UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21624

Allianz Variable Insurance Products Fund of Funds Trust

(Exact name of registrant as specified in charter)

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

Citi Fund Services Ohio, Inc., 3435 Stelzer Road, Columbus, OH	43219-8000
(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-624-0197

Date of fiscal year end: December 31

Date of reporting period: March 31, 2014

Item 1. Schedule of Investments.

AZL Balanced Index Strategy Fund

Schedule of Portfolio Investments

March 31, 2014 (Unaudited)

Shares		Fair Value
Affiliated Investment Companies (99.9%):
19,329,860	AZL Enhanced Bond Index Fund	$	209,728,977
3,222,188	AZL International Index Fund		53,681,647
1,369,973	AZL Mid Cap Index Fund		31,618,977
8,380,627	AZL S&P 500 Index Fund, Class 2		109,786,219
1,058,418	AZL Small Cap Stock Index Fund		16,733,592
Total Affiliated Investment Companies (Cost $335,202,739)			421,549,412
Unaffiliated Investment Company (0.3%):
1,081,822	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (a)		1,081,822
Total Unaffiliated Investment Company (Cost $1,081,822)			1,081,822
Total Investment Securities (Cost $336,284,561)(b) - 100.2%			422,631,234
Net other assets (liabilities) - (0.2)%			(897,356	)
Net Assets - 100.0%		$	421,733,878

Percentages indicated are based on net assets as of March 31, 2014.

(a) The rate represents the effective yield at March 31, 2014.

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

See accompanying notes to the schedules of portfolio investments.

AZL Growth Index Strategy Fund

Schedule of Portfolio Investments

March 31, 2014 (Unaudited)

Shares		Fair Value
Affiliated Investment Companies (100.0%):
31,867,475	AZL Enhanced Bond Index Fund	$	345,762,103
16,105,407	AZL International Index Fund		268,316,079
6,660,467	AZL Mid Cap Index Fund		153,723,569
42,057,891	AZL S&P 500 Index Fund, Class 2		550,958,371
4,845,806	AZL Small Cap Stock Index Fund		76,612,191
Total Affiliated Investment Companies (Cost $1,065,681,075)			1,395,372,313
Unaffiliated Investment Company (0.0%):
584,772	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (a)		584,772
Total Unaffiliated Investment Company (Cost $584,772)			584,772
Total Investment Securities (Cost $1,066,265,847)(b) - 100.0%			1,395,957,085
Net other assets (liabilities) - 0.0%			(493,255	)
Net Assets - 100.0%		$	1,395,463,830

Percentages indicated are based on net assets as of March 31, 2014.

(a) The rate represents the effective yield at March 31, 2014.

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

See accompanying notes to the schedules of portfolio investments.

AZL MVP Balanced Index Strategy Fund

Schedule of Portfolio Investments

March 31, 2014 (Unaudited)

Shares		Fair Value
Affiliated Investment Companies (94.8%):
7,239,639	AZL Enhanced Bond Index Fund	$	78,550,083
1,269,585	AZL International Index Fund		21,151,282
542,142	AZL Mid Cap Index Fund		12,512,641
2,989,956	AZL S&P 500 Index Fund, Class 2		39,168,420
420,709	AZL Small Cap Stock Index Fund		6,651,413
Total Affiliated Investment Companies (Cost $143,350,012)			158,033,839
Unaffiliated Investment Company (0.1%):
240,092	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (a)		240,092
Total Unaffiliated Investment Company (Cost $240,092)			240,092
Total Investment Securities (Cost $143,590,104)(b) - 94.9%			158,273,931
Net other assets (liabilities) - 5.1%			8,377,768
Net Assets - 100.0%		$	166,651,699

Percentages indicated are based on net assets as of March 31, 2014.

(a) The rate represents the effective yield at March 31, 2014.

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

Continued

AZL MVP Balanced Index Strategy Fund

Schedule of Portfolio Investments, continued

March 31, 2014 (Unaudited)

Futures Contracts

Cash of $8,292,663 has been segregated to cover margin requirements for the following open contracts as of March 31, 2014:

Description	Type	Expiration Date	Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note June Futures	Long	6/19/14		33	$	4,075,500	$	(25,523	)
S&P 500 Index E-Mini June Futures	Long	6/20/14		44		4,102,120		54,481
Total							$	28,958

See accompanying notes to the schedules of portfolio investments.

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

March 31, 2014 (Unaudited)

Shares		Fair Value
Common Stocks (60.9%):
Aerospace & Defense (1.8%):
45,175	European Aeronautic Defence & Space Co. NV (a)	$	3,239,351
1,305	General Dynamics Corp. (a)		142,141
1,222	L-3 Communications Holdings, Inc. (a)		144,379
1,373	Northrop Grumman Corp. (a)		169,401
6,892	Precision Castparts Corp. (a)		1,742,022
1,710	Raytheon Co. (a)		168,931
76,265	Safran SA (a)		5,288,618
28,704	United Technologies Corp. (a)		3,353,775
			14,248,618
Air Freight & Logistics (0.4%):
6,574	FedEx Corp. (a)		871,449
24,441	United Parcel Service, Inc., Class B (a)		2,380,065
			3,251,514
Airlines (0.5%):
17,100	Japan Airlines Co., Ltd. (a)		840,752
65,186	United Continental Holdings, Inc. *(a)		2,909,251
			3,750,003
Auto Components (1.2%):
19,900	Aisin Sieki Co., Ltd. (a)		716,868
10,945	BorgWarner, Inc. (a)		672,789
40,800	Bridgestone Corp. (a)		1,445,105
129,683	Cheng Shin Rubber Industry Co., Ltd. (a)		370,215
6,973	Delphi Automotive plc (a)		473,188
26,100	DENSO Corp. (a)		1,249,747
11,600	Futaba Industrial Co., Ltd. *(a)		50,531
16,625	Goodyear Tire & Rubber Co. (a)		434,411
1,444	Hyundai Wia Corp. (a)		231,941
19,304	Johnson Controls, Inc. (a)		913,465
1,897	Lear Corp. (a)		158,817
31,100	Toyota Industries Corp. (a)		1,491,565
6,166	TRW Automotive Holdings Corp. *(a)		503,269
			8,711,911
Automobiles (1.6%):
6,516	Bayerische Motoren Werke AG (BMW) (a)		822,444
5,400	Daihatsu Motor Co., Ltd. (a)		95,270
98,000	Dongfeng Motor Corp., H Shares (a)		138,838
110,893	Ford Motor Co. (a)		1,729,931
121,500	Fuji Heavy Industries, Ltd. (a)		3,280,604
37,709	General Motors Co. (a)		1,297,944
45,400	Honda Motor Co., Ltd. (a)		1,596,538
3,715	Hyundai Motor Co. (a)		878,552
6,521	Maruti Suzuki India, Ltd. (a)		215,122
75,300	Suzuki Motor Corp. (a)		1,961,890
18,300	Toyota Motor Corp. (a)		1,030,051
152,770	Yulon Motor Co., Ltd. (a)		251,950
			13,299,134
Banks (3.5%):
75,953	Banco Bilbao Vizcaya Argentaria SA (a)		913,754
11,794	Banco Santander Brasil SA, ADR ^(a)		65,693
17,900	Banco Santander Chile SA, ADR (a)		419,576
9,267	Bank of Nova Scotia ^(a)		536,837
22,612	BB&T Corp. (a)		908,324

Shares		Fair Value
Common Stocks, continued
Banks, continued
35,608	BNP Paribas SA (a)	$	2,752,436
75,000	Chuo Mitsui Trust Holdings, Inc. (a)		338,249
13,163	Hana Financial Holdings (a)		480,543
231,399	HSBC Holdings plc (a)		2,342,581
340,418	Intesa Sanpaolo SpA (a)		1,155,891
4,546	KB Financial Group, Inc. (a)		159,529
942,251	Lloyds Banking Group plc *(a)		1,182,476
107,100	Mitsubishi UFJ Financial Group, Inc. (a)		587,601
22,394	National Australia Bank, Ltd. (a)		737,893
216,757	Sberbank of Russia (a)		517,609
21,762	Societe Generale (a)		1,343,252
39,500	Sumitomo Mitsui Financial Group, Inc. (a)		1,683,990
21,251	Svenska Handelsbanken AB, A Shares (a)		1,068,404
25,981	U.S. Bancorp (a)		1,113,546
129,251	UniCredit SpA (a)		1,183,062
99,348	Wells Fargo & Co. (a)		4,941,569
			24,432,815
Beverages (1.1%):
6,648	Anheuser-Busch InBev NV (a)		698,693
90,690	Coca-Cola Co. (The) (a)		3,506,075
1,700	Constellation Brands, Inc., Class A *(a)		144,449
7,708	Diageo plc, ADR ^(a)		960,340
6,015	Diageo plc (a)		186,657
3,161	Fomento Economico Mexicano SAB de C.V., ADR (a)		294,732
1,063,120	Uber Technologies, Inc. *(a)(b)(c)		1,063,120
3,529	Remy Cointreau SA (a)		283,453
10,451	SABMiller plc (a)		521,928
17,100	Suntory Beverage & Food, Ltd. (a)		588,629
			8,248,076
Biotechnology (0.9%):
3,216	Alexion Pharmaceuticals, Inc. *(a)		489,250
7,841	Amgen, Inc. (a)		967,109
5,590	Biogen Idec, Inc. *(a)		1,709,813
6,200	Celgene Corp. *(a)		865,520
6,982	Cubist Pharmaceuticals, Inc. *(a)		510,733
17,117	Gilead Sciences, Inc. *(a)		1,212,911
57,130	Mesoblast, Ltd. *(a)		289,837
6,503	Vertex Pharmaceuticals, Inc. *(a)		459,892
			6,505,065
Building Products (0.3%):
25,473	Compagnie de Saint-Gobain SA (a)		1,542,052
10,800	Daikin Industries, Ltd. (a)		604,044
955,223	Yuanda China Holdings, Ltd. (a)		83,782
			2,229,878
Capital Markets (0.6%):
1,124	Ameriprise Financial, Inc. (a)		123,719
30,240	Deutsche Bank AG, Registered Shares (a)		1,352,515
8,224	Goldman Sachs Group, Inc. (The) (a)		1,347,502

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments, continued

March 31, 2014 (Unaudited)

Shares			Fair Value
	Common Stocks, continued
	Capital Markets, continued
	76,204	UBS AG, Registered Shares (a)	$	1,573,751
				4,397,487
	Chemicals (2.0%):
	9,851	Agrium, Inc. ^(a)		960,670
	14,131	Akzo Nobel NV (a)		1,157,696
	11,439	Arkema, Inc. (a)		1,297,386
	72,000	Asahi Kasei Corp. (a)		488,901
	482	CF Industries Holdings, Inc. (a)		125,628
	3,232	Cheil Industries, Inc. (a)		218,233
	1,595	Eastman Chemical Co. (a)		137,505
	16,292	FMC Corp. (a)		1,247,315
	33,100	Hitachi Chemical Co., Ltd. (a)		449,929
	40,200	JSR Corp. (a)		744,010
	12,911	Koninklijke DSM NV (a)		886,656
	63,000	Kuraray Co., Ltd. (a)		719,509
	4,447	Linde AG (a)		890,047
	17,000	Nitto Denko Corp. (a)		818,817
	941	PPG Industries, Inc. (a)		182,046
	23,700	Shin-Etsu Chemical Co., Ltd. (a)		1,352,828
	1,349	Sigma Aldrich Corp. (a)		125,970
	6,987	Syngenta AG, Registered Shares (a)		2,650,949
	159,000	Ube Industries, Ltd. (a)		292,075
				14,746,170
	Communications Equipment (0.6%):
	105,223	Cisco Systems, Inc. (a)		2,358,046
	2,437	El Towers SpA (a)		143,983
	1,722	Harris Corp. (a)		125,982
	1,806	Motorola Solutions, Inc. (a)		116,108
	22,623	QUALCOMM, Inc. (a)		1,784,050
				4,528,169
	Construction & Engineering (0.3%):
	35,000	JGC Corp. (a)		1,216,104
	71,000	Okumura Corp. (a)		315,748
	90,000	Toda Corp. (a)		297,065
				1,828,917
	Construction Materials (0.1%):
	4,654	HeidelbergCement AG (a)		398,762
	Consumer Finance (0.6%):
	20,834	American Express Co. (a)		1,875,685
	15,341	Capital One Financial Corp. (a)		1,183,712
	22,955	Discover Financial Services (a)		1,335,751
	10,821	Santander Consumer USA Holdings, Inc. *(a)		260,570
				4,655,718
	Containers & Packaging (0.2%):
	7,618	Avery Dennison Corp. (a)		386,004
	15,034	Crown Holdings, Inc. *(a)		672,622
	18,443	Sealed Air Corp. (a)		606,221
				1,664,847
	Diversified Consumer Services (0.0%):
	9,100	Benesse Holdings, Inc. (a)		347,320
	Diversified Financial Services (2.0%):
	177,597	Bank of America Corp. (a)		3,054,668
	11,207	Berkshire Hathaway, Inc., Class B *(a)		1,400,539
	63,482	Citigroup, Inc. (a)		3,021,743

Shares		Fair Value
Common Stocks, continued
Diversified Financial Services, continued
8,771	Deutsche Boerse AG (a)	$	697,909
500,000	General Electric Capital Corp., Series B (a)		535,000
76,812	ING Groep NV *(a)		1,091,583
69,256	JPMorgan Chase & Co. (a)		4,204,532
			14,005,974
Diversified Telecommunication Services (1.4%):
166,874	BT Group plc (a)		1,061,893
73,694	Deutsche Telekom AG, Registered Shares (a)		1,191,851
138,714	Koninklijke (Royal) KPN NV *(a)		490,803
9,000	Nippon Telegraph & Telephone Corp. (a)		489,264
135,788	Oi SA, ADR ^(a)		180,598
306,000	Singapore Telecommunications, Ltd. (a)		889,969
615	Swisscom AG, Registered Shares (a)		377,761
42,006	TDC A/S (a)		388,294
32,883	Telecom Italia SpA (a)		30,797
303,177	Telecom Italia SpA (a)		357,890
209,800	Telekom Malaysia Berhad (a)		378,493
7,628	Verizon Communications, Inc. *(a)		363,703
56,296	Verizon Communications, Inc. (a)		2,678,001
			8,879,317
Electric Utilities (0.4%):
17,085	American Electric Power Co., Inc. (a)		865,526
18,000	Chubu Electric Power Co., Inc. *(a)		211,512
28,947	Enel SpA (a)		164,005
15,819	NextEra Energy, Inc. (a)		1,512,613
15,453	PPL Corp. (a)		512,112
			3,265,768
Electrical Equipment (1.0%):
19,756	Eaton Corp. plc (a)		1,484,072
61,000	Mitsubishi Electric Corp. (a)		685,016
15,936	Rockwell Automation, Inc. (a)		1,984,829
84	Schneider Electric SA (a)		7,444
20,751	Schneider Electric SA (a)		1,844,702
38,900	Sumitomo Electric Industries, Ltd. (a)		578,012
			6,584,075
Electronic Equipment, Instruments & Components (0.6%):
2,824	Avnet, Inc. (a)		131,401
186,000	Hitachi, Ltd. (a)		1,370,367
37,800	HOYA Corp. (a)		1,181,993
400	Keyence Corp. (a)		164,582
593	Knowles Corp. *(a)		18,721
9,400	Kyocera Corp. (a)		423,229
9,200	Murata Manufacturing Co., Ltd. (a)		865,923
3,500	Omron Corp. (a)		144,074
4,265	Rexel SA (a)		111,951
2,536	TE Connectivity, Ltd. (a)		152,693
			4,564,934
Energy Equipment & Services (1.1%):
18,984	Dresser-Rand Group, Inc. *(a)		1,108,855

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments, continued

March 31, 2014 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Energy Equipment & Services, continued
1,564	Helmerich & Payne, Inc. (a)	$	168,224
14,834	National-Oilwell Varco, Inc. (a)		1,155,124
95,700	Dropbox, Inc. *(a)(b)(c)		1,827,985
19,211	Schlumberger, Ltd. (a)		1,873,073
17,380	Technip-Coflexip SA (a)		1,794,277
			7,927,538
Food & Staples Retailing (0.4%):
4,766	Casino Guichard-Perrachon SA (a)		568,044
6,768	CVS Caremark Corp. (a)		506,652
14,513	Fresh Market, Inc. (The) *(a)		487,637
2,901	Kroger Co. (The) (a)		126,629
74,755	Tesco plc (a)		368,369
			2,057,331
Food Products (1.5%):
27,000	Ajinomoto Co., Inc. (a)		386,832
2,954	Archer-Daniels-Midland Co. (a)		128,174
53,401	Cosan, Ltd., A Shares (a)		608,771
5,535	Danone SA (a)		391,467
8,434	Mead Johnson Nutrition Co. (a)		701,203
53,370	Nestle SA, Registered Shares (a)		4,022,506
25,531	SLC Agricola SA (a)		195,942
63,923	Unilever NV (a)		2,628,069
4,300	Unilever NV, NYS (a)		176,816
15,837	Unilever plc (a)		676,291
4,753	Unilever plc, ADR (a)		203,333
			10,119,404
Gas Utilities (0.2%):
234,000	Tokyo Gas Co., Ltd. (a)		1,186,632
Health Care Equipment & Supplies (0.5%):
14,470	Baxter International, Inc. (a)		1,064,703
946	Becton, Dickinson & Co. (a)		110,758
14,802	Getinge AB, B Shares (a)		417,336
15,708	Medtronic, Inc. (a)		966,670
12,396	Mindray Medical International, Ltd., ADR ^(a)		401,135
1,392	Stryker Corp. (a)		113,406
			3,074,008
Health Care Providers & Services (2.8%):
21,062	Aetna, Inc. (a)		1,579,018
32,722	Al Noor Hospitals Group plc (a)		588,438
1,701	AmerisourceBergen Corp. (a)		111,569
153,400	Bangkok Dusit Medical Services Public Co., Ltd., Class F (a)		628,786
80,600	Bumrungrad Hospital Public Co., Ltd. (a)		239,689
13,518	Cardinal Health, Inc. (a)		945,990
13,706	Catamaran Corp. *(a)		613,481
19,723	Envision Healthcare Holdings, Inc. *(a)		667,229
26,896	Express Scripts Holding Co. *(a)		2,019,620
6,731	Fresenius SE & Co. KGaA (a)		1,053,157
29,750	HCA Holdings, Inc. *(a)		1,561,875
13,167	HealthSouth Corp. (a)		473,090
14,241	Humana, Inc. (a)		1,605,246
673,400	IHH Healthcare Berhad *(a)		793,987

