Allianz Variable Insurance Products Fund of Funds Tr 6-30-12 Semi-Annual Report

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

As a shareholder of the AZL Balanced Index Strategy Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the tables are meant to highlight your ongoing cost only. Therefore, the examples are useful in comparing ongoing cost only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Please note that if the expenses that apply to subaccounts of the insurance contracts were included, your costs would have been higher.

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

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

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


Shares			Fair Value

	Affiliated Investment Companies (100.1%):
	14,840,628	AZL Enhanced Bond Index Fund	$	167,402,279
	3,449,244	AZL International Index Fund		42,943,091
	1,546,717	AZL Mid Cap Index Fund		25,118,679
	9,333,439	AZL S&P 500 Index Fund, Class 2		88,387,668
	1,255,898	AZL Small Cap Stock Index Fund		13,350,195

	Total Affiliated Investment Companies (Cost $301,807,407)			337,201,912

	Unaffiliated Investment Company (0.0%):
	56,910	Dreyfus Treasury Prime Cash Management, Institutional Shares, 0.00%(a)		56,910

	Total Unaffiliated Investment Company (Cost $56,910)			56,910

	Total Investment Securities (Cost $301,864,317)(b) — 100.1%			337,258,822
	Net other assets (liabilities) — (0.1)%			(247,780	)

	Net Assets — 100.0%		$	337,011,042

Statement of Assets and Liabilities

June 30, 2012

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	56,910
Investments in affiliates, at cost		301,807,407

Total investment securities, at cost	$	301,864,317

Investments in non-affiliates, at value	$	56,910
Investments in affiliates, at value		337,201,912

Total investment securities, at value		337,258,822
Receivable for capital shares issued		57,965
Prepaid expenses		1,541

Total Assets		337,318,328

Liabilities:
Payable for affiliated investments purchased		56,910
Payable for capital shares redeemed		215,404
Manager fees payable		13,574
Administration fees payable		4,466
Custodian fees payable		272
Administrative and compliance services fees payable		2,714
Other accrued liabilities		13,946

Total Liabilities		307,286

Net Assets	$	337,011,042

Net Assets Consist of:
Capital	$	295,317,641
Accumulated net investment income/(loss)		4,604,423
Accumulated net realized gains/(losses) from investment transactions		1,694,473
Net unrealized appreciation/(depreciation) on investments		35,394,505

Net Assets	$	337,011,042

Shares of beneficial interest (unlimited number of shares authorized, no par value)		25,014,421
Net Asset Value (offering and redemption price per share)	$	13.47

Statement of Operations

For the Six Months Ended June 30, 2012

(Unaudited)


Investment Income:
Dividends from affiliates	$	129

Total Investment Income		129

Expenses:
Manager fees		81,537
Administration fees		28,660
Custodian fees		750
Administrative and compliance services fees		5,132
Trustee fees		11,195
Professional fees		9,728
Shareholder reports		6,716
Other expenses		4,704

Total expenses		148,422

Net Investment Income/(Loss)		(148,293	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		245,956
Change in unrealized appreciation/depreciation on investments		14,961,071

Net Realized/Unrealized Gains/(Losses) on Investments		15,207,027

Change in Net Assets Resulting From Operations	$	15,058,734

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

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 13 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL Balanced Index Strategy Fund (the “Fund”), and 12 are presented in separate reports.

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.

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.

The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 4 below.

Investment transactions are recorded not later than on the business day following the trade date. However, for financial reporting purposes, securities transactions are accounted for on trade date. 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.

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

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.

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 that are capitalized in accordance with GAAP and other extraordinary expenses 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, 2013. Expenses incurred for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.”

For the period ended June 30, 2012, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the 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, 2012, there were no remaining contractual reimbursements that are subject to repayment by the Fund in subsequent years.

In addition, the Manager may voluntarily waive or reimburse additional fees in order to maintain more competitive expense ratios. Any voluntary waivers or reimbursements are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the period can be found on the Statement of Operations. During the period ended June 30, 2012, there were no voluntary waivers.

The Manager or an affiliate of the Manager serves as the investment adviser of certain underlying funds in which the Fund invests. At June 30, 2012, 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 a 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 per hour for time incurred in connection with the preparation and filing of certain documents with the Securities and Exchange Commission. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

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

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund and receives 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, 2012, $2,203 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 $36,000 annual Board retainer and a $8,000 meeting fee for each regular in-person Board meeting, a $4,000 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, 2012, actual Trustee compensation was $399,000 in total for both Trusts.

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

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

Investments in other investment companies are valued at their published net asset value (“NAV”). 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). The investments utilizing Level 1 valuations represent investments in open-end investment companies. The investments utilizing Level 2 valuations represent investments in funds that are only offered to Funds in the Trust and the Fund has the ability to redeem its interest at NAV daily.

For the period ended June 30, 2012, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2012 in valuing the Fund’s investments based upon the three levels defined above:


	Level 1		Level 2		Total
Investment Securities:
Affiliated Investment Companies	$	337,201,912	$	—	$	337,201,912
Unaffiliated Investment Company		56,910		—		56,910

Total Investment Securities	$	337,258,822	$	—	$	337,258,822

In December 2011, the FASB issued ASU No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” requiring disclosure of both gross and net information related to offsetting and related arrangements enabling users of its financial statements to understand the effect of those arrangements on the entity’s financial position. The objective of this disclosure is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of IFRSs. ASU No. 2011-11 is effective for interim and annual periods beginning on or after January 1, 2013. Adoption of ASU 2011-11 will have no effect on the Fund’s net assets. At this time, management is evaluating any impact ASU No. 2011-11 may have on the Fund’s financial statements disclosures.

For the period ended June 30, 2012, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

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

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

Cost for federal income tax purposes at June 30, 2012 is $302,088,407. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

During the year ended December 31, 2011, the Fund utilized $71,416 in capital loss carry forwards (“CLCFs”) to offset capital gains.

The tax character of dividends paid to shareholders during the latest tax year ended December 31, 2011 were as follows:

As of the latest tax year end December 31, 2011, the components of accumulated earnings on a tax basis were as follows:

The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings and any net CLCFs will be determined at the end of the current tax year ending December 31, 2012.

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

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

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 800-624-0197; (ii) on the Allianz Variable Insurance Products 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.

As a shareholder of the AZL Fusion Balanced Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the tables are meant to highlight your ongoing cost only. Therefore, the examples are useful in comparing ongoing cost only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Please note that if the expenses that apply to subaccounts of the insurance contracts were included, your costs would have been higher.

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


Shares			Fair Value

	Affiliated Investment Companies (100.0%):
	1,009,564	AZL Allianz AGIC Opportunity Fund	$	12,266,201
	2,715,048	AZL BlackRock Capital Appreciation Fund		36,517,395
	1,130,830	AZL Columbia Mid Cap Value Fund		9,171,028
	1,769,554	AZL Columbia Small Cap Value Fund		18,438,755
	5,769,752	AZL Eaton Vance Large Cap Value Fund		48,639,013
	2,081,328	AZL International Index Fund		25,891,718
	1,727,728	AZL Invesco Growth and Income Fund		19,264,172
	2,442,702	AZL Invesco International Equity Fund		35,687,871
	1,784,105	AZL JPMorgan International Opportunities Fund		25,423,494
	3,925,120	AZL JPMorgan U.S. Equity Fund		39,290,449
	1,293,522	AZL MFS Investors Trust Fund		19,402,825
	597,397	AZL Mid Cap Index Fund		9,701,728
	2,131,962	AZL Morgan Stanley Global Real Estate Fund		19,230,299
	615,779	AZL Morgan Stanley Mid Cap Growth Fund		8,713,270
	1,360,335	AZL NFJ International Value Fund		17,507,511
	941,903	AZL Oppenheimer Discovery Fund		9,908,816


Shares			Fair Value

	Affiliated Investment Companies, continued
	2,322,632	AZL Russell 1000 Growth Index Fund	$	28,266,433
	4,210,386	AZL Russell 1000 Value Index Fund		47,240,535
	1,114,129	AZL Schroder Emerging Markets Equity Fund, Class 2		8,367,106
	7,140,177	AZL Strategic Investments Trust		12,138,301
	1,830,340	PIMCO PVIT CommodityRealReturn Strategy Portfolio		12,940,504
	2,968,840	PIMCO PVIT Global Advantage Strategy Bond Portfolio		29,569,650
	3,963,916	PIMCO PVIT High Yield Portfolio		30,601,430
	3,745,672	PIMCO PVIT Real Return Portfolio		54,499,526
	31,583,307	PIMCO PVIT Total Return Portfolio		361,313,027
	3,944,563	PIMCO PVIT Unconstrained Bond Portfolio		39,840,082

	Total Affiliated Investment Companies (Cost $891,349,695)			979,831,139

	Total Investment Securities (Cost $891,349,695)(a) — 100.0%			979,831,139
	Net other assets (liabilities) — 0.0%			(238,466	)

	Net Assets — 100.0%		$	979,592,673

Statements of Assets and Liabilities

June 30, 2012

(Unaudited)


Assets:
Investments in affiliates, at cost	$	891,349,695

Investments in affiliates, at value	$	979,831,139
Dividends receivable		1,223,216
Receivable for affiliated investments sold		255,818
Prepaid expenses		4,669

Total Assets		981,314,842

Liabilities:
Cash overdraft		234,818
Payable for affiliated investments purchased		1,244,216
Payable for capital shares redeemed		72,271
Manager fees payable		118,503
Administration fees payable		4,465
Custodian fees payable		401
Administrative and compliance services fees payable		8,051
Other accrued liabilities		39,444

Total Liabilities		1,722,169

Net Assets	$	979,592,673

Net Assets Consist of:
Capital	$	912,467,268
Accumulated net investment income/(loss)		25,893,959
Accumulated net realized gains/(losses) from investment transactions		(47,249,998	)
Net unrealized appreciation/(depreciation) on investments		88,481,444

Net Assets	$	979,592,673

Shares of beneficial interest (unlimited number of shares authorized, no par value)		88,161,695
Net Asset Value (offering and redemption price per share)	$	11.11

Statement of Operations

For the Six Months Ended June 30, 2012

(Unaudited)


Investment Income:
Dividends from affiliates	$	6,840,276

Total Investment Income		6,840,276

Expenses:
Manager fees		966,308
Administration fees		32,743
Custodian fees		1,124
Administrative and compliance services fees		15,513
Trustee fees		33,941
Professional fees		30,201
Shareholder reports		18,019
Other expenses		14,997

Total expenses before reductions		1,112,846
Less expenses voluntarily waived/reimbursed by the Manager		(241,573	)

Net expenses		871,273

Net Investment Income/(Loss)		5,969,003

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		(2,030,866	)
Change in unrealized appreciation/depreciation on investments		45,396,096

Net Realized/Unrealized Gains/(Losses) on Investments		43,365,230

Change in Net Assets Resulting From Operations	$	49,334,233

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

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 13 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL Fusion Balanced Fund (the “Fund”), and 12 are presented in separate reports.

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.

For the period ended June 30, 2012, the annual rate due to the Manager and the annual expense limit were as follows:

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2012, $6,661 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2012, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2012 in valuing the Fund’s investments based upon the three levels defined above:


	Level 1		Level 2			Total
Investment Securities:
Affiliated Investment Companies	$	967,692,838	$	12,138,301	⁽¹⁾	$	979,831,139

Total Investment Securities	$	967,692,838	$	12,138,301		$	979,831,139

For the period ended June 30, 2012, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2012 is $908,336,479. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

As of the end of their tax year ended December 31, 2011, the following Portfolios have capital loss carry forwards (“CLCFs”) as summarized in the tables below.

During the year ended December 31, 2011, the Fund utilized $14,937,205 in CLCFs to offset capital gains.

The tax character of dividends paid to shareholders during the latest tax year ended December 31, 2011 were as follows:

As of the latest tax year end December 31, 2011, the components of accumulated earnings on a tax basis were as follows:

As a shareholder of the AZL Fusion Conservative Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the tables are meant to highlight your ongoing cost only. Therefore, the examples are useful in comparing ongoing cost only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Please note that if the expenses that apply to subaccounts of the insurance contracts were included, your costs would have been higher.

