Allianz Variable Insurance Products Fund of Funds Trust

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

AZL Balanced Index Strategy Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL Balanced Index Strategy Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

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

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


	Beginning Account Value 1/1/14			Ending Account Value 6/30/14			Expenses Paid During Period 1/1/14 - 6/30/14*			Annualized Expense Ratio During Period 1/1/14 - 6/30/14
AZL Balanced Index Strategy Fund		$	1,000.00		$	1,048.70		$	0.41		0.08	%

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


	Beginning Account Value 1/1/14			Ending Account Value 6/30/14			Expenses Paid During Period 1/1/14 - 6/30/14*			Annualized Expense Ratio During Period 1/1/14 - 6/30/14
AZL Balanced Index Strategy Fund		$	1,000.00		$	1,024.40		$	0.40		0.08	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Fixed Income		49.8	%
Domestic Equities		37.7
International Equities		12.5
Money Market		—	^

Total Investment Securities		100.0
Net other assets (liabilities)		—	^

Net Assets		100.0	%

^	Represents less than 0.05%.

AZL Balanced Index Strategy Fund

Schedule of Portfolio Investments

June 30, 2014 (Unaudited)


Shares			Fair Value
	Affiliated Investment Companies (100.0%):
	19,366,004	AZL Enhanced Bond Index Fund	$	214,188,000
	3,108,000	AZL International Index Fund		53,861,633
	1,366,066	AZL Mid Cap Index Fund		32,853,898
	8,152,805	AZL S&P 500 Index Fund, Class 2		112,264,130
	1,097,151	AZL Small Cap Stock Index Fund		17,675,105

	Total Affiliated Investment Companies (Cost $333,290,052)			430,842,766

	Unaffiliated Investment Company (0.0%):
	18,920	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(a)		18,920

	Total Unaffiliated Investment Company (Cost $18,920)			18,920

	Total Investment Securities (Cost $333,308,972)(b) — 100.0%			430,861,686
	Net other assets (liabilities) — 0.0%			138,459

	Net Assets — 100.0%		$	431,000,145

Percentages indicated are based on net assets as of June 30, 2014.

(a)	The rate represents the effective yield at June 30, 2014.

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

See accompanying notes to the financial statements.

AZL Balanced Index Strategy Fund

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	18,920
Investments in affiliates, at cost		333,290,052

Total Investment securities, at cost	$	333,308,972

Investments in non-affiliates, at value	$	18,920
Investments in affiliates, at value		430,842,766

Total Investment securities, at value		430,861,686
Receivable for capital shares issued		194,282
Prepaid expenses		1,872

Total Assets		431,057,840

Liabilities:
Payable for affiliated investments purchased		18,920
Payable for capital shares redeemed		3,422
Manager fees payable		17,596
Administration fees payable		113
Custodian fees payable		563
Administrative and compliance services fees payable		1,359
Trustee fees payable		2,956
Other accrued liabilities		12,766

Total Liabilities		57,695

Net Assets	$	431,000,145

Net Assets Consist of:
Capital	$	319,508,910
Accumulated net investment income/(loss)		5,844,129
Accumulated net realized gains/(losses) from investment transactions		8,094,392
Net unrealized appreciation/(depreciation) on investments		97,552,714

Net Assets	$	431,000,145

Shares of beneficial interest (unlimited number of shares authorized, no par value)		26,688,695
Net Asset Value (offering and redemption price per share)	$	16.15

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends from affiliates	$	—

Total Investment Income		—

Expenses:
Manager fees		103,765
Administration fees		26,764
Custodian fees		774
Administrative and compliance services fees		3,387
Trustee fees		10,624
Professional fees		8,068
Shareholder reports		6,833
Other expenses		3,993

Total expenses		164,208

Net Investment Income/(Loss)		(164,208	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		3,482,435
Change in net unrealized appreciation/depreciation on investments		16,638,101

Net Realized/Unrealized Gains/(Losses) on Investments		20,120,536

Change in Net Assets Resulting From Operations	$	19,956,328

See accompanying notes to the financial statements.

Statements of Changes in Net Assets


	AZL Balanced Index Strategy Fund
	For the Six Months Ended June 30, 2014				For the Year Ended December 31, 2013
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(164,208	)		$	4,213,776
Net realized gains/(losses) on investment transactions			3,482,435				6,894,634
Change in unrealized appreciation/depreciation on investments			16,638,101				35,462,711

Change in net assets resulting from operations			19,956,328				46,571,121

Dividends to Shareholders:
From net investment income			—				(6,512,409	)
From net realized gains			—				(1,087,438	)

Change in net assets resulting from dividends to shareholders			—				(7,599,847	)

Capital Transactions:
Proceeds from shares issued			18,022,174				47,430,337
Proceeds from dividends reinvested			—				7,599,846
Value of shares redeemed			(20,960,478	)			(34,130,779	)

Change in net assets resulting from capital transactions			(2,938,304	)			20,899,404

Change in net assets			17,018,024				59,870,678
Net Assets:
Beginning of period			413,982,121				354,111,443

End of period		$	431,000,145			$	413,982,121

Accumulated net investment income/(loss)		$	5,844,129			$	6,008,337

Share Transactions:
Shares issued			1,154,894				3,212,441
Dividends reinvested			—				519,825
Shares redeemed			(1,342,314	)			(2,322,343	)

Change in shares			(187,420	)			1,409,923

See accompanying notes to the financial statements.

AZL Balanced Index Strategy Fund

Financial Highlights

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


	Six Months Ended June 30, 2014				Year Ended December 31, 2013				Year Ended December 31, 2012				Year Ended December 31, 2011				Year Ended December 31, 2010				July 10, 2009 to December 31, 2009 (a)
	(Unaudited)
Net Asset Value, Beginning of Period		$	15.40			$	13.91			$	12.84			$	12.63			$	11.43			$	10.00

Investment Activities:
Net Investment Income/(Loss)			—	(b)			0.15				0.13				0.10				0.06				—	(b)
Net Realized and Unrealized Gains/(Losses) on Investments			0.75				1.63				1.19				0.20				1.14				1.43

Total from Investment Activities			0.75				1.78				1.32				0.30				1.20				1.43

Dividends to Shareholders From:
Net Investment Income			—				(0.25	)			(0.19	)			(0.09	)			—				—
Net Realized Gains			—				(0.04	)			(0.06	)			—				—				—

Total Dividends			—				(0.29	)			(0.25	)			(0.09	)			—				—

Net Asset Value, End of Period		$	16.15			$	15.40			$	13.91			$	12.84			$	12.63			$	11.43

Total Return(c)			4.87	%(d)			12.93	%			10.29	%			2.41	%			10.50	%			14.30	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	431,000			$	413,982			$	354,111			$	298,174			$	219,392			$	137,067
Net Investment Income/(Loss)(e)			(0.08	)%			1.10	%			1.08	%			1.10	%			0.58	%			(0.03	)%
Expenses Before Reductions* (e) (f)			0.08	%			0.08	%			0.09	%			0.09	%			0.10	%			0.20	%
Expenses Net of Reductions* (e)			0.08	%			0.08	%			0.09	%			0.09	%			0.10	%			0.20	%
Portfolio Turnover Rate(g)			4	%(d)			8	%			7	%			6	%			4	%			50	%(d)

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

(a)	Period from commencement of operations.

(b)	Represents less than $0.005.

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

(d)	Not annualized.

(e)	Annualized for periods less than one year.

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

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

See accompanying notes to the financial statements.

AZL Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 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 (collectively, the “Funds”), of which one is included in this report, the AZL Balanced Index Strategy Fund (the “Fund”), and 11 are presented in separate reports.

The Fund is a “fund of funds,” which means that the Fund invests in other mutual funds. Underlying Funds invest in stock, bonds, and other securities and reflect varying amounts of potential investment risk and reward. Periodically, the Fund will adjust its asset allocation as it seeks to achieve its investment objective.

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

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

2. Significant Accounting Policies

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

Security Valuation

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

Investment Transactions and Investment Income

Investment transactions are recorded not later than on the business day following trade date. However, for financial reporting purposes, investment transactions are accounted for on trade date. Net realized gains and losses on investments sold are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date.

Dividends to Shareholders

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

Expense Allocation

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

3. Related Party Transactions

The Manager provides investment advisory and management services for the Fund. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2015. Expenses incurred for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.”

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:


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

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the period are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2014, there were no remaining contractual reimbursements that are subject to repayment by the Fund in subsequent years.

AZL Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

In addition, the Manager may voluntarily waive or reimburse additional fees in order to maintain more competitive expense ratios. Any voluntary waivers or reimbursements are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the period can be found on the Statement of Operations. During the period ended June 30, 2014, there were no voluntary waivers.

The Manager or an affiliate of the Manager serves as the investment adviser of certain underlying funds in which the Fund invests. At June 30, 2014, these underlying funds are noted as Affiliated Investment Companies in the Fund’s Schedule of Portfolio Investments. The Manager or an affiliate of the Manager is paid a separate fee from the underlying funds for such services. A summary of the Fund’s investments in affiliated investment companies for the period ended June 30, 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 6/30/14			Dividend Income
AZL Enhanced Bond Index Fund		$	203,106,444		$	9,357,813		$	(5,775,694	)		$	(145,051	)		$	7,644,488		$	214,188,000		$	—
AZL International Index Fund			52,704,199			2,869,852			(4,106,722	)			771,804				1,622,500			53,861,633			—
AZL Mid Cap Index Fund			31,706,819			917,477			(2,029,165	)			565,898				1,692,869			32,853,898			—
AZL S&P 500 Index Fund, Class 2			108,740,465			3,227,048			(7,133,392	)			2,006,874				5,423,134			112,264,129			—
AZL Small Cap Stock Index Fund			17,122,526			905,373			(890,164	)			282,909				254,461			17,675,105			—

		$	413,380,453		$	17,277,563		$	(19,935,137	)		$	3,482,434			$	16,637,452		$	430,842,765		$	—

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

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

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund and receives a Trust-wide annual fee of $7,500, paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $2,473 was paid from the Fund relating to these fees and expenses.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles. For their service to the Trust and to the Allianz Variable Insurance Products Trust, each non-interested Trustee receives a $163,000 annual Board retainer. In addition, the Trustees are reimbursed for certain expenses associated with attending Board meetings. Compensation to the Trustees is allocated between the Trust and the Allianz Variable Insurance Products Trust in proportion to the assets under management of each trust. During the period ended June 30, 2014, actual Trustee compensation was $456,400 in total for both trusts.

4. Investment Valuation Summary

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

—

Level 1 — quoted prices in active markets for identical assets

—

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

—

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

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

Investments in other investment companies are valued at their published net asset value (“NAV”). Security prices are generally provided by an independent third party pricing service approved by the Trust’s Board of Trustees (“Trustees”) as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 pm Eastern Time). The investments utilizing Level 1 valuations represent investments in open-end investment companies.

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

AZL Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Total

Affiliated Investment Companies		$	430,842,766		$	—		$	430,842,766
Unaffiliated Investment Company			18,920			—			18,920

Total Investment Securities		$	430,861,686		$	—		$	430,861,686

5. Security Purchases and Sales

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL Balanced Index Strategy Fund		$	17,277,563		$	19,935,137

6. Investment Risks

Derivatives Risk: The Fund may invest directly or through affiliated or unaffiliated mutual funds or unregistered investment pools in derivative instruments such as futures, options, and options on futures. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The other party to a derivatives contract could default. During the period ended June 30, 2014, the Fund did not directly invest in derivatives.

7. Federal Tax Information

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

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

Cost for federal income tax purposes at June 30, 2014 is $334,029,222. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	97,552,714
Unrealized depreciation		(720,250	)

Net unrealized appreciation depreciation	$	96,832,464

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL Balanced Index Strategy Fund		$	6,512,409		$	1,087,438		$	7,599,847

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

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)(a)			Total Accumulated Earnings/ (Deficit)
AZL Balanced Index Strategy Fund		$	6,008,338		$	5,277,408		$	—		$	80,249,161		$	91,534,907

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

The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings and any net capital loss carry forwards will be determined at the end of the current tax year ending December 31, 2014.

AZL Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

8. Subsequent Events

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

Other Information (Unaudited)

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

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 800-624-0197; (ii) on the Allianz Variable Insurance Products Fund of Funds Trust’s website at https://www.allianzlife.com; and (iii) on the Commission’s website at http://www.sec.gov.

The Fund files complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. Schedules of Portfolio Holdings for the Fund in this report are available without charge on the Commission’s website at http://www.sec.gov, or may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

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The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0614 8/14

AZL^® Growth Index Strategy Fund

Semi-Annual Report

June 30, 2014

(Unaudited)

LOGO

Table of Contents

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AZL Growth Index Strategy Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL Growth Index Strategy Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

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


	Beginning Account Value 1/1/14			Ending Account Value 6/30/14			Expenses Paid During Period 1/1/14 - 6/30/14*			Annualized Expense Ratio During Period 1/1/14 - 6/30/14
AZL Growth Index Strategy Fund		$	1,000.00		$	1,054.90		$	0.36		0.07	%


	Beginning Account Value 1/1/14			Ending Account Value 6/30/14			Expenses Paid During Period 1/1/14 - 6/30/14*			Annualized Expense Ratio During Period 1/1/14 - 6/30/14
AZL Growth Index Strategy Fund		$	1,000.00		$	1,024.45		$	0.35		0.07	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Domestic Equities		56.3	%
Fixed Income		24.7
International Equities		18.9

Total Investment Securities		99.9
Net other assets (liabilities)		0.1

Net Assets		100.0	%

AZL Growth Index Strategy Fund

Schedule of Portfolio Investments

June 30, 2014 (Unaudited)


Shares			Fair Value
	Affiliated Investment Companies (99.9%):
	32,090,960	AZL Enhanced Bond Index Fund	$	354,926,021
	15,702,519	AZL International Index Fund		272,124,656
	6,655,422	AZL Mid Cap Index Fund		160,062,895
	41,238,259	AZL S&P 500 Index Fund, Class 2		567,850,821
	5,009,806	AZL Small Cap Stock Index Fund		80,707,979

	Total Affiliated Investment Companies (Cost $1,056,612,475)			1,435,672,372

	Total Investment Securities
	(Cost $1,056,612,475)(a) — 99.9%			1,435,672,372
	Net other assets (liabilities) — 0.1%			1,019,821

	Net Assets — 100.0%		$	1,436,692,193

Percentages indicated are based on net assets as of June 30, 2014.

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

See accompanying notes to the financial statements.

AZL Growth Index Strategy Fund

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investments in affiliates, at cost	$	1,056,612,475

Investments in affiliates, at value	$	1,435,672,372
Receivable for capital shares issued		1,879,979
Receivable for affiliated investments sold		124,379
Prepaid expenses		5,912

Total Assets		1,437,682,642

Liabilities:
Cash overdraft		124,378
Payable for capital shares redeemed		764,597
Manager fees payable		58,689
Administration fees payable		229
Custodian fees payable		432
Administrative and compliance services fees payable		3,360
Trustee fees payable		7,456
Other accrued liabilities		31,308

Total Liabilities		990,449

Net Assets	$	1,436,692,193

Net Assets Consist of:
Capital	$	1,031,944,560
Accumulated net investment income/(loss)		16,286,689
Accumulated net realized gains/(losses) from investment transactions		9,401,047
Net unrealized appreciation/(depreciation) on investments		379,059,897

Net Assets	$	1,436,692,193

Shares of beneficial interest (unlimited number of shares authorized, no par value)		76,270,071
Net Asset Value (offering and redemption price per share)	$	18.84

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Foreign tax reclaims received	$	49

Total Investment Income		49

Expenses:
Manager fees		343,171
Administration fees		30,274
Custodian fees		814
Administrative and compliance services fees		11,380
Trustee fees		35,547
Professional fees		26,608
Shareholder reports		18,927
Other expenses		13,741

Total expenses		480,462

Net Investment Income/(Loss)		(480,413	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		4,808,640
Change in net unrealized appreciation/depreciation on investments		70,366,274

Net Realized/Unrealized Gains/(Losses) on Investments		75,174,914

Change in Net Assets Resulting From Operations	$	74,694,501

See accompanying notes to the financial statements.

