Allianz Variable Insurance Products Fund of Funds Trust

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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.

AZL Balanced Index Strategy Fund

Expense Examples

(Unaudited)

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.

Beginning
Account Value
1/1/13

Ending
Account Value
6/30/13

Expenses Paid
During Period

1/1/13 - 6/30/13*

Annualized
Expense Ratio
During Period
1/1/13 - 6/30/13

AZL Balanced Index Strategy Fund

1,000.00

1,042.40

0.46

0.09

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.


	Beginning Account Value 1/1/13			Ending Account Value 6/30/13			Expenses Paid During Period 1/1/13 - 6/30/13*			Annualized Expense Ratio During Period 1/1/13 - 6/30/13
AZL Balanced Index Strategy Fund		$	1,000.00		$	1,024.35		$	0.45		0.09	%

*	Expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by 181/365 (to reflect the one half year period).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Fixed Income		49.0	%
Domestic Equities		38.2
International Equities		12.6
Money Market		0.1

Total Investment Securities		99.9
Net other assets (liabilities)		0.1

Net Assets		100.0	%

AZL Balanced Index Strategy Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)


Shares			Fair Value
	Affiliated Investment Companies (99.8%):
	16,757,797	AZL Enhanced Bond Index Fund	$	182,157,247
	3,249,799	AZL International Index Fund		46,732,116
	1,468,734	AZL Mid Cap Index Fund		28,978,127
	8,635,023	AZL S&P 500 Index Fund, Class 2		97,057,659
	1,206,400	AZL Small Cap Stock Index Fund		15,936,540

	Total Affiliated Investment Companies (Cost $312,246,166)			370,861,689

	Unaffiliated Investment Company (0.1%):
	411,069	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(a)		411,069

	Total Unaffiliated Investment Company (Cost $411,069)			411,069

	Total Investment Securities (Cost $312,657,235)(b) — 99.9%			371,272,758
	Net other assets (liabilities) — 0.1%			241,149

	Net Assets — 100.0%		$	371,513,907

Percentages indicated are based on net assets as of June 30, 2013.

(a)	The rate represents the effective yield at June 30, 2013.

(b)	See Federal Tax Information listed in the Notes to the Financial Statements.

See accompanying notes to the financial statements.

AZL Balanced Index Strategy Fund

Statement of Assets and Liabilities

June 30, 2013

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	411,069
Investments in affiliates, at cost		312,246,166

Investment securities, at cost	$	312,657,235

Investments in non-affiliates, at value	$	411,069
Investments in affiliates, at value		370,861,689

Investment securities, at value		371,272,758
Receivable for capital shares issued		703,747
Prepaid expenses		2,109

Total Assets		371,978,614

Liabilities:
Payable for affiliated investments purchased		411,068
Payable for capital shares redeemed		15,642
Manager fees payable		15,382
Administration fees payable		4,440
Custodian fees payable		83
Administrative and compliance services fees payable		1,848
Trustee fees payable		6,314
Other accrued liabilities		9,930

Total Liabilities		464,707

Net Assets	$	371,513,907

Net Assets Consist of:
Capital	$	303,877,273
Accumulated net investment income/(loss)		6,354,574
Accumulated net realized gains/(losses) from investment transactions		2,666,537
Net unrealized appreciation/(depreciation) on investments		58,615,523

Net Assets	$	371,513,907

Shares of beneficial interest (unlimited number of shares authorized, no par value)		25,630,529
Net Asset Value (offering and redemption price per share)	$	14.49

Statement of Operations

For the Six Months Ended June 30, 2013

(Unaudited)


Investment Income:
Dividends from affiliates	$	—

Total Investment Income		—

Expenses:
Manager fees		92,167
Administration fees		28,436
Custodian fees		777
Administrative and compliance services fees		4,281
Trustee fees		10,636
Professional fees		10,621
Shareholder reports		7,153
Other expenses		3,745

Total expenses		157,816

Net Investment Income/(Loss)		(157,816	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		2,067,196
Change in net unrealized appreciation/depreciation on investments		13,163,621

Net Realized/Unrealized Gains/(Losses) on Investments		15,230,817

Change in Net Assets Resulting From Operations	$	15,073,001

See accompanying notes to the financial statements.

Statements of Changes in Net Assets


	AZL Balanced Index Strategy Fund
	For the Six Months Ended June 30, 2013				For the Year Ended December 31, 2012
	(Unaudited)
Change in Net Assets:
Operations:
Net investment income/(loss)		$	(157,816	)		$	3,635,268
Net realized gains/(losses) on investment transactions			2,067,196				3,496,650
Change in unrealized appreciation/depreciation on investments			13,163,621				25,018,468

Change in net assets resulting from operations			15,073,001				32,150,386

Dividends to Shareholders:
From net investment income			—				(4,752,732	)
From net realized gains			—				(1,468,688	)

Change in net assets resulting from dividends to shareholders			—				(6,221,420	)

Capital Transactions:
Proceeds from shares issued			19,291,719				49,471,625
Proceeds from dividends reinvested			—				6,221,420
Value of shares redeemed			(16,962,256	)			(25,684,783	)

Change in net assets resulting from capital transactions			2,329,463				30,008,262

Change in net assets			17,402,464				55,937,228
Net Assets:
Beginning of period			354,111,443				298,174,215

End of period		$	371,513,907			$	354,111,443

Accumulated net investment income/(loss)		$	6,354,574			$	6,512,390

Share Transactions:
Shares issued			1,335,436				3,682,924
Dividends reinvested			—				453,456
Shares redeemed			(1,171,099	)			(1,893,607	)

Change in shares			164,337				2,242,773

See accompanying notes to the financial statements.

AZL Balanced Index Strategy Fund

Financial Highlights

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


	Six Months Ended June 30, 2013				Year Ended December 31, 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		$	13.91			$	12.84			$	12.63			$	11.43			$	10.00

Investment Activities:
Net Investment Income/(Loss)			(0.01	)			0.13				0.10				0.06				—	(b)
Net Realized and Unrealized Gains/(Losses) on Investments			0.59				1.19				0.20				1.14				1.43

Total from Investment Activities			0.58				1.32				0.30				1.20				1.43

Dividends to Shareholders From:
Net Investment Income			—				(0.19	)			(0.09	)			—				—
Net Realized Gains			—				(0.06	)			—				—				—

Total Dividends			—				(0.25	)			(0.09	)			—				—

Net Asset Value, End of Period		$	14.49			$	13.91			$	12.84			$	12.63			$	11.43

Total Return(c)			4.24	%(d)			10.29	%			2.41	%			10.50	%			14.30	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	371,514			$	354,111			$	298,174			$	219,392			$	137,067
Net Investment Income/(Loss)(e)			(0.09	)%			1.08	%			1.10	%			0.58	%			(0.03	)%
Expenses Before Reductions(e) (f)*			0.09	%			0.09	%			0.09	%			0.10	%			0.20	%
Expenses Net of Reductions(e)*			0.09	%			0.09	%			0.09	%			0.10	%			0.20	%
Portfolio Turnover Rate(g)			4	%(d)			7	%			6	%			4	%			50	%(d)

*	The expense ratios exclude the impact of fees/expenses paid by each underlying fund.

(a)	Period from commencement of operations.

(b)	Represents less than $0.005.

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

(d)	Not annualized.

(e)	Annualized for periods less than one year.

(f)	Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(g)	The portfolio turnover rate can be volatile due to the amount and timing of purchases and sales of fund shares during the period.

See accompanying notes to the financial statements.

AZL Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”). The Trust consists of 11 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL Balanced Index Strategy Fund (the “Fund”), and 10 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.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Security Valuation

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

Investment Transactions and Investment Income

Investment transactions are recorded not later than on the business day following trade date. However, for financial reporting purposes, investment transactions are accounted for on trade date. Net realized gains and losses on investments sold are recorded on the basis of identified cost. 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

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 is 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.

Expense Allocation

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products and Allianz Variable Insurance Products Fund of Funds Trusts based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust and the Allianz Variable Insurance Products Trust.

3. Related Party Transactions

The Manager provides investment advisory and management services for the Fund. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2014. Expenses incurred for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.”

For the period ended June 30, 2013, the annual rate due to the Manager and the annual expense limit were as follows:


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

AZL Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)

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 lesser of the stated limit at the time of the waiver or the current stated limit. 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, 2013, 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, 2013, 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, 2013, 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. A summary of the Fund’s investments in affiliated investment companies for the period ended June 30, 2013 is as follows:


	Market Value 12/31/12			Purchases at Cost			Proceeds from Sales				Net Capital and Realized Gain(Loss)			Change in Unrealized Appreciation/ (Depreciation)				Market Value 6/30/13			Dividend Income
AZL Enhanced Bond Index Fund		$	27,310,233		$	13,553,967		$	(937,268	)		$	5,435		$	(10,954,241	)		$	28,978,127		$	—
AZL International Index Fund			45,672,834			841,695			(1,277,542	)			52,242			1,442,888				46,732,116			—
AZL Mid Cap Index Fund			174,462,175			505,017			(2,708,549	)			309,494			9,589,110				182,157,247			—
AZL S&P 500 Index Fund			14,612,536			1,750,725			(9,448,806	)			1,474,364			7,547,721				15,936,540			—
AZL Small Cap Stock Index Fund			92,313,602			269,342			(1,289,090	)			225,661			5,538,143				97,057,659			—

Totals		$	354,371,380		$	16,920,747		$	(15,661,254	)		$	2,067,196		$	13,163,621			$	370,861,689		$	—

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, 2013, $2,890 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 $139,000 annual Board retainer. In addition, 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, 2013, actual Trustee compensation was $389,200 in total for both trusts.

4. Investment Valuation Summary

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:

—

Level 1 — quoted prices in active markets for identical assets

—

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

—

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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 Eastern Time). The investments utilizing Level 1 valuations represent investments in open-end investment companies.

For the period ended June 30, 2013, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

AZL Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2013 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Total

Affiliated Investment Companies		$	370,861,689		$	—		$	370,861,689
Unaffiliated Investment Company			411,069			—			411,069

Total Investment Securities		$	371,272,758		$	—		$	371,272,758

5. Security Purchases and Sales

For the period ended June 30, 2013, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL Balanced Index Strategy Fund		$	94,078,889		$	34,885,789

6. Investment Risks

Derivatives Risk: The Fund may invest directly or through affiliated or unaffiliated mutual funds or unregistered investment pools in derivative instruments such as futures, options, and options on futures. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The other party to a derivatives contract could default.

7. Federal Income Tax Information

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

Management of the Fund 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, 2013 is $313,140,350. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	58,615,523
Unrealized depreciation		(483,115	)

Net unrealized appreciation depreciation	$	58,132,408

The tax character of dividends paid to shareholders during the year ended December 31, 2012 were as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL Balanced Index Strategy Fund		$	4,752,732		$	1,468,688		$	6,221,420

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

As of the latest tax year end December 31, 2012, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)(a)			Total Accumulated Earnings/ (Deficit)
AZL Balanced Index Strategy Fund		$	6,512,391		$	1,087,421		$	—		$	44,963,821		$	52,563,633

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

The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings and any net capital loss carry forwards will be determined at the end of the current tax year ending December 31, 2013.

8. Subsequent Events

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.

Other Information (Unaudited)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request, by visiting the Securities and Exchange Commission’s (‘‘Commission’’) website at www.sec.gov, or by calling 877-833-7113.

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 877-833-7113; (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.

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The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0613 2/13

AZL MVP Fusion^SM Balanced Fund

Semi-Annual Report

June 30, 2013

(Unaudited)

LOGO

Table of Contents

Page 1

Page 2

Page 3

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Page 4

Page 5

Special Joint Meeting of Shareholders

Page 6

Page 11

Page 12

AZL MVP Fusion Balanced Fund

Expense Examples

(Unaudited)

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.


	Beginning Account Value 1/1/13			Ending Account Value 6/30/13			Expenses Paid During Period 1/1/13 - 6/30/13*			Annualized Expense Ratio During Period 1/1/13 - 6/30/13
AZL MVP Fusion Balanced Fund		$	1,000.00		$	1,026.90		$	1.06		0.21	%

Beginning

Account Value
1/1/13

Ending
Account Value
6/30/13

Expenses Paid
During Period
1/1/13 - 6/30/13*

Annualized
Expense Ratio
During Period
1/1/13 - 6/30/13

AZL MVP Fusion Balanced Fund

1,000.00

1,023.75

1.05

0.21

*	Expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by 181/365 (to reflect the one half year period).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Fixed Income		46.4	%
Domestic Equities		31.9
International Equities		16.8
Money Market		—	^

Total Investment Securities		95.1
Net other assets (liabilities)		4.9

Net Assets		100.0	%

^	Represents less than 0.05%.

AZL MVP Fusion Balanced Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)


Shares			Fair Value
	Affiliated Investment Companies (95.1%):
	2,011,994	AZL BlackRock Capital Appreciation Fund	$	31,065,180
	1,277,043	AZL Columbia Mid Cap Value Fund		13,000,302
	1,026,906	AZL Columbia Small Cap Value Fund		12,939,009
	1,579,332	AZL Dreyfus Research Growth Fund		18,951,984
	623,503	AZL Federated Clover Small Value Fund		13,006,263
	2,118,694	AZL Gateway Fund		23,792,929
	2,470,013	AZL International Index Fund		35,518,781
	2,245,193	AZL Invesco Growth and Income Fund		30,871,406
	2,238,456	AZL Invesco International Equity Fund		36,039,145
	2,915,210	AZL JPMorgan International Opportunities Fund		47,138,948
	3,961,971	AZL JPMorgan U.S. Equity Fund		48,771,865
	1,355,980	AZL MFS Investors Trust Fund		24,800,876
	3,508,576	AZL MFS Value Fund		36,664,616
	656,393	AZL Mid Cap Index Fund		12,950,640
	1,695,725	AZL Morgan Stanley Global Real Estate Fund		17,058,989
	821,846	AZL Morgan Stanley Mid Cap Growth Fund		12,985,161
	2,034,775	AZL NFJ International Value Fund		23,644,089
	2,443,561	AZL Oppenheimer Discovery Fund		30,984,353
	10,435,207	AZL Pyramis Core Bond Fund		101,847,623
	2,188,633	AZL Russell 1000 Growth Index Fund		30,794,070
	3,568,131	AZL Russell 1000 Value Index Fund		48,776,349


Shares			Fair Value
	Affiliated Investment Companies, continued
	1,553,918	AZL Schroder Emerging Markets Equity Fund, Class 2	$	11,157,130
	1,627,799	NFJ Dividend Value Portfolio		18,898,745
	3,507,331	PIMCO PVIT Global Advantage Strategy Bond Portfolio		33,775,598
	4,492,829	PIMCO PVIT High Yield Portfolio		35,448,422
	5,463,769	PIMCO PVIT Low Duration Portfolio		57,478,845
	4,438,003	PIMCO PVIT Real Return Portfolio		58,049,078
	19,962,498	PIMCO PVIT Total Return Portfolio		221,583,722
	4,479,043	PIMCO PVIT Unconstrained Bond Portfolio		46,806,004

	Total Affiliated Investment Companies (Cost $990,196,605)			1,134,800,122

	Unaffiliated Investment Company (0.0%):
	279,204	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(a)		279,204

	Total Unaffiliated Investment Company (Cost $279,204)			279,204

	Total Investment Securities (Cost $990,475,809)(b) — 95.1%			1,135,079,326
	Net other assets (liabilities) — 4.9%			58,663,488

	Net Assets — 100.0%		$	1,193,742,814

Percentages indicated are based on net assets as of June 30, 2013.

(a)	The rate represents the effective yield at June 30, 2013.

(b)	See Federal Tax Information listed in the Notes to the Financial Statements.

Futures Contracts

Cash of $59,470,588 has been segregated to cover margin requirements for the following open contracts as of June 30, 2013:


Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note September Futures		Long		9/20/13		235	$	29,742,188	$	(660,874	)
S&P 500 Index E-Mini September Futures		Long		9/23/13		371		29,667,015		(84,710	)

Total									$	(745,585	)

See accompanying notes to the financial statements.

AZL MVP Fusion Balanced Fund

Statement of Assets and Liabilities

June 30, 2013

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	279,204
Investments in affiliates, at cost		990,196,605

Investment securities, at cost	$	990,475,809

Investments in non-affiliates, at value	$	279,204
Investments in affiliates, at value		1,134,800,122

Investment securities, at value		1,135,079,326
Segregated cash for collateral		59,470,588
Interest and dividends receivable		528,920
Receivable for capital shares issued		88,342
Receivable for variation margin on futures contracts		199
Prepaid expenses		5,031

Total Assets		1,195,172,406

Liabilities:
Payable for affiliated investments purchased		689,031
Payable for capital shares redeemed		484,222
Manager fees payable		198,478
Administration fees payable		4,606
Custodian fees payable		218
Administrative and compliance services fees payable		5,655
Trustee fees payable		19,320
Other accrued liabilities		28,062

Total Liabilities		1,429,592

Net Assets	$	1,193,742,814

Net Assets Consist of:
Capital	$	1,056,539,021
Accumulated net investment income/(loss)		23,891,776
Accumulated net realized gains/(losses) from investment transactions		(30,545,915	)
Net unrealized appreciation/(depreciation) on investments		143,857,932

Net Assets	$	1,193,742,814

Shares of beneficial interest (unlimited number of shares authorized, no par value)		100,886,788
Net Asset Value (offering and redemption price per share)	$	11.83

Statement of Operations

For the Six Months Ended June 30, 2013

(Unaudited)


Investment Income:
Dividends from affiliates	$	4,032,796

Total Investment Income		4,032,796

Expenses:
Manager fees		1,091,675
Administration fees		32,753
Custodian fees		1,779
Administrative and compliance services fees		11,418
Trustee fees		28,258
Professional fees		36,967
Shareholder reports		18,772
Other expenses		11,606

Total expenses before reductions		1,233,228
Less expenses voluntarily waived/reimbursed by the Manager		(102,559	)

Net expenses		1,130,669

Net Investment Income/(Loss)		2,902,127

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		8,488,677
Net realized gains/(losses) on futures contracts		(3,292,009	)
Change in net unrealized appreciation/depreciation on investments		15,726,583

Net Realized/Unrealized Gains/(Losses) on Investments		20,923,251

Change in Net Assets Resulting From Operations	$	23,825,378

See accompanying notes to the financial statements.

Statements of Changes in Net Assets


	AZL MVP Fusion Balanced Fund
	For the Six Months Ended June 30, 2013				For the Year Ended December 31, 2012
	(Unaudited)
Change in Net Assets:
Operations:
Net investment income/(loss)		$	2,902,127			$	14,664,579
Net realized gains/(losses) on investment transactions			5,196,668				15,801,686
Change in unrealized appreciation/depreciation on investments			15,726,583				75,139,963

Change in net assets resulting from operations			23,825,378				105,606,228

Dividends to Shareholders:
From net investment income			—				(19,925,023	)

Change in net assets resulting from dividends to shareholders			—				(19,925,023	)

Capital Transactions:
Proceeds from shares issued			25,351,832				63,708,943
Proceeds from shares issued in merger			163,914,260				—
Proceeds from dividends reinvested			—				19,925,023
Value of shares redeemed			(37,242,074	)			(61,091,172	)

Change in net assets resulting from capital transactions			152,024,018				22,542,794

Change in net assets			175,849,396				108,223,999
Net Assets:
Beginning of period			1,017,893,418				909,669,419

End of period		$	1,193,742,814			$	1,017,893,418

Accumulated net investment income/(loss)		$	23,891,776			$	20,989,649

Share Transactions:
Shares issued			2,112,597				5,766,174
Shares issued in merger			13,582,062				—
Dividends reinvested			—				1,763,276
Shares redeemed			(3,140,076	)			(5,449,277	)

Change in shares			12,554,583				2,080,173

See accompanying notes to the financial statements.

AZL MVP Fusion Balanced Fund

Financial Highlights

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


	Six Months Ended June 30, 2013				Year Ended December 31, 2012				Year Ended December 31, 2011				Year Ended December 31, 2010				Year Ended December 31, 2009				Year Ended December 31, 2008
	(Unaudited)
Net Asset Value, Beginning of Period		$	11.52			$	10.55			$	10.92			$	10.10			$	8.35			$	12.16

Investment Activities:
Net Investment Income/(Loss)			—	(a)			0.17				0.17				0.10				0.12				0.20
Net Realized and Unrealized Gains/(Losses) on Investments			0.31				1.03				(0.27	)			1.00				2.09				(3.43	)

Total from Investment Activities			0.31				1.20				(0.10	)			1.10				2.21				(3.23	)

Dividends to Shareholders From:
Net Investment Income			—				(0.23	)			(0.27	)			(0.28	)			(0.18	)			(0.25	)
Net Realized Gains			—				—				—				—				(0.28	)			(0.33	)

Total Dividends			—				(0.23	)			(0.27	)			(0.28	)			(0.46	)			(0.58	)

Net Asset Value, End of Period		$	11.83			$	11.52			$	10.55			$	10.92			$	10.10			$	8.35

Total Return(b)			2.69	%(c)			11.39	%			(0.90	)%			11.07	%			26.71	%			(27.44	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	1,193,743			$	1,017,893			$	909,669			$	818,193			$	583,489			$	299,155
Net Investment Income/(Loss)(d)			0.53	%			1.48	%			1.85	%			1.75	%			2.65	%			2.37	%
Expenses Before Reductions(d) (e)*			0.23	%			0.23	%			0.23	%			0.24	%			0.25	%			0.25	%
Expenses Net of Reductions(d)*			0.21	%			0.18	%			0.18	%			0.19	%			0.20	%			0.25	%
Portfolio Turnover Rate(f)			2	%(c)			32	%			20	%			34	%			37	%			62	%

*	The expense ratios exclude the impact of fees/expenses paid by each underlying fund.

(a)	Represents less than $0.005.

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

(c)	Not annualized.

(d)	Annualized for periods less than one year.

(e)	Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(f)	The portfolio turnover rate can be volatile due to the amount and timing of purchases and sales of fund shares during the period.

See accompanying notes to the financial statements.

AZL MVP Fusion Balanced Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”). The Trust consists of 11 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Fusion Balanced Fund (formerly AZL Fusion Balanced Fund) (the “Fund”), and 10 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Dividends to Shareholders

Expense Allocation

Derivative Instruments

All open derivative positions at period end are reflected on the Fund’s Schedule of Portfolio Investments. The following is a description of the derivative instruments utilized by the Fund, including the primary underlying risk exposures related to each instrument type. The Fund’s allocation to the MVP (Managed Volatility Portfolio) risk management process may include (a) derivatives such as index futures, other futures contracts, options, and other similar securities and (b) cash, money market equivalents, short-term debt instruments, money market funds, and short-term debt funds to satisfy all applicable margin requirements and to provide additional portfolio liquidity to satisfy large redemptions and any margin calls. Due to the leverage provided by derivatives, the notional value of the Fund’s derivative positions could exceed 20% of the Fund’s value. The Fund may also use futures to gain equity exposure and may hold cash as a buffer in the event of market shocks.

Futures Contracts

AZL MVP Fusion Balanced Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)

(“variation margin”) is recorded by the Fund. 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 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 $59.4 million as of June 30, 2013. The monthly average notional amount for these contracts was $51.5 million for the period ended June 30, 2013. Realized gains and losses are reported as “Net realized gains/(losses) from futures transactions” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2013:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Contracts

Receivable for variation margin on futures contracts

—

Payable for variation margin on futures contracts

745,585

For futures contracts, the amounts represent the cumulative appreciation/(depreciation) of these futures contracts as reported in the Schedule of Portfolio Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities as Variation Margin on Futures Contracts.

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2013:


Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized in Income	Realized Gains/(Losses) on Derivatives Recognized in Income			Change in Unrealized Appreciation/ (Depreciation) on Derivatives Recognized in Income

Equity Contracts	Net realized gains/(losses) on futures contracts/change in unrealized appreciation/depreciation on investments	$	(3,292,009	)	$	(893,819	)

3. Related Party Transactions

For the period ended June 30, 2013, the annual rate due to the Manager and the annual expense limit were as follows:


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

*	From January 1, 2013 through April 30, 2013, the Manager voluntarily reduced the management fee to 0.17%. Effective May 1, 2013, the voluntary waiver was no longer in effect.


	Market Value 12/31/12			Purchases at Cost			Proceeds from Sales				Net Capital and Realized Gain(Loss)			Change in Unrealized Appreciation/ (Depreciation)				Market Value 6/30/13			Dividend Income
AZL Allianz AGIC Opportunity Fund		$	10,035,797		$	1,489,130		$	(64,613	)		$	972		$	(11,461,287	)		$	—		$	—
AZL BlackRock Capital Appreciation Fund			25,323,618			3,705,271			(426,450	)			30,782			2,431,959				31,065,180			—
AZL Columbia Mid Cap Value Fund			10,270,077			1,421,906			(514,334	)			76,375			1,746,279				13,000,302			—

AZL MVP Fusion Balanced Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)


	Market Value 12/31/12			Purchases at Cost			Proceeds from Sales				Net Capital and Realized Gain(Loss)				Change in Unrealized Appreciation/ (Depreciation)				Market Value 6/30/13			Dividend Income
AZL Columbia Small Cap Value Fund		$	10,816,756		$	1,459,495		$	(1,125,010	)		$	126,373			$	1,661,395			$	12,939,009		$	—
AZL Dreyfus Research Growth Fund			15,031,978			2,269,608			(109,130	)			763				1,758,765				18,951,984			—
AZL Federated Clover Small Cap Value Fund			10,090,223			1,489,721			(299,510	)			12,221				1,713,608				13,006,263			—
AZL Gateway Fund			19,941,953			3,163,855			(129,226	)			(316	)			816,663				23,792,929			—
AZL International Index Fund			31,827,717			4,340,033			(2,155,734	)			77,792				1,428,973				35,518,781			—
AZL Invesco Growth and Income Fund			25,264,815			3,550,180			(2,906,861	)			462,069				4,501,203				30,871,406			—
AZL Invesco International Equity Fund			31,470,511			4,544,379			(763,781	)			66,622				721,414				36,039,145			—
AZL JPMorgan International Opportunities Fund			42,464,478			5,972,325			(2,740,091	)			(92,968	)			1,535,203				47,138,948			—
AZL JPMorgan U.S. Equity Fund			40,593,075			5,740,663			(4,493,235	)			729,109				6,202,253				48,771,865			—
AZL MFS Investors Trust Fund			20,259,452			2,862,390			(1,256,307	)			196,728				2,738,612				24,800,876			—
AZL MFS Value Fund			30,766,409			4,138,018			(4,015,487	)			731,273				5,044,403				36,664,616			—
AZL Mid Cap Index Fund			10,264,640			1,429,941			(440,810	)			55,509				1,641,360				12,950,640			—
AZL Morgan Stanley Global Real Estate Fund			16,145,357			2,043,853			(1,562,383	)			355,886				76,276				17,058,989			—
AZL Morgan Stanley Mid Cap Growth Fund			10,161,227			1,552,704			(426,471	)			3,942				1,693,759				12,985,161			—
AZL MVP FB Investments Trust			—			—			—				2,618				—				—			—
AZL NFJ International Value Fund			21,394,539			3,313,858			(705,104	)			(171,715	)			(187,489	)			23,644,089			—
AZL Oppenheimer Discovery Fund			14,630,433			2,366,941			(1,668,592	)			128,163				15,527,408				30,984,353			—
AZL Pyramis Core Bond Fund			100,098,403			15,228,935			(10,539,129	)			138,817				(3,079,403	)			101,847,623			—
AZL Russell 1000 Growth Index Fund			30,262,082			3,696,472			(6,876,063	)			1,456,731				2,254,848				30,794,070			—
AZL Russell 1000 Value Index Fund			51,254,668			5,677,632			(16,490,414	)			3,604,979				4,729,484				48,776,349			—
AZL Schroder Emerging Markets Equity Fund			10,854,999			1,614,828			(64,613	)			(4,867	)			(1,243,217	)			11,157,130			—
NFJ Dividend Value Portfolio			14,948,467			2,427,725			(676,423	)			62,850				2,136,126				18,898,745			137,084
PIMCO PVIT Global Advantage Strategy Bond Portfolio			30,755,218			5,293,144			(193,839	)			4,294				(2,083,220	)			33,775,598			269,106
PIMCO PVIT Low Duration Portfolio			50,607,026			8,589,663			(323,065	)			87				(1,394,867	)			57,478,845			460,186
PIMCO PVIT High Yield Portfolio			31,109,712			5,623,840			(644,203	)			22,816				(663,743	)			35,448,422			903,250
PIMCO PVIT Real Return Portfolio			50,452,724			12,881,093			(323,065	)			(1,960	)			(4,959,715	)			58,049,078			25,555
PIMCO PVIT Total Return Portfolio			200,875,943			41,012,734			(11,824,258	)			400,703				(8,881,399	)			221,583,722			2,137,692
PIMCO PVIT Unconstrained Bond Portfolio			40,591,076			6,374,115			(258,452	)			12,029				87,236				46,806,004			99,924

Totals		$	1,008,563,373		$	165,274,455		$	(74,016,651	)		$	8,488,677			$	26,492,885			$	1,134,800,122		$	4,032,796

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, 2013, $13,876 was paid from the Fund relating to these fees and expenses.

AZL MVP Fusion Balanced Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)

4. Investment Valuation Summary

—

Level 1 — quoted prices in active markets for identical assets

—

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

—

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

For the period ended June 30, 2013, 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, 2013 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Total

Affiliated Investment Companies		$	1,134,800,122			$	—		$	1,134,800,122
Unaffiliated Investment Company			279,204				—			279,204

Total Investment Securities		$	1,135,079,326			$	—		$	1,135,079,326

Other Financial Instruments:*
Futures Contracts			(745,585	)			—			(745,585	)

Total Investments		$	1,134,333,741			$	—		$	1,134,333,741

*	Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

5. Security Purchases and Sales

For the period ended June 30, 2013, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL MVP Fusion Balanced Fund		$	19,835,453		$	33,593,923

6. Investment Risks

7. Federal Income Tax Information

Cost for federal income tax purposes at June 30, 2013 is $1,005,096,791. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	149,783,114
Unrealized depreciation		(19,800,579	)

Net unrealized appreciation depreciation	$	129,982,535

AZL MVP Fusion Balanced Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)

As of the latest tax year ended December 31, 2012, the Fund has capital loss carry forwards (“CLCFs”) as summarized in the tables below. CLCFs subject to expiration are applied as short-term capital loss regardless of whether the originating capital loss was short-term or long-term. CLCFs that are not subject to expiration must be utilized before those that are subject to expiration. The Board does not intend to authorize a distribution of any realized gain for the Fund until any applicable CLCF has been offset or expires.

CLCFs subject to expiration:

Expires

12/31/2017

AZL MVP Fusion Balanced Fund

20,520,548

During the year ended December 31, 2012, the Fund utilized $9,891,273 in CLCFs to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2012 were as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL MVP Fusion Balanced Fund		$	19,925,023		$	—		$	19,925,023

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

As of the latest tax year end December 31, 2012, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses				Unrealized Appreciation/ (Depreciation)(a)			Total Accumulated Earnings/ (Deficit)
AZL MVP Fusion Balanced Fund		$	20,989,648		$	—		$	(20,520,548	)		$	103,003,277		$	103,472,377

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

The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings and any net CLCFs will be determined at the end of the current tax year ending December 31, 2013.

8. Acquisition of Funds

On April 26, 2013, the Fund acquired all of the net assets of the AZL MVP Fusion Balanced Fund, an open-end investment company, pursuant to a plan of reorganization approved by AZL MVP Fusion Balanced Fund shareholders on April 24, 2013. The purpose of the transaction was to combine two funds managed by the Manager with comparable investment objectives and strategies. The acquisition was accomplished by a tax-free exchange of 13,582,062 shares of the Fund, valued at $163,914,260, for 14,487,093 shares of the AZL MVP Fusion Balanced Fund outstanding on April 26, 2013.

The investment portfolio of the AZL MVP Fusion Balanced Fund, with a fair value of $155,679,588 and identified cost of $145,773,551 at April 26, 2013, was the principal asset acquired by the Fund. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the AZL MVP Fusion Balanced Fund was carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Immediately prior to the merger, the net assets of the Fund were $1,049,479,786. All fees and expenses incurred by the AZL MVP Fusion Balanced Fund and the Fund directly in connection with the plan of reorganization were borne by the Funds.

Assuming the acquisition had been completed on January 1, 2013, the beginning of the annual reporting period of the Fund, the Fund’s pro forma results of operations for the period ended June 30, 2013, are as follows:


Net investment income/(loss)	$	3,151,950
Net realized/unrealized gains/(losses)		27,621,166

Change in net assets resulting from operations	$	30,773,116

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the AZL MVP Fusion Balanced Fund that have been included in the Fund’s statement of operations since April 26, 2013.