Shares		Fair Value
Common Stocks, continued
Health Care Providers & Services, continued
96,962	Life Healthcare Group Holdings Pte, Ltd. (a)	$	354,109
13,670	McKesson, Inc. (a)		2,413,711
55,466	NMC Health plc (a)		466,326
1,970	Omnicare, Inc. (a)		117,550
282,799	PT Siloam International Hospital Tbk *(a)		256,484
94,000	Raffles Medical Group, Ltd. (a)		240,152
8,300	Ship Healthcare Holdings, Inc. (a)		319,842
135,197	Sinopharm Group Co., H Shares (a)		372,994
11,660	Tenet Healthcare Corp. *(a)		499,165
32,821	UnitedHealth Group, Inc. (a)		2,690,993
17,771	Universal Health Services, Inc., Class B (a)		1,458,466
6,281	WellCare Health Plans, Inc. *(a)		398,969
1,302	WellPoint, Inc. (a)		129,614
			22,599,550
Health Care Technology (0.0%):
7,494	Castlight Health, Inc., Class B *(a)		159,023
Hotels, Restaurants & Leisure (0.4%):
36,564	Hilton Worldwide Holdings, Inc. *(a)		813,183
17,237	McDonald’s Corp. (a)		1,689,744
1,741	Wyndham Worldwide Corp. (a)		127,493
			2,630,420
Household Durables (0.4%):
84,192	Barratt Developments plc (a)		579,543
50,428	Cyrela Brazil Realty SA Empreendimentos e Participacoes (a)		305,658
4,010	Electrolux AB, Series B (a)		87,545
86,354	MRV Engenharia e Participacoes SA (a)		305,294
5,100	Rinnai Corp. (a)		447,362
259,711	Taylor Wimpey plc (a)		510,182
			2,235,584
Household Products (1.1%):
5,018	Church & Dwight Co., Inc. (a)		346,593
13,723	Colgate-Palmolive Co. (a)		890,211
645	Energizer Holdings, Inc. (a)		64,977
2,434	Kimberly-Clark Corp. (a)		268,349
75,109	Procter & Gamble Co. (The) (a)		6,053,785
			7,623,915
Independent Power and Renewable Electricity Producers (0.2%):
68,193	AES Corp. (The) (a)		973,796
35,513	Calpine Corp. *(a)		742,577
			1,716,373
Industrial Conglomerates (1.8%):
9,617	3M Co. (a)		1,304,642
156,719	Beijing Enterprises Holdings, Ltd. (a)		1,404,274
8,288	Danaher Corp. (a)		621,600
188,005	General Electric Co. (a)		4,867,450
41,000	Keppel Corp., Ltd. (a)		354,842

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments, continued

March 31, 2014 (Unaudited)

Shares			Fair Value
	Common Stocks, continued
	Industrial Conglomerates, continued
	38,134	Siemens AG, Registered Shares (a)	$	5,131,457
				13,684,265
	Insurance (2.3%):
	18,368	ACE, Ltd. (a)		1,819,534
	7,444	AFLAC, Inc. (a)		469,270
	11,081	Allstate Corp. (The) (a)		626,963
	20,612	American International Group, Inc. (a)		1,030,806
	36,706	Aviva plc (a)		292,304
	50,215	AXA SA (a)		1,307,294
	2,308	Axis Capital Holdings, Ltd. (a)		105,822
	1,093	Chubb Corp. (The) (a)		97,605
	2,913	CNA Financial Corp. (a)		124,443
	3,805	Lincoln National Corp. (a)		192,799
	13,667	Marsh & McLennan Cos., Inc. (a)		673,783
	25,822	MetLife, Inc. (a)		1,363,403
	15,200	MS&AD Insurance Group Holdings, Inc. (a)		347,622
	13,000	NKSJ Holdings, Inc. (a)		333,541
	12,113	Prudential Financial, Inc. (a)		1,025,365
	36,112	Prudential plc (a)		764,884
	1,589	Reinsurance Group of America, Inc. (a)		126,532
	34,400	Sony Financial Holdings, Inc. (a)		562,656
	280	Swiss Life Holding AG, Registered Shares (a)		68,837
	76,200	Tokio Marine Holdings, Inc. (a)		2,284,833
	1,513	Torchmark Corp. (a)		119,073
	11,730	Travelers Cos., Inc. (The) (a)		998,223
	3,493	UnumProvident Corp. (a)		123,338
	38,965	XL Group plc, Class B (a)		1,217,656
				16,076,586
	Internet Software & Services (1.8%):
	24,267	eBay, Inc. *(a)		1,340,509
	5,383	Google, Inc., Class A *(a)		5,999,407
	39,416	Twitter, Inc. *(a)(b)		1,747,567
	25,825	SINA Corp. *(a)		1,560,088
	53,280	Twitter, Inc. *^(a)		2,486,578
				13,134,149
	IT Services (1.6%):
	1,327	Accenture plc, Class A (a)		105,788
	814	Alliance Data Systems Corp. *(a)		221,774
	2,748	Amdocs, Ltd. (a)		127,672
	19,384	Atos Origin SA (a)		1,753,876
	24,811	Cielo SA (a)		786,821
	2,631	Computer Sciences Corp. (a)		160,017
	2,752	Fidelity National Information Services, Inc. (a)		147,094
	51,781	MasterCard, Inc., Class A (a)		3,868,041
	24,584	Visa, Inc., Class A (a)		5,306,703
				12,477,786
	Leisure Products (0.1%):
	16,446	Mattel, Inc. (a)		659,649
	Life Sciences Tools & Services (0.7%):
	22,590	Agilent Technologies, Inc. (a)		1,263,233
	1,940	Mettler-Toledo International, Inc. *(a)		457,219
	12,804	PerkinElmer, Inc. (a)		576,948

Shares			Fair Value
	Common Stocks, continued
	Life Sciences Tools & Services, continued
	13,995	Thermo Fisher Scientific, Inc. (a)	$	1,682,760
	7,006	Waters Corp. *(a)		759,520
				4,739,680
	Machinery (1.2%):
	3,916	Andritz AG (a)		242,182
	181,876	CNH Industrial NV *(a)		2,095,445
	4,016	CNH Industrial NV *(a)		46,179
	12,915	Colfax Corp. *(a)		921,227
	69,787	Cummins India, Ltd. (a)		697,202
	5,550	Cummins, Inc. (a)		826,895
	1,187	Dover Corp. (a)		97,037
	2,300	Fanuc, Ltd. (a)		405,026
	135,090	Haitian International Holdings, Ltd. (a)		271,098
	15,600	Hino Motors, Ltd. (a)		230,971
	79,000	IHI Corp. (a)		331,704
	36,000	Kubota Corp. (a)		481,002
	4,662	Metso Corp. OYJ (a)		152,355
	63,000	Mitsubishi Heavy Industries, Ltd. (a)		366,761
	10,548	PACCAR, Inc. (a)		711,357
	976	Parker Hannifin Corp. (a)		116,837
	10,222	Samsung Heavy Industries Co., Ltd. (a)		308,138
	800	SMC Corp. (a)		210,532
	13,215	Stanley Black & Decker, Inc. (a)		1,073,587
	686	Valmont Industries, Inc. (a)		102,104
				9,687,639
	Media (1.4%):
	3,045	CBS Corp., Class B (a)		188,181
	13,855	Charter Communications, Inc., Class A *(a)		1,706,936
	74,193	Comcast Corp., Class A (a)		3,711,134
	2,776	DISH Network Corp., Class A *(a)		172,695
	58,309	Grupo Televisa SAB (a)		389,042
	13,961	Liberty Media Corp. *(a)		1,825,122
	19,830	Manchester United plc, Class A *^(a)		341,869
	3,431	RTL Group (a)		390,864
	974	Time Warner Cable, Inc. (a)		133,613
	1,368	Viacom, Inc., Class B (a)		116,266
	52,017	Zon Multimedia Servicos de Telecommunicacoes e Multimedia SGPS SA (a)		408,861
				9,384,583
	Metals & Mining (3.6%):
	158,928	Antofagasta plc (a)		2,217,011
	80,436	BHP Billiton plc (a)		2,482,481
	3,596	BHP Billiton, Ltd. (a)		121,720
	42,472	Boliden AB (a)		645,636
	100,455	Eldorado Gold Corp. (a)		558,942
	140,272	First Quantum Minerals, Ltd. (a)		2,592,740
	248,103	Fortescue Metals Group, Ltd. (a)		1,215,077
	139,510	Freeport-McMoRan Copper & Gold, Inc. (a)		4,613,596
	76,637	Goldcorp, Inc. (a)		1,876,074
	357,000	Jiangxi Copper Co., Ltd. (a)		600,512
	303,956	Platinum Group Metals, Ltd. *(a)		305,248

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments, continued

March 31, 2014 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Metals & Mining, continued
35,439	Polyus Gold International, Ltd. (a)	$	120,967
89,945	Rio Tinto plc (a)		5,015,412
24,655	Silver Wheaton Corp. (a)		559,669
61,604	Southern Copper Corp. (a)		1,793,292
78,415	Teck Resources, Ltd., Class B (a)		1,700,037
			26,418,414
Multiline Retail (0.1%):
1,910	Macy’s, Inc. (a)		113,244
4,900	Ryohin Keikaku Co., Ltd. (a)		471,409
			584,653
Multi-Utilities (0.7%):
21,435	CenterPoint Energy, Inc. (a)		507,795
20,022	Dominion Resources, Inc. (a)		1,421,362
1,890	DTE Energy Co. (a)		140,408
15,023	GDF Suez (a)		411,617
80,638	National Grid plc (a)		1,107,323
1,763	RWE AG (a)		71,525
9,027	Sempra Energy (a)		873,453
			4,533,483
Oil, Gas & Consumable Fuels (4.3%):
4,688	Anadarko Petroleum Corp. (a)		397,355
81,510	Athabasca Oil Corp. *(a)		587,008
99,765	BG Group plc (a)		1,860,358
46,625	Cameco Corp. ^(a)		1,067,713
28,717	Canadian Natural Resources, Ltd. (a)		1,101,870
8,182	Chevron Corp. (a)		972,922
625,000	CNOOC, Ltd. (a)		944,797
33,265	Cobalt International Energy, Inc. *(a)		609,415
5,061	ConocoPhillips (a)		356,041
10,271	Diamondback Energy, Inc. *(a)		691,341
5,066	Eni SpA (a)		127,207
1,905	EOG Resources, Inc. (a)		373,704
48,489	EP Energy Corp., Class A *^(a)		948,930
346	EQT Corp. (a)		33,552
109,100	INPEX Corp. (a)		1,413,160
36,325	KazMunaiGas Exploration Production JSC, Registered Shares, GDR (a)		508,434
334,000	Kunlun Energy Co., Ltd. (a)		559,245
71,001	Lundin Petroleum AB *(a)		1,459,840
104,361	Marathon Oil Corp. (a)		3,706,902
18,663	Marathon Petroleum Corp. (a)		1,624,428
893	Murphy Oil Corp. (a)		56,134
5,054	Noble Energy, Inc. (a)		359,036
143,259	Ophir Energy plc *(a)		572,975
60,014	Petroleo Brasileiro SA, ADR (a)		789,183
26,474	Phillips 66 (a)		2,040,085
116,157	Palantir Technologies, Inc. *(a)(b)(c)		712,042
9,797	Royal Dutch Shell plc, A Shares *(a)(d)		—
3,398	Royal Dutch Shell plc, A Shares (a)		124,137
33,103	Royal Dutch Shell plc, ADR (a)		2,418,505
11,956	RSP Permian, Inc. *(a)		345,409
54,458	Statoil ASA (a)		1,538,960
1,282	Suncor Energy, Inc. (a)		44,819
14,004	Total SA (a)		919,685
28,016	Total SA, ADR (a)		1,837,850

Shares		Fair Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
3,215	Valero Energy Corp. (a)	$	170,717
			31,273,759
Paper & Forest Products (0.0%):
2,828	International Paper Co. (a)		129,749
Personal Products (0.1%):
74,243	Hypermarcas SA (a)		538,045
Pharmaceuticals (3.3%):
54,807	Abbvie, Inc. (a)		2,817,080
10,564	Allergan, Inc. (a)		1,310,992
37,800	Astellas Pharma, Inc. (a)		447,862
18,014	AstraZeneca plc (a)		1,166,999
25,824	Bristol-Myers Squibb Co. (a)		1,341,557
20,246	Novartis AG, Registered Shares (a)		1,720,088
12,200	Otsuka Holdings Co., Ltd. (a)		364,288
4,276	Perrigo Co. plc (a)		661,326
171,352	Pfizer, Inc. (a)		5,503,826
16,482	Roche Holding AG (a)		4,955,668
30,853	Sanofi-Aventis SA (a)		3,223,801
8,502	Sanofi-Aventis SA, ADR (a)		444,485
27,040	Shire plc (a)		1,330,349
264,000	Sino Biopharmaceutical, Ltd. (a)		225,786
			25,514,107
Professional Services (0.1%):
39,180	Qualicorp SA *(a)		394,132
Real Estate Investment Trusts (REITs) (0.8%):
9,055	American Capital Agency Corp. (a)		194,592
11,654	American Tower Corp. (a)		954,113
28,173	Equity Residential Property Trust (a)		1,633,752
112,301	Fibra Uno Amdinistracion SA (a)		363,371
10,270	Health Care REIT, Inc., Series I (a)		570,627
139,465	Link REIT (The) (a)		686,350
4,950	Simon Property Group, Inc. (a)		811,800
197,545	TF Administradora Industrial S de RL de C.V. (a)		397,984
			5,612,589
Real Estate Management & Development (1.0%):
84,617	BR Malls Participacoes SA (a)		726,994
686,000	CapitaLand, Ltd. (a)		1,579,382
7,300	Daito Trust Construction Co., Ltd. (a)		674,590
59,321	St. Joe Co. (The) *^(a)		1,141,929
140,000	Sun Hung Kai Properties, Ltd. (a)		1,716,688
108,000	Wharf Holdings, Ltd. (The) (a)		691,445
			6,531,028
Road & Rail (1.0%):
103,375	Asciano, Ltd. (a)		498,656
25,042	Canadian National Railway Co. (a)		1,407,861
22,000	East Japan Railway Co. (a)		1,619,977
8,953	J.B. Hunt Transport Services, Inc. (a)		643,900
13,906	Union Pacific Corp. (a)		2,609,600

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments, continued

March 31, 2014 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Road & Rail, continued
12,100	West Japan Railway Co. (a)	$	493,334
			7,273,328
Semiconductors & Semiconductor Equipment (0.8%):
824	KLA-Tencor Corp. (a)		56,971
14,500	ROHM Co., Ltd. (a)		645,941
1,651	Samsung Electronics Co., Ltd. (a)		1,639,240
2,092	Samsung Electronics Co., Ltd. (a)		2,646,846
			4,988,998
Software (1.7%):
2,091	Adobe Systems, Inc. *(a)		137,462
1,620	CA, Inc. (a)		50,171
1,884	Check Point Software Technologies, Ltd. *(a)		127,415
20,370	Citrix Systems, Inc. *(a)		1,169,849
51,415	Electronic Arts, Inc. *(a)		1,491,549
1,598	Intuit, Inc. (a)		124,213
6,195	Microsoft Corp. (a)		253,933
4,900	Nintendo Co., Ltd. (a)		583,717
98,536	Oracle Corp. (a)		4,031,108
6,458	Red Hat, Inc. *(a)		342,145
3,909	Symantec Corp. (a)		78,063
44,663	TIBCO Software, Inc. *(a)		907,552
35,038	UbiSoft Entertainment SA *(a)		628,769
49,699	Veeva Systems, Inc., Class A *^(a)		1,326,963
10,433	VMware, Inc., Class A *(a)		1,126,973
			12,379,882
Specialty Retail (0.2%):
8,065	American Eagle Outfitters, Inc. (a)		98,716
13,000	Nitori Co., Ltd. (a)		562,951
236,700	Yamada Denki Co., Ltd. (a)		787,964
205,260	Zhongsheng Group Holdings, Ltd. (a)		282,922
			1,732,553
Technology Hardware, Storage & Peripherals (0.3%):
153	Apple, Inc. (a)		82,121
53,426	EMC Corp. (a)		1,464,407
168,000	NEC Corp. (a)		515,255
2,214	Western Digital Corp. (a)		203,289
			2,265,072
Textiles, Apparel & Luxury Goods (0.5%):
37,022	Coach, Inc. (a)		1,838,513
7,698	Lululemon Athletica, Inc. *^(a)		404,838
4,824	LVMH Moet Hennessy Louis Vuitton SA (a)		878,078
			3,121,429
Thrifts & Mortgage Finance (0.1%):
52,612	Fannie Mae *(a)		205,187
7,944	Ocwen Financial Corp. *(a)		311,246
			516,433
Trading Companies & Distributors (0.8%):
26,230	Fastenal Co. ^(a)		1,293,664
72,000	Mitsubishi Corp. (a)		1,335,378
203,300	Mitsui & Co., Ltd. (a)		2,869,515
58,800	Sumitomo Corp. (a)		747,396
			6,245,953

Shares		Fair Value
Common Stocks, continued
Transportation Infrastructure (0.1%):
615,711	Delta Topco, Ltd. *(a)(b)(c)	$	370,289
19,729	Novorossiysk Commercial Sea Trade Port JSC, Registered Shares, GDR (a)		92,726
			463,015
Water Utilities (0.1%):
13,035	American Water Works Co., Inc. (a)		591,789
Wireless Telecommunication Services (0.7%):
15,739	America Movil SAB de C.V., Series L, ADR (a)		312,891
363,500	Axiata Group Berhad (a)		742,968
10,030	Crown Castle International Corp. (a)		740,013
127,029	Far EasTone Telecommunications Co., Ltd. (a)		269,174
27,300	KDDI Corp. (a)		1,588,899
100,000	Taiwan Mobile Co., Ltd. (a)		313,682
126,580	Vodafone Group plc (a)		465,939
18,012	Vodafone Group plc, ADR (a)		663,021
			5,096,587
Total Common Stocks (Cost $389,354,753)			441,923,585
Preferred Stocks (1.2%):
Auto Components (0.1%):
12,219	Mobileye N.V., Series F, Preferred Shares *(a)(b)(c)		426,443
Automobiles (0.3%):
8,482	Volkswagen AG, Preferred Shares (a)(e)		2,197,413
Banks (0.5%):
24,382	Citigroup Capital XIII, Preferred Shares (a)		676,357
29,700	GMAC Capital Trust I, Series 2, Preferred Shares (a)		810,810
14,233	HSBC Holdings plc, Series 2, Preferred Shares (a)		383,864
13,440	RBS Capital Funding Trust VII, Series G, Preferred Shares (a)		299,040
10,100	Royal Bank of Scotland Group plc, Series M, Preferred Shares, ADR (a)		229,876
5,100	Royal Bank of Scotland Group plc, Series Q, Preferred Shares, ADR (a)		120,360
13,969	Royal Bank of Scotland Group plc, Series T, Preferred Shares, ADR ^(a)		348,107
13,409	U.S. Bancorp, Series F (a)		380,816
7,409	U.S. Bancorp, Series G, Preferred Shares (a)		203,377
511,000	USB Capital IX, Preferred Shares (a)		426,685
			3,879,292
Communications Equipment (0.1%):
5,771	Corwn Castle International Corp., Series A, Preferred Shares (a)		585,396

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments, continued

March 31, 2014 (Unaudited)

Shares		Fair Value
Preferred Stocks, continued
Diversified Financial Services (0.1%):
44,451	Fannie Mae, Series S, Preferred Shares (a)	$	465,846
Food & Staples Retailing (0.1%):
13,058	Companhia Brasileira de Destribuicao Grupo Pao de Acucar, Preferred Shares (a)		571,190
Machinery (0.0%):
2,023	Stanley Black & Decker, Inc., Preferred Shares ^(a)		218,363
Real Estate Management & Development (0.0%):
14,600	Forestar Group, Inc., Preferred Shares (a)		360,328
Total Preferred Stocks (Cost $7,748,406)			8,704,271
Warrant (0.0%):
Paper & Forest Products (0.0%):
157,250	TFS Corp., Ltd. *(a)(e)		132,096
Total Warrant (Cost $–)			132,096
Convertible Preferred Stocks (0.3%):
Aerospace & Defense (0.1%):
4,987	United Technologies Corp., 0.45%(a)		331,985
Airlines (0.0%):
650	Continental Airlines Finance Trust II, 3.00%(a)		32,500
Banks (0.0%):
247	Wells Fargo & Co., Series L, Class A, 0.03%(a)		287,755
Electric Utilities (0.2%):
8,984	NextEra Energy, Inc., 0.36%(a)		565,991
6,900	PPL Corp., 0.64%(a)		377,430
			943,421
Metals & Mining (0.0%):
13,824	Cliffs Natural Resources, Inc., Series A, 1.35%^(a)		286,572
Total Convertible Preferred Stocks (Cost $1,728,509)			1,882,233
Private Placements (0.5%):
Banks (0.1%):
405,000	CIT Group, Inc. (a)(e)		416,137
Diversified Financial Services (0.0%):
222,000	Hyundai Capital America, Inc. (a)(e)		223,616
Media (0.0%):
200,000	NBCUniversal Enterprise, Inc. (a)(e)		202,000
Oil, Gas & Consumable Fuels (0.1%):
237,600	Odebrecht Drilling VIII/IX (a)(e)		246,510
394,997	Odebrecht Offshore Drilling Finance, Ltd. (a)(e)		409,810
			656,320
Paper & Forest Products (0.1%):
425,000	TFS Corp., Ltd. (a)(b)		435,625