Statements of Changes in Net Assets


	AZL Growth Index Strategy Fund
	For the Six Months Ended June 30, 2014				For the Year Ended December 31, 2013
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(480,413	)		$	13,754,079
Net realized gains/(losses) on investment transactions			4,808,640				9,088,898
Change in unrealized appreciation/depreciation on investments			70,366,274				194,361,517

Change in net assets resulting from operations			74,694,501				217,204,494

Dividends to Shareholders:
From net investment income			—				(14,002,980	)
From net realized gains			—				(2,637,482	)

Change in net assets resulting from dividends to shareholders			—				(16,640,462	)

Capital Transactions:
Proceeds from shares issued			59,066,127				214,946,967
Proceeds from dividends reinvested			—				16,640,462
Value of shares redeemed			(44,904,020	)			(47,458,985	)

Change in net assets resulting from capital transactions			14,162,107				184,128,444

Change in net assets			88,856,608				384,692,476
Net Assets:
Beginning of period			1,347,835,585				963,143,109

End of period		$	1,436,692,193			$	1,347,835,585

Accumulated net investment income/(loss)		$	16,286,689			$	16,767,102

Share Transactions:
Shares issued			3,283,476				12,978,538
Dividends reinvested			—				1,001,834
Shares redeemed			(2,493,734	)			(2,894,753	)

Change in shares			789,742				11,085,619

See accompanying notes to the financial statements.

AZL Growth Index Strategy Fund

Financial Highlights

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


	Six Months Ended June 30, 2014				Year Ended December 31, 2013				Year Ended December 31, 2012				Year Ended December 31, 2011				Year Ended December 31, 2010				July 10, 2009 to December 31, 2009 (a)
	(Unaudited)
Net Asset Value, Beginning of Period		$	17.86			$	14.96			$	13.37			$	13.44			$	11.85			$	10.00

Investment Activities:
Net Investment Income/(Loss)			(0.01	)			0.16				0.13				0.07				0.07				—	(b)
Net Realized and Unrealized Gains/(Losses) on Investments			0.99				2.97				1.64				(0.07	)			1.52				1.85

Total from Investment Activities			0.98				3.13				1.77				—				1.59				1.85

Dividends to Shareholders From:
Net Investment Income			—				(0.20	)			(0.16	)			(0.07	)			—	(b)			—	(b)
Net Realized Gains			—				(0.03	)			(0.02	)			—	(b)			—				—

Total Dividends			—				(0.23	)			(0.18	)			(0.07	)			—	(b)			—	(b)

Net Asset Value, End of Period		$	18.84			$	17.86			$	14.96			$	13.37			$	13.44			$	11.85

Total Return(b)			5.49	%(d)			21.07	%			13.33	%			0.01	%			13.42	%			18.50	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	1,436,692			$	1,347,836			$	963,143			$	764,506			$	384,050			$	171,361
Net Investment Income/(Loss)(e)			(0.07	)%			1.20	%			1.10	%			1.16	%			0.82	%			—
Expenses Before Reductions* (e) (f)			0.07	%			0.07	%			0.08	%			0.08	%			0.08	%			0.20	%
Expenses Net of Reductions* (e)			0.07	%			0.07	%			0.08	%			0.08	%			0.08	%			0.20	%
Portfolio Turnover Rate(g)			3	%(d)			3	%			6	%			3	%			9	%			44	%(d)

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

(a)	Period from commencement of operations.

(b)	Represents less than $0.005.

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

(d)	Not annualized.

(e)	Annualized for periods less than one year.

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

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

See accompanying notes to the financial statements.

AZL Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 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 (collectively, the “Funds”), of which one is included in this report, the AZL Growth Index Strategy Fund (the “Fund”), and 11 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Dividends to Shareholders

Expense Allocation

3. Related Party Transactions

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:


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

AZL Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

current stated limit. Any amounts recouped by the Manager during the period are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2014, there were no remaining contractual reimbursements that are subject to repayment by the Fund in subsequent years.


	Fair Value 12/31/13			Purchases at Cost			Proceeds from Sales				Net Realized Gain(Loss)				Change in Unrealized Appreciation/ Depreciation			Fair Value 6/30/14			Dividend Income
AZL Enhanced Bond Index Fund		$	331,199,907		$	25,682,014		$	(14,368,457	)		$	(439,742	)		$	12,852,299		$	354,926,021		$	—
AZL International Index Fund			258,583,865			9,390,304			(7,922,869	)			996,055				11,077,301			272,124,656			—
AZL Mid Cap Index Fund			148,403,937			2,685,356			(1,885,210	)			418,257				10,440,555			160,062,895			—
AZL S&P 500 Index Fund, Class 2			533,471,868			12,823,251			(15,826,493	)			3,600,483				33,781,712			567,850,821			—
AZL Small Cap Stock Index Fund			74,370,084			4,841,393			(948,401	)			230,686				2,214,217			80,707,979			—

		$	1,346,029,661		$	55,422,318		$	(40,951,430	)		$	4,805,739			$	70,366,084		$	1,435,672,372		$	—

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $8,080 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

—

Level 1 — quoted prices in active markets for identical assets

—

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

—

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

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

AZL Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Total
Affiliated Investment Companies		$	1,435,672,372		$	—		$	1,435,672,372

Total Investment Securities		$	1,435,672,372		$	—		$	1,435,672,372

5. Security Purchases and Sales

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL Growth Index Strategy Fund		$	55,422,318		$	40,951,430

6. Investment Risks

7. Federal Tax Information

Cost for federal income tax purposes at June 30, 2014 is $1,059,159,497. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	379,059,897
Unrealized depreciation		(2,547,022	)

Net unrealized appreciation depreciation	$	376,512,875

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL Growth Index Strategy Fund		$	14,002,980		$	2,637,482		$	16,640,462

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

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)(a)			Total Accumulated Earnings/ (Deficit)
AZL Growth Index Strategy Fund		$	16,767,102		$	6,699,498		$	—		$	306,586,532		$	330,053,132

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

AZL Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

8. Subsequent Events

Other Information (Unaudited)

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The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0614 8/14

AZL^® MVP Balanced Index Strategy Fund

Semi-Annual Report

June 30, 2014

(Unaudited)

LOGO

Table of Contents

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Page 11

AZL MVP Balanced Index Strategy Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL MVP Balanced Index Strategy Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

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


	Beginning Account Value 1/1/14			Ending Account Value 6/30/14			Expenses Paid During Period 1/1/14 - 6/30/14*			Annualized Expense Ratio During Period 1/1/14 - 6/30/14
AZL MVP Balanced Index Strategy Fund		$	1,000.00		$	1,048.20		$	0.76		0.15	%


	Beginning Account Value 1/1/14			Ending Account Value 6/30/14			Expenses Paid During Period 1/1/14 - 6/30/14*			Annualized Expense Ratio During Period 1/1/14 - 6/30/14
AZL MVP Balanced Index Strategy Fund		$	1,000.00		$	1,024.05		$	0.75		0.15	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Fixed Income		47.3	%
Domestic Equities		34.9
International Equities		12.5
Money Market		3.2

Total Investment Securities		97.9
Net other assets (liabilities)		2.1

Net Assets		100.0	%

AZL MVP Balanced Index Strategy Fund

Schedule of Portfolio Investments

June 30, 2014 (Unaudited)


Shares			Fair Value
	Affiliated Investment Companies (94.7%):
	7,979,487	AZL Enhanced Bond Index Fund	$	88,253,126
	1,339,609	AZL International Index Fund		23,215,427
	582,830	AZL Mid Cap Index Fund		14,017,052
	3,167,212	AZL S&P 500 Index Fund, Class 2		43,612,508
	464,510	AZL Small Cap Stock Index Fund		7,483,249

	Total Affiliated Investment Companies (Cost $156,570,279)			176,581,362

	Unaffiliated Investment Companies (3.2%):
	386,022	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(a)		386,022
	5,500,000	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.00%(a)(b)		5,500,000

	Total Unaffiliated Investment Companies (Cost $5,886,022)			5,886,022

	Total Investment Securities (Cost $162,456,301)(c) — 97.9%			182,467,384
	Net other assets (liabilities) — 2.1%			3,834,945

	Net Assets — 100.0%		$	186,302,329

Percentages indicated are based on net assets as of June 30, 2014.

(a)	The rate represents the effective yield at June 30, 2014.

(b)	Security purchased with cash that was segregated to cover margin requirements for open futures contracts as of June 30, 2014.

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

Futures Contracts

Cash of $3,767,558 has been segregated to cover margin requirements for the following open contracts as of June 30, 2014:


Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note September Futures		Long		9/19/14		36	$	4,506,188	$	(10,683	)
S&P 500 Index E-Mini September Futures		Long		9/19/14		47		4,588,140		66,933

Total									$	56,250

See accompanying notes to the financial statements.

AZL MVP Balanced Index Strategy Fund

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	5,886,022
Investments in affiliates, at cost		156,570,279

Total Investment securities, at cost	$	162,456,301

Investments in non-affiliates, at value	$	5,886,022
Investments in affiliates, at value		176,581,362

Total Investment securities, at value		182,467,384
Segregated cash for collateral		3,767,558
Interest and dividends receivable		4
Receivable for capital shares issued		457,974
Prepaid expenses		687

Total Assets		186,693,607

Liabilities:
Payable for affiliated investments purchased		366,261
Manager fees payable		14,965
Administration fees payable		132
Custodian fees payable		851
Administrative and compliance services fees payable		746
Trustee fees payable		1,748
Other accrued liabilities		6,575

Total Liabilities		391,278

Net Assets	$	186,302,329

Net Assets Consist of:
Capital	$	162,849,105
Accumulated net investment income/(loss)		1,717,073
Accumulated net realized gains/(losses) from investment transactions		1,668,818
Net unrealized appreciation/(depreciation) on investments		20,067,333

Net Assets	$	186,302,329

Shares of beneficial interest (unlimited number of shares authorized, no par value)		14,774,093
Net Asset Value (offering and redemption price per share)	$	12.61

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends	$	4

Total Investment Income		4

Expenses:
Manager fees		83,261
Administration fees		25,931
Custodian fees		1,172
Administrative and compliance services fees		1,476
Trustee fees		4,572
Professional fees		3,351
Shareholder reports		2,422
Other expenses		1,609

Total expenses		123,794

Net Investment Income/(Loss)		(123,790	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		132,399
Net realized gains/(losses) on futures contracts		451,079
Change in net unrealized appreciation/depreciation on investments		7,705,052

Net Realized/Unrealized Gains/(Losses) on Investments		8,288,530

Change in Net Assets Resulting From Operations	$	8,164,740

See accompanying notes to the financial statements.

Statements of Changes in Net Assets


	AZL MVP Balanced Index Strategy Fund
	For the Six Months Ended June 30, 2014				For the Year Ended December 31, 2013
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(123,790	)		$	1,260,086
Net realized gains/(losses) on investment transactions			583,478				1,673,628
Change in unrealized appreciation/depreciation on investments			7,705,052				10,528,247

Change in net assets resulting from operations			8,164,740				13,461,961

Dividends to Shareholders:
From net realized gains			—				(28,076	)

Change in net assets resulting from dividends to shareholders			—				(28,076	)

Capital Transactions:
Proceeds from shares issued			24,370,792				73,823,727
Proceeds from dividends reinvested			—				28,076
Value of shares redeemed			(1,779,852	)			(5,569,194	)

Change in net assets resulting from capital transactions			22,590,940				68,282,609

Change in net assets			30,755,680				81,716,494
Net Assets:
Beginning of period			155,546,649				73,830,155

End of period		$	186,302,329			$	155,546,649

Accumulated net investment income/(loss)		$	1,717,073			$	1,840,863

Share Transactions:
Shares issued			1,991,040				6,510,623
Dividends reinvested			—				2,458
Shares redeemed			(146,857	)			(491,436	)

Change in shares			1,844,183				6,021,645

See accompanying notes to the financial statements.

AZL MVP Balanced Index Strategy Fund

Financial Highlights

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


	Six Months Ended June 30, 2014				Year Ended December 31, 2013				January 10, 2012 to December 31, 2012(a)
	(Unaudited)
Net Asset Value, Beginning of Period		$	12.03			$	10.69			$	10.00

Investment Activities:
Net Investment Income/(Loss)			(0.03	)			0.10				0.08
Net Realized and Unrealized Gains/(Losses) on Investments			0.61				1.24				0.77

Total from Investment Activities			0.58				1.34				0.85

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

Total Dividends			—				—	(b)			(0.16	)

Net Asset Value, End of Period		$	12.61			$	12.03			$	10.69

Total Return(c)			4.82	%(d)			12.56	%			8.50	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	186,302			$	155,547			$	73,830
Net Investment Income/(Loss)(e)			(0.15	)%			1.09	%			1.41	%
Expenses Before Reductions* (e) (f)			0.15	%			0.17	%			0.39	%
Expenses Net of Reductions* (e)			0.15	%			0.17	%			0.21	%
Portfolio Turnover Rate(g)			1	%(d)			4	%			11	%(d)

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

(a)

Period from commencement of operations. During the period from January 10, 2012 to December 10, 2012, the Fund’s primary vehicle for gaining exposure to derivatives was through investments in its wholly-owned and controlled subsidiary , the AZL MVP BIS Investments Trust (the “Subsidiary”). The Subsidiary was liquidated on December 10, 2012 at its net asset value on such date. The Subsidiary’s operations have been consolidated with the operations of the Fund through its liquidation on December 10, 2012.

(b)	Represents less than $0.005.

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

(d)	Not annualized.

(e)	Annualized for periods less than one year.

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

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

See accompanying notes to the financial statements.

AZL MVP Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 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 (collectively, the “Funds”), of which one is included in this report, the AZL MVP Balanced Index Strategy Fund (the “Fund”), and 11 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Investment transactions are recorded not later than on the business day following trade date. However, for financial reporting purposes, investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost of the security lot sold with the net sales proceeds. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date.

Dividends to Shareholders

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

Expense Allocation

Derivative Instruments

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

AZL MVP Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

Futures Contracts

During the period ended June 30, 2014, the Fund invested in futures contracts to reduce volatility and limit the need to decrease or increase allocations to underlying funds. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $9.1 million as of June 30, 2014. The monthly average notional amount for these contracts was $8.4 million for the period ended June 30, 2014. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2014:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Contracts

Receivable for variation margin on futures contracts

66,933

Payable for variation margin on futures contracts

—

Interest Rate

—

10,683

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

The following is a summary of the effect of derivative instruments on the Fund’s Statement of Operations, categorized by risk exposure, for the period ended June 30, 2014:


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

Equity Contracts	Net realized gains/(losses) on futures contracts/Change in unrealized appreciation/depreciation on investments	$	360,843	$	(69,676	)

Interest Rate			90,236		57,626

3. Related Party Transactions

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:


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

AZL MVP Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)


	Fair Value 12/31/13			Purchases at Cost			Proceeds from Sales				Net Realized Gain(Loss)				Change in Unrealized Appreciation/ Depreciation			Fair Value 6/30/14			Dividend Income
AZL Enhanced Bond Index Fund		$	73,471,092		$	12,311,760		$	(371,624	)		$	(19,535	)		$	2,861,433		$	88,253,126		$	—
AZL International Index Fund			19,715,869			2,675,500			(175,664	)			22,102				977,620			23,215,427			—
AZL Mid Cap Index Fund			11,679,444			1,464,118			(72,641	)			13,588				932,543			14,017,052			—
AZL S&P 500 Index Fund, Class 2			36,694,050			4,687,335			(584,303	)			104,458				2,710,968			43,612,508			—
AZL Small Cap Stock Index Fund			6,236,854			1,052,317			(52,246	)			11,785				234,539			7,483,249			—

		$	147,797,309		$	22,191,030		$	(1,256,478	)		$	132,398			$	7,717,103		$	176,581,362		$	—

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $952 was paid from the Fund relating to these fees and expenses.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles. For their service to the Trust and to the Allianz Variable Insurance Products Fund of Funds Trust, each non-interested Trustee receives a $163,000 annual Board retainer. In addition, the Trustees are reimbursed for certain expenses associated with attending Board meetings. Compensation to the Trustees is allocated between the Trust and the Allianz Variable Insurance Products Trust in proportion to the assets under management of each trust. During the period ended June 30, 2014, actual Trustee compensation was $456,400 in total for both trusts.

