap Value Fund      38,043,927   
1,952,822    AZL International Index Fund      22,594,151   
1,624,489    AZL Invesco Growth and Income Fund      14,994,036   
2,293,451    AZL Invesco International Equity Fund      30,044,203   
1,668,576    AZL JPMorgan International Opportunities Fund      21,190,909   
3,696,896    AZL JPMorgan U.S. Equity Fund      30,647,268   
1,216,924    AZL MFS Investors Trust Fund      15,199,378   
562,548    AZL Mid Cap Index Fund      7,526,898   
1,999,400    AZL Morgan Stanley Global Real Estate Fund      14,495,649   
577,256    AZL Morgan Stanley Mid Cap Growth Fund      7,429,279   
1,275,167    AZL NFJ International Value Fund      14,485,895   
2,186,600    AZL Russell 1000 Growth Index Fund      21,997,196   
3,960,250    AZL Russell 1000 Value Index Fund      36,355,093   
1,042,388    AZL Schroder Emerging Markets Equity Fund, Class 2      6,900,609   
6,747,129    AZL Strategic Investments Trust      19,701,618   
885,403    AZL Turner Quantitative Small Cap Growth Fund      7,065,518   
1,638,704    PIMCO PVIT CommodityRealReturn Strategy Portfolio      11,929,766   
2,786,398    PIMCO PVIT Global Advantage Strategy Bond Portfolio      27,250,977   

3,572,312

    PIMCO PVIT High Yield Portfolio      25,434,859   

3,407,980

    PIMCO PVIT Real Return Portfolio      47,848,042   

28,794,437

    PIMCO PVIT Total Return Portfolio      319,042,360   

3,682,193

    PIMCO PVIT Unconstrained Bond Portfolio      36,085,489   
     

 

 

  

Total Affiliated Investment Companies (Cost $823,410,757)

      837,704,043   
     

 

 

  

Unaffiliated Investment Company (0.1%):

   

697,567

    Dreyfus Treasury Prime Cash Management, 0.00%(a)      697,567   
     

 

 

  

Total Unaffiliated Investment Company (Cost $697,567)

      697,567   
     

 

 

  

Total Investment Securities (Cost $824,108,324)(b)—100.1%

      838,401,610   

Net other assets (liabilities)—(0.1)%

      (514,214 ) 
     

 

 

  

Net Assets—100.0%

    $ 837,887,396   
     

 

 

  

Percentages indicated are based on net assets as of September 30, 2011.

 

(a) The rate represents the effective yield at September 30, 2011.

 

(b) See Federal Tax Information listed in the Notes to Schedules of Portfolio Investments.

See Notes to Schedules of Portfolio Investments

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

AZL Fusion Conservative Fund

Schedule of Portfolio Investments

September 30, 2011

(Unaudited)

 

Shares

         Fair
Value		  

Affiliated Investment Companies (99.7%):

  

121,630   

AZL Allianz AGIC Opportunity Fund

    $ 1,263,740   
369,397   

AZL BlackRock Capital Appreciation Fund

      4,333,027   
206,484   

AZL Columbia Mid Cap Value Fund

      1,397,899   
239,105   

AZL Columbia Small Cap Value Fund

      2,089,782   
1,046,645   

AZL Eaton Vance Large Cap Value Fund

      7,336,978   
245,971   

AZL International Index Fund

      2,845,888   
314,730   

AZL Invesco Growth and Income Fund

      2,904,955   
219,542   

AZL Invesco International Equity Fund

      2,876,003   
214,729   

AZL JPMorgan International Opportunities Fund

      2,727,056   
533,791   

AZL JPMorgan U.S. Equity Fund

      4,425,124   
117,282   

AZL MFS Investors Trust Fund

      1,464,856   
104,081   

AZL Mid Cap Index Fund

      1,392,604   
190,951   

AZL Morgan Stanley Global Real Estate Fund

      1,384,392   
111,128   

AZL Morgan Stanley Mid Cap Growth Fund

      1,430,217   
301,970   

AZL Russell 1000 Growth Index Fund

      3,037,822   
638,825   

AZL Russell 1000 Value Index Fund

      5,864,416   
168,753   

AZL Turner Quantitative Small Cap Growth Fund

      1,346,647   
311,346   

PIMCO PVIT CommodityRealReturn Strategy Portfolio

      2,266,596   
521,595   

PIMCO PVIT Global Advantage Strategy Bond Portfolio

      5,101,196   
908,794   

PIMCO PVIT High Yield Portfolio

      6,470,611   
638,084   

PIMCO PVIT Real Return Portfolio

      8,958,699   
7,459,238   

PIMCO PVIT Total Return Portfolio

      82,648,361   
868,074   

PIMCO PVIT Unconstrained Bond Portfolio

      8,507,128   
     

 