Shares		Fair Value
Private Placements, continued
Real Estate Investment Trusts (REITs) (0.1%):
516,000	Trust F/1401 (a)(e)	$	514,710
Software (0.1%):
165,000	Salesforce.com, Inc. (a)		186,966
562,000	Salesforce.com, Inc. ^(a)		636,815
			823,781
Tobacco (0.0%):
350,000	B.A.T. International Finance plc (a)(e)		356,325
Total Private Placements (Cost $3,501,377)			3,628,514
Right (0.0%):
Banks (0.0%):
75,953	Banco Bilbao Vizcaya Argentaria SA *(a)		17,786
Total Right (Cost $–)			17,786
Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Convertible Bonds (1.8%):
Automobiles (0.1%):
$800,000	Volkswagen International Finance NV, 0.98%, 11/9/15(a)		1,270,126
Banks (0.1%):
688,000	JPMorgan Chase & Co., Series Q, 5.15%, Callable 5/1/23 @ 100, Perpetual Bond(a)(f)		645,000
Biotechnology (0.4%):
143,000	BioMarin Pharmaceutical, Inc., 0.75%, 10/15/18(a)		156,674
135,000	BioMarin Pharmaceutical, Inc., 0.47%, 10/15/20^(a)		149,850
229,000	Cubist Pharmaceuticals, Inc., 2.50%, 11/1/17(a)		585,095
629,000	Gilead Sciences, Inc., 1.63%, 5/1/16(a)		1,956,583
			2,848,202
Diversified Financial Services (0.1%):
2,000,000	Wharf Finance (2014), Ltd., 3.73%, 6/7/14(a)		257,855
20,000,000	Zeus (Cayman) II, Ltd., Registered Shares, 1.02%, 8/18/16+(a)(b)		305,087
			562,942
Diversified Telecommunication Services (0.1%):
500,000	Telecom Italia SpA, Series TIT, 6.13%, 11/15/16(a)(e)		815,566
Electrical Equipment (0.0%):
143,000	Suzlon Energy, Ltd., 455.12%, 7/25/14(a)		82,940
Food & Staples Retailing (0.1%):
500,000	Olam International, Ltd., 5.25%, 10/15/16(a)(e)		537,500
			537,500

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments, continued

March 31, 2014 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Convertible Bonds, continued
Food Products (0.0%):
$400,000	REI Agro, Ltd., Registered Shares, 17.28%, 11/13/14(a)(b)	$	223,500
Health Care Providers & Services (0.0%):
80,000	Brookdale Senior Living, Inc., 2.75%, 6/15/18(a)		108,850
			108,850
Internet Software & Services (0.0%):
213,000	SINA Corp., 1.00%, 12/1/18, Callable 12/1/16 @ 100(a)(e)		202,483
Oil, Gas & Consumable Fuels (0.1%):
836,000	Cobalt International Energy, Inc., 3.03%, 12/1/19(a)		787,408
300,000	Essar Energy plc, 12.02%, 2/1/16(a)(e)		255,000
			1,042,408
Pharmaceuticals (0.2%):
452,000	Mylan, Inc., 3.75%, 9/15/15(a)		1,661,382
Real Estate Management & Development (0.4%):
750,000	CapitaLand, Ltd., 2.10%, 11/15/16, Callable 10/17/18 @ 100(a)(e)		596,374
1,250,000	CapitaLand, Ltd., Series CAPL, 2.95%, 6/20/22, Callable 6/20/17 @ 100(a)(e)		988,092
500,000	CapitaLand, Ltd., 1.95%, 10/17/23, Callable 10/17/18 @ 100(a)(e)		390,625
250,000	CapitaLand, Ltd., 1.95%, 10/17/23, Callable 10/17/18 @ 100(a)(e)		195,313
371,000	Forest City Enterprises, Inc., 4.25%, 8/15/18(a)		414,593
			2,584,997
Software (0.1%):
368,000	Take-Two Interactive Software, Inc., 1.75%, 12/1/16^(a)		483,230
			483,230
Total Convertible Bonds (Cost $11,345,126)			13,069,126
Floating Rate Loans (0.9%):
Biotechnology (0.1%):
693,750	Grifols Worldwide Operations USA, 3.15%, 3/3/21(a)(f)		693,029
Energy Equipment & Services (0.1%):
379,919	Drillships Financing Holdings, Inc., 6.00%, 3/31/21(a)(f)		386,647
405,533	Fieldwood Energy LLC, 9.38%, 9/20/20(a)(f)		421,840
			808,487

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Floating Rate Loans, continued
Hotels, Restaurants & Leisure (0.4%):
$304,147	Autobahn Tank & Rast Holding GmbH, 0.20%, 12/4/18(a)(f)	$	419,291
122,640	Autobahn Tank & Rast Holding GmbH, 0.20%, 12/4/19(a)(f)		170,415
1,664,421	Hilton Worldwide Finance LLC, 3.75%, 9/23/20(a)(f)		1,666,351
			2,256,057
Insurance (0.1%):
571,000	Delta Debtco, Ltd., 9.25%, 10/30/19(a)(b)(f)		594,554
Media (0.1%):
393,037	Univision Communications, Inc., 4.00%, 3/1/20(a)(f)		393,474
Metals & Mining (0.0%):
103,220	Constellium Holdco BV, 6.00%, 2/25/20(a)(f)		105,284
103,220	Constellium Holdco BV, 6.50%, 2/25/20(a)(f)		145,030
105,860	Essar Steel Algoma, Inc., 9.25%, 9/18/14(a)(f)		105,860
			356,174
Oil, Gas & Consumable Fuels (0.1%):
235,463	Quintero SA, 1.25%, 6/20/23(a)(f)		223,925
94,533	Sheridan Production Partners, 0.03%, 12/2/20(a)(f)		95,065
679,400	Sheridan Production Partners, 0.03%, 12/2/20(a)(f)		683,225
35,267	Sheridan Production Partners, 0.03%, 12/2/20(a)(f)		35,466
			1,037,681
Pharmaceuticals (0.0%):
190,100	Mallinckrodt International Finance , 2/24/21(a)(f)		190,077
Total Floating Rate Loans (Cost $6,189,890)			6,329,533
Corporate Bonds (2.1%):
Banks (0.2%):
528,000	Ally Financial, Inc., 2.88%, 1/30/17(a)		533,280
176,000	Deutsche Bank NY, 5.63%, 1/29/49, Callable 1/19/16 @ 100(a)(e)(f)		182,600
310,000	HSBC USA, Inc., 1.94%, 1/16/18(a)		307,441
265,000	JPMorgan Chase & Co., 2.01%, 6/27/17(a)		300,398
			1,323,719
Beverages (0.0%):
258,000	Anheuser-Busch InBev NV Worldwide, Inc., 1.50%, 7/15/17(a)		258,380
Capital Markets (0.2%):
408,000	Ford Motor Credit Co. LLC, 2.61%, 1/16/18(a)		411,440

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments, continued

March 31, 2014 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Corporate Bonds, continued
Capital Markets, continued
$257,000	General Electric Capital Corp., Series A, 2.53%, 5/4/20, MTN(a)	$	296,111
108,000	General Electric Capital Corp., 6.38%, 11/15/67, Callable 11/15/17 @ 100(a)(f)		118,800
361,000	Merrill Lynch & Co., 2.28%, 4/25/18, MTN(a)		425,731
168,000	Morgan Stanley, Series G, 2.69%, 5/13/19(a)		203,749
			1,455,831
Communications Equipment (0.0%):
110,000	Hughes Satellite Systems Corp., 6.15%, 6/15/21(a)		124,025
Construction Materials (0.1%):
135,000	Building Materials Corp., 5.60%, 8/15/18, Callable 8/15/14 @ 103(a)(e)		141,750
224,000	Texas Industries, Inc., 9.25%, 8/15/20, Callable 8/15/15 @ 105(a)		258,720
			400,470
Consumer Finance (0.1%):
251,000	Ally Financial, Inc., 3.50%, 7/18/16(a)		258,530
138,000	Ally Financial, Inc., 3.43%, 1/27/19(a)		138,000
			396,530
Diversified Consumer Services (0.1%):
395,000	Ford Motor Credit Co. LLC, 2.28%, 5/15/18(a)		435,973
Diversified Financial Services (0.2%):
518,000	Bank of America Corp., 2.13%, 1/11/18, MTN(a)		517,029
277,000	Bank of America Corp., 1.30%, 3/22/18, MTN(a)(f)		280,042
385,000	Bank of America Corp., 2.54%, 1/15/19(a)		386,519
273,000	Citigroup, Inc., Series A, 5.95%, 12/29/49, Callable 1/30/23 @ 100(a)(f)		266,858
200,000	Ford Motor Credit Co. LLC, 1.75%, 6/12/17(a)		207,732
			1,658,180
Diversified Telecommunication Services (0.4%):
2,878,000	Verizon Communications, Inc., 1.98%, 9/14/18(a)(f)		3,022,461
Health Care Providers & Services (0.0%):
110,000	DaVita, Inc., 5.50%, 11/1/18, Callable 5/12/14 @ 105(a)		115,638
IT Services (0.0%):
130,000	SunGard Data Systems, Inc., 6.32%, 11/15/18, Callable 5/12/14 @ 105(a)		137,800

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Corporate Bonds, continued
Media (0.0%):
$235,000	Cablevision Systems Corp., 6.14%, 9/15/22(a)	$	239,700
Oil, Gas & Consumable Fuels (0.2%):
545,000	Consol Energy, Inc., 6.34%, 4/1/17, Callable 4/1/14 @ 104(a)		568,843
325,000	Reliance Holdings USA, Inc., 4.94%, 10/19/20(a)(e)		329,010
250,000	Reliance Holdings USA, Inc., 4.97%, 2/14/22(a)(e)		261,808
270,000	Sabine Pass Liquefaction LLC, 6.04%, 4/15/23(a)		268,650
			1,428,311
Paper & Forest Products (0.0%):
280,000	International Paper Co., 2.30%, 6/15/18(a)		342,453
Pharmaceuticals (0.1%):
411,000	Mylan, Inc., 2.59%, 3/28/19(a)		406,597
Real Estate Investment Trusts (REITs) (0.0%):
162,000	American Tower Corp., 2.82%, 2/15/19(a)		166,007
Technology Hardware, Storage & Peripherals (0.1%):
828,000	Apple, Inc., 1.66%, 5/3/18(a)		802,622
213,000	Xerox Corp., 2.55%, 5/15/18(a)		246,134
			1,048,756
Thrifts & Mortgage Finance (0.1%):
365,000	Capital One Bank USA NA, Series BNKT, 2.16%, 11/21/18, Callable 10/21/18 @ 100(a)		363,301
Transportation Infrastructure (0.1%):
559,983	Delta Topco, Ltd., 10.00%, 11/24/60(a)(b)(c)		554,954
Wireless Telecommunication Services (0.2%):
910,000	AT&T, Inc., 2.24%, 11/27/18^(a)		914,522
391,000	Cricket Communications, Inc., 7.63%, 10/15/20, Callable 10/15/15 @ 103.88(a)		446,913
			1,361,435
Total Corporate Bonds (Cost $14,963,551)			15,240,521
Foreign Bonds (7.7%):
Banks (0.2%):
610,000	Lloyds TSB Bank plc, Series E, 13.00%, 1/29/49, Callable 1/21/29 @ 100+(a)(f)		1,685,350
Media (0.1%):
320,000	Nara Cable Funding, Ltd., 8.25%, 12/1/18, Callable 12/1/18 @ 109+(a)(e)		480,474

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments, continued

March 31, 2014 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Foreign Bonds, continued
Pharmaceuticals (0.0%):
$100,000	Capsugel FinanceCo SCA, 8.36%, 8/1/19, Callable 8/1/14 @ 107+(a)(e)	$	151,526
Sovereign Bonds (7.4%):
3,599,000	Australian Government, Series 133, 3.62%, 4/21/23+(a)		3,716,128
16,349,000	Brazil Nota do Tesouro Nacional, Series NTNF, 10.00%, 1/1/21+(a)(g)		6,554,043
7,716,000	Brazil Nota do Tesouro Nacional, Series NTNF, 10.00%, 1/1/23+(a)(g)		3,025,771
187,000	Brazil Nota do Tesouro Nacional, Series NTNB , 6.00%, 8/15/24+(a)(g)		193,213
4,046,012	Bundesrepublik Deutschland, Series 2007, 0.44%, 7/4/17+(a)		6,291,971
638,000	Canadian Government, 4.00%, 6/1/16+(a)		613,243
1,049,000	Canadian Government, 1.50%, 3/1/17+(a)		956,390
762,000	Canadian Government, 3.50%, 6/1/20+(a)		754,134
280,000,000	Japan Treasury Discount Bill, 0.06%, 4/7/14+(a)(h)		2,713,148
210,000,000	Japan Treasury Discount Bill, 0.05%, 5/12/14+(a)(h)		2,034,819
3,229,000	Malaysian Government, Series 2/04, 2.92%, 4/30/14+(a)		990,905
37,778,000	Mexican Bonos Desarr, Series M 20, 10.00%, 12/5/24+(a)(f)(i)		3,745,127
99,200,000	Mexican Cetes, Series BI, 0.00%, 4/3/14+(a)(i)		759,677
141,050,300	Mexican Cetes, Series BI, 0.00%, 4/30/14+(a)(i)		1,077,520
36,502,000	Mexican Cetes, 0.00%, 5/8/14+(a)(i)		278,644
56,279,700	Mexican Cetes, Series BI, 0.00%, 5/15/14+(a)(i)		429,306
212,084,700	Mexican Cetes, Series BI, 0.00%, 5/29/14+(a)(i)		1,615,882
213,510,000	Mexican Cetes, 0.00%, 6/26/14+(a)(i)		1,622,489
100,870,000	Mexican Cetes, Series BI, 0.00%, 7/10/14+(a)(i)		765,496
69,579,100	Mexican Cetes, 0.00%, 7/24/14+(a)(i)		527,301
107,104,500	Mexican Cetes, 0.00%, 8/7/14+(a)(i)		810,537
108,675,200	Mexican Cetes, 0.00%, 9/4/14+(a)(i)		820,101
4,298,000	Poland Government Bond, Series 1020, 3.99%, 10/25/20+(a)		1,529,597
2,754,000	Queensland Treasury Corp., Series 17, 3.31%, 9/14/17+(a)		2,778,085
1,101,000	Queensland Treasury Corp., Series 21, 4.03%, 6/14/21+(a)		1,144,070
4,691,697	United Kingdom Treasury Note, 1.79%, 7/22/18+(a)		7,676,155
			53,423,752
Total Foreign Bonds (Cost $55,150,359)			55,741,102

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Yankee Dollars (1.9%):
Banks (0.5%):
$275,000	Banco Estado Chile, 2.36%, 4/2/15(a)	$	278,795
450,000	Banco Santander Chile SA, 2.11%, 6/7/18(a)(e)(f)		450,562
1,072,000	BNP Paribas SA, 2.43%, 12/12/18(a)		1,067,742
253,000	Export-Import Bank of Korea, 2.28%, 9/17/18(a)(e)		259,542
505,000	Intesa Sanpaolo SpA, 3.54%, 1/15/16(a)		517,024
221,000	Intesa Sanpaolo SpA, 3.41%, 1/16/18(a)		228,734
200,000	Intesa Sanpaolo SpA, 3.57%, 1/15/19(a)		203,432
200,000	Lloyds Bank plc, 2.33%, 11/27/18^(a)		199,802
430,000	Nordea Bank AB, 2.31%, 3/20/17(a)(e)		451,590
250,000	Rabobank Nederland, 3.65%, 11/9/22(a)		248,292
460,000	Sumitomo Mitsui Banking Corp., 2.48%, 1/10/19(a)		464,223
200,000	UBS AG Stamford CT, Series BKNT, 3.62%, 12/20/17(a)		229,154
			4,598,892
Capital Markets (0.4%):
858,310	Dana Gas Sukuk, Ltd., 10.29%, 10/31/17, Callable 10/13/17 @ 105(a)(e)		866,893
1,168,330	Dana Gas Sukuk, Ltd., 7.62%, 10/31/17(a)(e)		1,255,955
			2,122,848
Diversified Financial Services (0.1%):
400,000	CSG Guernsey I, Ltd., Registered Shares, 7.87%, 2/24/41, Callable 8/24/16 @ 100(a)(e)(f)		434,000
200,000	Odebrecht Finance, Ltd., 5.10%, 6/26/22(a)(e)		199,500
			633,500
Industrial Conglomerates (0.1%):
400,000	Hutchison Whampoa International 11, Ltd., 5.04%, 1/13/17(a)(e)		420,227
Media (0.0%):
200,000	Nara Cable Funding, Ltd., 8.29%, 12/1/18, Callable 5/12/14 @ 109(a)(e)		216,250
200,000	Unitymedia Hessen, 5.17%, 1/15/23, Callable 1/15/18 @ 102.75(a)(e)		204,000
			420,250
Metals & Mining (0.1%):
229,000	FMG Resources August 2006, 5.68%, 4/1/17, Callable 4/1/15 @ 103(a)(e)		241,023

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments, continued

March 31, 2014 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Yankee Dollars, continued
Metals & Mining, continued
$184,000	FMG Resources August 2006, 5.58%, 4/1/22, Callable 4/1/17 @ 103.44^(a)(e)	$	198,260
126,000	FMG Resources Pty, Ltd., 5.80%, 11/1/19, Callable 11/1/15 @ 104.13^(a)(e)		138,600
			577,883
Oil, Gas & Consumable Fuels (0.4%):
240,000	Bumi Investment Pte, Ltd., 9.57%, 10/6/17, Callable 10/6/14 @ 105(a)(e)		146,400
130,000	Dana Gas Sukuk, Ltd., Registered Shares, 8.71%, 10/31/17, Callable 5/8/14 @ 105(a)(e)		131,300
234,000	Petrobras Global Finance BV, 2.18%, 5/20/16(a)		231,953
1,037,000	Petrobras Global Finance BV, 2.38%, 1/15/19(a)(f)		1,014,289
577,000	YPF SA, 9.57%, 12/19/18^(a)(e)		602,244
			2,126,186
Real Estate Management & Development (0.0%):
200,000	Sun Hung Kai Properties, Ltd., Series E, 4.64%, 2/14/22, MTN(a)(e)		206,758
Road & Rail (0.0%):
370,503	Inversiones Alsacia SA, 12.28%, 8/18/18, Callable 2/18/15 @ 104(a)(b)		283,435
162,000	Viterra, Inc., 4.94%, 8/1/20(a)(e)		178,064
			461,499
Sovereign Bonds (0.2%):
758,000	Federal Republic of Brazil, 3.61%, 1/22/21(a)		805,754
928,000	Republic of Turkey, 2.78%, 4/3/18(a)		1,022,656
			1,828,410
Wireless Telecommunication Services (0.1%):
200,000	Colombia Telecomm SA Esp, 5.34%, 9/27/22, Callable 9/27/17 @ 103(a)(e)		196,000
464,000	Intelsat Jackson Holdings SA, 6.10%, 4/1/21, Callable 4/1/15 @ 103.75(a)		509,240
			705,240
Total Yankee Dollars (Cost $13,931,264)			14,101,693
U.S. Treasury Obligations (16.4%):
U.S. Treasury Bills (11.4%)
6,700,000	0.08%, 4/17/14(a)(h)		6,699,920
1,500,000	0.05%, 5/8/14(a)(h)		1,499,954
11,400,000	0.07%, 5/15/14(a)(h)		11,399,692
6,000,000	0.05%, 5/29/14(a)(h)		5,999,832
3,200,000	0.05%, 6/5/14(a)(h)		3,199,885