4. Investment Valuation Summary

—

Level 1 — quoted prices in active markets for identical assets

—

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

—

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

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

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

AZL MVP Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Total

Affiliated Investment Companies		$	176,581,362		$	—		$	176,581,362
Unaffiliated Investment Companies			5,886,022			—			5,886,022

Total Investment Securities			182,467,384			—			182,467,384

Other Financial Instruments:*
Futures Contracts			56,250			—			56,250

Total Investments		$	182,523,634		$	—		$	182,523,634

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

5. Security Purchases and Sales

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL MVP Balanced Index Strategy Fund		$	22,191,030		$	1,256,478

6. Investment Risks

7. Federal Tax Information

Cost for federal income tax purposes at June 30, 2014 is $162,593,138. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	20,011,083
Unrealized depreciation		(136,837	)

Net unrealized appreciation depreciation	$	19,874,246

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL MVP Balanced Index Strategy Fund		$	11,244		$	16,832		$	28,076

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

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

AZL MVP Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)(a)			Total Accumulated Earnings/ (Deficit)
AZL MVP Balanced Index Strategy Fund		$	2,099,855		$	1,011,950		$	—		$	12,176,679		$	15,288,484

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

8. Subsequent Events

Other Information (Unaudited)

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 800-624-0197; (ii) on the Allianz Variable Insurance Products Trust’s website at https://www.allianzlife.com; and (iii) on the Commission’s website at http://www.sec.gov.

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0614 8/14

AZL^® MVP BlackRock Global Allocation Fund

Semi-Annual Report

June 30, 2014

(Unaudited)

LOGO

Table of Contents

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Page 36

AZL MVP BlackRock Global Allocation Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL MVP BlackRock Global Allocation Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

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


	Beginning Account Value 1/1/14			Ending Account Value 6/30/14			Expenses Paid During Period 1/1/14 - 6/30/14*			Annualized Expense Ratio During Period 1/1/14 - 6/30/14
AZL MVP BlackRock Global Allocation Fund		$	1,000.00		$	1,035.80		$	0.66		0.13	%


	Beginning Account Value 1/1/14			Ending Account Value 6/30/14			Expenses Paid During Period 1/1/14 - 6/30/14*			Annualized Expense Ratio During Period 1/1/14 - 6/30/14
AZL MVP BlackRock Global Allocation Fund		$	1,000.00		$	1,024.15		$	0.65		0.13	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of net assets
Common Stocks, Preferred Stocks and Convertible Preferred Stocks		60.7	%
U.S. Treasury Obligations		15.7
Foreign Bonds		9.2
Money Market		3.7
Yankee Dollars		2.4
Convertible Bonds		2.2
Corporate Bonds		2.0
Securities Held as Collateral for Securities on Loan		1.6
Floating Rate Loans		1.0
Exchange Traded Funds		1.0
Options		0.5
Swaptions		0.2
Warrant		—	^

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

Net Assets		100.0	%

^	Represents less than 0.05%

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2014 (Unaudited)


Shares			Fair Value
	Common Stocks (59.0%):
	Aerospace & Defense (1.5%):
	945	Boeing Co. (The)(a)	$	120,232
	37,856	European Aeronautic Defence & Space Co. NV(a)		2,540,644
	1,363	General Dynamics Corp.(a)		158,858
	1,275	L-3 Communications Holdings, Inc.(a)		153,956
	1,434	Northrop Grumman Corp.(a)		171,549
	7,195	Precision Castparts Corp.(a)		1,816,018
	1,785	Raytheon Co.(a)		164,666
	66,515	Safran SA(a)		4,352,066
	26,877	United Technologies Corp.(a)		3,102,951

				12,580,940

	Air Freight & Logistics (0.6%):
	6,862	FedEx Corp.(a)		1,038,770
	41,621	Royal Mail plc*(a)		355,119
	34,506	United Parcel Service, Inc., Class B(a)		3,542,386

				4,936,275

	Airlines (0.6%):
	25,900	Japan Airlines Co., Ltd.(a)		1,433,635
	69,629	United Continental Holdings, Inc.*(a)		2,859,663

				4,293,298

	Auto Components (1.4%):
	17,300	Aisin Sieki Co., Ltd.(a)		689,659
	11,426	BorgWarner, Inc.(a)		744,861
	45,800	Bridgestone Corp.(a)		1,605,365
	124,683	Cheng Shin Rubber Industry Co., Ltd.(a)		318,330
	6,199	Delphi Automotive plc(a)		426,119
	38,400	DENSO Corp.(a)		1,836,534
	22,400	Futaba Industrial Co., Ltd.(a)		102,561
	19,443	Goodyear Tire & Rubber Co.(a)		540,127
	1,882	Hyundai Wia Corp.(a)		364,823
	20,151	Johnson Controls, Inc.(a)		1,006,139
	4,800	Koito Manufacturing Co., Ltd.(a)		123,135
	1,980	Lear Corp.(a)		176,854
	2,900	Stanley Electric Co., Ltd.(a)		75,773
	37,000	Toyota Industries Corp.(a)		1,914,466
	4,258	TRW Automotive Holdings Corp.*(a)		381,176

				10,305,922

	Automobiles (1.9%):
	6,802	Bayerische Motoren Werke
		AG (BMW)(a)		862,728
	6,700	Daihatsu Motor Co., Ltd.(a)		119,322
	104,000	Dongfeng Motor Corp., H Shares(a)		186,425
	118,510	Ford Motor Co.(a)		2,043,112
	148,700	Fuji Heavy Industries, Ltd.(a)		4,127,291
	8,966	General Motors Co.(a)		325,466
	43,400	Honda Motor Co., Ltd.(a)		1,518,371
	3,784	Hyundai Motor Co.(a)		858,208
	76,000	Isuzu Motors, Ltd.(a)		503,614
	7,054	Maruti Suzuki India, Ltd.(a)		286,235
	86,000	Suzuki Motor Corp.(a)		2,699,307
	21,700	Toyota Motor Corp.(a)		1,305,539


Shares			Fair Value
	Common Stocks, continued
	Automobiles, continued
	270	Volkswagen AG(a)	$	69,807
	9,900	Yamaha Motor Co., Ltd.(a)		170,742
	159,770	Yulon Motor Co., Ltd.(a)		260,038

				15,336,205

	Banks (3.8%):
	79,287	Banco Bilbao Vizcaya Argentaria SA(a)		1,009,321
	18,686	Banco Santander Chile SA, ADR(a)		494,245
	185,393	Bank of America Corp.(a)		2,849,490
	9,674	Bank of Nova Scotia^(a)		645,054
	21,000	Bank of Yokohama, Ltd. (The)(a)		121,107
	23,604	BB&T Corp.(a)		930,706
	48,580	BNP Paribas SA(a)		3,295,894
	18,000	Chiba Bank, Ltd. (The)(a)		127,317
	89,000	Chuo Mitsui Trust Holdings, Inc.(a)		407,635
	17,309	Fifth Third Bancorp(a)		369,547
	356,671	Intesa Sanpaolo SpA(a)		1,099,466
	68,015	JPMorgan Chase & Co.(a)		3,919,024
	983,614	Lloyds Banking Group plc*(a)		1,250,704
	127,300	Mitsubishi UFJ Financial Group, Inc.(a)		782,116
	23,377	National Australia Bank, Ltd.(a)		722,998
	104,606	Regions Financial Corp.(a)		1,110,916
	12,000	Shizuoka Bank, Ltd. (The)(a)		129,964
	19,196	Societe Generale(a)		1,003,783
	44,500	Sumitomo Mitsui Financial Group, Inc.(a)		1,868,841
	22,184	Svenska Handelsbanken AB, A Shares(a)		1,085,015
	27,122	U.S. Bancorp(a)		1,174,925
	57,376	UniCredit SpA(a)		480,530
	103,709	Wells Fargo & Co.(a)		5,450,946

				30,329,544

	Beverages (1.1%):
	2,591	Anheuser-Busch InBev NV(a)		297,792
	85,880	Coca-Cola Co. (The)(a)		3,637,877
	1,775	Constellation Brands, Inc., Class A*(a)		156,431
	8,047	Diageo plc, ADR(a)		1,024,142
	6,279	Diageo plc(a)		199,856
	3,299	Fomento Economico Mexicano SAB de C.V., ADR(a)		308,951
	30,400	Kirin Holdings Co., Ltd.(a)		439,723
	4,846	Remy Cointreau SA^(a)		445,805
	13,277	SABMiller plc(a)		769,140
	13,500	Suntory Beverage & Food, Ltd.(a)		530,091
	17,133	Uber Technologies, Inc.*(a)(b)(c)		1,063,140

				8,872,948

	Biotechnology (0.8%):
	5,316	Alexion Pharmaceuticals, Inc.*(a)		830,625
	1,327	Amgen, Inc.(a)		157,077
	5,835	Biogen Idec, Inc.*(a)		1,839,834
	12,944	Celgene Corp.*(a)		1,111,631
	7,288	Cubist Pharmaceuticals, Inc.*(a)		508,848
	13,043	Gilead Sciences, Inc.*(a)		1,081,395

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2014 (Unaudited)


Shares			Fair Value
	Common Stocks, continued
	Biotechnology, continued
	59,638	Mesoblast, Ltd.*^(a)	$	251,709
	738	Regeneron Pharmaceuticals, Inc.*(a)		208,463
	9,303	Vertex Pharmaceuticals, Inc.*(a)		880,808

				6,870,390

	Building Products (0.3%):
	26,591	Compagnie de Saint-Gobain SA(a)		1,497,927
	12,800	Daikin Industries, Ltd.(a)		809,743

				2,307,670

	Capital Markets (0.5%):
	1,202	Ameriprise Financial, Inc.(a)		144,240
	22,770	Deutsche Bank AG, Registered Shares(a)		801,045
	8,585	Goldman Sachs Group, Inc. (The)(a)		1,437,472
	102,337	UBS AG, Registered Shares(a)		1,875,656

				4,258,413

	Chemicals (1.8%):
	7,592	Agrium, Inc.(a)		695,655
	14,752	Akzo Nobel NV(a)		1,105,987
	11,941	Arkema, Inc.(a)		1,162,211
	86,000	Asahi Kasei Corp.(a)		659,412
	503	CF Industries Holdings, Inc.(a)		120,987
	3,232	Cheil Industries, Inc.(a)		224,213
	1,665	Eastman Chemical Co.(a)		145,438
	17,007	FMC Corp.(a)		1,210,728
	29,900	Hitachi Chemical Co., Ltd.(a)		495,573
	47,700	JSR Corp.(a)		819,779
	13,478	Koninklijke DSM NV(a)		980,818
	49,200	Kuraray Co., Ltd.(a)		624,661
	4,643	Linde AG(a)		987,308
	20,200	Nitto Denko Corp.(a)		948,534
	982	PPG Industries, Inc.(a)		206,367
	28,200	Shin-Etsu Chemical Co., Ltd.(a)		1,716,938
	1,408	Sigma Aldrich Corp.(a)		142,884
	7,294	Syngenta AG, Registered Shares(a)		2,725,797
	188,000	Ube Industries, Ltd.(a)		327,181

				15,300,471

	Commercial Services & Supplies (0.0%):
	4,735	Pitney Bowes, Inc.(a)		130,781
	2,900	Sohgo Security Services Co., Ltd.(a)		69,663

				200,444

	Communications Equipment (0.4%):
	98,223	Cisco Systems, Inc.(a)		2,440,842
	14,677	El Towers SpA*(a)		793,780
	1,797	Harris Corp.(a)		136,123
	1,885	Motorola Solutions, Inc.(a)		125,484

				3,496,229

	Construction & Engineering (0.3%):
	46,000	JGC Corp.(a)		1,400,269
	4,000	Kinden Corp.(a)		38,955
	2,000	Maeda Road Construction Co., Ltd.(a)		34,657


Shares			Fair Value
	Common Stocks, continued
	Construction & Engineering, continued
	81,000	Okumura Corp.(a)	$	411,700
	104,000	Toda Corp.(a)		405,141

				2,290,722

	Construction Materials (0.1%):
	4,859	HeidelbergCement AG(a)		414,372

	Consumer Finance (0.6%):
	21,748	American Express Co.(a)		2,063,233
	16,014	Capital One Financial Corp.(a)		1,322,756
	23,962	Discover Financial Services(a)		1,485,165
	11,560	Santander Consumer USA Holdings, Inc.(a)		224,726

				5,095,880

	Containers & Packaging (0.2%):
	7,952	Avery Dennison Corp.(a)		407,540
	15,694	Crown Holdings, Inc.*(a)		780,933
	19,252	Sealed Air Corp.(a)		657,841

				1,846,314

	Distributors (0.0%):
	2,100	Canon Marketing Japan, Inc.(a)		39,462

	Diversified Consumer Services (0.0%):
	3,700	Benesse Holdings, Inc.(a)		160,657

	Diversified Financial Services (0.7%):
	11,699	Berkshire Hathaway, Inc., Class B*(a)		1,480,625
	49,607	Citigroup, Inc.(a)		2,336,490
	9,156	Deutsche Boerse AG(a)		710,520
	80,184	ING Groep NV*(a)		1,124,995

				5,652,630

	Diversified Telecommunication Services (0.9%):
	167,694	BT Group plc(a)		1,103,104
	49,491	Deutsche Telekom AG, Registered Shares(a)		867,407
	54,724	Koninklijke (Royal) KPN NV*(a)		199,256
	10,700	Nippon Telegraph & Telephone Corp.(a)		668,377
	237,334	Oi SA, ADR(a)		203,656
	319,000	Singapore Telecommunications, Ltd.(a)		985,678
	466	Swisscom AG, Registered Shares(a)		270,774
	43,850	TDC A/S(a)		453,843
	278,462	Telecom Italia SpA(a)		352,270
	32,883	Telecom Italia SpA, RSP(a)		32,446
	175,700	Telekom Malaysia Berhad(a)		347,609
	7,963	Verizon Communications, Inc.(a)		389,520
	64,298	Verizon Communications, Inc.(a)		3,146,101

				9,020,041

	Electric Utilities (0.5%):
	17,835	American Electric Power Co., Inc.(a)		994,658
	21,200	Chubu Electric Power Co., Inc.*(a)		264,041
	69,847	Enel SpA^(a)		406,418
	13,341	NextEra Energy, Inc.(a)		1,367,185
	28,086	PPL Corp.(a)		997,896
	13,418	Terna — Rete Elettrica Nationale SpA(a)		70,735

				4,100,933

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2014 (Unaudited)


Shares			Fair Value
	Common Stocks, continued
	Electrical Equipment (1.0%):
	20,623	Eaton Corp. plc(a)	$	1,591,682
	1,000	Mabuchi Motor Co., Ltd.(a)		75,932
	89,000	Mitsubishi Electric Corp.(a)		1,101,290
	16,636	Rockwell Automation, Inc.(a)		2,082,162
	19,817	Schneider Electric SA(a)		1,868,897
	1,932	Schneider Electric SE(a)		181,746
	38,300	Sumitomo Electric Industries, Ltd.(a)		540,198

				7,441,907

	Electronic Equipment, Instruments & Components (0.5%):
	2,948	Avnet, Inc.(a)		130,626
	3,100	Hitachi High-Technologies Corp.(a)		73,894
	220,000	Hitachi, Ltd.(a)		1,614,748
	31,500	HOYA Corp.(a)		1,048,356
	400	Keyence Corp.(a)		174,990
	13,800	Kyocera Corp.(a)		656,637
	6,100	Murata Manufacturing Co., Ltd.(a)		572,270
	4,100	Omron Corp.(a)		173,247
	2,648	TE Connectivity, Ltd.(a)		163,752