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


Shares			Fair Value

	Affiliated Investment Companies (99.9%):
	152,464	AZL Allianz AGIC Opportunity Fund	$	1,852,435
	454,065	AZL BlackRock Capital Appreciation Fund		6,107,172
	253,975	AZL Columbia Mid Cap Value Fund		2,059,737
	293,630	AZL Columbia Small Cap Value Fund		3,059,624
	1,280,833	AZL Eaton Vance Large Cap Value Fund		10,797,420
	306,062	AZL International Index Fund		3,807,415
	385,226	AZL Invesco Growth and Income Fund		4,295,270
	271,280	AZL Invesco International Equity Fund		3,963,402
	268,294	AZL JPMorgan International Opportunities Fund		3,823,190
	650,574	AZL JPMorgan U.S. Equity Fund		6,512,244
	143,259	AZL MFS Investors Trust Fund		2,148,890
	127,884	AZL Mid Cap Index Fund		2,076,844
	235,934	AZL Morgan Stanley Global Real Estate Fund		2,128,125
	137,405	AZL Morgan Stanley Mid Cap Growth Fund		1,944,279
	206,956	AZL Oppenheimer Discovery Fund		2,177,177
	366,271	AZL Russell 1000 Growth Index Fund		4,457,523


Shares			Fair Value

	Affiliated Investment Companies, continued
	780,020	AZL Russell 1000 Value Index Fund	$	8,751,827
	404,164	PIMCO PVIT CommodityRealReturn Strategy Portfolio		2,857,442
	636,943	PIMCO PVIT Global Advantage Strategy Bond Portfolio		6,343,951
	1,153,540	PIMCO PVIT High Yield Portfolio		8,905,326
	796,259	PIMCO PVIT Real Return Portfolio		11,585,574
	9,341,377	PIMCO PVIT Total Return Portfolio		106,865,350
	1,065,035	PIMCO PVIT Unconstrained Bond Portfolio		10,756,849

	Total Affiliated Investment Companies (Cost $210,041,568)			217,277,066

	Unaffiliated Investment Company (0.0%):
	4,561	Dreyfus Treasury Prime Cash Management, Institutional Shares, 0.00%(a)		4,561

	Total Unaffiliated Investment Company (Cost $4,561)			4,561

	Total Investment Securities (Cost $210,046,129)(b) — 99.9%			217,281,627
	Net other assets (liabilities) — 0.1%			179,129

	Net Assets — 100.0%		$	217,460,756

Statement of Assets and Liabilities

June 30, 2012

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	4,561
Investments in affiliates, at cost		210,041,568

Total investment securities, at cost	$	210,046,129

Investments in non-affiliates, at value	$	4,561
Investments in affiliates, at value		217,277,066

Total investment securities, at value		217,281,627
Dividends receivable		348,956
Receivable for capital shares issued		229,439
Prepaid expenses		1,046

Total Assets		217,861,068

Liabilities:
Payable for affiliated investments purchased		353,517
Payable for capital shares redeemed		8,291
Manager fees payable		26,238
Administration fees payable		4,403
Custodian fees payable		301
Administrative and compliance services fees payable		1,324
Other accrued liabilities		6,238

Total Liabilities		400,312

Net Assets	$	217,460,756

Net Assets Consist of:
Capital	$	203,380,025
Accumulated net investment income/(loss)		5,519,015
Accumulated net realized gains/(losses) from investment transactions		1,326,218
Net unrealized appreciation/(depreciation) on investments		7,235,498

Net Assets	$	217,460,756

Shares of beneficial interest (unlimited number of shares authorized, no par value)		18,627,880
Net Asset Value (offering and redemption price per share)	$	11.67

Statement of Operations

For the Six Months Ended June 30, 2012

(Unaudited)


Investment Income:
Dividends from affiliates	$	1,858,290

Total Investment Income		1,858,290

Expenses:
Manager fees		203,040
Administration fees		27,843
Custodian fees		1,089
Administrative and compliance services fees		3,117
Trustee fees		6,831
Professional fees		5,867
Shareholder reports		3,444
Other expenses		3,015

Total expenses before reductions		254,246
Less expenses voluntarily waived/reimbursed by the Manager		(50,759	)

Net expenses		203,487

Net Investment Income/(Loss)		1,654,803

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		(304,069	)
Change in unrealized appreciation/depreciation on investments		9,508,119

Net Realized/Unrealized Gains/(Losses) on Investments		9,204,050

Change in Net Assets Resulting From Operations	$	10,858,853

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

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 13 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL Fusion Conservative Fund (the “Fund”), and 12 are presented in separate reports.

For the period ended June 30, 2012, the annual rate due to the Manager and the annual expense limit were as follows:

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2012, $1,367 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2012, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2012 in valuing the Fund’s investments based upon the three levels defined above:


	Level 1		Level 2		Total
Investment Securities:
Affiliated Investment Companies	$	217,277,066	$	—	$	217,277,066
Unaffiliated Investment Company		4,561		—		4,561

Total Investment Securities	$	217,281,627	$	—	$	217,281,627

For the period ended June 30, 2012, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2012 is $210,766,662. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the latest tax year ended December 31, 2011 were as follows:

As of the latest tax year end December 31, 2011, the components of accumulated earnings on a tax basis were as follows:

The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings and any net capital loss carryforwards will be determined at the end of the current tax year ending December 31, 2012.

As a shareholder of the AZL Fusion Growth Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the tables are meant to highlight your ongoing cost only. Therefore, the examples are useful in comparing ongoing cost only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Please note that if the expenses that apply to subaccounts of the insurance contracts were included, your costs would have been higher.

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


Shares			Fair Value

	Affiliated Investment Companies (100.0%):
	1,075,718	AZL Allianz AGIC Opportunity Fund	$	13,069,971
	2,167,566	AZL BlackRock Capital Appreciation Fund		29,153,764
	1,825,293	AZL Columbia Mid Cap Value Fund		14,803,128
	1,802,480	AZL Columbia Small Cap Value Fund		18,781,846
	2,295,214	AZL Dreyfus Research Growth Fund		23,594,800
	6,505,229	AZL Eaton Vance Large Cap Value Fund		54,839,081
	3,320,496	AZL International Index Fund		41,306,967
	2,081,722	AZL Invesco Growth and Income Fund		23,211,200
	4,420,549	AZL Invesco International Equity Fund		64,584,214
	2,971,877	AZL JPMorgan International Opportunities Fund		42,349,252
	4,748,706	AZL JPMorgan U.S. Equity Fund		47,534,544
	1,577,252	AZL MFS Investors Trust Fund		23,658,781
	481,547	AZL Mid Cap Index Fund		7,820,319
	3,420,213	AZL Morgan Stanley Global Real Estate Fund		30,850,320
	991,028	AZL Morgan Stanley Mid Cap Growth Fund		14,023,050
	2,177,869	AZL NFJ International Value Fund		28,029,173
	770,780	AZL Oppenheimer Discovery Fund		8,108,601
	2,220,700	AZL Russell 1000 Growth Index Fund		27,025,918


Shares			Fair Value

	Affiliated Investment Companies, continued
	3,740,691	AZL Russell 1000 Value Index Fund	$	41,970,551
	1,779,007	AZL Schroder Emerging Markets Equity Fund, Class 2		13,360,344
	8,654,376	AZL Strategic Investments Trust		14,712,439
	1,489,946	PIMCO PVIT Commodity RealReturn Strategy Portfolio		10,533,915
	2,464,972	PIMCO PVIT Global Advantage Strategy Bond Portfolio		24,551,124
	2,151,250	PIMCO PVIT High Yield Portfolio		16,607,654
	2,481,879	PIMCO PVIT Real Return Portfolio		36,111,339
	6,646,497	PIMCO PVIT Total Return Portfolio		76,035,923
	1,612,080	PIMCO PVIT Unconstrained Bond Portfolio		16,282,010

	Total Affiliated Investment Companies (Cost $675,555,500)			762,910,228

	Unaffiliated Investment Company (0.0%):
	289,326	Dreyfus Treasury Prime Cash Management, Institutional Shares, 0.00%(a)		289,326

	Total Unaffiliated Investment Company (Cost $289,326)			289,326

	Total Investment Securities (Cost $675,844,826)(b) — 100.0%			763,199,554
	Net other assets (liabilities) — 0.0%			(221,144	)

	Net Assets — 100.0%		$	762,978,410

Statement of Assets and Liabilities

June 30, 2012

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	289,326
Investments in affiliates, at cost		675,555,500

Total investment securities, at cost	$	675,844,826

Investments in non-affiliates, at value	$	289,326
Investments in affiliates, at value		762,910,228

Total investment securities, at value		763,199,554
Dividends receivable		370,164
Receivable for capital shares issued		208,020
Receivable for affiliated investments sold		43,000
Prepaid expenses		3,636

Total Assets		763,824,374

Liabilities:
Payable for affiliated investments purchased		702,490
Manager fees payable		91,182
Administration fees payable		4,525
Custodian fees payable		443
Administrative and compliance services fees payable		7,631
Other accrued liabilities		39,693

Total Liabilities		845,964

Net Assets	$	762,978,410

Net Assets Consist of:
Capital	$	905,063,242
Accumulated net investment income/(loss)		13,768,647
Accumulated net realized gains/(losses) from investment transactions		(243,208,207	)
Net unrealized appreciation/(depreciation) on investments		87,354,728

Net Assets	$	762,978,410

Shares of beneficial interest (unlimited number of shares authorized, no par value)		76,019,852
Net Asset Value (offering and redemption price per share)	$	10.04

Statement of Operations

For the Six Months Ended June 30, 2012

(Unaudited)


Investment Income:
Dividends from affiliates	$	2,205,961

Total Investment Income		2,205,961

Expenses:
Manager fees		760,024
Administration fees		31,670
Custodian fees		1,066
Administrative and compliance services fees		12,603
Trustee fees		27,733
Professional fees		25,271
Shareholder reports		16,079
Other expenses		12,068

Total expenses before reductions		886,514
Less expenses voluntarily waived/reimbursed by the Manager		(190,002	)

Net expenses		696,512

Net Investment Income/(Loss)		1,509,449

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		(6,322,202	)
Change in unrealized appreciation/depreciation on investments		44,431,411

Net Realized/Unrealized Gains/(Losses) on Investments		38,109,209

Change in Net Assets Resulting From Operations	$	39,618,658

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

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 13 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL Fusion Growth Fund (the “Fund”), and 12 are presented in separate reports.

For the period ended June 30, 2012, the annual rate due to the Manager and the annual expense limit were as follows:

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2012, $5,316 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2012, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2012 in valuing the Fund’s investments based upon the three levels defined above:


	Level 1		Level 2			Total
Investment Securities:
Affiliated Investment Companies	$	748,197,789	$	14,712,439	(1)	$	762,910,228
Unaffiliated Investment Company		289,326		—			289,326

Total Investment Securities	$	748,487,115	$	14,712,439		$	763,199,554

entities that prepare their financial statements on the basis of IFRSs. ASU No. 2011-11 is effective for interim and annual periods beginning on or after January 1, 2013. Adoption of ASU 2011-11 will have no effect on the Fund’s net assets. At this time, management is evaluating any impact ASU No. 2011-11 may have on the Fund’s financial statements disclosures.

For the period ended June 30, 2012, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2012 is $733,166,983. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

As of the end of their tax year ended December 31, 2011, the following Portfolios have capital loss carry forwards (“CLCFs”) as summarized in the tables below.

During the year ended December 31, 2011, the Fund utilized $30,338,176 in CLCFs to offset capital gains.

The tax character of dividends paid to shareholders during the latest tax year ended December 31, 2011 were as follows:

As of the latest tax year end December 31, 2011, the components of accumulated earnings on a tax basis were as follows:

As a shareholder of the AZL Fusion Moderate Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the tables are meant to highlight your ongoing cost only. Therefore, the examples are useful in comparing ongoing cost only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Please note that if the expenses that

apply to subaccounts of the insurance contracts were included, your costs would have been higher.

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


Shares			Fair Value

	Affiliated Investment Companies (100.0%):
	2,046,549	AZL Allianz AGIC Opportunity Fund	$	24,865,572
	5,548,078	AZL BlackRock Capital Appreciation Fund		74,621,648
	3,501,516	AZL Columbia Mid Cap Value Fund		28,397,295
	4,477,046	AZL Columbia Small Cap Value Fund		46,650,816
	3,869,170	AZL Dreyfus Research Growth Fund		39,775,068
	14,159,093	AZL Eaton Vance Large Cap Value Fund		119,361,152
	6,873,777	AZL International Index Fund		85,509,784
	3,533,540	AZL Invesco Growth and Income Fund		39,398,975
	7,501,234	AZL Invesco International Equity Fund		109,593,031
	6,093,588	AZL JPMorgan International Opportunities Fund		86,833,635
	10,026,472	AZL JPMorgan U.S. Equity Fund		100,364,983
	2,654,043	AZL MFS Investors Trust Fund		39,810,646
	1,179,969	AZL Mid Cap Index Fund		19,162,701
	6,550,505	AZL Morgan Stanley Global Real Estate Fund		59,085,556
	1,892,369	AZL Morgan Stanley Mid Cap Growth Fund		26,777,015
	4,193,181	AZL NFJ International Value Fund		53,966,239


Shares			Fair Value

	Affiliated Investment Companies, continued
	1,892,023	AZL Oppenheimer Discovery Fund	$	19,904,086
	5,406,108	AZL Russell 1000 Growth Index Fund		65,792,336
	9,293,066	AZL Russell 1000 Value Index Fund		104,268,199
	3,406,992	AZL Schroder Emerging Markets Equity Fund, Class 2		25,586,512
	18,468,165	AZL Strategic Investments Trust		31,395,881
	3,753,671	PIMCO PVIT CommodityRealReturn Strategy Portfolio		26,538,457
	6,143,048	PIMCO PVIT Global Advantage Strategy Bond Portfolio		61,184,755
	8,085,041	PIMCO PVIT High Yield Portfolio		62,416,514
	6,112,968	PIMCO PVIT Real Return Portfolio		88,943,680
	40,292,361	PIMCO PVIT Total Return Portfolio		460,944,614
	6,023,582	PIMCO PVIT Unconstrained Bond Portfolio		60,838,176

	Total Affiliated Investment Companies (Cost $1,826,104,230)			1,961,987,326

	Total Investment Securities (Cost $1,826,104,230)(a) — 100.0%			1,961,987,326
	Net other assets (liabilities) — 0.0%			(768,093	)

	Net Assets — 100.0%		$	1,961,219,233

Statement of Assets and Liabilities

June 30, 2012

(Unaudited)


Assets:
Investments in affiliates, at cost	$	1,826,104,230

Investments in affiliates, at value	$	1,961,987,326
Dividends receivable		1,736,996
Receivable for affiliated investments sold		75,819
Prepaid expenses		9,415

Total Assets		1,963,809,556

Liabilities:
Cash overdraft		53,819
Payable for affiliated investments purchased		1,758,996
Payable for capital shares redeemed		446,842
Manager fees payable		235,931
Administration fees payable		4,454
Custodian fees payable		379
Administrative and compliance services fees payable		15,558
Other accrued liabilities		74,344

Total Liabilities		2,590,323

Net Assets	$	1,961,219,233

Net Assets Consist of:
Capital	$	1,875,944,613
Accumulated net investment income/(loss)		41,555,663
Accumulated net realized gains/(losses) from investment transactions		(92,164,139	)
Net unrealized appreciation/(depreciation) on investments		135,883,096

Net Assets	$	1,961,219,233

Shares of beneficial interest (unlimited number of shares authorized, no par value)		184,196,758
Net Asset Value (offering and redemption price per share)	$	10.65

Statement of Operations

For the Six Months Ended June 30, 2012

(Unaudited)


Investment Income:
Dividends from affiliates	$	9,885,358

Total Investment Income		9,885,358

Expenses:
Manager fees		1,936,720
Administration fees		38,765
Custodian fees		1,101
Administrative and compliance services fees		30,923
Trustee fees		67,670
Professional fees		60,044
Shareholder reports		34,250
Other expenses		29,858

Total expenses before reductions		2,199,331
Less expenses voluntarily waived/reimbursed by the Manager		(484,171	)

Net expenses		1,715,160

Net Investment Income/(Loss)		8,170,198

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		(3,991,533	)
Change in unrealized appreciation/depreciation on investments		96,527,523

Net Realized/Unrealized Gains/(Losses) on Investments		92,535,990

Change in Net Assets Resulting From Operations	$	100,706,188

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

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 13 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL Fusion Moderate Fund (the “Fund”), and 12 are presented in separate reports.