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
U.S. Treasury Obligations, continued
$7,500,000	0.07%, 6/19/14(a)(h)	$	7,499,633
3,000,000	0.08%, 6/26/14(a)(h)		2,999,748
4,000,000	0.04%, 7/3/14(a)(h)		3,999,612
16,675,000	0.06%, 7/10/14(a)(h)		16,673,149
10,300,000	0.05%, 7/17/14(a)(h)		10,298,702
1,000,000	0.06%, 7/24/14(a)(h)		999,865
750,000	0.05%, 7/31/14(a)(h)		749,893
4,300,000	0.05%, 8/7/14(a)(h)		4,299,235
7,000,000	0.07%, 8/21/14(a)(h)		6,998,411
			83,317,531
U.S. Treasury Notes (5.0%)
1,940,000	0.25%, 1/15/15(j)		1,942,122
3,485,000	0.24%, 3/31/15(a)		3,488,813
4,801,000	0.46%, 3/31/16(a)		4,973,913
2,846,500	0.86%, 9/30/17(a)		2,793,572
1,953,100	1.53%, 7/31/18(a)		1,941,502
1,549,400	1.23%, 9/30/18(a)		1,535,480
8,522,500	1.53%, 10/31/18(a)		8,386,668
3,535,700	1.60%, 11/30/18(a)		3,473,825
879,700	1.97%, 11/15/21(a)		853,583
1,056,100	2.08%, 5/15/22(a)		996,530
5,175,200	2.63%, 2/15/24(a)		5,186,523
			35,572,531
Total U.S. Treasury Obligations (Cost $119,147,682)			118,890,062
Purchased Swaptions (0.0%):
Total Purchased Swaptions (Cost $1,032,534)			662,301
Purchased Options (0.5%):
Total Purchased Options (Cost $5,243,551)			5,146,819
Exchange Traded Funds (1.1%):
42,382	Market Vectors Gold Miners, ETF(a)		1,000,215
4,217	ETFS Platinum Trust(j)		582,452
4,996	ETFS Physical Palladium Shares(j)		377,448
92,245	iShares Gold Trust(j)		1,147,528
38,959	SPDR Gold Trust(j)		4,815,722
Total Exchange Traded Funds (Cost $9,215,442)			7,923,365
Securities Held as Collateral for Securities on Loan (2.3%):
$16,305,010	Allianz Variable Insurance Products Securities Lending Collateral Trust (a)(k)		16,305,010
Total Securities Held as Collateral for Securities on Loan (Cost $16,305,010)			16,305,010
Unaffiliated Investment Company (0.1%):
448,821	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (a)(h)		448,821
Total Unaffiliated Investment Company (Cost $448,821)			448,821
Total Investment Securities (Cost $655,306,275)(l) - 97.7%			710,146,837
Net other assets (liabilities) - 2.3%			14,348,165

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments, continued

March 31, 2014 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount	Fair Value
Unaffiliated Investment Company (continued)
Net Assets - 100.0%	$	724,495,002

Percentages indicated are based on net assets as of March 31, 2014.

ADR	-	American Depositary Receipt
GDR	-	Global Depositary Receipt
MTN	-	Medium Term Note
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 March 31, 2014. The total value of securities on loan as of March 31, 2014, was $13,025,350.

+ 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) 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 March 31, 2014, these securities represent 1.18% of the net assets of the fund.

(c) Security was valued in good faith pursuant to procedures approved by the Board of Trustees as of March 31, 2014. The total of all such securities represent 0.61% of the net assets of the fund.

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

(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 March 31, 2014. The date presented represents the final maturity date.

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

(h) The rate represents the effective yield at March 31, 2014.

(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) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2014.

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

Amounts shown as “-“ are either $0 or round to less

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 March 31, 2014:

Country	Percentage
Argentina		0.1	%
Australia		1.7	%
Austria		—	%NM
Belgium		0.1	%
Bermuda		0.1	%
Brazil		2.3	%
British Virgin Islands		—	%NM
Canada		2.2	%
Cayman Islands		0.5	%
Chile		0.2	%
China		0.2	%
Colombia		—	%NM
Denmark		0.1	%
European Community		0.1	%
Finland		—	%NM
France		4.2	%
Germany		2.8	%
Guernsey		0.1	%
Hong Kong		0.9	%
India		0.1	%
Indonesia		—	%NM
Ireland (Republic of)		0.6	%
Israel		—	%NM
Italy		0.5	%
Japan		8.5	%
Jersey		0.5	%
Kazakhstan		0.1	%
Korea, Republic Of		0.3	%
Luxembourg		0.3	%
Malaysia		0.4	%
Mexico		2.1	%
Netherlands		2.5	%
Norway		0.2	%
Poland		0.2	%
Portugal		0.1	%
Republic of Korea (South)		0.6	%
Russian Federation		0.1	%
Singapore		0.8	%
South Africa		0.1	%NM
Spain		0.1	%
Sweden		0.6	%
Switzerland		2.5	%
Taiwan		0.2	%
Thailand		0.1	%
Turkey		0.1	%
United Arab Emirates		0.1	%
United Kingdom		5.9	%
United States		56.8	%
		100.0	%

NM Not meaningful, amount is less than 0.05%.

Continued

AZL MVP BlackRock Global Allocation Fund

Schedule of Portfolio Investments, continued

March 31, 2014 (Unaudited)

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

Security Description	Proceeds Received			Fair Value			Unrealized Appreciation/ Deprecation
United States Steel Corp.	$	(97,947	)	$	(93,653	)	$	4,294
Occidental Petroleum Corp.		(818,412	)		(827,022	)		(8,610	)
	$	(916,359	)	$	(920,675	)	$	(4,316	)

Futures Contracts

Cash of $36,074,549 has been segregated to cover margin requirements for the following open contracts as of March 31, 2014:

Description	Type		Expiration Date		Number of Contracts			Notional Value			Unrealized Appreciation/ (Depreciation)
MSCI EAFE Index E-Mini June Futures (U.S. Dollar) (a)		Short		6/23/14		(187	)	$	(9,220,035	)	$	(472,685	)
FTSE 100 Index June Futures (British Pounds) (a)		Short		6/23/14		(6	)		(654,437	)		(340	)
DJ EURO STOXX 50 June Futures (Euro) (a)		Short		6/23/14		(166	)		(7,088,642	)		(284,796	)
S&P 500 Index E-Mini June Futures (U.S.Dollar) (a)		Short		6/23/14		(256	)		(23,866,880	)		(200,935	)
S&P 500 Index E-Mini June Futures (U.S. Dollar)		Long		6/23/14		231			21,536,130			286,332
ASX SPI 200 Index June Futures (Australian Dollar) (a)		Long		6/20/14		2			250,019			1,329
10-Year U.S. Treasury Note June Futures		Long		6/20/14		116			14,326,000			(87,100	)
Hang Seng China Enterprises Index April Futures (Hong Kong Dollar) (a)		Long		4/30/14		3			194,958			3,964
German Stock Index June Futures (Euro) (a)		Long		6/23/14		4			1,320,545			39,008
NIKKEI 225 Index June Futures (Japanses Yen) (a)		Long		6/13/14		36			2,584,012			99,354
Tokyo Price Index June Futures (Japanses Yen) (a)		Long		6/13/14		3			349,709			(1,622	)
S&P/Toronto Stock Exchange 60 Index June Futures (Canadian Dollar) (a)		Long		6/20/14		1			148,014			229
Total											$	(616,063	)

Options Contracts (a)

Over-the-counter options purchased as of March 31, 2014 were as follows:

Description

Counterparty

Put/ Call

Strike Price

Expiration Date

Contracts

Fair Value

ACE, Ltd.

Goldman Sachs

Call

USD

95.00

1/16/15

31,614

$

240,120

Anadarko Petroleum Corp.

Citibank

Call

USD

85.00

7/18/14

2,829

13,691

Anadarko Petroleum Corp.

Credit Suisse First Boston

Call

USD

85.00

7/19/14

19,628

95,428

APC U.S.

Deutsche Bank

Call

USD

85.00

7/18/14

33,805

163,606

Bank of America Corp.

Citibank

Call

USD

17.00

1/17/15

157,232

256,331

Cimarex Energy Co.

Goldman Sachs

Call

USD

120.00

9/19/14

8,626

63,952

Cimarex Energy Co.

Citibank

Call

USD

120.00

6/20/14

13,800

102,311

Citigroup, Inc.

Bank of America

Call

USD

60.00

1/16/15

44,025

29,152

Coach, Inc.

Bank of America

Call

USD

60.00

2/20/15

13,282

17,571

Coca-Cola Co. (The)

Deutsche Bank

Call

USD

45.00

1/16/15

130,514

29,786

Diamondback Energy, Inc.

Goldman Sachs

Call

USD

70.00

6/20/14

10,900

50,744

Equities Corp.

Citibank

Call

USD

100.00

9/19/14

13,400

76,378

Euro Stoxx50 Index

Goldman Sachs

Call

EUR

3293.01

12/16/16

1,161

321,977

Humana, Inc.

Deutsche Bank

Call

USD

115.00

1/16/15

3,310

34,243

Humana, Inc.

Goldman Sachs

Call

USD

130.00

1/16/15

13,049

66,598

Johnson & Johnson

Deutsche Bank

Call

USD

105.00

2/20/15

66,400

150,610

JPMorgan Chase & Co.

Goldman Sachs

Call

USD

65.00

1/16/15

57,421

124,520

JPMorgan Chase & Co.

Bank of America

Call

USD

65.00

1/17/15

78,616

170,482

See accompanying notes to the schedules of portfolio investments.

AZL MVP BlackRock Global Allocation Fund

Schedule of Portfolio Investments, continued

March 31, 2014 (Unaudited)

Marathon Oil Corp.	Goldman Sachs	Call	USD	32.00	7/18/14	20,582		78,879
Merck & Co., Inc.	Deutsche Bank	Call	USD	55.00	1/16/15	130,514		587,953
MetLife, Inc.	Goldman Sachs	Call	USD	50.00	1/16/15	59,096		338,081
Oracle Corp.	Deutsche Bank	Call	USD	42.00	1/16/15	65,257		119,068
Prudential Financial, Inc.	Citibank	Call	USD	87.50	1/16/15	45,138		249,035
QEP Resources, Inc.	Goldman Sachs	Call	USD	35.00	4/17/14	32,700		434
Siemens AG	Deutsche Bank	Call	USD	150.00	1/16/15	18,114		78,420
SPDR Gold Shares(b)	JPMorgan Chase	Call	USD	133.44	3/23/15	9,230		42,080
SPDR Gold Trust(b)	JPMorgan Chase	Call	USD	130.56	1/02/15	10,383		45,971
Stoxx Europe 600 Index	Credit Suisse First Boston	Call	EUR	347.97	12/16/16	3,668		106,089
Stoxx Europe 600 Index	JPMorgan Chase	Call	EUR	348.12	9/16/16	4,376		118,089
Stoxx Europe 600 Index	Credit Suisse First Boston	Call	EUR	355.61	3/18/17	4,134		113,121
Takeda Pharmaceutical Co., Ltd.	Goldman Sachs	Call	JPY	4906.34	10/9/14	7,148		15,720
Takeda Pharmaceutical Co., Ltd.	JPMorgan Chase	Call	JPY	5108.80	1/29/15	8,000		17,375
Topix Index	Citibank	Call	JPY	1178.21	12/12/14	173,166		154,219
Topix Index	Citibank	Call	JPY	1246.74	9/12/14	148,791		69,194
Topix Index	UBS Warburg	Call	JPY	1244.54	4/11/14	197,290		8,335
Topix Index	Goldman Sachs	Call	JPY	1291.10	7/11/14	230,041		47,085
Topix Index	JPMorgan Chase	Call	JPY	1219.54	5/9/14	171,251		42,209
TPX JPMorgan	Bank of America	Call	JPY	1257.27	6/13/14	146,054		33,733
MSCI Emerging Markets Index	JPMorgan Chase	Put	USD	909.15	6/20/14	2,374		24,870
MSCI Emerging Markets Index	Bank of America	Put	USD	928.12	6/20/14	1,745		23,738
Nikkei 225 Index	JPMorgan Chase	Put	JPY	14330.81	6/13/14	9,644		37,567
Nikkei 225 Index	BNP Paribas	Put	JPY	14636.48	6/13/14	13,144		66,664
Occidental Petroleum Corp.	Goldman Sachs	Put	USD	95.00	4/17/14	13,491		15,571
Russell 2000 Index	Bank of America	Put	USD	1130.77	5/16/14	3,131		51,663
Russell 2000 Index	JPMorgan Chase	Put	USD	1126.10	6/20/14	3,137		80,334
S&P 500 Index	Bank of America	Put	USD	1809.41	5/16/14	1,869		28,295
S&P 500 Index	Credit Suisse First Boston	Put	USD	1820.54	4/17/14	2,954		15,645
S&P 500 Index	BNP Paribas	Put	USD	1820.00	6/20/14	1,515		44,450
S&P 500 Index	Credit Suisse First Boston	Put	USD	835.00	5/16/14	2,039		43,638
S&P 500 Index	BNP Paribas	Put	USD	1790.00	4/17/14	1,915		5,122
SPX U.S. Index	JPMorgan Chase	Put	USD	1798.35	4/17/14	2,741		8,797
Topix Index	JPMorgan Chase	Put	JPY	1086.72	5/9/14	171,251		6,699
Total							$	4,725,643

Over-the-counter options written as of March 31, 2014 were as follows:

Put/

Expiration

Description

Counterparty

Call

Strike Price

Date

Contracts

Fair Value

ACE, Ltd.

Goldman Sachs

Call

USD

110.00

1/16/15

31,614

$

(48,806

)

See accompanying notes to the schedules of portfolio investments.

AZL MVP BlackRock Global Allocation Fund

Schedule of Portfolio Investments, continued

March 31, 2014 (Unaudited)

eBay, Inc.	Goldman Sachs	Call	USD	60.00	5/16/14	24,267	(14,621	)
Lululemon Athletica, Inc.	Citibank	Call	USD	60.00	1/16/15	2,355	(9,420	)
MetLife, Inc.	Goldman Sachs	Call	USD	60.00	1/16/15	59,096	(97,470	)
MSCI Emerging Markets Index	Bank of America	Call	USD	1013.35	6/20/14	1,745	(27,913	)
MSCI Emerging Markets Index	JPMorgan Chase	Call	USD	990.32	6/20/14	2,374	(63,936	)
Nikkei 225 Index	JPMorgan Chase	Call	JPY	15555.05	6/13/14	9,644	(30,035	)
Nikkei 225 Index	BNP Paribas	Call	JPY	15739.73	6/13/14	13,144	(34,210	)
Prudential Financial, Inc.	Citibank	Call	USD	97.50	1/16/15	45,138	(108,279	)
Russell 2000 Index	Bank of America	Call	USD	1205.77	5/16/14	3,131	(44,450	)
Russell 2000 Index	JPMorgan Chase	Call	USD	1206.53	6/20/14	3,137	(92,785	)
S&P 500 Index	Bank of America	Call	USD	1920.19	5/16/14	1,869	(18,295	)
S&P 500 Index	Credit Suisse First Boston	Call	USD	947.00	5/16/14	2,039	(6,117	)
S&P 500 Index	BNP Paribas	Call	USD	1900.00	4/17/14	1,915	(13,019	)
S&P 500 Index	BNP Paribas	Call	USD	1896.02	6/20/14	1,515	(42,206	)
S&P 500 Index	Credit Suisse First Boston	Call	USD	1932.00	4/17/14	2,954	(4,421	)
SPDR Gold Shares(b)	JPMorgan Chase	Call	USD	158.85	3/23/15	9,230	(9,919	)
SPDR Gold Trust(b)	JPMorgan Chase	Call	USD	149.21	1/02/15	10,383	(12,944	)
Tokyo Stock Price Index	Citibank	Call	JPY	1318.19	12/12/14	173,166	(65,918	)
Topix Index	UBS Warburg	Call	JPY	1366.56	4/11/14	197,290	(11	)
Topix Index	JPMorgan Chase	Call	JPY	1285.95	5/9/14	171,251	(12,525	)
Cimarex Energy Co.	Citibank	Put	USD	115.00	4/17/14	6,781	(12,816	)
Cimarex Energy Co.	Goldman Sachs	Put	USD	105.00	9/19/14	6,700	(38,307	)
Cimarex Energy Co.	Citibank	Put	USD	105.00	9/19/14	6,900	(39,451	)
Coach, Inc.	Bank of America	Put	USD	42.50	2/20/15	13,282	(29,672	)
Consol Energy, Inc.	Credit Suisse First Boston	Put	USD	38.00	7/18/14	13,515	(24,414	)
Dresser-Rand Group, Inc.	Deutsche Bank	Put	USD	55.00	9/19/14	7,277	(18,561	)
Equities Corp.	Citibank	Put	USD	85.00	9/19/14	13,400	(32,909	)
Humana, Inc.	Deutsche Bank	Put	USD	90.00	1/16/15	3,310	(11,048	)
Marathon Oil Corp.	Goldman Sachs	Put	USD	30.00	7/18/14	33,467	(7,805	)
Marathon Petroleum Corp.	Goldman Sachs	Put	USD	80.00	7/18/14	13,400	(43,675	)
MPC U.S. OTC	Deutsche Bank	Put	USD	77.50	7/18/14	13,300	(33,290	)
MSCI Emerging Markets Index	JPMorgan Chase	Put	USD	834.93	6/20/14	2,374	(9,130	)
MSCI Emerging Markets Index	Bank of America	Put	USD	852.35	6/20/14	1,745	(8,497	)
Nikkei 225 Index	BNP Paribas	Put	JPY	13606.78	6/13/14	13,144	(25,878	)
Nikkei 225 Index	JPMorgan Chase	Put	JPY	13322.61	6/13/14	9,644	(14,271	)
Occidental Petroleum	Deutsche Bank	Put	USD	95.00	4/17/14	13,491	(15,571	)
Oceaneering International, Inc.	Citibank	Put	USD	60.00	10/17/14	6,801	(33,665	)
Phillips 66	Bank of America	Put	USD	70.00	8/15/14	13,400	(33,449	)
QEP Resources, Inc.	Goldman Sachs	Put	USD	25.00	4/17/14	32,700	(1,214	)
Rowan Companies plc	Goldman Sachs	Put	USD	32.00	7/18/14	33,300	(39,632	)
Russell 2000 Index	JPMorgan Chase	Put	USD	1034.17	6/20/14	3,137	(29,184	)
Russell 2000 Index	Bank of America	Put	USD	1038.46	5/16/14	3,131	(12,611	)

See accompanying notes to the schedules of portfolio investments.