				4,608,520

	Energy Equipment & Services (0.9%):
	19,817	Dresser-Rand Group, Inc.*(a)		1,262,937
	95,700	Dropbox, Inc.*(a)(b)(c)		1,761,837
	1,633	Helmerich & Payne, Inc.(a)		189,608
	20,054	Schlumberger, Ltd.(a)		2,365,369
	14,996	Technip-Coflexip SA(a)		1,642,497

				7,222,248

	Food & Staples Retailing (0.2%):
	7,065	CVS Caremark Corp.(a)		532,489
	20,064	Fresh Market, Inc. (The)*^(a)		671,542
	3,102	Kroger Co. (The)(a)		153,332
	78,037	Tesco plc(a)		379,020

				1,736,383

	Food Products (1.2%):
	23,000	Ajinomoto Co., Inc.(a)		360,486
	3,084	Archer-Daniels-Midland Co.(a)		136,035
	55,745	Cosan, Ltd., A Shares(a)		755,902
	5,778	Danone SA(a)		428,800
	54,359	Nestle SA, Registered Shares(a)		4,212,846
	365	Orion Corp.(a)		332,233
	26,652	SLC Agricola SA(a)		230,324
	66,729	Unilever NV(a)		2,918,623
	16,532	Unilever plc(a)		749,553

				10,124,802

	Gas Utilities (0.2%):
	4,995	Gas Natural SDG SA^(a)		158,067
	30,726	Snam Rete Gas SpA(a)		185,100
	242,000	Tokyo Gas Co., Ltd.(a)		1,415,874

				1,759,041


Shares			Fair Value
	Common Stocks, continued
	Health Care Equipment & Supplies (0.4%):
	986	Becton, Dickinson & Co.(a)	$	116,644
	15,512	Getinge AB, B Shares(a)		407,501
	16,398	Medtronic, Inc.(a)		1,045,536
	17,429	Mindray Medical International, Ltd., ADR^(a)		549,014
	4,920	Zimmer Holdings, Inc.(a)		510,991

				2,629,686

	Health Care Providers & Services (2.9%):
	14,930	Aetna, Inc.(a)		1,210,524
	34,158	Al Noor Hospitals Group plc(a)		598,598
	1,775	AmerisourceBergen Corp.(a)		128,972
	1,601,600	Bangkok Dusit Medical Services Public Co., Ltd., Class F(a)		824,716
	84,200	Bumrungrad Hospital Public Co., Ltd.(a)		303,723
	12,279	Cardinal Health, Inc.(a)		841,848
	14,308	Catamaran Corp.*(a)		631,841
	20,589	Envision Healthcare Holdings, Inc.*(a)		739,351
	22,486	Express Scripts Holding Co.*(a)		1,558,954
	7,027	Fresenius SE & Co. KGaA(a)		1,047,868
	31,056	HCA Holdings, Inc.*(a)		1,750,938
	13,745	HealthSouth Corp.(a)		493,033
	12,506	Humana, Inc.(a)		1,597,266
	703,000	IHH Healthcare Berhad(a)		959,462
	101,218	Life Healthcare Group Holdings Pte, Ltd.(a)		395,361
	14,270	McKesson, Inc.(a)		2,657,218
	57,901	NMC Health plc(a)		496,049
	282,799	PT Siloam International Hospital Tbk*(a)		344,987
	98,000	Raffles Medical Group, Ltd.(a)		320,023
	9,500	Ship Healthcare Holdings, Inc.(a)		332,834
	193,197	Sinopharm Group Co., H Shares(a)		534,928
	7,753	Team Health Holdings, Inc.*(a)		387,185
	11,876	Tenet Healthcare Corp.*(a)		557,459
	28,932	UnitedHealth Group, Inc.(a)		2,365,192
	12,478	Universal Health Services, Inc., Class B(a)		1,194,893
	7,528	WellCare Health Plans, Inc.*(a)		562,040
	1,359	WellPoint, Inc.(a)		146,242

				22,981,505

	Health Care Technology (0.0%):
	7,897	Castlight Health, Inc., Class B*^(a)		120,034

	Hotels, Restaurants & Leisure (0.3%):
	12,935	Hilton Worldwide Holdings, Inc.*(a)		301,386
	17,994	McDonald’s Corp.(a)		1,812,715
	1,817	Wyndham Worldwide Corp.(a)		137,583

				2,251,684

	Household Durables (0.4%):
	2,800	Alpine Electronics, Inc.(a)		39,557
	62,916	Barratt Developments plc(a)		401,637
	52,642	Cyrela Brazil Realty SA Empreendimentos e Participacoes(a)		330,770

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2014 (Unaudited)


Shares			Fair Value
	Common Stocks, continued
	Household Durables, continued
	90,144	MRV Engenharia e Participacoes SA(a)	$	301,976
	7,300	Rinnai Corp.(a)		706,004
	32,000	Sony Corp.(a)		534,581

				2,314,525

	Household Products (1.1%):
	5,238	Church & Dwight Co., Inc.(a)		366,398
	14,326	Colgate-Palmolive Co.(a)		976,747
	645	Energizer Holdings, Inc.(a)		78,709
	1,059	Kimberly-Clark Corp.(a)		117,782
	495	LG Household & Health Care, Ltd.(a)		222,836
	78,406	Procter & Gamble Co. (The)(a)		6,161,928
	7,800	Unicharm Corp.(a)		465,464

				8,389,864

	Independent Power and Renewable Electricity Producers (0.3%):
	53,922	AES Corp. (The)(a)		838,487
	51,029	Calpine Corp.*(a)		1,215,001
	3,200	NextEra Energy Partners LP*(a)		107,232
	5,735	NRG Energy, Inc.(a)		213,342

				2,374,062

	Industrial Conglomerates (1.9%):
	10,040	3M Co.(a)		1,438,130
	163,719	Beijing Enterprises Holdings, Ltd.(a)		1,550,194
	7,640	Danaher Corp.(a)		601,497
	148,263	General Electric Co.(a)		3,896,351
	143,000	Keppel Corp., Ltd.(a)		1,238,126
	35,813	Siemens AG, Registered Shares(a)		4,729,662

				13,453,960

	Insurance (2.0%):
	8,123	ACE, Ltd.(a)		842,355
	74,600	AIA Group, Ltd.(a)		375,413
	9,050	Allstate Corp. (The)(a)		531,416
	26,251	American International Group, Inc.(a)		1,432,779
	43,092	AXA SA(a)		1,028,311
	2,308	Axis Capital Holdings, Ltd.(a)		102,198
	1,093	Chubb Corp. (The)(a)		100,742
	3,039	CNA Financial Corp.(a)		122,836
	98,728	Legal & General Group plc(a)		380,807
	3,972	Lincoln National Corp.(a)		204,320
	15,759	Marsh & McLennan Cos., Inc.(a)		816,631
	14,847	MetLife, Inc.(a)		824,899
	45,700	MS&AD Insurance Group Holdings, Inc.(a)		1,106,653
	29,900	NKSJ Holdings, Inc.(a)		807,213
	6,067	Prudential Financial, Inc.(a)		538,568
	47,168	Prudential plc(a)		1,081,842
	1,659	Reinsurance Group of America, Inc.(a)		130,895
	40,900	Sony Financial Holdings, Inc.(a)		699,018
	114,100	Tokio Marine Holdings, Inc.(a)		3,760,116
	1,579	Torchmark Corp.(a)		129,352
	6,980	Travelers Cos., Inc. (The)(a)		656,609
	30,226	XL Group plc, Class B(a)		989,297

				16,662,270


Shares			Fair Value
	Common Stocks, continued
	Internet Software & Services (2.0%):
	29,600	DeNA Co., Ltd.^(a)	$	401,123
	55,701	eBay, Inc.*(a)		2,788,392
	5,859	Google, Inc., Class C*(a)		3,370,566
	5,383	Google, Inc., Class A*(a)		3,147,279
	27,500	Gree, Inc.^(a)		241,540
	27,064	SINA Corp.*(a)		1,346,975
	63,484	Twitter, Inc.*(a)		2,600,939
	39,416	Twitter, Inc.*(a)(b)(c)		1,534,130

				15,430,944

	IT Services (1.7%):
	1,384	Accenture plc, Class A(a)		111,883
	850	Alliance Data Systems Corp.*(a)		239,063
	2,938	Amdocs, Ltd.(a)		136,118
	24,254	Atos Origin SA(a)		2,021,711
	4,782	Cielo SA(a)		98,606
	2,747	Computer Sciences Corp.(a)		173,610
	2,873	Fidelity National Information Services, Inc.(a)		157,268
	54,054	MasterCard, Inc., Class A(a)		3,971,347
	25,663	Visa, Inc., Class A(a)		5,407,451
	46,065	Worldline SA*(a)		1,047,003

				13,364,060

	Leisure Products (0.2%):
	17,168	Mattel, Inc.(a)		669,037
	5,300	Namco Bandai Holdings, Inc.(a)		124,365
	7,400	Nikon Corp.(a)		116,690
	21,400	Sega Sammy Holdings, Inc.(a)		421,877
	7,300	Yamaha Corp.(a)		115,322

				1,447,291

	Life Sciences Tools & Services (0.6%):
	23,582	Agilent Technologies, Inc.(a)		1,354,550
	2,025	Mettler-Toledo International, Inc.*(a)		512,690
	13,366	PerkinElmer, Inc.(a)		626,063
	14,610	Thermo Fisher Scientific, Inc.(a)		1,723,980
	7,314	Waters Corp.*(a)		763,874

				4,981,157

	Machinery (1.2%):
	500	Andritz AG(a)		28,861
	131,313	CNH Industrial NV(a)		1,347,008
	4,016	CNH Industrial NV(a)		41,039
	19,645	Colfax Corp.*(a)		1,464,338
	72,851	Cummins India, Ltd.(a)		784,644
	4,001	Cummins, Inc.(a)		617,314
	1,290	Dover Corp.(a)		117,326
	2,800	Fanuc, Ltd.(a)		483,935
	158,090	Haitian International Holdings, Ltd.(a)		369,368
	86,000	IHI Corp.(a)		401,517
	28,000	Kubota Corp.(a)		397,867
	75,000	Mitsubishi Heavy Industries, Ltd.(a)		468,879
	5,400	Nabtesco Corp.(a)		119,618
	11,011	PACCAR, Inc.(a)		691,821

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2014 (Unaudited)


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	1,018	Parker Hannifin Corp.(a)	$	127,993
	12,332	Samsung Heavy Industries Co., Ltd.(a)		327,633
	1,000	SMC Corp.(a)		268,198
	13,795	Stanley Black & Decker, Inc.(a)		1,211,477

				9,268,836

	Media (1.4%):
	8,144	Charter Communications, Inc., Class A*(a)		1,289,847
	77,450	Comcast Corp., Class A(a)		4,157,516
	9,292	DISH Network Corp., Class A*(a)		604,723
	60,869	Grupo Televisa SAB(a)		417,605
	21,823	Liberty Media Corp.*(a)		2,982,768
	20,700	Manchester United plc, Class A*^(a)		361,215
	3,582	RTL Group(a)		398,180
	974	Time Warner Cable, Inc.(a)		143,470
	2,100	TV Asahi Holdings Corp.(a)		38,445
	1,429	Viacom, Inc., Class B(a)		123,937
	54,301	Zon Multimedia Servicos de Telecommunicacoes e Multimedia SGPS SA(a)		356,496

				10,874,202

	Metals & Mining (2.7%):
	138,884	Antofagasta plc(a)		1,821,545
	62,912	BHP Billiton plc(a)		2,048,114
	24,199	Constellium NV*(a)		775,820
	104,865	Eldorado Gold Corp.(a)		802,042
	114,566	First Quantum Minerals, Ltd.(a)		2,450,461
	118,133	Freeport-McMoRan Copper & Gold, Inc.(a)		4,311,854
	80,001	Goldcorp, Inc.(a)		2,232,828
	8,000	Jiangxi Copper Co., Ltd.(a)		12,664
	303,956	Platinum Group Metals, Ltd.*(a)		361,818
	35,439	Polyus Gold International, Ltd.*(a)		113,776
	64,196	Rio Tinto plc(a)		3,463,496
	25,737	Silver Wheaton Corp.^(a)		676,111
	52,062	Southern Copper Corp.(a)		1,581,123
	24,905	Teck Resources, Ltd., Class B^(a)		568,581

				21,220,233

	Multiline Retail (0.1%):
	1,994	Macy’s, Inc.(a)		115,692
	5,300	Ryohin Keikaku Co., Ltd.(a)		602,090

				717,782

	Multi-Utilities (0.6%):
	22,376	CenterPoint Energy, Inc.(a)		571,483
	20,901	Dominion Resources, Inc.(a)		1,494,840
	3,191	DTE Energy Co.(a)		248,483
	29,700	GDF Suez(a)		816,548
	68,727	National Grid plc(a)		987,268
	7,515	RWE AG(a)		322,716
	11,044	Sempra Energy(a)		1,156,417

				5,597,755


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels (5.2%):
	27,158	Anadarko Petroleum Corp.(a)	$	2,972,987
	108,570	Athabasca Oil Corp.*(a)		779,498
	51,862	BG Group plc(a)		1,096,293
	57,369	Cameco Corp.^(a)		1,125,006
	28,717	Canadian Natural Resources, Ltd.(a)		1,318,397
	30,228	Chevron Corp.(a)		3,946,266
	12,780	Cimarex Energy Co.(a)		1,833,419
	1,168,000	CNOOC, Ltd.(a)		2,096,297
	41,560	Cobalt International Energy, Inc.*(a)		762,626
	17,616	Diamondback Energy, Inc.*(a)		1,564,301
	34,500	Eclipse Resources Corp.*(a)		866,985
	34,085	EP Energy Corp., Class A*(a)		785,659
	9,469	EQT Corp.(a)		1,012,236
	129,600	INPEX Corp.(a)		1,974,020
	37,919	KazMunaiGas Exploration Production JSC, Registered Shares, GDR(a)		605,367
	348,000	Kunlun Energy Co., Ltd.(a)		574,169
	74,117	Lundin Petroleum AB*(a)		1,499,113
	59,370	Marathon Oil Corp.(a)		2,370,050
	1,363	Marathon Petroleum Corp.(a)		106,409
	893	Murphy Oil Corp.(a)		59,367
	236,487	Ophir Energy plc*(a)		891,470
	116,157	Palantir Technologies, Inc.*(a)(b)(c)		712,042
	39,098	Parsley Energy, Inc., Class A*(a)		941,089
	62,648	Petroleo Brasileiro SA, ADR(a)		916,541
	36,729	Phillips 66(a)		2,954,113
	31,612	Royal Dutch Shell plc, ADR(a)		2,603,880
	32,415	Statoil ASA(a)		1,000,275
	1,282	Suncor Energy, Inc.(a)		54,652
	10,460	Total SA(a)		755,688
	18,747	Total SA, Sponsored ADR^(a)		1,353,533
	3,356	Valero Energy Corp.(a)		168,136

				39,699,884

	Paper & Forest Products (0.0%):
	2,953	International Paper Co.(a)		149,038

	Personal Products (0.2%):
	77,502	Hypermarcas SA*(a)		670,819
	2,335	L’Oreal SA(a)		402,602

				1,073,421

	Pharmaceuticals (3.5%):
	55,552	Abbvie, Inc.(a)		3,135,354
	7,780	Allergan, Inc.(a)		1,316,532
	34,400	Astellas Pharma, Inc.(a)		452,907
	5,088	AstraZeneca plc, ADR(a)		378,089
	17,733	AstraZeneca plc(a)		1,319,368
	26,958	Bristol-Myers Squibb Co.(a)		1,307,733
	10,000	Kyowa Hakko Kogyo Co., Ltd.^(a)		135,567
	6,239	Mylan, Inc.*(a)		321,683
	26,270	Novartis AG, Registered Shares(a)		2,380,130
	567	Novartis AG, ADR(a)		51,331
	23,500	Otsuka Holdings Co., Ltd.(a)		729,453