For the period ended June 30, 2012, the annual rate due to the Manager and the annual expense limit were as follows:

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2012, $13,315 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2012, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2012 in valuing the Fund’s investments based upon the three levels defined above:


	Level 1		Level 2			Total
Investment Securities:
Affiliated Investment Companies	$	1,930,591,445	$	31,395,881	(1)	$	1,961,987,326

Total Investment Securities	$	1,930,591,445	$	31,395,881		$	1,961,987,326

For the period ended June 30, 2012, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2012 is $1,855,959,225. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

As of the end of their tax year ended December 31, 2011, the following Portfolios have capital loss carry forwards (“CLCFs”) as summarized in the tables below.

During the year ended December 31, 2011, the Fund utilized $29,191,610 in CLCFs to offset capital gains.

The tax character of dividends paid to shareholders during the latest tax year ended December 31, 2011 were as follows:

As of the latest tax year end December 31, 2011, the components of accumulated earnings on a tax basis were as follows:

As a shareholder of the AZL Growth Index Strategy Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the tables are meant to highlight your ongoing cost only. Therefore, the examples are useful in comparing ongoing cost only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Please note that if the expenses that apply to subaccounts of the insurance contracts were included, your costs would have been higher.

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


Shares			Fair Value

	Affiliated Investment Companies (100.0%):
	19,237,612	AZL Enhanced Bond Index Fund	$	217,000,265
	13,777,343	AZL International Index Fund		171,527,917
	6,032,483	AZL Mid Cap Index Fund		97,967,518
	36,992,461	AZL S&P 500 Index Fund, Class 2		350,318,610
	4,619,161	AZL Small Cap Stock Index Fund		49,101,680

	Total Affiliated Investment Companies (Cost $816,864,145)			885,915,990

	Unaffiliated Investment Company (0.0%):
	70,785	Dreyfus Treasury Prime Cash Management, Institutional Shares, 0.00%(a)		70,785

	Total Unaffiliated Investment Company (Cost $70,785)			70,785

	Total Investment Securities (Cost $816,934,930)(b) — 100.0%			885,986,775
	Net other assets (liabilities) — 0.0%			(254,047	)

	Net Assets — 100.0%		$	885,732,728

Statement of Assets and Liabilities

June 30, 2012

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	70,785
Investments in affiliates, at cost		816,864,145

Total investment securities, at cost	$	816,934,930

Investments in non-affiliates, at value	$	70,785
Investments in affiliates, at value		885,915,990

Total investment securities, at value		885,986,775
Prepaid expenses		4,026

Total Assets		885,990,801

Liabilities:
Payable for affiliated investments purchased		70,785
Payable for capital shares redeemed		117,559
Manager fees payable		35,262
Administration fees payable		4,381
Custodian fees payable		195
Administrative and compliance services fees payable		5,111
Other accrued liabilities		24,780

Total Liabilities		258,073

Net Assets	$	885,732,728

Net Assets Consist of:
Capital	$	804,598,903
Accumulated net investment income/(loss)		9,962,001
Accumulated net realized gains/(losses) from investment transactions		2,119,980
Net unrealized appreciation/(depreciation) on investments		69,051,844

Net Assets	$	885,732,728

Shares of beneficial interest (unlimited number of shares authorized, no par value)		62,404,497
Net Asset Value (offering and redemption price per share)	$	14.19

Statement of Operations

For the Six Months Ended June 30, 2012

(Unaudited)


Expenses:
Manager fees	$	214,359
Administration fees		31,680
Custodian fees		724
Administrative and compliance services fees		13,026
Trustee fees		28,290
Professional fees		24,243
Shareholder reports		15,546
Other expenses		12,562

Total expenses		340,430

Net Investment Income/(Loss)		(340,430	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		714,615
Change in unrealized appreciation/depreciation on investments		47,360,051

Net Realized/Unrealized Gains/(Losses) on Investments		48,074,666

Change in Net Assets Resulting From Operations	$	47,734,236

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

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 13 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL Growth Index Strategy Fund (the “Fund”), and 12 are presented in separate reports.

For the period ended June 30, 2012, the annual rate due to the Manager and the annual expense limit were as follows:

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2012, $5,714 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2012, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2012 in valuing the Fund’s investments based upon the three levels defined above:


	Level 1		Level 2		Total
Investment Securities:
Affiliated Investment Companies	$	885,915,990	$	—	$	885,915,990
Unaffiliated Investment Company		70,785		—		70,785

Total Investment Securities	$	885,986,775	$	—	$	885,986,775

For the period ended June 30, 2012, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2012 is $817,276,322. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the latest tax year ended December 31, 2011 were as follows:

As of the latest tax year end December 31, 2011, the components of accumulated earnings on a tax basis were as follows:

As a shareholder of the AZL MVP Balanced Index Strategy Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the tables are meant to highlight your ongoing cost only. Therefore, the examples are useful in comparing ongoing cost only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Please note that if the expenses that apply to subaccounts of the insurance contracts were included, your costs would have been higher.

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


Shares			Fair Value

	Affiliated Investment Companies (94.1%):
	1,360,854	AZL Enhanced Bond Index Fund	$	15,350,437
	336,814	AZL International Index Fund		4,193,331
	153,861	AZL Mid Cap Index Fund		2,498,706
	823,783	AZL S&P 500 Index Fund, Class 2		7,801,225
	125,551	AZL Small Cap Stock Index Fund		1,334,610

	Total Affiliated Investment Companies (Cost $30,887,590)			31,178,309

	Unaffiliated Investment Company (1.1%):
	376,350	Dreyfus Treasury Prime Cash Management, Institutional Shares, 0.00%(a)		376,350

	Total Unaffiliated Investment Company (Cost $376,350)			376,350

	Total Investment Securities (Cost $31,263,940)(b) — 95.2%			31,554,659
	Net other assets (liabilities) — 4.8%			1,584,476

	Net Assets — 100.0%		$	33,139,135

Consolidated Statement of Assets and Liabilities

June 30, 2012

(Unaudited)


	AZL MVP Balanced Index Strategy Fund
Assets:
Investment securities, at cost	$	31,263,940

Investment securities, at value	$	31,554,659
Segregated cash with broker		1,644,514
Receivable for capital shares issued		350,829
Receivable for variation margin on futures contracts		77
Receivable from Manager		3,993

Total Assets		33,554,072

Liabilities:
Payable for investments purchased		376,350
Administration fees payable		14,783
Custodian fees payable		2,180
Administrative and compliance services fees payable		726
Other accrued liabilities		20,898

Total Liabilities		414,937

Net Assets	$	33,139,135

Net Assets Consist of:
Capital	$	32,851,923
Accumulated net investment income/(loss)		(20,084	)
Accumulated net realized gains/(losses) from investment transactions		(5,265	)
Net unrealized appreciation/(depreciation) on investments		312,561

Net Assets	$	33,139,135

Shares of beneficial interest (unlimited number of shares authorized, no par value)		3,208,643
Net Asset Value (offering and redemption price per share)	$	10.33

Consolidated Statement of Operations

For the Period Ended June 30, 2012

(Unaudited)


	AZL MVP Balanced Index Strategy Fund(a)
Expenses:
Manager fees		11,459
Administration fees		30,675
Custodian fees		1,913
Administrative and compliance services fees		217
Trustee fees		462
Professional fees		9,528
Shareholder reports		1,581
Other expenses		1,912

Total expenses before reductions		57,747
Less expenses contractually waived/reimbursed by the Manager		(33,823	)
Less expenses voluntarily waived/reimbursed by the Manager		(3,840	)

Net expenses		20,084

Net Investment Income/(Loss)		(20,084	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(5,403	)
Net realized gains/(losses) on futures contracts		138
Change in unrealized appreciation/depreciation on investments		312,561

Net Realized/Unrealized Gains/(Losses) on Investments		307,296

Change in Net Assets Resulting From Operations	$	287,212

(a)	For the Period January 10, 2012 (commencement of operations) to June 30, 2012.

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

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 13 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Balanced Index Strategy Fund (the “Fund”), and 12 are presented in separate reports.

The Fund’s primary vehicle for gaining exposure to derivatives is through investments in its wholly-owned and controlled subsidiary, the AZL MVP BIS Investments Trust (the “Subsidiary”).

As of June 30, 2012, the Fund’s aggregate investment in the Subsidiary was $1,646,843, representing 4.97% of the Subsidiary’s net assets.

The Fund’s investments have been consolidated and include the portfolio holdings of the Subsidiary.

from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, and reclassification of certain distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and post October losses) do not require reclassification. Dividends to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

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

During the period ended June 30, 2012, the Trust invested in futures contracts with low or negative correlations to the broad market. The futures contracts entered into by the Trust support in reducing volatility in the investment portfolios of the funds that invest in the Trust. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Trust is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Trust. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Consolidated Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $1.5 million as of June 30, 2012. The monthly average notional amount for these contracts was $0.8 for the period ended June 30, 2012.

Realized gains and losses are reported as “Net realized gains/(losses) from futures transactions” on the Consolidated Statement of Operations.

The following is a summary of the fair value of derivative instruments as of June 30, 2012:

The following is a summary of the effect of derivative instruments on the Statements of Operations for the period ended June 30, 2012:

For the period ended June 30, 2012, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund or Subsidiary 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 or Subsidiary’s expenses to exceed the stated limit during the respective year. Any amounts recouped by the Manager during the period are reflected on the Consolidated Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager. At June 30, 2012, the contractual reimbursements that are subject to repayment by the Fund or Subsidiary in subsequent years were as follows:

The Manager or an affiliate of the Manager serves as the investment adviser of certain underlying funds in which the Fund invests. At June 30, 2012, these underlying funds are noted as Affiliated Investment Companies in the Fund’s Consolidated Schedule of Portfolio Investments. The Manager or an affiliate of the Manager is paid a 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 per hour for time incurred in connection with the preparation and filing of certain documents with the Securities and Exchange Commission. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Consolidated Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly-owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator, transfer agent, and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a fee, accrued daily and paid monthly. In addition, the Administrator is entitled to annual account fees related to the transfer agency system, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Consolidated Statement of Operations as “Administration fees.”

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, 2012, $39 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2012, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2012 in valuing the Fund’s investments based upon the three levels defined above:


	Level 1		Level 2		Total
Investment Securities:
Affiliated Investment Companies	$	31,178,309	$	—	$	31,178,309
Unaffiliated Investment Company		376,350		—		376,350

Total Investment Securities	$	31,554,659	$	—	$	31,554,659

Other Financial Instruments:*
Futures Contracts	$	21,842		—	$	21,842

Total Investment	$	31,576,501	$	—	$	31,576,501

For the period ended June 30, 2012, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2012 is $31,269,348. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

At “in person” meetings held on the following dates the Board of Trustees of the Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) authorized the creation of and approved Management Agreements between the Trust and Allianz Investment Management LLC (the “Manager”) for the following seven new Funds (the “MVP Funds”) of the Trust:


Board of Trustees Meeting Date	New Fund
September 14, 2011	AZL MVP Fusion Moderate Fund \	(the “Fusion Funds”)
	AZL MVP Fusion Balanced Fund /	(the “Fusion Funds”)

	AZL MVP Growth Index Strategy Fund \	(the “Index Strategy Funds”)
	AZL MVP Balanced Index Strategy Fund /	(the “Index Strategy Funds”)

October 26, 2011	AZL MVP BlackRock Global Allocation Fund (the “BlackRock Fund”) AZL MVP Invesco Equity and Income Fund (the “Invesco Fund”)

February 24, 2012	AZL MVP Franklin Templeton Founding Strategy Plus Fund (the “Founding Strategy Fund”)

Prior to the creation of the seven MVP Funds, the Trust had six Funds (the “Original Funds”). The MVP Funds and the Original Funds are referred to collectively as the “Funds.”

Subject to the general supervision of the Board of Trustees and in accordance with each Fund’s investment objectives and restrictions, investment advisory services are provided to the Funds by the Manager. The Manager manages each Fund pursuant to an investment management agreement (the “Management Agreement”) with the Trust in respect of each such Fund. The Management Agreement provides that the Manager, subject to the supervision and approval of the Board of Trustees, is responsible for the management of each Fund. This management includes making asset allocation decisions and investment decisions pursuant to which the Fusion Funds will invest in shares of Permitted Underlying Funds and in other Permitted Underlying Investments. The Manager also makes investment decisions for the other MVP Funds. For the MVP Funds, the Manager is responsible for implementing the MVP (Managed Volatility Portfolio) risk management process which is intended to adjust and manage the risk of the portfolio. As part of this process, each MVP Fund may gain exposure to derivatives by investing up to 20% of its assets in a wholly-owned subsidiary which is managed by the Manager.

For management services, each Fund pays the Manager an investment advisory fee based upon each Fund’s average daily net assets. The Manager has contractually agreed to limit the expenses of each Fund by reimbursing each Fund if and when total Fund operating expenses exceed certain amounts until at least May 1, 2013.

Wilshire Funds Management (“Wilshire”) serves as a consultant to the Manager in preparing statistical and other factual information for use in the creation and maintenance of the asset allocation models for the Fusion Funds pursuant to an agreement between the Manager and Wilshire. Wilshire serves as a consultant to the Manager with respect to selecting the Fusion Permitted Underlying Investments and the Fund’s asset allocations among the Permitted Underlying Investments. The Manager, not any Fund, pays a consultant fee to Wilshire.