9. Subsequent Events

AZL MVP Fusion Balanced Fund

Special Joint Meeting of Shareholders (Unaudited)

April 24, 2013

We, the undersigned, as record holder of 12,120,098.895 shares representing the AZL Allianz MVP Fusion Balanced Fund and 22,933,873.530 shares representing the AZL MVP Fusion Moderate Fund (collectively, the “Acquired Funds”), each an outstanding series of the Allianz Variable Insurance Products Fund of Funds Trust (the “FOF Trust”), hereby vote the votes entitled to be cast by such shares (one vote for each dollar of each share’s net asset value) for the Proposals for the AZL MVP Fusion Balanced Fund and AZL MVP Fusion Moderate Fund as follows:

The manner in which the votes were cast at the Special Joint Meeting for the Acquired Funds with respect to the Proposal was as follows:

—

To approve an Agreement and Plan of Reorganization (the “Plan”) between the AZL MVP Fusion Balanced Fund, which is a series of the FOF Trust, and the AZL Fusion Balanced Fund (the “Acquiring Fund”), which is another series of the FOF Trust;

—

To approve an Agreement and Plan of Reorganization (the “Plan”) between the AZL MVP Fusion Moderate Fund, which is a series of the FOF Trust, and the AZL Fusion Moderate Fund (the “Acquiring Fund”), which is another series of the FOF Trust;

—

Such other business as may properly come before the meeting, or any adjournment of the meeting.

Under each Plan, the Acquiring Fund would acquire all of the assets and assume all of the liabilities of the corresponding Acquired Fund in exchange for shares of the Acquiring Fund, which would be distributed proportionately to the shareholders of the Acquired Fund in complete liquidation of the Acquired Fund, and the assumption of the Acquired Fund’s liabilities.


ACQUIRED FUND		FOR	AGAINST	ABSTAIN
AZL MVP Fusion Balanced Fund	Votes (1)	10,024,076.968	290,872.733	1,805,149.194
	% of votes entitled to be cast	82.706%	2.400%	14.894%
	Shares(2)	1,880,939.675	58,165.155	341,048.140
	% of shares outstanding	15.519%	0.480%	2.814%

AZL MVP Fusion Balanced Fund (NAV)(1/31/2013 - $11.06)	Votes(1)	110,866,291.100	3,217,052.426	19,964,950.080
	% of votes entitled to be cast	82.706%	2.400%	14.894%
	Shares(2)	20,803,192.800	643,306.614	3,771,992.428
	% of shares outstanding	15.519%	0.480%	2.814%

AZL MVP Fusion Moderate Fund	Votes(1)	19,933,272.764	368,620.020	2,631,980.746
	% of votes entitled to be cast	86.916%	1.607%	11.476%
	Shares(2)	3,684,886.169	69,018.425	467,830.831
	% of shares outstanding	16.067%	0.301%	2.040%

AZL MVP Fusion Moderate Fund (NAV)(1/31/2013 - $11.20)	Votes(1)	223,252,654.900	4,128,544.224	29,478,184.350
	% of votes entitled to be cast	86.916%	1.607%	11.476%
	Shares(2)	41,270,725.090	773,006.360	5,239,705.307
	% of shares outstanding	16.067%	0.301%	2.040%

(1)	Echo Voting

(2)	Non-Echo Voting

Other Information (Unaudited)

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0613 2/13

AZL MVP Fusion^SM Conservative Fund

Semi-Annual Report

June 30, 2013

(Unaudited)

LOGO

Table of Contents

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AZL MVP Fusion Conservative Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL MVP 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.


	Beginning Account Value 1/1/13			Ending Account Value 6/30/13			Expenses Paid During Period 1/1/13 - 6/30/13*			Annualized Expense Ratio During Period 1/1/13 - 6/30/13
AZL MVP Fusion Conservative Fund		$	1,000.00		$	1,017.50		$	1.05		0.21	%


	Beginning Account Value 1/1/13			Ending Account Value 6/30/13			Expenses Paid During Period 1/1/13 - 6/30/13*			Annualized Expense Ratio During Period 1/1/13 - 6/30/13
AZL MVP Fusion Conservative Fund		$	1,000.00		$	1,023.75		$	1.05		0.21	%

*	Expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by 181/365 (to reflect the one half year period).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Fixed Income		62.0	%
Domestic Equities		24.3
International Equities		9.0
Money Market		—	^

Total Investment Securities		95.3
Net other assets (liabilities)		4.7

Net Assets		100.0	%

^	Represents less than 0.05%.

AZL MVP Fusion Conservative Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)


Shares			Fair Value
	Affiliated Investment Companies (95.3%):
	327,932	AZL BlackRock Capital Appreciation Fund	$	5,063,265
	251,428	AZL Columbia Mid Cap Value Fund		2,559,537
	301,970	AZL Columbia Small Cap Value Fund		3,804,818
	211,406	AZL Dreyfus Research Growth Fund		2,536,875
	335,499	AZL Gateway Fund		3,767,656
	346,184	AZL International Index Fund		4,978,124
	459,353	AZL Invesco Growth and Income Fund		6,316,107
	311,649	AZL Invesco International Equity Fund		5,017,548
	307,944	AZL JPMorgan International Opportunities Fund		4,979,459
	614,678	AZL JPMorgan U.S. Equity Fund		7,566,683
	138,098	AZL MFS Investors Trust Fund		2,525,803
	720,999	AZL MFS Value Fund		7,534,435
	129,296	AZL Mid Cap Index Fund		2,551,004
	252,341	AZL Morgan Stanley Global Real Estate Fund		2,538,546
	161,783	AZL Morgan Stanley Mid Cap Growth Fund		2,556,164
	400,365	AZL Oppenheimer Discovery Fund		5,076,627
	2,906,894	AZL Pyramis Core Bond Fund		28,371,280
	202,416	AZL Russell 1000 Growth Index Fund		2,847,994


Shares			Fair Value
	Affiliated Investment Companies, continued
	576,554	AZL Russell 1000 Value Index Fund	$	7,881,492
	327,293	NFJ Dividend Value Portfolio		3,799,866
	777,291	PIMCO PVIT Global Advantage Strategy Bond Portfolio		7,485,310
	1,270,933	PIMCO PVIT High Yield Portfolio		10,027,664
	1,898,210	PIMCO PVIT Low Duration Portfolio		19,969,173
	1,337,497	PIMCO PVIT Real Return Portfolio		17,494,458
	5,271,738	PIMCO PVIT Total Return Portfolio		58,516,289
	1,189,394	PIMCO PVIT Unconstrained Bond Portfolio		12,429,170

	Total Affiliated Investment Companies (Cost $224,219,470)			238,195,347

	Unaffiliated Investment Company (0.0%):
	120,184	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(a)		120,184

	Total Unaffiliated Investment Company (Cost $120,184)			120,184

	Total Investment Securities (Cost $224,339,654)(b) — 95.3%			238,315,531
	Net other assets (liabilities) — 4.7%			11,727,429

	Net Assets — 100.0%		$	250,042,960

Percentages indicated are based on net assets as of June 30, 2013.

(a)	The rate represents the effective yield at June 30, 2013.

(b)	See Federal Tax Information listed in the Notes to the Financial Statements.

Futures Contracts

Cash of $12,481,098 has been segregated to cover margin requirements for the following open contracts as of June 30, 2013:


Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note September Futures		Long		9/20/13		64	$	8,100,000	$	(177,480	)
S&P 500 Index E-Mini September Futures		Long		9/23/13		54		4,318,110		(12,922	)

Total									$	(190,402	)

See accompanying notes to the financial statements.

AZL MVP Fusion Conservative Fund

Statement of Assets and Liabilities

June 30, 2013

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	120,184
Investments in affiliates, at cost		224,219,470

Investment securities, at cost	$	224,339,654

Investments in non-affiliates, at value	$	120,184
Investments in affiliates, at value		238,195,347

Investment securities, at value		238,315,531
Segregated cash for collateral		12,481,098
Interest and dividends receivable		157,546
Receivable for variation margin on futures contracts		374
Prepaid expenses		1,596

Total Assets		250,956,145

Liabilities:
Payable for affiliated investments purchased		243,429
Payable for capital shares redeemed		611,633
Manager fees payable		42,075
Administration fees payable		4,395
Custodian fees payable		99
Administrative and compliance services fees payable		1,173
Trustee fees payable		4,009
Other accrued liabilities		6,372

Total Liabilities		913,185

Net Assets	$	250,042,960

Net Assets Consist of:
Capital	$	225,153,524
Accumulated net investment income/(loss)		6,584,483
Accumulated net realized gains/(losses) from investment transactions		4,519,478
Net unrealized appreciation/(depreciation) on investments		13,785,475

Net Assets	$	250,042,960

Shares of beneficial interest (unlimited number of shares authorized, no par value)		20,488,726
Net Asset Value (offering and redemption price per share)	$	12.20

Statement of Operations

For the Six Months Ended June 30, 2013

(Unaudited)


Investment Income:
Dividends from affiliates	$	1,234,115

Total Investment Income		1,234,115

Expenses:
Manager fees		255,619
Administration fees		27,933
Custodian fees		1,022
Administrative and compliance services fees		2,972
Trustee fees		7,420
Professional fees		7,387
Shareholder reports		4,073
Other expenses		2,574

Total expenses before reductions		309,000
Less expenses voluntarily waived/reimbursed by the Manager		(42,152	)

Net expenses		266,848

Net Investment Income/(Loss)		967,267

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		2,708,914
Net realized gains/(losses) on futures contracts		12,647
Change in net unrealized appreciation/depreciation on investments		777,145

Net Realized/Unrealized Gains/(Losses) on Investments		3,498,706

Change in Net Assets Resulting From Operations	$	4,465,973

See accompanying notes to the financial statements.

Statements of Changes in Net Assets


	AZL MVP Fusion Conservative Fund
	For the Six Months Ended June 30, 2013				For the Year Ended December 31, 2012
	(Unaudited)
Change in Net Assets:
Operations:
Net investment income/(loss)		$	967,267			$	3,641,460
Net realized gains/(losses) on investment transactions			2,721,561				4,131,081
Change in unrealized appreciation/depreciation on investments			777,145				15,280,951

Change in net assets resulting from operations			4,465,973				23,053,492

Dividends to Shareholders:
From net investment income			—				(3,864,223	)
From net realized gains			—				(1,987,684	)

Change in net assets resulting from dividends to shareholders			—				(5,851,907	)

Capital Transactions:
Proceeds from shares issued			15,419,067				66,559,086
Proceeds from dividends reinvested			—				5,851,907
Value of shares redeemed			(23,166,626	)			(24,478,860	)

Change in net assets resulting from capital transactions			(7,747,559	)			47,932,133

Change in net assets			(3,281,586	)			65,133,718
Net Assets:
Beginning of period			253,324,546				188,190,828

End of period		$	250,042,960			$	253,324,546

Accumulated net investment income/(loss)		$	6,584,483			$	5,617,216

Share Transactions:
Shares issued			1,243,526				5,696,767
Dividends reinvested			—				496,345
Shares redeemed			(1,880,919	)			(2,092,692	)

Change in shares			(637,393	)			4,100,420

See accompanying notes to the financial statements.

AZL MVP Fusion Conservative Fund

Financial Highlights

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


	Six Months Ended June 30, 2013				Year Ended December 31, 2012				Year Ended December 31, 2011				Year Ended December 31, 2010				October 23, 2009 to December 31, 2009 (a)
	(Unaudited)
Net Asset Value, Beginning of Period		$	11.99			$	11.05			$	11.18			$	10.08			$	10.00

Investment Activities:
Net Investment Income/(Loss)			0.05				0.14				0.04				0.13				0.02
Net Realized and Unrealized Gains/(Losses) on Investments			0.16				1.10				0.03				0.97				0.16

Total from Investment Activities			0.21				1.24				0.07				1.10				0.18

Dividends to Shareholders From:
Net Investment Income			—				(0.20	)			(0.17	)			—	(b)			(0.10	)
Net Realized Gains			—				(0.10	)			(0.03	)			—	(b)			—

Total Dividends			—				(0.30	)			(0.20	)			—	(b)			(0.10	)

Net Asset Value, End of Period		$	12.20			$	11.99			$	11.05			$	11.18			$	10.08

Total Return(c)			1.75	%(d)			11.27	%			0.64	%			10.96	%			1.81	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	250,043			$	253,325			$	188,191			$	89,707			$	5,998
Net Investment Income/(Loss)(e)			0.76	%			1.65	%			2.12	%			2.04	%			2.36	%
Expenses Before Reductions(e) (f)*			0.24	%			0.25	%			0.28	%			0.34	%			2.56	%
Expenses Net of Reductions(e)*			0.21	%			0.20	%			0.23	%			0.26	%			0.35	%
Portfolio Turnover Rate(g)			5	%(d)			36	%			19	%			34	%			53	%(d)

*	The expense ratios exclude the impact of fees/expenses paid by each underlying fund.

(a)	Period from commencement of operations.

(b)	Represents less than $0.005.

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

(d)	Not annualized.

(e)	Annualized for periods less than one year.

(f)	Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(g)	The portfolio turnover rate can be volatile due to the amount and timing of purchases and sales of fund shares during the period.

See accompanying notes to the financial statements.

AZL MVP Fusion Conservative Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”). The Trust consists of 11 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Fusion Conservative Fund (formerly AZL Fusion Conservative Fund) (the “Fund”), and 10 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Dividends to Shareholders

Expense Allocation

Derivative Instruments

Futures Contracts

AZL MVP Fusion Conservative Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)

(“variation margin”) is recorded by the Fund. 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 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 $12.4 million as of June 30, 2013. The monthly average notional amount for these contracts was $6.6 million for the period ended June 30, 2013. Realized gains and losses are reported as “Net realized gains/(losses) from futures transactions” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2013:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Contracts

Receivable for variation margin on futures contracts

—

Payable for variation margin on futures contracts

190,402

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2013:


Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized in Income	Realized Gains/(Losses) on Derivatives Recognized in Income		Change in Unrealized Appreciation/ (Depreciation) on Derivatives Recognized in Income

Equity Contracts	Net realized gains/(losses) on futures contracts/change in unrealized appreciation/depreciation on investments	$	12,647	$	(190,402	)

3. Related Party Transactions

For the period ended June 30, 2013, the annual rate due to the Manager and the annual expense limit were as follows:


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

*	From January 1, 2013 through April 30, 2013, the Manager voluntarily reduced the management fee to 0.15%. Effective May 1, 2013, the voluntary waiver was no longer in effect.


	Market Value 12/31/12			Purchases at Cost			Proceeds from Sales				Net Capital and Realized Gain(Loss)				Change in Unrealized Appreciation/ (Depreciation)				Market Value 6/30/13			Dividend Income
AZL Allianz AGIC Opportunity Fund		$	2,641,800		$	114,632		$	(318,834	)		$	(927	)		$	(2,436,671	)		$	—		$	—
AZL BlackRock Capital Appreciation Fund			5,111,972			77,923			(532,351	)			46,722				358,999				5,063,265			—

AZL MVP Fusion Conservative Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)


	Market Value 12/31/12			Purchases at Cost			Proceeds from Sales				Net Capital and Realized Gain(Loss)				Change in Unrealized Appreciation/ (Depreciation)				Market Value 6/30/13			Dividend Income
AZL Columbia Mid Cap Value Fund		$	2,615,147		$	25,670		$	(461,360	)		$	65,216			$	314,865			$	2,559,537		$	—
AZL Columbia Small Cap Value Fund			3,959,092			143,973			(844,324	)			84,842				461,234				3,804,818			—
AZL Dreyfus Research Growth Fund			2,579,199			18,695			(316,875	)			24,204				231,653				2,536,875			—
AZL Gateway Fund			3,762,218			28,042			(160,922	)			2,766				135,552				3,767,656			—
AZL International Index Fund			5,249,027			184,507			(633,730	)			52,328				125,993				4,978,124			—
AZL Invesco Growth and Income Fund			6,439,235			114,412			(1,299,844	)			203,447				858,857				6,316,107			—
AZL Invesco International Equity Fund			5,184,803			102,447			(352,062	)			15,250				67,111				5,017,548			—
AZL JPMorgan International Opportunities Fund			5,276,148			171,547			(586,655	)			(19,419	)			137,838				4,979,459			—
AZL JPMorgan U.S. Equity Fund			7,712,062			211,493			(1,460,134	)			241,732				861,530				7,566,683			—
AZL MFS Investors Trust Fund			2,581,360			18,695			(382,486	)			59,284				248,950				2,525,803			—
AZL MFS Value Fund			7,713,525			119,450			(1,501,510	)			267,298				935,672				7,534,435			—
AZL Mid Cap Index Fund			2,623,998			25,841			(459,153	)			48,616				311,703				2,551,004			—
AZL Morgan Stanley Global Real Estate Fund			2,642,528			173,548			(304,338	)			34,034				(7,226	)			2,538,546			—
AZL Morgan Stanley Mid Cap Growth Fund			2,604,318			18,695			(440,102	)			(12,025	)			385,278				2,556,164			—
AZL Oppenheimer Discovery Fund			2,566,313			209,105			(872,021	)			85,411				3,087,819				5,076,627			—
AZL Pyramis Core Bond Fund			32,467,894			1,997,270			(5,225,852	)			18,017				(886,049	)			28,371,280			—
AZL Russell 1000 Growth Index Fund			5,111,838			63,402			(2,830,220	)			537,418				(34,444	)			2,847,994			—
AZL Russell 1000 Value Index Fund			10,312,950			184,433			(4,048,452	)			758,780				673,782				7,881,492			—
NFJ Dividend Value Portfolio			3,869,259			70,380			(626,117	)			49,363				436,980				3,799,866			27,247
PIMCO PVIT Global Advantage Strategy Bond Portfolio			7,533,779			578,024			(151,646	)			95				(474,943	)			7,485,310			64,916
PIMCO PVIT High Yield Portfolio			10,181,974			543,363			(477,296	)			6,854				(227,231	)			10,027,664			284,250
PIMCO PVIT Low Duration Portfolio			19,967,596			1,445,282			(935,448	)			(17,066	)			(491,191	)			19,969,173			176,790
PIMCO PVIT Real Return Portfolio			17,354,269			1,911,369			(227,391	)			(2,531	)			(1,541,259	)			17,494,458			8,671
PIMCO PVIT Total Return Portfolio			62,840,694			4,827,080			(6,754,487	)			137,993				(2,534,991	)			58,516,289			642,273
PIMCO PVIT Unconstrained Bond Portfolio			12,488,644			483,413			(525,201	)			21,215				(38,900	)			12,429,170			29,969

Totals		$	253,391,642		$	13,862,692		$	(32,728,811	)		$	2,708,914			$	960,910			$	238,195,347		$	1,234,115

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, 2013, $2,031 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

—

Level 1 — quoted prices in active markets for identical assets

—

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

—

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

AZL MVP Fusion Conservative Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

For the period ended June 30, 2013, 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, 2013 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Total

Affiliated Investment Companies		$	238,195,347			$	—		$	238,195,347
Unaffiliated Investment Company			120,184				—			120,184

Total Investment Securities		$	238,315,531			$	—		$	238,315,531

Other Financial Instruments:*
Futures Contracts			(190,402	)			—			(190,402	)

Total Investments		$	238,125,129			$	—		$	238,125,129

*	Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

5. Security Purchases and Sales

For the period ended June 30, 2013, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL MVP Fusion Conservative Fund		$	13,734,964		$	32,601,083

6. Investment Risks

7. Federal Income Tax Information

Cost for federal income tax purposes at June 30, 2013 is $225,175,915. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	16,984,432
Unrealized depreciation		(3,844,816	)

Net unrealized appreciation depreciation	$	13,139,616

The tax character of dividends paid to shareholders during the year ended December 31, 2012 were as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL MVP Fusion Conservative Fund		$	4,166,111		$	1,685,796		$	5,851,907

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

AZL MVP Fusion Conservative Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)

As of the latest tax year end December 31, 2012, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)(a)			Total Accumulated Earnings/ (Deficit)
AZL MVP Fusion Conservative Fund		$	5,683,642		$	2,581,367		$	—		$	12,158,454		$	20,423,463

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

8. Subsequent Events

Other Information (Unaudited)

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0613 2/13

AZL MVP Fusion^SM Growth Fund

Semi-Annual Report

June 30, 2013

(Unaudited)

LOGO

Table of Contents

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AZL MVP Fusion Growth Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL MVP 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.


	Beginning Account Value 1/1/13			Ending Account Value 6/30/13			Expenses Paid During Period 1/1/13 - 6/30/13*			Annualized Expense Ratio During Period 1/1/13 - 6/30/13
AZL MVP Fusion Growth Fund		$	1,000.00		$	1,053.70		$	1.07		0.21	%


	Beginning Account Value 1/1/13			Ending Account Value 6/30/13			Expenses Paid During Period 1/1/13 - 6/30/13*			Annualized Expense Ratio During Period 1/1/13 - 6/30/13
AZL MVP Fusion Growth Fund		$	1,000.00		$	1,023.75		$	1.05		0.21	%

*	Expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by 181/365 (to reflect the one half year period).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Domestic Equities		43.5	%
International Equities		32.5
Fixed Income		19.0
Money Market		—	^

Total Investment Securities		95.0
Net other assets (liabilities)		5.0

Net Assets		100.0	%

^	Represents less than 0.05%.

AZL MVP Fusion Growth Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)


Shares			Fair Value
	Affiliated Investment Companies (95.0%):
	2,179,305	AZL BlackRock Capital Appreciation Fund	$	33,648,471
	1,664,094	AZL Columbia Mid Cap Value Fund		16,940,473
	1,005,265	AZL Columbia Small Cap Value Fund		12,666,338
	2,097,560	AZL Dreyfus Research Growth Fund		25,170,717
	408,263	AZL Federated Clover Small Value Fund		8,516,362
	2,226,368	AZL Gateway Fund		25,002,113
	3,483,815	AZL International Index Fund		50,097,256
	2,139,486	AZL Invesco Growth and Income Fund		29,417,934
	3,661,162	AZL Invesco International Equity Fund		58,944,702
	4,148,403	AZL JPMorgan International Opportunities Fund		67,079,671
	4,080,965	AZL JPMorgan U.S. Equity Fund		50,236,675
	1,374,234	AZL MFS Investors Trust Fund		25,134,741
	3,201,122	AZL MFS Value Fund		33,451,721
	431,508	AZL Mid Cap Index Fund		8,513,648
	2,530,048	AZL Morgan Stanley Global Real Estate Fund		25,452,278
	1,069,825	AZL Morgan Stanley Mid Cap Growth Fund		16,903,232
	2,857,504	AZL NFJ International Value Fund		33,204,193
	1,997,393	AZL Oppenheimer Discovery Fund		25,326,941
	2,994,852	AZL Pyramis Core Bond Fund		29,229,755
	1,490,844	AZL Russell 1000 Growth Index Fund		20,976,181


Shares			Fair Value
	Affiliated Investment Companies, continued
	2,763,966	AZL Russell 1000 Value Index Fund	$	37,783,409
	1,718,445	AZL Schroder Emerging Markets Equity Fund, Class 2		12,338,434
	1,811,343	NFJ Dividend Value Portfolio		21,029,695
	2,595,652	PIMCO PVIT Global Advantage Strategy Bond Portfolio		24,996,131
	1,067,000	PIMCO PVIT High Yield Portfolio		8,418,630
	1,910,894	PIMCO PVIT Real Return Portfolio		24,994,499
	4,901,258	PIMCO PVIT Total Return Portfolio		54,403,966
	1,590,912	PIMCO PVIT Unconstrained Bond Portfolio		16,625,025

	Total Affiliated Investment Companies (Cost $641,041,206)			796,503,191

	Unaffiliated Investment Company (0.0%):
	111,207	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(a)		111,207

	Total Unaffiliated Investment Company (Cost $111,207)			111,207

	Total Investment Securities (Cost $641,152,413)(b) — 95.0%			796,614,398
	Net other assets (liabilities) — 5.0%			41,407,157

	Net Assets — 100.0%		$	838,021,555

Percentages indicated are based on net assets as of June 30, 2013.

(a)	The rate represents the effective yield at June 30, 2013.

(b)	See Federal Tax Information listed in the Notes to the Financial Statements.

Futures Contracts

Cash of $41,716,254 has been segregated to cover margin requirements for the following open contracts as of June 30, 2013:


Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note September Futures		Long		9/20/13		66	$	8,353,125	$	(181,092	)
S&P 500 Index E-Mini September Futures		Long		9/23/13		417		33,345,405		(95,718	)

Total									$	(276,810	)

See accompanying notes to the financial statements.

AZL MVP Fusion Growth Fund

Statement of Assets and Liabilities

June 30, 2013

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	111,207
Investments in affiliates, at cost		641,041,206

Investment securities, at cost	$	641,152,413

Investments in non-affiliates, at value	$	111,207
Investments in affiliates, at value		796,503,191

Investment securities, at value		796,614,398
Segregated cash for collateral		41,716,254
Interest and dividends receivable		141,169
Receivable for capital shares issued		47,469
Prepaid expenses		5,116

Total Assets		838,524,406

Liabilities:
Payable for affiliated investments purchased		141,169
Payable for capital shares redeemed		173,802
Payable for variation margin on futures contracts		174
Manager fees payable		141,487
Administration fees payable		4,608
Custodian fees payable		131
Administrative and compliance services fees payable		4,846
Trustee fees payable		16,557
Other accrued liabilities		20,077

Total Liabilities		502,851

Net Assets	$	838,021,555

Net Assets Consist of:
Capital	$	892,666,526
Accumulated net investment income/(loss)		11,933,177
Accumulated net realized gains/(losses) from investment transactions		(221,763,323	)
Net unrealized appreciation/(depreciation) on investments		155,185,175

Net Assets	$	838,021,555

Shares of beneficial interest (unlimited number of shares authorized, no par value)		74,988,739
Net Asset Value (offering and redemption price per share)	$	11.18

Statement of Operations

For the Six Months Ended June 30, 2013

(Unaudited)


Investment Income:
Dividends from affiliates	$	1,241,927

Total Investment Income		1,241,927

Expenses:
Manager fees		852,884
Administration fees		30,552
Custodian fees		1,063
Administrative and compliance services fees		9,604
Trustee fees		23,868
Professional fees		23,888
Shareholder reports		14,925
Other expenses		9,258

Total expenses before reductions		966,042
Less expenses voluntarily waived/reimbursed by the Manager		(83,985	)

Net expenses		882,057

Net Investment Income/(Loss)		359,870

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		14,935,063
Net realized gains/(losses) on futures contracts		(3,492,275	)
Change in net unrealized appreciation/depreciation on investments		31,420,521

Net Realized/Unrealized Gains/(Losses) on Investments		42,863,309

Change in Net Assets Resulting From Operations	$	43,223,179

See accompanying notes to the financial statements.

Statements of Changes in Net Assets


	AZL MVP Fusion Growth Fund
	For the Six Months Ended June 30, 2013				For the Year Ended December 31, 2012
	(Unaudited)
Change in Net Assets:
Operations:
Net investment income/(loss)		$	359,870			$	9,035,517
Net realized gains/(losses) on investment transactions			11,442,788				6,217,750
Change in unrealized appreciation/depreciation on investments			31,420,521				80,841,337

Change in net assets resulting from operations			43,223,179				96,094,604

Dividends to Shareholders:
From net investment income			—				(12,259,264	)

Change in net assets resulting from dividends to shareholders			—				(12,259,264	)

Capital Transactions:
Proceeds from shares issued			25,018,792				57,974,556
Proceeds from dividends reinvested			—				12,259,264
Value of shares redeemed			(55,342,148	)			(56,132,283	)

Change in net assets resulting from capital transactions			(30,323,356	)			14,101,537

Change in net assets			12,899,823				97,936,877
Net Assets:
Beginning of period			825,121,732				727,184,855

End of period		$	838,021,555			$	825,121,732

Accumulated net investment income/(loss)		$	11,933,177			$	11,573,307

Share Transactions:
Shares issued			2,208,181				5,695,090
Dividends reinvested			—				1,184,470
Shares redeemed			(4,966,260	)			(5,578,784	)

Change in shares			(2,758,079	)			1,300,776

See accompanying notes to the financial statements.

AZL MVP Fusion Growth Fund

Financial Highlights

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


	Six Months Ended June 30, 2013				Year Ended December 31, 2012				Year Ended December 31, 2011				Year Ended December 31, 2010				Year Ended December 31, 2009				Year Ended December 31, 2008
	(Unaudited)
Net Asset Value, Beginning of Period		$	10.61			$	9.51			$	10.15			$	9.15			$	7.36			$	12.94

Investment Activities:
Net Investment Income/(Loss)			0.01				0.12				0.16				0.12				0.11				0.12
Net Realized and Unrealized Gains/(Losses) on Investments			0.56				1.14				(0.61	)			1.05				2.20				(4.94	)

Total from Investment Activities			0.57				1.26				(0.45	)			1.17				2.31				(4.82	)

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

Total Dividends			—				(0.16	)			(0.19	)			(0.17	)			(0.52	)			(0.76	)

Net Asset Value, End of Period		$	11.18			$	10.61			$	9.51			$	10.15			$	9.15			$	7.36

Total Return(a)			5.37	%(b)			13.29	%			(4.43	)%			12.90	%			31.84	%			(38.77	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	838,022			$	825,122			$	727,185			$	864,986			$	825,266			$	632,430
Net Investment Income/(Loss)(c)			0.08	%			1.16	%			1.32	%			1.16	%			1.39	%			1.15	%
Expenses Before Reductions(c) (d)*			0.23	%			0.23	%			0.23	%			0.24	%			0.25	%			0.24	%
Expenses Net of Reductions(c)*			0.21	%			0.18	%			0.18	%			0.19	%			0.20	%			0.24	%
Portfolio Turnover Rate(e)			2	%(b)			25	%			24	%			48	%			53	%			62	%

*	The expense ratios exclude the impact of fees/expenses paid by each underlying fund.

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

(b)	Not annualized.

(c)	Annualized for periods less than one year.

(d)	Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(e)	The portfolio turnover rate can be volatile due to the amount and timing of purchases and sales of fund shares during the period.

See accompanying notes to the financial statements.

AZL MVP Fusion Growth Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”). The Trust consists of 11 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Fusion Growth Fund (formerly AZL Fusion Growth Fund) (the “Fund”), and 10 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Dividends to Shareholders

Expense Allocation

Derivative Instruments

Futures Contracts

AZL MVP Fusion Growth Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)

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 Fund. 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 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 $41.7 million as of June 30, 2013. The monthly average notional amount for these contracts was $49.5 million for the period ended June 30, 2013. Realized gains and losses are reported as “Net realized gains/(losses) from futures transactions” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2013:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Contracts

Receivable for variation margin on futures contracts

—

Payable for variation margin on futures contracts

276,810

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2013:


Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized in Income	Realized Gains/(Losses) on Derivatives Recognized in Income			Change in Unrealized Appreciation/ (Depreciation) on Derivatives Recognized in Income

Equity Contracts	Net realized gains/(losses) on futures contracts/change in unrealized appreciation/depreciation on investments	$	(3,492,275	)	$	(462,126	)

3. Related Party Transactions

For the period ended June 30, 2013, the annual rate due to the Manager and the annual expense limit were as follows:


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

*	From January 1, 2013 through April 30, 2013, the Manager voluntarily reduced the management fee to 0.17%. Effective May 1, 2013, the voluntary waiver was no longer in effect.

AZL MVP Fusion Growth Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)


	Market Value 12/31/12			Purchases at Cost			Proceeds from Sales				Net Capital and Realized Gain(Loss)				Change in Unrealized Appreciation/ (Depreciation)				Market Value 6/30/13			Dividend Income
AZL Allianz AGIC Opportunity Fund		$	8,358,301		$	18,091		$	(51,232	)		$	999			$	(8,326,160	)		$	—		$	—
AZL BlackRock Capital Appreciation Fund			32,808,672			72,366			(1,847,621	)			253,821				2,361,233				33,648,471			—
AZL Columbia Mid Cap Value Fund			16,629,787			36,183			(2,193,592	)			444,515				2,023,581				16,940,473			—
AZL Columbia Small Cap Value Fund			12,737,287			27,137			(1,880,999	)			386,077				1,396,836				12,666,338			—
AZL Dreyfus Research Growth Fund			24,502,316			54,274			(1,867,335	)			205,990				2,275,471				25,170,717			—
AZL Federated Clover Small Cap Value Fund			8,279,052			18,091			(1,001,471	)			93,848				1,126,841				8,516,362			—
AZL Gateway Fund			24,232,030			910,330			(1,018,692	)			(13,501	)			891,947				25,002,113			—
AZL International Index Fund			50,650,492			108,549			(2,319,942	)			215,533				1,442,624				50,097,256			—
AZL Invesco Growth and Income Fund			28,654,189			63,320			(4,147,342	)			869,800				3,977,967				29,417,934			—
AZL Invesco International Equity Fund			58,411,477			126,640			(441,620	)			51,753				796,452				58,944,702			—
AZL JPMorgan International Opportunities Fund			67,749,892			144,732			(2,216,399	)			(97,647	)			1,499,091				67,079,670			—
AZL JPMorgan U.S. Equity Fund			49,368,312			108,549			(6,407,088	)			2,017,418				5,149,484				50,236,675			—
AZL MFS Investors Trust Fund			24,602,633			54,274			(2,507,834	)			619,218				2,366,450				25,134,741			—
AZL MFS Value Fund			32,742,455			72,366			(4,598,035	)			1,033,868				4,201,067				33,451,721			—
AZL Mid Cap Index Fund			8,208,159			18,091			(869,398	)			187,342				969,454				8,513,648			—
AZL Morgan Stanley Global Real Estate Fund			25,637,683			1,823,332			(2,331,234	)			528,372				(205,875	)			25,452,278			—
AZL Morgan Stanley Mid Cap Growth Fund			16,581,979			36,183			(2,163,414	)			555,075				1,893,408				16,903,232			—
AZL NFJ International Value Fund			33,861,145			78,456			(403,900	)			(54,006	)			(277,502	)			33,204,193			—
AZL Oppenheimer Discovery Fund			16,398,954			115,767			(3,170,709	)			393,010				11,589,919				25,326,941			—
AZL Pyramis Core Bond Fund			32,177,496			1,546,564			(3,594,358	)			16,418				(916,366	)			29,229,755			—
AZL Russell 1000 Growth Index Fund			30,242,040			260,810			(12,643,638	)			3,103,942				13,027				20,976,181			—
AZL Russell 1000 Value Index Fund			47,167,558			117,595			(16,204,289	)			3,727,362				2,975,184				37,783,409			—
AZL Schroder Emerging Markets Equity Fund			12,973,858			806,856			(76,847	)			6,724				(1,372,157	)			12,338,434			—
AZL Strategic Investments Trust			—			—			—				1,315				—				—			—
NFJ Dividend Value Portfolio			20,392,207			492,143			(2,531,701	)			230,025				2,447,021				21,029,695			155,666
PIMCO PVIT Global Advantage Strategy Bond Portfolio			24,494,515			2,377,377			(273,129	)			(2,385	)			(1,600,247	)			24,996,131			211,080
PIMCO PVIT High Yield Portfolio			8,397,765			254,367			(51,232	)			3,565				(185,835	)			8,418,630			236,275
PIMCO PVIT Real Return Portfolio			24,106,644			3,238,587			(153,694	)			1,849				(2,198,886	)			24,994,499			12,040
PIMCO PVIT Total Return Portfolio			56,722,252			5,003,379			(5,071,462	)			144,045				(2,394,247	)			54,403,967			587,956
PIMCO PVIT Unconstrained Bond Portfolio			16,356,850			564,916			(270,408	)			10,718				(37,051	)			16,625,025			38,911

Totals		$	813,446,000		$	18,549,325		$	(82,308,614	)		$	14,935,063			$	31,882,732			$	796,503,191		$	1,241,927

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, 2013, $6,695 was paid from the Fund relating to these fees and expenses.