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2014 (Unaudited)


Shares			Fair Value
	Common Stocks, continued
	Pharmaceuticals, continued
	4,464	Perrigo Co. plc(a)	$	650,673
	105,436	Pfizer, Inc.(a)		3,129,340
	17,206	Roche Holding AG(a)		5,135,454
	29,343	Sanofi-Aventis SA(a)		3,120,796
	8,875	Sanofi-Aventis SA, ADR(a)		471,884
	2,000	Sawai Pharmaceutical Co., Ltd.(a)		118,050
	22,531	Shire plc(a)		1,766,457
	444,000	Sino Biopharmaceutical, Ltd.(a)		360,051

				26,280,852

	Professional Services (0.1%):
	40,900	Qualicorp SA*(a)		483,616

	Real Estate Investment Trusts (REITs) (0.7%):
	9,452	American Capital Agency Corp.(a)		221,271
	9,768	American Tower Corp.(a)		878,925
	23,900	Equity Residential Property Trust(a)		1,505,700
	364,645	Fibra UNO Amdinistracion SA(a)		1,278,692
	145,465	Link REIT (The)(a)		782,710
	206,217	TF Administradora Industrial S de RL de C.V.(a)		460,524

				5,127,822

	Real Estate Management & Development (1.2%):
	88,331	BR Malls Participacoes SA(a)		751,753
	633,000	CapitaLand, Ltd.(a)		1,624,980
	36,000	Daikyo, Inc.(a)		84,733
	5,300	Daito Trust Construction Co., Ltd.(a)		623,835
	174,000	Global Logistic Properties, Ltd.(a)		376,885
	67,467	St. Joe Co. (The)*^(a)		1,715,686
	146,000	Sun Hung Kai Properties, Ltd.(a)		2,002,997
	180,000	Wharf Holdings, Ltd. (The)(a)		1,296,811

				8,477,680

	Road & Rail (1.0%):
	26,141	Canadian National Railway Co.(a)		1,699,688
	12,363	CSX Corp.(a)		380,904
	25,200	East Japan Railway Co.(a)		1,987,816
	9,346	J.B. Hunt Transport Services, Inc.(a)		689,548
	24,000	Nippon Express Co., Ltd.(a)		116,506
	6,000	Seino Holdings Co., Ltd.(a)		68,294
	29,033	Union Pacific Corp.(a)		2,896,041

				7,838,797

	Semiconductors & Semiconductor Equipment (0.6%):
	824	KLA-Tencor Corp.(a)		59,855
	17,200	ROHM Co., Ltd.(a)		988,545
	888	Samsung Electronics Co., Ltd.(a)		1,161,204
	1,830	Samsung Electronics Co., Ltd., Preferred Shares(a)		1,918,617

				4,128,221

	Software (1.3%):
	17,204	Activision Blizzard, Inc.(a)		383,649
	2,183	Adobe Systems, Inc.*(a)		157,962
	1,967	Check Point Software Technologies, Ltd.*(a)		131,848


Shares			Fair Value
	Common Stocks, continued
	Software, continued
	43,375	Electronic Arts, Inc.*(a)	$	1,555,861
	38,400	Gungho Online Enetertainment, Inc.^(a)		248,538
	1,668	Intuit, Inc.(a)		134,324
	3,164	Microsoft Corp.(a)		131,939
	15,900	Nexon Co., Ltd.(a)		152,221
	6,800	Nintendo Co., Ltd.(a)		815,024
	55,862	Oracle Corp.(a)		2,264,087
	38,848	TIBCO Software, Inc.*(a)		783,564
	3,600	Trend Micro, Inc.(a)		118,778
	36,576	UbiSoft Entertainment SA*(a)		672,644
	52,191	Veeva Systems, Inc., Class A*^(a)		1,328,261
	7,520	VMware, Inc., Class A*(a)		728,011

				9,606,711

	Specialty Retail (0.2%):
	2,300	Autobacs Seven Co., Ltd.(a)		38,636
	10,300	Nitori Co., Ltd.(a)		563,841
	4,200	Sanrio Co., Ltd.^(a)		122,142
	700	Shimamura Co., Ltd.(a)		68,913
	281,400	Yamada Denki Co., Ltd.^(a)		1,004,466
	214,260	Zhongsheng Group Holdings, Ltd.(a)		279,333

				2,077,331

	Technology Hardware, Storage & Peripherals (0.8%):
	60,872	Apple, Inc.(a)		5,656,835
	199,000	NEC Corp.(a)		635,969
	2,383	Seagate Technology plc(a)		135,402
	2,311	Western Digital Corp.(a)		213,305

				6,641,511

	Textiles, Apparel & Luxury Goods (0.4%):
	48,485	Coach, Inc.(a)		1,657,702
	12,080	Lululemon Athletica, Inc.*^(a)		488,998
	5,035	LVMH Moet Hennessy Louis Vuitton SA(a)		969,828

				3,116,528

	Thrifts & Mortgage Finance (0.1%):
	55,558	Fannie Mae*^(a)		217,232
	16,260	Ocwen Financial Corp.*(a)		603,246

				820,478

	Trading Companies & Distributors (1.0%):
	27,381	Fastenal Co.(a)		1,355,086
	72,100	Mitsubishi Corp.(a)		1,502,202
	241,600	Mitsui & Co., Ltd.(a)		3,880,448
	69,800	Sumitomo Corp.(a)		944,049

				7,681,785

	Transportation Infrastructure (0.1%):
	615,711	Delta Topco, Ltd.*(a)(b)(c)		407,108
	4,000	Kamigumi Co., Ltd.(a)		36,835
	17,667	Novorossiysk Commercial Sea Trade Port JSC, Registered Shares, GDR*(a)		88,302

				532,245

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2014 (Unaudited)


Shares			Fair Value
	Common Stocks, continued
	Water Utilities (0.1%):
	13,607	American Water Works Co., Inc.(a)	$	672,866

	Wireless Telecommunication Services (0.7%):
	16,430	America Movil SAB de C.V., Series L, ADR(a)		340,923
	379,500	Axiata Group Berhad(a)		824,333
	10,470	Crown Castle International Corp.(a)		777,502
	133,029	Far EasTone Telecommunications Co., Ltd.(a)		303,093
	24,600	KDDI Corp.(a)		1,503,978
	104,000	Taiwan Mobile Co., Ltd.(a)		321,959
	135,098	Vodafone Group plc(a)		451,413
	14,583	Vodafone Group plc, ADR(a)		486,926

				5,010,127

	Total Common Stocks (Cost $403,555,609)			464,101,424

	Preferred Stocks (1.5%):
	Auto Components (0.1%):
	12,219	Mobileye N.V., Series F, Preferred Shares*(a)(b)(c)		483,628

	Automobiles (0.3%):
	8,633	Volkswagen AG, Preferred Shares(a)		2,267,372

	Banks (0.6%):
	25,482	Citigroup Capital XIII, Preferred Shares(a)		705,851
	31,000	GMAC Capital Trust I, Series 2, Preferred Shares(a)		846,299
	15,033	HSBC Holdings plc, Series 2, Preferred Shares(a)		406,944
	76,512	Itau Unibanco Holding SA, Preferred Shares(a)		1,101,786
	20,628	RBS Capital Funding Trust VII, Series G, Preferred Shares(a)		497,135
	9,710	Royal Bank of Scotland Group plc, Series Q, Preferred Shares, ADR(a)		241,876
	12,375	Royal Bank of Scotland Group plc, Series M, Preferred Shares, ADR(a)		297,990
	13,969	Royal Bank of Scotland Group plc, Series T, Preferred Shares, ADR(a)		352,717
	7,409	U.S. Bancorp, Series G, Preferred Shares(a)		203,081
	13,409	U.S. Bancorp, Series F, Preferred Shares^(a)		378,938
	511,000	USB Capital IX, Preferred Shares(a)		435,628

				5,468,245

	Communications Equipment (0.1%):
	6,670	Corwn Castle International Corp., Series A, Preferred Shares(a)		678,673

	Diversified Financial Services (0.1%):
	44,451	Fannie Mae, Series S, Preferred Shares(a)		460,068

	Food & Staples Retailing (0.1%):
	13,631	Companhia Brasileira de Destribuicao Grupo Pao de Acucar, Preferred Shares(a)		635,579

	Machinery (0.0%):
	2,023	Stanley Black & Decker, Inc., Preferred Shares^(a)		230,683

	Multi-Utilities (0.1%):
	7,500	Dominion Resources, Inc., Preferred Shares(a)		394,688


Shares			Fair Value
	Preferred Stocks, continued
	Real Estate Investment Trusts (REITs) (0.1%):
	2,826	American Tower Corp., Series A, Preferred Shares(a)	$	300,686
	10,270	Health Care REIT, Inc., SeriesI(a)		596,623

				897,309

	Real Estate Management & Development (0.0%):
	14,600	Forestar Group, Inc., Preferred Shares(a)		367,409

	Total Preferred Stocks (Cost $10,739,847)			11,883,654

	Warrants (0.0%):
	Paper & Forest Products (0.0%):
	157,250	TFS Corp., Ltd.*(a)(d)		113,564

	Real Estate Management & Development (0.0%):
	11,666	Sun Hung Kai Properties, Ltd.*(a)		15,233

	Total Warrants (Cost $—)			128,797

	Convertible Preferred Stocks (0.2%):
	Aerospace & Defense (0.0%):
	5,137	United Technologies Corp., 0.46%(a)		334,881

	Airlines (0.0%):
	650	Continental Airlines Finance Trust II, 3.04%(a)		32,033

	Banks (0.0%):
	247	Wells Fargo & Co., Series L, Class A, 0.02%(a)		299,642

	Electric Utilities (0.2%):
	10,884	NextEra Energy, Inc., 0.34%(a)		722,209

	Metals & Mining (0.0%):
	14,524	Cliffs Natural Resources, Inc., Series A, 1.95%(a)		208,129

	Total Convertible Preferred Stocks (Cost $1,509,353)			1,596,894


Contracts, Shares, Notional Amount or Principal Amount
	Convertible Bonds (2.2%):
	Automobiles (0.2%):
	$ 800,000	Volkswagen International Finance NV, 5.50%, 11/9/15(a)(d)		1,283,516

	Banks (0.1%):
	713,000	JPMorgan Chase & Co., Series Q, 5.15%, 12/31/49, Callable 5/1/23 @ 100, Perpetual Bond(a)(e)		683,589

	Biotechnology (0.5%):
	143,000	BioMarin Pharmaceutical, Inc., 0.75%, 10/15/18(a)		147,916
	135,000	BioMarin Pharmaceutical, Inc., 1.50%, 10/15/20(a)		142,172
	229,000	Cubist Pharmaceuticals, Inc., 2.50%, 11/1/17(a)		561,336

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2014 (Unaudited)


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Convertible Bonds, continued
	Biotechnology, continued
$	659,000	Gilead Sciences, Inc., Series D, 1.63%, 5/1/16(a)	$	2,402,055

				3,253,479

	Diversified Financial Services (0.1%):
	20,000,000	Zeus (Cayman) II, Ltd., Registered Shares, — 23.28%, 8/18/16(a)(b)		347,596

	Electrical Equipment (0.0%):
	143,000	Suzlon Energy, Ltd., 0.00%, 7/25/14(a)		143,000

	Food & Staples Retailing (0.1%):
	500,000	Olam International, Ltd., 6.00%, 10/15/16(a)(d)		553,125

	Food Products (0.0%):
	400,000	REI Agro, Ltd., Registered Shares, 5.50%, 11/13/14(a)(b)		100,000

	Health Care Providers & Services (0.1%):
	80,000	Brookdale Senior Living, Inc., 2.75%, 6/15/18(a)		108,950
	463,000	WellPoint, Inc., 2.75%, 10/15/42(a)		709,258

				818,208

	Internet Software & Services (0.0%):
	355,000	SINA Corp., 1.00%, 12/1/18, Callable 12/1/16 @ 100(a)(d)		324,825

	Oil, Gas & Consumable Fuels (0.2%):
	836,000	Cobalt International Energy, Inc., 2.63%, 12/1/19(a)		771,210
	1,081,000	Cobalt International Energy, Inc., 3.13%, 5/15/24(a)		1,162,751
	70,000	Dana Gas Sukuk, Ltd., 7.00%, 10/31/17(a)		68,600
	300,000	Essar Energy plc, 4.25%, 2/1/16(a)(d)		298,500

				2,301,061

	Pharmaceuticals (0.2%):
	452,000	Mylan, Inc., 3.75%, 9/15/15(a)		1,752,348

	Real Estate Management & Development (0.4%):
	750,000	CapitaLand, Ltd., 2.10%, 11/15/16, Callable 10/17/18 @ 100(a)(d)		599,615
	1,500,000	CapitaLand, Ltd., Series CAPL, 2.95%, 6/20/22, Callable 6/20/17 @ 100(a)(d)		1,206,497
	500,000	CapitaLand, Ltd., 1.95%, 10/17/23, Callable 10/17/18 @ 100(a)(d)		408,792
	250,000	CapitaLand, Ltd., 1.95%, 10/17/23, Callable 10/17/18 @ 100(a)(d)		204,396
	391,000	Forest City Enterprises, Inc., 4.25%, 8/15/18(a)		441,830

				2,861,130

	Semiconductors & Semiconductor Equipment (0.0%):
	246,000	Intel Corp., 3.25%, 8/1/39(a)		379,455

	Software (0.2%):
	727,000	Salesforce.com, Inc., 0.25%, 4/1/18^(a)		834,687
	368,000	Take-Two Interactive Software, Inc., 1.75%, 12/1/16(a)		481,620

				1,316,307


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Convertible Bonds, continued
	Wireless Telecommunication Services (0.1%):
$	500,000	Telecom Italia Finance SA, 6.13%, 11/15/16(a)(d)	$	849,250

	Total Convertible Bonds (Cost $14,506,827)			16,966,889

	Floating Rate Loans (1.0%):
	Biotechnology (0.1%):
	972,676	Grifols Worldwide Operations, Ltd., 3.15%, 3/3/21(a)(e)		971,023

	Energy Equipment & Services (0.3%):
	378,964	Drillships Financing Holdings, Inc., 6.00%, 3/31/21(a)(e)		384,888
	405,533	Fieldwood Energy LLC, 9.38%, 9/20/20(a)(e)		417,902
	1,211,438	Seadrill, Ltd., 0.00%, 2/21/21(a)(c)(e)		1,193,266

				1,996,056

	Hotels, Restaurants & Leisure (0.4%):
	304,147	Autobahn Tank & Rast Holding GmbH, 3.60%, 12/4/18(a)(e)		415,803
	122,640	Autobahn Tank & Rast Holding GmbH, 4.63%, 12/4/19(a)(e)		168,176
	1,573,428	Hilton Worldwide Finance LLC, 3.50%, 9/23/20(a)(e)		1,570,155
	345,292	Hilton Worldwide Finance LLC, 3.50%, 10/25/20(a)(e)		344,574

				2,498,708

	Insurance (0.1%):
	571,000	Delta Debtco, Ltd., 9.25%, 10/30/19(a)(b)(e)		594,554

	Media (0.0%):
	392,052	Univision Communications, Inc., 4.00%, 3/1/20(a)(e)		391,519

	Metals & Mining (0.0%):
	105,324	Essar Steel Algoma, Inc., 9.25%, 9/18/14(a)(e)		105,377

	Oil, Gas & Consumable Fuels (0.1%):
	232,885	Quintero SA, 1.25%, 6/20/23(a)(e)		217,980
	105,393	Sheridan Production Partners, 4.25%, 12/2/20(a)(e)		105,393
	757,468	Sheridan Production Partners, 4.25%, 12/2/20(a)(e)		757,467
	39,317	Sheridan Production Partners, 4.25%, 12/2/20(a)(e)		39,317