In reviewing the services provided by the Manager and the terms of the Management Agreement, the Board receives and reviews information related to the Manager’s experience and expertise in the variable insurance marketplace. Currently, the Funds are offered only through variable annuities and variable life insurance policies, and not in the retail fund market. In addition, the Board receives information regarding the Manager’s expertise with regard to portfolio diversification and asset allocation requirements within variable insurance products issued by Allianz Life Insurance Company of North America and its subsidiary, Allianz Life Insurance Company of New York. Currently, the Funds are offered only through Allianz Life and Allianz of New York variable products.

As required by the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board has reviewed and approved the Management Agreement with the Manager. The Board’s decision to approve this contract reflects the exercise of its business judgment on whether to approve new arrangements and continue the existing arrangements. During its review of the contract, the Board considered many factors, among the most material of which are: the Funds’ investment objectives, the Manager’s management philosophy, personnel, processes and investment performance, including its compliance history and the adequacy of its compliance processes; the preferences and expectations of Fund shareholders (and underlying contract owners) and their relative sophistication; the continuing state of competition in the mutual fund industry; and comparable fees in the mutual fund industry.

Officer Agreement, under which the Manager is compensated by the Trust for performing certain administrative and compliance services including providing an employee of the Manager or one of its affiliates to act as the Trust’s Chief Compliance Officer; and (2) Allianz Life Financial Services, LLC, an affiliated person of the Manager, is a registered securities broker-dealer and receives (along with its affiliated persons) payments made by the Underlying Funds pursuant to Rule 12b-1.

The Board is aware that various courts have interpreted provisions of the 1940 Act and have indicated in their decisions that the following factors may be relevant to the Manager’s compensation: the nature and quality of the services provided by the Manager, including the performance of the funds; the Manager’s cost of providing the services; the extent to which the Manager may realize “economies of scale” as the funds grow larger; any indirect benefits that may accrue to the Manager and its affiliates as a result of the Manager’s relationship with the funds; performance and expenses of comparable funds; the profitability to the Manager from acting as adviser to the funds; and the extent which the independent Board members are fully informed about all facts bearing on the Manager’s services and fees. The Trust’s Board is aware of these factors and took them into account in its review of the Management Agreement for the Funds.

The Board considered and weighed these circumstances in light of its experience in governing the Trust, and is assisted in its deliberations by the advice of legal counsel to the Independent Trustees. In this regard, the Board requests and receives a significant amount of information about the Funds and the Manager. Some of this information is provided at each regular meeting of the Board; additional information is provided in connection with the particular meeting or meetings at which the Board’s formal review of an advisory contract occurs. In between regularly scheduled meetings, the Board may receive information on particular matters as the need arises. Thus, the Board’s evaluation of the Management Agreement is informed by reports covering such matters as: the Manager’s investment philosophy, personnel and processes, and the Fund’s investment performance (in absolute terms as well as in relationship to its benchmark). In connection with comparing the performance of each Fund versus its benchmark, the Board receives reports on the extent to which the Fund’s performance may be attributed to various factors, such as asset class allocation decisions, overlay or global tactical asset allocation strategies, the performance of the Underlying Funds, rebalancing decisions, and the impact of cash positions and Fund fees and expenses. The Board also receives reports on the Funds’ expenses (including the advisory fee itself and the overall expense structure of the Funds, both in absolute terms and relative to similar and/or competing funds, with due regard for contractual or voluntary expense limitations); the nature and extent of the advisory and other services provided to the Fund by the Manager and its affiliates; compliance and audit reports concerning the Funds and the companies that service them; and relevant developments in the mutual fund industry and how the Funds and/or the Manager are responding to them.

The Board also receives financial information about the Manager, including reports on the compensation and benefits the Manager derives from its relationships with the Funds. These reports cover not only the fees under the Management Agreement, but also fees, if any, received for providing other services to the Funds. The reports also discuss any indirect or “fall out” benefits the Manager or its affiliates may derive from its relationship with the Funds.

The Management Agreement on behalf of the MVP Funds was considered and approved at “in person” Board of Trustees meetings on the dates set forth above. At such meetings the Board also approved an Expense Limitation Agreement between the Manager and the Trust covering the MVP Funds for the period ending April 30, 2013. In connection with such meetings, the Trustees requested and evaluated extensive materials from the Manager, including hypothetical performance and estimated expense information for the MVP Funds compared to other investment companies with similar investment objectives derived from data compiled by an independent third party provider and other sources believed to be reliable by the Manager. Prior to voting, the Trustees reviewed the proposed approval of the Agreement with management and with experienced counsel who are independent of the Manager and received a memorandum from such counsel discussing the legal standards for their consideration of the proposed approvals. The independent (“disinterested”) Trustees also discussed the proposed approvals in a private session with such counsel at which no representatives of the Manager were present. In reaching their determinations relating to the approval of the Agreement, in respect of each Fund, the Trustees considered all factors they believed relevant. The Board based its decision to approve the Management Agreement on the totality of the circumstances and relevant factors, and with a view to past and future long-term considerations. Not all of the factors and considerations discussed above and below are necessarily relevant to each MVP Fund, and the Board did not assign relative weights to factors discussed herein or deem any one or group of them to be controlling in and of themselves.

An SEC rule requires that shareholder reports include a discussion of certain factors relating to the selection of the investment adviser and the approval of the advisory fee. The “factors” enumerated by the SEC are set forth below in italics, as well as the Board’s conclusions regarding such factors:

(1) The nature, extent and quality of services provided by the Manager. The Trustees noted that the Manager, subject to the control of the Board of Trustees, administers each Fund’s business and other affairs. The Trustees noted that the Manager also provides the Trust and each Fund with such administrative and other services (exclusive of, and in addition to, any such services provided by any others retained by the Trust on behalf of the Funds) and executive and other personnel as are necessary for the operation of the Trust and the Funds. Except for the Trust’s Chief Compliance Officer, the Manager pays all of the compensation of Trustees and officers of the Trust who are employees of the Manager or its affiliates.

The Trustees considered the scope and quality of services provided by the Manager and noted that the scope of such services provided had expanded as a result of recent regulatory and other developments. The Trustees noted that, for example, the Manager is responsible for maintaining and monitoring its own compliance program, and this compliance program has recently been refined and enhanced in light of new regulatory requirements. The Trustees considered the capabilities and resources which the Manager has dedicated to performing services on behalf of the Trust and its Funds. The quality of administrative and other services, including the Manager’s role in coordinating the activities of the Trust’s other service providers, also were considered. The Trustees concluded that, overall, they were satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Trust and to each of the MVP Funds under the Management Agreement.

(2) The investment performance of the Fund and the Manager. On the dates of the Board of Trustees meetings set forth above when the Management Agreement was approved on behalf of the MVP Funds, no historical investment performance information was available for the MVP Funds. The Trustees received from the Manager information on hypothetical calendar year performance, hypothetical relative performance, and hypothetical volatility management results for the MVP Funds. This information indicated, for example, that the implementation of the MVP risk management process reduced volatility.

(3) The costs of services to be provided and profits to be realized by the Manager and its affiliates from the relationship with the Funds. The Board considered that the Manager will receive an advisory fee from each of the MVP Funds. The Manager reported that for the two Fusion Funds the advisory fee to be paid put these Funds in the 58^th percentile of the customized peer group. The Manager reported that for the two Index Strategy Funds the advisory fee to be paid by these Funds put them in the 11^th percentile of the customized peer group. The Manager reported that for the BlackRock Fund, the Invesco Fund, and the Founding Strategy Fund, the advisory fee to be paid put these Funds in the 18^th percentile of the customized peer group. Trustees were provided with information that the estimated operating expenses for the Fusion Funds put them at the 85^th and 86^th percentiles and the Index Strategy Funds in the 57^th and 59^th percentiles of the customized peer group. Trustees were provided with information for all of the MVP Funds comparing estimated operating and total expenses for the MVP Funds versus a customized peer group.

At the Board of Trustees meeting held October 26, 2011, the Manager provided information concerning the profitability of the Manager’s investment advisory activities for the period from 2009 through June 30, 2011. The MVP Funds did not exist during this time period. The Trustees recognized that it is difficult to make comparisons of profitability from investment company advisory agreements because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocation of expenses and the adviser’s capital structure and cost of capital. In considering profitability information, the Trustees considered the possible effect of certain fall-out benefits to the Manager and its affiliates. The Trustees focused on profitability of the Manager’s relationships with the Funds before taxes and distribution expenses. The Trustees recognized that the Manager should, in the abstract, be entitled to earn a reasonable level of profits for the services it provides to each Fund.

Based upon the information provided, the Board concluded that the MVP Funds’ advisory fees and anticipated expense ratios are not unreasonable, and determined that there was no evidence that the Manager’s level of profitability from its relationship with the MVP Funds would be excessive.

(4) and (5) The extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect these economies of scale. The Trustees noted that the advisory fee schedules for the MVP Funds do not contain breakpoints that reduce the fee rate on assets above specified levels. The Trustees recognized that breakpoints may be an appropriate way for the Manager to share its economies of scale, if any, with MVP Funds that have substantial assets. However, they also recognized that there may not be a direct relationship between any economies of scale realized by the MVP Funds and those realized by the Manager as assets increase. The Trustees do not believe there is a uniform methodology for establishing breakpoints that give effect to Fund-specific services provided by the Manager. The Trustees noted that in the fund industry as a whole, as well as among funds similar to the MVP Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. Depending on the age, size, and other characteristics of a particular fund and its manager’s cost structure, different conclusions can be drawn as to whether there are economies of scale to be realized at any particular level of assets, notwithstanding the intuitive conclusion that such economies exist, or will be realized at some level of total assets. Moreover, because different managers have different cost structures and service models, it is difficult to draw meaningful conclusions from the breakpoints that may have been adopted by other funds. The Trustees also noted that the advisory agreements for many funds do not have breakpoints at all, or if breakpoints exist, they may be at asset levels significantly greater than those of the individual MVP Funds.

Having taken these factors into account, the Trustees concluded that the absence of breakpoints in the MVP Funds’ advisory fee rate schedules was acceptable under each MVP Fund’s circumstances.

The Trustees noted that the Manager has agreed to temporarily “cap” MVP Fund expenses at certain levels, which has the effect of reducing expenses as would the implementation of advisory fee breakpoints. The Manager has committed to continue to consider the continuation of fee “caps” and/or advisory fee breakpoints as the MVP Funds grow larger. The Board receives quarterly reports on the level of MVP Fund assets. It expects to consider whether or not to approve the Management Agreement at a meeting to be held prior to December 31, 2012, and will at that time, or prior thereto, consider: (a) the extent to which economies of scale can be realized, and (b) whether the advisory fee should be modified to reflect such economies of scale, if any.

As a shareholder of the AZL MVP BlackRock Global Allocation Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the tables are meant to highlight your ongoing cost only. Therefore, the examples are useful in comparing ongoing cost only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Please note that if the expenses that apply to subaccounts of the insurance contracts were included, your costs would have been higher.

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


Shares			Fair Value

	Affiliated Investment Company (94.1%):
	17,222,720	AZL BlackRock Global Allocation Fund	$	173,777,242

	Total Affiliated Investment Companies (Cost $176,526,768)			173,777,242

	Unaffiliated Investment Company (0.6%):
	1,061,388	Dreyfus Treasury Prime Cash Management, Institutional Shares, 0.00%(a)		1,061,388

	Total Unaffiliated Investment Company (Cost $1,061,388)			1,061,388

	Total Investment Securities (Cost $177,588,156)(b) — 94.7%			174,838,630
	Net other assets (liabilities) — 5.3%			9,735,227

	Net Assets — 100.0%		$	184,573,857

Consolidated Statement of Assets and Liabilities

June 30, 2012

(Unaudited)


	AZL MVP BlackRock Global Allocation Fund
Assets:
Investment securities, at cost	$	177,588,156

Investment securities, at value	$	174,838,630
Cash		2,081
Segregated cash with broker		9,387,363
Receivable for capital shares issued		1,477,406
Receivable for variation margin on futures contracts		1,319

Total Assets		185,706,799

Liabilities:
Payable for investments purchased		1,061,388
Payable for variation margin on futures contracts		3,400
Manager fees payable		12,568
Administration fees payable		17,842
Custodian fees payable		2,335
Administrative and compliance services fees payable		3,020
Other accrued liabilities		32,389

Total Liabilities		1,132,942

Net Assets	$	184,573,857

Net Assets Consist of:
Capital	$	187,326,072
Accumulated net investment income/(loss)		(62,383	)
Accumulated net realized gains/(losses) from investment transactions		(112,427	)
Net unrealized appreciation/(depreciation) on investments		(2,577,405	)

Net Assets	$	184,573,857

Shares of beneficial interest (unlimited number of shares authorized, no par value)		18,323,539
Net Asset Value (offering and redemption price per share)	$	10.07

Consolidated Statement of Operations

For the Period Ended June 30, 2012

(Unaudited)


	AZL MVP BlackRock Global Allocation Fund(a)
Expenses:
Manager fees	$	57,571
Administration fees		39,314
Custodian fees		2,548
Administrative and compliance services fees		1,267
Trustee fees		3,059
Professional fees		13,272
Shareholder reports		3,075
Other expenses		2,784

Total expenses before reductions		122,890
Less expenses contractually waived/reimbursed by the Manager		(41,344	)
Less expenses voluntarily waived/reimbursed by the Manager		(19,163	)

Net expenses		62,383

Net Investment Income/(Loss)		(62,383	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(25,899	)
Net realized gains/(losses) on futures contracts		(86,528	)
Change in unrealized appreciation/depreciation on investments		(2,577,405	)

Net Realized/Unrealized Gains/(Losses) on Investments		(2,689,832	)

Change in Net Assets Resulting From Operations	$	(2,752,215	)

(a)	For the Period January 10, 2012 (commencement of operations) to June 30, 2012.

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

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 13 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP BlackRock Global Allocation Fund (the “Fund”), and 12 are presented in separate reports.

The Fund’s primary vehicle for gaining exposure to derivatives is through investments in its wholly-owned and controlled subsidiary, the AZL MVP BGA Investments Trust (the “Subsidiary”).