AZL MVP Fusion Growth Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)

4. Investment Valuation Summary

—

Level 1 — quoted prices in active markets for identical assets

—

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

—

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

For the period ended June 30, 2013, 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, 2013 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Total

Affiliated Investment Companies		$	796,503,191			$	—		$	796,503,191
Unaffiliated Investment Company			111,207				—			111,207

Total Investment Securities		$	796,614,398			$	—		$	796,614,398

Other Financial Instruments:*
Futures Contracts			(276,810	)			—			(276,810	)

Total Investments		$	796,337,588			$	—		$	796,337,588

*	Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

5. Security Purchases and Sales

For the period ended June 30, 2013, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL MVP Fusion Growth Fund		$	18,216,889		$	81,937,782

6. Investment Risks

7. Federal Income Tax Information

Cost for federal income tax purposes at June 30, 2013 is $683,758,852. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	160,880,352
Unrealized depreciation		(48,024,806	)

Net unrealized appreciation depreciation	$	112,855,546

AZL MVP Fusion Growth Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)

CLCFs subject to expiration:


	Expires 12/31/2017
AZL MVP Fusion Growth Fund		$	182,231,767

CLCFs not subject to expiration:


	Short-Term Amount			Long-Term Amount			Total Amount
AZL MVP Fusion Growth Fund		$	2,881,676		$	1,996,084		$	4,877,760

The tax character of dividends paid to shareholders during the year ended December 31, 2012 were as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL MVP Fusion Growth Fund		$	12,259,264		$	—		$	12,259,264

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

As of the latest tax year end December 31, 2012, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses				Unrealized Appreciation/ (Depreciation)(a)			Total Accumulated Earnings/ (Deficit)
AZL MVP Fusion Growth Fund		$	11,573,308		$	—		$	(187,109,527	)		$	77,668,069		$	97,868,150

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

8. Subsequent Events

Other Information (Unaudited)

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0613 2/13

AZL MVP Fusion^SM Moderate Fund

Semi-Annual Report

June 30, 2013

(Unaudited)

LOGO

Table of Contents

Page 1

Page 2

Page 3

Page 3

Page 4

Page 5

Special Joint Meeting of Shareholders

Page 6

Page 11

Page 12

AZL MVP Fusion Moderate Fund

Expense Examples

(Unaudited)

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


	Beginning Account Value 1/1/13			Ending Account Value 6/30/13			Expenses Paid During Period 1/1/13 - 6/30/13*			Annualized Expense Ratio During Period 1/1/13 - 6/30/13
AZL MVP Fusion Moderate Fund		$	1,000.00		$	1,038.50		$	1.01		0.20	%


	Beginning Account Value 1/1/13			Ending Account Value 6/30/13			Expenses Paid During Period 1/1/13 - 6/30/13*			Annualized Expense Ratio During Period 1/1/13 - 6/30/13
AZL MVP Fusion Moderate Fund		$	1,000.00		$	1,023.80		$	1.00		0.20	%

*	Expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by 181/365 (to reflect the one half year period).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Domestic Equities		38.1	%
Fixed Income		32.4
International Equities		24.5

Total Investment Securities		95.0
Net other assets (liabilities)		5.0

Net Assets		100.0	%

AZL MVP Fusion Moderate Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)


Shares			Fair Value
	Affiliated Investment Companies (95.0%):
	6,438,131	AZL BlackRock Capital Appreciation Fund	$	99,404,738
	3,786,041	AZL Columbia Mid Cap Value Fund		38,541,896
	3,044,583	AZL Columbia Small Cap Value Fund		38,361,742
	4,219,921	AZL Dreyfus Research Growth Fund		50,639,055
	1,260,897	AZL Federated Clover Small Value Fund		26,302,305
	5,352,991	AZL Gateway Fund		60,114,093
	8,329,733	AZL International Index Fund		119,781,564
	5,447,848	AZL Invesco Growth and Income Fund		74,907,906
	7,876,932	AZL Invesco International Equity Fund		126,818,612
	8,911,302	AZL JPMorgan International Opportunities Fund		144,095,749
	10,032,008	AZL JPMorgan U.S. Equity Fund		123,494,023
	2,752,627	AZL MFS Investors Trust Fund		50,345,540
	8,292,588	AZL MFS Value Fund		86,657,546
	1,315,248	AZL Mid Cap Index Fund		25,949,841
	4,634,864	AZL Morgan Stanley Global Real Estate Fund		46,626,735
	2,435,709	AZL Morgan Stanley Mid Cap Growth Fund		38,484,199
	6,663,371	AZL NFJ International Value Fund		77,428,376
	4,933,462	AZL Oppenheimer Discovery Fund		62,556,303


Shares			Fair Value
	Affiliated Investment Companies, continued
	17,458,086	AZL Pyramis Core Bond Fund	$	170,390,918
	4,878,496	AZL Russell 1000 Growth Index Fund		68,640,441
	6,367,158	AZL Russell 1000 Value Index Fund		87,039,056
	3,151,671	AZL Schroder Emerging Markets Equity Fund, Class 2		22,628,999
	4,348,954	NFJ Dividend Value Portfolio		50,491,357
	7,126,024	PIMCO PVIT Global Advantage Strategy Bond Portfolio		68,623,613
	6,164,986	PIMCO PVIT High Yield Portfolio		48,641,741
	7,146,420	PIMCO PVIT Real Return Portfolio		93,475,171
	30,862,786	PIMCO PVIT Total Return Portfolio		342,576,922
	6,818,641	PIMCO PVIT Unconstrained Bond Portfolio		71,254,802

	Total Affiliated Investment Companies (Cost $1,992,567,914)			2,314,273,243

	Total Investment Securities (Cost $1,992,567,914)(a) — 95.0%			2,314,273,243
	Net other assets (liabilities) — 5.0%			122,195,099

	Net Assets — 100.0%		$	2,436,468,342

Percentages indicated are based on net assets as of June 30, 2013.

(a)	See Federal Tax Information listed in the Notes to the Financial Statements.

Futures Contracts

Cash of $121,301,244 has been segregated to cover margin requirements for the following open contracts as of June 30, 2013:


Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note September Futures		Long		9/20/13		337	$	42,651,563	$	(940,063	)
S&P 500 Index E-Mini September Futures		Long		9/23/13		985		78,765,525		(223,306	)

Total									$	(1,163,369	)

See accompanying notes to the financial statements.

AZL MVP Fusion Moderate Fund

Statement of Assets and Liabilities

June 30, 2013

(Unaudited)


Assets:
Investments in affiliates, at cost	$	1,992,567,915

Investments in affiliates, at value	$	2,314,273,243
Segregated cash for collateral		121,301,244
Interest and dividends receivable		704,293
Receivable for capital shares issued		1,449,357
Receivable for affiliated investments sold		927,980
Receivable for variation margin on futures contracts		75
Prepaid expenses		10,729

Total Assets		2,438,666,921

Liabilities:
Cash overdraft		927,980
Payable for affiliated investments purchased		758,661
Manager fees payable		405,497
Administration fees payable		4,895
Custodian fees payable		241
Administrative and compliance services fees payable		11,703
Trustee fees payable		39,981
Other accrued liabilities		49,622

Total Liabilities		2,198,580

Net Assets	$	2,436,468,341

Net Assets Consist of:
Capital	$	2,159,072,840
Accumulated net investment income/(loss)		40,146,221
Accumulated net realized gains/(losses) from investment transactions		(83,292,679	)
Net unrealized appreciation/(depreciation) on investments		320,541,959

Net Assets	$	2,436,468,341

Shares of beneficial interest (unlimited number of shares authorized, no par value)		210,067,479
Net Asset Value (offering and redemption price per share)	$	11.60

Statement of Operations

For the Six Months Ended June 30, 2013

(Unaudited)


Investment Income:
Dividends from affiliates	$	5,620,774

Total Investment Income		5,620,774

Expenses:
Manager fees		2,232,701
Administration fees		37,732
Custodian fees		1,978
Administrative and compliance services fees		23,737
Trustee fees		58,637
Professional fees		73,273
Shareholder reports		36,602
Other expenses		23,337

Total expenses before reductions		2,487,997
Less expenses voluntarily waived/reimbursed by the Manager		(209,823	)

Net expenses		2,278,174

Net Investment Income/(Loss)		3,342,600

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		18,881,437
Net realized gains/(losses) on futures contracts		(7,734,008	)
Change in net unrealized appreciation/depreciation on investments		59,880,368

Net Realized/Unrealized Gains/(Losses) on Investments		71,027,797

Change in Net Assets Resulting From Operations	$	74,370,397

See accompanying notes to the financial statements.

Statements of Changes in Net Assets


	AZL MVP Fusion Moderate Fund
	For the Six Months Ended June 30, 2013				For the Year Ended December 31, 2012
	(Unaudited)
Change in Net Assets:
Operations:
Net investment income/(loss)		$	3,342,600			$	26,571,643
Net realized gains/(losses) on investment transactions			11,147,429				3,964,536
Change in unrealized appreciation/depreciation on investments			59,880,368				199,401,971

Change in net assets resulting from operations			74,370,397				229,938,150

Dividends to Shareholders:
From net investment income			—				(33,385,525	)

Change in net assets resulting from dividends to shareholders			—				(33,385,525	)

Capital Transactions:
Proceeds from shares issued			51,848,239				120,965,962
Proceeds from shares issued in merger			316,567,026				—
Proceeds from dividends reinvested			—				33,385,525
Value of shares redeemed			(74,900,071	)			(90,887,463	)

Change in net assets resulting from capital transactions			293,515,194				63,464,024

Change in net assets			367,885,591				260,016,649
Net Assets:
Beginning of period			2,068,582,750				1,808,566,101

End of period		$	2,436,468,341			$	2,068,582,750

Accumulated net investment income/(loss)		$	40,146,221			$	36,803,621

Share Transactions:
Shares issued			4,389,369				11,382,503
Shares issued in merger			26,874,597				—
Dividends reinvested			—				3,057,283
Shares redeemed			(6,460,978	)			(8,429,621	)

Change in shares			24,802,988				6,010,165

See accompanying notes to the financial statements.

AZL MVP Fusion Moderate Fund

Financial Highlights

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


	Six Months Ended June 30, 2013				Year Ended December 31, 2012				Year Ended December 31, 2011				Year Ended December 31, 2010				Year Ended December 31, 2009				Year Ended December 31, 2008
	(Unaudited)
Net Asset Value, Beginning of Period		$	11.17			$	10.09			$	10.58			$	9.63			$	7.75			$	12.45

Investment Activities:
Net Investment Income/(Loss)			(0.01	)			0.13				0.14				0.05				0.06				0.23
Net Realized and Unrealized Gains/(Losses) on Investments			0.44				1.13				(0.44	)			1.07				2.20				(4.13	)

Total from Investment Activities			0.43				1.26				(0.30	)			1.12				2.26				(3.90	)

Dividends to Shareholders From:
Net Investment Income			—				(0.18	)			(0.19	)			(0.17	)			(0.17	)			(0.24	)
Net Realized Gains			—				—				—				—				(0.21	)			(0.56	)

Total Dividends			—				(0.18	)			(0.19	)			(0.17	)			(0.38	)			(0.80	)

Net Asset Value, End of Period		$	11.60			$	11.17			$	10.09			$	10.58			$	9.63			$	7.75

Total Return(a)			3.85	%(b)			12.53	%			(2.84	)%			11.74	%			29.42	%			(32.76	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	2,436,468			$	2,068,583			$	1,808,566			$	1,545,100			$	935,729			$	438,317
Net Investment Income/(Loss)(c)			0.30	%			1.34	%			1.63	%			1.47	%			2.07	%			1.79	%
Expenses Before Reductions(c) (d)*			0.22	%			0.23	%			0.22	%			0.24	%			0.25	%			0.25	%
Expenses Net of Reductions(c)*			0.20	%			0.18	%			0.17	%			0.19	%			0.20	%			0.24	%
Portfolio Turnover Rate(e)			2	%(b)			23	%			19	%			32	%			38	%			55	%

*	The expense ratios exclude the impact of fees/expenses paid by each underlying fund.

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

(b)	Not annualized.

(c)	Annualized for periods less than one year.

(d)	Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(e)	The portfolio turnover rate can be volatile due to the amount and timing of purchases and sales of fund shares during the period.

See accompanying notes to the financial statements.

AZL MVP Fusion Moderate Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”). The Trust consists of 11 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Fusion Moderate Fund (formerly AZL Fusion Moderate Fund) (the “Fund”), and 10 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Dividends to Shareholders

Expense Allocation

Derivative Instruments

Futures Contracts

AZL MVP Fusion Moderate Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)

(“variation margin”) is recorded by the Fund. 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 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 $121.4 million as of June 30, 2013. The monthly average notional amount for these contracts was $118.1 million for the period ended June 30, 2013. Realized gains and losses are reported as “Net realized gains/(losses) from futures transactions” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2013:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Contracts

Receivable for variation margin on futures contracts

—

Payable for variation margin on futures contracts

1,163,369

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2013:


Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized in Income	Realized Gains/(Losses) on Derivatives Recognized in Income			Change in Unrealized Appreciation/ (Depreciation) on Derivatives Recognized in Income

Equity Contracts	Net realized gains/(losses) on futures contracts/change in unrealized appreciation/depreciation on investments	$	(7,734,008	)	$	(1,545,882	)

3. Related Party Transactions

For the period ended June 30, 2013, the annual rate due to the Manager and the annual expense limit were as follows:


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

*	From January 1, 2013 through April 30, 2013, the Manager voluntarily reduced the management fee to 0.17%. Effective May 1, 2013, the voluntary waiver was no longer in effect.


	Market Value 12/31/12			Purchases at Cost			Proceeds from Sales				Net Capital and Realized Gain(Loss)			Change in Unrealized Appreciation/ (Depreciation)				Market Value 6/30/13			Dividend Income
AZL Allianz AGIC Opportunity Fund		$	20,279,547		$	2,889,543		$	(108,685	)		$	1,963		$	(23,062,368	)		$	—		$	—
AZL BlackRock Capital Appreciation Fund			81,628,186			11,662,207			(1,550,114	)			61,664			7,602,795				99,404,738			—

AZL MVP Fusion Moderate Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)


	Market Value 12/31/12			Purchases at Cost			Proceeds from Sales				Net Capital and Realized Gain(Loss)				Change in Unrealized Appreciation/ (Depreciation)				Market Value 6/30/13			Dividend Income
AZL Columbia Mid Cap Value Fund		$	31,305,936		$	4,138,229		$	(2,355,266	)		$	309,604			$	5,143,394			$	38,541,896		$	—
AZL Columbia Small Cap Value Fund			32,372,633			4,257,489			(3,570,841	)			430,782				4,871,680				38,361,742			—
AZL Dreyfus Research Growth Fund			40,593,947			5,728,300			(517,253	)			38,390				4,795,671				50,639,055			—
AZL Federated Clover Small Cap Value Fund			20,342,029			2,911,688			(382,880	)			17,126				3,414,342				26,302,305			—
AZL Gateway Fund			50,662,185			7,659,996			(271,712	)			(93	)			2,063,718				60,114,093			—
AZL International Index Fund			106,689,859			14,056,893			(5,845,139	)			65,161				4,814,790				119,781,564			—
AZL Invesco Growth and Income Fund			61,232,340			8,302,135			(6,534,434	)			983,559				10,924,305				74,907,906			—
AZL Invesco International Equity Fund			110,784,510			15,489,554			(2,020,034	)			120,875				2,443,706				126,818,612			—
AZL JPMorgan International Opportunities Fund			128,424,960			17,365,541			(5,838,082	)			(208,075	)			4,351,404				144,095,749			—
AZL JPMorgan U.S. Equity Fund			102,597,221			13,846,016			(10,341,685	)			1,635,839				15,756,631				123,494,023			—
AZL MFS Investors Trust Fund			41,215,737			5,548,189			(2,317,216	)			356,412				5,542,418				50,345,540			—
AZL MFS Value Fund			72,004,534			9,354,223			(8,190,379	)			1,494,011				11,995,157				86,657,546			—
AZL Mid Cap Index Fund			20,801,615			2,773,008			(1,025,067	)			102,300				3,297,986				25,949,841			—
AZL Morgan Stanley Global Real Estate Fund			43,621,402			6,193,596			(4,321,803	)			962,947				170,592				46,626,735			—
AZL Morgan Stanley Mid Cap Growth Fund			30,792,129			4,525,694			(1,900,748	)			(15,715	)			5,082,839				38,484,199			—
AZL NFJ International Value Fund			69,715,094			10,460,151			(1,515,934	)			(379,696	)			(851,238	)			77,428,376			—
AZL Oppenheimer Discovery Fund			29,989,395			4,648,994			(3,627,595	)			292,805				31,252,704				62,556,303			—
AZL Pyramis Core Bond Fund			162,959,941			27,081,248			(14,675,480	)			185,333				(5,160,125	)			170,390,918			—
AZL Russell 1000 Growth Index Fund			69,211,876			7,894,788			(16,820,169	)			2,805,406				5,548,540				68,640,441			—
AZL Russell 1000 Value Index Fund			101,229,787			9,633,801			(39,686,915	)			8,758,072				7,104,311				87,039,056			—
AZL Schroder Emerging Markets Equity Fund			22,163,672			3,086,590			(108,685	)			5,215				(2,517,793	)			22,628,999			—
AZL Strategic Investments Trust			—			—			—				4,303				—				—			—
NFJ Dividend Value Portfolio			40,541,828			6,268,566			(2,328,576	)			211,501				5,798,038				50,491,357			364,178
PIMCO PVIT Global Advantage Strategy Bond Portfolio			62,112,290			11,051,972			(326,055	)			7,289				(4,221,884	)			68,623,613			543,432
PIMCO PVIT High Yield Portfolio			42,428,661			7,308,928			(217,370	)			14,789				(893,267	)			48,641,741			1,237,966
PIMCO PVIT Real Return Portfolio			82,286,250			19,837,658			(434,740	)			(2,336	)			(8,211,662	)			93,475,171			41,783
PIMCO PVIT Total Return Portfolio			306,491,289			66,496,136			(17,168,275	)			606,761				(13,848,990	)			342,576,922			3,280,581
PIMCO PVIT Unconstrained Bond Portfolio			62,179,401			9,263,247			(326,055	)			15,243				122,966				71,254,802			152,834

Totals		$	2,046,658,254		$	319,734,380		$	(154,327,186	)		$	18,881,437			$	83,330,661			$	2,314,273,243		$	5,620,774

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, 2013, $26,751 was paid from the Fund relating to these fees and expenses.

AZL MVP Fusion Moderate Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)

4. Investment Valuation Summary

—

Level 1 — quoted prices in active markets for identical assets

—

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

—

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

For the period ended June 30, 2013, 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, 2013 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Total

Affiliated Investment Companies		$	2,314,273,243			$			$	2,314,273,243

Total Investment Securities		$	2,314,273,243			$	—		$	2,314,273,243

Other Financial Instruments:*
Futures Contracts			(1,163,369	)			—			(1,163,369	)

Total Investments		$	2,313,109,874			$	—		$	2,313,109,874

*	Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

5. Security Purchases and Sales

For the period ended June 30, 2013, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL MVP Fusion Moderate Fund		$	42,310,627		$	72,807,460

6. Investment Risks

7. Federal Income Tax Information

Cost for federal income tax purposes at June 30, 2013 is $2,031,901,950. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	334,184,950
Unrealized depreciation		(51,813,657	)

Net unrealized appreciation depreciation	$	282,371,293

AZL MVP Fusion Moderate Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)

CLCFs subject to expiration:


	Expires 12/31/2017
AZL MVP Fusion Moderate Fund		$	54,053,479

During the year ended December 31, 2012, the Fund utilized $8,030,391 in CLCFs to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2012 were as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL MVP Fusion Moderate Fund		$	33,385,525		$	—		$	33,385,525

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

As of the latest tax year end December 31, 2012, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses				Unrealized Appreciation/ (Depreciation)(a)			Total Accumulated Earnings/ (Deficit)
AZL MVP Fusion Moderate Fund		$	36,803,621		$	—		$	(54,053,479	)		$	198,370,915		$	181,121,057

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

8. Acquisition of Funds

On April 26, 2013, the Fund acquired all of the net assets of the AZL MVP Fusion Moderate Fund, an open-end investment company, pursuant to a plan of reorganization approved by AZL MVP Fusion Moderate Fund shareholders on April 24, 2013. The purpose of the transaction was to combine two funds managed by the Manager with comparable investment objectives and strategies. The acquisition was accomplished by a tax-free exchange of 26,874,897 shares of the Fund, valued at $316,567,026, for 27,547,105 shares of the AZL MVP Fusion Moderate Fund outstanding on April 26, 2013.

The investment portfolio of the AZL MVP Fusion Moderate Fund, with a fair value of $300,786,728 and identified cost of $278,882,682 at April 26, 2013, was the principal asset acquired by the Fund. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the AZL MVP Fusion Moderate Fund was carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Immediately prior to the merger, the net assets of the Fund were $2,146,421,277. All fees and expenses incurred by the AZL MVP Fusion Moderate Fund and the Fund directly in connection with the plan of reorganization were borne by the Funds.


Net investment income/(loss)	$	3,600,209
Net realized/unrealized gains/(losses)		85,350,744

Change in net assets resulting from operations	$	88,950,953

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the AZL MVP Fusion Moderate Fund that have been included in the Fund’s statement of operations since April 26, 2013.

9. Subsequent Events

AZL MVP Fusion Moderate Fund

Special Joint Meeting of Shareholders (Unaudited)

April 24, 2013

The manner in which the votes were cast at the Special Joint Meeting for the Acquired Funds with respect to the Proposal was as follows:

—

Such other business as may properly come before the meeting, or any adjournment of the meeting.


ACQUIRED FUND		FOR		AGAINST		ABSTAIN
AZL MVP Fusion Balanced Fund	Votes(1)		10,024,076.968		290,872.733		1,805,149.194
	% of votes entitled to be cast		82.706%		2.400%		14.894%
	Shares(2)		1,880,939.675		58,165.155		341,048.140
	% of shares outstanding		15.519%		0.480%		2.814%

AZL MVP Fusion Balanced Fund (NAV)(1/31/2013 -$11.06)	Votes(1)		110,866,291.100		3,217,052.426		19,964,950.080
	% of votes entitled to be cast		82.706%		2.400%		14.894%
	Shares(2)		20,803,192.800		643,306.614		3,771,992.428
	% of shares outstanding		15.519%		0.480%		2.814%

AZL MVP Fusion Moderate Fund	Votes(1)		19,933,272.764		368,620.020		2,631,980.746
	% of votes entitled to be cast		86.916%		1.607%		11.476%
	Shares(2)		3,684,886.169		69,018.425		467,830.831
	% of shares outstanding		16.067%		0.301%		2.040%

AZL MVP Fusion Moderate Fund (NAV)(1/31/2013 - $11.20)	Votes(1)		223,252,654.900		4,128,544.224		29,478,184.350
	% of votes entitled to be cast		86.916%		1.607%		11.476%
	Shares(2)		41,270,725.090		773,006.360		5,239,705.307
	% of shares outstanding		16.067%		0.301%		2.040%

(1)	Echo Voting

(2)	Non-Echo Voting

Other Information (Unaudited)

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The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0613 2/13

AZL^® Growth Index Strategy Fund

Semi-Annual Report

June 30, 2013

(Unaudited)

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Table of Contents

Page 1

Page 2

Page 3

Page 3

Page 4

Page 5

Page 6

Page 9

AZL Growth Index Strategy Fund

Expense Examples

(Unaudited)

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.


	Beginning Account Value 1/1/13			Ending Account Value 6/30/13			Expenses Paid During Period 1/1/13 - 6/30/13*			Annualized Expense Ratio During Period 1/1/13 - 6/30/13
AZL Growth Index Strategy Fund		$	1,000.00		$	1,076.20		$	0.41		0.08	%


	Beginning Account Value 1/1/13			Ending Account Value 6/30/13			Expenses Paid During Period 1/1/13 - 6/30/13*			Annualized Expense Ratio During Period 1/1/13 - 6/30/13
AZL Growth Index Strategy Fund		$	1,000.00		$	1,024.40		$	0.40		0.08	%

*	Expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by 181/365 (to reflect the one half year period).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Domestic Equities		56.0	%
Fixed Income		25.0
International Equities		18.9
Money Market		0.3

Total Investment Securities		100.2
Net other assets (liabilities)		(0.2	)

Net Assets		100.0	%

AZL Growth Index Strategy Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)


Shares			Fair Value

	Affiliated Investment Companies (99.9%):
	25,198,285	AZL Enhanced Bond Index Fund	$	273,905,357
	14,387,616	AZL International Index Fund		206,893,913
	6,156,338	AZL Mid Cap Index Fund		121,464,552
	38,448,822	AZL S&P 500 Index Fund, Class 2		432,164,756
	4,651,153	AZL Small Cap Stock Index Fund		61,441,725

	Total Affiliated Investment Companies (Cost $908,826,006)			1,095,870,303

	Unaffiliated Investment Company (0.3%):
	2,743,120	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(a)		2,743,120

	Total Unaffiliated Investment Company (Cost $2,743,120)			2,743,120

	Total Investment Securities (Cost $911,569,126)(b) — 100.2%			1,098,613,423
	Net other assets (liabilities) — (0.2)%			(1,653,003	)

	Net Assets — 100.0%		$	1,096,960,420

Percentages

indicated are based on net assets as of June 30, 2013.

(a)	The rate represents the effective yield at June 30, 2013.

(b)	See Federal Tax Information listed in the Notes to the Financial Statements.

See accompanying notes to the financial statements.

AZL Growth Index Strategy Fund

Statement of Assets and Liabilities

June 30, 2013

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	2,743,120
Investments in affiliates, at cost		908,826,006

Investment securities, at cost	$	911,569,126

Investments in non-affiliates, at value	$	2,743,120
Investments in affiliates, at value		1,095,870,303

Investment securities, at value		1,098,613,423
Receivable for capital shares issued		1,207,744
Prepaid expenses		5,855

Total Assets		1,099,827,022

Liabilities:
Payable for affiliated investments purchased		2,743,120
Payable for capital shares redeemed		23,489
Manager fees payable		45,247
Administration fees payable		4,648
Custodian fees payable		91
Administrative and compliance services fees payable		5,878
Trustee fees payable		20,080
Other accrued liabilities		24,049

Total Liabilities		2,866,602

Net Assets	$	1,096,960,420

Net Assets Consist of:
Capital	$	892,989,621
Accumulated net investment income/(loss)		13,604,623
Accumulated net realized gains/(losses) from investment transactions		3,321,879
Net unrealized appreciation/(depreciation) on investments		187,044,297

Net Assets	$	1,096,960,420

Shares of beneficial interest (unlimited number of shares authorized, no par value)		68,145,470
Net Asset Value (offering and redemption price per share)	$	16.10

Statement of Operations

For the Six Months Ended June 30, 2013

(Unaudited)


Investment Income:
Dividends from affiliates	$	816

Total Investment Income		816

Expenses:
Manager fees		263,634
Administration fees		31,725
Custodian fees		784
Administrative and compliance services fees		12,456
Trustee fees		30,830
Professional fees		30,138
Shareholder reports		18,627
Other expenses		10,936

Total expenses		399,130

Net Investment Income/(Loss)		(398,314	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		2,167,821
Change in net unrealized appreciation/depreciation on investments		72,712,191

Net Realized/Unrealized Gains/(Losses) on Investments		74,880,012

Change in Net Assets Resulting From Operations	$	74,481,698

See accompanying notes to the financial statements.

Statements of Changes in Net Assets


	AZL Growth Index Strategy Fund
	For the Six Months Ended June 30, 2013				For the Year Ended December 31, 2012
	(Unaudited)
Change in Net Assets:
Operations:
Net investment income/(loss)		$	(398,314	)		$	9,863,262
Net realized gains/(losses) on investment transactions			2,167,821				5,451,472
Change in unrealized appreciation/depreciation on investments			72,712,191				92,640,313

Change in net assets resulting from operations			74,481,698				107,955,047

Dividends to Shareholders:
From net investment income			—				(10,302,471	)
From net realized gains			—				(1,563,064	)

Change in net assets resulting from dividends to shareholders			—				(11,865,535	)

Capital Transactions:
Proceeds from shares issued			82,338,081				149,736,475
Proceeds from dividends reinvested			—				11,865,535
Value of shares redeemed			(23,002,468	)			(59,054,406	)

Change in net assets resulting from capital transactions			59,335,613				102,547,604

Change in net assets			133,817,311				198,637,116
Net Assets:
Beginning of period			963,143,109				764,505,993

End of period		$	1,096,960,420			$	963,143,109

Accumulated net investment income/(loss)		$	13,604,623			$	14,002,937

Share Transactions:
Shares issued			5,189,714				10,519,797
Dividends reinvested			—				807,179
Shares redeemed			(1,438,954	)			(4,122,011	)

Change in shares			3,750,760				7,204,965

See accompanying notes to the financial statements.

AZL Growth Index Strategy Fund

Financial Highlights

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


	Six Months Ended June 30, 2013				Year Ended December 31, 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		$	14.96			$	13.37			$	13.44			$	11.85			$	10.00

Investment Activities:
Net Investment Income/(Loss)			(0.02	)			0.13				0.07				0.07				—	(b)
Net Realized and Unrealized Gains/(Losses) on Investments			1.16				1.64				(0.07	)			1.52				1.85

Total from Investment Activities			1.14				1.77				—				1.59				1.85

Dividends to Shareholders From:
Net Investment Income			—				(0.16	)			(0.07	)			—	(b)			—	(b)
Net Realized Gains			—				(0.02	)			—	(b)			—				—

Total Dividends			—				(0.18	)			(0.07	)			—	(b)			—	(b)

Net Asset Value, End of Period		$	16.10			$	14.96			$	13.37			$	13.44			$	11.85

Total Return(c)			7.62	%(d)			13.33	%			0.01	%			13.42	%			18.50	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	1,096,960			$	963,143			$	764,506			$	384,050			$	171,361
Net Investment Income/(Loss)(e)			(0.08	)%			1.10	%			1.16	%			0.82	%			—
Expenses Before Reductions(e) (f)*			0.08	%			0.08	%			0.08	%			0.08	%			0.20	%
Expenses Net of Reductions(e)*			0.08	%			0.08	%			0.08	%			0.08	%			0.20	%
Portfolio Turnover Rate(g)			2	%(d)			6	%			3	%			9	%			44	%(d)

*	The expense ratios exclude the impact of fees/expenses paid by each underlying fund.

(a)	Period from commencement of operations.

(b)	Represents less than $0.005.

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

(d)	Not annualized.

(e)	Annualized for periods less than one year.

(f)	Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(g)	The portfolio turnover rate can be volatile due to the amount and timing of purchases and sales of fund shares during the period.

See accompanying notes to the financial statements.