 

  

Total Affiliated Investment Companies (Cost $169,252,273)

      162,073,997   
     

 

 

  

Unaffiliated Investment Company (0.0%):

   

8,915

    Dreyfus Treasury Prime Cash Management, 0.00%(a)      8,915   
     

 

 

  

Total Unaffiliated Investment Company (Cost $8,915)

      8,915   
     

 

 

  

Total Investment Securities (Cost $169,261,188)(b)—99.7%

      162,082,912   

Net other assets (liabilities)—0.3%

      475,043   
     

 

 

  

Net Assets—100.0%

    $ 162,557,955   
     

 

 

  

Percentages indicated are based on net assets as of September 30, 2011.

 

(a) The rate represents the effective yield at September 30, 2011.

 

(b) See Federal Tax Information listed in the Notes to Schedules of Portfolio Investments.

See Notes to Schedules of Portfolio Investments.

 

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

AZL Fusion Growth Fund

Schedule of Portfolio Investments

September 30, 2011

(Unaudited)

 

Shares

         Fair
Value		  

Affiliated Investment Companies (100.1%):

  

1,114,890   

AZL Allianz AGIC Opportunity Fund

    $ 11,583,703   
2,237,884   

AZL BlackRock Capital Appreciation Fund

      26,250,375   
1,884,925   

AZL Columbia Mid Cap Value Fund

      12,760,942   
1,859,432   

AZL Columbia Small Cap Value Fund

      16,251,432   
2,366,546   

AZL Dreyfus Equity Growth Fund

      20,139,304   
6,709,997   

AZL Eaton Vance Large Cap Value Fund

      47,037,082   
3,432,076   

AZL International Index Fund

      39,709,122   
2,147,728   

AZL Invesco Growth and Income Fund

      19,823,530   
4,564,189   

AZL Invesco International Equity Fund

      59,790,880   
2,952,075   

AZL JPMorgan International Opportunities Fund

      37,491,358   
4,895,297   

AZL JPMorgan U.S. Equity Fund

      40,582,013   
1,625,951   

AZL MFS Investors Trust Fund

      20,308,130   
496,548   

AZL Mid Cap Index Fund

      6,643,809   
3,533,766   

AZL Morgan Stanley Global Real Estate Fund

      25,619,800   
1,023,577   

AZL Morgan Stanley Mid Cap Growth Fund

      13,173,440   
2,251,802   

AZL NFJ International Value Fund

      25,580,473   
2,273,905   

AZL Russell 1000 Growth Index Fund

      22,875,484   
3,843,339   

AZL Russell 1000 Value Index Fund

      35,281,852   
1,841,937   

AZL Schroder Emerging Markets Equity Fund, Class 2

      12,193,626   
10,234,918   

AZL Strategic Investments Trust

      29,885,962   
795,211   

AZL Turner Quantitative Small Cap Growth Fund

      6,345,784   
1,462,318   

PIMCO PVIT CommodityRealReturn Strategy Portfolio

      10,645,672   
2,513,970   

PIMCO PVIT Global Advantage Strategy Bond Portfolio

      24,586,628   
2,112,547   

PIMCO PVIT High Yield Portfolio

      15,041,333   
2,442,443   

PIMCO PVIT Real Return Portfolio

      34,291,899   
6,586,914   

PIMCO PVIT Total Return Portfolio

      72,983,006   
1,638,317   

PIMCO PVIT Unconstrained Bond Portfolio

      16,055,511   
     

 

 

  

Total Affiliated Investment Companies (Cost $699,810,439)

      702,932,150   
     

 

 

  

Total Investment Securities (Cost $699,810,439)(a)—100.1%

      702,932,150   

Net other assets (liabilities)—(0.1)%

      (566,310 ) 
     

 

 

  

Net Assets—100.0%

    $ 702,365,840   
     

 

 

  

Percentages indicated are based on net assets as of September 30, 2011.

 

(a) See Federal Tax Information listed in the Notes to Schedules of Portfolio Investments.

See Notes to Schedules of Portfolio Investments.