As of June 30, 2012, the Fund’s aggregate investment in the Subsidiary was $9,410,062, representing 5.10% of the Subsidiary’s net assets.

The Fund’s investments have been consolidated and include the portfolio holdings of the Subsidiary.

During the period ended June 30, 2012, the Trust invested in futures contracts with low or negative correlations to the broad market. The futures contracts entered into by the Trust support in reducing volatility in the investment portfolios of the funds that invest in the Trust. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Trust is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Trust. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Consolidated Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $8.9 million as of June 30, 2012. The monthly average notional amount for these contracts was $4.3 for the period ended June 30, 2012.

Realized gains and losses are reported as “Net realized gains/(losses) from futures transactions” on the Consolidated Statement of Operations.

The following is a summary of the fair value of derivative instruments as of June 30, 2012:

The following is a summary of the effect of derivative instruments on the Statements of Operations for the period ended June 30, 2012:

For the period ended June 30, 2012, the annual rate due to the Manager and the annual expense limit were as follows:

The Manager or an affiliate of the Manager serves as the investment adviser of certain underlying funds in which the Fund invests. At June 30, 2012, these underlying funds are noted as Affiliated Investment Companies in the Fund’s Consolidated Schedule of Portfolio Investments. The Manager or an affiliate of the Manager is paid a 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 per hour for time incurred in connection with the preparation and filing of certain documents with the Securities and Exchange Commission. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Consolidated Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly-owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator, transfer agent, and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a fee, accrued daily and paid monthly. In addition, the Administrator is entitled to annual account fees related to the transfer agency system, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Consolidated Statement of Operations as “Administration fees.”

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, 2012, $135 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2012, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2012 in valuing the Fund’s investments based upon the three levels defined above:


	Level 1		Level 2		Total
Investment Securities:
Affiliated Investment Companies	$	173,777,242	$	—	$	173,777,242
Unaffiliated Investment Company		1,061,388		—		1,061,388

Total Investment Securities	$	174,838,630	$	—	$	174,838,630


	Level 1		Level 2		Total
Other Financial Instruments:*
Futures Contracts	$	172,121	$	—	$	172,121

Total Investments	$	175,010,751	$	—	$	175,010,751

For the period ended June 30, 2012, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2012 is $177,614,055. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Board of Trustees Meeting Date		New Fund
September 14, 2011		AZL MVP Fusion Moderate Fund \ AZL MVP Fusion Balanced Fund /^{(the “Fusion Funds”)}

		AZL MVP Growth Index Strategy Fund \ AZL MVP Balanced Index Strategy Fund / ^{(the “Index Strategy Funds”)}

October 26, 2011		AZL MVP BlackRock Global Allocation Fund (the “BlackRock Fund”) AZL MVP Invesco Equity and Income Fund (the “Invesco Fund”)

February 24, 2012		AZL MVP Franklin Templeton Founding Strategy Plus Fund (the “Founding Strategy Fund”)

Prior to the creation of the seven MVP Funds, the Trust had six Funds (the “Original Funds”). The MVP Funds and the Original Funds are referred to collectively as the “Funds.”

Manager from brokers that execute Fund trades, as well as advisory fees. The Board considered the fact that: (1) the Manager and the Trust are parties to an Administrative Service Agreement, Compliance Services Agreement and Chief Compliance Officer Agreement, under which the Manager is compensated by the Trust for performing certain administrative and compliance services including providing an employee of the Manager or one of its affiliates to act as the Trust’s Chief Compliance Officer; and (2) Allianz Life Financial Services, LLC, an affiliated person of the Manager, is a registered securities broker-dealer and receives (along with its affiliated persons) payments made by the Underlying Funds pursuant to Rule 12b-1.

services provided by any others retained by the Trust on behalf of the Funds) and executive and other personnel as are necessary for the operation of the Trust and the Funds. Except for the Trust’s Chief Compliance Officer, the Manager pays all of the compensation of Trustees and officers of the Trust who are employees of the Manager or its affiliates.

Having taken these factors into account, the Trustees concluded that the absence of breakpoints in the MVP Funds’ advisory fee rate schedules was acceptable under each MVP Fund’s circumstances.

As a shareholder of the AZL MVP Franklin Templeton Founding Strategy Plus Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the tables are meant to highlight your ongoing cost only. Therefore, the examples are useful in comparing ongoing cost only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Please note that if the expenses that apply to subaccounts of the insurance contracts were included, your costs would have been higher.

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


Shares			Fair Value

	Affiliated Investment Company (94.4%):
	1,092,197	AZL Franklin Templeton Founding Strategy Plus Fund	$	12,319,985

	Total Affiliated Investment Companies (Cost $12,186,869)			12,319,985

	Unaffiliated Investment Company (0.9%):
	117,440	Dreyfus Treasury Prime Cash Management, Institutional Shares, 0.00%(a)		117,440

	Total Unaffiliated Investment Company (Cost $117,440)			117,440

	Total Investment Securities (Cost $12,304,309)(b) — 95.3%			12,437,425
	Net other assets (liabilities) — 4.7%			524,474

	Net Assets — 100.0%		$	13,057,290

Consolidated Statement of Assets and Liabilities

June 30, 2012

(Unaudited)


	AZL MVP Franklin Templeton Founding Strategy Plus Fund
Assets:
Investment securities, at cost	$	12,304,309

Investment securities, at value	$	12,437,425
Segregated cash with broker		636,630
Receivable for capital shares issued		101,263
Receivable from Manager		7,972

Total Assets		13,183,290

Liabilities:
Payable for investments purchased		117,440
Administration fees payable		2,549
Custodian fees payable		288
Administrative and compliance services fees payable		41
Other accrued liabilities		5,682

Total Liabilities		126,000

Net Assets	$	13,057,290

Net Assets Consist of:
Capital	$	12,924,400
Accumulated net investment income/(loss)		(2,088	)
Accumulated net realized gains/(losses) from investment transactions		(7,591	)
Net unrealized appreciation/(depreciation) on investments		142,569

Net Assets	$	13,057,290

Shares of beneficial interest (unlimited number of shares authorized, no par value)		1,330,576
Net Asset Value (offering and redemption price per share)	$	9.81

Consolidated Statement of Operations

For the Period Ended June 30, 2012

(Unaudited)


	AZL MVP Franklin Templeton Founding Strategy Plus Fund(a)
Expenses:
Manager fees	$	1,930
Administration fees		5,218
Custodian fees		467
Administrative and compliance services fees		26
Trustee fees		52
Professional fees		5,151
Shareholder reports		492
Other expenses		835

Total expenses before reductions		13,522
Less expenses contractually waived/reimbursed by the Manager		(11,435	)
Less expenses voluntarily waived/reimbursed by the Manager		(648	)

Net expenses		2,088

Net Investment Income/(Loss)		(2,088	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(2	)
Net realized gains/(losses) on futures contracts		(7,589	)
Change in unrealized appreciation/depreciation on investments		142,569

Net Realized/Unrealized Gains/(Losses) on Investments		134,978

Change in Net Assets Resulting From Operations	$	132,890

(a)	For the Period April 27, 2012 (commencement of operations) to June 30, 2012.

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

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 13 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Franklin Templeton Founding Strategy Plus Fund (the “Fund”), and 12 are presented in separate reports.

The Fund’s primary vehicle for gaining exposure to derivatives is through investments in its wholly-owned and controlled subsidiary, the AZL MVP FTFSP Investments Trust (the “Subsidiary”).

As of June 30, 2012, the Fund’s aggregate investment in the Subsidiary was $642,456, representing 4.92% of the Subsidiary’s net assets.

The Fund’s investments have been consolidated and include the portfolio holdings of the Subsidiary.

During the period ended June 30, 2012, the Trust invested in futures contracts with low or negative correlations to the broad market. The futures contracts entered into by the Trust support in reducing volatility in the investment portfolios of the funds that invest in the Trust. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Trust is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Trust. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Consolidated Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $0.5 million as of June 30, 2012. The monthly average notional amount for these contracts was $0.2 for the period ended June 30, 2012.

Realized gains and losses are reported as “Net realized gains/(losses) from futures transactions” on the Consolidated Statement of Operations.

The following is a summary of the fair value of derivative instruments as of June 30, 2012:

The following is a summary of the effect of derivative instruments on the Statements of Operations for the period ended June 30, 2012:

For the period ended June 30, 2012, the annual rate due to the Manager and the annual expense limit were as follows:

The Manager or an affiliate of the Manager serves as the investment adviser of certain underlying funds in which the Fund invests. At June 30, 2012, these underlying funds are noted as Affiliated Investment Companies in the Fund’s Consolidated Schedule of Portfolio Investments. The Manager or an affiliate of the Manager is paid a 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 per hour for time incurred in connection with the preparation and filing of certain documents with the Securities and Exchange Commission. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Consolidated Statement of Operations as “Administrative and compliance services fees.”

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, 2012, $4 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2012, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2012 in valuing the Fund’s investments based upon the three levels defined above:


	Level 1		Level 2		Total
Investment Securities:
Affiliated Investment Companies	$	12,319,985	$	—	$	12,319,985
Unaffiliated Investment Company		117,440		—		117,440

Total Investment Securities	$	12,437,425	$	—	$	12,437,425


	Level 1		Level 2		Total
Other Financial Instruments:*
Futures Contracts	$	9,453		—	$	9,453

Total Investments	$	12,446,878	$	—	$	12,446,878

For the period ended June 30, 2012, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2012 is $12,304,311. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Board of Trustees Meeting Date		New Fund
September 14, 2011		AZL MVP Fusion Moderate Fund \ AZL MVP Fusion Balanced Fund / ^{(the “Fusion Funds”)}

		AZL MVP Growth Index Strategy Fund \ AZL MVP Balanced Index Strategy Fund / ^{(the “Index Strategy Funds”)}

October 26, 2011		AZL MVP BlackRock Global Allocation Fund (the “BlackRock Fund”) AZL MVP Invesco Equity and Income Fund (the “Invesco Fund”)

February 24, 2012		AZL MVP Franklin Templeton Founding Strategy Plus Fund (the “Founding Strategy Fund”)

Prior to the creation of the seven MVP Funds, the Trust had six Funds (the “Original Funds”). The MVP Funds and the Original Funds are referred to collectively as the “Funds.”

Having taken these factors into account, the Trustees concluded that the absence of breakpoints in the MVP Funds’ advisory fee rate schedules was acceptable under each MVP Fund’s circumstances.

As a shareholder of the AZL MVP Fusion Balanced Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the tables are meant to highlight your ongoing cost only. Therefore, the examples are useful in comparing ongoing cost only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Please note that if the expenses that apply to subaccounts of the insurance contracts were included, your costs would have been higher.

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


Shares			Fair Value

	Affiliated Investment Companies (94.4%):
	83,723	AZL Allianz AGIC Opportunity Fund	$	1,017,238
	198,405	AZL BlackRock Capital Appreciation Fund		2,668,545
	82,020	AZL Columbia Mid Cap Value Fund		665,179
	128,244	AZL Columbia Small Cap Value Fund		1,336,301
	392,899	AZL Eaton Vance Large Cap Value Fund		3,312,141
	161,583	AZL International Index Fund		2,010,094
	118,451	AZL Invesco Growth and Income Fund		1,320,731
	182,633	AZL Invesco International Equity Fund		2,668,269
	140,943	AZL JPMorgan International Opportunities Fund		2,008,433
	265,885	AZL JPMorgan U.S. Equity Fund		2,661,506
	88,667	AZL MFS Investors Trust Fund		1,329,999
	40,984	AZL Mid Cap Index Fund		665,575
	147,600	AZL Morgan Stanley Global Real Estate Fund		1,331,350
	46,979	AZL Morgan Stanley Mid Cap Growth Fund		664,757
	103,658	AZL NFJ International Value Fund		1,334,084
	63,549	AZL Oppenheimer Discovery Fund		668,534
	136,448	AZL Russell 1000 Growth Index Fund		1,660,568
	236,308	AZL Russell 1000 Value Index Fund		2,651,380


Shares			Fair Value

	Affiliated Investment Companies, continued
	89,108	AZL Schroder Emerging Markets Equity Fund, Class 2	$	669,198
	142,303	PIMCO PVIT CommodityRealReturn Strategy Portfolio		1,006,083
	196,714	PIMCO PVIT Global Advantage Strategy Bond Portfolio		1,959,271
	253,759	PIMCO PVIT High Yield Portfolio		1,959,017
	222,086	PIMCO PVIT Real Return Portfolio		3,231,348
	1,844,035	PIMCO PVIT Total Return Portfolio		21,095,766
	256,683	PIMCO PVIT Unconstrained Bond Portfolio		2,592,494

	Total Affiliated Investment Companies (Cost $62,200,827)			62,487,861

	Unaffiliated Investment Company (0.3%):
	197,845	Dreyfus Treasury Prime Cash Management, Institutional Shares, 0.00%(a)		197,845

	Total Unaffiliated Investment Company (Cost $197,845)			197,845

	Total Investment Securities (Cost $62,398,672)(b) — 94.7%			62,685,706
	Net other assets (liabilities) — 5.3%			3,509,497

	Net Assets — 100.0%		$	66,195,203

Consolidated Statement of Assets and Liabilities

June 30, 2012

(Unaudited)


	AZL MVP Fusion Balanced Fund
Assets:
Investment securities, at cost	$	62,398,672

Investment securities, at value	$	62,685,706
Segregated cash with broker		3,316,952
Interest and dividends receivable		65,498
Receivable for capital shares issued		439,740
Receivable for variation margin on futures contracts		77

Total Assets		66,507,973

Liabilities:
Cash overdraft		65,498
Payable for investments purchased		197,846
Manager fees payable		7,190
Administration fees payable		15,662
Custodian fees payable		2,686
Administrative and compliance services fees payable		1,161
Other accrued liabilities		22,727

Total Liabilities		312,770

Net Assets	$	66,195,203

Net Assets Consist of:
Capital	$	65,724,812
Accumulated net investment income/(loss)		140,995
Accumulated net realized gains/(losses) from investment transactions		(6,395	)
Net unrealized appreciation/(depreciation) on investments		335,791

Net Assets	$	66,195,203

Shares of beneficial interest (unlimited number of shares authorized, no par value)		6,361,531
Net Asset Value (offering and redemption price per share)	$	10.41

Consolidated Statement of Operations

For the Period Ended June 30, 2012

(Unaudited)


	AZL MVP Fusion Balanced Fund(a)
Investment Income:
Dividends	$	191,088

Total Investment Income		191,088

Expenses:
Manager fees		34,534
Administration fees		32,635
Custodian fees		2,354
Administrative and compliance services fees		392
Trustee fees		869
Professional fees		10,421
Shareholder reports		1,831
Other expenses		2,190

Total expenses before reductions		85,226
Less expenses contractually waived/reimbursed by the Manager		(28,209	)
Less expenses voluntarily waived/reimbursed by the Manager		(6,924	)

Net expenses		50,093

Net Investment Income/(Loss)		140,995

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(957	)
Net realized gains/(losses) on futures contracts		(5,438	)
Change in unrealized appreciation/depreciation on investments		335,791

Net Realized/Unrealized Gains/(Losses) on Investments		329,396

Change in Net Assets Resulting From Operations	$	470,391

(a)	For the Period January 10, 2012 (commencement of operations) to June 30, 2012.