AZL Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”). The Trust consists of 11 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL Growth Index Strategy Fund (the “Fund”), and 10 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Dividends to Shareholders

Expense Allocation

3. Related Party Transactions

For the period ended June 30, 2013, the annual rate due to the Manager and the annual expense limit were as follows:


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

AZL Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)


	Market Value 12/31/12			Purchases at Cost			Proceeds from Sales				Net Capital and Realized Gain(Loss)			Change in Unrealized Appreciation/ (Depreciation)				Market Value 6/30/13			Dividend Income
AZL Enhanced Bond Index Fund		$	233,654,893		$	49,572,371		$	(2,033,806	)		$	—		$	(7,281,003	)		$	273,905,357		$	—
AZL International Index Fund			186,794,042			14,848,615			(661,864	)			—			5,894,263				206,893,913			—
AZL Mid Cap Index Fund			107,635,739			2,342,718			(3,878,300	)			—			15,104,655				121,464,552			—
AZL S&P 500 Index Fund			380,420,597			9,299,263			(9,678,368	)			—			50,708,531				432,164,756			—
AZL Small Cap Stock Index Fund			54,551,412			1,095,176			(2,972,197	)			—			8,285,745				61,441,725			—

Totals		$	963,056,683		$	77,158,142		$	(19,224,535	)		$	—		$	72,712,191			$	1,095,870,303		$	—

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, 2013, $8,040 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

—

Level 1 — quoted prices in active markets for identical assets

—

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

—

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

For the period ended June 30, 2013, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

AZL Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2013 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Total

Affiliated Investment Companies		$	1,095,870,303		$	—		$	1,095,870,303
Unaffiliated Investment Company			2,743,120			—			2,743,120

Total Investment Securities		$	1,098,613,423		$	—		$	1,098,613,423

5. Security Purchases and Sales

For the period ended June 30, 2013, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL Growth Index Strategy Fund		$	77,158,142		$	19,224,535

6. Investment Risks

7. Federal Income Tax Information

Cost for federal income tax purposes at June 30, 2013 is $913,069,573. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	187,044,297
Unrealized depreciation		(1,500,447	)

Net unrealized appreciation depreciation	$	185,543,850

The tax character of dividends paid to shareholders during the year ended December 31, 2012 were as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL Growth Index Strategy Fund		$	10,302,471		$	1,563,064		$	11,865,535

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

As of the latest tax year end December 31, 2012, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)(a)			Total Accumulated Earnings/ (Deficit)
AZL Growth Index Strategy Fund		$	14,002,935		$	2,637,442		$	—		$	112,848,724		$	129,489,101

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

8. Subsequent Events

Other Information (Unaudited)

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0613 2/13

AZL^® MVP Balanced Index Strategy Fund

Semi-Annual Report

June 30, 2013

(Unaudited)

LOGO

Table of Contents

Page 1

Page 2

Page 3

Page 3

Page 4

Page 5

Page 6

Page 10

AZL MVP Balanced Index Strategy Fund

Expense Examples

(Unaudited)

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.


	Beginning Account Value 1/1/13			Ending Account Value 6/30/13			Expenses Paid During Period 1/1/13 - 6/30/13*			Annualized Expense Ratio During Period 1/1/13 - 6/30/13
AZL MVP Balanced Index Strategy Fund		$	1,000.00		$	1,040.20		$	0.91		0.18	%


	Beginning Account Value 1/1/13			Ending Account Value 6/30/13			Expenses Paid During Period 1/1/13 - 6/30/13*			Annualized Expense Ratio During Period 1/1/13 - 6/30/13
AZL MVP Balanced Index Strategy Fund		$	1,000.00		$	1,023.90		$	0.90		0.18	%

*	Expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by 181/365 (to reflect the one half year period).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Fixed Income		47.4	%
Domestic Equities		34.9
International Equities		12.5
Money Market		0.2

Total Investment Securities		95.0
Net other assets (liabilities)		5.0

Net Assets		100.0	%

AZL MVP Balanced Index Strategy Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)


Shares			Fair Value
	Affiliated Investment Companies (94.8%):
	4,883,553	AZL Enhanced Bond Index Fund	$	53,084,223
	970,251	AZL International Index Fund		13,952,216
	426,788	AZL Mid Cap Index Fund		8,420,537
	2,323,502	AZL S&P 500 Index Fund, Class 2		26,116,167
	340,524	AZL Small Cap Stock Index Fund		4,498,326

	Total Affiliated Investment Companies (Cost $101,560,293)			106,071,469

	Unaffiliated Investment Company (0.2%):
	267,362	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(a)		267,362

	Total Unaffiliated Investment Company (Cost $267,362)			267,362

	Total Investment Securities (Cost $101,827,655)(b) — 95.0%			106,338,831
	Net other assets (liabilities) — 5.0%			5,502,821

	Net Assets — 100.0%		$	111,841,652

Percentages indicated are based on net assets as of June 30, 2013.

(a)	The rate represents the effective yield at June 30, 2013.

(b)	See Federal Tax Information listed in the Notes to the Financial Statements.

Futures Contracts

Cash of $5,556,268 has been segregated to cover margin requirements for the following open contracts as of June 30, 2013:


Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note September Futures		Long		9/20/13		22	$	2,784,375	$	(54,484	)
S&P 500 Index E-Mini September Futures		Long		9/23/13		35		2,798,775		(6,308	)

Total									$	(60,792	)

See accompanying notes to the financial statements.

AZL MVP Balanced Index Strategy Fund

Statement of Assets and Liabilities

June 30, 2013

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	267,362
Investments in affiliates, at cost		101,560,293

Investment securities, at cost	$	101,827,655

Investments in non-affiliates, at value	$	267,362
Investments in affiliates, at value		106,071,469

Investment securities, at value		106,338,831
Segregated cash for collateral		5,556,268
Receivable for capital shares issued		225,813
Prepaid expenses		313

Total Assets		112,121,225

Liabilities:
Payable for affiliated investments purchased		248,092
Payable for capital shares redeemed		11,483
Payable for variation margin on futures contracts		174
Manager fees payable		9,175
Administration fees payable		4,163
Custodian fees payable		164
Administrative and compliance services fees payable		749
Trustee fees payable		2,558
Other accrued liabilities		3,015

Total Liabilities		279,573

Net Assets	$	111,841,652

Net Assets Consist of:
Capital	$	107,023,793
Accumulated net investment income/(loss)		(85,350	)
Accumulated net realized gains/(losses) from investment transactions		452,825
Net unrealized appreciation/(depreciation) on investments		4,450,384

Net Assets	$	111,841,652

Shares of beneficial interest (unlimited number of shares authorized, no par value)		10,060,816
Net Asset Value (offering and redemption price per share)	$	11.12

Statement of Operations

For the Six Months Ended June 30, 2013

(Unaudited)


Investment Income:
Dividends from affiliates	$	—

Total Investment Income		—

Expenses:
Manager fees		47,741
Administration fees		27,787
Custodian fees		1,271
Administrative and compliance services fees		1,150
Trustee fees		2,825
Professional fees		2,404
Shareholder reports		1,219
Other expenses		952

Total expenses		85,349

Net Investment Income/(Loss)		(85,349	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		203,370
Net realized gains/(losses) on futures contracts		228,889
Change in net unrealized appreciation/depreciation on investments		2,616,350

Net Realized/Unrealized Gains/(Losses) on Investments		3,048,609

Change in Net Assets Resulting From Operations	$	2,963,260

See accompanying notes to the financial statements.

Statements of Changes in Net Assets


	AZL MVP Balanced Index Strategy Fund
	For the Six Months Ended June 30, 2013				January 10, 2012 to December 31, 2012 (a)
	(Unaudited)
Change in Net Assets:
Operations:
Net investment income/(loss)		$	(85,349	)		$	504,990
Net realized gains/(losses) on investment transactions			432,259				584,183
Change in unrealized appreciation/depreciation on investments			2,616,350				1,834,034

Change in net assets resulting from operations			2,963,260				2,923,207

Dividends to Shareholders:
From net investment income			—				(931,905	)
From net realized gains			—				(136,703	)

Change in net assets resulting from dividends to shareholders			—				(1,068,608	)

Capital Transactions:
Proceeds from shares issued			38,716,858				72,117,346
Proceeds from dividends reinvested			—				1,068,608
Value of shares redeemed			(3,668,621	)			(1,210,398	)

Change in net assets resulting from capital transactions			35,048,237				71,975,556

Change in net assets			38,011,497				73,830,155
Net Assets:
Beginning of period			73,830,155				—

End of period		$	111,841,652			$	73,830,155

Accumulated net investment income/(loss)		$	(85,350	)		$	(1	)

Share Transactions:
Shares issued			3,481,315				6,921,554
Dividends reinvested			—				100,717
Shares redeemed			(328,764	)			(114,006	)

Change in shares			3,152,551				6,908,265

(a)	Period from commencement of operations.

See accompanying notes to the financial statements.

AZL MVP Balanced Index Strategy Fund

Financial Highlights

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


	Six Months Ended June 30, 2013				January 10, 2012 to December 31, 2012 (a)
	(Unaudited)
Net Asset Value, Beginning of Period		$	10.69			$	10.00

Investment Activities:
Net Investment Income/(Loss)			(0.01	)			0.08
Net Realized and Unrealized Gains/(Losses) on Investments			0.44				0.77

Total from Investment Activities			0.43				0.85

Dividends to Shareholders From:
Net Investment Income			—				(0.14	)
Net Realized Gains			—				(0.02	)

Total Dividends			—				(0.16	)

Net Asset Value, End of Period		$	11.12			$	10.69

Total Return(b)			4.02	%(c)			8.50	%(c)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	111,842			$	73,830
Net Investment Income/(Loss)(d)			(0.18	)%			1.41	%
Expenses Before Reductions(d) (e)*			0.18	%			0.39	%
Expenses Net of Reductions(d)*			0.18	%			0.21	%
Portfolio Turnover Rate(f)			3	%(c)			11	%(c)

*	The ratios exclude the impact of fees/expenses paid by each underlying fund.

(a)	Period from commencement of operations.

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

(c)	Not annualized.

(d)	Annualized for periods less than one year.

(e)	Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(f)	The portfolio turnover rate can be volatile due to the amount and timing of purchases and sales of fund shares during the period.

See accompanying notes to the financial statements.

AZL MVP Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”). The Trust consists of 11 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Balanced Index Strategy Fund (the “Fund”), and 10 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Investment transactions are recorded not later than on the business day following trade date. However, for financial reporting purposes, investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions 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

Expense Allocation

Derivative Instruments

Futures Contracts

AZL MVP Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)

(“variation margin”) is recorded by the Fund. 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 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 $5.6 million as of June 30, 2013. The monthly average notional amount for these contracts was $4.8 million for the period ended June 30, 2013. Realized gains and losses are reported as “Net realized gains/(losses) from futures transactions” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2013:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Contracts

Receivable for variation margin on futures contracts

—

Payable for variation margin on futures contracts

60,792

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2013:


Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized in Income	Realized Gains/(Losses) on Derivatives Recognized in Income		Change in Unrealized Appreciation/ (Depreciation) on Derivatives Recognized in Income

Equity Contracts	Net realized gains/(losses) on futures contracts/change in unrealized appreciation/depreciation on investments	$	228,889	$	(45,448	)

3. Related Party Transactions

For the period ended June 30, 2013, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit
AZL MVP Balanced Index Strategy Fund		0.10	%		0.20	%


	Market Value 12/31/12			Purchases at Cost			Proceeds from Sales				Net Capital and Realized Gain(Loss)				Change in Unrealized Appreciation/ (Depreciation)				Market Value 6/30/13			Dividend Income
AZL Enhanced Bond Index Fund		$	34,643,508		$	20,841,442		$	(1,015,255	)		$	(31,428	)		$	(1,354,044	)		$	53,084,223		$	—
AZL International Index Fund			9,384,122			4,728,024			(383,039	)			29,253				193,856				13,952,216			—
AZL Mid Cap Index Fund			5,578,242			2,281,351			(308,205	)			39,472				829,676				8,420,537			—
AZL MVP BIS Investment Trust			—			—			—				1,558				—				—			—

AZL MVP Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)


	Market Value 12/31/12			Purchases at Cost			Proceeds from Sales				Net Capital and Realized Gain(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Market Value 6/30/13			Dividend Income
AZL S&P 500 Index Fund		$	17,282,364		$	7,289,954		$	(1,065,160	)		$	144,803		$	2,464,206		$	26,116,167		$	—
AZL Small Cap Stock Index Fund			3,014,219			1,073,305			(137,013	)			19,711			528,104			4,498,326			—

Totals		$	69,902,455		$	36,214,077		$	(2,908,673	)		$	203,370		$	2,661,799		$	106,071,469		$	—

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, 2013, $662 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

—

Level 1 — quoted prices in active markets for identical assets

—

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

—

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

For the period ended June 30, 2013, 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, 2013 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Total

Affiliated Investment Companies		$	106,071,469			$	—		$	106,071,469
Unaffiliated Investment Company			267,362				—			267,362

Total Investment Securities		$	106,338,831			$	—		$	106,338,831

Other Financial Instruments:*
Futures Contracts			(60,792	)			—			(60,792	)

Total Investment		$	106,278,039			$	—		$	106,278,039

*	Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

AZL MVP Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)

5. Security Purchases and Sales

For the period ended June 30, 2013, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL MVP Balanced Index Strategy Fund		$	36,214,077		$	2,908,673

6. Investment Risks

7. Federal Income Tax Information

Cost for federal income tax purposes at June 30, 2013 is $101,882,047. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	5,999,885
Unrealized depreciation		(1,543,101	)

Net unrealized appreciation depreciation	$	4,456,784

The tax character of dividends paid to shareholders during the year ended December 31, 2012 were as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL MVP Balanced Index Strategy Fund		$	959,198		$	109,410		$	1,068,608

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

As of the latest tax year end December 31, 2012, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)(a)			Total Accumulated Earnings/ (Deficit)
AZL MVP Balanced Index Strategy Fund		$	11,232		$	16,821		$	–		$	1,826,546		$	1,854,599

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

8. Subsequent Events

Other Information (Unaudited)

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0613 2/13

AZL^® MVP BlackRock Global Allocation Fund

Semi-Annual Report

June 30, 2013

(Unaudited)

LOGO

Table of Contents

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Page 32

AZL MVP BlackRock Global Allocation Fund

Consolidated Expense Examples

(Unaudited)

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.

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.


	Beginning Account Value 1/1/13			Ending Account Value 6/30/13			Expenses Paid During Period 1/1/13 - 6/30/13*			Annualized Expense Ratio During Period 1/1/13 - 6/30/13
AZL MVP BlackRock Global Allocation Fund		$	1,000.00		$	1,040.80		$	6.22		1.23	%

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.


	Beginning Account Value 1/1/13			Ending Account Value 6/30/13			Expenses Paid During Period 1/1/13 - 6/30/13*			Annualized Expense Ratio During Period 1/1/13 - 6/30/13
AZL MVP BlackRock Global Allocation Fund		$	1,000.00		$	1,018.70		$	6.16		1.23	%

*	Expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by 181/365 (to reflect the one half year period).

Consolidated Portfolio Composition

(Unaudited)


Investments	Percent of net assets
Common Stock		52.8	%
U.S. Treasury Obligation		24.6
Foreign Bond		7.9
Corporate Bond		1.1
Yankee Dollar		2.0
Convertible Bond		1.7
Exchange Traded Fund		1.4
Securities Held as Collateral for Securities on Loan		1.3
Preferred Stock		0.9
Private Placements		0.8
Other Investments		2.1

Total Investment Securities		96.6
Net other assets (liabilities)		3.4

Net Assets		100.0	%


Investments	Percent of investments
United States		62.9	%
Japan		8.4
United Kingdom		4.8
Germany		3.2
Canada		2.4
Switzerland		1.8
France		1.8
Australia		1.8
Brazil		1.7
Netherlands		1.6
All other countries		9.6

Net Assets		100.0	%

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2013 (Unaudited)


Shares			Fair Value
	Common Stocks (52.8%):
	Aerospace & Defense (1.3%):
	19,428	European Aeronautic Defence & Space Co. NV(a)	$	1,032,973
	609	General Dynamics Corp.(a)		47,703
	542	L-3 Communications Holdings, Inc.(a)		46,471
	1,018	Northrop Grumman Corp.(a)		84,290
	3,899	Precision Castparts Corp.(a)		881,213
	963	Raytheon Co.(a)		63,674
	38,619	Safran SA(a)		2,011,177
	19,248	United Technologies Corp.(a)		1,788,909

				5,956,410

	Air Freight & Logistics (0.2%):
	4,874	FedEx Corp.(a)		480,479
	7,674	United Parcel Service, Inc., Class B(a)		663,647

				1,144,126

	Airlines (0.2%):
	11,700	Japan Airlines Co., Ltd.(a)		601,794
	19,136	United Continental Holdings, Inc.*(a)		598,765

				1,200,559

	Auto Components (0.9%):
	8,200	Aisin Sieki Co., Ltd.(a)		313,876
	3,763	BorgWarner, Inc.*(a)		324,182
	25,800	Bridgestone Corp.(a)		879,575
	83,551	Cheng Shin Rubber Industry Co., Ltd.(a)		262,616
	4,491	Delphi Automotive plc(a)		227,649
	12,200	DENSO Corp.(a)		572,305
	11,600	Futaba Industrial Co., Ltd.*(a)		52,882
	8,011	Johnson Controls, Inc.(a)		286,714
	900	Lear Corp.(a)		54,414
	23,100	Toyota Industries Corp.(a)		945,940
	3,814	TRW Automotive Holdings Corp.*(a)		253,402

				4,173,555

	Automobiles (1.7%):
	4,065	Bayerische Motoren Werke AG (BMW)(a)		355,100
	12,000	Daihatsu Motor Co., Ltd.(a)		227,534
	74,000	Dongfeng Motor Corp., H Shares(a)		98,401
	71,323	Ford Motor Co.(a)		1,103,367
	89,000	Fuji Heavy Industries, Ltd.(a)		2,194,986
	31,378	General Motors Co.*(a)		1,045,201
	25,900	Honda Motor Co., Ltd.(a)		962,650
	2,533	Hyundai Motor Co.(a)		497,706
	33,000	Mazda Motor Corp.*(a)		130,152
	45,900	Suzuki Motor Corp.(a)		1,058,773
	13,600	Toyota Motor Corp.(a)		821,351
	113,770	Yulon Motor Co., Ltd.(a)		181,607

				8,676,828

	Beverages (1.2%):
	5,672	Anheuser-Busch InBev NV(a)		503,137
	46,158	Coca-Cola Co. (The)(a)		1,851,396
	2,147	Constellation Brands, Inc., Class A*(a)		111,902
	5,715	Diageo plc, ADR(a)		656,939
	3,334	Dr Pepper Snapple Group, Inc.(a)		153,131
	2,343	Fomento Economico Mexicano SAB de C.V., ADR(a)		241,774
	17,717	Kirin Holdings Co., Ltd.(a)		278,311


Shares			Fair Value
	Common Stocks, continued
	Beverages, continued
	19,254	PepsiCo, Inc.(a)	$	1,574,785
	1,830	SABMiller plc(a)		88,043
	14,100	Suntory Beverage & Food, Ltd.*(a) (b)		440,803

				5,900,221

	Biotechnology (0.8%):
	4,026	Alexion Pharmaceuticals, Inc.*(a)		371,358
	7,065	Amgen, Inc.(a)		697,033
	1,682	ARIAD Pharmaceuticals, Inc.*(a)		29,418
	2,902	Biogen Idec, Inc.*(a)		624,510
	7,239	Celgene Corp.*(a)		846,311
	5,177	Cubist Pharmaceuticals, Inc.*(a)		250,049
	17,487	Gilead Sciences, Inc.*(a)		895,510
	42,357	Mesoblast, Ltd.*(a)^		203,483
	2,858	Onyx Pharmaceuticals, Inc.*(a)		248,132

				4,165,804

	Building Products (0.2%):
	13,141	Compagnie de Saint-Gobain SA*(a) (c)		—
	17,767	Compagnie de Saint-Gobain SA (a)^		715,081
	8,100	Daikin Industries, Ltd.(a)		327,615
	1,049,223	Yuanda China Holdings, Ltd.(a)		96,456

				1,139,152

	Capital Markets (1.0%):
	651	Ameriprise Financial, Inc.(a)		52,653
	15,780	Bank of New York Mellon Corp. (The)(a)		442,629
	13,570	Credit Suisse Group AG, Registered Shares(a)		359,872
	22,421	Deutsche Bank AG, Registered Shares(a)		937,843
	5,553	Goldman Sachs Group, Inc. (The)(a)		839,891
	12,420	Morgan Stanley(a)		303,421
	5,578	Northern Trust Corp.(a)		322,966
	14,127	State Street Corp.(a)		921,222
	23,135	UBS AG, Registered Shares(a)		393,129

				4,573,626

	Chemicals (1.7%):
	5,392	Agrium, Inc.(a)		468,888
	54,000	Asahi Kasei Corp.(a)		357,286
	2,958	BASF SE(a)		264,159
	345	CF Industries Holdings, Inc.(a)		59,168
	1,000	Cheil Industries, Inc.(a)		78,110
	295,460	China BlueChemical, Ltd., H shares(a)		179,300
	1,182	Eastman Chemical Co.(a)		82,752
	15,382	FMC Corp.(a)		939,224
	19,100	Hitachi Chemical Co., Ltd.(a)		299,169
	15,300	JSR Corp.(a)		309,559
	24,200	Kuraray Co., Ltd.(a)		339,763
	9,252	Lanxess AG(a)		556,065
	3,297	Linde AG(a)		613,848
	51,734	Mexichem SAB de C.V.(a)		214,562
	7,601	Monsanto Co.(a)		750,979
	5,500	Nitto Denko Corp.(a)		353,919
	9,690	Orica, Ltd.(a)		182,106
	18,450	Potash Corp. of Saskatchewan, Inc.(a)		703,499
	698	PPG Industries, Inc.(a)		102,194

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2013 (Unaudited)


Shares			Fair Value
	Common Stocks, continued
	Chemicals, continued
	2,263	Praxair, Inc.(a)	$	260,607
	152,600	PTT Global Chemical pcl(a)		337,013
	16,700	Shin-Etsu Chemical Co., Ltd.(a)		1,108,317
	3,573	Sociedad Quimica y Minera de Chile SA, ADR(a)		144,349
	2,701	Syngenta AG, Registered Shares(a)		1,053,637
	118,000	Ube Industries, Ltd.(a)		218,982

				9,977,455

	Commercial Banks (3.2%):
	34,933	Banco Bilbao Vizcaya Argentaria SA(a)		290,862
	65,000	Banco Santander SA(a)		411,464
	6,871	Bank of Nova Scotia(a)		367,403
	14,744	BB&T Corp.(a)		499,527
	24,065	BNP Paribas SA(a)		1,314,690
	3,586	Commonwealth Bank of Australia(a)		225,342
	155,285	HSBC Holdings plc(a)		1,608,972
	302,116	Intesa Sanpaolo SpA(a)		483,370
	556,425	Lloyds Banking Group plc*(a)		536,341
	2,938	M&T Bank Corp.(a)		328,322
	134,200	Mitsubishi UFJ Financial Group, Inc.(a)		832,942
	4,880	National Australia Bank, Ltd.(a)		131,429
	61,000	Oversea-Chinese Banking Corp., Ltd.(a)		479,100
	160,707	Sberbank of Russia(a)		458,116
	4,822	Societe Generale*(a) (c)		—
	5,246	Societe Generale(a)		178,610
	32,500	Sumitomo Mitsui Financial Group, Inc.(a)		1,491,518
	15,756	Svenska Handelsbanken AB, A Shares(a)		630,436
	3,218	Toronto-Dominion Bank (The)(a)^		258,536
	25,808	U.S. Bancorp(a)		932,959
	95,829	UniCredit SpA(a)		448,064
	67,495	Wells Fargo & Co.(a)		2,785,518

				14,693,521

	Commercial Services & Supplies (0.0%):
	5,648	Avery Dennison Corp.(a)		241,508

	Communications Equipment (0.6%):
	24,666	Cisco Systems, Inc.(a)		599,630
	1,339	Motorola Solutions, Inc.(a)		77,300
	34,130	QUALCOMM, Inc.(a)		2,084,661

				2,761,591

	Computers & Peripherals (0.4%):
	82	Apple, Inc.(a)		32,479
	63,223	EMC Corp.(a)		1,493,327
	36,757	Fusion-io, Inc.*(a)^		523,420
	1,048	Western Digital Corp.(a)		65,070

				2,114,296

	Construction & Engineering (0.3%):
	26,000	JGC Corp.(a)		936,168
	7,324	KBR, Inc.(a)		238,030
	55,000	Okumura Corp.(a)		210,789
	70,000	Toda Corp.(a)		194,528

				1,579,515

	Consumer Finance (0.5%):
	15,447	American Express Co.(a)		1,154,817


Shares			Fair Value
	Common Stocks, continued
	Consumer Finance, continued
	11,134	Capital One Financial Corp.(a)	$	699,327
	17,019	Discover Financial Services(a)		810,785

				2,664,929

	Containers & Packaging (0.1%):
	9,490	Crown Holdings, Inc.*(a)		390,324
	10,640	Sealed Air Corp.(a)		254,828

				645,152

	Diversified Consumer Services (0.1%):
	52,630	Anhanguera Educacional Participacoes SA(a)		308,090

	Diversified Financial Services (1.5%):
	130,627	Bank of America Corp.(a)		1,679,863
	28,096	Citigroup, Inc.(a)		1,347,765
	4,567	Deutcsche Boerse AG(a)		300,619
	400,000	General Electric Capital Corp., Series B(a)		425,000
	56,950	ING Groep NV*(a)		520,335
	52,568	JPMorgan Chase & Co.(a)		2,775,065

				7,048,647

	Diversified Metals & Mining (0.1%):
	120,000	Jiangxi Copper Co., Ltd.(a)		201,656

	Diversified Telecommunication Services (1.7%):
	5,245	AT&T, Inc.(a)		185,673
	10,659	BCE, Inc.(a)		437,147
	195,307	BT Group plc(a)		913,819
	40,503	Chunghwa Telecom Co., Ltd.(a)		137,688
	10,725	Chunghwa Telecom Co., Ltd., ADR(a)		344,379
	70,642	Deutsche Telekom AG, Registered Shares(a)		823,850
	13,247	France Telecom SA(a)		124,735
	8,283	KT Corp., ADR(a)		128,552
	7,700	Nippon Telegraph & Telephone Corp.(a)		401,957
	131,641	PT Telekomunikasi Indonesia Tbk(a)		146,306
	196,000	Singapore Telecommunications, Ltd.(a)		580,622
	704	Swisscom AG, Registered Shares(a)		307,730
	21,496	TDC A/S(a)		173,928
	32,883	Telecom Italia SpA(a)		18,168
	381,889	Telecom Italia SpA(a)		265,216
	13,133	Telefonica Brasil SA, ADR(a)		299,695
	35,454	Telefonica Deutschland Holding AG(a)		256,597
	33,818	Telefonica SA*(a)		435,093
	7,987	Telefonica SA, ADR*(a)		102,313
	155,500	Telekom Malaysia Berhad(a)		265,887
	7,985	TELUS Corp.(a)		233,155
	33,262	Verizon Communications, Inc.(a)		1,674,409
	15,743	Ziggo NV(a)		628,406

				8,885,325

	Electric Utilities (0.7%):
	12,667	American Electric Power Co., Inc.(a)		567,228
	8,310	Duke Energy Corp.(a)		560,925
	119,173	Federal Hydrogenerating Co. (RusHydro), ADR*(a)		172,747
	15,643	NextEra Energy, Inc.(a)		1,274,592
	16,118	PPL Corp.(a)		487,731
	28,952	Scottish & Southern Energy plc(a)		668,292

				3,731,515

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2013 (Unaudited)


Shares			Fair Value
	Common Stocks, continued
	Electrical Equipment (0.4%):
	6,161	Eaton Corp. plc(a)	$	405,455
	11,029	Rockwell Automation, Inc.(a)		916,951
	23,400	Sumitomo Electric Industries, Ltd.(a)		279,916

				1,602,322

	Electronic Equipment, Instruments & Components (0.6%):
	61,524	Corning, Inc.(a)		875,487
	102,000	Hitachi, Ltd.(a)		655,351
	28,000	HOYA Corp.(a)		574,639
	2,900	Kyocera Corp.(a)		295,264
	7,500	Murata Manufacturing Co., Ltd.(a)		571,109
	1,200	TE Connectivity, Ltd.(a)		54,648

				3,026,498

	Energy Equipment & Services (1.1%):
	572	Diamond Offshore Drilling, Inc.(a)		39,348
	125	Dresser-Rand Group, Inc.*(a)		7,498
	17,896	Halliburton Co.(a)		746,621
	722	Helmerich & Payne, Inc.(a)		45,089
	21,628	National-Oilwell Varco, Inc.(a)		1,490,169
	23,235	Schlumberger, Ltd.(a)		1,665,019
	7,149	Technip-Coflexip SA(a)		722,466
	6,386	Tenaris SA, ADR(a)		257,164

				4,973,374

	Food & Staples Retailing (0.5%):
	14,627	CVS Caremark Corp.(a)		836,372
	1,680	Kroger Co. (The)(a)		58,027
	21,542	Wal-Mart Stores, Inc.(a)		1,604,664

				2,499,063

	Food Products (1.5%):
	47,409	Cosan, Ltd., A Shares(a)		766,129
	13,171	General Mills, Inc.(a)		639,189
	14,488	Hillshire Brands Co.(a)		479,263
	5,647	Kraft Foods Group, Inc., Class A(a)		315,498
	11,504	Mead Johnson Nutrition Co.(a)		911,462
	32,458	Mondelez International, Inc., Class A(a)		926,026
	20,875	Nestle SA, Registered Shares(a)		1,365,721
	32,994	SLC Agricola SA(a)		284,390
	14,223	Unilever NV(a)		557,863
	3,188	Unilever NV, NYS(a)		125,320
	3,524	Unilever plc, ADR(a)		142,546
	5,644	Unilever plc(a)		229,173
	1,275	WhiteWave Foods Co., Class A*(a)		20,719

				6,763,299

	Gas Utilities (0.2%):
	164,000	Tokyo Gas Co., Ltd.(a)		907,849

	Health Care Equipment & Supplies (0.5%):
	13,325	Abbott Laboratories(a)		464,776
	12,007	Covidien plc(a)		754,520
	456	Intuitive Surgical, Inc.*(a)		231,000
	11,646	Medtronic, Inc.(a)		599,420
	1,066	Stryker Corp.(a)		68,949
	4,600	Terumo Corp.(a)		228,962

				2,347,627


Shares			Fair Value
	Common Stocks, continued
	Health Care Providers & Services (2.7%):
	16,630	Aetna, Inc.(a)	$	1,056,671
	25,400	Al Noor Hospitals Group plc*(a)		244,695
	9,423	AmerisourceBergen Corp.(a)		526,086
	65,100	Bangkok Dusit Medical Services pcl, Class F(a)		328,491
	20,286	Cardinal Health, Inc.(a)		957,499
	3,725	DaVita, Inc.*(a)		449,980
	6,152	Express Scripts Holding Co.*(a)		379,517
	6,418	Fresenius SE & Co. KGaA(a)		790,985
	22,057	HCA Holdings, Inc.(a)		795,375
	9,762	HealthSouth Corp.*(a)		281,146
	12,329	Humana, Inc.(a)		1,040,321
	687,600	IHH Healthcare Berhad*(a)		859,957
	71,889	Life Healthcare Group Holdings Pte, Ltd.(a)		274,726
	6,935	McKesson, Inc.(a)		794,058
	41,124	NMC Health plc(a)		168,988
	70,000	Raffles Medical Group, Ltd.(a)		173,071
	3,400	Ship Healthcare Holdings, Inc.(a)		125,159
	100,397	Sinopharm Group Co., H Shares(a)		251,642
	8,494	Tenet Healthcare Corp.*(a)		391,573
	13,584	UnitedHealth Group, Inc.(a)		889,480
	19,413	Universal Health Services, Inc., Class B(a)		1,299,895
	5,070	WellPoint, Inc.(a)		414,929

				12,494,244

	Hotels, Restaurants & Leisure (0.4%):
	7,259	Carnival Corp.(a)		248,911
	15,083	International Game Technology(a)		252,037
	12,780	McDonald’s Corp.(a)		1,265,219
	837	Wyndham Worldwide Corp.(a)		47,902

				1,814,069

	Household Durables (0.3%):
	37,388	Cyrela Brazil Realty SA Empreendimentos e Participacoes(a)		256,907
	64,024	MRV Engenharia e Participacoes SA(a)		188,829
	22,224	PulteGroup, Inc.*(a)		421,589
	3,800	Rinnai Corp.(a)		270,577

				1,137,902

	Household Products (0.7%):
	15,838	Colgate-Palmolive Co.(a)		907,359
	645	Energizer Holdings, Inc.(a)		64,829
	5,829	Kimberly-Clark Corp.(a)		566,229
	25,093	Procter & Gamble Co. (The)(a)		1,931,910
	3,200	Unicharm Corp.(a)		181,055

				3,651,382

	Independent Power Producers & Energy Traders (0.2%):
	35,587	AES Corp. (The)(a)		426,688
	31,799	Calpine Corp.*(a)		675,093