 

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

AZL Fusion Moderate Fund

Schedule of Portfolio Investments

September 30, 2011

(Unaudited)

 

Shares

         Fair
Value		  

Affiliated Investment Companies (99.9%):

  

1,893,135

    AZL Allianz AGIC Opportunity Fund    $ 19,669,676   

5,165,766

    AZL BlackRock Capital Appreciation Fund      60,594,439   

3,261,031

    AZL Columbia Mid Cap Value Fund      22,077,180   

4,174,180

    AZL Columbia Small Cap Value Fund      36,482,336   

3,610,150

    AZL Dreyfus Equity Growth Fund      30,722,377   

13,209,240

    AZL Eaton Vance Large Cap Value Fund      92,596,771   

6,378,175

    AZL International Index Fund      73,795,485   

3,294,938

    AZL Invesco Growth and Income Fund      30,412,278   

6,982,316

    AZL Invesco International Equity Fund      91,468,342   

5,647,909

    AZL JPMorgan International Opportunities Fund      71,728,444   

9,367,516

    AZL JPMorgan U.S. Equity Fund      77,656,709   

2,477,284

    AZL MFS Investors Trust Fund      30,941,279   

1,099,247

    AZL Mid Cap Index Fund      14,707,923   

6,089,367

    AZL Morgan Stanley Global Real Estate Fund      44,147,914   

1,759,303

    AZL Morgan Stanley Mid Cap Growth Fund      22,642,225   

3,897,693

    AZL NFJ International Value Fund      44,277,796   

4,974,003

    AZL Russell 1000 Growth Index Fund      50,038,467   

8,584,696

    AZL Russell 1000 Value Index Fund      78,807,512   

3,157,239

    AZL Schroder Emerging Markets Equity Fund, Class 2      20,900,923   

17,280,670

    AZL Strategic Investments Trust      50,459,557   

1,760,967

    AZL Turner Quantitative Small Cap Growth Fund      14,052,515   

3,332,582

    PIMCO PVIT CommodityRealReturn Strategy Portfolio      24,261,196   

5,726,394

    PIMCO PVIT Global Advantage Strategy Bond Portfolio      56,004,136   

7,227,849

    PIMCO PVIT High Yield Portfolio      51,462,284   

5,521,492

    PIMCO PVIT Real Return Portfolio      77,521,752   

36,598,456

    PIMCO PVIT Total Return Portfolio      405,510,888   

5,578,568

    PIMCO PVIT Unconstrained Bond Portfolio      54,669,963   
     

 

 

  

Total Affiliated Investment Companies (Cost $1,682,511,208)

      1,647,610,367   
     

 

 

  

Unaffiliated Investment Company (0.1%):

   

1,822,276

    Dreyfus Treasury Prime Cash Management, 0.00%(a)      1,822,276   
     

 

 

  

Total Unaffiliated Investment Company (Cost $1,822,276)

      1,822,276   
     

 

 

  

Total Investment Securities (Cost $1,684,333,484)(b)—100.0%

      1,649,432,643   

Net other assets (liabilities)—0.0%

      (545,087 ) 
     

 

 

  

Net Assets—100.0%

    $ 1,648,887,556   
     

 

 

  

Percentages indicated are based on net assets as of September 30, 2011.

 

(a) The rate represents the effective yield at September 30, 2011.

 

(b) See Federal Tax Information listed in the Notes to Schedules of Portfolio Investments.

See Notes to Schedules of Portfolio Investments.

 

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

AZL Growth Index Strategy Fund

Schedule of Portfolio Investments

September 30, 2011

(Unaudited)

 

Shares

         Fair
Value		  

Affiliated Investment Companies (99.8%):

  

15,019,814   

AZL Enhanced Bond Index Fund

    $ 163,415,580   
10,336,617   

AZL International Index Fund

      119,594,662   
5,021,720   

AZL Mid Cap Index Fund

      67,190,618   
31,656,582   

AZL S&P 500 Index Fund, Class 2

      245,655,077   
3,907,559   

AZL Small Cap Stock Index Fund

      32,979,795   
     

 

 

  

Total Affiliated Investment Companies (Cost $658,324,010)

      628,835,732   
     

 

 

  

Unaffiliated Investment Company (0.3%):

   
1,909,991   

Dreyfus Treasury Prime Cash Management, 0.00%(a)

      1,909,991   
     

 

 

  

Total Unaffiliated Investment Company (Cost $1,909,991)

      1,909,991   
     

 

 

  

Total Investment Securities (Cost $660,234,001)(b)—100.1%

      630,745,723   

Net other assets (liabilities)—(0.1)%

      (925,045 ) 
     

 

 

  

Net Assets—100.0%

    $ 629,820,678   
     

 

 

  

Percentages indicated are based on net assets as of September 30, 2011.

 

(a) The rate represents the effective yield at September 30, 2011.

 

(b) See Federal Tax Information listed in the Notes to Schedules of Portfolio Investments.

See Notes to Schedules of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

September 30, 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 six separate investment portfolios, 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 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 stocks, 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 their 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 below.