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

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 13 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Fusion Balanced Fund (the “Fund”), and 12 are presented in separate reports.

The Fund’s primary vehicle for gaining exposure to derivatives is through investments in its wholly-owned and controlled subsidiary, the AZL MVP FB Investments Trust (the “Subsidiary”).

As of June 30, 2012, the Fund’s aggregate investment in the Subsidiary was $3,307,056, representing 5.00% of the Subsidiary’s net assets.

The Fund’s investments have been consolidated and include the portfolio holdings of the Subsidiary.

During the period ended June 30, 2012, the Trust invested in futures contracts with low or negative correlations to the broad market. The futures contracts entered into by the Trust support in reducing volatility in the investment portfolios of the funds that invest in the Trust. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Trust is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Trust. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Consolidated Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $3.2 million as of June 30, 2012. The monthly average notional amount for these contracts was $1.5 for the period ended June 30, 2012.

Realized gains and losses are reported as “Net realized gains/(losses) from futures transactions” on the Consolidated Statement of Operations.

The following is a summary of the fair value of derivative instruments as of June 30, 2012:

The following is a summary of the effect of derivative instruments on the Statements of Operations for the period ended June 30, 2012:

For the period ended June 30, 2012, the annual rate due to the Manager and the annual expense limit were as follows:

The Manager or an affiliate of the Manager serves as the investment adviser of certain underlying funds in which the Fund invests. At June 30, 2012, these underlying funds are noted as Affiliated Investment Companies in the Fund’s Consolidated Schedule of Portfolio Investments. The Manager or an affiliate of the Manager is paid a 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 per hour for time incurred in connection with the preparation and filing of certain documents with the Securities and Exchange Commission. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Consolidated Statement of Operations as “Administrative and compliance services fees.”

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, 2012, $100 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2012, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2012 in valuing the Fund’s investments based upon the three levels defined above:


	Level 1		Level 2		Total
Investment Securities:
Affiliated Investment Companies	$	62,487,681	$	—	$	62,487,861
Unaffiliated Investment Company		197,845		—		197,845

Total Investment Securities	$	62,685,706	$	—	$	62,685,706

Other Financial Instruments:*
Futures Contracts	$	48,757		—	$	48,757

Total Investments	$	62,734,463	$	—	$	62,734,463

For the period ended June 30, 2012, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2012 is $62,399,695. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Prior to the creation of the seven MVP Funds, the Trust had six Funds (the “Original Funds”). The MVP Funds and the Original Funds are referred to collectively as the “Funds.”

Having taken these factors into account, the Trustees concluded that the absence of breakpoints in the MVP Funds’ advisory fee rate schedules was acceptable under each MVP Fund’s circumstances.

As a shareholder of the AZL MVP Fusion Moderate Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the tables are meant to highlight your ongoing cost only. Therefore, the examples are useful in comparing ongoing cost only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Please note that if the expenses that apply to subaccounts of the insurance contracts were included, your costs would have been higher.

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


Shares			Fair Value

	Affiliated Investment Companies (94.1%):
	167,107	AZL Allianz AGIC Opportunity Fund	$	2,030,350
	397,193	AZL BlackRock Capital Appreciation Fund		5,342,240
	246,114	AZL Columbia Mid Cap Value Fund		1,995,984
	319,957	AZL Columbia Small Cap Value Fund		3,333,950
	260,186	AZL Dreyfus Research Growth Fund		2,674,708
	943,877	AZL Eaton Vance Large Cap Value Fund		7,956,885
	539,164	AZL International Index Fund		6,707,198
	237,177	AZL Invesco Growth and Income Fund		2,644,528
	548,441	AZL Invesco International Equity Fund		8,012,723
	470,295	AZL JPMorgan International Opportunities Fund		6,701,697
	665,370	AZL JPMorgan U.S. Equity Fund		6,660,352
	177,531	AZL MFS Investors Trust Fund		2,662,970
	82,080	AZL Mid Cap Index Fund		1,332,978
	442,924	AZL Morgan Stanley Global Real Estate Fund		3,995,171
	141,146	AZL Morgan Stanley Mid Cap Growth Fund		1,997,214
	311,332	AZL NFJ International Value Fund		4,006,842
	127,272	AZL Oppenheimer Discovery Fund		1,338,899
	300,508	AZL Russell 1000 Growth Index Fund		3,657,179


Shares			Fair Value

	Affiliated Investment Companies, continued
	473,091	AZL Russell 1000 Value Index Fund	$	5,308,079
	267,710	AZL Schroder Emerging Markets Equity Fund, Class 2		2,010,502
	284,941	PIMCO PVIT CommodityRealReturn Strategy Portfolio		2,014,532
	393,860	PIMCO PVIT Global Advantage Strategy Bond Portfolio		3,922,847
	508,087	PIMCO PVIT High Yield Portfolio		3,922,429
	355,714	PIMCO PVIT Real Return Portfolio		5,175,644
	2,300,147	PIMCO PVIT Total Return Portfolio		26,313,681
	385,434	PIMCO PVIT Unconstrained Bond Portfolio		3,892,881

	Total Affiliated Investment Companies (Cost $125,835,239)			125,612,463

	Unaffiliated Investment Company (0.7%):
	913,956	Dreyfus Treasury Prime Cash Management, Institutional Shares, 0.00%(a)		913,956

	Total Unaffiliated Investment Company (Cost $913,956)			913,956

	Total Investment Securities (Cost $126,749,195)(b) — 94.8%			126,526,419
	Net other assets (liabilities) — 5.2%			6,871,768

	Net Assets — 100.0%		$	133,398,187

Consolidated Statement of Assets and Liabilities

June 30, 2012

(Unaudited)


	AZL MVP Fusion Moderate Fund
Assets:
Investment securities, at cost	$	126,749,195

Investment securities, at value	$	126,526,419
Segregated cash with broker		6,622,282
Interest and dividends receivable		91,972
Receivable for capital shares issued		1,231,045

Total Assets		134,471,718

Liabilities:
Payable for investments purchased		1,005,928
Manager fees payable		15,368
Administration fees payable		17,252
Custodian fees payable		2,963
Administrative and compliance services fees payable		2,371
Other accrued liabilities		29,649

Total Liabilities		1,073,531

Net Assets	$	133,398,187

Net Assets Consist of:
Capital	$	133,393,829
Accumulated net investment income/(loss)		183,228
Accumulated net realized gains/(losses) from investment transactions		(75,619	)
Net unrealized appreciation/(depreciation) on investments		(103,251	)

Net Assets	$	133,398,187

Shares of beneficial interest (unlimited number of shares authorized, no par value)		12,834,662
Net Asset Value (offering and redemption price per share)	$	10.39

Consolidated Statement of Operations

For the Period Ended June 30, 2012

(Unaudited)


	AZL MVP Fusion Moderate Fund(a)
Investment Income:
Dividends	$	271,568

Total Investment Income		271,568

Expenses:
Manager fees		67,874
Administration fees		38,277
Custodian fees		2,783
Administrative and compliance services fees		907
Trustee fees		2,152
Professional fees		12,164
Shareholder reports		2,702
Other expenses		2,521

Total expenses before reductions		129,380
Less expenses contractually waived/reimbursed by the Manager		(27,435	)
Less expenses voluntarily waived/reimbursed by the Manager		(13,605	)

Net expenses		88,340

Net Investment Income/(Loss)		183,228

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(851	)
Net realized gains/(losses) on futures contracts		(74,768	)
Change in unrealized appreciation/depreciation on investments		(103,251	)

Net Realized/Unrealized Gains/(Losses) on Investments		(178,870	)

Change in Net Assets Resulting From Operations	$	4,358

(a)	For the Period January 10, 2012 (commencement of operations) to June 30, 2012.

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

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 13 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Fusion Balanced Fund (the “Fund”), and 12 are presented in separate reports.

The Fund’s primary vehicle for gaining exposure to derivatives is through investments in its wholly-owned and controlled subsidiary, the AZL MVP FB Investments Trust (the “Subsidiary”).

As of June 30, 2012, the Fund’s aggregate investment in the Subsidiary was $6,642,033, representing 4.98% of the Subsidiary’s net assets.

The Fund’s investments have been consolidated and include the portfolio holdings of the Subsidiary.

These “book/tax” differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, and reclassification of certain distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and post October losses) do not require reclassification. Dividends to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

During the period ended June 30, 2012, the Trust invested in futures contracts with low or negative correlations to the broad market. The futures contracts entered into by the Trust support in reducing volatility in the investment portfolios of the funds that invest in the Trust. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Trust is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Trust. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Consolidated Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $6.4 million as of June 30, 2012. The monthly average notional amount for these contracts was $3.0 for the period ended June 30, 2012.

Realized gains and losses are reported as “Net realized gains/(losses) from futures transactions” on the Consolidated Statement of Operations.

The following is a summary of the fair value of derivative instruments as of June 30, 2012:

The following is a summary of the effect of derivative instruments on the Statements of Operations for the period ended June 30, 2012:

For the period ended June 30, 2012, the annual rate due to the Manager and the annual expense limit were as follows:

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

program. Fees payable to the Administrator are subject to certain reductions associated with services provided to new funds. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Consolidated Statement of Operations as “Administration fees.”

For the period ended June 30, 2012, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2012 in valuing the Fund’s investments based upon the three levels defined above:


	Level 1		Level 2		Total
Investment Securities:
Affiliated Investment Companies	$	125,612,463	$	—	$	125,612,463
Unaffiliated Investment Company		913,956		—		913,956

Total Investment Securities	$	126,526,419	$	—	$	126,526,419

Other Financial Instruments:*
Futures Contracts	$	119,525	$	—	$	119,525

Total Investments	$	126,645,944	$	—	$	126,645,944

For the period ended June 30, 2012, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2012 is $126,750,113. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Prior to the creation of the seven MVP Funds, the Trust had six Funds (the “Original Funds”). The MVP Funds and the Original Funds are referred to collectively as the “Funds.”

The Board also considered the compensation and benefits received by the Manager. This includes fees received for services provided to a Fund by employees of the Manager or of affiliates of the Manager and research services received by the Manager from brokers that execute Fund trades, as well as advisory fees. The Board considered the fact that: (1) the Manager and the Trust are parties to an Administrative Service Agreement, Compliance Services Agreement and Chief Compliance Officer Agreement, under which the Manager is compensated by the Trust for performing certain administrative and compliance services including providing an employee of the Manager or one of its affiliates to act as the Trust’s Chief Compliance Officer; and (2) Allianz Life Financial Services, LLC, an affiliated person of the Manager, is a registered securities broker-dealer and receives (along with its affiliated persons) payments made by the Underlying Funds pursuant to Rule 12b-1.

provides the Trust and each Fund with such administrative and other services (exclusive of, and in addition to, any such services provided by any others retained by the Trust on behalf of the Funds) and executive and other personnel as are necessary for the operation of the Trust and the Funds. Except for the Trust’s Chief Compliance Officer, the Manager pays all of the compensation of Trustees and officers of the Trust who are employees of the Manager or its affiliates.

Having taken these factors into account, the Trustees concluded that the absence of breakpoints in the MVP Funds’ advisory fee rate schedules was acceptable under each MVP Fund’s circumstances.

As a shareholder of the AZL MVP Growth Index Strategy Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the tables are meant to highlight your ongoing cost only. Therefore, the examples are useful in comparing ongoing cost only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Please note that if the expenses that apply to subaccounts of the insurance contracts were included, your costs would have been higher.