AZL MVP BlackRock Global Allocation Fund

Schedule of Portfolio Investments, continued

March 31, 2014 (Unaudited)

S&P 500 Index	JPMorgan Chase	Put	USD	1624.53	4/17/14	2,741		(187	)
S&P 500 Index	Bank of America	Put	USD	1661.71	5/16/14	1,869		(5,390	)
S&P 500 Index	Credit Suisse First Boston	Put	USD	685.00	5/16/14	2,039		(7,748	)
S&P 500 Index	BNP Paribas	Put	USD	1680.00	6/20/14	1,515		(14,179	)
S&P 500 Index	BNP Paribas	Put	USD	1690.00	4/17/14	1,915		(569	)
S&P 500 Index	Credit Suisse First Boston	Put	USD	1709.07	4/17/14	2,954		(1,346	)
SM Energy	Citibank	Put	USD	65.00	5/16/14	10,177		(12,395	)
Topix Index	JPMorgan Chase	Put	JPY	1147.09	5/9/14	171,251		(22,439	)
Topix Index	Citibank	Put	JPY	1047.55	12/12/14	173,166		(52,237	)
Total							$	(1,388,840	)

Exchange-traded options purchased as of March 31, 2014 were as follows:

	Put/					Expiration
Description	Call		Strike Price			Date		Contracts		Fair Value
Bank of America Corp.		Call		USD	17.00		1/17/15		200	$	31,500
Canadian Natural Resources, Ltd.		Call		USD	34.00		9/20/14		204		98,940
Citigroup, Inc.		Call		USD	60.00		1/17/15		70		4,200
Coca-Cola Co.		Call		USD	45.00		1/17/15		143		3,146
Humana, Inc.		Call		USD	130.00		1/17/15		15		7,650
Merck & Co., Inc.		Call		USD	55.00		1/17/15		110		49,500
MetLife, Inc.		Call		USD	50.00		1/17/15		52		29,510
Oracle Corp.		Call		USD	42.00		1/17/15		64		16,864
PetSmart, Inc.		Call		USD	68.00		4/19/14		17		3,570
Prudential Financial, Inc.		Call		USD	83.00		1/17/15		34		26,860
SPDR Gold Shares(b)		Call		USD	130.00		12/20/14		302		136,656
Dish Network Corp.		Put		USD	60.00		6/21/14		27		8,505
Time Warner Cable, Inc.		Put		USD	135.00		7/19/14		9		4,275
Total										$	421,176

Exchange-traded options written as of March 31, 2014 were as follows:

	Put/					Expiration
Description	Call		Strike Price			Date		Contracts		Fair Value
Canadian Natural Resources, Ltd.		Call		USD	39.00		9/20/14		180	$	(33,300	)
Dish Network Corp.		Call		USD	68.00		6/21/14		27		(6,345	)
Gilead Sciences, Inc.		Call		USD	85.00		5/17/14		22		(682	)
Marathon Petroleum Corp.		Call		USD	85.00		4/19/14		64		(22,400	)
Marathon Petroleum Corp.		Call		USD	80.00		4/19/14		96		(74,400	)
National Oilwell Varco		Call		USD	75.00		8/16/14		137		(73,980	)
Time Warner Cable, Inc.		Call		USD	150.00		7/19/14		9		(1,215	)
Twitter, Inc.		Call		USD	68.00		6/21/14		116		(4,060	)

See accompanying notes to the schedules of portfolio investments.

AZL MVP BlackRock Global Allocation Fund

Schedule of Portfolio Investments, continued

March 31, 2014 (Unaudited)

XL Group plc	Call	USD	32.00	4/19/14	35		(543	)
Biogen Idec, Inc.	Put	USD	280.00	7/19/14	20		(29,600	)
Consol Energy, Inc.	Put	USD	36.00	7/19/14	200		(21,900	)
EOG Resources, Inc.	Put	USD	155.00	7/19/14	33		(3,383	)
EOG Resources, Inc.	Put	USD	165.00	4/19/14	47		(658	)
Gilead Sciences, Inc.	Put	USD	65.00	8/16/14	49		(15,925	)
Marathon Petroleum Corp.	Put	USD	65.00	4/19/14	90		(450	)
PetSmart, Inc.	Put	USD	60.00	4/19/14	17		(170	)
Phillips 66	Put	USD	73.00	5/17/14	133		(14,963	)
SPDR Gold Trust(b)	Put	USD	116	12/20/14	92		(36,800	)
SPDR Gold Trust(b)	Put	USD	114	12/31/14	103		(36,308	)
Total						$	(377,082	)

Over-the-counter interest rate swaptions purchased as of March 31, 2014 were as follows:

Put/

Exercise

Expiration

Notional

Market

Description

Counterparty

Call

Rate

Date

Amount

Value

10-Year Interest Rate, Pay 6-Month USD LIBOR

Goldman Sachs

Call

USD

2.80

9/15/14

325,762

$

188,511

10-Year Interest Rate, Pay 6-Month USD LIBOR

Goldman Sachs

Call

USD

2.80

6/16/14

102,418

92,784

10-Year Interest Rate, Pay 6-Month USD LIBOR

Goldman Sachs

Call

USD

2.75

11/28/14

440,599

288,773

5-Year Interest Rate, Pay 6-Month USD LIBOR

Deutsche Bank

Call

USD

1.65

6/4/14

49,313

9,677

10-Year Interest Rate, Pay 6-Month JPY LIBOR

Goldman Sachs

Put

JPY

1.35

1/25/16

2,734,832

20,685

10-Year Interest Rate, Pay 6-Month JPY LIBOR

Goldman Sachs

Put

JPY

1.35

1/25/16

6,780,000

44,700

5-Year Interest Rate, Pay 6-Month JPY LIBOR

Deutsche Bank

Put

JPY

1.07

4/4/18

2,034,099

17,171

Total

$

662,301

Over-the-counter interest rate swaptions written as of March 31, 2014 were as follows:

		Put/		Exercise			Expiration		Notional			Market
Description	Counterparty	Call		Rate			Date		Amount			Value
10-Year Interest Rate, Pay 6-Month USD LIBOR	Goldman Sachs		Call		USD	2.60		6/16/14		(30,441	)	$	(490,905	)
10-Year Interest Rate, Pay 6-Month USD LIBOR	Goldman Sachs		Put		USD	3.50		11/28/14		(189,322	)		(184,607	)
5-Year Interest Rate, Pay 6-Month USD LIBOR	Deutsche Bank		Put		USD	1.65		6/4/14		(46,025	)		(157,209	)
Total												$	(832,721	)

See accompanying notes to the schedules of portfolio investments.

AZL MVP BlackRock Global Allocation Fund

Schedule of Portfolio Investments, continued

March 31, 2014 (Unaudited)

Forward Currency Contracts(a)

At March 31, 2014, the Fund’s open forward currency contracts were as follows:

				Contract
				Amount						Net Unrealized
		Delivery		(Local		Contract				Appreciation/
Type of Contract	Counterparty	Date		Currency)		Value		Value		(Depreciation)
Short Contracts:
Chinese Renminbi	Deutsche Bank		1/30/15		10,246,207	$	1,672,000	$	1,642,076	$	29,924
Chinese Renminbi	JPMorgan Chase		1/30/15		4,087,158		668,000		655,016		12,984
European Euro	BNP Paribas		4/3/14		1,536,516		2,100,955		2,116,544		(15,589	)
European Euro	JPMorgan Chase		4/3/14		473,000		643,396		651,556		(8,160	)
European Euro	Credit Suisse First Boston		4/4/14		1,213,000		1,648,467		1,670,899		(22,432	)
European Euro	Deutsche Bank		4/4/14		1,213,000		1,647,861		1,670,899		(23,038	)
European Euro	BNP Paribas		4/10/14		1,261,700		1,735,307		1,737,959		(2,652	)
European Euro	UBS Warburg		4/10/14		1,261,700		1,735,294		1,737,959		(2,665	)
European Euro	Barclays Bank		4/11/14		2,165,500		2,988,650		2,982,911		5,739
European Euro	Credit Suisse First Boston		4/11/14		1,206,000		1,677,546		1,661,229		16,317
European Euro	Morgan Stanley		4/11/14		1,174,500		1,629,090		1,617,839		11,251
European Euro	Deutsche Bank		4/24/14		1,707,800		2,345,663		2,352,374		(6,711	)
European Euro	Goldman Sachs		4/24/14		1,229,000		1,701,452		1,692,861		8,591
European Euro	JPMorgan Chase		4/25/14		1,237,000		1,718,861		1,703,876		14,985
European Euro	Credit Suisse First Boston		5/2/14		1,216,000		1,688,307		1,674,927		13,380
European Euro	JPMorgan Chase		5/2/14		1,229,000		1,708,457		1,692,833		15,624
European Euro	Credit Suisse First Boston		5/8/14		752,400		1,037,025		1,036,352		673
European Euro	Deutsche Bank		5/8/14		499,100		688,109		687,458		651
European Euro	UBS Warburg		5/8/14		1,243,200		1,712,850		1,712,378		472
European Euro	Goldman Sachs		5/9/14		1,189,000		1,638,751		1,637,721		1,030
European Euro	JPMorgan Chase		5/9/14		1,321,600		1,821,112		1,820,363		749
Japanese Yen	Bank of America		4/3/14		132,480,125		1,292,489		1,283,744		8,745
Japanese Yen	Goldman Sachs		4/3/14		139,235,470		1,357,124		1,349,204		7,920
Japanese Yen	BNP Paribas		4/7/14		280,000,000		2,701,896		2,713,286		(11,390	)
Japanese Yen	BNP Paribas		4/10/14		174,943,050		1,709,674		1,695,280		14,394
Japanese Yen	Credit Suisse First Boston		4/11/14		130,308,950		1,270,563		1,262,762		7,801
Japanese Yen	Goldman Sachs		4/11/14		142,206,560		1,386,840		1,378,056		8,784
Japanese Yen	BNP Paribas		4/17/14		144,875,127		1,418,037		1,403,964		14,073
Japanese Yen	Credit Suisse First Boston		4/17/14		73,626,625		721,123		713,505		7,618
Japanese Yen	UBS Warburg		4/17/14		221,383,188		2,166,600		2,145,392		21,208
Japanese Yen	Bank of America		5/8/14		147,866,360		1,445,278		1,433,119		12,159
Japanese Yen	Morgan Stanley		5/9/14		291,669,055		2,850,111		2,826,869		23,242
Japanese Yen	Deutsche Bank		5/12/14		210,000,000		2,062,336		2,035,362		26,974
Mexican Peso	Credit Suisse First Boston		4/3/14		9,920,000		764,276		759,723		4,553
Mexican Peso	Credit Suisse First Boston		4/30/14		5,064,500		389,337		387,064		2,273
Mexican Peso	Morgan Stanley		4/30/14		9,040,530		689,564		690,940		(1,376	)
Mexican Peso	Goldman Sachs		5/8/14		3,650,200		272,062		278,797		(6,735	)
Mexican Peso	Morgan Stanley		5/15/14		5,627,970		430,358		429,618		740
Mexican Peso	Goldman Sachs		5/29/14		14,382,000		1,069,413		1,096,652		(27,239	)
Mexican Peso	Goldman Sachs		5/29/14		3,506,000		260,873		267,338		(6,465	)
Mexican Peso	UBS Warburg		5/29/14		3,320,470		253,193		253,192		1
Mexican Peso	Deutsche Bank		6/26/14		14,579,000		1,097,833		1,109,333		(11,500	)
Mexican Peso	UBS Warburg		6/26/14		6,772,000		503,682		515,289		(11,607	)
Mexican Peso	Barclays Bank		7/10/14		10,087,000		747,933		766,699		(18,766	)
Mexican Peso	Credit Suisse First Boston		7/24/14		6,957,910		523,360		528,282		(4,922	)
Mexican Peso	Deutsche Bank		8/7/14		10,710,450		793,696		812,303		(18,607	)
Mexican Peso	UBS Warburg		9/4/14		10,867,520		814,199		822,407		(8,208	)
						$	63,199,003	$	63,114,210	$	84,793
Long Contracts:
European Euro	Brown Brothers Harriman		4/14/14		992,500	$	1,375,570	$	1,367,130	$	(8,440	)
Japanese Yen	BNP Paribas		4/10/14		174,943,050		1,698,260		1,695,280		(2,980	)
Japanese Yen	Goldman Sachs		4/25/14		1,365,369		13,444		13,232		(212	)
South African Rand	Brown Brothers Harriman		4/4/14		87,450		8,285		8,309		24
Swiss Franc	HSBC Bank		4/25/14		1,476,753		1,694,000		1,671,244		(22,756	)
Swiss Franc	HSBC Bank		5/2/14		1,473,514		1,688,000		1,667,673		(20,327	)
						$	6,477,559	$	6,422,868	$	(54,691	)

At March 31, 2014, the Fund’s open forward cross currency contracts were as follows:

Purchase/Sale	Counterparty	Amount Purchased		Amount Sold		Contract Value		Value		Unrealized Appreciation/ (Depreciation)
European Euro/Japanese Yen	Barclays Bank		1,173,300  EUR		167,611,419    JPY	$	1,631,635	$	1,623,398	$	(8,237	)
Japanese Yen/European Euro	Barclays Bank		166,246,050    JPY		1,173,300  EUR		1,636,663		1,631,668		(4,995	)
						$	3,268,298	$	3,255,066	$	(13,232	)

See accompanying notes to the schedules of portfolio investments.

AZL MVP BlackRock Global Allocation Fund

Schedule of Portfolio Investments, continued

March 31, 2014 (Unaudited)

Centrally Cleared Credit Default Swap Agreements - Buy Protection(a)(c)

At March 31, 2014, the Fund’s open centrally cleared credit default swap agreements were as follows:

				Implied
				Credit											Upfront
				Spread at											Premiums			Unrealized
		Expiration		March 31,			Notional		Fixed						Paid/			Appreciation/
Underlying Instrument	Counterparty	Date		2014(d)			Amount(e)		Rate			Value			(Received)			(Depreciation)
CDX North America High Yield Index Swap Agreement with JPMorgan Chase Bank, N.A., Series 22	JPMorgan Chase		6/20/19		3.37	%	$	1,282,200		5.00	%	$	(95,388	)	$	(94,393	)	$	(995	)
												$	(95,388	)	$	(94,393	)	$	(995	)

Centrally Cleared Credit Default Swap Agreements - Sell Protection(a)(c)

At March 31, 2014, the Fund’s open centrally cleared credit default swap agreements were as follows:

				Implied
				Credit											Upfront
				Spread at											Premiums		Unrealized
		Expiration		March 31,			Notional			Fixed					Paid/		Appreciation/
Underlying Instrument	Counterparty	Date		2014(d)			Amount(e)			Rate			Value		(Received)		(Depreciation)
CDX North America Investment Grade Index Swap Agreement with JPMorgan Chase Bank, N.A., Series 22	JPMorgan Chase		6/20/19		0.69	%	$	(1,131,000	)		1.00	%	$	17,336	$	16,890	$	446
													$	17,336	$	16,890	$	446

See accompanying notes to the schedules of portfolio investments.

AZL MVP BlackRock Global Allocation Fund

Schedule of Portfolio Investments, continued

March 31, 2014 (Unaudited)

Over-the-Counter Interest Rate Swap Agreements(a)

At March 31, 2014, the Fund’s open over-the-counter interest rate swap agreements were as follows:

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Expiration Date	Counterparty	Notional Amount (Local)			Value			Unrealized Appreciation/ (Depreciation)
Pay	3-Month U.S. Dollar LIBOR BBA		1.30	%	8/17/16	Deutsche Bank		1,253,000	USD	$	910		$	910
Pay	3-Month U.S. Dollar LIBOR BBA		1.03	%	9/27/16	Deutsche Bank		200,000	USD		(637	)		(637	)
Pay	3-Month U.S. Dollar LIBOR BBA		1.50	%	9/27/16	Deutsche Bank		1,700,000	USD		2,462			2,462
Pay	3-Month U.S. Dollar LIBOR BBA		0.83	%	9/27/16	Deutsche Bank		1,150,000	USD		(5,904	)		(5,904	)
Pay	3-Month U.S. Dollar LIBOR BBA		1.01	%	9/27/16	Deutsche Bank		540,052	USD		(1,831	)		(1,831	)
Pay	3-Month U.S. Dollar LIBOR BBA		1.04	%	9/28/16	Deutsche Bank		1,200,000	USD		(3,773	)		(3,773	)
Pay	3-Month U.S. Dollar LIBOR BBA		1.00	%	9/28/16	Goldman Sachs		6,073,000	USD		(21,461	)		(21,461	)
Pay	3-Month U.S. Dollar LIBOR BBA		1.00	%	9/28/16	Deutsche Bank		1,350,000	USD		(4,764	)		(4,764	)
Pay	3-Month U.S. Dollar LIBOR BBA		1.46	%	9/28/16	Deutsche Bank		1,600,000	USD		1,561			1,561
										$	(33,437	)	$	(33,437	)

Centrally Cleared Interest Rate Swap Agreements(a)

At March 31, 2014, the Fund’s open centrally cleared interest rate swap agreements were as follows:

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Expiration Date	Counterparty	Notional Amount (Local)			Premiums Paid/ (Received)		Value			Unrealized Appreciation/ (Depreciation)
Pay	3-Month U.S. Dollar LIBOR BBA		1.78	%	9/27/16	Deutsche Bank		940,000	USD	$	10	$	3,815		$	3,805
Pay	3-Month U.S. Dollar LIBOR BBA		1.26	%	9/28/16	JPMorgan Chase		550,000	USD		—		(615	)		(615	)
Pay	3-Month U.S. Dollar LIBOR BBA		1.43	%	9/28/16	JPMorgan Chase		450,000	USD		6		253			248
Pay	3-Month U.S. Dollar LIBOR BBA		1.36	%	9/28/16	JPMorgan Chase		700,000	USD		9		(84	)		(92	)
Pay	3-Month U.S. Dollar LIBOR BBA		1.05	%	9/17/18	JPMorgan Chase		600,000	USD		8		(1,917	)		(1,924	)
												$	1,452		$	1,422

Total Return Swaps at March 31, 2014(a)

Counterparty	Underlying Instrument	Expiration Date	Notional Amount (Local)			Unrealized Appreciation/ (Depreciation)
Citibank	KOSPI 200 Index June Futures	6/12/14		2,680,236,300	KRW	$	30,984
BNP Paribas	NIKKEI 225 Dividend Index E-Mini March Futures	4/5/16		26,350,000	JPY		291
BNP Paribas	NIKKEI 225 Dividend Index E-Mini March Futures	4/5/16		26,800,000	JPY		(4,070	)
BNP Paribas	NIKKEI 225 Dividend Index E-Mini March Futures	4/5/17		27,850,000	JPY		7,752
BNP Paribas	NIKKEI 225 Dividend Index E-Mini March Futures	4/5/17		25,515,000	JPY		2,616
Citibank	PT Siloam International Hospitals Tbk	3/15/15		206,614	USD		(3,789	)
						$	33,784

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

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

See accompanying notes to the schedules of portfolio investments.

AZL MVP BlackRock Global Allocation Fund

Schedule of Portfolio Investments, continued

March 31, 2014 (Unaudited)

(c)	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.
(d)	Implied credit spread, represented in absolute terms, utilized in determining the market value of the credit default swap agreements as of period end will 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 or daily 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.
(e)	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.

See accompanying notes to the schedules of portfolio investments.

AZL MVP Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments

March 31, 2014 (Unaudited)

Shares		Fair Value
Affiliated Investment Company (94.8%):
15,529,377	AZL Franklin Templeton Founding Strategy Plus Fund	$	220,206,561
Total Affiliated Investment Company (Cost $199,872,165)			220,206,561
Unaffiliated Investment Company (0.9%):
2,061,679	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (a)		2,061,679
Total Unaffiliated Investment Company (Cost $2,061,679)			2,061,679
Total Investment Securities (Cost $201,933,844)(b) - 95.7%			222,268,240
Net other assets (liabilities) - 4.3%			10,008,166
Net Assets - 100.0%		$	232,276,406

Percentages indicated are based on net assets as of March 31, 2014.