				1,120,157

	Pharmaceuticals (0.0%):
	189,625	Mallinckrodt International Finance SA, 3.50%, 2/24/21(a)(e)		189,625

	Total Floating Rate Loans (Cost $7,769,660)			7,867,019

	Corporate Bonds (2.0%):
	Banks (0.2%):
	385,000	Bank of America Corp., 2.60%, 1/15/19(a)		389,529
	430,000	CIT Group, Inc., 4.75%, 2/15/15(a)(d)		438,600
	176,000	Deutsche Bank NY, 5.63%, Callable 1/19/16 @ 100(a)(d)(e)		182,820
	310,000	HSBC USA, Inc., 1.63%, 1/16/18(a)		310,694

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2014 (Unaudited)


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Banks, continued
	$ 290,000	JPMorgan Chase & Co., 6.13%, 6/27/17(a)	$	326,573

				1,648,216

	Beverages (0.0%):
	258,000	Anheuser-Busch InBev NV Worldwide, Inc., 1.38%, 7/15/17(a)		258,868

	Capital Markets (0.4%):
	272,000	General Electric Capital Corp., Series A, 5.55%, 5/4/20, MTN(a)		316,539
	420,000	General Electric Capital Corp., 6.38%, 11/15/67, Callable 11/15/17 @ 100(a)(e)		468,300
	657,000	Goldman Sachs Group, Inc., Series L, 5.70%, Callable 5/10/19 @ 100(a)(e)		683,280
	361,000	Merrill Lynch & Co., 6.88%, 4/25/18, MTN(a)		425,305
	489,000	Morgan Stanley, Series H, 5.45%, Callable 7/15/19 @ 100(a)(e)		497,919
	168,000	Morgan Stanley, Series G, 7.30%, 5/13/19(a)		205,422

				2,596,765

	Communications Equipment (0.0%):
	110,000	Hughes Satellite Systems Corp., 7.63%, 6/15/21(a)		125,950

	Construction Materials (0.1%):
	135,000	Building Materials Corp., 6.88%, 8/15/18, Callable 8/15/14 @ 103(a)(d)		139,995
	224,000	Texas Industries, Inc., 9.25%, 8/15/20, Callable 8/15/15 @ 105(a)		253,680

				393,675

	Consumer Finance (0.2%):
	578,000	Ally Financial, Inc., 2.75%, 1/30/17(a)		584,502
	431,000	Ally Financial, Inc., 3.50%, 1/27/19(a)		435,181
	858,000	Ford Motor Credit Co. LLC, 1.72%, 12/6/17(a)		858,349

				1,878,032

	Diversified Consumer Services (0.2%):
	408,000	Ford Motor Credit Co. LLC, 2.38%, 1/16/18(a)		416,776
	395,000	Ford Motor Credit Co. LLC, 5.00%, 5/15/18(a)		439,418

				856,194

	Diversified Financial Services (0.2%):
	518,000	Bank of America Corp., 2.00%, 1/11/18, MTN(a)		521,343
	277,000	Bank of America Corp., 1.30%, 3/22/18, MTN(a)(e)		280,566
	273,000	Citigroup, Inc., Series A, 5.95%, 12/29/49, Callable 1/30/23 @ 100(a)(e)		275,730
	500,000	General Electric Capital Corp., Series B, 6.25%, Callable 12/15/22 @ 100(a)(e)		556,250
	222,000	Hyundai Capital America, Inc., 2.13%, 10/2/17(a)(d)		225,378

				1,859,267

	IT Services (0.0%):
	130,000	SunGard Data Systems, Inc., 7.38%, 11/15/18, Callable 8/11/14 @ 105(a)		137,313


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Media (0.1%):
$	235,000	Cablevision Systems Corp., 5.88%, 9/15/22(a)	$	239,406
	200,000	NBCUniversal Enterprise, Inc., 5.25%, 12/31/99, Callable 3/19/21 @ 100(a)(d)		209,000

				448,406

	Oil, Gas & Consumable Fuels (0.1%):
	111,000	Chesapeake Energy Corp., 3.47%, 4/15/19, Callable 4/15/15 @ 101(a)(e)		112,249
	325,000	Reliance Holdings USA, Inc., 4.50%, 10/19/20(a)(d)		339,291
	250,000	Reliance Holdings USA, Inc., 5.40%, 2/14/22(a)(d)		269,940
	270,000	Sabine Pass Liquefaction LLC, 5.63%, 4/15/23(a)		281,475

				1,002,955

	Pharmaceuticals (0.2%):
	475,000	Forest Laboratories, Inc., 4.38%, 2/1/19(a)(d)		512,435
	331,000	Forest Laboratories, Inc., 5.00%, 12/15/21, Callable 9/16/21 @ 100(a)(d)		362,730
	436,000	Mylan, Inc., 2.55%, 3/28/19(a)		439,195

				1,314,360

	Real Estate Investment Trusts (REITs) (0.0%):
	162,000	American Tower Corp., 3.40%, 2/15/19(a)		169,477

	Specialty Retail (0.1%):
	553,000	Best Buy Co., Inc., 5.00%, 8/1/18(a)		579,959

	Technology Hardware, Storage & Peripherals (0.0%):
	213,000	Xerox Corp., 6.35%, 5/15/18(a)		247,505

	Thrifts & Mortgage Finance (0.0%):
	365,000	Capital One Bank USA NA, Series BNKT, 2.15%, 11/21/18, Callable 10/21/18 @ 100(a)		367,629

	Transportation Infrastructure (0.1%):
	516,343	Delta Topco, Ltd., 10.00%, 11/24/60(a)(b)(c)		517,424

	Wireless Telecommunication Services (0.1%):
	960,000	AT&T, Inc., 2.38%, 11/27/18(a)		976,098

	Total Corporate Bonds (Cost $15,061,214)			15,378,093

	Foreign Bonds (9.2%):
	Banks (0.2%):
	610,000	Lloyds TSB Bank plc, Series E, 13.00%, 1/29/49, Callable 1/21/29 @ 100+(a)(e)		1,748,404

	Media (0.1%):
	320,000	Nara Cable Funding, Ltd., 8.88%, 12/1/18, Callable 12/1/18 @ 109+(a)(d)		467,730

	Pharmaceuticals (0.0%):
	100,000	Capsugel FinanceCo SCA, 9.88%, 8/1/19, Callable 8/1/14 @ 107+(a)(d)		147,546

	Sovereign Bonds (8.9%):
	3,779,000	Australian Government, Series 133, 5.50%, 4/21/23+(a)		4,110,486

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2014 (Unaudited)


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
$	1,292,000	Australian Government, Series 137, 2.75%, 4/21/24+(a)	$	1,137,862
	24,557,000	Brazil Nota do Tesouro Nacional, Series NTNF, 1.39%, 1/1/21+(a)(f)		10,157,761
	6,703,000	Brazil Nota do Tesouro Nacional, Series NTNF, 1.31%, 1/1/23+(a)(f)		2,715,625
	187,000	Brazil Nota do Tesouro Nacional, Series NTNB, 0.00%, 8/15/24+(a)(f)		211,010
	4,278,946	Bundesrepublik Deutschland, Series 2007, 4.25%, 7/4/17+(a)		6,593,157
	638,000	Canadian Government, 4.00%, 6/1/16+(a)		630,752
	1,114,000	Canadian Government, 1.50%, 3/1/17+(a)		1,053,367
	807,000	Canadian Government, 3.50%, 6/1/20+(a)		833,156
	10,162,000	Government of Poland, 5.75%, 10/25/21+(a)		3,878,825
	8,444,000,000	Indonesia Government, Series FR69, 7.88%, 4/15/19+(a)		715,370
	340,000,000	Japan Treasury Discount Bill, Series 442, 0.03%, 7/7/14+(a)(g)		3,356,678
	220,000,000	Japan Treasury Discount Bill, Series 449, 0.04%, 8/4/14+(a)(g)		2,171,895
	69,557,600	Mexican Bonos Desarr, Series M 20, 10.00%, 12/5/24+(a)(e)(h)		7,159,725
	100,870,000	Mexican Cetes, Series BI, 0.00%, 7/10/14+(a)(h)		776,952
	69,579,100	Mexican Cetes, Series BI, 0.00%, 7/24/14+(a)(h)		535,338
	107,104,500	Mexican Cetes, Series BI, 0.00%, 8/7/14+(a)(h)		823,115
	121,064,500	Mexican Cetes, Series BI, 0.00%, 8/21/14+(a)(h)		929,355
	108,675,200	Mexican Cetes, Series BI, 0.00%, 9/4/14+(a)(h)		833,310
	116,160,000	Mexican Cetes, Series B, 0.00%, 9/18/14+(a)(h)		889,709
	293,560,000	Mexican Cetes, Series BI, 0.00%, 10/16/14+(a)(h)		2,243,338
	112,690,000	Mexican Cetes, Series BI, 0.00%, 11/13/14+(a)(h)		859,048
	275,404,000	Mexican Cetes, Series BI, 0.00%, 12/11/14+(a)(h)		2,094,084
	3,800,000	Nota do Tesouro Nacional, Series NTNF, 1.27%, 1/1/25+(a)(f)		1,505,309
	8,064,000	Poland Government Bond, Series 1020, 5.25%, 10/25/20+(a)		2,969,647
	1,326,000	Queensland Treasury Corp., Series 21, 6.00%, 6/14/21+(a)		1,445,520
	5,864,618	United Kingdom Treasury, 2.25%, 9/7/23+(a)		9,692,842

				70,323,236

	Total Foreign Bonds (Cost $70,879,429)			72,686,916


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Yankee Dollars (2.4%):
	Banks (0.5%):
$	275,000	Banco Estado Chile, 2.03%, 4/2/15(a)	$	278,048
	450,000	Banco Santander Chile SA, 2.11%, 6/7/18(a)(d)(e)		459,000
	1,107,000	BNP Paribas SA, 2.40%, 12/12/18(a)		1,114,433
	253,000	Export-Import Bank of Korea, 2.88%, 9/17/18(a)		260,473
	296,000	Intesa Sanpaolo SpA, 3.13%, 1/15/16(a)		304,260
	221,000	Intesa Sanpaolo SpA, 3.88%, 1/16/18(a)		232,920
	400,000	Intesa Sanpaolo SpA, 3.88%, 1/15/19(a)		419,489
	200,000	Lloyds Bank plc, 2.30%, 11/27/18^(a)		203,063
	250,000	Rabobank Nederland, 3.95%, 11/9/22(a)		254,157
	553,000	State Bank India/London, 3.62%, 4/17/19(a)(d)		555,853
	460,000	Sumitomo Mitsui Banking Corp., 2.45%, 1/10/19(a)		470,404
	200,000	UBS AG Stamford CT, Series BKNT, 5.88%, 12/20/17(a)		228,432

				4,780,532

	Capital Markets (0.2%):
	813,310	Dana Gas Sukuk, Ltd., 9.00%, 10/31/17, Callable 10/13/17 @ 105(a)(d)		776,711
	1,098,330	Dana Gas Sukuk, Ltd., 7.00%, 10/31/17(a)(d)		1,076,363

				1,853,074

	Diversified Financial Services (0.2%):
	400,000	CSG Guernsey I, Ltd., Registered Shares, 7.87%, 2/24/41, Callable 8/24/16 @ 100(a)(d)(e)		432,000
	400,000	Odebrecht Finance, Ltd., 4.38%, 4/25/25(a)(d)		395,000

				827,000

	Diversified Telecommunication Services (0.1%):
	572,000	Telecom Italia SpA, 5.30%, 5/30/24(a)(d)		574,145

	Electric Utilities (0.0%):
	85,000	Empresa Distribuidora Norte SA, 9.75%, 10/25/22, Callable 10/25/18 @ 105(a)(d)		65,450

	Government (0.0%):
	178,000	Provincia de Buenos Aires, 10.88%, 1/26/21(a)(d)		169,990

	Industrial Conglomerates (0.1%):
	400,000	Hutchison Whampoa International 11, Ltd., 3.50%, 1/13/17(a)(d)		420,580

	Media (0.0%):
	200,000	Nara Cable Funding, Ltd., 8.88%, 12/1/18, Callable 8/11/14 @ 109(a)(d)		213,500
	200,000	Unitymedia Hessen, 5.50%, 1/15/23, Callable 1/15/18 @ 103(a)(d)		207,000

				420,500

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2014 (Unaudited)


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Metals & Mining (0.0%):
$	229,000	FMG Resources August 2006, 6.00%, 4/1/17, Callable 4/1/15 @ 103(a)(d)	$	236,442
	184,000	FMG Resources August 2006, 6.88%, 4/1/22, Callable 4/1/17 @ 103.44^(a)(d)		197,340
	126,000	FMG Resources Pty, Ltd., 8.25%, 11/1/19, Callable 11/1/15 @ 104.13(a)(d)		137,183

				570,965

	Oil, Gas & Consumable Fuels (0.3%):
	240,000	Bumi Investment Pte, Ltd., 10.75%, 10/6/17, Callable 10/6/14 @ 105(a)(d)		120,000
	1,077,000	Petrobras Global Finance BV, 2.37%, 1/15/19(a)(e)		1,078,346
	507,000	YPF SA, 8.88%, 12/19/18(a)(d)		534,885
	428,000	YPF SA, 8.75%, 4/4/24(a)(d)		447,217

				2,180,448

	Oil-Integrated Companies (0.0%):
	229,000	Petrobras International Finance Co., 5.38%, 1/27/21(a)		238,671

	Paper & Forest Products (0.1%):
	425,000	TFS Corp., Ltd., 11.00%, 7/15/18, Callable 7/15/15 @ 108(a)(b)		440,406

	Real Estate Investment Trusts (REITs) (0.1%):
	516,000	Trust F/1401, 5.25%, 12/15/24(a)(d)		541,800

	Real Estate Management & Development (0.0%):
	200,000	Sun Hung Kai Properties, Ltd., Series E, 4.50%, 2/14/22(a)(d)		210,881

	Road & Rail (0.0%):
	370,503	Inversiones Alsacia SA, 8.00%, 8/18/18, Callable 2/18/15 @ 104(a)(b)		248,237
	173,000	Viterra, Inc., 5.95%, 8/1/20(a)(d)		197,455

				445,692

	Sovereign Bonds (0.6%):
	758,000	Federal Republic of Brazil, 4.88%, 1/22/21(a)		826,220
	405,400	Republic of Argentina, 2.68%, 10/3/15(a)		392,022
	1,583,590	Republic of Argentina, Series X, 2.46%, 4/17/17(a)		1,479,073
	393,204	Republic of Argentina, 0.68%, 5/7/24(a)		367,646
	1,028,000	Republic of Turkey, 6.75%, 4/3/18(a)		1,160,612

				4,225,573

	Tobacco (0.1%):
	375,000	B.A.T. International Finance plc, 2.13%, 6/7/17, Callable 6/7/17 @ 25(a)(d)		384,277

	Wireless Telecommunication Services (0.1%):
	200,000	Colombia Telecomm SA Esp, 5.38%, 9/27/22, Callable 9/27/17 @ 103(a)(d)		199,700
	464,000	Intelsat Jackson Holdings SA, 7.50%, 4/1/21, Callable 4/1/15 @ 103.75(a)		508,080