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


Shares			Fair Value

	Affiliated Investment Companies (94.6%):
	2,966,900	AZL Enhanced Bond Index Fund	$	33,466,630
	2,233,096	AZL International Index Fund		27,802,050
	984,253	AZL Mid Cap Index Fund		15,984,263
	5,465,789	AZL S&P 500 Index Fund, Class 2		51,761,024
	752,978	AZL Small Cap Stock Index Fund		8,004,161

	Total Affiliated Investment Companies (Cost $137,063,832)			137,018,128

	Unaffiliated Investment Company (0.3%):
	385,276	Dreyfus Treasury Prime Cash Management, Institutional Shares, 0.00%(a)		385,276

	Total Unaffiliated Investment Company (Cost $385,276)			385,276

	Total Investment Securities (Cost $137,449,108)(b) — 94.9%			137,403,404
	Net other assets (liabilities) — 5.1%			7,319,800

	Net Assets — 100.0%		$	144,723,204

Consolidated Statement of Assets and Liabilities

June 30, 2012

(Unaudited)


	AZL MVP Growth Index Strategy Fund
Assets:
Investment securities, at cost	$	137,449,108

Investment securities, at value	$	137,403,404
Segregated cash with broker		7,094,506
Receivable for capital shares issued		681,363
Receivable for variation margin on futures contracts		9,511

Total Assets		145,188,784

Liabilities:
Cash overdraft		9,511
Payable for investments purchased		385,276
Manager fees payable		10,860
Administration fees payable		18,943
Custodian fees payable		2,731
Administrative and compliance services fees payable		3,049
Other accrued liabilities		35,210

Total Liabilities		465,580

Net Assets	$	144,723,204

Net Assets Consist of:
Capital	$	145,014,542
Accumulated net investment income/(loss)		(69,680	)
Accumulated net realized gains/(losses) from investment transactions		(126,765	)
Net unrealized appreciation/(depreciation) on investments		(94,893	)

Net Assets	$	144,723,204

Shares of beneficial interest (unlimited number of shares authorized, no par value)		13,922,608
Net Asset Value (offering and redemption price per share)	$	10.39

Consolidated Statement of Operations

For the Period Ended June 30, 2012

(Unaudited)


	AZL MVP Growth Index Strategy Fund (a)
Expenses:
Manager fees	$	44,633
Administration fees		43,237
Custodian fees		2,693
Administrative and compliance services fees		1,154
Trustee fees		2,775
Professional fees		13,351
Shareholder reports		3,278
Other expenses		2,789

Total expenses before reductions		113,910
Less expenses contractually waived/reimbursed by the Manager		(29,301	)
Less expenses voluntarily waived/reimbursed by the Manager		(14,929	)

Net expenses		69,680

Net Investment Income/(Loss)		(69,680	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(24,822	)
Net realized gains/(losses) on futures contracts		(101,943	)
Change in unrealized appreciation/depreciation on investments		(94,893	)

Net Realized/Unrealized Gains/(Losses) on Investments		(221,658	)

Change in Net Assets Resulting From Operations	$	(291,338	)

(a)	For the Period January 10, 2012 (commencement of operations) to June 30, 2012.

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

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 13 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Growth Index Strategy Fund (the “Fund”), and 12 are presented in separate reports.

The Fund’s primary vehicle for gaining exposure to derivatives is through investments in its wholly-owned and controlled subsidiary, the AZL MVP GIS Investments Trust (the “Subsidiary”).

As of June 30, 2012, the Fund’s aggregate investment in the Subsidiary was $7,084,506, representing 4.90% of the Subsidiary’s net assets.

The Fund’s investments have been consolidated and include the portfolio holdings of the Subsidiary.

During the period ended June 30, 2012, the Trust invested in futures contracts with low or negative correlations to the broad market. The futures contracts entered into by the Trust support in reducing volatility in the investment portfolios of the funds that invest in the Trust. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Trust is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Trust. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Consolidated Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $3.0 million as of June 30, 2012. The monthly average notional amount for these contracts was $2.7 for the period ended June 30, 2012.

Realized gains and losses are reported as “Net realized gains/(losses) from futures transactions” on the Consolidated Statement of Operations.

The following is a summary of the fair value of derivative instruments as of June 30, 2012:

The following is a summary of the effect of derivative instruments on the Statements of Operations for the period ended June 30, 2012:

For the period ended June 30, 2012, the annual rate due to the Manager and the annual expense limit were as follows:

The Manager or an affiliate of the Manager serves as the investment adviser of certain underlying funds in which the Fund invests. At June 30, 2012, these underlying funds are noted as Affiliated Investment Companies in the Fund’s Consolidated Schedule of Portfolio Investments. The Manager or an affiliate of the Manager is paid a 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 per hour for time incurred in connection with the preparation and filing of certain documents with the Securities and Exchange Commission. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Consolidated Statement of Operations as “Administrative and compliance services fees.”

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, 2012, $105 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2012, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2012 in valuing the Fund’s investments based upon the three levels defined above:


	Level 1			Level 2		Total
Investment Securities:
Affiliated Investment Companies	$	137,018,128		$	—	$	137,018,128
Unaffiliated Investment Company		385,276			—		385,276

Total Investment Securities	$	137,403,404		$	—	$	137,403,404

Other Financial Instruments:*
Futures Contracts	$	(49,189	)		—	$	(49,189	)

Total Investments	$	137,354,215		$	—	$	137,354,215

For the period ended June 30, 2012, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2012 is $137,474,482. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Board of Trustees Meeting Date		New Fund
September 14, 2011		AZL MVP Fusion Moderate Fund \ AZL MVP Fusion Balanced Fund / ^{(the “Fusion Funds”)}

		AZL MVP Growth Index Strategy Fund \ AZL MVP Balanced Index Strategy Fund / ^{(the “Index Strategy Funds”)}

October 26, 2011		AZL MVP BlackRock Global Allocation Fund (the “BlackRock Fund”) AZL MVP Invesco Equity and Income Fund (the “Invesco Fund”)

February 24, 2012		AZL MVP Franklin Templeton Founding Strategy Plus Fund (the “Founding Strategy Fund”)

Prior to the creation of the seven MVP Funds, the Trust had six Funds (the “Original Funds”). The MVP Funds and the Original Funds are referred to collectively as the “Funds.”

Having taken these factors into account, the Trustees concluded that the absence of breakpoints in the MVP Funds’ advisory fee rate schedules was acceptable under each MVP Fund’s circumstances.

As a shareholder of the AZL MVP Invesco Equity and Income Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the tables are meant to highlight your ongoing cost only. Therefore, the examples are useful in comparing ongoing cost only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Please note that if the expenses that apply to subaccounts of the insurance contracts were included, your costs would have been higher.

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


Shares			Fair Value

	Mutual Fund (94.2%):
	3,308,500	AZL Invesco Equity And Income Fund	$	40,529,130

	Total Mutual Funds (Cost $40,121,229)			40,529,130

	Unaffiliated Investment Company (0.4%):
	151,880	Dreyfus Treasury Prime Cash Management, Institutional Shares, 0.00%(a)		151,880

	Total Unaffiliated Investment Company (Cost $151,880)			151,880

	Total Investment Securities (Cost $40,273,109)(b) — 94.6%			40,681,010
	Net other assets (liabilities) — 5.4%			2,312,862

	Net Assets — 100.0%		$	42,993,872

Consolidated Statement of Assets and Liabilities

June 30, 2012

(Unaudited)


	AZL MVP Invesco Equity and Income Fund
Assets:
Investment securities, at cost	$	40,273,109

Investment securities, at value	$	40,681,010
Segregated cash with broker		2,140,702
Receivable for capital shares issued		358,575
Receivable from Manager		5,091

Total Assets		43,185,378

Liabilities:
Payable for investments purchased		151,880
Administration fees payable		15,233
Custodian fees payable		2,141
Administrative and compliance services fees payable		867
Other accrued liabilities		21,385

Total Liabilities		191,506

Net Assets	$	42,993,872

Net Assets Consist of:
Capital	$	42,577,120
Accumulated net investment income/(loss)		(15,704	)
Accumulated net realized gains/(losses) from investment transactions		(14,928	)
Net unrealized appreciation/(depreciation) on investments		447,384

Net Assets	$	42,993,872

Shares of beneficial interest (unlimited number of shares authorized, no par value)		4,156,164
Net Asset Value (offering and redemption price per share)	$	10.34

Consolidated Statement of Operations

For the Period Ended June 30, 2012

(Unaudited)


	AZL MVP Invesco Equity and Income Fund(a)
Expenses:
Manager fees	$	14,509
Administration fees		31,257
Custodian fees		1,955
Administrative and compliance services fees		269
Trustee fees		582
Professional fees		9,916
Shareholder reports		1,639
Other expenses		1,994

Total expenses before reductions		62,121
Less expenses contractually waived/reimbursed by the Manager		(41,552	)
Less expenses voluntarily waived/reimbursed by the Manager		(4,865	)

Net expenses		15,704

Net Investment Income/(Loss)		(15,704	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on futures contracts		(14,928	)
Change in unrealized appreciation/depreciation on investments		447,384

Net Realized/Unrealized Gains/(Losses) on Investments		432,456

Change in Net Assets Resulting From Operations	$	416,752

(a)	For the Period January 10, 2012 (commencement of operations) to June 30, 2012.

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

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 13 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Invesco Equity and Income Fund (the “Fund”), and 12 are presented in separate reports.

The Fund’s primary vehicle for gaining exposure to derivatives is through investments in its wholly-owned and controlled subsidiary, the AZL MVP IEI Investments Trust (the “Subsidiary”).

As of June 30, 2012, the Fund’s aggregate investment in the Subsidiary was $2,130,318, representing 4.95% of the Subsidiary’s net assets.

The Fund’s investments have been consolidated and include the portfolio holdings of the Subsidiary.

During the period ended June 30, 2012, the Trust invested in futures contracts with low or negative correlations to the broad market. The futures contracts entered into by the Trust support in reducing volatility in the investment portfolios of the funds that invest in the Trust. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Trust is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Trust. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Consolidated Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $2.0 million as of June 30, 2012. The monthly average notional amount for these contracts was $1.0 for the period ended June 30, 2012.

Realized gains and losses are reported as “Net realized gains/(losses) from futures transactions” on the Consolidated Statement of Operations.

The following is a summary of the fair value of derivative instruments as of June 30, 2012:

The following is a summary of the effect of derivative instruments on the Statements of Operations for the period ended June 30, 2012:

For the period ended June 30, 2012, the annual rate due to the Manager and the annual expense limit were as follows:

The Manager or an affiliate of the Manager serves as the investment adviser of certain underlying funds in which the Fund invests. At June 30, 2012, these underlying funds are noted as Affiliated Investment Companies in the Fund’s Consolidated Schedule of Portfolio Investments. The Manager or an affiliate of the Manager is paid a 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 per hour for time incurred in connection with the preparation and filing of certain documents with the Securities and Exchange Commission. The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Consolidated Statement of Operations as “Administrative and compliance services fees.”

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, 2012, $45 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2012, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2012 in valuing the Fund’s investments based upon the three levels defined above:


	Level 1		Level 2		Total
Investment Securities:
Affiliated Investment Companies	$	40,529,130	$	—	$	40,529,130
Unaffiliated Investment Company		151,880		—		151,880

Total Investment Securities	$	40,681,010	$	—	$	40,681,010


	Level 1		Level 2		Total
Other Financial Instruments:*
Futures Contracts	$	39,483	$	—	$	39,483

Total Investments	$	40,720,493	$	—	$	40,720,493

For the period ended June 30, 2012, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2012 is $40,273,109. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Board of Trustees Meeting Date		New Fund
September 14, 2011		AZL MVP Fusion Moderate Fund \ AZL MVP Fusion Balanced Fund / ^{(the “Fusion Funds”)}

		AZL MVP Growth Index Strategy Fund \ AZL MVP Balanced Index Strategy Fund / ^{(the “Index Strategy Funds”)}

October 26, 2011		AZL MVP BlackRock Global Allocation Fund (the “BlackRock Fund”) AZL MVP Invesco Equity and Income Fund (the “Invesco Fund”)

February 24, 2012		AZL MVP Franklin Templeton Founding Strategy Plus Fund (the “Founding Strategy Fund”)

Prior to the creation of the seven MVP Funds, the Trust had six Funds (the “Original Funds”). The MVP Funds and the Original Funds are referred to collectively as the “Funds.”

Having taken these factors into account, the Trustees concluded that the absence of breakpoints in the MVP Funds’ advisory fee rate schedules was acceptable under each MVP Fund’s circumstances.

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

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

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


5701 Golden Hills Drive, Minneapolis, MN		55416-1297
(Address of principal executive offices)		(Zip code)


	Beginning Account Value 1/1/12		Ending Account Value 6/30/12		Expense Paid During Period* 1/1/12 - 6/30/12		Annualized Expense Ratio During Period 1/1/12 - 6/30/12
AZL Balanced Index Strategy Fund	$	1,000.00	$	1,049.10	$	0.46		0.09	%


	Beginning Account Value 1/1/12		Ending Account Value 6/30/12		Expense Paid During Period* 1/1/12 - 6/30/12		Annualized Expense Ratio During Period 1/1/12 - 6/30/12
AZL Balanced Index Strategy Fund	$	1,000.00	$	1,024.42	$	0.45		0.09	%


Investment	Percentage of net assets+
Fixed Income		49.8	%
Domestic Equities		37.6
International Equities		12.7
Money Markets		—	^

Total		100.1	%


	AZL Balanced Index Strategy Fund
	For the Six Months Ended June 30, 2012			For the Year Ended December 31, 2011
	(Unaudited)
Change in Net Assets:
Operations:
Net investment income/(loss)	$	(148,293	)	$	2,790,841
Net realized gains/(losses) on investment transactions		245,956			3,503,866
Change in unrealized appreciation/depreciation on investments		14,961,071			(895,558	)

Change in net assets resulting from operations		15,058,734			5,399,149

Dividends to Shareholders:
From net investment income		—			(1,928,123	)

Change in net assets resulting from dividends to shareholders		—			(1,928,123	)

Capital Transactions:
Proceeds from shares issued		37,019,814			92,317,289
Proceeds from dividends reinvested		—			1,928,123
Value of shares redeemed		(13,241,721	)		(18,933,793	)

Change in net assets resulting from capital transactions		23,778,093			75,311,619

Change in net assets		38,836,827			78,782,645
Net Assets:
Beginning of period		298,174,215			219,391,570

End of period	$	337,011,042		$	298,174,215

Accumulated net investment income/(loss)	$	4,604,423		$	4,752,716

Share Transactions:
Shares issued		2,776,415			7,181,805
Dividends reinvested		—			154,869
Shares redeemed		(985,413	)		(1,483,791	)

Change in shares		1,791,002			5,852,883


	Six Months Ended June 30, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			July 10, 2009 to December 31, 2009(a)
	(Unaudited)
Net Asset Value, Beginning of Period	$	12.84		$	12.63		$	11.43		$	10.00

Investment Activities:
Net Investment Income/(Loss)		(0.02	)		0.10			0.06			—	(b)
Net Realized and Unrealized Gains/(Losses) on Investments		0.65			0.20			1.14			1.43