(a) The rate represents the effective yield at March 31, 2014.

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

Continued

AZL MVP Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments, continued

March 31, 2014 (Unaudited)

Futures Contracts

Cash of $11,585,793 has been segregated to cover margin requirements for the following open contracts as of March 31, 2014:

Description	Type	Expiration Date	Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note June Futures	Long	6/19/14		37	$	4,569,500	$	(26,591	)
S&P 500 Index E-Mini June Futures	Long	6/20/14		74		6,899,020		90,407
Total							$	63,816

See accompanying notes to the schedules of portfolio investments.

AZL MVP Fusion Balanced Fund

Schedule of Portfolio Investments

March 31, 2014 (Unaudited)

Shares		Fair Value
Affiliated Investment Companies (95.0%):
1,718,254	AZL BlackRock Capital Appreciation Fund	$	31,890,785
1,340,354	AZL Dreyfus Research Growth Fund		20,024,891
1,093,405	AZL Federated Clover Small Value Fund		26,908,696
2,135,809	AZL Gateway Fund		24,988,967
2,388,332	AZL International Index Fund		39,789,614
2,104,464	AZL Invesco Growth and Income Fund		33,418,890
2,132,565	AZL Invesco International Equity Fund		39,985,586
2,822,719	AZL JPMorgan International Opportunities Fund		52,022,716
3,568,670	AZL JPMorgan U.S. Equity Fund		52,780,633
1,252,353	AZL MFS Investors Trust Fund		27,038,296
1,156,204	AZL MFS Mid Cap Value Fund		14,279,124
3,303,515	AZL MFS Value Fund		40,071,640
613,910	AZL Mid Cap Index Fund		14,169,031
1,769,990	AZL Morgan Stanley Global Real Estate Fund		17,965,396
711,859	AZL Morgan Stanley Mid Cap Growth Fund		13,197,865
2,060,878	AZL NFJ International Value Fund		26,523,494
2,043,497	AZL Oppenheimer Discovery Fund		31,469,859
11,051,839	AZL Pyramis Core Bond Fund		110,518,385
1,982,418	AZL Russell 1000 Growth Index Fund		33,106,389
3,502,703	AZL Russell 1000 Value Index Fund		52,960,873
1,566,146	AZL Schroder Emerging Markets Equity Fund, Class 2		11,855,723
1,527,424	NFJ Dividend Value Portfolio		20,681,324
3,726,085	PIMCO PVIT Global Advantage Strategy Bond Portfolio		37,000,023
4,675,713	PIMCO PVIT High Yield Portfolio		38,247,332
5,817,003	PIMCO PVIT Low Duration Portfolio		61,892,914
4,815,110	PIMCO PVIT Real Return Portfolio		61,970,465
21,552,386	PIMCO PVIT Total Return Portfolio		238,584,915
4,755,467	PIMCO PVIT Unconstrained Bond Portfolio		49,123,970
Total Affiliated Investment Companies (Cost $997,530,932)			1,222,467,796
Total Investment Securities (Cost $997,530,932)(a) - 95.0%			1,222,467,796
Net other assets (liabilities) - 5.0%			63,872,365
Net Assets - 100.0%		$	1,286,340,161

Percentages indicated are based on net assets as of March 31, 2014.

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

Continued

AZL MVP Fusion Balanced Fund

Schedule of Portfolio Investments, continued

March 31, 2014 (Unaudited)

Futures Contracts

Cash of $64,122,651 has been segregated to cover margin requirements for the following open contracts as of March 31, 2014:

Description	Type	Expiration Date	Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note June Futures	Long	6/19/14		259	$	31,986,500	$	(196,581	)
S&P 500 Index E-Mini June Futures	Long	6/20/14		343		31,977,890		425,010
Total							$	228,429

See accompanying notes to the schedules of portfolio investments.

AZL MVP Fusion Conservative Fund

Schedule of Portfolio Investments

March 31, 2014 (Unaudited)

Shares		Fair Value
Affiliated Investment Companies (95.0%):
276,056	AZL BlackRock Capital Appreciation Fund	$	5,123,607
171,845	AZL Dreyfus Research Growth Fund		2,567,369
159,986	AZL Federated Clover Small Value Fund		3,937,247
338,955	AZL Gateway Fund		3,965,774
323,152	AZL International Index Fund		5,383,718
417,021	AZL Invesco Growth and Income Fund		6,622,289
288,218	AZL Invesco International Equity Fund		5,404,090
292,877	AZL JPMorgan International Opportunities Fund		5,397,722
535,540	AZL JPMorgan U.S. Equity Fund		7,920,635
122,359	AZL MFS Investors Trust Fund		2,641,730
215,768	AZL MFS Mid Cap Value Fund		2,664,730
660,976	AZL MFS Value Fund		8,017,634
113,868	AZL Mid Cap Index Fund		2,628,073
264,679	AZL Morgan Stanley Global Real Estate Fund		2,686,489
135,912	AZL Morgan Stanley Mid Cap Growth Fund		2,519,815
334,154	AZL Oppenheimer Discovery Fund		5,145,966
2,996,693	AZL Pyramis Core Bond Fund		29,966,927
175,732	AZL Russell 1000 Growth Index Fund		2,934,722
550,508	AZL Russell 1000 Value Index Fund		8,323,685
297,063	NFJ Dividend Value Portfolio		4,022,234
800,606	PIMCO PVIT Global Advantage Strategy Bond Portfolio		7,950,014
1,289,017	PIMCO PVIT High Yield Portfolio		10,544,161
1,976,009	PIMCO PVIT Low Duration Portfolio		21,024,735
1,433,928	PIMCO PVIT Real Return Portfolio		18,454,651
5,551,493	PIMCO PVIT Total Return Portfolio		61,455,024
1,272,840	PIMCO PVIT Unconstrained Bond Portfolio		13,148,436
Total Affiliated Investment Companies (Cost $226,359,737)			250,451,477
Unaffiliated Investment Company (0.0%):
8,398	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (a)		8,398
Total Unaffiliated Investment Company (Cost $8,398)			8,398
Total Investment Securities (Cost $226,368,135)(b) - 95.0%			250,459,875
Net other assets (liabilities) - 5.0%			13,244,416
Net Assets - 100.0%		$	263,704,291

Percentages indicated are based on net assets as of March 31, 2014.

(a) The rate represents the effective yield at March 31, 2014.

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

Continued

AZL MVP Fusion Conservative Fund

Schedule of Portfolio Investments, continued

March 31, 2014 (Unaudited)

Futures Contracts

Cash of $13,142,940 has been segregated to cover margin requirements for the following open contracts as of March 31, 2014:

Description	Type	Expiration Date	Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note June Futures	Long	6/19/14		69	$	8,521,500	$	(51,784	)
S&P 500 Index E-Mini June Futures	Long	6/20/14		49		4,568,270		60,672
Total							$	8,888

See accompanying notes to the schedules of portfolio investments.

AZL MVP Fusion Growth Fund

Schedule of Portfolio Investments

March 31, 2014 (Unaudited)

Shares		Fair Value
Affiliated Investment Companies (95.1%):
1,909,841	AZL BlackRock Capital Appreciation Fund	$	35,446,644
1,816,080	AZL Dreyfus Research Growth Fund		27,132,230
942,064	AZL Federated Clover Small Value Fund		23,184,186
2,329,264	AZL Gateway Fund		27,252,387
3,326,668	AZL International Index Fund		55,422,289
2,046,715	AZL Invesco Growth and Income Fund		32,501,840
3,447,419	AZL Invesco International Equity Fund		64,639,103
3,990,418	AZL JPMorgan International Opportunities Fund		73,543,398
3,737,430	AZL JPMorgan U.S. Equity Fund		55,276,596
1,293,093	AZL MFS Investors Trust Fund		27,917,873
1,531,367	AZL MFS Mid Cap Value Fund		18,912,382
3,070,028	AZL MFS Value Fund		37,239,446
412,970	AZL Mid Cap Index Fund		9,531,357
2,736,338	AZL Morgan Stanley Global Real Estate Fund		27,773,829
940,525	AZL Morgan Stanley Mid Cap Growth Fund		17,437,334
2,889,706	AZL NFJ International Value Fund		37,190,513
1,712,797	AZL Oppenheimer Discovery Fund		26,377,079
3,176,263	AZL Pyramis Core Bond Fund		31,762,626
1,379,724	AZL Russell 1000 Growth Index Fund		23,041,396
2,765,154	AZL Russell 1000 Value Index Fund		41,809,132
1,807,819	AZL Schroder Emerging Markets Equity Fund, Class 2		13,685,191
1,731,735	NFJ Dividend Value Portfolio		23,447,694
2,742,062	PIMCO PVIT Global Advantage Strategy Bond Portfolio		27,228,675
1,111,818	PIMCO PVIT High Yield Portfolio		9,094,668
2,095,249	PIMCO PVIT Real Return Portfolio		26,965,850
5,337,802	PIMCO PVIT Total Return Portfolio		59,089,469
1,715,518	PIMCO PVIT Unconstrained Bond Portfolio		17,721,297
Total Affiliated Investment Companies (Cost $630,880,410)			870,624,484
Total Investment Securities (Cost $630,880,410)(a) - 95.1%			870,624,484
Net other assets (liabilities) - 4.9%			44,855,906
Net Assets - 100.0%		$	915,480,390

Percentages indicated are based on net assets as of March 31, 2014.

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

Continued

AZL MVP Fusion Growth Fund

Schedule of Portfolio Investments, continued

March 31, 2014 (Unaudited)

Futures Contracts

Cash of $45,605,454 has been segregated to cover margin requirements for the following open contracts as of March 31, 2014:

Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note June Futures		Long		6/19/14		73	$	9,015,500	$	(53,829	)
S&P 500 Index E-Mini June Futures		Long		6/20/14		389		36,266,470		481,865
Total									$	428,036

See accompanying notes to the schedules of portfolio investments.

AZL MVP Fusion Moderate Fund

Schedule of Portfolio Investments

March 31, 2014 (Unaudited)

Shares		Fair Value
Affiliated Investment Companies (95.0%):
5,863,247	AZL BlackRock Capital Appreciation Fund	$	108,821,871
3,796,415	AZL Dreyfus Research Growth Fund		56,718,443
2,900,782	AZL Federated Clover Small Value Fund		71,388,246
5,556,522	AZL Gateway Fund		65,011,304
8,358,110	AZL International Index Fund		139,246,111
5,381,404	AZL Invesco Growth and Income Fund		85,456,703
7,835,880	AZL Invesco International Equity Fund		146,922,743
8,894,968	AZL JPMorgan International Opportunities Fund		163,934,259
9,487,900	AZL JPMorgan U.S. Equity Fund		140,326,034
2,691,315	AZL MFS Investors Trust Fund		58,105,480
3,601,092	AZL MFS Mid Cap Value Fund		44,473,486
8,201,516	AZL MFS Value Fund		99,484,392
1,328,650	AZL Mid Cap Index Fund		30,665,240
5,145,855	AZL Morgan Stanley Global Real Estate Fund		52,230,429
2,277,682	AZL Morgan Stanley Mid Cap Growth Fund		42,228,226
6,823,778	AZL NFJ International Value Fund		87,822,021
4,438,236	AZL Oppenheimer Discovery Fund		68,348,829
19,316,943	AZL Pyramis Core Bond Fund		193,169,428
4,665,545	AZL Russell 1000 Growth Index Fund		77,914,609
6,576,534	AZL Russell 1000 Value Index Fund		99,437,195
3,210,939	AZL Schroder Emerging Markets Equity Fund, Class 2		24,306,805
4,286,511	NFJ Dividend Value Portfolio		58,039,355
7,951,322	PIMCO PVIT Global Advantage Strategy Bond Portfolio		78,956,632
6,415,936	PIMCO PVIT High Yield Portfolio		52,482,360
8,204,188	PIMCO PVIT Real Return Portfolio		105,587,901
34,784,161	PIMCO PVIT Total Return Portfolio		385,060,660
7,577,116	PIMCO PVIT Unconstrained Bond Portfolio		78,271,613
Total Affiliated Investment Companies (Cost $2,066,946,554)			2,614,410,375
Total Investment Securities (Cost $2,066,946,554)(a) - 95.0%			2,614,410,375
Net other assets (liabilities) - 5.0%			138,177,683
Net Assets - 100.0%		$	2,752,588,058

Percentages indicated are based on net assets as of March 31, 2014.

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

Continued

AZL MVP Fusion Moderate Fund

Schedule of Portfolio Investments, continued

March 31, 2014 (Unaudited)

Futures Contracts

Cash of $137,246,616 has been segregated to cover margin requirements for the following open contracts as of March 31, 2014:

Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note June Futures		Long		6/19/14		387	$	47,794,500	$	(291,644	)
S&P 500 Index E-Mini June Futures		Long		6/20/14		954		88,941,420		1,182,063
Total									$	890,419

See accompanying notes to the schedules of portfolio investments.

AZL MVP Growth Index Strategy Fund

Schedule of Portfolio Investments

March 31, 2014 (Unaudited)

Shares		Fair Value
Affiliated Investment Companies (94.6%):
18,839,098	AZL Enhanced Bond Index Fund	$	204,404,217
10,061,170	AZL International Index Fund		167,619,093
4,141,859	AZL Mid Cap Index Fund		95,594,107
23,690,191	AZL S&P 500 Index Fund, Class 2		310,341,506
3,008,833	AZL Small Cap Stock Index Fund		47,569,645
Total Affiliated Investment Companies (Cost $725,662,794)			825,528,568
Unaffiliated Investment Company (0.2%):
1,338,426	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (a)		1,338,426
Total Unaffiliated Investment Company (Cost $1,338,426)			1,338,426
Total Investment Securities (Cost $727,001,220)(b) - 94.8%			826,866,994
Net other assets (liabilities) - 5.2%			44,619,230
Net Assets - 100.0%		$	871,486,224

Percentages indicated are based on net assets as of March 31, 2014.

(a) The rate represents the effective yield at March 31, 2014.

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

Continued

AZL MVP Growth Index Strategy Fund

Schedule of Portfolio Investments, continued

March 31, 2014 (Unaudited)

Futures Contracts

Cash of $43,311,041 has been segregated to cover margin requirements for the following open contracts as of March 31, 2014:

Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note June Futures		Long		6/19/14		87	$	10,744,500	$	(64,005	)
S&P 500 Index E-Mini June Futures		Long		6/20/14		347		32,350,810		429,570
Total									$	365,566

See accompanying notes to the schedules of portfolio investments.

AZL MVP Invesco Equity and Income Fund

Schedule of Portfolio Investments

March 31, 2014 (Unaudited)

Shares		Fair Value
Affiliated Investment Company (94.7%):
20,813,133	AZL Invesco Equity and Income Fund
		$	334,675,173
Total Affiliated Investment Company (Cost $294,817,453)			334,675,173
Unaffiliated Investment Company (0.2%):
626,053	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (a)		626,053
Total Unaffiliated Investment Company (Cost $626,053)			626,053
Total Investment Securities (Cost $295,443,506)(b) - 94.9%			335,301,226
Net other assets (liabilities) - 5.1%			17,832,449
Net Assets - 100.0%		$	353,133,675

Percentages indicated are based on net assets as of March 31, 2014.

(a) The rate represents the effective yield at March 31, 2014.

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

Continued

AZL MVP Invesco Equity and Income Fund

Schedule of Portfolio Investments, continued

March 31, 2014 (Unaudited)

Futures Contracts

Cash of $17,537,715 has been segregated to cover margin requirements for the following open contracts as of March 31, 2014:

Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note June Futures		Long		6/19/14		56	$	6,916,000	$	(41,649	)
S&P 500 Index E-Mini June Futures		Long		6/20/14		112		10,441,760		138,759
Total									$	97,110

See accompanying notes to the schedules of portfolio investments.

AZL MVP T. Rowe Price Capital Appreciation Fund

Schedule of Portfolio Investments

March 31, 2014 (Unaudited)

Shares		Fair Value
Affiliated Investment Company (94.2%):
3,487,139	AZL T. Rowe Price Capital Appreciation Fund
		$	56,735,747
Total Affiliated Investment Company (Cost $55,770,147)			56,735,747
Unaffiliated Investment Company (1.4%):
840,100	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00% (a)		840,100
Total Unaffiliated Investment Company (Cost $840,100)			840,100
Total Investment Securities (Cost $56,610,247)(b) - 95.6%			57,575,847
Net other assets (liabilities) - 4.4%			2,639,315
Net Assets - 100.0%		$	60,215,162

Percentages indicated are based on net assets as of March 31, 2014.

(a) The rate represents the effective yield at March 31, 2014.

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

Continued

AZL MVP T. Rowe Price Capital Appreciation Fund

Schedule of Portfolio Investments, continued

March 31, 2014 (Unaudited)

Futures Contracts

Cash of $2,937,160 has been segregated to cover margin requirements for the following open contracts as of March 31, 2014:

Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note June Futures		Long		6/19/14		9	$	1,111,500	$	(5,255	)
S&P 500 Index E-Mini June Futures		Long		6/20/14		18		1,678,140		17,778
Total									$	12,523

See accompanying notes to the schedules of portfolio investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2014 (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 12 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), each of which is a series of the Trust, as follows:

• AZL Balanced Index Strategy Fund

• AZL Growth Index Strategy Fund

• AZL MVP Balanced Strategy Fund

• AZL MVP BlackRock Global Allocation Fund

• AZL MVP Franklin Templeton Founding Strategy Plus Fund

• AZL MVP Fusion Balanced Fund

• AZL MVP Fusion Conservative Fund

• AZL MVP Fusion Growth Fund

• AZL MVP Fusion Moderate Fund

• AZL MVP Growth Index Strategy Fund

• AZL MVP Invesco Equity and Income Fund

• AZL MVP T. Rowe Price Capital Appreciation Fund

The Funds are “fund of funds,” which means that the Funds invest in other mutual funds. Underlying Funds invest in stocks, bonds, and other securities and reflect varying amounts of potential investment risk and reward. Periodically, the Funds will adjust their asset allocations as they seek to achieve their investment objectives.

The Trust is authorized to issue an unlimited number of shares of the Funds without par value. Shares of the Funds are available through the variable annuity contracts offered through the separate accounts of participating insurance companies.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds may enter into contracts with their vendors and others that provide for general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect that risk of loss to be remote.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its Schedules of Portfolio Investments (“Schedules”). The policies conform to U.S. generally accepted accounting principles (“U.S. GAAP”). The preparation of the Schedules requires management to make certain estimates and assumptions that affect the reported amounts at the date of the Schedules. Actual results could differ from those estimates.

Security Valuation

The Funds record their investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 3 below.

Investment Transactions

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

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2014 (Unaudited)

Consolidation of Subsidiaries

During the period ended March 31, 2014, the AZL MVP BlackRock Global Allocation Fund primarily invested in shares of another mutual fund managed by Allianz Investment Management LLC (the “Manager”), the AZL BlackRock Global Allocation Fund (the “VIP Subsidiary”), a wholly-owned and controlled subsidiary of the AZL MVP BlackRock Global Allocation Fund.

As of March 31, 2014, the AZL MVP BlackRock Global Allocation Fund’s aggregate investment in the VIP Subsidiary was $686,937,675, representing 94.82% of the AZL MVP BlackRock Global Allocation 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 AZL MVP BlackRock Global Allocation Fund’s investments have been consolidated and include the portfolio holdings of the VIP Subsidiary and the Cayman Subsidiary.