				707,780

	Total Yankee Dollars (Cost $18,900,468)			19,057,764


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	U.S. Treasury Obligations (15.7%):
	U.S. Treasury Bills (11.4%)
$	16,675,000	0.06%, 7/10/14(a)(g)	$	16,674,982
	50,000	0.06%, 7/17/14(a)(g)		50,000
	1,000,000	0.06%, 7/24/14(a)(g)		999,989
	4,300,000	0.05%, 8/7/14(a)(g)		4,299,979
	13,900,000	0.04%, 8/14/14(a)(g)		13,899,624
	12,700,000	0.04%, 8/21/14(a)(g)		12,699,594
	8,800,000	0.03%, 8/28/14(a)(g)		8,799,718
	2,000,000	0.04%, 9/18/14(a)(g)		1,999,912
	1,000,000	0.02%, 9/25/14(a)(g)		999,934
	3,000,000	0.02%, 10/2/14(a)(g)		2,999,691
	13,800,000	0.04%, 10/9/14(a)(g)		13,798,855
	6,700,000	0.06%, 10/16/14(a)(g)		6,699,156
	4,800,000	0.04%, 10/30/14(a)(g)		4,799,395

				88,720,829

	U.S. Treasury Notes (4.3%)
	1,940,000	0.25%, 1/15/15(a)(i)		1,941,820
	3,485,000	0.25%, 3/31/15(a)		3,488,949
	5,201,000	2.25%, 3/31/16(a)		5,372,675
	3,892,300	1.25%, 10/31/18(a)		3,862,197
	629,000	2.00%, 9/30/20		632,845
	5,467,500	2.25%, 4/30/21(a)		5,521,322
	7,272,500	2.00%, 5/31/21(a)		7,217,956
	929,700	2.00%, 11/15/21(a)		918,079
	1,121,100	1.75%, 5/15/22(a)		1,079,146
	4,401,700	2.75%, 2/15/24(a)		4,501,768

				34,536,757

	Total U.S. Treasury Obligations (Cost $123,157,422)			123,257,586

	Purchased Swaptions (0.2%):
	Total Purchased Swaptions (Cost $1,263,232)			1,507,382

	Purchased Options (0.5%):
	Total Purchased Options (Cost $6,342,986)			6,784,680

	Exchange Traded Funds (1.0%):
	44,243	Market Vectors Gold Miners, ETF, 0.72%(a)		1,170,227
	4,217	ETFS Platinum Trust(i)		609,905
	4,996	ETFS Physical Palladium Shares(i)		410,621
	92,245	iShares Gold Trust(i)		1,188,116
	37,838	SPDR Gold Trust(i)		4,844,777

	Total Exchange Traded Fund (Cost $8,916,252)			8,223,646

	Securities Held as Collateral for Securities on Loan (1.6%):
	12,928,596	Allianz Variable Insurance Products Securities Lending Collateral Trust(j)		12,928,596

	Total Securities Held as Collateral for Securities on Loan (Cost $12,928,596)			12,928,596

	Unaffiliated Investment Companies (3.7%):
	1,833,707	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(g)(k)		1,833,707
	27,000,000	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.00%(g)(l)		27,000,000

	Total Unaffiliated Investment Company (Cost $28,833,707)			28,833,707

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2014 (Unaudited)


Contracts, Shares, Notional Amount or Principal Amount	Fair Value
Total Investment Securities (Cost $724,364,602)(m) — 100.2%	$	791,203,047
Net other assets (liabilities) — (0.2)%		(5,196,357	)

Net Assets — 100.0%	$	786,006,690

Percentages indicated are based on net assets as of June 30, 2014.

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

MTN—Medium Term Note

SPDR—Standard & Poor’s Depository Receipts

*	Non-income producing security.

^	This security or a partial position of this security was on loan as of June 30, 2014. The total value of securities on loan as of June 30, 2014, was $12,503,743.

+	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 June 30, 2014, these securities represent 1.04% 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 June 30, 2014. The total of all such securities represent 0.98% of the net assets of the fund.

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

(e)	Variable rate security. The rate presented represents the rate in effect at June 30, 2014. The date presented represents the final maturity date.

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

(g)	The rate represents the effective yield at June 30, 2014.

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

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

(j)	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 June 30, 2014.

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

(l)	Security purchased with cash that was segregated to cover margin requirements for open futures contracts as of June 30, 2014.

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

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2014 (Unaudited)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2014:


Country	Percentage
Argentina		0.5	%
Australia		1.1	%
Austria		—	%^NM
Belgium		—	%^NM
Bermuda		0.1	%
Brazil		2.6	%
Canada		2.0	%
Cayman Islands		0.5	%
Chile		0.2	%
China		0.2	%
Colombia		—	%^NM
Denmark		0.1	%
European Community		0.2	%
France		3.7	%
Germany		2.5	%
Guernsey		0.1	%
Hong Kong		1.2	%
India		0.1	%
Indonesia		0.2	%
Ireland (Republic of)		0.5	%
Israel		—	%^NM
Italy		0.6	%
Japan		10.0	%
Jersey		0.3	%
Kazakhstan		0.1	%
Korea, Republic Of		0.4	%
Luxembourg		0.3	%
Malaysia		0.3	%
Mexico		2.6	%
Netherlands		2.2	%
Norway		0.1	%
Poland		0.9	%
Portugal		—	%^NM
Republic of Korea (South)		0.3	%
Russian Federation		—	%^NM
Singapore		1.0	%
South Africa		0.1	%
Spain		0.1	%
Sweden		0.4	%
Switzerland		2.3	%
Taiwan		0.2	%
Thailand		0.1	%
Turkey		0.1	%
United Arab Emirates		0.1	%
United Kingdom		5.2	%
United States		56.5	%

		100.0	%

NM	Not meaningful, amount is less than 0.05%.

Securities Sold Short (0.0%):(a)


Security Description	Proceeds Received			Fair Value			Unrealized Appreciation/ Deprecation
Eni SpA	$	(349,635	)	$	(375,600	)	$	(25,965	)

	$	(349,635	)	$	(375,600	)	$	(25,965	)

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2014 (Unaudited)

Futures Contracts

Cash of $12,284,685 has been segregated to cover margin requirements for the following open contracts as of June 30, 2014:


Description	Type		Expiration Date		Number of Contracts			Notional Value			Unrealized Appreciation/ (Depreciation)
E-Mini MSCI Emerging Markets Index September Futures (U.S. Dollar)(a)		Short		9/19/14		(200	)	$	(10,407,000	)	$	14,959
Russell 2000 Mini Index September Futures (U.S. Dollar)(a)		Short		9/19/14		(22	)		(2,618,660	)		(51,964	)
DJ EURO STOXX 50 September Futures (Euro)(a)		Short		9/19/14		(190	)		(8,408,024	)		102,979
S&P 500 Index E-Mini September Futures (U.S. Dollar)(a)		Short		9/19/14		(345	)		(33,378,900	)		(339,903	)
ASX SPI 200 Index September Futures (Australian Dollar)(a)		Long		9/18/14		1			126,194			279
Tokyo Price Index September Futures (Japanese Yen)(a)		Long		9/11/14		7			872,495			18,125
German Stock Index September Futures (Euro)(a)		Long		9/19/14		3			1,012,477			(6,321	)
U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		Long		9/19/14		125			15,646,484			(35,613	)
S&P/Toronto Stock Exchange 60 Index September Futures (Canadian Dollar)(a)		Long		9/18/14		1			161,908			1,290
S&P 500 Index E-Mini September Futures (U.S. Dollar)		Long		9/19/14		241			23,526,420			349,256
NIKKEI 225 Index September Futures (Japanese Yen)(a)		Long		9/11/14		3			224,578			500

Total											$	53,587

Option Contracts(a)

Over-the-counter options purchased as of June 30, 2014 were as follows:

Description

Counterparty

Put/
Call

Strike Price

Expiration
Date

Contracts

Fair
Value

ACE, Ltd.

Goldman Sachs

Call

USD

95.00

01/16/15

31,614

298,792

Anadarko Petroleum Corp.

Deutsche Bank

Call

USD

105.00

01/16/15

13,197

140,690

Anadarko Petroleum Corp.

Deutsche Bank

Call

USD

115.00

01/16/15

21,359

127,856

Bank of America Corp.

Citibank

Call

USD

17.00

01/16/15

157,232

72,172

Chevron Corp.

Barclays Bank

Call

USD

135.00

12/19/14

14,500

37,358

Chevron Corp.

Deutsche Bank

Call

USD

135.00

12/19/14

7,100

18,293

Chevron Corp.

Citibank

Call

USD

135.00

12/19/14

7,200

18,550

Citigroup, Inc.

Bank of America

Call

USD

60.00

01/16/15

44,025

5,846

Coach, Inc.

Bank of America

Call

USD

60.00

02/20/15

13,282

448

Coca-Cola Co. (The)

Deutsche Bank

Call

USD

45.00

01/16/15

130,514

79,862

EOG Resources, Inc.

Credit Suisse First Boston

Call

USD

120.00

10/17/14

19,952

96,881

Euro Stoxx 50 Index

Goldman Sachs

Call

EUR

3500.00

03/16/18

424

138,051

Euro Stoxx 50 Index

Morgan Stanley

Call

EUR

3450.00

03/20/17

495

142,145

Euro Stoxx 50 Index

UBS Warburg

Call

EUR

3600.00

06/15/18

206

58,058

Euro Stoxx 50 Index

Citibank

Call

EUR

3500.00

06/16/17

462

120,503

Euro Stoxx 50 Index

Bank of America

Call

EUR

3600.00

09/15/17

477

117,371

Euro Stoxx 50 Index

Deutsche Bank

Call

EUR

3426.55

09/21/18

225

83,595

Euro Stoxx 50 Index

Barclays Bank

Call

EUR

3500.00

12/15/17

488

148,921

Euro Stoxx 50 Index

Goldman Sachs

Call

EUR

3293.01

12/16/16

1,161

395,000

Euro Stoxx 50 Index

JPMorgan Chase

Call

EUR

3325.00

12/18/15

515

125,524

Humana, Inc.

Deutsche Bank

Call

USD

115.00

01/16/15

3,310

57,761

Humana, Inc.

Goldman Sachs

Call

USD

130.00

01/16/15

13,049

114,528

Johnson & Johnson

Deutsche Bank

Call

USD

105.00

02/20/15

66,400

258,040

JPMorgan Chase & Co.

Bank of America

Call

USD

65.00

01/16/15

78,616

34,277

JPMorgan Chase & Co.

Goldman Sachs

Call

USD

65.00

01/16/15

57,421

25,036

Marathon Oil Corp.

Goldman Sachs

Call

USD

32.00

07/18/14

3,520

27,878

Merck & Co., Inc.

Deutsche Bank

Call

USD

55.00

01/16/15

106,514

497,833

MetLife, Inc.

Goldman Sachs

Call

USD

50.00

01/16/15

59,096

397,267

Mylan, Inc.

Bank of America

Call

USD

47.00

01/16/15

18,200

132,587

Mylan, Inc.

Deutsche Bank

Call

USD

47.00

01/16/15

18,200

132,587

Oracle Corp.

Deutsche Bank

Call

USD

42.00

01/16/15

65,257

108,606

PFE U.S.

Citibank

Call

USD

32.50

01/16/15

68,164

23,728

Prudential Financial, Inc.

Citibank

Call

USD

87.50

01/16/15

45,138

264,592

Siemens AG

Deutsche Bank

Call

USD

150.00

01/16/15

18,114

42,407

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2014 (Unaudited)

Description

Counterparty

Put/
Call

Strike Price

Expiration
Date

Contracts

Fair
Value

SPDR Gold Shares(b)

JPMorgan Chase

Call

USD

133.44

03/20/15

9,230

35,217

Stoxx Europe 600 Index

Credit Suisse First Boston

Call

EUR

355.61

03/17/17

4,134

132,144

Stoxx Europe 600 Index

JPMorgan Chase

Call

EUR

348.12

09/16/16

4,376

136,541

Stoxx Europe 600 Index

Credit Suisse First Boston

Call

EUR

347.97

12/16/16

3,668

122,398

Takeda Pharmaceutical Co., Ltd.

Morgan Stanley

Call

JPY

5108.80

01/29/15

8,000

8,993

Takeda Pharmaceutical Co., Ltd.

Goldman Sachs

Call

JPY

4906.34

10/09/14

7,148

5,312

Topix Index

Morgan Stanley

Call

JPY

1184.43

03/13/15

338,919

373,492

Topix Index

Goldman Sachs

Call

JPY

1288.50

06/12/15

261,314

169,203

Topix Index

Citibank

Call

JPY

1246.74

09/12/14

148,791

65,257

Topix Index

Citibank

Call

JPY

1178.21

12/12/14

173,166

181,029

Topix JP Equity

UBS Warburg

Call

JPY

1240.60

12/12/14

173,716

113,890

MSCI Emerging Markets Index

Bank of America

Put

USD

1019.91

08/15/14

3,744

29,823

Occidental Petroleum Corp.

Citibank

Put

USD

95.00

01/16/15

17,605

58,057

Russell 200 Index

Citibank

Put

USD

1077.67

07/18/14

3,314

1,660

S&P 500 Index

JPMorgan Chase

Put

USD

1838.92

07/18/14

1,888

2,772

S&P 500 Index

BNP Paribas

Put

USD

1854.90

07/18/14

1,872

3,527

S&P 500 Index

Goldman Sachs

Put

USD

1853.97

08/15/14

1,308

9,663

Security Capital U.S. Sponsored ADR

Bank of America

Put

USD

1078.40

07/18/14

3,216

1,645

Security Capital U.S. Sponsored ADR

Credit Suisse First Boston

Put

USD

1155.45

08/15/14

2,770

38,528

SPX U.S. Index

Credit Suisse First Boston

Put

USD

1900.00

07/18/14

1,887

6,920

SPX U.S. Index

BNP Paribas

Put

USD

1928.98

08/15/14

1,846

33,394

Transocean, Ltd.

Bank of America

Put

USD

38.00

01/16/15

21,131

24,985

Transocean, Ltd.

Citibank

Put

USD

40.00

01/16/15

16,740

29,349

Transocean, Ltd.

Bank of America

Put

USD

40.00

01/16/15

14,083

24,691

Transocean, Ltd.

Goldman Sachs

Put

USD

40.00

01/16/15

5,441

9,539

Transocean, Ltd.

Barclays Bank

Put

USD

40.00

01/16/15

5,719

10,027

Transocean, Ltd.

Credit Suisse First Boston

Put

USD

40.00

01/16/15

13,953

24,463

Transocean, Ltd.

Deutsche Bank

Put

USD

43.00

01/16/15

24,389

70,728

Transocean, Ltd.