				1,101,781

	Industrial Conglomerates (1.3%):
	6,482	3M Co.(a)		708,807
	132,219	Beijing Enterprises Holdings, Ltd.(a)		949,215
	7,669	Danaher Corp.(a)		485,448
	114,896	General Electric Co.(a)		2,664,438

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2013 (Unaudited)


Shares			Fair Value
	Common Stocks, continued
	Industrial Conglomerates, continued
	68,000	Keppel Corp., Ltd.(a)	$	556,209
	8,509	Siemens AG, Registered Shares(a)		859,678

				6,223,795

	Insurance (2.3%):
	14,873	ACE, Ltd.(a)		1,330,836
	9,070	American International Group, Inc.*(a)		405,429
	20,013	Amlin plc(a)		119,999
	3,940	Arch Capital Group, Ltd.*(a)		202,555
	30,606	AXA SA(a)^		601,293
	1,300	Axis Capital Holdings, Ltd.(a)		59,514
	3,344	Berkshire Hathaway, Inc., Class B*(a)		374,260
	4,453	Chubb Corp. (The)(a)		376,946
	1,440	CNA Financial Corp.(a)		46,973
	8,985	Fidelity National Financial, Inc., Class A(a)		213,933
	2,821	Lincoln National Corp.(a)		102,882
	9,733	MetLife, Inc.(a)		445,382
	25,900	MS&AD Insurance Group Holdings, Inc.(a)		658,833
	1,506	Muenchener Rueckversicherungs-Gesellschaft AG, Registered Shares(a)		276,510
	2,560	Platinum Underwriters Holdings, Ltd.(a)		146,483
	18,237	Progressive Corp. (The)(a)		463,585
	5,331	Prudential Financial, Inc.(a)		389,323
	26,011	QBE Insurance Group, Ltd.(a)		358,886
	625	Reinsurance Group of America, Inc.(a)		43,194
	3,207	RenaissanceRe Holdings, Ltd.(a)		278,336
	25,500	Sony Financial Holdings, Inc.(a)		403,011
	10,700	T&D Holdings, Inc.(a)		143,965
	68,500	Tokio Marine Holdings, Inc.(a)		2,172,873
	748	Torchmark Corp.(a)^		48,725
	7,794	Travelers Cos., Inc. (The)(a)		622,896
	1,879	UnumProvident Corp.(a)		55,186
	26,289	XL Group plc(a)		797,083
	1,225	Zurich Insurance Group AG(a)		317,553

				11,456,444

	Internet & Catalog Retail (0.3%):
	2,430	Amazon.com, Inc.*(a)		674,787
	1,328	Expedia, Inc.(a)		79,879
	54,500	Rakuten, Inc.(a)		644,784

				1,399,450

	Internet Software & Services (0.9%):
	4,973	Baidu, Inc., Sponsored ADR*(a)		470,098
	10,142	Facebook, Inc., Class A*(a)		252,130
	3,422	Google, Inc., Class A*(a)		3,012,626
	240	Project Eagle Shell, Class A*(a) (b) (d)		4,392
	18,506	Project Eagle Shell, Series D*(a) (b) (d)		338,660
	20,670	Project Eagle Shell*(a) (b) (d)		378,261

				4,456,167

	IT Services (1.1%):
	700	Accenture plc, Class A(a)		50,372
	604	Alliance Data Systems Corp.*(a)^		109,342
	1,684	Amdocs, Ltd.(a)		62,460
	18,396	Cielo SA(a)		461,013
	1,951	Computer Sciences Corp.(a)		85,395
	2,041	Fidelity National Information Services, Inc.(a)		87,436


Shares			Fair Value
	Common Stocks, continued
	IT Services, continued
	4,040	MasterCard, Inc., Class A(a)	$	2,320,980
	15,783	Visa, Inc., Class A(a)		2,884,344

				6,061,342

	Leisure Equipment & Products (0.1%):
	12,955	Mattel, Inc.(a)		586,991

	Life Sciences Tools & Services (0.6%):
	16,749	Agilent Technologies, Inc.(a)		716,187
	3,745	Life Technologies Corp.*(a)		277,167
	1,438	Mettler-Toledo International, Inc.*(a)		289,326
	9,493	PerkinElmer, Inc.(a)		308,523
	7,437	Thermo Fisher Scientific, Inc.(a)		629,393
	5,195	Waters Corp.*(a)		519,760

				2,740,356

	Machinery (0.8%):
	1,049	CNH Global NV, NYS(a)		43,701
	2,842	Cummins, Inc.(a)		308,243
	1,500	Fanuc, Ltd.(a)		217,555
	131,313	Fiat Industrial SpA(a)		1,462,617
	77,090	Haitian International Holdings, Ltd.(a)		111,937
	109,000	IHI Corp.(a)		413,378
	47,103	Invensys plc(a)		296,348
	69,000	Kubota Corp.(a)		1,001,926
	7,820	PACCAR, Inc.(a)		419,621
	482	Parker Hannifin Corp.(a)		45,983

				4,321,309

	Media (1.4%):
	5,825	Charter Communications, Inc., Class A*(a)		721,426
	55,219	Comcast Corp., Class A(a)		2,312,572
	2,150	DISH Network Corp., Class A(a)		91,418
	5,218	Eutelsat Communications SA(a)		147,670
	6,960	Kabel Deutschland Holding AG(a)		764,151
	5,529	Liberty Media Corp.*(a)		700,856
	14,703	Manchester United plc, Class A*(a)^		234,072
	93,664	Mediaset*(a)		352,916
	11,688	Pearson plc(a)		207,495
	4,878	RTL Group(a)		401,152
	24,865	Shaw Communications, Inc., Class B(a)^		596,911
	27,000	Singapore Press Holdings, Ltd.(a)^		88,659
	4,040	Time Warner Cable, Inc.(a)		454,419
	38,567	Zon Multimedia Servicos de Telecommunicacoes e Multimedia SGPS SA(a)		185,585

				7,259,302

	Metals & Mining (1.6%):
	36,263	Antofagasta plc(a)		440,165
	50,597	BHP Billiton plc(a)		1,299,347
	14,868	Boliden AB(a)		184,217
	9,076	Detour Gold Corp.*(a)		71,216
	37,147	Eldorado Gold Corp.(a)		230,005
	28,659	First Quantum Minerals, Ltd.(a)		425,224
	28,393	Freeport-McMoRan Copper & Gold, Inc.(a)		783,931
	28,836	Glencore International plc(a)		119,937
	47,163	Goldcorp, Inc.(a)		1,166,342

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2013 (Unaudited)


Shares			Fair Value
	Common Stocks, continued
	Metals & Mining, continued
	40,696	Kinross Gold Corp.(a)	$	208,628
	6,766	Kinross Gold Corp.(a)		34,507
	18,491	Newcrest Mining, Ltd.(a)		166,032
	19,116	Newmont Mining Corp.(a)		572,524
	38,556	Osisko Mining Corp.*(a)		127,615
	69,095	Polyus Gold International, Ltd.(a)		211,639
	21,944	Rio Tinto plc(a)		899,264
	18,280	Silver Wheaton Corp.(a)		359,568
	7,229	Southern Copper Corp.(a)		199,665
	9,412	Teck Resources, Ltd., Class B(a)		201,134

				7,700,960

	Multiline Retail (0.1%):
	922	Macy’s, Inc.(a)		44,256
	5,100	Ryohin Keikaku Co., Ltd.(a)		418,689

				462,945

	Multi-Utilaities (0.5%):
	4,035	CenterPoint Energy, Inc.(a)		94,782
	14,155	CMS Energy Corp.(a)		384,591
	15,245	Dominion Resources, Inc.(a)		866,221
	75,399	National Grid plc(a)		852,737
	3,533	Sempra Energy(a)		288,858

				2,487,189

	Office Electronics (0.1%):
	16,290	Canon, Inc.(a)		535,132

	Oil, Gas & Consumable Fuels (4.4%):
	17,018	Anadarko Petroleum Corp.(a)		1,462,357
	4,840	Apache Corp.(a)		405,737
	60,433	Athabasca Oil Corp.*(a)		374,186
	70,609	BG Group plc(a)		1,204,889
	12,335	BP plc, ADR(a)		514,863
	44,727	BP plc(a)		310,229
	17,816	Canadian Natural Resources, Ltd.(a)		503,480
	12,209	Chevron Corp.(a)		1,444,813
	12,417	Cobalt International Energy, Inc.*(a)		329,920
	9,004	Devon Energy Corp.(a)		467,128
	47,697	Eni SpA(a)		979,809
	4,091	EOG Resources, Inc.(a)		538,703
	25,454	Genel Energy plc*(a)		354,908
	133	INPEX Corp.(a)		556,128
	26,932	KazMunaiGas Exploration Production JSC, Registered Shares, GDR(a)		406,744
	58,811	Marathon Oil Corp.(a)		2,033,684
	26,744	Marathon Petroleum Corp.(a)		1,900,429
	893	Murphy Oil Corp.(a)		54,375
	14,331	Occidental Petroleum Corp.(a)		1,278,755
	14,357	Phillips 66(a)		845,771
	18,760	QEP Resources, Inc.(a)		521,153
	8,383	SM Energy Co.(a)		502,812
	47,324	Suncor Energy, Inc.(a)		1,395,324
	1,282	Suncor Energy, Inc.(a)		37,806
	15,686	Total SA(a)^		764,835
	17,259	Total SA, Sponsored ADR(a)		840,513


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	2,384	Valero Energy Corp.(a)	$	82,892
	11,487	Whiting Petroleum Corp.*(a)		529,436

				20,641,679

	Paper & Forest Products (0.0%):
	2,097	International Paper Co.(a)		92,918

	Personal Products (0.1%):
	49,468	Hypermarcas SA(a)		321,952
	7,000	Kao Corp.(a)		238,268

				560,220

	Pharmaceuticals (3.1%):
	16,755	Abbvie, Inc.(a)		692,652
	5,515	Allergan, Inc.(a)		464,584
	10,200	Astellas Pharma, Inc.(a)		555,575
	19,976	AstraZeneca plc(a)		944,791
	19,193	Bristol-Myers Squibb Co.(a)		857,735
	941	GlaxoSmithKline plc, Sponsored ADR(a)		47,022
	27,199	GlaxoSmithKline plc(a)		680,323
	150,000	Hypermarcas SA(a) (e)^		150,750
	21,342	Johnson & Johnson Co.(a)		1,832,424
	22,000	Kyowa Hakko Kogyo Co., Ltd.(a)		248,957
	13,898	Novartis AG, Registered Shares(a)		985,204
	3,170	Perrigo Co.(a)		383,570
	105,560	Pfizer, Inc.(a)		2,956,736
	10,132	Roche Holding AG(a)		2,511,216
	891	Sanofi-Aventis SA, ADR(a)		45,895
	8,438	Sanofi-Aventis SA(a)		869,501
	21,139	Shire plc(a)		670,484
	136,000	Sino Biopharmaceutical, Ltd.(a)		87,672
	2,121	Valeant Pharmaceuticals International, Inc.*(a)		182,576

				15,167,667

	Professional Services (0.0%):
	29,049	Qualicorp SA*(a)		221,220

	Real Estate Investment Trusts (REITs) (0.8%):
	16,843	American Capital Agency Corp.(a)		387,221
	9,576	American Tower Corp.(a)		700,676
	11,889	Equity Residential Property Trust(a)		690,275
	56,096	Fibra Uno Amdinistracion SA(a)		188,400
	6,063	Health Care REIT, Inc., Series I(a)		369,274
	11,800	Keppel REIT(a)		12,058
	103,465	Link REIT (The)(a)		505,109
	3,186	Simon Property Group, Inc.(a)		503,133
	146,500	TF Administradora Industrial S de RL de C.V.(a)		305,436
	1,047	Unibail-Rodamco SE(a)		242,743

				3,904,325

	Real Estate Management & Development (0.6%):
	16,739	BR Malls Participacoes SA(a)		149,683
	12,971	Brookfield Asset Management, Inc., Class A(a)		467,215
	167,000	CapitaLand, Ltd.(a)		403,518
	2,600	Daito Trust Construction Co., Ltd.(a)		245,180
	59,321	St. Joe Co. (The)*(a)^		1,248,707

				2,514,303

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2013 (Unaudited)


Shares			Fair Value
	Common Stocks, continued
	Road & Rail (0.7%):
	72,366	Asciano, Ltd.(a)	$	330,320
	4,595	Canadian National Railway Co.(a)		446,956
	1,876	Canadian Pacific Railway, Ltd.(a)^		227,709
	13,000	East Japan Railway Co.(a)		1,010,896
	9,971	Union Pacific Corp.(a)		1,538,326
	4,900	West Japan Railway Co.(a)		207,466

				3,761,673

	Semiconductors & Semiconductor Equipment (0.7%):
	51,103	Freescale Semiconductor, Ltd.*(a)^		692,446
	824	KLA-Tencor Corp.(a)		45,922
	7,800	ROHM Co., Ltd.(a)		314,689
	2,092	Samsung Electronics Co., Ltd.(a)		2,455,662

				3,508,719

	Software (1.7%):
	37,758	Activision Blizzard, Inc.(a)		538,429
	2,321	Adobe Systems, Inc.*(a)		105,745
	1,620	CA, Inc.(a)		46,381
	818	Check Point Software Technologies, Ltd.*(a)		40,638
	6,849	Citrix Systems, Inc.*(a)		413,200
	44,513	Electronic Arts, Inc.*(a)		1,022,464
	635	Intuit, Inc.(a)		38,754
	63,177	Microsoft Corp.(a)		2,181,502
	3,600	Nintendo Co., Ltd.(a)		424,809
	77,862	Oracle Corp.(a)		2,391,921
	4,548	Red Hat, Inc.*(a)		217,485
	1,820	Symantec Corp.(a)		40,895
	23,375	TIBCO Software, Inc.*(a)		500,225
	7,116	VMware, Inc., Class A*(a)		476,701

				8,439,149

	Specialty Retail (0.3%):
	4,100	Nitori Co., Ltd.(a)		331,014
	660	Ross Stores, Inc.(a)		42,775
	6,110	Tiffany & Co.(a)		445,052
	3,942	Williams-Sonoma, Inc.(a)		220,318
	9,840	Yamada Denki Co., Ltd.(a)		399,447
	152,260	Zhongsheng Group Holdings, Ltd.(a)		167,379

				1,605,985

	Textiles, Apparel & Luxury Goods (0.2%):
	9,647	Coach, Inc.(a)		550,747
	2,465	LVMH Moet Hennessy Louis Vuitton SA(a)		396,911

				947,658

	Tobacco (0.0%):
	868	Philip Morris International, Inc.(a)		75,186

	Trading Companies & Distributors (0.5%):
	39,600	Mitsubishi Corp.(a)		678,575
	117,900	Mitsui & Co., Ltd.(a)		1,481,642
	17,900	Sumitomo Corp.(a)		223,323

				2,383,540

	Transportation Infrastructure (0.1%):
	615,711	Delta Topco, Ltd.*(a) (b) (d)		372,383


Shares			Fair Value
	Common Stocks, continued
	Transportation Infrastructure, continued
	25,098	Novorossiysk Commercial Sea Trade Port JSC, Registered Shares, GDR(a)^	$	157,524

				529,907

	Water Utilities (0.1%):
	11,605	American Water Works Co., Inc.(a)		478,474

	Wireless Telecommunication Services (0.9%):
	269,500	Axiata Group Berhad(a)		560,830
	5,759	Crown Castle International Corp.*(a)		416,893
	104,029	Far EasTone Telecommunications Co., Ltd.(a)		279,039
	10,500	KDDI Corp.(a)		546,438
	7,161	Leap Wireless International, Inc.(a)		48,194
	6,699	MTN Group, Ltd.(a)		124,387
	117	NTT DoCoMo, Inc.(a)		181,837
	2,993	Philippine Long Distance Telephone Co., ADR(a)		203,105
	8,312	Rogers Communications, Inc., Class B(a)		325,830
	2,400	SoftBank Corp.(a)		140,161
	46,038	Sprint Nextel Corp.*(a)		323,187
	21,452	Vodafone Group plc, ADR(a)		616,531
	141,029	Vodafone Group plc(a)		404,648

				4,171,080

	Total Common Stocks (Cost $233,838,105)			258,797,976

	Preferred Stocks (0.9%):
	Automobiles (0.2%):
	5,645	Volkswagen AG, Preferred Shares(a)		1,139,523

	Commercial Banks (0.6%):
	16,082	Citigroup Capital XIII, Preferred Shares(a)		447,884
	23,200	GMAC Capital Trust I, Series 2, Preferred Shares(a)		604,360
	9,733	HSBC Holdings plc, Series 2, Preferred Shares(a)		263,764
	25,253	Itau Unibanco Holding SA, Preferred Shares(a)		326,218
	9,440	RBS Capital Funding Trust VII, Series G, Preferred Shares(a)*		200,883
	2,900	Royal Bank of Scotland Group plc, Series Q, Preferred Shares, ADR(a)		64,699
	4,850	Royal Bank of Scotland Group plc, Series M, Preferred Shares, ADR(a)		102,966
	9,469	Royal Bank of Scotland Group plc, Series T, Preferred Shares, ADR(a)		226,877
	4,409	U.S. Bancorp, Series G, Preferred Shares(a)		120,851
	8,909	U.S. Bancorp, Series F, Preferred Shares(a)		250,343
	311,000	USB Capital IX, Preferred Shares(a)		270,570

				2,879,415

	Diversified Financial Services (0.0%):
	31,451	Fannie Mae, Series S, Preferred Shares(a)		143,102

	Food & Staples Retailing (0.1%):
	9,640	Companhia Brasileira de Destribuicao Grupo Pao de Acucar, Preferred Shares(a)		432,136

	Total Preferred Stocks (Cost $4,334,888)			4,594,176

	Warrant (0.0%):
	Paper & Forest Products (0.0%):
	157,250	TFS Corp., Ltd.*(a) (e)		12,173

	Total Warrant (Cost $—)			12,173

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2013 (Unaudited)


Shares or Principal Amount			Fair Value
	Convertible Preferred Stocks (0.4%):
	Aerospace & Defense (0.0%):
	3,087	United Technologies Corp., 0.51%(a)	$	183,244

	Airlines (0.0%):
	650	Continental Airlines Finance Trust II, 3.41%(a)		28,620

	Automobiles (0.1%):
	9,027	General Motors Co., Series B, 0.39%(a)^		434,740

	Commercial Banks (0.1%):
	207	Wells Fargo & Co., Series L, Class A, 0.03%(a)		246,330

	Electric Utilities (0.2%):
	7,284	NextEra Energy, Inc., 0.40%(a)		410,818
	4,820	PPL Corp., 0.72%(a)		253,291
	5,600	PPL Corp., 0.65%(a)		302,512

				966,621

	Health Care Providers & Services (0.0%):
	3,038	Omnicare Capital Trust II, Series B(a)		178,388

	Metals & Mining (0.0%):
	7,824	Cliffs Natural Resources, Inc., Series A, 1.58%(a)^		138,798

	Total Convertible Preferred Stocks (Cost $2,045,247)			2,176,741

	Private Placements (0.8%):
	Automobiles (0.1%):
	200,000	Volkswagen International Finance NV(a) (e)		267,012

	Commercial Banks (0.2%):
	150,000	Banco Santander SA(a) (e)		140,625
	265,000	CIT Group, Inc.(a) (e)		269,306
	400,000	Sberbank of Russia/SB Capital SA(a) (e)		375,000
	200,000	Vnesheconombank(a) (e)		206,000

				990,931

	Diversified Financial Services (0.1%):
	449,000	Daimler Finance NA LLC(a) (e)		450,422
	78,000	Hyundai Capital America, Inc.(a) (e)		77,748
	124,000	Hyundai Capital America, Inc.(a) (e)		119,881
	426,443	Project Driving Equity Commitment(a) (b)		—

				648,051

	Media (0.0%):
	200,000	NBCUniversal Enterprise, Inc.(a) (e)		200,000

	Oil, Gas & Consumable Fuels (0.1%):
	250,800	Odebrecht Drilling VIII/IX(a) (e)		253,308

	Paper & Forest Products (0.1%):
	425,000	TFS Corp., Ltd.(a) (d)		403,750

	Pharmaceuticals (0.1%):
	385,000	Valeant Pharmaceuticals International(a) (b)		379,225

	Software (0.1%):
	562,000	Salesforce.com, Inc.(a) (e)		534,954

	Tobacco (0.0%):
	225,000	B.A.T. International Finance plc(a) (e)		225,668

	Total Private Placements (Cost $3,995,684)			3,902,899

	Convertible Bonds (1.7%):
	Automobiles (0.1%):
$	300,000	Volkswagen International Finance NV, 5.50%, 11/9/15(a) (e)		400,518


Shares or Principal Amount			Fair Value
	Convertible Bonds, continued
	Biotechnology (0.2%):
$	134,000	Cubist Pharmaceuticals, Inc., 2.50%, 11/1/17(a)	$	234,751
	454,000	Gilead Sciences, Inc., Series D, 1.63%, 5/1/16(a)		1,027,458

				1,262,209

	Diversified Financial Services (0.2%):
	2,000,000	Wharf Finance (2014), Ltd., 2.30%, 6/7/14(a)		262,707
	34,000,000	Zeus (Cayman), 0.66%, 8/19/13(a) (d)		334,308
	20,000,000	Zeus Cayman II, Series REGS, 1.02%, 8/18/16(a) (d)		267,346

				864,361

	Electrical Equipment (0.0%):
	143,000	Suzlon Energy, Ltd., 30.94%, 7/25/14(a)		92,950

	Food & Staples Retailing (0.1%):
	400,000	Olam International, Ltd., 6.00%, 10/15/16(a)		377,700

	Food Products (0.1%):
	400,000	REI Agro, Ltd., Series REGS, 5.50%, 11/13/14(a) (d)		282,140

	Health Care Equipment & Supplies (0.1%):
	428,000	Hologic, Inc., Series 2010, 2.00%, 12/15/37(a) (f)		476,953

	Health Care Providers & Services (0.0%):
	40,000	Brookdale Senior Living, Inc., 2.75%, 6/15/18(a)^		47,100

	Oil, Gas & Consumable Fuels (0.2%):
	390,000	Cobalt International Energy, Inc., 2.63%, 12/1/19(a)		413,644
	134,000	Cobalt International Energy, Inc., 2.63%, 12/1/19(a)		142,124
	300,000	Essar Energy plc, 4.25%, 2/1/16(a) (e)		246,000

				801,768

	Pharmaceuticals (0.1%):
	25,000	Cubist Pharmaceuticals, Inc., 2.50%, 11/1/17(a)		43,797
	337,000	Mylan, Inc., 3.75%, 9/15/15(a)		798,690

				842,487

	Real Estate Management & Development (0.5%):
	500,000	CapitaLand, Ltd., 2.10%, 11/15/16(a)		392,629
	500,000	CapitaLand, Ltd., 3.13%, 3/5/18(a)		421,237
	1,000,000	CapitaLand, Ltd., Series CAPL, 2.95%, 6/20/22(a) (e)		775,393
	203,000	Forest City Enterprises, Inc., 4.25%, 8/15/18(a)		227,233
	75,000	Forest City Enterprises, Inc., 4.25%, 8/15/18(a)		83,953
	200,000	Pyrus, Ltd., Series REGS, 7.50%, 12/20/15(a) (e)		251,600
	200,000	Pyrus, Ltd., Series REGS, 7.50%, 12/20/15(a) (e)		251,600

				2,403,645

	Software (0.1%):
	80,000	Take-Two Interactive Software, Inc., 4.38%, 6/1/14(a)		113,150
	265,000	Take-Two Interactive Software, Inc., 1.75%, 12/1/16(a)		291,003
	137,000	Take-Two Interactive Software, Inc., 1.75%, 12/1/16(a)^		150,443

				554,596

	Total Convertible Bonds (Cost $7,992,897)			8,406,427

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2013 (Unaudited)


Shares or Principal Amount			Fair Value
	Floating Rate Loans (0.4%):
	Insurance (0.1%):
$	571,000	Delta Debtco, Ltd., 0.09%, 10/30/19(a) (d) (f)	$	598,836

	Media (0.2%):
	396,008	Univision Communications, Inc. , 3/1/20(a) (f)		391,553

	Metals & Mining (0.0%):
	104,000	Constellium Holdco BV , 2/25/20(a) (f)		105,690
	104,000	Constellium Holdco BV , 2/25/20(a) (f)		136,710
	106,664	Essar Steel Algoma, Inc., 8.75%, 9/18/14(a) (f)		108,198

				350,598

	Oil, Gas & Consumable Fuels (0.0%):
	242,893	Quintero SA, 1.46%, 6/20/23(a) (f)		214,717

	Wireless Telecommunication Services (0.1%):
	255,000	Cricket Communications, Inc. , 2/26/20(a) (f)		252,529

	Total Floating Rate Loans (Cost $1,759,971)			1,808,233

	Collateralized Mortgage Obligations (0.1%):
	375,362	Banc of America Large Loan, Inc., Class HLTN, Series 2010, 2.49%, 11/15/13(a) (e) (f)		375,653

	Total Collateralized Mortgage Obligations (Cost $370,328)			375,653

	Corporate Bonds (1.1%):
	Beverages (0.0%):
	163,000	Anheuser-Busch InBev NV Worldwide, Inc., 1.38%, 7/15/17(a)		160,425

	Capital Markets (0.1%):
	208,000	Ford Motor Credit Co. LLC, 2.38%, 1/16/18(a)		200,272
	252,000	General Electric Capital Corp., Series A, 5.55%, 5/4/20, MTN(a)		284,654
	168,000	Morgan Stanley, Series G, 7.30%, 5/13/19(a)		195,151

				680,077

	Commercial Banks (0.2%):
	168,000	Ally Financial, Inc., 4.50%, 2/11/14(a)		169,428
	210,000	HSBC USA, Inc., 1.63%, 1/16/18(a)		204,879
	448,000	JPMorgan Chase & Co., Series Q, 5.15%, 12/31/49, Callable 5/1/23 @ 100(a) (f)		426,720

				801,027

	Communications Equipment (0.0%):
	60,000	Hughes Satellite Systems Corp., 7.63%, 6/15/21(a)		63,750

	Computers & Peripherals (0.1%):
	603,000	Apple, Inc., 1.00%, 5/3/18(a)		579,060

	Construction Materials (0.0%):
	75,000	Building Materials Corp., 6.88%, 8/15/18, Callable 8/15/14 @ 103.44(a) (e)		79,125
	134,000	Texas Industries, Inc., 9.25%, 8/15/20, Callable 8/15/15 @ 104.63(a)		144,385

				223,510

	Diversified Financial Services (0.2%):
	378,000	Bank of America Corp., 2.00%, 1/11/18, MTN(a)		366,136
	162,000	Bank of America Corp., 1.35%, 3/22/18, MTN(a) (f)		160,311
	183,000	Citigroup, Inc., Series A, 5.95%, 12/29/49, Callable 1/30/23 @ 100(a) (f)		182,103

				708,550


Shares or Principal Amount			Fair Value
	Corporate Bonds, continued
	Health Care Providers & Services (0.0%):
$	70,000	DaVita, Inc., 6.38%, 11/1/18, Callable 11/1/13 @ 104.78(a)	$	73,063

	IT Services (0.0%):
	163,000	SunGard Data Systems, Inc., 7.38%, 11/15/18, Callable 11/15/13 @ 105.33(a)		171,965

	Media (0.0%):
	135,000	Cablevision Systems Corp., 5.88%, 9/15/22(a)^		130,613

	Oil, Gas & Consumable Fuels (0.3%):
	420,000	Consol Energy, Inc., 8.00%, 4/1/17, Callable 4/1/14 @ 104(a)		442,049
	325,000	Reliance Holdings USA, Inc., 4.50%, 10/19/20(a) (e)		319,661
	170,000	Sabine Pass Liquefaction LLC, 5.63%, 4/15/23(a) (e)		160,650

				922,360

	Transportation Infrastructure (0.1%):
	509,075	Delta Topco, Ltd., 10.00%, 11/24/60(a) (b) (d)		516,997

	Wireless Telecommunication Services (0.1%):
	273,000	Cricket Communications, Inc., 7.75%, 10/15/20, Callable 10/15/15 @ 103.88(a)		262,080

	Total Corporate Bonds (Cost $5,397,415)			5,293,477

	Foreign Bonds (7.9%):
	Commercial Banks (0.2%):
	460,000	Lloyds TSB Bank plc, Series E, 13.00%, 12/1/49, Callable 1/21/29 @ 100+(a) (f)		1,010,812

	Media (0.1%):
	200,000	Nara Cable Funding, Ltd., 8.88%, 12/1/18, Callable 12/1/13 @ 108.88+(a) (e)		271,364

	Pharmaceuticals (0.0%):
	100,000	Capsugel FinanceCo SCA, 9.88%, 8/1/19, Callable 8/1/14 @ 107.41+(a) (e)		143,947

	Sovereign Bonds (7.6%):
	1,237,000	Australian Government, Series 129, 5.50%, 12/15/13+(a)		1,146,147
	2,769,000	Australian Government, Series 133, 5.50%, 4/21/23+(a)		2,888,902
	3,369,000	Brazil Nota do Tesouro Nacional, Series NTNB , 8/15/22+(a) (g)		3,776,753
	621,000	Brazil Nota do Tesouro Nacional, Series NTNB , 8/15/24+(a) (g)		698,896
	3,086,024	Bundesrepublik Deutschland, Series 2007, 4.25%, 7/4/17+(a)		4,608,110
	2,405,000	Bundesrepublik Deutschland, Series 9, 3.50%, 7/4/19+(a)		3,595,418
	438,000	Canadian Government, 4.00%, 6/1/16+(a)		447,286
	794,000	Canadian Government, 1.50%, 3/1/17+(a)		752,759
	587,000	Canadian Government, 3.50%, 6/1/20+(a)		606,971
	1,500,000	Hong Kong Government, 1.67%, 3/24/14+(a)		195,497
	4,050,000	Hong Kong Government, 3.51%, 12/8/14+(a)		546,590
	1,900,000	Hong Kong Government, 1.69%, 12/22/14+(a)		250,057
	1,800,000	Hong Kong Government, 0.27%, 12/18/17+(a)		224,398

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2013 (Unaudited)


Shares or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
$	4,150,000	Hong Kong Government, 0.53%, 3/19/18+(a)	$	521,121
	1,350,000	Hong Kong Government, 3.56%, 6/25/18+(a)		194,167
	40,000,000	Japan Treasury Bill, Series 372, 0.09%, 9/9/13+(a) (h)		403,319
	110,000,000	Japan Treasury Bill, Series 349, 0.04%, 9/10/13+(a) (h)		1,109,125
	100,000,000	Japan Treasury Bill, Series 374, 0.09%, 9/17/13+(a) (h)		1,008,277
	120,000,000	Japan Treasury Bill, Series 364, 0.08%, 11/11/13+(a) (h)		1,209,790
	1,420,000	Malaysian Government, Series 0108, 3.46%, 7/31/13+(a)		449,778
	2,604,000	Malaysian Government, Series 2/04, 5.09%, 4/30/14+(a)		838,444
	47,240,000	Mexican Cetes, Series BI , 8/22/13+(a) (i)		362,566
	61,412,000	Mexican Cetes, Series BI , 9/5/13+(a) (i)		470,577
	125,370,000	Mexican Cetes, Series BI , 9/19/13+(a) (i)		959,192
	155,620,000	Mexican Cetes, Series BI , 10/3/13+(a) (i)		1,188,840
	2,039,000	Queensland Treasury Corp., Series 17, 6.00%, 9/14/17+(a)		2,055,003
	801,000	Queensland Treasury Corp., Series 21, 6.00%, 6/14/21+(a)		819,606
	418,500	Turkey Government, 5.21%, 7/17/13+(a) (h)		216,371
	385,000	Turkey Government, 5.75%, 9/11/13+(a) (h)		197,186
	3,007,541	United Kingdom Treasury Note, 4.75%, 3/7/20+(a)		5,417,452

				37,158,598

	Wireless Telecommunication Services (0.0%):
	100,000	Ziggo BV, 3.63%, 3/27/20+(a) (e)		126,935

	Total Foreign Bonds (Cost $40,584,385)			38,711,656

	Yankee Dollars (2.0%):
	Capital Markets (0.4%):
	858,310	Dana Gas Sukuk, Ltd., 9.00%, 10/31/17(a) (e)		849,727
	848,330	Dana Gas Sukuk, Ltd., 7.00%, 10/31/17(a) (e)		763,497

				1,613,224

	Commercial Banks (0.4%):
	200,000	Banco Bradesco (Cayman), 4.50%, 1/12/17(a) (e)		208,000
	275,000	Banco Estado Chile, 2.03%, 4/2/15(a)		280,622
	450,000	Banco Santander Chile, 2.15%, 6/7/18(a) (e) (f)		449,010
	200,000	Export-Import Bank of Korea, 1.25%, 11/20/15(a)		197,713
	505,000	Intesa Sanpaolo SpA, 3.13%, 1/15/16(a)		496,545
	230,000	Nordea Bank AB, 3.13%, 3/20/17(a) (e)		236,688
	375,000	Rabobank Nederland, 3.38%, 1/19/17(a)		393,836
	250,000	Rabobank Nederland, 3.95%, 11/9/22(a)		239,068
	200,000	UBS AG Stamford CT, Series BKNT, 5.88%, 12/20/17(a)		230,050