Total from Investment Activities		0.63			0.30			1.20			1.43

Dividends to Shareholders From:
Net Investment Income		—			(0.09	)		—			—

Total Dividends		—			(0.09	)		—			—

Net Asset Value, End of Period	$	13.47		$	12.84		$	12.63		$	11.43

Total Return(c)		4.91	%(d)		2.41	%		10.50	%		14.30	%(d)
Ratios to Average Net Assets/ Supplemental Data:
Net Assets, End of Period ($000’s)	$	337,011		$	298,174		$	219,392		$	137,067
Net Investment Income/(Loss)(e)		(0.09	)%		1.10	%		0.58	%		(0.03	)%
Expenses Before Reductions(e)(f)		0.09	%		0.09	%		0.10	%		0.20	%
Expenses Net of Reductions(e)		0.09	%		0.09	%		0.10	%		0.20	%
Portfolio Turnover Rate(g)		4	%(d)		6	%		4	%		50	%(d)


	Annual Rate			Expense Limit
AZL Balanced Index Strategy Fund		0.05	%		0.20	%


	Purchases		Sales
AZL Balanced Index Strategy Fund	$	36,057,010	$	13,000,269


Unrealized appreciation	$	36,167,054
Unrealized depreciation		(996,639	)

Net unrealized appreciation	$	35,170,415


	Ordinary Income		Net Long-Term Capital Gains		Total Distributions(a)
AZL Balanced Index Strategy Fund	$	1,928,123	$	—	$	1,928,123


	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Unrealized Appreciation(a)		Total Accumulated Earnings/ (Deficit)
AZL Balanced Index Strategy Fund	$	4,752,716	$	1,468,683	$	20,413,268	$	26,634,667


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0612 08/12


	AZL Fusion Balanced Fund
	For the Six Months Ended June 30, 2012			For the Year Ended December 31, 2011
	(Unaudited)
Change in Net Assets:
Operations:
Net investment income/(loss)	$	5,969,003		$	16,234,734
Net realized gains/(losses) on investment transactions		(2,030,866	)		17,698,948
Change in unrealized appreciation/depreciation on investments		45,396,096			(43,014,603	)

Change in net assets resulting from operations		49,334,233			(9,080,921	)

Dividends to Shareholders:
From net investment income		—			(21,713,322	)

Change in net assets resulting from dividends to shareholders		—			(21,713,322	)

Capital Transactions:
Proceeds from shares issued		45,667,138			155,707,296
Proceeds from dividends reinvested		—			21,713,322
Value of shares redeemed		(25,078,117	)		(55,149,589	)

Change in net assets resulting from capital transactions		20,589,021			122,271,029

Change in net assets		69,923,254			91,476,786
Net Assets:
Beginning of period		909,669,419			818,192,633

End of period	$	979,592,673		$	909,669,419

Accumulated net investment income/(loss)	$	25,893,959		$	19,924,956

Share Transactions:
Shares issued		4,176,283			14,312,890
Dividends reinvested		—			2,081,814
Shares redeemed		(2,266,620	)		(5,100,267	)

Change in shares		1,909,663			11,294,437


	Six Months Ended June 30, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008			Year Ended December 31, 2007
	(Unaudited)
Net Asset Value, Beginning of Period	$	10.55		$	10.92		$	10.10		$	8.35		$	12.16		$	11.65

Investment Activities:
Net Investment Income/(Loss)		0.06			0.17			0.10			0.12			0.20			0.24
Net Realized and Unrealized Gains/(Losses) on Investments		0.50			(0.27	)		1.00			2.09			(3.43	)		0.58

Total from Investment Activities		0.56			(0.10	)		1.10			2.21			(3.23	)		0.82

Dividends to Shareholders From:
Net Investment Income		—			(0.27	)		(0.28	)		(0.18	)		(0.25	)		(0.16	)
Net Realized Gains		—			—			—			(0.28	)		(0.33	)		(0.15	)

Total Dividends		—			(0.27	)		(0.28	)		(0.46	)		(0.58	)		(0.31	)

Net Asset Value, End of Period	$	11.11		$	10.55		$	10.92		$	10.10		$	8.35		$	12.16

Total Return(a)		5.31	%(b)		(0.90	)%		11.07	%		26.71	%		(27.44	)%		7.11	%
Ratios to Average Net Assets/ Supplemental Data:
Net Assets, End of Period ($000’s)	$	979,593		$	909,669		$	818,193		$	583,489		$	299,155		$	368,394
Net Investment Income/(Loss)(c)		1.24	%		1.85	%		1.75	%		2.65	%		2.37	%		2.49	%
Expenses Before Reductions(c)(d)		0.23	%		0.23	%		0.24	%		0.25	%		0.25	%		0.26	%
Expenses Net of Reductions(c)		0.18	%		0.18	%		0.19	%		0.20	%		0.25	%		0.26	%
Portfolio Turnover Rate		3	%(b)		20	%		34	%		37	%		62	%		33	%


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


Unrealized appreciation	$	100,769,697
Unrealized depreciation		(29,275,037	)

Net unrealized appreciation	$	71,494,660


	Short-term Amount		Expires
AZL Fusion Balanced Fund	$	30,411,821		12/31/2017


	Undistributed Ordinary Income		Accumulated Capital and Other Losses			Unrealized Appreciation(a)		Total Accumulated Earnings/ (Deficit)
AZL Fusion Balanced Fund	$	19,924,955	$	(30,411,821	)	$	28,278,038	$	17,791,172


	AZL Fusion Conservative Fund
	For the Six Months Ended June 30, 2012			For the Year Ended December 31, 2011
	(Unaudited)
Change in Net Assets:
Operations:
Net investment income/(loss)	$	1,654,803		$	2,958,106
Net realized gains/(losses) on investment transactions		(304,069	)		2,776,152
Change in unrealized appreciation/depreciation on investments		9,508,119			(5,755,339	)

Change in net assets resulting from operations		10,858,853			(21,081	)

Dividends to Shareholders:
From net investment income		—			(2,436,350	)
From net realized gains on investments		—			(514,447	)

Change in net assets resulting from dividends to shareholders		—			(2,950,797	)

Capital Transactions:
Proceeds from shares issued		29,729,247			111,451,923
Proceeds from dividends reinvested		—			2,950,797
Value of shares redeemed		(11,318,172	)		(12,946,843	)

Change in net assets resulting from capital transactions		18,411,075			101,455,877

Change in net assets		29,269,928			98,483,999
Net Assets:
Beginning of period		188,190,828			89,706,829

End of period	$	217,460,756		$	188,190,828

Accumulated net investment income/(loss)	$	5,519,015		$	3,864,212

Share Transactions:
Shares issued		2,587,507			9,875,293
Dividends reinvested		—			270,467
Shares redeemed		(985,326	)		(1,144,440	)

Change in shares		1,602,181			9,001,320


	Annual Rate*			Expense Limit
AZL Fusion Conservative Fund		0.20	%		0.35	%


Unrealized appreciation	$	8,154,658
Unrealized depreciation		(1,639,693	)

Net unrealized appreciation	$	6,514,965


	Ordinary Income		Net Long-Term Capital Gains		Total Distributions(a)
AZL Fusion Conservative Fund	$	2,687,716	$	263,081	$	2,950,797


	Undistributed Ordinary Income		Undistributed Long Term Capital Gains		Unrealized Appreciation/ (Depreciation)(a)			Total Accumulated Earnings/ (Deficit)
AZL Fusion Conservative Fund	$	4,166,100	$	1,685,785	$	(2,630,007	)	$	3,221,878


	AZL Fusion Growth Fund
	For the Six Months Ended June 30, 2012			For the Year Ended December 31, 2011
	(Unaudited)
Change in Net Assets:
Operations:
Net investment income/(loss)	$	1,509,449		$	10,785,728
Net realized gains/(losses) on investment transactions		(6,322,202	)		35,062,899
Change in unrealized appreciation/depreciation on investments		44,431,411			(80,552,547	)

Change in net assets resulting from operations		39,618,658			(34,703,920	)

Dividends to Shareholders:
From net investment income		—			(14,540,127	)

Change in net assets resulting from dividends to shareholders		—			(14,540,127	)

Capital Transactions:
Proceeds from shares issued		27,656,892			35,937,613
Proceeds from dividends reinvested		—			14,540,127
Value of shares redeemed		(31,481,995	)		(139,034,391	)

Change in net assets resulting from capital transactions		(3,825,103	)		(88,556,651	)

Change in net assets		35,793,555			(137,800,698	)
Net Assets:
Beginning of period		727,184,855			864,985,553

End of period	$	762,978,410		$	727,184,855

Accumulated net investment income/(loss)	$	13,768,647		$	12,259,198

Share Transactions:
Shares issued		2,759,090			3,557,250
Dividends reinvested		—			1,550,120
Shares redeemed		(3,185,280	)		(13,890,329	)

Change in shares		(426,190	)		(8,782,959	)


	Six Months Ended June 30, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008			Year Ended December 31, 2007
	(Unaudited)
Net Asset Value, Beginning of Period	$	9.51		$	10.15		$	9.15		$	7.36		$	12.94		$	12.49

Investment Activities:
Net Investment Income/(Loss)		0.02			0.16			0.12			0.11			0.12			0.12
Net Realized and Unrealized Gains/(Losses) on Investments		0.51			(0.61	)		1.05			2.20			(4.94	)		0.60

Total from Investment Activities		0.53			(0.45	)		1.17			2.31			(4.82	)		0.72

Dividends to Shareholders From:
Net Investment Income		—			(0.19	)		(0.17	)		(0.18	)		(0.16	)		(0.06	)
Net Realized Gains		—			—			—			(0.34	)		(0.60	)		(0.21	)

Total Dividends		—			(0.19	)		(0.17	)		(0.52	)		(0.76	)		(0.27	)

Net Asset Value, End of Period	$	10.04		$	9.51		$	10.15		$	9.15		$	7.36		$	12.94

Total Return(a)		5.57	%(b)		(4.43	) %		12.90	%		31.84	%		(38.77	) %		5.75	%
Ratios to Average Net Assets/ Supplemental Data:
Net Assets, End of Period ($000’s)	$	762,978		$	727,185		$	864,986		$	825,266		$	632,430		$	1,127,353
Net Investment Income/(Loss)(c)		0.40	%		1.32	%		1.16	%		1.39	%		1.15	%		1.10	%
Expenses Before Reductions(c) (d)		0.23	%		0.23	%		0.24	%		0.25	%		0.24	%		0.25	%
Expenses Net of Reductions(c)		0.18	%		0.18	%		0.19	%		0.20	%		0.24	%		0.25	%
Portfolio Turnover Rate		4	% (b)		24	%		48	%		53	%		62	%		32	%


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


Unrealized appreciation	$	104,096,387
Unrealized depreciation		(74,063,816	)

Net unrealized appreciation	$	30,032,571


	Short-term Amount		Expires
AZL Fusion Growth Fund	$	182,231,766		12/31/2017


	AZL Fusion Moderate Fund
	For the Six Months Ended June 30, 2012			For the Year Ended December 31, 2011
	(Unaudited)
Change in Net Assets:
Operations:
Net investment income/(loss)	$	8,170,198		$	28,113,943
Net realized gains/(losses) on investment transactions		(3,991,533	)		46,791,923
Change in unrealized appreciation/depreciation on investments		96,527,523			(130,283,143	)

Change in net assets resulting from operations		100,706,188			(55,377,277	)

Dividends to Shareholders:
From net investment income		—			(31,334,299	)

Change in net assets resulting from dividends to shareholders		—			(31,334,299	)

Capital Transactions:
Proceeds from shares issued		87,833,067			376,946,401
Proceeds from dividends reinvested		—			31,334,299
Value of shares redeemed		(35,886,123	)		(58,102,743	)

Change in net assets resulting from capital transactions		51,946,944			350,177,957

Change in net assets		152,653,132			263,466,381
Net Assets:
Beginning of period		1,808,566,101			1,545,099,720

End of period	$	1,961,219,233		$	1,808,566,101

Accumulated net investment income/(loss)	$	41,555,663		$	33,385,465

Share Transactions:
Shares issued		8,347,277			35,702,924
Dividends reinvested		—			3,146,014
Shares redeemed		(3,404,845	)		(5,615,561	)

Change in shares		4,942,432			33,233,377


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


Unrealized appreciation	$	183,886,556
Unrealized depreciation		(77,858,455	)

Net unrealized appreciation	$	106,028,101


	Ordinary Income		Net Long-Term Capital Gains		Total Distributions(a)
AZL Fusion Moderate Fund	$	31,334,299	$	—	$	31,334,299


	Undistributed Ordinary Income		Accumulated Capital and Other Losses			Unrealized Appreciation(a)		Total Accumulated Earnings/ (Deficit)
AZL Fusion Moderate Fund	$	33,385,465	$	(62,083,870	)	$	13,266,837	$	(15,431,568	)


Investment	Percentage of net assets+
Domestic Equities		56.1	%
Fixed Income		24.5
International Equities		19.4
Money Markets		—	^

Total		100.0	%


	AZL Growth Index Strategy Fund
	For the Six Months Ended June 30, 2012			For the Year Ended December 31, 2011
	(Unaudited)
Change in Net Assets:
Operations:
Net investment income/(loss)	$	(340,430	)	$	6,833,460
Net realized gains/(losses) on investment transactions		714,615			4,963,665
Change in unrealized appreciation/depreciation on investments		47,360,051			(18,870,794	)

Change in net assets resulting from operations		47,734,236			(7,073,669	)

Dividends to Shareholders:
From net investment income		—			(3,330,687	)
From net realized gains on investments		—			(59,378	)

Change in net assets resulting from dividends to shareholders		—			(3,390,065	)

Capital Transactions:
Proceeds from shares issued		101,791,520			407,843,806
Proceeds from dividends reinvested		—			3,390,065
Value of shares redeemed		(28,299,021	)		(20,313,830	)

Change in net assets resulting from capital transactions		73,492,499			390,920,041

Change in net assets		121,226,735			380,456,307
Net Assets:
Beginning of period		764,505,993			384,049,686

End of period	$	885,732,728		$	764,505,993

Accumulated net investment income/(loss)	$	9,962,001		$	10,302,431

Share Transactions:
Shares issued		7,220,579			29,913,942
Dividends reinvested		—			263,613
Shares redeemed		(2,005,827	)		(1,554,198	)

Change in shares		5,214,752			28,623,357