Real Estate Investment Trusts

The AZL MVP BlackRock Global Allocation Fund, through the VIP Subsidiary, 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 AZL MVP BlackRock Global Allocation Fund, through the VIP Subsidiary, 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 AZL MVP BlackRock Global Allocation 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.

Floating Rate Loans

The AZL MVP BlackRock Global Allocation Fund, through the VIP Subsidiary, may invest in floating rate loans, which usually take the form of loan participations and assignments. These loans are made by banks and other large financial institutions to various companies and are typically senior in the borrowing companies’ capital structure. Coupon rates are floating, not fixed and are tied to a benchmark lending rate. Loans involve a risk of loss in case of default or insolvency of the financial intermediaries who are parties to the transactions. The AZL MVP BlackRock Global Allocation Fund, through the VIP Subsidiary, records an investment when the borrower withdraws money and records the interest as earned.

Securities Lending

To generate additional income, the AZL MVP BlackRock Global Allocation Fund, through the VIP Subsidiary, 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 fair value of the securities loaned based on the previous day’s fair 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

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2014 (Unaudited)

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 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 March 31, 2014 are presented on the Fund’s Consolidated Schedule of Portfolio Investments.

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.

Derivative Instruments

All open derivative positions at period end are reflected on the Funds’ Schedule of Portfolio Investments. The following is a description of the derivative instruments that the Funds may utilize, including the primary underlying risk exposures related to each instrument type. Each 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 Funds’ derivative positions could exceed 20% of each Fund’s value. Each Fund may also use futures to gain equity exposure and may hold cash as a buffer in the event of market shocks.

Forward Currency Contracts

During the period ended March 31, 2014, the AZL MVP BlackRock Global Allocation Fund, through the VIP Subsidiary, 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.

Futures Contracts

As of March 31, 2014, the Funds may invest in futures contracts to reduce volatility and limit the need to decrease or increase allocations to underlying funds. The AZL MVP BlackRock Global Allocation Fund, through the VIP Subsidiary, may enter into futures contracts to gain exposure to, or economically hedge against changes in the value of equity securities. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Funds are 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 Funds. 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

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2014 (Unaudited)

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. 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.

Options Contracts

The AZL MVP BlackRock Global Allocation Fund, through the VIP Subsidiary, may purchase or write put and call options on a security or an index of securities. During the period ended March 31, 2014, 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 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.

The Fund had the following transactions in written call and put options during the period ended March 31, 2014:

	Number of Contracts			Premiums Received
Options outstanding at December 31, 2013		(63,845	)	$	(1,043,812	)
Options written		(1,522,990	)		(3,070,537	)
Options exercised		13,533			81,552
Options expired		67,323			198,327
Options closed		101,120			1,107,006
Options outstanding at March 31, 2014		(1,404,859	)	$	(2,727,464	)

Swap Agreements

The AZL MVP BlackRock Global Allocation Fund, through the VIP Subsidiary, 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. Swap agreements are privately negotiated in the over-the-counter (“OTC”) market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). 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. For OTC swaps, payments received or made at the beginning of the measurement period are recorded as realized gain or loss upon termination or maturity of the OTC swap. A liquidation payment received or made at the termination of the OTC 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). Upon entering a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or assets

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2014 (Unaudited)

determined to be liquid (the amount is subject to the clearing organization that clears the trade). Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable, as applicable, for variation margin on centrally cleared swaps.

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 or clearing house to perform. The counterparty risk for centrally cleared swap agreements is generally lower than for OTC swap agreements because generally a clearing organization becomes substituted for each counterparty to a centrally cleared swap agreement and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to a clearing house for performance of financial obligations. However, there can be no assurance that the clearing house or its members will satisfy its obligations to the Fund.

The notional amounts reflect the extent of the total investment exposure each Fund has under the swap agreement. The Fund bears 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 Consolidated 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 OTC swap contracts, entered into by the Fund, through the VIP Subsidiary or Cayman Subsidiary, 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 OTC swap transactions under the applicable ISDA Master Agreement.

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 the Fund is contractually obligated to make. If the other party to an interest rate swap defaults, the Fund’s risk of loss consists of the net amount of interest payments that the Fund is contractually entitled to receive. As of March 31, 2014, the Fund entered into OTC 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).

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty.

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. The 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, the 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, the 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.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2014 (Unaudited)

Credit default swap agreements involve greater risks than if the 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. The 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, periodic, or daily 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 the 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 the 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 March 31, 2014 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).

3. Related Party Transactions

The Manager or an affiliate of the Manager serves as the investment adviser of certain underlying funds in which each Fund invests. At March 31, 2014, these underlying funds are noted as Affiliated Investment Companies in each Fund’s Schedule of Portfolio Investments. A summary of each Fund’s investments in affiliated investment companies as of March 31, 2014 is as follows:

	Fair Value 12/31/13		Purchases at Cost		Proceeds from Sales			Net Realized Gain(Loss)			Change in Unrealized Appreciation/ Depreciation			Fair Value 3/31/14		Dividend Income
AZL Balanced Index Strategy Fund
AZL Enhanced Bond Index Fund	$	203,106,444	$	6,125,044	$	(2,964,766	)	$	(81,942	)	$	3,544,197		$	209,728,977	$	—
AZL International Index Fund		52,704,199		2,217,009		(1,534,438	)		236,827			58,050			53,681,647		—
AZL Mid Cap Index Fund		31,706,819		230,532		(1,219,993	)		296,827			604,792			31,618,977		—
AZL S&P 500 Index Fund, Class 2, Class 2		108,740,465		1,952,034		(2,773,020	)		588,567			1,278,173			109,786,219		—
AZL Small Cap Stock Index Fund		17,122,526		194,232		(762,050	)		232,036			(53,152	)		16,733,592		—
	$	413,380,453	$	10,718,851	$	(9,254,267	)	$	1,272,315		$	5,432,060		$	421,549,412	$	—
AZL Growth Index Strategy Fund
AZL Enhanced Bond Index Fund	$	331,199,907	$	18,816,085	$	(9,951,398	)	$	(339,981	)	$	6,037,490		$	345,762,103	$	—
AZL International Index Fund		258,583,865		9,390,304		(1,181,213	)		141,113			1,382,010			268,316,079		—
AZL Mid Cap Index Fund		148,403,937		1,375,454		(401,881	)		77,448			4,268,611			153,723,569		—
AZL S&P 500 Index Fund, Class 2		533,471,868		11,999,941		(3,970,934	)		786,141			8,671,355			550,958,371		—
AZL Small Cap Stock Index Fund		74,370,084		2,262,934		(868,235	)		209,259			638,149			76,612,191		—
	$	1,346,029,661	$	43,844,718	$	(16,373,661	)	$	873,980		$	20,997,615		$	1,395,372,313	$	—
AZL MVP Balanced Index Strategy Fund
AZL Enhanced Bond Index Fund	$	73,471,092	$	4,196,843	$	(371,624	)	$	(19,535	)	$	1,273,307		$	78,550,083	$	—
AZL International Index Fund		19,715,869		1,481,122		(175,664	)		22,102			107,853			21,151,282		—
AZL Mid Cap Index Fund		11,679,444		548,938		(72,641	)		13,588			343,312			12,512,641		—
AZL S&P 500 Index Fund, Class 2		36,694,050		2,273,625		(486,196	)		91,713			595,228			39,168,420		—
AZL Small Cap Stock Index Fund		6,236,854		381,406		(48,057	)		11,065			70,145			6,651,413		—
	$	147,797,309	$	8,881,934	$	(1,154,182	)	$	118,933		$	2,389,845		$	158,033,839	$	—
AZL MVP Franklin Templeton Founding Strategy Plus Fund
AZL Franklin Templeton Founding Strategy Plus Fund	$	194,037,955	$	32,266,955	$	(10,945,967	)	$	475,727		$	4,371,891		$	220,206,561	$	—
	$	194,037,955	$	32,266,955	$	(10,945,967	)	$	475,727		$	4,371,891		$	220,206,561	$	—
AZL MVP Fusion Balanced Fund
AZL BlackRock Capital Appreciation Fund	$	33,933,292	$	—	$	(1,342,104	)	$	367,799		$	(1,068,202	)	$	31,890,785	$	—
AZL Dreyfus Research Growth Fund		20,729,755		—		(960,358	)		234,326			21,168			20,024,891		—
AZL Federated Clover Small Cap Value Fund		27,211,930		—		(1,370,982	)		301,331			766,417			26,908,696		—
AZL Gateway Fund		24,882,176		—		—			—			106,791			24,988,967		—
AZL International Index Fund		39,779,632		—		(181,947	)		24,431			167,498			39,789,614		—
AZL Invesco Growth and Income Fund		33,611,240		—		(981,890	)		225,314			564,226			33,418,890		—
AZL Invesco International Equity Fund		40,104,083		—		(396,116	)		46,686			230,933			39,985,586		—
AZL JPMorgan International Opportunities Fund		52,813,077		—		—			—			(790,361	)		52,022,716		—
AZL JPMorgan U.S. Equity Fund		53,175,292		—		(1,295,442	)		327,369			573,414			52,780,633		—
AZL MFS Investors Trust Fund		27,274,954		—		(597,563	)		145,027			215,878			27,038,296		—
AZL MFS Mid Cap Value Fund		14,167,709		—		(470,571	)		124,657			457,329			14,279,124		—
AZL MFS Value Fund		40,309,587		—		(731,414	)		158,179			335,288			40,071,640		—
AZL Mid Cap Index Fund		14,081,751		—		(315,295	)		71,900			330,675			14,169,031		—
AZL Morgan Stanley Global Real Estate Fund		17,452,099		—		—			—			513,297			17,965,396		—
AZL Morgan Stanley Mid Cap Growth Fund		14,157,027		—		(1,026,862	)		270,625			(202,925	)		13,197,865		—
AZL NFJ International Value Fund		26,544,103		—		—			—			(20,609	)		26,523,494		—
AZL Oppenheimer Discovery Fund		33,833,372		—		(1,613,513	)		450,084			(1,200,084	)		31,469,859		—
AZL Pyramis Core Bond Fund		107,710,687		379,858		—			—			2,427,840			110,518,385		—
AZL Russell 1000 Growth Index Fund		33,685,156		—		(876,636	)		192,816			105,053			33,106,389		—
AZL Russell 1000 Value Index Fund		53,011,675		—		(1,538,836	)		284,293			1,203,741			52,960,873		—
AZL Schroder Emerging Markets Equity Fund, Class 2		12,215,936		—		—			—			(360,213	)		11,855,723		—
NFJ Dividend Value Portfolio		20,519,827		—		(331,444	)		71,503			421,438			20,681,324		—
PIMCO PVIT Global Advantage Strategy Bond Portfolio		35,431,823		900,168		—			—			668,032			37,000,023		141,737
PIMCO PVIT High Yield Portfolio		37,242,198		495,937		—			—			509,197			38,247,332		495,937
PIMCO PVIT Low Duration Portfolio		60,669,474		1,053,351		—			—			170,089			61,892,914		138,383
PIMCO PVIT Real Return Portfolio		60,373,633		303,368		—			—			1,293,464			61,970,465		15,016
PIMCO PVIT Total Return Portfolio		235,341,567		3,486,735		(2,177,783	)		(127,305	)		2,061,701			238,584,915		908,955
PIMCO PVIT Unconstrained Bond Portfolio		48,043,051		705,443		—			1			375,475			49,123,970		73,056
	$	1,218,306,106	$	7,324,860	$	(16,208,756	)	$	3,169,036		$	9,876,550		$	1,222,467,796	$	1,773,084
AZL MVP Fusion Conservative Fund
AZL BlackRock Capital Appreciation Fund	$	5,460,034	$	419,742	$	(655,721	)	$	181,671		$	(282,119	)	$	5,123,607	$	—
AZL Dreyfus Research Growth Fund		2,731,509		93,260		(295,124	)		84,145			(46,421	)		2,567,369		—
AZL Federated Clover Small Cap Value Fund		4,081,135		193,870		(505,327	)		76,383			91,186			3,937,247		—
AZL Gateway Fund		3,999,600		139,080		(190,690	)		11,596			6,188			3,965,774		—
AZL International Index Fund		5,503,873		369,502		(523,287	)		98,220			(64,590	)		5,383,718		—
AZL Invesco Growth and Income Fund		6,755,153		459,508		(760,085	)		192,275			(24,562	)		6,622,289		—
AZL Invesco International Equity Fund		5,487,378		361,228		(487,235	)		73,467			(30,748	)		5,404,090		—
AZL JPMorgan International Opportunities Fund		5,483,456		496,063		(513,082	)		42,708			(111,423	)		5,397,722		—
AZL JPMorgan U.S. Equity Fund		8,134,528		552,012		(914,171	)		250,440			(102,174	)		7,920,635		—
AZL MFS Investors Trust Fund		2,734,188		121,441		(253,250	)		62,828			(23,477	)		2,641,730		—
AZL MFS Mid Cap Value Fund		2,738,800		84,931		(272,620	)		76,447			37,172			2,664,730		—
AZL MFS Value Fund		8,134,708		620,368		(849,978	)		242,483			(129,947	)		8,017,634		—
AZL Mid Cap Index Fund		2,719,390		111,531		(284,720	)		72,593			9,279			2,628,073		—
AZL Morgan Stanley Global Real Estate Fund		2,703,207		29,894		(124,206	)		3,842			73,752			2,686,489		—
AZL Morgan Stanley Mid Cap Growth Fund		2,745,430		126,911		(369,220	)		95,384			(78,690	)		2,519,815		—
AZL Oppenheimer Discovery Fund		5,440,628		511,410		(699,564	)		210,616			(317,124	)		5,145,966		—
AZL Pyramis Core Bond Fund		29,981,879		902,923		(1,585,544	)		(9,112	)		676,781			29,966,927		—
AZL Russell 1000 Growth Index Fund		3,068,982		119,143		(284,175	)		65,211			(34,439	)		2,934,722		—
AZL Russell 1000 Value Index Fund		8,429,028		529,886		(880,172	)		176,153			68,790			8,323,685		—
NFJ Dividend Value Portfolio		4,070,935		202,644		(352,533	)		76,884			24,304			4,022,234		—
PIMCO PVIT Global Advantage Strategy Bond Portfolio		7,848,405		301,166		(344,134	)		(15,953	)		160,530			7,950,014		31,141
PIMCO PVIT High Yield Portfolio		10,592,161		363,987		(554,139	)		7,143			135,009			10,544,161		139,459
PIMCO PVIT Low Duration Portfolio		21,066,176		863,313		(962,864	)		(10,323	)		68,433			21,024,735		47,638
PIMCO PVIT Real Return Portfolio		18,354,376		609,216		(901,408	)		(137,838	)		530,305			18,454,651		4,515
PIMCO PVIT Total Return Portfolio		62,046,456		2,589,791		(3,678,759	)		(198,407	)		695,943			61,455,024		236,649
PIMCO PVIT Unconstrained Bond Portfolio		13,105,142		539,429		(598,224	)		(6,073	)		108,162			13,148,436		19,840
	$	253,416,557	$	11,712,249	$	(17,840,232	)	$	1,722,783		$	1,440,120		$	250,451,477	$	479,242

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2014 (Unaudited)

	Fair Value 12/31/13		Purchases at Cost		Proceeds from Sales			Net Realized Gain(Loss)			Change in Unrealized Appreciation/ Depreciation			Fair Value 3/31/14		Dividend Income
AZL MVP Fusion Growth Fund
AZL BlackRock Capital Appreciation Fund	$	37,570,443	$	—	$	(1,348,381	)	$	479,026		$	(1,254,444	)	$	35,446,644	$	—
AZL Dreyfus Research Growth Fund		28,245,459		—		(1,453,088	)		403,823			(63,964	)		27,132,230		—
AZL Federated Clover Small Cap Value Fund		23,439,393		—		(1,177,512	)		271,617			650,688			23,184,186		—
AZL Gateway Fund		27,458,157		—		(313,935	)		11,064			97,101			27,252,387		—
AZL International Index Fund		56,254,746		—		(1,090,163	)		186,493			71,213			55,422,289		—
AZL Invesco Growth and Income Fund		32,791,050		—		(1,050,905	)		252,328			509,367			32,501,840		—
AZL Invesco International Equity Fund		65,853,897		—		(1,641,135	)		317,450			108,891			64,639,103		—
AZL JPMorgan International Opportunities Fund		75,163,553		—		(496,401	)		35,489			(1,159,243	)		73,543,398		—
AZL JPMorgan U.S. Equity Fund		56,205,001		—		(1,859,790	)		963,729			(32,344	)		55,276,596		—
AZL MFS Investors Trust Fund		28,302,339		—		(751,094	)		343,595			23,033			27,917,873		—
AZL MFS Mid Cap Value Fund		18,837,111		—		(695,631	)		235,969			534,933			18,912,382		—
AZL MFS Value Fund		37,631,044		—		(850,522	)		286,578			172,346			37,239,446		—
AZL Mid Cap Index Fund		9,410,972		—		(146,168	)		37,562			228,991			9,531,357		—
AZL Morgan Stanley Global Real Estate Fund		27,241,027		62,141		(316,451	)		1,944			785,168			27,773,829		—
AZL Morgan Stanley Mid Cap Growth Fund		18,871,314		—		(1,517,936	)		400,924			(316,968	)		17,437,334		—
AZL NFJ International Value Fund		36,878,350		339,563		(5,637	)		(390	)		(21,373	)		37,190,513		—
AZL Oppenheimer Discovery Fund		28,101,647		—		(1,087,616	)		300,872			(937,824	)		26,377,079		—
AZL Pyramis Core Bond Fund		31,587,327		972,773		(1,503,333	)		(11,382	)		717,241			31,762,626		—
AZL Russell 1000 Growth Index Fund		23,500,673		—		(657,190	)		128,783			69,130			23,041,396		—
AZL Russell 1000 Value Index Fund		42,073,933		—		(1,433,313	)		292,441			876,071			41,809,132		—
AZL Schroder Emerging Markets Equity Fund, Class 2		13,400,361		672,688		—			—			(387,858	)		13,685,191		—
NFJ Dividend Value Portfolio		23,369,218		—		(480,630	)		102,822			456,284			23,447,694		—
PIMCO PVIT Global Advantage Strategy Bond Portfolio		26,987,246		663,267		(911,919	)		(29,577	)		519,658			27,228,675		105,759
PIMCO PVIT High Yield Portfolio		9,154,463		119,410		(300,065	)		4,485			116,375			9,094,668		119,410
PIMCO PVIT Real Return Portfolio		26,945,803		689,884		(1,248,014	)		(143,042	)		721,219			26,965,850		6,573
PIMCO PVIT Total Return Portfolio		59,461,343		2,511,856		(3,366,376	)		8,736			473,910			59,089,469		225,274
PIMCO PVIT Unconstrained Bond Portfolio		18,013,828		136,330		(568,998	)		14,241			125,896			17,721,297		26,757
	$	882,749,698	$	6,167,912	$	(26,272,203	)	$	4,895,580		$	3,083,497		$	870,624,484	$	483,773
AZL MVP Fusion Moderate Fund
AZL BlackRock Capital Appreciation Fund	$	115,581,921	$	—	$	(4,392,894	)	$	1,086,966		$	(3,454,122	)	$	108,821,871	$	—
AZL Dreyfus Research Growth Fund		59,676,396		—		(3,701,883	)		983,885			(239,955	)		56,718,443		—
AZL Federated Clover Small Cap Value Fund		73,585,473		—		(5,072,676	)		952,259			1,923,190			71,388,246		—
AZL Gateway Fund		64,108,605		616,941		—			—			285,758			65,011,304		—
AZL International Index Fund		138,577,462		—		—			—			668,649			139,246,111		—
AZL Invesco Growth and Income Fund		85,282,089		—		(1,853,727	)		414,561			1,613,780			85,456,703		—
AZL Invesco International Equity Fund		145,904,078		—		—			—			1,018,665			146,922,743		—
AZL JPMorgan International Opportunities Fund		165,794,478		597,120		—			—			(2,457,339	)		163,934,259		—
AZL JPMorgan U.S. Equity Fund		142,763,569		—		(4,856,202	)		1,265,542			1,153,125			140,326,034		—
AZL MFS Investors Trust Fund		58,969,878		—		(1,639,847	)		334,849			440,600			58,105,480		—
AZL MFS Mid Cap Value Fund		44,831,986		—		(2,198,959	)		587,207			1,253,252			44,473,486		—
AZL MFS Value Fund		100,843,193		—		(2,595,587	)		567,961			668,825			99,484,392		—
AZL Mid Cap Index Fund		29,875,099		—		(75,303	)		12,653			852,791			30,665,240		—
AZL Morgan Stanley Global Real Estate Fund		50,675,782		63,045		—			—			1,491,602			52,230,429		—
AZL Morgan Stanley Mid Cap Growth Fund		44,653,519		—		(2,632,896	)		619,390			(411,787	)		42,228,226		—
AZL NFJ International Value Fund		87,346,197		521,251		—			—			(45,427	)		87,822,021		—
AZL Oppenheimer Discovery Fund		71,992,221		—		(2,027,163	)		588,654			(2,204,883	)		68,348,829		—
AZL Pyramis Core Bond Fund		187,569,003		1,355,354		—			—			4,245,071			193,169,428		—
AZL Russell 1000 Growth Index Fund		80,489,962		—		(3,272,898	)		674,519			23,026			77,914,609		—
AZL Russell 1000 Value Index Fund		99,150,050		—		(2,516,553	)		438,608			2,365,090			99,437,195		—
AZL Schroder Emerging Markets Equity Fund, Class 2		24,776,480		253,401		—			—			(723,076	)		24,306,805		—
NFJ Dividend Value Portfolio		57,493,173		—		(839,105	)		177,400			1,207,887			58,039,355		—
PIMCO PVIT Global Advantage Strategy Bond Portfolio		76,358,466		1,172,462		—			—			1,425,704			78,956,632		303,490
PIMCO PVIT High Yield Portfolio		51,103,132		680,516		—			—			698,712			52,482,360		680,516
PIMCO PVIT Real Return Portfolio		103,172,839		204,203		—			—			2,210,859			105,587,901		25,614
PIMCO PVIT Total Return Portfolio		379,139,436		8,193,944		(5,383,805	)		(313,986	)		3,425,071			385,060,660		1,466,377
PIMCO PVIT Unconstrained Bond Portfolio		76,580,653		1,093,538		—			—			597,422			78,271,613		116,043
	$	2,616,295,140	$	14,751,775	$	(43,059,498	)	$	8,390,468		$	18,032,490		$	2,614,410,375	$	2,592,040
AZL MVP Growth Index Strategy Fund
AZL Enhanced Bond Index Fund	$	181,352,461	$	19,929,956	$	(8,456	)	$	(468	)	$	3,130,724		$	204,404,217	$	—
AZL International Index Fund		146,041,046		20,384,011		—			—			1,194,036			167,619,093		—
AZL Mid Cap Index Fund		84,282,835		8,568,940		—			—			2,742,332			95,594,107		—
AZL S&P 500 Index Fund, Class 2		274,348,332		30,432,609		—			—			5,560,565			310,341,506		—
AZL Small Cap Stock Index Fund		42,014,649		4,913,280		—			—			641,716			47,569,645		—
	$	728,039,323	$	84,228,796	$	(8,456	)	$	(468	)	$	13,269,373		$	825,528,568	$	—
AZL MVP Invesco Equity and Income Fund
AZL Invesco Equity and Income Fund	$	283,088,456	$	44,348,006	$	(3,299	)	$	430		$	7,241,580		$	334,675,173	$	—
	$	283,088,456	$	44,348,006	$	(3,299	)	$	430		$	7,241,580		$	334,675,173	$	—
AZL MVP T. Rowe Price Capital Appreciaion Fund
AZL T. Rowe Price Capital Appreciaion Fund	$	—	$	55,770,147	$	—		$	—		$	965,600		$	56,735,747	$	—
	$	—	$	55,770,147	$	—		$	—		$	965,600		$	56,735,747	$	—