				2,731,532

	Diversified Financial Services (0.1%):
	300,000	CSG Guernsey I, Ltd., Series REGS, 7.87%, 2/24/41, Callable 8/24/16 @ 100(a) (e) (f)		313,500


Shares or Principal Amount			Fair Value
	Yankee Dollars, continued
	Industrial Conglomerates (0.1%):
$	200,000	Hutchison Whampoa International 11, Ltd., 3.50%, 1/13/17(a) (e)	$	206,079

	Media (0.0%):
	200,000	Nara Cable Funding, Ltd., 8.88%, 12/1/18, Callable 12/1/13 @ 108.88(a) (e)		205,000
	200,000	Unitymedia Hessen GmbH & Co., KG/Unitymedia NRW GmbH, 5.50%, 1/15/23, Callable 1/15/18 @ 102.75(a) (e)		189,000

				394,000

	Metals & Mining (0.0%):
	139,000	FMG Resources August 2006, 6.00%, 4/1/17, Callable 4/1/15 @ 103(a) (e)^		135,178

	Oil, Gas & Consumable Fuels (0.4%):
	240,000	Bumi Investment Pte, Ltd., 10.75%, 10/6/17, Callable 10/6/14 @ 105.38(a) (e)		172,800
	875,000	OGX Austria GmbH, 8.50%, 6/1/18, Callable 6/1/15 @ 104.25(a) (e)		275,625
	164,000	Petrobras Global Finance BV, 2.00%, 5/20/16(a)		160,595
	737,000	Petrobras Global Finance BV, 2.41%, 1/15/19(a) (f)		722,261
	110,000	TNK-BP Finance SA, Series 2, 7.50%, 7/18/16(a) (e)		121,963
	100,000	TNK-BP Finance SA, 6.63%, 3/20/17(a) (e)		108,500

				1,561,744

	Real Estate Management & Development (0.0%):
	200,000	Sun Hung Kai Properties, Series E, 4.50%, 2/14/22(a) (e)		197,044

	Road & Rail (0.0%):
	231,190	Inversiones Alsacia SA, 8.00%, 8/18/18, Callable 2/18/15 @ 104(a) (d)		195,355
	87,000	Viterra, Inc., 5.95%, 8/1/20(a) (e)		91,987

				287,342

	Sovereign Bonds (0.4%):
	517,000	Netherlands Government, 1.00%, 2/24/17(a) (e)		515,087
	878,000	Republic of Turkey, 6.75%, 4/3/18(a)		985,555

				1,500,642

	Wireless Telecommunication Services (0.2%):
	200,000	Colombia Telecomm SA Esp, 5.38%, 9/27/22, Callable 9/27/17 @ 102.69(a) (e)		189,000
	299,000	Intelsat Jackson Holdings SA, 7.50%, 4/1/21, Callable 4/1/15 @ 103.75(a)		313,950
	250,000	Vodafone Group plc, 2.88%, 3/16/16(a)		259,107

				762,057

	Total Yankee Dollars (Cost $10,094,928)			9,702,342

	U.S. Treasury Obligations (24.6%):
	U.S. Treasury Bills (18.7%)
	8,695,000	0.08%, 7/5/13(a) (h)		8,694,991
	12,285,000	0.07%, 7/11/13(a) (h)		12,284,926
	18,450,000	0.05%, 7/18/13(a) (h)		18,449,797
	1,000,000	0.05%, 7/25/13(a) (h)		999,988
	1,200,000	0.04%, 8/1/13(a) (h)		1,199,980

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2013 (Unaudited)


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	U.S. Treasury Obligations, continued
	U.S. Treasury Bills, continued
$	700,000	0.03%, 8/8/13(a) (h)	$	699,982
	7,000,000	0.03%, 8/15/13(a) (h)		6,999,804
	16,450,000	0.04%, 8/22/13(a) (h)		16,449,342
	4,200,000	0.02%, 9/5/13(a) (h)		4,199,845
	10,255,000	0.05%, 9/12/13(a) (h)		10,254,580
	10,600,000	0.04%, 9/19/13(a) (h)		10,599,173

				90,832,408

	U.S. Treasury Notes (5.8%)
	3,441,000	2.25%, 3/31/16(a)		3,596,113
	2,111,500	0.63%, 9/30/17(a)		2,064,485
	4,075,400	1.00%, 5/31/18(a)		4,005,352
	2,188,700	1.38%, 9/30/18(a)		2,179,124
	1,683,800	1.00%, 9/30/19(a)		1,610,134
	484,200	1.25%, 10/31/19(a)		469,636
	6,888,900	3.50%, 5/15/20(a)		7,621,383
	3,670,700	2.63%, 8/15/20(a)		3,835,882
	634,700	2.00%, 11/15/21(a)		623,741
	711,100	1.75%, 5/15/22(a)		678,045
	1,131,200	1.63%, 11/15/22(a)		1,055,993
	1,347,600	1.75%, 5/15/23(a)		1,262,111

				29,001,999

	U.S. Treasury Bonds (0.1%)
	375,000	8.13%, 8/15/19(a)		528,141

	Total U.S. Treasury Obligations (Cost $120,967,198)			120,362,548

	Purchased Put Swaptions (0.0%):
	1,006,980	5-Year Interest Rate, Pay 6-Month JPY LIBOR, Exercise @ 1.07%, Exp 4/4/18 (JPY)(a)		32,034

	Total Purchased Put Swaptions (Cost $21,147)			32,034

	Purchased Put Options (0.2%):
	70	On Brazil Ibovespa Index, Strike @ 46433 Exp 10/16/13(a) (g)		68,060
	51	On Humana, Inc., Strike @ 68 Exp 8/17/13(a)		1,275
	30	On Ibovespa Index, Strike @ 45503 Exp 10/16/13(a) (g)		25,259
	29	On Ibovespa Index, Strike @ 45811 Exp 10/16/13(a)		61,310
	23	On KOSPI Index, Strike @ 244 Exp 12/12/13(a)		21,321
	1,791	On MSCI Emerging Markets Index, Strike @ 887 Exp 9/20/13(a)		48,656
	1,458	On MSCI Emerging Markets Index, Strike @ 902 Exp 10/18/13(a)		55,571
	92	On Nikkei 225 Index, Strike @ 9354 Exp 12/13/13(a)		412,478
	8	On S&P 500 Index, Strike @ 1605 Exp 7/20/13(a)		18,800
	8	On S&P 500 Index, Strike @ 1620 Exp 7/20/13(a)		24,400
	10	On S&P 500 Index, Strike @ 1570 Exp 7/20/13(a)		12,350
	8	On S&P 500 Index, Strike @ 1610 Exp 8/17/13(a)		32,480
	811	On S&P 500 Index, Strike @ 1603 Exp 8/16/13(a)		28,254
	794	On S&P 500 Index, Strike @ 1590 Exp 9/20/13(a)		34,887

	Total Purchased Put Options (Cost $538,440)			845,101


Contracts			Fair Value
	Purchased Call Options (0.5%):
	27,342	On Activision Blizzard, Inc., Strike @ 20 Exp 1/17/14(a)	$	4,655
	19,845	On Aetna, Inc., Strike @ 60 Exp 1/18/14(a)		139,221
	20,464	On Agnico-Eagle Mines, Ltd., Strike @ 85 Exp 1/17/14(a)		114
	49,392	On Alcoa, Inc., Strike @ 15 Exp 1/17/14(a)		300
	24,268	On AngloGold, Ltd., Strike @ 65 Exp 1/17/14(a)		1
	3,801	On Apple, Inc., Strike @ 410 Exp 2/21/14(a)		96,165
	2,073	On Autozone, Inc., Strike @ 550 Exp 1/17/14(a)		2,733
	1,033	On Barrick Gold Corp., Strike @ 80 Exp 1/18/14(a)		3,099
	17,640	On Boeing Co., Strike @ 110 Exp 1/17/14(a)		67,077
	49,833	On Boston Scientific Corp., Strike @ 10 Exp 1/17/14(a)		33,199
	23,077	On Bristol-Myers Squibb Co., Strike @ 50 Exp 1/17/14(a)		22,804
	26,460	On Broadcom Corp., Strike @ 55 Exp 1/18/14(a)		565
	28,665	On Caterpillar, Inc., Strike @ 135 Exp 1/18/14(a)		424
	46,090	On Citigroup, Inc., Strike @ 50 Exp 1/18/14(a)		149,530
	9,709	On Coeur d’Alene Mines Corp., Strike @ 40 Exp 1/17/14(a)		63
	55,125	On Corning, Inc., Strike @ 20 Exp 1/17/14(a)		4,418
	28,813	On Eldorado Gold Corp., Strike @ 25 Exp 1/17/14(a)		72
	77,175	On EMC Corp., Strike @ 40 Exp 1/18/14(a)		419
	7,715	On Endeavour Silver Corp., Strike @ 20 Exp 1/17/14(a)		19
	4,874	On First Majestic Silver Corp., Strike @ 35 Exp 1/17/14(a)		138
	59,535	On Freeport-McMoran Copper & Gold, Inc., Strike @ 65 Exp 1/18/14(a)		59
	110,249	On General Electric Co., Strike @ 35 Exp 1/18/14(a)		1,036
	59,566	On Gold Fields, Ltd., Strike @ 22 Exp 1/17/14(a)		17
	646	On Goldcorp, Inc., Strike @ 80 Exp 1/18/14(a)		2,261
	41,895	On Halliburton Co., Strike @ 55 Exp 1/18/14(a)		17,550
	15,193	On Harmony Gold Mining Co., Ltd., Strike @ 15 Exp 1/17/14(a)		35
	110,249	On Hewlett-Packard Co., Strike @ 30 Exp 1/18/14(a)		93,766
	8,820	On Humana, Inc., Strike @ 105 Exp 1/18/14(a)		9,790
	25,625	On IAMGOLD Corp., Strike @ 30 Exp 1/17/14(a)		24
	11,466	On IBM Corp., Strike @ 295 Exp 1/17/14(a)		239
	110,249	On Intel Corp., Strike @ 40 Exp 1/18/14(a)		1,223
	30,870	On J.C. Penney Co., Inc., Strike @ 55 Exp 1/18/14(a)		122
	110,307	On Kinross Gold Corp., Strike @ 20 Exp 1/17/14(a)		494
	63,945	On Marvell Tech Group, Ltd., Strike @ 20 Exp 1/18/14(a)		2,793
	3,307	On MasterCard, Inc., Strike @ 660 Exp 1/18/14(a)		36,869
	19,845	On McDonald’s Corp., Strike @ 135 Exp 1/17/14(a)		793

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2013 (Unaudited)


Contracts			Fair Value
	Purchased Call Options, continued
	25,151	On Merck & Co., Inc., Strike @ 45 Exp 10/18/13(a)	$	68,886
	15,435	On Monster Beverage Corp., Strike @ 105 Exp 1/18/14(a)		2,615
	36,162	On NetApp, Inc., Strike @ 60 Exp 1/18/14(a)		820
	16,343	On New Gold, Inc., Strike @ 22 Exp 1/17/14(a)		29
	827	On Newmont Mining Corp., Strike @ 90 Exp 1/18/14(a)		1,654
	92	On Nikkei 225 Index, Strike @ 9400 Exp 12/13/13(a)		408,381
	12	On Nikkei 225 Index, Strike @ 11000 Exp 12/13/13(a)		35,372
	4	On Nikkei 225 Index, Strike @ 11000 Exp 12/13/13(a)		11,791
	46	On Nikkei 225 Index, Strike @ 11000 Exp 12/13/13(a)		135,592
	83	On Nikkei 225 Index, Strike @ 9685 Exp 3/14/14(a)		355,226
	15,102	On NovaGold Resources, Inc., Strike @ 12 Exp 1/17/14(a)		5
	27,555	On Pan American Silver Corp., Strike @ 50 Exp 1/17/14(a)		2
	44,100	On Qualcomm, Inc., Strike @ 95 Exp 1/18/14(a)		1,605
	3,720	On Randgold Resources, Ltd., Strike @ 165 Exp 1/17/14(a)		26
	3,664	On Royal Gold, Inc., Strike @ 125 Exp 1/17/14(a)		148
	18,194	On Safeway, Inc., Strike @ 25 Exp 1/17/14(a)		30,620
	2,414	On Seabridge Gold, Inc., Strike @ 30 Exp 1/17/14(a)		35
	6,746	On Silver Standard Resources, Inc., Strike @ 30 Exp 1/17/14(a)		7
	27,673	On Silver Wheaton Corp., Strike @ 55 Exp 1/17/14(a)		688
	15,738	On Silvercorp Metals, Inc., Strike @ 15 Exp 1/17/14(a)		2
	94,106	On Staples, Inc., Strike @ 20 Exp 1/18/14(a)		21,662
	6,615	On Starwood Hotels & Worldwide, Inc., Strike @ 85 Exp 1/17/14(a)		3,150
	17,649	On Stillwater Mining Co., Strike @ 25 Exp 1/17/14(a)		192
	1,242	On Topix Index, Strike @ 1013 Exp 8/9/13(a)		168,765
	153,558	On Topix Index, Strike @ 1157 Exp 4/11/14(a)		135,891
	1,395	On Topix Index, Strike @ 1032 Exp 9/13/13(a)		139,145
	1,004	On Topix Index, Strike @ 1154 Exp 6/13/14(a)		111,130
	115,700	On Topix Index, Strike @ 1144 Exp 7/11/14(a)		123,720
	16,758	On United Technologies Corp., Strike @ 120 Exp 1/18/14(a)		2,958
	22,050	On UnitedHealth Group, Inc., Strike @ 85 Exp 1/18/14(a)		7,435
	10,143	On Visa, Inc., Strike @ 190 Exp 1/18/14(a)		104,993
	15,435	On Western Union Co., Strike @ 25 Exp 1/17/14(a)		538
	26,005	On Yahoo!, Inc., Strike @ 25 Exp 1/18/14(a)		69,691


Contracts or Shares or Principal Amount			Fair Value
	Purchased Call Options, continued
	66,238	On Yamana Gold, Inc., Strike @ 30 Exp 1/17/14(a)	$	397
	15,435	On Yum! Brands, Inc., Strike @ 100 Exp 1/17/14(a)		1,701

	Total Purchased Call Options (Cost $2,103,138)			2,636,959

	Exchange Traded Funds (1.4%):
	41,993	Market Vectors Gold Miners ETF		1,025,049
	3,016	ETFS Platinum Trust(j)		395,398
	3,573	ETFS Physical Palladium Shares(j)		230,994
	75,708	iShares Gold Trust(j)		907,739
	36,518	SPDR Gold Trust(j)		4,351,120

	Total Exchange Traded Fund (Cost $8,695,900)			6,910,300

	Securities Held as Collateral for Securities on Loan (1.3%):
$	6,212,675	Allianz Variable Insurance Products Securities Lending Collateral Trust(j)		6,212,675

	Total Securities Held as Collateral for Securities on Loan (Cost $6,212,675)			6,212,675

	Unaffiliated Investment Company (0.5%):
	2,254,077	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(h) (k)		2,254,077

	Total Unaffiliated Investment Company (Cost $2,254,077)			2,254,077

	Total Investment Securities (Cost $451,206,427)(l) — 96.6%			473,035,447
	Net other assets (liabilities) — 3.4%			16,614,698

	Net Assets — 100.0%		$	489,650,145

Percentages indicated are based on net assets as of June 30, 2013.

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

JPY—Notional amount stated is in Japanese Yen.

NYS—New York Shares

SPDR—Standard & Poor’s Depository Receipts

*	Non-income producing security.

^	This security or a partial position of this security was on loan as of June 30, 2013. The total value of securities on loan as of June 30, 2013, was $5,987,615.

+	The principal amount is disclosed in local currency and the fair value is disclosed in U.S. Dollars.

(a)	These securities are held by the AZL BlackRock Global Allocation Fund (the “VIP Subsidiary”).

(b)	Security was valued in good faith pursuant to procedures approved by the Board of Trustees as of June 30, 2013. The total of all such securities represent 0.50% of the net assets of the fund.

(c)	Security issued in connection with a pending litigation settlement.

(d)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-adviser has deemed these securities to be illiquid based on procedures approved by the Board of Trustees. As of June 30, 2013, these securities represent 0.70% of the net assets of the fund.

(e)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-adviser has deemed these securities to be liquid based on procedures approved by the Board of Trustees.

(f)	Variable rate security. The rate presented represents the rate in effect at June 30, 2013. The date presented represents the final maturity date.

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

(g)	Principal amount is stated in 1,000 Brazilian Real Units.

(h)	The rate represents the effective yield at June 30, 2013.

(i)	Principal amount is stated in 100 Mexican Peso Units.

(j)	All or a portion of these securities are held by the AZL Cayman Global Allocation Fund, Ltd. (the “Cayman Subsidiary”).

(k)	All or a portion of these securities are held by the VIP Subsidiary.

(l)	See Federal Tax Information listed in the Notes to the Financial Statements.

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2013:


Country	Percentage
Australia		1.8	%
Belgium		0.1	%
Bermuda		0.4	%
Brazil		1.7	%
British Virgin Islands		0.1	%
Canada		2.4	%
Cayman Islands		0.5	%
Chile		0.2	%
China		0.2	%
Colombia		—	%^
Denmark		—	%^
France		1.8	%
Germany		3.2	%
Guernsey		0.1	%
Hong Kong		0.8	%
India		0.1	%
Indonesia		—	%^
Ireland		0.2	%
Ireland (Republic of)		0.4	%
Israel		—	%^
Italy		0.9	%
Japan		8.4	%
Jersey		0.6	%


Country	Percentage
Kazakhstan		0.1	%
Korea, Republic Of		—	%^
Luxembourg		0.2	%
Malaysia		0.6	%
Mexico		0.8	%
Netherlands		1.6	%
Panama		0.1	%
Philippines		—	%^
Portugal		—	%^
Republic of Korea (South)		0.6	%
Russian Federation		0.3	%
Singapore		0.9	%
South Africa		0.1	%
Spain		0.3	%
Sweden		0.2	%
Switzerland		1.8	%
Taiwan		0.2	%
Thailand		0.1	%
Turkey		0.4	%
United Arab Emirates		0.1	%
United Kingdom		4.8	%
United States		62.9	%

		100.0	%

Securities Sold Short (-0.1%):(a)


Security Description	Proceeds Received			Fair Value			Unrealized Appreciation/ Deprecation
Fast Retailing Co., Ltd.	$	(297,189	)	$	(269,912	)	$	27,277

	$	(297,189	)	$	(269,912	)	$	27,277

Futures Contracts(k)

Cash of $24,255,586 has been segregated to cover margin requirements for the following open contracts as of June 30, 2013:


Description	Type		Expiration Date		Number of Contracts			Notional Value			Unrealized Appreciation/ (Depreciation)
MSCI EAFE Index E-Mini September Futures (U.S. Dollar)		Short		9/23/13		(88	)	$	(4,108,280	)	$	38,134
S&P/Toronto Stock Exchange 60 Index September Futures (Canadian Dollar)		Long		9/20/13		1			131,786			(3,234	)
NIKKEI 225 Index September Futures (Japanese Yen)		Long		9/13/13		36			2,486,890			(37,718	)

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2013 (Unaudited)


Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
FTSE 100 Index September Futures (British Pounds)		Long		9/23/13		4	$	374,793	$	(4,938	)
Tokyo Price Index September Futures (Japanese Yen)		Long		9/13/13		42		4,790,440		25,005
CAC40 10 Euro July Futures (Euro)		Long		7/22/13		4		194,419		(1,686	)
U.S. Treasury 10-Year Note September Futures		Long		9/20/13		77		9,745,313		(207,919	)
S&P 500 Index E-Mini September Futures		Long		9/23/13		236		18,871,739		(51,552	)
German Stock Index September Futures (Euro)		Long		9/23/13		3		777,634		(9,964	)

Total									$	(253,872	)

Written Call Options (0.0%)(a)


Number of Contracts			Fair Value
	(62)	On Nikkei 225 Index, Strike @ 11000 Exp 12/13/13	$	(182,754	)
	(794)	On S&P 500 Index, Strike @ 1700 Exp 9/20/13		(8,323	)
	(1,791)	On MSCI Emerging Markets Index, Strike @ 981 Exp 9/20/13		(26,148	)
	(70)	On Brazil Ibovespa Index, Strike @ 51855 Exp 10/16/13		(51,893	)
	(30)	On Ibovespa Index, Strike @ 50816 Exp 10/16/13		(27,666	)
	(29)	On Ibovespa Index, Strike @ 51160 Exp 10/16/13		(53,710	)
	(1,458)	On MSCI Emerging Markets Index, Strike @ 1036 Exp 10/18/13		(10,673	)
	(138)	On Freescale Semiconductor, Ltd., Strike @ 18 Exp 9/21/13		(2,070	)
	(301)	On Corning, Inc., Strike @ 18 Exp 8/17/13		(21,522	)
	(51)	On Humana, Inc., Strike @ 75 Exp 8/17/13		(51,765	)
	(97)	On Marathon Petroleum Corp., Strike @ 78 Exp 7/20/13		(3,880	)
	(16)	On Williams-Sonoma, Inc., Strike @ 55 Exp 1/18/14		(8,000	)
	(22)	On Williams-Sonoma, Inc., Strike @ 53 Exp 1/18/14		(14,080	)

	Total Written Call Options (Premiums Received $(201,001))		$	(462,484	)

Written Put Options (0.0%)(a)


Number of Contracts			Fair Value
	(30)	On Ibovespa Index, Strike @ 39267 Exp 10/16/13	$	(8,964	)
	(29)	On Ibovespa Index, Strike @ 39532 Exp 10/16/13		(21,841	)
	(70)	On Brazil Ibovespa Index, Strike @ 40069 Exp 10/16/13		(24,041	)
	(811)	On S&P 500 Index, Strike @ 1464 Exp 8/16/13		(5,893	)
	(1,791)	On MSCI Emerging Markets Index, Strike @ 788 Exp 9/20/13		(14,511	)
	(8)	On S&P 500 Index, Strike @ 1520 Exp 7/20/13		(3,640	)
	(8)	On S&P 500 Index, Strike @ 1470 Exp 8/17/13		(6,440	)
	(8)	On S&P 500 Index, Strike @ 1475 Exp 7/20/13		(1,480	)
	(1,458)	On MSCI Emerging Markets Index, Strike @ 809 Exp 10/18/13		(20,841	)
	(10)	On S&P 500 Index, Strike @ 1470 Exp 7/20/13		(1,700	)
	(83)	On Nikkei 225 Index, Strike @ 9300 Exp 3/14/14		(7,199	)
	(1,242)	On Topix Index, Strike @ 933 Exp 8/9/13		(4,925	)
	(92)	On Nikkei 225 Index, Strike @ 8592 Exp 12/13/13		(1,750	)
	(390)	On S&P 500 Index, Strike @ 1150 Exp 12/20/13		(2,121	)
	(92)	On Nikkei 225 Index, Strike @ 8305 Exp 12/13/13		(1,390	)
	(153,558)	On Topix Index, Strike @ 1035 Exp 9/13/13		(40,688	)
	(115,700)	On Topix Index, Strike @ 1003 Exp 10/11/13		(32,445	)
	(794)	On S&P 500 Index, Strike @ 1450 Exp 9/20/13		(11,190	)
	(1,004)	On Topix Index, Strike @ 1032 Exp 9/13/13		(23,910	)
	(1,395)	On Topix Index, Strike @ 1041 Exp 10/11/13		(50,184	)

	Total Written Put Options (Premiums Received $(521,110))		$	(285,153	)

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

At June 30, 2013, the Fund’s open forward currency contracts were as follows:(a)


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Short Contracts:
Australian Dollar	Credit Suisse First Boston	8/1/13		880,000	$	825,994	$	802,612	$	23,382
Australian Dollar	BNP Paribas	8/2/13		1,296,000		1,218,272		1,181,938		36,334
Australian Dollar	Credit Suisse First Boston	8/8/13		1,217,000		1,147,911		1,109,375		38,536
Australian Dollar	BNP Paribas	8/9/13		949,000		894,983		865,009		29,974
Australian Dollar	BNP Paribas	8/23/13		1,258,000		1,152,366		1,145,418		6,948
Australian Dollar	Barclays Bank	8/29/13		1,234,000		1,129,184		1,123,043		6,141
Australian Dollar	Barclays Bank	8/30/13		1,224,000		1,128,797		1,113,867		14,930
Brazilian Real	Deutsche Bank	8/23/13		1,498,000		684,174		664,016		20,158
British Pound	Deutsche Bank	7/19/13		980,851		1,482,811		1,491,383		(8,572	)
British Pound	Goldman Sachs	7/19/13		443,900		671,048		674,950		(3,902	)
British Pound	Deutsche Bank	8/16/13		1,038,600		1,588,850		1,578,877		9,973
British Pound	JPMorgan Chase	8/22/13		436,000		682,689		662,778		19,911
European Euro	BNP Paribas	8/1/13		242,516		322,578		315,672		6,906
European Euro	UBS Warburg	8/2/13		1,287,000		1,709,303		1,675,240		34,063
European Euro	Goldman Sachs	8/8/13		344,000		461,063		447,786		13,277
European Euro	Credit Suisse First Boston	8/29/13		865,000		1,134,655		1,126,097		8,558
European Euro	Barclays Bank	8/30/13		691,000		906,772		899,580		7,192
Japanese Yen	Citigroup Global Markets	7/1/13		1,054,951		10,718		10,639		79
Japanese Yen	Morgan Stanley	7/2/13		3,261,814		32,874		32,895		(21	)
Japanese Yen	Bank of America	7/11/13		89,976,136		877,581		907,424		(29,843	)
Japanese Yen	UBS Warburg	7/11/13		67,738,619		661,000		683,155		(22,155	)
Japanese Yen	JPMorgan Chase	7/11/13		126,859,422		1,239,130		1,279,397		(40,267	)
Japanese Yen	Deutsche Bank	7/11/13		171,450,800		1,674,979		1,729,109		(54,130	)
Japanese Yen	UBS Warburg	7/12/13		128,462,700		1,247,211		1,295,572		(48,361	)
Japanese Yen	Morgan Stanley	7/12/13		90,399,476		877,921		911,697		(33,776	)
Japanese Yen	Goldman Sachs	7/12/13		90,371,080		873,826		911,410		(37,584	)
Japanese Yen	Morgan Stanley	7/17/13		93,294,200		911,610		940,910		(29,300	)
Japanese Yen	BNP Paribas	7/17/13		98,754,627		965,155		995,980		(30,825	)
Japanese Yen	Credit Suisse First Boston	7/17/13		93,229,300		913,118		940,255		(27,137	)
Japanese Yen	UBS Warburg	7/18/13		113,297,558		1,111,000		1,142,656		(31,656	)
Japanese Yen	Credit Suisse First Boston	7/25/13		92,666,450		925,092		934,609		(9,517	)
Japanese Yen	Goldman Sachs	7/26/13		93,471,660		943,396		942,734		662
Japanese Yen	JPMorgan Chase	8/1/13		104,527,770		1,085,698		1,054,271		31,427
Japanese Yen	Morgan Stanley	8/1/13		109,489,842		1,130,194		1,104,319		25,875
Japanese Yen	UBS Warburg	8/2/13		70,203,244		730,371		708,076		22,295
Japanese Yen	UBS Warburg	8/15/13		93,659,329		958,446		944,720		13,726
Japanese Yen	Deutsche Bank	8/16/13		176,404,813		1,805,021		1,779,365		25,656
Japanese Yen	Barclays Bank	8/16/13		92,457,900		946,151		932,607		13,544
Japanese Yen	BNP Paribas	8/16/13		117,648,783		1,203,433		1,186,703		16,730
Japanese Yen	Barclays Bank	8/22/13		251,922,628		2,618,942		2,541,178		77,764
Japanese Yen	JPMorgan Chase	8/22/13		98,401,700		1,034,582		992,592		41,990
Japanese Yen	Credit Suisse First Boston	9/9/13		40,000,000		410,407		403,527		6,880
Japanese Yen	Deutsche Bank	9/10/13		110,000,000		1,146,909		1,109,706		37,203
Japanese Yen	Credit Suisse First Boston	9/17/13		100,000,000		1,053,741		1,008,866		44,875
Japanese Yen	Bank of America	9/26/13		92,833,960		949,961		936,621		13,340
Japanese Yen	Bank of America	10/3/13		110,303,925		1,129,139		1,112,948		16,191
Japanese Yen	Credit Suisse First Boston	11/12/13		120,000,000		1,215,805		1,211,256		4,549
Mexican Peso	Credit Suisse First Boston	8/22/13		4,724,000		374,516		362,892		11,624
Mexican Peso	Credit Suisse First Boston	9/5/13		6,141,200		486,251		471,181		15,070
Mexican Peso	Credit Suisse First Boston	9/19/13		12,537,000		991,412		960,799		30,613
Mexican Peso	Deutsche Bank	10/3/13		15,562,000		1,239,161		1,191,255		47,906
Turkish Lira	Barclays Bank	7/17/13		418,500		231,497		216,472		15,025
Turkish Lira	UBS Warburg	9/11/13		385,000	$	207,101	$	197,427	$	9,674

					$	51,354,799	$	50,962,864	$	391,935

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2013 (Unaudited)


Long Contracts:
Australian Dollar	Goldman Sachs	7/1/13	90,888	$	84,254	$	83,099	$	(1,155	)
Australian Dollar	Citigroup Global Markets	7/2/13	50,787		46,593		46,434		(159	)
Canadian Dollar	Credit Suisse First Boston	9/19/13	712,603		677,000		676,421		(579	)
European Euro	Brown Brothers Harriman	7/29/13	563,800		736,533		733,864		(2,669	)
European Euro	Brown Brothers Harriman	7/29/13	583,500		773,178		759,507		(13,671	)
European Euro	Goldman Sachs	7/1/13	82,730		107,660		107,673		13
European Euro	Morgan Stanley	7/2/13	28,577		37,209		37,194		(15	)
Japanese Yen	Barclays Bank	7/3/13	43,710,000		446,903		440,808		(6,095	)
Japanese Yen	Credit Suisse First Boston	7/2/13	39,993,320		410,212		403,321		(6,891	)
South African Rand	Goldman Sachs	7/1/13	57,654		5,774		5,839		65

				$	3,325,316	$	3,294,160	$	(31,156	)

At June 30, 2013, the Fund’s open forward cross currency contracts were as follows:(a)


Purchase/Sale	Counterparty	Amount Purchased	Amount Sold		Contract Value		Value		Unrealized Appreciation/ (Depreciation)
European Euro/Japanese Yen	Morgan Stanley	707,800 EUR		93,506,679 JPY	$	913,689	$	891,901	$	(21,788	)
European Euro/Japanese Yen	Goldman Sachs	819,000 EUR		107,076,879 JPY		1,060,009		1,046,091		(13,918	)
European Euro/Japanese Yen	Barclays Bank	785,500 EUR		101,963,005 JPY		1,028,502		1,022,553		(5,949	)
European Euro/Japanese Yen	BNP Paribas	863,600 EUR		112,013,669 JPY		1,130,763		1,125,102		(5,661	)

					$	4,132,963	$	4,085,647	$	(47,316	)

Credit Default Swap Agreements—Buy Protection(a)(m)

At June 30, 2013, the Fund’s open credit default swap agreements were as follows:


Underlying Instrument	Counterparty	Expiration Date	Implied Credit Spread at June 30, 2013(n)			Notional Amount(o)		Fixed Rate			Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
CDX North America Investment Grade Index Swap Agreement with Goldman Sachs International, N.A., Series 20	Goldman Sachs	6/20/18		0.88	%	$	200,000		1.00	%	$	1,253	$	1,689	$	(436	)

											$	1,253	$	1,689	$	(436	)

Credit Default Swap Agreements—Sell Protection(a)(m)

At June 30, 2013, the Fund’s open credit default swap agreements were as follows:


Underlying Instrument	Counterparty	Expiration Date	Implied Credit Spread at June 30, 2013(n)			Notional Amount(o)		Fixed Rate			Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
CDX North America High Yield Index Swap Agreement with JPMorgan Chase Bank, N.A., Series 20	JPMorgan Chase	6/20/18		4.38	%	$	3,621,148		5.00	%	$	(56,549	)	$	(156,803	)	$	100,254
CDX North America High Yield Index Swap Agreement with JPMorgan Chase Bank, N.A., Series 20	JPMorgan Chase	6/20/18		4.38			2,099,126		5.00			(65,539	)		(98,611	)		33,072

											$	(122,088	)	$	(255,414	)	$	133,326

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2013 (Unaudited)

(m)

When a credit event occurs as defined under the terms of the swap agreement, the Fund as a seller of credit protection will either (i) pay to the buyer of protection an amount equal to the par value of the defaulted reference entity and take delivery of the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. Alternatively, the Fund as a buyer of credit protection will either (i) receive from the seller of protection an amount equal to the par value of the defaulted reference entity and deliver the reference entity to the seller or (ii) receive a net amount of equal to the par value of the defaulted reference entity less its recovery value.

(n)

Implied credit spread, represented in absolute terms, utilized in determining the market value of the credit default swap agreements as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement.

(o)	The notional amount represents the maximum potential amount the Fund could be required to make as a seller of credit protection if a credit event occurs, as defined under the terms of the swap agreement.