Investment Transactions

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

September 30, 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, prepayment 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 period ended September 30, 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 September 30, 2011 in valuing the Funds’ investments based upon three levels defined above:

AZL Balanced Index Strategy Fund

 

$1,597,150,810 $1,597,150,810 $1,597,150,810 $1,597,150,810
     Level 1      Level 2     Level 3      Total  

Investment Securities:

           

Affiliated Investment Companies

    $ 261,239,017       $ —        $ —         $ 261,239,017   

Unaffiliated Investment Company

      236,464         —          —           236,464   
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Investment Securities

    $ 261,475,481       $ —        $ —         $ 261,475,481   
  

 

 

     

 

 

    

 

 

     

 

 

  

AZL Fusion Balanced Fund

  

     Level 1      Level 2     Level 3      Total  

Investment Securities:

           

Affiliated Investment Companies

    $ 818,002,425       $ 19,701,618  (1)    $ —         $ 837,704,043   

Unaffiliated Investment Company

      697,567         —          —           697,567   
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Investment Securities

    $ 818,699,992       $ 19,701,618      $ —         $ 838,401,610   
  

 

 

     

 

 

    

 

 

     

 

 

  
AZL Fusion Conservative Fund   
     Level 1      Level 2     Level 3      Total  

Investment Securities:

           

Affiliated Investment Companies

    $ 162,073,997       $ —        $ —         $ 162,073,997   

Unaffiliated Investment Company

      8,915         —          —           8,915   
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Investment Securities

    $ 162,082,912       $ —        $ —         $ 162,082,912   
  

 

 

     

 

 

    

 

 

     

 

 

  
AZL Fusion Growth Fund   
     Level 1      Level 2     Level 3      Total  

Investment Securities:

           

Affiliated Investment Companies

    $ 673,046,188       $ 29,885,962 (1)    $ —         $ 702,932,150   
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Investment Securities

    $ 673,046,188       $ 29,885,962      $ —         $ 702,932,150   
  

 

 

     

 

 

    

 

 

     

 

 

  
AZL Fusion Moderate Fund   
     Level 1      Level 2     Level 3      Total  

Investment Securities:

           

Affiliated Investment Companies

    $ 1,597,150,810       $ 50,459,557 (1)    $ —         $ 1,647,610,367   

Unaffiliated Investment Company

      1,822,276         —          —           1,822,276   
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Investment Securities

    $ 1,598,973,086       $ 50,459,557      $ —         $ 1,649,432,643   
  

 

 

     

 

 

    

 

 

     

 

 

  
AZL Growth Index Strategy Fund   
     Level 1      Level 2     Level 3      Total  

Investment Securities:

           

Affiliated Investment Companies

    $ 628,835,732       $ —        $ —         $ 628,835,732   

Unaffiliated Investment Company

      1,909,991         —          —           1,909,991   
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Investment Securities

    $ 630,745,723       $ —        $ —         $ 630,745,723   
  

 

 

     

 

 

    

 

 

     

 

 

  

 

(1)

Consists of the holding, AZL Strategic 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, 2 or 3 as of September 30, 2011.

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS” (“ASU 2011-04”), which includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to disclose quantitative information about the unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 of the fair value hierarchy. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. At this time, management is evaluating the implications of ASU No. 2011-04 and its impact on the financial statements has not been determined.

4. Federal Tax Information

At September 30, 2011, the cost and aggregate gross unrealized appreciation and depreciation of securities, for federal tax purposes were as follows:

 

                                     Fund    Tax Cost      Gross Tax
Unrealized
Appreciation		      Gross Tax
Unrealized
(Depreciation)		     Net Unrealized
Appreciation
(Depreciation)		  

AZL Balanced Index Strategy Fund

    $ 256,173,147         8,929,878         (3,627,544 )    $ 5,302,334   

AZL Fusion Balanced Fund

    $ 832,039,455         24,580,545         (18,218,390 )      6,362,155   

AZL Fusion Conservative Fund

    $ 169,491,592         141,404         (7,550,084 )      (7,408,680 ) 

AZL Fusion Growth Fund

    $ 746,855,496         39,343,467         (83,266,813 )      (43,923,346 ) 

AZL Fusion Moderate Fund

    $ 1,708,957,224         21,305,422         (80,830,003 )      (59,524,581 ) 

AZL Growth Index Strategy Fund

    $ 660,323,275         6,686,040         (36,263,592 )      (29,577,552 ) 

 

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             November 16, 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             November 16, 2011                              

By (Signature and Title)     /s/    Ty Edwards
  Ty Edwards, Treasurer

Date             November 16, 2011