4. Investment Valuation Summary

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

• Level 1—quoted prices in active markets for identical assets

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The Trust 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.

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 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.

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2014 (Unaudited)

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 Trust 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 a 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 Funds 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 March 31, 2014 in valuing the Funds’ investments based upon three levels defined above:

AZL Balanced Index Strategy Fund Investment Securities:	Level 1		Level 2		Level 3		Total
Affiliated Investment Companies	$	421,549,412	$	—	$	—	$	421,549,412
Unaffiliated Investment Company		1,081,822		—		—		1,081,822
Total Investment Securities	$	422,631,234	$	—	$	—	$	422,631,234
AZL Growth Index Strategy Fund Investment Securities:	Level 1		Level 2		Level 3		Total
Affiliated Investment Companies	$	1,395,372,313	$	—	$	—	$	1,395,372,313
Unaffiliated Investment Company		584,772		—		—		584,772
Total Investment Securities	$	1,395,957,085	$	—	$	—	$	1,395,957,085
AZL MVP Balanced Index Strategy Fund Investment Securities:	Level 1		Level 2		Level 3		Total
Affiliated Investment Companies	$	158,033,839	$	—	$	—	$	158,033,839
Unaffiliated Investment Company		240,092		—		—		240,092
Total Investment Securities	$	158,273,931	$	—	$	—	$	158,273,931
Other Financial Instruments:*
Futures Contracts		28,958		—		—		28,958
Total Investments	$	158,302,889	$	—	$	—	$	158,302,889

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2014 (Unaudited)

AZL MVP BlackRock Global Allocation Fund Investment Securities:	Level 1			Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	5,720,649		$	8,527,969		$	—	$	14,248,618
Airlines		2,909,251			840,752			—		3,750,003
Auto Components		3,155,939			5,555,972			—		8,711,911
Automobiles		3,027,875			10,271,259			—		13,299,134
Banks		7,985,545			16,447,270			—		24,432,815
Beverages		4,905,596			2,279,360			1,063,120		8,248,076
Biotechnology		6,215,228			289,837			—		6,505,065
Building Products		—			2,229,878			—		2,229,878
Capital Markets		1,471,221			2,926,266			—		4,397,487
Chemicals		2,779,134			11,967,036			—		14,746,170
Communications Equipment		4,384,186			143,983			—		4,528,169
Construction & Engineering		—			1,828,917			—		1,828,917
Construction Materials		—			398,762			—		398,762
Diversified Consumer Services		—			347,320			—		347,320
Diversified Financial Services		11,681,482			2,324,492			—		14,005,974
Diversified Telecommunication Services		3,222,302			5,657,015			—		8,879,317
Electric Utilities		2,890,251			375,517			—		3,265,768
Electrical Equipment		3,468,901			3,115,174			—		6,584,075
Electronic Equipment, Instruments & Components		302,815			4,262,119			—		4,564,934
Energy Equipment & Services		4,305,276			1,794,277			1,827,985		7,927,538
Food & Staples Retailing		1,120,918			936,413			—		2,057,331
Food Products		2,014,239			8,105,165			—		10,119,404
Gas Utilities		—			1,186,632			—		1,186,632
Health Care Equipment & Supplies		2,656,672			417,336			—		3,074,008
Health Care Providers & Services		17,285,586			5,313,964			—		22,599,550
Household Durables		610,952			1,624,632			—		2,235,584
Industrial Conglomerates		6,793,692			6,890,573			—		13,684,265
Insurance		10,114,615			5,961,971			—		16,076,586
Internet Software & Services		11,386,582			1,747,567			—		13,134,149
IT Services		10,723,910			1,753,876			—		12,477,786
Machinery		3,895,223			5,792,416			—		9,687,639
Media		8,584,858			799,725			—		9,384,583
Metals & Mining		13,999,598			12,418,816			—		26,418,414
Multiline Retail		113,244			471,409			—		584,653
Multi-Utilities		2,943,018			1,590,465			—		4,533,483
Oil, Gas & Consumable Fuels		20,532,919			10,028,798			712,042		31,273,759
Pharmaceuticals		12,079,266			13,434,841			—		25,514,107
Real Estate Investment Trusts (REITs)		4,926,239			686,350			—		5,612,589
Real Estate Management & Development		1,868,923			4,662,105			—		6,531,028
Road & Rail		4,661,361			2,611,967			—		7,273,328
Semiconductors & Semiconductor Equipment		56,971			4,932,027			—		4,988,998
Software		11,167,396			1,212,486			—		12,379,882
Specialty Retail		98,716			1,633,837			—		1,732,553
Technology Hardware, Storage & Peripherals		1,749,817			515,255			—		2,265,072
Textiles, Apparel & Luxury Goods		2,243,351			878,078			—		3,121,429
Trading Companies & Distributors		1,293,664			4,952,289			—		6,245,953
Transportation Infrastructure		92,726			—			370,289		463,015
Wireless Telecommunication Services		1,715,925			3,380,662			—		5,096,587
All Other Common Stocks+		29,271,287			—			—		29,271,287
Convertible Bonds+		—			13,069,126			—		13,069,126
Convertible Preferred Stocks
Airlines		—			32,500			—		32,500
Banks		—			287,755			—		287,755
All Other Preferred Stocks+		1,561,978			—			—		1,561,978
Corporate Bonds
Transportation Infrastructure		—			—			554,954		554,954
All Other Corporate Bonds+		—			14,685,567			—		14,685,567
Floating Rate Loans+		—			6,329,533			—		6,329,533
Foreign Bonds+		—			55,741,102			—		55,741,102
Preferred Stocks
Auto Components		—			—			426,443		426,443
Automobiles		—			2,197,413			—		2,197,413
Banks		2,641,797			1,237,495			—		3,879,292
Communications Equipment		—			585,396			—		585,396
Real Estate Management & Development		—			360,328			—		360,328
All Other Preferred Stocks+		1,255,399			—			—		1,255,399
Private Placements+		—			3,628,514			—		3,628,514
Right		17,786			—			—		17,786
U.S. Treasury Obligations		—			118,890,062			—		118,890,062
Warrant		—			132,096			—		132,096
Yankee Dollars+		—			14,101,693			—		14,101,693
Exchange Traded Funds		7,923,365			—			—		7,923,365
Securities Held as Collateral for Securities on Loan		—			16,305,010			—		16,305,010
Unaffiliated Investment Company		448,821			—			—		448,821
Purchased Options		421,176			4,725,643			—		5,146,819
Purchased Swaptions		—			662,301			—		662,301
Total Investment Securities	$	266,697,640		$	438,494,364		$	4,954,833	$	710,146,837
Securities Sold Short		(920,675	)		—			—		(920,675	)
Other Financial Instruments:*
Futures Contracts		(616,063	)		—			—		(616,063	)
Written Options		212,982			482,884			—		695,866
Written Swaptions		—			(567,042	)		—		(567,042	)
Forward Currency Contracts		—			16,870			—		16,870
Credit Default Swaps		—			(549	)		—		(549	)
Interest Rate Swaps		—			(32,015	)		—		(32,015	)
Total Return Swaps		—			33,784			—		33,784
Total Investments	$	265,373,884		$	438,428,296		$	4,954,833	$	709,757,013

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2014 (Unaudited)

AZL MVP Franklin Templeton Founding Strategy Plus Fund Investment Securities:	Level 1		Level 2		Level 3		Total
Affiliated Investment Company	$	220,206,561	$	—	$	—	$	220,206,561
Unaffiliated Investment Company		2,061,679		—		—		2,061,679
Total Investment Securities	$	222,268,240	$	—	$	—	$	222,268,240
Other Financial Instruments:*
Futures Contracts		63,816		—		—		63,816
Total Investments	$	222,332,056	$	—	$	—	$	222,332,056
AZL MVP Fusion Balanced Fund Investment Securities:	Level 1		Level 2		Level 3		Total
Affiliated Investment Companies	$	1,222,467,796	$	—	$	—	$	1,222,467,796
Total Investment Securities	$	1,222,467,796	$	—	$	—	$	1,222,467,796
Other Financial Instruments:*
Futures Contracts		228,429		—		—		228,429
Total Investments	$	1,222,696,225	$	—	$	—	$	1,222,696,225
AZL MVP Fusion Conservative Fund Investment Securities:	Level 1		Level 2		Level 3		Total
Affiliated Investment Companies	$	250,451,477	$	—	$	—	$	250,451,477
Unaffiliated Investment Company		8,398		—		—		8,398
Total Investment Securities	$	250,459,875	$	—	$	—	$	250,459,875
Other Financial Instruments:*
Futures Contracts		8,888		—		—		8,888
Total Investments	$	250,468,763	$	—	$	—	$	250,468,763
AZL MVP Fusion Growth Fund Investment Securities:	Level 1		Level 2		Level 3		Total
Affiliated Investment Companies	$	870,624,484	$	—	$	—	$	870,624,484
Total Investment Securities	$	870,624,484	$	—	$	—	$	870,624,484
Other Financial Instruments:*
Futures Contracts		428,036		—		—		428,036
Total Investments	$	871,052,520	$	—	$	—	$	871,052,520
AZL MVP Fusion Moderate Fund Investment Securities:	Level 1		Level 2		Level 3		Total
Affiliated Investment Companies	$	2,614,410,375	$	—	$	—	$	2,614,410,375
Total Investment Securities	$	2,614,410,375	$	—	$	—	$	2,614,410,375
Other Financial Instruments:*
Futures Contracts		890,419		—		—		890,419
Total Investments	$	2,615,300,794	$	—	$	—	$	2,615,300,794
AZL MVP Growth Index Strategy Fund Investment Securities:	Level 1		Level 2		Level 3		Total
Affiliated Investment Companies	$	825,528,568	$	—	$	—	$	825,528,568
Unaffiliated Investment Company		1,338,426		—		—		1,338,426
Total Investment Securities	$	826,866,994	$	—	$	—	$	826,866,994
Other Financial Instruments:*
Futures Contracts		365,566		—		—		365,566
Total Investments	$	827,232,560	$	—	$	—	$	827,232,560
AZL MVP Invesco Equity and Income Fund Investment Securities:	Level 1		Level 2		Level 3		Total
Affiliated Investment Company	$	334,675,173	$	—	$	—	$	334,675,173
Unaffiliated Investment Company		626,053		—		—		626,053
Total Investment Securities	$	335,301,226	$	—	$	—	$	335,301,226
Other Financial Instruments:*
Futures Contracts		97,110		—		—		97,110
Total Investments	$	335,398,336	$	—	$	—	$	335,398,336
AZL MVP T. Rowe Price Capital Appreciation Fund Investment Securities:	Level 1		Level 2		Level 3		Total
Affiliated Investment Company	$	56,735,747	$	—	$	—	$	56,735,747
Unaffiliated Investment Company		840,100		—		—		840,100
Total Investment Securities	$	57,575,847	$	—	$	—	$	57,575,847
Other Financial Instruments:*
Futures Contracts		12,523		—		—		12,523
Total Investments	$	57,588,370	$	—	$	—	$	57,588,370

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

+ For detailed industry descriptions, see the accompanying Schedule of Portfolio Investments.

5. 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. The illiquid restricted securities held as of March 31, 2014 by the AZL MVP BlackRock Global Allocation Fund are identified below.

Security	Acquisition Date(a)		Acquisition Cost		Shares or Principal Amount		Fair Value		Percentage  of Net Assets
Delta Debtco, Ltd., 9.25%, 10/30/19		10/17/12	$	562,435	$	571,000	$	594,554		0.08	%
Delta Topco, Ltd.		5/2/12		379,997		615,711		370,289		0.05	%
Delta Topco, Ltd., 10.00%, 11/24/60		5/2/12		518,956		559,983		554,954		0.08	%
Inversiones Alsacia SA, 12.28%, 8/18/18, Callable 2/18/15 @ 104.00		2/1/12		346,498		370,503		283,435		0.04	%
Mobileye N.V., Series F, Preferred Shares		8/15/13		426,443		12,219		426,443		0.06	%
Palantir Technologies, Inc.		3/27/14		712,042		116,157		712,042		0.10	%
Twitter, Inc.		12/27/12		669,581		39,416		1,747,568		0.24	%
Uber Technologies, Inc.		3/20/14		1,063,120		1,063,120		1,063,120		0.15	%
Dropbox. Inc.		1/28/14		1,827,985		95,700		1,827,985		0.25	%
REI Agro, Ltd., Registered Shares, 17.28%, 11/13/14		2/7/12		300,000		400,000		223,500		0.03	%
TFS Corp., Ltd., 11.88%, 7/15/18, Callable 7/15/15 @ 108.00		6/6/12		409,063		425,000		435,625		0.06	%
Zeus (Cayman) II, Ltd., Registered Shares, 1.02%, 8/18/16+		1/25/12		19,100,000		20,000,000		305,087		0.04	%

(a) Acquisition date represents the initial purchase date of the security.

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

ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST

NOTES TO THE SCHEDULES OF PORTFOLIO INVESTMENTS

March 31, 2014 (Unaudited)

6. Investment Risks

Commodities-Related Investment Risk: Exposure to the commodities markets may subject the Funds 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 Funds. In the event these changes are adopted, or if there are changes in the tax treatment of the Funds’ direct and indirect investments in commodities, the Funds 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 Funds 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. As required by 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 instruments, 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 a 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.

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 AZL MVP BlackRock Global Allocation Fund, through the VIP Subsidiary, 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.

7. Federal Tax Cost Information

At March 31, 2014, the cost and aggregate gross unrealized appreciation and depreciation of securities, for federal tax purposes were as follows:

Fund	Tax Cost		Gross Tax Unrealized Appreciation		Gross Tax Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
AZL Balanced Index Strategy Fund	$	337,006,534	$	86,346,673	$	(721,973	)	$	85,624,700
AZL Growth Index Strategy Fund		1,068,712,918		329,691,238		(2,447,071	)		327,244,167
AZL MVP Balanced Index Strategy Fund		143,726,941		15,987,302		(1,440,312	)		14,546,990
AZL MVP BlackRock Global Allocation Fund		657,921,348		65,716,459		13,490,970			52,225,489
AZL MVP Franklin Templeton Founding Strategy Plus Fund		202,064,753		20,334,396		(130,909	)		20,203,487
AZL MVP Fusion Balanced Fund		1,011,911,668		226,163,037		(15,606,909	)		210,556,128
AZL MVP Fusion Conservative Fund		227,804,076		25,735,871		(3,080,072	)		22,655,799
AZL MVP Fusion Growth Fund		671,841,243		239,750,720		(40,967,479	)		198,783,241
AZL MVP Fusion Moderate Fund		2,106,471,310		549,088,550		(41,149,485	)		507,939,065
AZL MVP Growth Index Strategy Fund		727,120,776		102,137,711		(2,391,493	)		99,746,218
AZL MVP Invesco Equity and Income Fund		295,447,410		39,857,720		(3,904	)		39,853,816
AZL MVP T. Rowe Price Capital Appreciation Fund		56,610,247		965,600		—			965,600

Item 2. Controls and Procedures.

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

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) are attached hereto.

SIGNATURES

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

(Registrant)         Allianz Variable Insurance Products Fund of Funds Trust

By (Signature and Title)	/s/ Brian Muench
	Brian Muench, President

Date     May 27, 2014

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

By (Signature and Title)	/s/ Brian Muench
	Brian Muench, President

Date     May 27, 2014

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

Date     May 27, 2014