Interest Rate Swap Agreements

At June 30, 2013, the Fund’s open interest rate swap agreements were as follows:(a)


Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date		Counterparty		Notional Amount		Value			Unrealized Appreciation/ (Depreciation)
Pay	3-Month U.S. Dollar LIBOR BBA	0.54%		9/14/15		Deutsche Bank	$	2,230,300	$	2,191		$	2,191
Pay	3-Month U.S. Dollar LIBOR BBA	0.54%		9/14/15		Deutsche Bank		560,000		1,116			1,116
Pay	3-Month U.S. Dollar LIBOR BBA	0.50%		9/17/15		Deutsche Bank		600,000		(62	)		(62	)
Pay	3-Month U.S. Dollar LIBOR BBA	0.50%		9/17/15		JPMorgan Chase		1,490,000		2,717			2,717
Pay	3-Month U.S. Dollar LIBOR BBA	0.50%		9/17/15		Deutsche Bank		400,000		809			809
Pay	3-Month U.S. Dollar LIBOR BBA	0.76%		2/28/16		Deutsche Bank		1,063,750		8,644			8,644
Pay	3-Month U.S. Dollar LIBOR BBA	1.30%		8/17/16		Deutsche Bank		1,253,000		(3,153	)		(3,153	)
Pay	3-Month U.S. Dollar LIBOR BBA	1.01%		9/27/16		Deutsche Bank		8,250,000		(53,202	)		(53,202	)
Pay	3-Month U.S. Dollar LIBOR BBA	0.83%		9/27/16		Deutsche Bank		1,150,000		(9,402	)		(9,402	)
Pay	3-Month U.S. Dollar LIBOR BBA	1.03%		9/27/16		Deutsche Bank		200,000		(1,249	)		(1,249	)
Pay	3-Month U.S. Dollar LIBOR BBA	1.00%		9/28/16		Deutsche Bank		1,350,000		(8,899	)		(8,899	)
Pay	3-Month U.S. Dollar LIBOR BBA	1.00%		9/28/16		Goldman Sachs		6,073,000		(40,064	)		(40,064	)
Pay	3-Month U.S. Dollar LIBOR BBA	1.46%		9/28/16		Deutsche Bank		1,600,000		(3,410	)		(3,410	)
Pay	3-Month U.S. Dollar LIBOR BBA	1.04%		9/28/16		Deutsche Bank		1,200,000		(7,454	)		(7,454	)
Pay	3-Month U.S. Dollar LIBOR BBA	1.16%		9/14/18		Deutsche Bank		250,000		(6,366	)		(6,366	)
Pay	3-Month U.S. Dollar LIBOR BBA	1.24%		9/14/18		Deutsche Bank		875,900		(18,787	)		(18,787	)
Pay	3-Month U.S. Dollar LIBOR BBA	1.49%		9/17/18		Deutsche Bank		200,000		(1,935	)		(1,935	)
Pay	3-Month U.S. Dollar LIBOR BBA	1.19%		9/17/18		JPMorgan Chase		610,300		(14,836	)		(14,836	)
Pay	3-Month U.S. Dollar LIBOR BBA	1.13%		9/17/18		Deutsche Bank		200,000		(5,424	)		(5,424	)
Pay	3-Month U.S. Dollar LIBOR BBA	1.40%		2/28/19		Deutsche Bank		427,119		(14,773	)		(14,773	)
Pay	3-Month U.S. Dollar LIBOR BBA	1.09%		11/20/23		Deutsche Bank		54,050,000		41			41
Pay	3-Month U.S. Dollar LIBOR BBA	1.10%		11/20/23		Deutsche Bank		9,950,000		104			104
Pay	3-Month U.S. Dollar LIBOR BBA	1.01%		11/20/23		Deutsche Bank		69,830,000		(5,356	)		(5,356	)

									$	(178,750	)	$	(178,750	)

See accompanying notes to the financial statements.

AZL MVP BlackRock Global Allocation Fund

Consolidated Statement of Assets and Liabilities

June 30, 2013

(Unaudited)


Assets:
Investment securities, at cost	$	451,206,427

Investment securities, at value*	$	473,035,447
Cash		993
Segregated cash for collateral		25,225,586
Deposits with brokers for securities sold short		307,441
Interest and dividends receivable		1,422,172
Foreign currency, at value (cost $267,286)		266,734
Unrealized appreciation on forward currency contracts		813,757
Unrealized appreciation on swap agreements		148,948
Receivable for capital shares issued		1,283,910
Proceeds paid on swap agreements		1,689
Receivable for investments sold		443,209
Reclaims receivable		73,179
Receivable for variation margin on futures contracts		150,569
Prepaid expenses and other assets		155,944

Total Assets		503,329,578

Liabilities:
Cash and securities received as collateral for derivatives		1,728,141
Written options (Proceeds received $722,111)		747,637
Unrealized depreciation on forward currency contracts		500,294
Unrealized depreciation on swap agreements		194,808
Payable for collateral received on loaned securities		6,212,675
Premiums received on swap agreements		255,415
Payable for investments purchased		3,193,235
Securities sold short (Proceeds received $297,189)		269,912
Payable for variation margin on futures contracts		62,279
Manager fees payable		318,955
Administration fees payable		34,374
Distribution fees payable		93,197
Custodian fees payable		37,692
Administrative and compliance services fees payable		8,221
Trustee fees payable		22,598

Total Liabilities		13,679,433

Net Assets	$	489,650,145

Net Assets Consist of:
Capital	$	458,026,620
Accumulated net investment income/(loss)		1,594,892
Accumulated net realized gains/(losses) from investment transactions		8,046,811
Net unrealized appreciation/(depreciation) on investments		21,981,822

Net Assets	$	489,650,145

Shares of beneficial interest (unlimited number of shares authorized, no par value)		44,582,321
Net Asset Value (offering and redemption price per share)	$	10.98

*	Includes securities on loan of $5,987,615.

Consolidated Statement of Operations

For the Six Months Ended June 30, 2013

(Unaudited)


Investment Income:
Dividends	$	3,166,652
Interest		1,241,122
Income from securities lending		58,499
Foreign withholding tax		(194,154	)

Total Investment Income		4,272,119

Expenses:
Manager fees		1,654,617
Administration fees		158,723
Distribution fees		483,492
Custody fees		144,479
Trustee fees		23,188
Administrative and compliance services fees		9,380
Professional fees		24,528
Shareholder reports		14,013
Other expenses		10,621

Total expenses before reductions		2,523,041
Less expenses paid indirectly		(6,089	)

Net expenses		2,516,952

Net Investment Income/(Loss)		1,755,167

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains (losses) on securities transactions		3,811,511
Net realized gains (losses) on futures contracts		1,582,518
Net realized gains (losses) on swap agreements		(64,075	)
Net realized gains (losses) on options contracts		435,981
Net realized gains (losses) on forward currency contracts		2,137,409
Change in net unrealized appreciation/depreciation on investments		3,405,361

Net Realized/Unrealized Gains/(Losses) on Investments		11,308,705

Change in Net Assets Resulting From Operations	$	13,063,872

See accompanying notes to the financial statements.

Consolidated Statements of Changes in Net Assets


	AZL MVP BlackRock Global Allocation Fund
	For the Six Months Ended June 30, 2013				January 10, 2012 to December 31, 2012 (a)
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	1,755,167			$	3,450,067
Net realized gains/(losses) on investment transactions			7,903,344				246,394
Change in unrealized appreciation/depreciation on investments			3,405,361				18,576,461

Change in net assets resulting from operations			13,063,872				22,272,922

Dividends to Shareholders:
From net investment income			—				(3,550,788	)
From net realized gains			—				(390,037	)

Change in net assets resulting from dividends to shareholders			—				(3,940,825	)

Capital Transactions:
Proceeds from shares issued			150,505,271				621,900,897
Proceeds from dividends reinvested			—				3,940,825
Value of shares redeemed			(462,513	)			(317,630,304	)

Change in net assets resulting from capital transactions			150,042,758				308,211,418

Change in net assets			163,106,630				326,543,515
Net Assets:
Beginning of period			326,543,515				—

End of period		$	489,650,145			$	326,543,515

Accumulated net investment income/(loss)		$	1,594,892			$	(160,275	)

Share Transactions:
Shares issued			13,602,676				31,328,229
Dividends reinvested			—				377,112
Shares redeemed			—				(725,696	)

Change in shares			13,602,676				30,979,645

(a)	Period form commencement of operations.

See accompanying notes to the financial statements.

AZL MVP BlackRock Global Allocation Fund

Consolidated Financial Highlights

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


	Six Months Ended June 30, 2013				January 10, 2012 to December 31, 2012 (a)
	(Unaudited)
Net Asset Value, Beginning of Period		$	10.54			$	10.00

Investment Activities:
Net Investment Income/(Loss)			0.05				0.11
Net Realized and Unrealized Gains/(Losses) on Investments			0.39				0.56

Total from Investment Activities			0.44				0.67

Dividends to Shareholders From:
Net Investment Income			—				(0.12	)
Net Realized Gains			—				(0.01	)

Total Dividends			—				(0.13	)

Net Asset Value, End of Period		$	10.98			$	10.54

Total Return(b)			4.08	%(c)			6.71	%(c)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	489,650			$	326,544
Net Investment Income/(Loss)(d)			0.86	%			2.01	%
Expenses Before Reductions(d)(e)*			1.24	%			2.44	%
Expenses Net of Reductions(d)*			1.23	%			2.37	%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly(d)(f)*			1.24	%			2.37	%
Portfolio Turnover Rate(g)			19	%(c)			119	%(c)

*	The expense ratios exclude the impact of fees/expenses paid by each underlying fund.

(a)	Period from commencement of operations.

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

(c)	Not annualized.

(d)	Annualized for periods less than one year.

(e)	Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(f)	Expenses net of reductions excludes expenses paid indirectly, pursuant to a “commission recapture” program, which is used to pay certain Fund Expenses. See Note 2 in Notes to Financial Statements.

(g)	The portfolio turnover rate can be volatile due to the amounts and timing of purchases and sales of fund shares during the period.

See accompanying notes to the financial statements.

AZL MVP BlackRock Global Allocation Fund

Notes to the Consolidated Financial Statements

June 30, 2013 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”). The Trust consists of 11 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP BlackRock Global Allocation Fund (the “Fund”), and 10 are presented in separate reports.

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 and variable life insurance policies offered through the separate accounts of participating insurance companies.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Consolidation of Subsidiaries

During the period ended June 30, 2013, the Fund primarily invested in shares of another mutual fund managed by the Manager, the AZL BlackRock Global Allocation Fund (the “VIP Subsidiary”), a wholly-owned and controlled subsidiary of the Fund.

As of June 30, 2013, the Fund’s aggregate investment in the VIP Subsidiary was $464,107,751, representing 94.8% of the Fund’s net assets.

The VIP Subsidiary’s primary vehicle for gaining exposure to commodities markets is through investment in the AZL Cayman Global Allocation Fund, Ltd. (the “Cayman Subsidiary”), a wholly owned and controlled subsidiary of the VIP Subsidiary formed in the Cayman Islands, which invests primarily in commodity-related instruments.

The Fund’s operations have been consolidated with the operations of the VIP Subsidiary and the Cayman Subsidiary.

Real Estate Investment Trusts

The Fund may own shares of real estate investment trusts (“REITs”) which report information on the source of their distributions annually. Certain distributions received from REITs during the period, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT.

Foreign Currency Translation

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss on investments and foreign currencies. Income received by the Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. The Funds accrue such taxes, as applicable, based on their current interpretation of tax rules in the foreign markets in which they invest.

Income received by the Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. The Funds accrue such taxes, as applicable, based on their current interpretation of tax rules in the foreign markets in which they invest.

Dividends to Shareholders

AZL MVP BlackRock Global Allocation Fund

Notes to the Consolidated Financial Statements

June 30, 2013 (Unaudited)

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, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and post October losses) do not require reclassification. Dividends to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

Expense Allocation

Securities Lending

To generate additional income, the Fund may lend up to 33^1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the market value of the securities loaned based on the previous day’s market value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by Allianz Investment Management LLC (the “Manager”) to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2013 are presented on the Fund’s Consolidated Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $7 million for the period ended June 30, 2013.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund paid securities lending fees of $5,825 during the period ended June 30, 2013. These fees have been netted against “Income from securities lending” on the Consolidated Statement of Operations.

Commission Recapture

Certain Funds of the Trust participate in a commission recapture program. The Fund will utilize the recaptured commissions to pay for, in whole or part, certain expenses of the Fund, excluding investment advisory fees. Any amounts received by the Fund, if applicable, are disclosed as “Expenses paid indirectly” on the Consolidated Statement of Operations.

Derivative Instruments

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

Forward Currency Contracts

During the period ended June 30, 2013, the Fund entered into forward currency contracts as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to foreign currencies. In addition to the foreign currency risk related to the use of these contracts, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The contract amount of forward currency contracts outstanding was $62.2 million as of June 30, 2013. The monthly average amount for these contracts was $49.7 million for the period ended June 30, 2013.

Futures Contracts

During the period ended June 30, 2013, the Fund invested in futures contracts to reduce volatility and limit the need to decrease or increase allocations to underlying funds. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund 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 Fund. 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 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

AZL MVP BlackRock Global Allocation Fund

Notes to the Consolidated Financial Statements

June 30, 2013 (Unaudited)

market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $17.2 million as of June 30, 2013. The monthly average notional amount for these contracts was $20.6 million for the period ended June 30, 2013.

Options Contracts

The Fund may purchase or write put and call options on a security or an index of securities. During the period ended June 30, 2013, the Fund purchased and wrote call and put options to increase or decrease its exposure to underlying instruments (including equity risk, interest rate risk and/or foreign currency exchange rate risk) and/or, in the case of options written, to generate gains from options premiums.

Purchased Options Contracts — The Fund pays a premium which is included in “Investments, at value” on the Statement of Assets and Liabilities and marked to market to reflect the current value of the option. Premiums paid for purchasing put options that expire are treated as realized losses. When a put option is exercised or closed, premiums paid for purchasing put options are offset against proceeds to determine the realized gain/loss on the transaction. The Fund bears the risk of loss of the premium and change in value should the counterparty not perform under the contract.

Written Options Contracts — The Fund receives a premium which is recorded as a liability and is subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are either exercised or closed are offset against the proceeds received or the amount paid on the transaction to determine realized gains or losses. The risk associated with writing an option is that the Fund bears the market risk of an unfavorable change in the price of an underlying asset and is required to buy or sell an underlying asset under the contractual terms of the option at a price different from the current value.

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

The Fund had the following transactions in purchased call and put options during the period ended June 30, 2013:


	Number of Contracts			Cost
Options outstanding at December 31, 2012		2,952,883			$	3,097,758
Options purchased		1,425,337				2,068,750
Options executed		(77	)			(34,103	)
Options expired		(55,582	)			(731,201	)
Options closed		(1,182,843	)			(1,738,479	)

Options outstanding at June 30, 2013		3,139,718			$	2,662,725

The Fund had the following transactions in written call and put options during the period ended June 30, 2013:


	Number of Contracts			Premiums Received
Options outstanding at December 31, 2012		(82,982	)		$	(911,438	)
Options written		(340,131	)			(944,700	)
Options executed		1,561				163,177
Options expired		74,981				331,798
Options closed		63,139				639,052

Options outstanding at June 30, 2013		(283,432	)		$	(722,111	)

Swap Agreements

The Fund may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Fund may enter into swap agreements to manage its exposure to market, interest rate and credit risk. The value of swap agreements are equal to the Fund’s obligations (or rights) under swap agreements, which will generally be equal to the net amounts to be paid or received under the agreements based upon the relative values of the positions held by each party to the agreements. In connection with these arrangements, securities may be identified as collateral in accordance with the terms of the swap agreements to provide assets of value and recourse in the event of default or bankruptcy by the counterparty.

Swaps are marked to market daily using pricing sources approved by the Trustees and the change in value, if any, is recorded as unrealized gain or loss. Payments received or made at the beginning of the measurement period are recorded as realized gain or loss upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as a realized gain or loss. Net periodic payments received or paid by the Fund are included as part of realized gains (losses). Swap agreements involve, to varying degrees, elements of market risk and exposure to loss. The primary risks associated with the use of swap agreements are imperfect correlation between movements in the notional amount and the price of the underlying instruments and the inability of counterparties to perform. The notional amounts reflect the extent of the total investment exposure each Fund has under the swap agreement. The Fund bear the risk of loss of the amount expected to be received under a swap agreement (i.e., any unrealized appreciation) in the event of the default or bankruptcy of the swap agreement counterparty. The notional amount and related unrealized appreciation (depreciation) of each swap agreement at period end is disclosed in the swap tables in the Schedule of Portfolio Investments. The Fund is party to International Swap Dealers Association, Inc. Master Agreements (“ISDA Master Agreements”) with select counterparties that govern transactions, such as over-the-counter swap contracts, entered into by the Fund and those counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement.

AZL MVP BlackRock Global Allocation Fund

Notes to the Consolidated Financial Statements

June 30, 2013 (Unaudited)

Interest rate swaps involve the exchange of commitments to pay and receive interest based on a notional amount and are subject to interest rate risk exposure. Interest rate swaps do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that a Fund is contractually obligated to make. If the other party to an interest rate swap defaults, a Fund’s risk of loss consists of the net amount of interest payments that the Fund is contractually entitled to receive. As of End Date, the Fund entered into interest rate swap agreements to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed rate bonds which may decrease when interest rates rise (interest rate risk). The notional amount of interest rate swaps outstanding was $163.8 million as of June 30, 2013. The monthly average notional amount for interest rate swaps was $72.9 million for the period ended June 30, 2013.

Credit default swap agreements may have as reference obligations one or more securities that are not currently held by the Fund. The protection “buyer” in a credit default contract is generally obligated to pay the protection “seller” an upfront or a periodic stream of payments over the term of the contract provided that no credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. A Fund may be either the buyer or seller in the transaction. If the Fund is a buyer and no credit event occurs, the Fund may recover nothing if the swap is held through its termination date. However, if a credit event occurs, the buyer generally may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity whose value may have significantly decreased. As a seller, a Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

Credit default swap agreements involve greater risks than if a Fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk. A Fund will enter into credit default swap agreements only with counterparties that meet certain standards of creditworthiness. A buyer generally also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront or periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller. The Fund’s obligations under a credit default swap agreement will be accrued daily (offset against any amounts owing to the Fund). In connection with credit default swaps in which a Fund is the buyer, the Fund will segregate or “earmark” cash or assets determined to be liquid, or enter into certain offsetting positions, with a value at least equal to the Fund’s exposure (any accrued but unpaid net amounts owed by the Fund to any counterparty), on a marked-to-market basis. In connection with credit default swaps in which a Fund is the seller, the Fund will segregate or “earmark” cash or assets determined to be liquid, or enter into offsetting positions, with a value at least equal to the full notional amount of the swap (minus any amounts owed to the Fund). Such segregation or “earmarking” will ensure that the Fund has assets available to satisfy its obligations with respect to the transaction and will limit any potential leveraging of the Fund’s portfolio. Such segregation or “earmarking” will not limit the Fund’s exposure to loss. As of End Date, the Fund entered into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed (credit risk). The notional amount of credit default swaps outstanding was $0.2 million as of June 30, 2013. The monthly average notional amount for credit default swaps was $0.1 million for the period ended June 30, 2013.

Summary of Derivative Instruments

Effective January 1, 2013, the Fund adopted Financial Accounting Standards Board Accounting Standards Update (“ASU”) No. 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” (“ASU 2013-01”) which amended Accounting Standards Codification Subtopic 210-20, Balance Sheet Offsetting. ASU 2013-01 clarified the scope of ASU No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”). ASU 2011-11 requires an entity to disclose information about offsetting and related arrangements to enable users of that entity’s financial statements to understand the effect of those arrangements on its 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 International Financial Reporting Standards. ASU 2013-01 clarifies the scope of ASU 2011-11 as applying to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are offset either in accordance with other requirements of GAAP or subject to an enforceable master netting arrangement or similar agreement.

The Fund is generally subject to master netting agreements that allow for amounts owed between the Fund and the counterparty to be netted. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements do not apply to amounts owed to/from different counterparties. The amounts shown in the Statements of Assets and Liabilities do not take into consideration the effects of legally enforceable master netting agreements. The table below presents the gross and net amounts of these assets and liabilities with any offsets to reflect the Fund’s ability to reflect the master netting agreements at June 30, 2013. This table also summarizes the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2013.

AZL MVP BlackRock Global Allocation Fund

Notes to the Consolidated Financial Statements

June 30, 2013 (Unaudited)


				Assets						Liabilities
	Unrealized Appreciation/ (Depreciation) on Futures Contracts*			Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Statement of Assets and Liabilities		Net Amounts of Assets presented in the Consolidated Statement of Assets and Liabilities^		Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Statement of Assets and Liabilities		Net Amounts of Liabilities presented in the Consolidated Statement of Assets and Liabilities^^

Equity Risk Exposure
Futures Contracts	$	(253,872	)	$	150,569	$	—	$	150,569	$	62,279	$	—	$	62,279
Purchased Option Contracts					3,482,060		—		3,482,060		—		—		—
Written Option Contracts					—		—		—		747,637		—		747,637

Credit Risk Exposure
Credit Default Swap Agreements					133,326		—		133,326		436		—		436

Interest Rate Risk Exposure
Interest Rate Swap Agreements					15,622		—		15,622		194,372		—		194,372
Purchased Swaptions					32,034		—		32,034		—		—		—

Foreign Exchange Rate Risk Exposure
Forward Currency Contracts					813,757		—		813,757		500,294		—		500,294

*	Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedule of Portfolio Investments. Only current day's variation margin is reported within the Consolidated Statement of Assets and Liabilities.

Amounts for futures contracts, swap agreements, and forward currency contracts are reflected on the Consolidated Statement of Assets and Liabilities as Receivable for Variation Margin on Futures Contracts, Unrealized Appreciation on Swap Agreements, and Unrealized Appreciation on Forward Currency Contracts, respectively.

Amounts for futures contracts, swap agreements, and forward currency contracts are reflected on the Consolidated Statement of Assets and Liabilities as Payable for Variation Margin on Futures Contracts, Unrealized Depreciation on Swap Agreements, and Unrealized Depreciation on Forward Currency Contracts, respectively.

The following is a summary of the financial liabilities, derivative liabilities, and collateral pledged by counterparties as of June 30, 2013:


	Net Amounts of Assets (Liabilities) presented in the Consolidated Statement of Assets and Liabilities				Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
					Financial Instruments				Cash Collateral (Received) Pledged				Net Amount
Bank of America		$	(312	)		$	—			$	—			$	(312	)
Barclays Bank			122,552				—				—				122,552
BNP Paribas			60,406				—				—				60,406
Citigroup Global Markets			(80	)			—				—				(80	)
Credit Suisse First Boston			139,962				—				—				139,962
Deutsche Bank			(85,986	)			—				—				(85,986	)
Goldman Sachs			1,094,132				—				(1,000,000	)			94,132
JPMorgan Chase			676,481				(528,141	)			—				148,340
Morgan Stanley			(59,026	)			—				—				(59,026	)
UBS Warburg			176,230				—				—				176,230

The following is a summary of the effect of derivative instruments on the Consolidated Statement of Operations, categorized by risk exposure, for the period ended June 30, 2013:


				Realized Gain (Loss) on Derivatives Recognized as a Result from Operations							Net Realized Gain (Loss) on Forward Currency Contracts			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result from Operations
	Net Realized Gain (Loss) on Futures Contracts			Net Realized Gain (Loss) on Swap Agreements				Net Realized Gain (Loss) on Option Contracts			Net Realized Gain (Loss) on Forward Currency Contracts			Change in Net Unrealized Appreciation/Depreciation on Investments
Equity Risk Exposure		$	1,582,518		$	—			$	435,981		$	—		$	1,248,468
Credit Risk Exposure			—			(355	)			—			—			130,732
Interest Rate Risk Exposure			—			(63,720	)			—			—			158,283
Foreign Exchange Rate Risk Exposure			—			—				—			2,137,409			142,915

AZL MVP BlackRock Global Allocation Fund

Notes to the Consolidated Financial Statements

June 30, 2013 (Unaudited)

3. Related Party Transactions

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”) to make investment decisions on behalf of the VIP Subsidiary. Pursuant to a portfolio management agreement between the Manager and BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the VIP Subsidiary subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the VIP Subsidiary. Expenses incurred by the Fund and the VIP Subsidiary for investment advisory and management services are reflected on the Consolidated Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund and the VIP Subsidiary 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 and the VIP Subsidiary’s business, based on the daily net assets of the Fund and the VIP Subsidiary, through April 30, 2014.

For the period ended June 30, 2013, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit
AZL MVP BlackRock Global Allocation Fund		0.10	%		0.15	%
AZL BlackRock Global Allocation Fund		0.75	%		1.19	%

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 lesser of the stated limit at the time of the waiver or the current stated limit. 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, 2013, 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 Consolidated Statement of Operations. During the period ended June 30, 2013, there were no voluntary waivers.

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, 2013, $2,877 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 Fund of Funds Trust, each non-interested Trustee receives a $139,000 annual Board retainer. In addition, 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 Fund of Funds Trust in proportion to the assets under management of each trust. During the period ended June 30, 2013, actual Trustee compensation was $389,200 in total for both trusts.

4. Investment Valuation Summary

—

Level 1 — quoted prices in active markets for identical assets

—

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

—

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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 Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used for long securities and the last quoted ask price is used for securities sold short. Securities listed on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. Investments in open-end investment companies

AZL MVP BlackRock Global Allocation Fund

Notes to the Consolidated Financial Statements

June 30, 2013 (Unaudited)

are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy. Debt and other fixed income securities are generally valued at an evaluated bid price provided by an independent pricing source approved by the Trustees. To value debt securities, pricing services may use various pricing techniques which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short term securities of sufficient credit quality with sixty days or less remaining until maturity may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy. Options contracts are generally valued at the average of the closing bid and ask quotations on the principal exchange on which the option is traded, which are then typically categorized as Level 1 in the fair value hierarchy. Forward currency contracts are generally valued at the foreign currency exchange rate as of the close of the NYSE and are typically categorized as Level 2 in the fair value hierarchy. Non exchange-traded derivatives, such as swaps and certain options, are generally valued by approved independent pricing services utilizing techniques which take into account factors such as yields, quality, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes and are typically categorized as Level 2 in the fair value hierarchy.

Other assets and securities for which market quotations are not readily available, or are deemed unreliable are valued at fair value as determined in good faith by the Trustees or persons acting on the behalf of the Trustees. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

In accordance with procedures adopted by the Trustees, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net asset value is calculated. Management identifies possible fluctuation in international securities by monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, the Fund may use a systematic valuation model provided by an independent third party to fair value its international equity securities which are then typically categorized as Level 2 in the fair value hierarchy.

The following is a summary of the valuation inputs used as of June 30, 2013 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total

Collateralized Mortgage Obligations		$	—		$	375,653		$	—		$	375,653
Common Stocks
Aerospace & Defense			2,912,260			3,044,150			—			5,956,410
Airlines			598,765			601,794			—			1,200,559
Auto Components			1,146,361			3,027,194			—			4,173,555
Automobiles			2,148,568			6,528,260			—			8,676,828
Beverages			4,589,927			869,491			440,803			5,900,221
Biotechnology			3,962,321			203,483			—			4,165,804
Building Products			—			1,139,152			—			1,139,152
Capital Markets			2,882,782			1,690,844			—			4,573,626
Chemicals			3,726,222			6,251,233			—			9,977,455
Commercial Banks			6,486,955			8,206,566			—			14,693,521
Construction & Engineering			238,030			1,341,485			—			1,579,515
Diversified Financial Services			5,802,693			1,245,954			—			7,048,647
Diversified Metals & Mining			—			201,656			—			201,656
Diversified Telecommunication Services			3,405,323			5,480,002			—			8,885,325
Electric Utilities			2,890,476			841,039			—			3,731,515
Electrical Equipment			1,322,406			279,916			—			1,602,322
Electronic Equipment, Instruments & Components			930,135			2,096,363			—			3,026,498
Energy Equipment & Services			4,250,908			722,466			—			4,973,374
Food Products			4,610,542			2,152,757			—			6,763,299
Gas Utilities			—			907,849			—			907,849
Health Care Equipment & Supplies			2,118,665			228,962			—			2,347,627
Health Care Providers & Services			9,276,530			3,217,714			—			12,494,244
Household Durables			867,325			270,577			—			1,137,902
Household Products			3,470,327			181,055			—			3,651,382
Industrial Conglomerates			3,858,693			2,365,102			—			6,223,795
Insurance			7,004,814			4,451,630			—			11,456,444
Internet & Catalog Retail			754,666			644,784			—			1,399,450
Internet Software & Services			3,734,854			—			721,313			4,456,167
Machinery			817,548			3,503,761			—			4,321,309
Media			5,111,674			2,147,628			—			7,259,302
Metals & Mining			4,380,359			3,320,601			—			7,700,960
Multiline Retail			44,256			418,689			—			462,945
Multi-Utilities			1,634,452			852,737			—			2,487,189
Office Electronics			—			535,132			—			535,132
Oil, Gas & Consumable Fuels			16,064,137			4,577,542			—			20,641,679
Personal Products			321,952			238,268			—			560,220

AZL MVP BlackRock Global Allocation Fund

Notes to the Consolidated Financial Statements

June 30, 2013 (Unaudited)


Investment Securities:	Level 1				Level 2				Level 3				Total

Pharmaceuticals		$	7,463,194			$	7,704,473			$	—			$	15,167,667
Real Estate Investment Trusts (REITs)			3,144,415				759,910				—				3,904,325
Real Estate Management & Development			1,865,605				648,698				—				2,514,303
Road & Rail			2,212,991				1,548,682				—				3,761,673
Semiconductors & Semiconductor Equipment			738,368				2,770,351				—				3,508,719
Software			8,014,340				424,809				—				8,439,149
Specialty Retail			708,145				897,840				—				1,605,985
Textiles, Apparel & Luxury Goods			550,747				396,911				—				947,658
Trading Companies & Distributors			—				2,383,540				—				2,383,540
Transportation Infrastructure			—				157,524				372,383				529,907
Wireless Telecommunication Services			1,933,740				2,237,340				—				4,171,080
All Other Common Stocks+			25,551,092				—				—				25,551,092
Convertible Bonds+			—				8,406,427				—				8,406,427
Convertible Preferred Stocks
Aerospace & Defense			183,244				—				—				183,244
Airlines			—				28,620				—				28,620
Automobiles			434,740				—				—				434,740
Commercial Banks			—				246,330				—				246,330
Electric Utilities			713,330				253,291				—				966,621
Health Care Providers & Services			—				178,388				—				178,388
Metals & Mining			138,798				—				—				138,798
Corporate Bonds
Transportation Infrastructure			—				—				516,997				516,997
All Other Corporate Bonds+			—				4,776,480				—				4,776,480
Floating Rate Loans+			—				1,808,233				—				1,808,233
Foreign Bonds+			—				38,711,656				—				38,711,656
Preferred Stocks
Automobiles			—				1,139,523				—				1,139,523
Commercial Banks			2,608,845				270,570				—				2,879,415
Diversified Financial Services			143,102				—				—				143,102
Food & Staples Retailing			432,136				—				—				432,136
Private Placements
Diversified Financial Services			—				—				—	^			—
Pharmaceuticals			—				—				379,225				379,225
All Other Private Placements+			—				3,523,674				—				3,523,674
U.S. Treasury Obligations			—				120,362,548				—				120,362,548
Warrant+			—				12,173				—				12,173
Yankee Dollars+			—				9,702,342				—				9,702,342
Exchange Traded Fund			6,910,300				—				—				6,910,300
Securities Held as Collateral for Securities on Loan			—				6,212,675				—				6,212,675
Unaffiliated Investment Company			2,254,077				—				—				2,254,077
Purchased Put Swaptions			—				32,034				—				32,034
Purchased Call Options			103,179				2,533,780				—				2,636,959
Purchased Put Options			89,305				755,796				—				845,101

Total Investment Securities		$	177,558,619			$	293,046,107			$	2,430,721			$	473,035,447

Securities Sold Short			—				(269,912	)			—				(269,912	)
Other Financial Instruments:*
Forward Currency Contracts			—				313,463				—				313,463
Credit Default Swaps			—				132,890				—				132,890
Futures Contracts			(253,872	)			—				—				(253,872	)
Interest Rate Swaps			—				(178,750	)			—				(178,750	)
Written Options			(7,983	)			(739,654	)			—				(747,637	)

Total Investments		$	177,296,764			$	292,304,144			$	2,430,721			$	472,031,629

+	For detailed industry descriptions, see the accompanying Consolidated Schedule of Portfolio Investments.

*	Other Financial Instruments would include any derivative instruments, such as futures contracts, forward currency contracts, options and swap agreements. These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

^	Represents interest in securities that were determined to have a value of zero at June 30, 2013.

A reconciliation of assets in which level 3 inputs are used in determining fair value, along with additional quantitative disclosures, are presented when there are significant level 3 investments at the end of the period.

AZL MVP BlackRock Global Allocation Fund

Notes to the Consolidated Financial Statements

June 30, 2013 (Unaudited)

5. Security Purchases and Sales

For the period ended June 30, 2013, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL MVP BlackRock Global Allocation Fund		$	171,759,174		$	73,294,134

For the period ended June 30, 2013, purchases and sales on long-term U.S. government securities were as follows:


	Purchases			Sales
AZL MVP BlackRock Global Allocation Fund		$	16,312,899		$	4,523,084

6. Restricted Securities

A restricted security is a security which has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (the “1933 Act”) or pursuant to the resale limitations provided by Rule 144A under the 1933 Act, or an exemption from the registration requirements of the 1933 Act. Whether a restricted security is illiquid is determined pursuant to guidelines established by the Board of Trustees. Not all restricted securities are considered illiquid.

At June 30, 2013, the Fund held restricted securities, of which 0.70% were deemed illiquid. The restricted securities held as of June 30, 2013 are identified below.


Security	Acquisition Date		Acquisition Cost			Shares or Principal Amount		Fair Value			Percentage of Net Assets

B.A.T. International Finance plc, 2.13%, 6/7/17, Callable 6/7/17 @ 25		5/31/12		$	225,608		225,000		$	225,668		0.05	%
Banc of America Large Loan, Inc., Series 2010, Class HLTN, 2.49%, 11/15/13		1/12/12			351,857		375,362			375,653		0.08
Banco Bradesco (Cayman), 4.50%, 1/12/17		4/12/12			209,700		200,000			208,000		0.04
Banco Santander Chile, 2.15%, 6/7/18		5/31/13			450,000		450,000			449,010		0.09
Banco Santander SA, 4.13%, 11/9/22		11/6/12			147,275		150,000			140,625		0.03
Building Materials Corp., 6.88%, 8/15/18, Callable 8/15/14 @ 103.44		1/12/12			79,125		75,000			79,125		0.02
Bumi Investment Pte, Ltd., 10.75%, 10/6/17, Callable 10/6/14 @ 105.38		1/17/12			250,985		240,000			172,800		0.04
CapitaLand, Ltd., Series CAPL, 2.95%, 6/20/22		1/17/12			949,719		1,000,000			982,500		0.20
Capsugel FinanceCo SCA, 9.88%, 8/1/19, Callable 8/1/14 @ 107.41		2/16/12			108,250		100,000			110,600		0.02
CIT Group, Inc., 4.75%, 2/15/15		1/7/13			279,641		265,000			269,306		0.05
Colombia Telecomm SA Esp, 5.38%, 9/27/22, Callable 9/27/17 @ 102.69		4/19/13			200,500		200,000			189,000		0.04
CSG Guernsey I, Ltd., Series REGS, 7.87%, 2/24/41, Callable 8/24/16 @ 100		1/17/12			296,650		300,000			313,500		0.06
Daimler Finance NA LLC, 0.88%, 1/9/15		1/7/13			449,525		449,000			450,422		0.09
Dana Gas Sukuk, Ltd., 7.00%, 10/31/17		5/8/13			773,149		848,330			763,497		0.16
Dana Gas Sukuk, Ltd., 9.00%, 10/31/17, Callable 8/15/13 @ 109		5/8/13			785,521		858,310			849,727		0.17
Delta Debtco, Ltd., 0.09%, 10/30/19		10/17/12			562,435		571,000			598,836		0.12
Delta Topco, Ltd.		5/2/12			379,997		615,711			372,382		0.08
Delta Topco, Ltd., 10.00%, 11/24/60		5/2/12			518,956		509,075			516,997		0.11
Essar Energy plc, 4.25%, 2/1/16		3/19/13			244,876		300,000			246,000		0.05
FMG Resources August 2006, 6.00%, 4/1/17, Callable 4/1/15 @ 103		3/14/12			138,280		139,000			135,178		0.03
Hutchison Whampoa International 11, Ltd., 3.50%, 1/13/17		1/17/12			201,520		200,000			206,079		0.04
Hypermarcas SA, 6.50%, 4/20/21, Callable 4/20/16 @ 103.25		12/18/12			162,750		150,000			150,750		0.03
Hyundai Capital America, Inc., 1.63%, 10/2/15		9/24/12			77,955		78,000			77,748		0.02
Hyundai Capital America, Inc., 2.13%, 10/2/17		9/24/12			123,830		124,000			119,881		0.02
Inversiones Alsacia SA, 8.00%, 8/18/18, Callable 2/18/15 @ 104		2/1/12			209,805		231,190			195,355		0.04

AZL MVP BlackRock Global Allocation Fund

Notes to the Consolidated Financial Statements

June 30, 2013 (Unaudited)


Security	Acquisition Date		Acquisition Cost			Shares or Principal Amount			Fair Value			Percentage of Net Assets

Nara Cable Funding, Ltd., 8.88%, 12/1/18, Callable 12/1/13 @ 108.88		6/27/13		$	205,000		$	200,000		$	205,000		0.04	%
Nara Cable Funding, Ltd., 8.88%, 12/1/18, Callable 12/1/13 @ 108.88		1/12/12			198,750			200,000			208,500		0.04
NBCUniversal Enterprise, Inc., 5.25%, 12/31/99, Callable 3/19/21 @ 100		3/19/13			200,204			200,000			200,000		0.04
Netherlands Government, 1.00%, 2/24/17		2/16/12			515,470			517,000			515,087		0.11
Nordea Bank AB, 3.13%, 3/20/17		3/14/12			229,830			230,000			236,688		0.05
Odebrecht Drilling VIII/IX, 6.35%, 6/30/21, Callable 6/30/20 @ 100		1/12/12			270,803			250,800			253,308		0.05
OGX Austria GmbH, 8.50%, 6/1/18, Callable 6/1/15 @ 104.25		1/12/12			556,938			875,000			275,625		0.06
Project Eagle Shell		12/27/12			350,890			20,670			378,261		0.08
Project Eagle Shell, Class A		2/26/13			4,089			240			4,392		0.00
Project Eagle Shell, Series D		12/27/12			314,602			18,506			338,660		0.07
Pyrus, Ltd., Series REGS, 7.50%, 12/20/15		1/12/12			420,250			400,000			503,200		0.10
REI Agro, Ltd., Series REGS, 5.50%, 11/13/14		2/7/12			300,000			400,000			282,140		0.06
Reliance Holdings USA, Inc., 4.50%, 10/19/20		4/13/12			315,120			325,000			319,661		0.07
Sabine Pass Liquefaction LLC, 5.63%, 4/15/23		4/10/13			170,000			170,000			160,650		0.03
Salesforce.com, Inc., 0.25%, 4/1/18		3/12/13			554,344			562,000			534,954		0.11
Sberbank of Russia/SB Capital SA, 5.13%, 10/29/22		10/18/12			400,000			400,000			375,000		0.08
Sun Hung Kai Properties, Series E, 4.50%, 2/14/22		4/23/12			197,818			200,000			197,044		0.04
TFS Corp., Ltd., 0.00%, 7/15/18		6/6/12			—			157,250			13,314		0.00
TFS Corp., Ltd., 11.00%, 7/15/18, Callable 7/15/15 @ 108		6/6/12			409,063			425,000			403,750		0.08
TNK-BP Finance SA, 6.63%, 3/20/17		1/12/12			103,375			100,000			108,500		0.02
TNK-BP Finance SA, Series 2, 7.50%, 7/18/16		6/26/13			121,825			110,000			121,963		0.02
Unitymedia Hessen GmbH & Co., KG/Unitymedia NRW GmbH, 5.50%, 1/15/23, Callable 1/15/18 @ 102.75		5/30/13			205,000			200,000			189,000		0.04
Viterra, Inc., 5.95%, 8/1/20		1/12/12			89,380			87,000			91,987		0.02
Vnesheconombank, 6.03%, 7/5/22		6/26/12			200,000			200,000			206,000		0.04
Volkswagen International Finance NV, 5.50%, 11/9/15		11/6/12			513,863			500,000			512,890		0.10
Zeus (Cayman), 0.66%, 8/19/13		2/7/12			33,660,000			34,000,000			33,150,000		6.77
Zeus Cayman II, Series REGS, 1.02%, 8/18/16		1/25/12			19,100,000			20,000,000			26,510,000		5.41
Ziggo BV, 3.63%, 3/27/20		3/21/13			99,800			100,000			97,529		0.02

7. Investment Risks

Commodities-Related Investment Risk: Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments. The U.S. Commodities Futures Trading Commission has proposed changes to certain of its rules governing investment in commodities by mutual funds, such as the Fund. In the event these changes are adopted, or if there are changes in the tax treatment of the Fund’s direct and indirect investments in commodities, the Fund may be unable to obtain exposure to commodity markets, or may be limited in the extent to which or manner in which it can obtain such exposure.

Derivatives Risk: The Fund may invest in derivatives as a principal strategy. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The counterparty to a derivatives contract could default. As required by applicable law, a Fund that invests in derivatives segregates cash or liquid securities, or both, to the extent that its obligations under the instrument are not covered through ownership of the underlying security, financial instrument, or currency.

Emerging Markets Risk: Emerging markets may have less developed trading markets and exchanges which may make it more difficult to sell securities at an acceptable price and their prices may be more volatile than securities of companies in more developed markets. Settlements of trades may be subject to greater delays so that the Fund may not receive the proceeds of a sale of a security on a timely basis. Emerging countries may also have less developed legal and accounting systems and investments may be subject to greater risks of government restrictions, nationalization, or confiscation.

AZL MVP BlackRock Global Allocation Fund

Notes to the Consolidated Financial Statements

June 30, 2013 (Unaudited)

Foreign Securities and Currencies Risk: Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments which could adversely affect investments in those securities.

Security Quality Risk (also known as “High Yield Risk”): The Fund may invest in high yield, high risk debt securities and unrated securities of similar credit quality (commonly known as “junk bonds”) may be subject to greater levels of credit and liquidity risk than funds that do not invest in such securities. These securities are considered predominately speculative with respect to the issuer’s continuing ability to make principal and interest payments. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce the Fund’s ability to sell these securities (liquidity risk). If the issuer of a security is in default with respect to interest or principal payments, the Fund may lose the value of its entire investment.

8. Federal Tax Information

Cost for federal income tax purposes at June 30, 2013 is $452,012,891. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	36,784,975
Unrealized depreciation		(16,290,560	)

Net unrealized appreciation depreciation	$	20,494,415

The tax character of dividends paid to shareholders during the year ended December 31, 2012 were as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL MVP BlackRock Global Allocation Fund		$	3,940,825		$	—		$	3,940,825

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

As of the latest tax year end December 31, 2012, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)(a)			Total Accumulated Earnings/ (Deficit)
AZL MVP BlackRock Global Allocation Fund		$	1,283,528		$	—		$	—		$	17,330,214		$	18,613,742

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

9. Subsequent Events

Other Information (Unaudited)

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0613 2/13

AZL^® MVP Franklin Templeton

Founding Strategy Plus Fund

Semi-Annual Report

June 30, 2013

(Unaudited)

LOGO

Table of Contents

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AZL MVP Franklin Templeton Founding Strategy Plus Fund

Expense Examples

(Unaudited)

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.


	Beginning Account Value 1/1/13			Ending Account Value 6/30/13			Expenses Paid During Period 1/1/13 - 6/30/13*			Annualized Expense Ratio During Period 1/1/13 - 6/30/13
AZL MVP Franklin Templeton Founding Strategy Plus Fund		$	1,000.00		$	1,058.00		$	0.77		0.15	%


	Beginning Account Value 1/1/13			Ending Account Value 6/30/13			Expenses Paid During Period 1/1/13 - 6/30/13*			Annualized Expense Ratio During Period 1/1/13 - 6/30/13
AZL MVP Franklin Templeton Founding Strategy Plus Fund		$	1,000.00		$	1,024.05		$	0.75		0.15	%

*	Expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by 181/365 (to reflect the one half year period).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Fixed Income		94.1	%
Money Market		1.0

Total Investment Securities		95.1
Net other assets (liabilities)		4.9

Net Assets		100.0	%

AZL MVP Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)


Shares			Fair Value

	Affiliated Investment Company (94.1%):
	7,858,880	AZL Franklin Templeton Founding Strategy Plus Fund	$	99,964,952

	Total Affiliated Investment Company (Cost $96,388,724)			99,964,952

	Unaffiliated Investment Company (1.0%):
	1,045,610	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(a)		1,045,610

	Total Unaffiliated Investment Company (Cost $1,045,610)			1,045,610

	Total Investment Securities (Cost $97,434,334)(b) — 95.1%			101,010,562
	Net other assets (liabilities) — 4.9%			5,209,961

	Net Assets — 100.0%		$	106,220,523

Percentages indicated are based on net assets as of June 30, 2013.

(a)	The rate represents the effective yield at June 30, 2013.

(b)	See Federal Tax Information listed in the Notes to the Financial Statements.

Futures Contracts

Cash of $5,191,986 has been segregated to cover margin requirements for the following open contracts as of June 30, 2013:


Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note September Futures		Long		9/20/13		16	$	2,025,000	$	(42,475	)
S&P 500 Index E-Mini September Futures		Long		9/23/13		38		3,038,670		(8,378	)

Total									$	(50,854	)

See accompanying notes to the financial statements.

AZL MVP Franklin Templeton Founding Strategy Plus Fund

Statement of Assets and Liabilities

June 30, 2013

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	1,045,610
Investments in affiliates, at cost		96,388,724

Investment securities, at cost	$	97,434,334

Investments in non-affiliates, at value	$	1,045,610
Investments in affiliates, at value		99,964,952

Investment securities, at value		101,010,562
Segregated cash for collateral		5,191,986
Receivable for capital shares issued		1,019,843
Prepaid expenses		132

Total Assets		107,222,523

Liabilities:
Payable for affiliated investments purchased		983,255
Manager fees payable		6,070
Administration fees payable		5,129
Custodian fees payable		230
Administrative and compliance services fees payable		837
Other accrued liabilities		6,479

Total Liabilities		1,002,000

Net Assets	$	106,220,523

Net Assets Consist of:
Capital	$	102,235,620
Accumulated net investment income/(loss)		(57,198	)
Accumulated net realized gains/(losses) from investment transactions		516,727
Net unrealized appreciation/(depreciation) on investments		3,525,374

Net Assets	$	106,220,523

Shares of beneficial interest (unlimited number of shares authorized, no par value)		9,540,577
Net Asset Value (offering and redemption price per share)	$	11.13

Statement of Operations

For the Six Months Ended June 30, 2013

(Unaudited)


Investment Income:
Dividends from affiliates	$	—

Total Investment Income		—

Expenses:
Manager fees		38,131
Administration fees		31,182
Custodian fees		1,151
Administrative and compliance services fees		1,109
Trustee fees		2,656
Professional fees		2,041
Shareholder reports		1,046
Other expenses		751

Total expenses before reductions		78,067
Less expense contractually waived/reimbursed by the Manager		(20,869	)

Net expenses		57,198

Net Investment Income/(Loss)		(57,198	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		401,415
Net realized gains/(losses) on futures contracts		198,484
Change in net unrealized appreciation/depreciation on investments		1,833,148

Net Realized/Unrealized Gains/(Losses) on Investments		2,433,047

Change in Net Assets Resulting From Operations	$	2,375,849

See accompanying notes to the financial statements.

Statements of Changes in Net Assets


	AZL MVP Franklin Templeton Founding Strategy Plus Fund
	For the Six Months Ended June 30, 2013				April 30, 2012 to December 31, 2012 (a)
	(Unaudited)
Change in Net Assets:
Operations:
Net investment income/(loss)		$	(57,198	)		$	531,017
Net realized gains/(losses) on investment transactions			599,899				58,027
Change in unrealized appreciation/depreciation on investments			1,833,148				1,692,226

Change in net assets resulting from operations			2,375,849				2,281,270

Dividends to Shareholders:
From net investment income			—				(531,020	)
From net realized gains			—				(141,196	)

Change in net assets resulting from dividends to shareholders			—				(672,216	)

Capital Transactions:
Proceeds from shares issued			69,438,298				48,319,984
Proceeds from dividends reinvested			—				672,216
Value of shares redeemed			(10,240,187	)			(5,954,691	)

Change in net assets resulting from capital transactions			59,198,111				43,037,509

Change in net assets			61,573,960				44,646,563
Net Assets:
Beginning of period			44,646,563				—

End of period		$	106,220,523			$	44,646,563

Accumulated net investment income/(loss)		$	(57,198	)		$	—

Share Transactions:
Shares issued			6,235,397				4,756,556
Dividends reinvested			—				64,450
Shares redeemed			(938,975	)			(576,851	)

Change in shares			5,296,422				4,244,155

(a)	Period from commencement of operations.

See accompanying notes to the financial statements.

AZL MVP Franklin Templeton Founding Strategy Plus Fund

Financial Highlights

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


	Six Months Ended June 30, 2013				April 30, 2012 to December 31, 2012 (a)
	(Unaudited)
Net Asset Value, Beginning of Period		$	10.52			$	10.00

Investment Activities:
Net Investment Income/(Loss)			(0.01	)			0.13
Net Realized and Unrealized Gains/(Losses) on Investments			0.62				0.56

Total from Investment Activities			0.61				0.69

Dividends to Shareholders From:
Net Investment Income			—				(0.13	)
Net Realized Gains			—				(0.04	)

Total Dividends			—				(0.17	)

Net Asset Value, End of Period		$	11.13			$	10.52

Total Return(b)			5.80	%(c)			6.87	%(c)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	106,221			$	44,647
Net Investment Income/(Loss)(d)			(0.15	)%			3.46	%
Expenses Before Reductions(d) (e)*			0.20	%			0.48	%
Expenses Net of Reductions(d)*			0.15	%			0.15	%
Portfolio Turnover Rate(f)			13	%(c)			35	%(c)

*	The ratios exclude the impact of fees/expenses paid by each underlying fund.

(a)	Period from commencement of operations.

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

(c)	Not annualized.

(d)	Annualized for periods less than one year.

(e)	Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(f)	The portfolio turnover ratios can be volatile due to the amount and timing of purchases and sales of fund shares during the period.

See accompanying notes to the financial statements.

AZL MVP Franklin Templeton Founding Strategy Plus Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”). The Trust consists of 11 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 10 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Investment transactions are recorded not later than on the business day following trade date. However, for financial reporting purposes, investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. 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 except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

Dividends to Shareholders

Expense Allocation

Derivative Instruments

Futures Contracts

AZL MVP Franklin Templeton Founding Strategy Plus Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)

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 Fund. 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 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 $5.1 million as of June 30, 2013. The monthly average notional amount for these contracts was $3.8 million for the period ended June 30, 2013. Realized gains and losses are reported as “Net realized gains/(losses) from futures transactions” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2013:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Contracts

Receivable for variation margin on futures contracts

—

Payable for variation margin on futures contracts

50,854

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2013:


Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized in Income	Realized Gains/(Losses) on Derivatives Recognized in Income		Change in Unrealized Appreciation/ (Depreciation) on Derivatives Recognized in Income

Equity Contracts	Net realized gains/(losses) on futures contracts/change in unrealized appreciation/depreciation on investments	$	198,484	$	(41,970	)

3. Related Party Transactions

For the period ended June 30, 2013, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit
AZL MVP Franklin Templeton Founding Strategy Plus Fund		0.10	%		0.15	%

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 lesser of the stated limit at the time of the waiver or the current stated limit. 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, 2013, the contractual reimbursements that are subject to repayment by the Fund in subsequent years were as follows:


	Expires 12/31/2015			Expires 12/31/2016			Total
AZL MVP Franklin Templeton Founding Strategy Plus Fund		$	9,667		$	20,869		$	30,536

AZL MVP Franklin Templeton Founding Strategy Plus Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)


	Market Value 12/31/12			Purchases at Cost			Proceeds from Sales				Net Capital and Realized Gain(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Market Value 6/30/13			Dividend Income
AZL Franklin Templeton Founding Strategy Plus Fund		$	41,482,337		$	65,655,540		$	(9,446,433	)		$	398,390		$	1,875,118		$	99,964,952		$	—
AZL MVP FTFSP Investment Trust			—			—			—				3,025			—			—			—

		$	41,482,337		$	65,655,540		$	(9,446,433	)		$	401,415		$	1,875,118		$	99,964,952		$	—

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, 2013, $459 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

—

Level 1 — quoted prices in active markets for identical assets

—

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

—

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

For the period ended June 30, 2013, 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, 2013 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Total

Affiliated Investment Companies		$	99,964,952			$	—		$	99,964,952
Unaffiliated Investment Company			1,045,610				—			1,045,610

Total Investment Securities		$	101,010,562			$	—		$	101,010,562

Other Financial Instruments:*
Futures Contracts			(50,854	)			—			(50,854	)

Total Investments		$	100,959,708			$	—		$	100,959,708

*	Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

AZL MVP Franklin Templeton Founding Strategy Plus Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)

5. Security Purchases and Sales

For the period ended June 30, 2013, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL MVP Franklin Templeton Founding Strategy Plus Fund		$	65,655,540		$	9,446,433

6. Investment Risks

7. Federal Income Tax Information

Cost for federal income tax purposes at June 30, 2013 is $97,567,373. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	3,576,228
Unrealized depreciation		(133,039	)

Net unrealized appreciation depreciation	$	3,443,189

The tax character of dividends paid to shareholders during the year ended December 31, 2012 were as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL MVP Franklin Templeton Founding Strategy Plus Fund		$	551,499		$	120,717		$	672,216

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

As of the latest tax year end December 31, 2012, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)(a)			Total Accumulated Earnings/ (Deficit)
AZL MVP Franklin Templeton Founding Strategy Plus Fund		$	11,677		$	5,315		$	—		$	1,592,062		$	1,609,054

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

8. Concentration of Investments

As of June 30, 2013, the Fund’s investment in the AZL Franklin Templeton Founding Strategy Plus Fund, which is affiliated with the Investment Adviser, represented greater than 90% of the Fund’s net assets. The financial statements of the AZL Franklin Templeton Founding Strategy Plus Fund are attached hereto.

9. Subsequent Events

Other Information (Unaudited)

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0613 2/13

AZL^® MVP Growth Index Strategy Fund

Semi-Annual Report

June 30, 2013

(Unaudited)

LOGO

Table of Contents

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AZL MVP Growth Index Strategy Fund

Expense Examples

(Unaudited)

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


	Beginning Account Value 1/1/13			Ending Account Value 6/30/13			Expenses Paid During Period 1/1/13 - 6/30/13*			Annualized Expense Ratio During Period 1/1/13 - 6/30/13
AZL MVP Growth Index Strategy Fund		$	1,000.00		$	1,074.90		$	0.72		0.14	%


	Beginning Account Value 1/1/13			Ending Account Value 6/30/13			Expenses Paid During Period 1/1/13 - 6/30/13*			Annualized Expense Ratio During Period 1/1/13 - 6/30/13
AZL MVP Growth Index Strategy Fund		$	1,000.00		$	1,024.10		$	0.70		0.14	%

*	Expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by 181/365 (to reflect the one half year period).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Domestic Equities		52.0	%
Fixed Income		23.7
International Equities		18.9
Money Market		0.4

Total Investment Securities		95.0
Net other assets (liabilities)		5.0

Net Assets		100.0	%

AZL MVP Growth Index Strategy Fund

Schedule of Portfolio Investments

June 30, 2013 (Unaudited)


Shares			Fair Value

	Affiliated Investment Companies (94.6%):
	10,004,046	AZL Enhanced Bond Index Fund	$	108,743,981
	6,019,247	AZL International Index Fund		86,556,766
	2,554,248	AZL Mid Cap Index Fund		50,395,306
	14,502,225	AZL S&P 500 Index Fund, Class 2		163,005,006
	1,909,925	AZL Small Cap Stock Index Fund		25,230,114

	Total Affiliated Investment Companies (Cost $404,678,387)			433,931,173

	Unaffiliated Investment Company (0.4%):
	1,758,627	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(a)		1,758,627

	Total Unaffiliated Investment Company (Cost $1,758,627)			1,758,627

	Total Investment Securities (Cost $406,437,014)(b) — 95.0%			435,689,800
	Net other assets (liabilities) — 5.0%			22,477,910

	Net Assets — 100.0%		$	458,167,710

Percentages indicated are based on net assets as of June 30, 2013.

(a)	The rate represents the effective yield at June 30, 2013.

(b)	See Federal Tax Information listed in the Notes to the Financial Statements.

Futures Contracts

Cash of $22,682,550 has been segregated to cover margin requirements for the following open contracts as of June 30, 2013:


Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note September Futures		Long		9/20/13		45	$	5,695,313	$	(121,703	)
S&P 500 Index E-Mini September Futures		Long		9/23/13		212		16,952,580		(46,502	)

Total									$	(168,205	)

See accompanying notes to the financial statements.

AZL MVP Growth Index Strategy Fund

Statement of Assets and Liabilities

June 30, 2013

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	1,758,627
Investments in affiliates, at cost		404,678,387

Investment securities, at cost	$	406,437,014

Investments in non-affiliates, at value	$	1,758,627
Investments in affiliates, at value		433,931,173

Investment securities, at value		435,689,800
Segregated cash for collateral		22,682,550
Receivable for capital shares issued		1,480,885
Receivable for variation margin on futures contracts		25
Prepaid expenses		1,066

Total Assets		459,854,326

Liabilities:
Payable for affiliated investments purchased		1,630,548
Manager fees payable		36,529
Administration fees payable		3,057
Custodian fees payable		121
Administrative and compliance services fees payable		2,099
Trustee fees payable		7,172
Other accrued liabilities		7,090

Total Liabilities		1,686,616

Net Assets	$	458,167,710

Net Assets Consist of:
Capital	$	427,848,583
Accumulated net investment income/(loss)		(241,424	)
Accumulated net realized gains/(losses) from investment transactions		1,475,970
Net unrealized appreciation/(depreciation) on investments		29,084,581

Net Assets	$	458,167,710

Shares of beneficial interest (unlimited number of shares authorized, no par value)		38,919,744
Net Asset Value (offering and redemption price per share)	$	11.77

Statement of Operations

For the Six Months Ended June 30, 2013

(Unaudited)


Investment Income:
Dividends from affiliates	$	—

Total Investment Income		—

Expenses:
Manager fees		178,302
Administration fees		29,253
Custodian fees		1,319
Administrative and compliance services fees		4,409
Trustee fees		10,871
Professional fees		9,134
Shareholder reports		4,596
Other expenses		3,540

Total expenses		241,424

Net Investment Income/(Loss)		(241,424	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		6,312
Net realized gains/(losses) on futures contracts		1,398,622
Change in net unrealized appreciation/depreciation on investments		19,489,493

Net Realized/Unrealized Gains/(Losses) on Investments		20,894,427

Change in Net Assets Resulting From Operations	$	20,653,003

See accompanying notes to the financial statements.

Statements of Changes in Net Assets


	AZL MVP Growth Index Strategy Fund
	For the Six Months Ended June 30, 2013				January 10, 2012 to December 31, 2012 (a)
	(Unaudited)
Change in Net Assets:
Operations:
Net investment income/(loss)		$	(241,424	)		$	1,987,250
Net realized gains/(losses) on investment transactions			1,404,934				1,489,025
Change in unrealized appreciation/depreciation on investments			19,489,493				9,595,088

Change in net assets resulting from operations			20,653,003				13,071,363

Dividends to Shareholders:
From net investment income			—				(2,846,691	)
From net realized gains			—				(558,548	)

Change in net assets resulting from dividends to shareholders			—				(3,405,239	)

Capital Transactions:
Proceeds from shares issued			176,858,728				256,737,757
Proceeds from dividends reinvested			—				3,405,239
Value of shares redeemed			(487,036	)			(8,666,105	)

Change in net assets resulting from capital transactions			176,371,692				251,476,891

Change in net assets			197,024,695				261,143,015
Net Assets:
Beginning of period			261,143,015				—

End of period		$	458,167,710			$	261,143,015

Accumulated net investment income/(loss)		$	(241,424	)		$	—

Share Transactions:
Shares issued			15,114,762				24,349,391
Dividends reinvested			—				314,427
Shares redeemed			(41,993	)			(816,843	)

Change in shares			15,072,769				23,846,975

(a)	Period from commencement of operations.

See accompanying notes to the financial statements.

AZL MVP Growth Index Strategy Fund

Financial Highlights

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


	Six Months Ended June 30, 2013				January 10, 2012 to December 31, 2012 (a)
	(Unaudited)
Net Asset Value, Beginning of Period		$	10.95			$	10.00

Investment Activities:
Net Investment Income/(Loss)			(0.01	)			0.09
Net Realized and Unrealized Gains/(Losses) on Investments			0.83				1.01

Total from Investment Activities			0.82				1.10

Dividends to Shareholders From:
Net Investment Income			—				(0.12	)
Net Realized Gains			—				(0.03	)

Total Dividends			—				(0.15	)

Net Asset Value, End of Period		$	11.77			$	10.95

Total Return(b)			7.49	%(c)			10.98	%(c)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	458,168			$	261,143
Net Investment Income/(Loss)(d)			(0.14	)%			1.47	%
Expenses Before Reductions(d) (e)*			0.14	%			0.22	%
Expenses Net of Reductions(d)*			0.14	%			0.15	%
Portfolio Turnover Rate(f)			—	(c)			11	%(c)

*	The ratios exclude the impact of fees/expenses paid by each underlying funds.

(a)	Period from commencement of operations.

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

(c)	Not annualized.

(d)	Annualized for periods less than one year.

(e)	Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(f)	The portfolio turnover rate can be volatile due to the amount and timing of purchases and sales of fund shares during the period.

See accompanying notes to the financial statements.

AZL MVP Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”). The Trust consists of 11 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Growth Index Strategy Fund (the “Fund”), and 10 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Dividends to Shareholders

Expense Allocation

Derivative Instruments

Futures Contracts

AZL MVP Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)

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 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 $22.6 million as of June 30, 2013. The monthly average notional amount for these contracts was $18.0 million for the period ended June 30, 2013. Realized gains and losses are reported as “Net realized gains/(losses) from futures transactions” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2013:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Contracts

Receivable for variation margin on futures contracts

—

Payable for variation margin on futures contracts

168,205

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2013:


Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized in Income	Realized Gains/(Losses) on Derivatives Recognized in Income		Change in Unrealized Appreciation/ (Depreciation) on Derivatives Recognized in Income

Equity Contracts	Net realized gains/(losses) on futures contracts/change in unrealized appreciation/depreciation on investments	$	1,398,622	$	(118,330	)

3. Related Party Transactions

For the period ended June 30, 2013, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit
AZL MVP Growth Index Strategy Fund		0.10	%		0.20	%


	Market Value 12/31/12			Purchases at Cost			Proceeds from Sales				Net Capital and Realized Gain(Loss)			Change in Unrealized Appreciation/ (Depreciation)				Market Value 6/30/13			Dividend Income
AZL Enhanced Bond Index Fund		$	60,986,326		$	50,466,796		$	—			$	—		$	(2,709,141	)		$	108,743,981		$	—
AZL International Index Fund			50,226,376			35,455,906			—				—			874,484				86,556,766			—
AZL Mid Cap Index Fund			28,808,715			17,064,865			(16,979	)			1,764			4,536,941				50,395,306			—
AZL MVP GIS Investment Trust			—			—			—				1,542			—				—			—
AZL S&P 500 Index Fund			92,580,902			56,290,876			(31,749	)			3,006			14,161,971				163,005,006			—

AZL MVP Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)


	Market Value 12/31/12			Purchases at Cost			Proceeds from Sales				Net Capital and Realized Gain(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Market Value 6/30/13			Dividend Income
AZL Small Cap Stock Index Fund		$	14,593,473		$	7,893,071		$	—			$	—		$	2,743,570		$	25,230,114		$	—

Totals		$	247,195,792		$	167,171,514		$	(48,728	)		$	6,312		$	19,607,825		$	433,931,173		$	—

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, 2013, $2,392 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

—

Level 1 — quoted prices in active markets for identical assets

—

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

—

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

For the period ended June 30, 2013, 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, 2013 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Total

Affiliated Investment Companies		$	433,931,173			$	—		$	433,931,173
Unaffiliated Investment Company			1,758,627				—			1,758,627

Total Investment Securities		$	435,689,800			$	—		$	435,689,800

Other Financial Instruments:*
Futures Contracts			(168,205	)			—			(168,205	)

Total Investments		$	435,521,595			$	—		$	435,521,595

*	Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

AZL MVP Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2013 (Unaudited)

5. Security Purchases and Sales

For the period ended June 30, 2013, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL MVP Growth Index Strategy Fund		$	167,171,514		$	48,728

6. Investment Risks

7. Federal Income Tax Information

Cost for federal income tax purposes at June 30, 2013 is $406,548,595. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	32,079,799
Unrealized depreciation		(2,938,594	)

Net unrealized appreciation depreciation	$	29,141,205

The tax character of dividends paid to shareholders during the year ended December 31, 2012 were as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL MVP Growth Index Strategy Fund		$	2,925,784		$	479,455		$	3,405,239

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

As of the latest tax year end December 31, 2012, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)(a)			Total Accumulated Earnings/ (Deficit)
AZL MVP Growth Index Strategy Fund		$	53,267		$	79,475		$	—		$	9,533,382		$	9,666,124

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

8. Subsequent Events

Other Information (Unaudited)

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0613 2/13

AZL^® MVP Invesco Equity and Income Fund

Semi-Annual Report

June 30, 2013

(Unaudited)

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