Goldman Sachs

Put

USD

43.00

01/16/15

19,511

56,777

Total

6,123,067

Over-the-counter options written as of June 30, 2014 were as follows:


Description	Counterparty	Put/ Call		Strike Price		Expiration Date		Contracts		Fair Value
ACE, Ltd.	Goldman Sachs		Call	USD	110.00		01/16/15		31,614	$	(39,140	)
Anadarko Petroleum Corp.	Credit Suisse First Boston		Call	USD	100.00		08/15/14		6,982		(74,375	)
Anadarko Petroleum Corp.	Deutsche Bank		Call	USD	100.00		08/15/14		7,014		(74,716	)
Cimarex Energy	Deutsche Bank		Call	USD	125.00		09/19/14		3,512		(72,875	)
Cimarex Energy	Credit Suisse First Boston		Call	USD	135.00		09/19/14		4,691		(62,197	)
Diamondback Energy, Inc.	Goldman Sachs		Call	USD	75.00		09/19/14		3,489		(54,766	)
Diamondback Energy, Inc.	Citibank		Call	USD	80.00		01/16/15		7,761		(117,370	)
Diamondback Energy, Inc.	Deutsche Bank		Call	USD	80.00		09/19/14		2,875		(34,080	)
Diamondback Energy, Inc.	Deutsche Bank		Call	USD	75.00		09/19/14		3,491		(54,798	)
Marathon Oil Corp.	Citibank		Call	USD	32.00		07/18/14		3,520		(27,878	)
MetLife, Inc.	Goldman Sachs		Call	USD	60.00		01/16/15		59,096		(94,562	)
MSCI Emerging Markets Index	Bank of America		Call	USD	1108.82		08/15/14		3,744		(1,251	)
Mylan, Inc.	Bank of America		Call	USD	55.00		01/16/15		18,200		(59,814	)
Mylan, Inc.	Deutsche Bank		Call	USD	55.00		01/16/15		18,200		(59,814	)
Nestle N	Morgan Stanley		Call	CHF	70.00		09/19/14		5,435		(4,883	)
Prudential Financial, Inc.	Citibank		Call	USD	97.50		01/16/15		45,138		(93,068	)
Russell 200 Index	Citibank		Call	USD	1154.65		07/18/14		3,314		(139,823	)
S&P 500 Index	JPMorgan Chase		Call	USD	1951.51		07/18/14		1,888		(36,289	)
S&P 500 Index	BNP Paribas		Call	USD	1968.46		07/18/14		1,872		(18,872	)
S&P 500 Index	Goldman Sachs		Call	USD	1981.99		08/15/14		1,308		(17,976	)

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2014 (Unaudited)


Description	Counterparty	Put/ Call		Strike Price		Expiration Date		Contracts		Fair Value
Security Capital U.S. Sponsored ADR	Bank of America		Call	USD	1155.43		07/18/14		3,216	$	(133,522	)
Security Capital U.S. Sponsored ADR	Credit Suisse First Boston		Call	USD	1237.98		08/15/14		2,770		(17,238	)
SPX U.S. Index	Credit Suisse First Boston		Call	USD	1990.00		07/18/14		1,887		(6,985	)
Tokyo Stock Price Index	Citibank		Call	JPY	1318.19		12/12/14		173,166		(56,783	)
Topix Index	Morgan Stanley		Call	JPY	1370.22		03/13/15		338,919		(103,887	)
Topix Index	Goldman Sachs		Call	JPY	1490.61		06/12/15		261,314		(46,227	)
Topix JP Equity	UBS Warburg		Call	JPY	1410.88		12/12/14		173,716		(21,970	)
Anadarko Petroleum Corp.	Deutsche Bank		Put	USD	97.50		01/16/15		18,500		(73,233	)
Cimarex Energy	Goldman Sachs		Put	USD	120.00		09/19/14		3,501		(5,088	)
Cimarex Energy	Citibank		Put	USD	120.00		09/19/14		3,522		(5,118	)
Coach, Inc.	Bank of America		Put	USD	42.50		02/20/15		13,282		(125,986	)
CONSOL Energy, Inc.	Goldman Sachs		Put	USD	42.00		01/16/15		20,679		(44,203	)
CONSOL Energy, Inc.	UBS Warburg		Put	USD	43.00		10/17/14		14,046		(20,944	)
Diamondback Energy, Inc.	Citibank		Put	USD	70.00		01/16/15		10,348		(31,199	)
Dresser-Rand Group, Inc.	Deutsche Bank		Put	USD	55.00		09/19/14		7,277		(3,643	)
EOG Resources, Inc.	Goldman Sachs		Put	USD	110.00		10/17/14		7,100		(26,027	)
Euro Stoxx 50 Index	Deutsche Bank		Put	EUR	2586.07		09/21/18		225		(94,965	)
Gulfport Energy	Deutsche Bank		Put	USD	60.00		01/16/15		20,900		(118,866	)
Hess Corp.	Citibank		Put	USD	95.00		01/16/15		7,350		(33,008	)
Kodiak Oil & Gas Corp.	Morgan Stanley		Put	USD	13.00		09/19/14		34,164		(19,478	)
Marathon Petroleum Corp.	Goldman Sachs		Put	USD	77.50		01/16/15		15,600		(97,841	)
MSCI Emerging Markets Index	Bank of America		Put	USD	951.91		08/15/14		3,744		(6,677	)
Mylan, Inc.	Deutsche Bank		Put	USD	42.00		01/16/15		18,200		(24,230	)
Mylan, Inc.	Bank of America		Put	USD	42.00		01/16/15		18,200		(24,230	)
Oasis Petroleum, Inc.	Deutsche Bank		Put	USD	49.00		11/21/14		3,550		(7,008	)
Ocean RIG UDW, Inc.	Goldman Sachs		Put	USD	17.50		12/19/14		17,702		(19,201	)
Oceaneering International, Inc.	Citibank		Put	USD	70.00		10/17/14		13,781		(17,121	)
PFE U.S.	Citibank		Put	USD	28.00		01/16/15		68,164		(58,719	)
Phillips 66	Morgan Stanley		Put	USD	80.00		01/16/15		6,977		(37,002	)
Phillips 66	UBS Warburg		Put	USD	85.00		01/16/15		3,528		(28,532	)
Phillips 66	Barclays Bank		Put	USD	85.00		01/16/15		7,122		(57,598	)
Phillips 66	Citibank		Put	USD	85.00		01/16/15		3,600		(29,114	)
Phillips 66	Goldman Sachs		Put	USD	90.00		01/16/15		3,521		(40,759	)
Phillips 66	Deutsche Bank		Put	USD	80.00		11/21/14		7,014		(30,783	)
Phillips 66	Citibank		Put	USD	82.50		11/21/14		7,020		(39,936	)
Pioneer Natural Resources Co.	Citibank		Put	USD	225.00		09/19/14		3,559		(37,464	)
Rowan Companies plc	Goldman Sachs		Put	USD	32.00		07/18/14		33,300		(20,308	)
Russell 200 Index	Citibank		Put	USD	989.70		07/18/14		3,314		(158	)
S&P 500 Index	JPMorgan Chase		Put	USD	1688.80		07/18/14		1,888		(251	)
S&P 500 Index	BNP Paribas		Put	USD	1703.48		07/18/14		1,872		(310	)
S&P 500 Index	Goldman Sachs		Put	USD	1706.98		08/15/14		1,308		(1,693	)
Security Capital U.S. Sponsored ADR	Bank of America		Put	USD	990.37		07/18/14		3,216		(156	)
Security Capital U.S. Sponsored ADR	Credit Suisse First Boston		Put	USD	1072.92		08/15/14		2,770		(9,401	)
SPX U.S. Index	Credit Suisse First Boston		Put	USD	1790.00		07/18/14		1,887		(1,199	)
SPX U.S. Index	BNP Paribas		Put	USD	1782.11		08/15/14		1,846		(5,913	)
Topix Index	Morgan Stanley		Put	JPY	1045.08		03/13/15		338,919		(43,141	)
Topix Index	Goldman Sachs		Put	JPY	1136.91		06/12/15		261,314		(101,584	)
Topix Index	Citibank		Put	JPY	1047.55		12/12/14		173,166		(11,228	)
Topix JP Equity	UBS Warburg		Put	JPY	1094.65		12/12/14		173,716		(19,066	)
Transocean, Ltd.	Goldman Sachs		Put	USD	38.00		01/16/15		21,131		(21,131	)

Total										$	(2,918,671	)

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2014 (Unaudited)

Exchange-traded options purchased as of June 30, 2014 were as follows:


Description	Put/ Call		Strike Price		Expiration Date		Contracts		Fair Value
Bank of America Corp.		Call	USD	17.00		01/16/15		256	$	11,648
Canadian Natural Resources, Ltd.		Call	USD	34.00		09/19/14		204		244,800
Citigroup, Inc.		Call	USD	60.00		01/16/15		70		980
Coca-Cola Co. (The)		Call	USD	45.00		01/16/15		167		10,104
Humana, Inc.		Call	USD	130.00		01/16/15		21		18,690
Merck & Co., Inc.		Call	USD	55.00		01/16/15		110		48,950
MetLife, Inc.		Call	USD	50.00		01/16/15		66		44,715
Oracle Corp.		Call	USD	42.00		01/16/15		82		13,776
Prudential Financial, Inc.		Call	USD	82.50		01/16/15		34		31,875
SPDR Gold Shares(b)		Call	USD	135.00		06/19/15		146		64,605
SPDR Gold Shares(b)		Call	USD	130.00		12/19/14		346		132,345
SPDR Gold Trust(b)		Call	USD	130.56		12/31/14		10,383		38,855
Time Warner Cable, Inc.		Put	USD	135.00		07/18/14		9		270

Total									$	661,613

Exchange-traded options written as of June 30, 2014 were as follows:


Description	Put/ Call		Strike Price		Expiration Date		Contracts		Fair Value
Canadian Natural Resources, Ltd.		Call	USD	39.00		09/19/14		180	$	(130,500	)
Lululemon Athletica, Inc.		Call	USD	42.50		12/19/14		43		(13,653	)
Tenet Healtchare Corp.		Call	USD	49.00		11/21/14		69		(21,563	)
Time Warner Cable, Inc.		Call	USD	150.00		07/18/14		9		(608	)
Biogen Idec, Inc.		Put	USD	280.00		07/18/14		11		(413	)

Total									$	(166,737	)

Over-the-counter interest rate swaptions purchased as of June 30, 2014 were as follows:

Description

Counterparty

Put/
Call

Exercise Rate

Expiration
Date

Notional
Amount
(Local)

Market
Value

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

Goldman Sachs

Call

USD

2.80

09/15/14

2,229

382,168

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

Goldman Sachs

Call

USD

2.80

09/15/14

175

27,323

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

Goldman Sachs

Call

USD

2.75

11/28/14

8,668

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

Goldman Sachs

Call

USD

2.75

11/28/14

1,826

243,554

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

Goldman Sachs

Call

USD

1.90

09/26/14

1,416

67,768

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

Goldman Sachs

Call

USD

1.63

10/10/14

3,261

79,623

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

Deutsche Bank

Call

USD

1.80

10/28/14

5,440

518,663

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

Deutsche Bank

Call

USD

1.80

10/28/14

100

5,300

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

Deutsche Bank

Call

USD

1.80

11/17/14

1,456

158,103

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

Goldman Sachs

Put

JPY

1.35

01/25/16

30,000

3,087

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

Goldman Sachs

Put

JPY

1.35

01/25/16

13,882

1,429

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

Deutsche Bank

Put

JPY

1.07

04/04/18

1,006,981

11,696

Total

1,507,382

Over-the-counter interest rate swaptions written as of June 30, 2014 were as follows:


Description	Counterparty	Put/ Call	Exercise Rate		Expiration Date		Notional Amount		Market Value
10-Year Interest Rate, Pay 6-Month USD LIBOR	Goldman Sachs	Call	USD	2.60		09/15/14		1,463	$	(137,188	)
10-Year Interest Rate, Pay 6-Month USD LIBOR	Goldman Sachs	Call	USD	2.60		09/15/14		869		(5,506	)
5-Year Interest Rate, Pay 6-Month USD LIBOR	Goldman Sachs	Call	USD	1.70		09/26/14		1,416		(45,700	)

Total									$	(188,394	)

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2014 (Unaudited)

Forward Currency Contracts(a)

At June 30, 2014, the Fund’s open forward currency contracts were as follows:


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Short Contracts:
Australian Dollar	Morgan Stanley	8/8/14		1,964,700	$	1,837,024	$	1,846,727	$	(9,703	)
Brazilian Real	Deutsche Bank	8/8/14		4,207,702		1,813,000		1,882,735		(69,735	)
Brazilian Real	Deutsche Bank	8/15/14		1,664,543		743,000		743,373		(373	)
Brazilian Real	Deutsche Bank	8/15/14		1,659,269		744,000		741,018		2,982
Chinese Renminbi	Deutsche Bank	1/30/15		8,202,461		1,338,000		1,309,313		28,687
Chinese Renminbi	Deutsche Bank	1/30/15		2,043,746		334,000		326,232		7,768
Chinese Renminbi	JPMorgan Chase	1/30/15		4,087,158		668,000		652,410		15,590
European Euro	BNP Paribas	7/3/14		1,339,800		1,835,044		1,834,483		561
European Euro	Deutsche Bank	7/3/14		1,339,800		1,835,526		1,834,483		1,043
European Euro	BNP Paribas	7/10/14		1,611,116		2,207,749		2,206,031		1,718
European Euro	JPMorgan Chase	7/10/14		473,000		648,166		647,658		508
European Euro	Credit Suisse First Boston	7/11/14		1,263,100		1,731,710		1,729,514		2,196
European Euro	Deutsche Bank	7/11/14		1,263,100		1,731,205		1,729,514		1,691
European Euro	Morgan Stanley	7/11/14		1,206,000		1,647,812		1,651,329		(3,517	)
European Euro	Credit Suisse First Boston	7/17/14		1,284,300		1,754,174		1,758,581		(4,407	)
European Euro	Deutsche Bank	7/17/14		1,305,000		1,787,706		1,786,925		781
European Euro	Deutsche Bank	7/18/14		2,248,900		3,072,785		3,079,412		(6,627	)
European Euro	Deutsche Bank	8/7/14		1,816,300		2,459,379		2,487,235		(27,856	)
European Euro	Morgan Stanley	8/7/14		1,337,600		1,811,199		1,831,705		(20,506	)
European Euro	JPMorgan Chase	8/8/14		1,290,900		1,747,262		1,767,760		(20,498	)
European Euro	Credit Suisse First Boston	8/14/14		752,400		1,019,359		1,030,360		(11,001	)
European Euro	Deutsche Bank	8/14/14		499,100		676,141		683,483		(7,342	)
European Euro	UBS Warburg	8/14/14		1,243,200		1,683,927		1,702,477		(18,550	)
European Euro	Credit Suisse First Boston	8/15/14		1,317,000		1,787,564		1,803,548		(15,984	)
European Euro	JPMorgan Chase	8/15/14		1,337,300		1,814,861		1,831,348		(16,487	)
European Euro	Morgan Stanley	8/22/14		1,321,600		1,796,662		1,809,894		(13,232	)
European Euro	UBS Warburg	8/22/14		1,284,600		1,746,735		1,759,223		(12,488	)
Japanese Yen	BNP Paribas	7/3/14		179,442,194		1,763,000		1,771,613		(8,613	)
Japanese Yen	UBS Warburg	7/3/14		179,593,812		1,763,000		1,773,110		(10,110	)
Japanese Yen	Morgan Stanley	7/7/14		340,000,000		3,273,827		3,356,895		(83,068	)
Japanese Yen	Bank of America	7/10/14		146,759,025		1,435,998		1,449,020		(13,022	)
Japanese Yen	Goldman Sachs	7/10/14		153,515,670		1,503,069		1,515,732		(12,663	)
Japanese Yen	JPMorgan Chase	7/11/14		146,209,560		1,441,468		1,443,607		(2,139	)
Japanese Yen	Credit Suisse First Boston	7/17/14		141,878,850		1,399,241		1,400,917		(1,676	)
Japanese Yen	BNP Paribas	7/24/14		144,875,127		1,414,505		1,430,586		(16,081	)
Japanese Yen	Credit Suisse First Boston	7/24/14		73,626,625		719,010		727,035		(8,025	)
Japanese Yen	JPMorgan Chase	7/24/14		221,383,188		2,161,542		2,186,074		(24,532	)
Japanese Yen	BNP Paribas	7/25/14		186,459,631		1,817,000		1,841,233		(24,233	)
Japanese Yen	Morgan Stanley	7/25/14		223,563,000		2,177,508		2,207,617		(30,109	)
Japanese Yen	BNP Paribas	8/1/14		186,051,351		1,817,000		1,837,302		(20,302	)
Japanese Yen	Credit Suisse First Boston	8/1/14		262,821,000		2,568,091		2,595,421		(27,330	)
Japanese Yen	HSBC Bank	8/4/14		220,000,000		2,164,289		2,172,597		(8,308	)
Japanese Yen	Credit Suisse First Boston	8/7/14		140,851,348		1,375,931		1,390,997		(15,066	)
Japanese Yen	HSBC Bank	8/7/14		185,678,778		1,814,155		1,833,696		(19,541	)
Japanese Yen	UBS Warburg	8/8/14		149,577,000		1,467,563		1,477,178		(9,615	)
Japanese Yen	HSBC Bank	8/14/14		155,079,960		1,518,516		1,531,585		(13,069	)
Japanese Yen	Morgan Stanley	8/15/14		188,602,140		1,860,000		1,862,666		(2,666	)

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2014 (Unaudited)


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Japanese Yen	JPMorgan Chase	8/22/14		306,886,455	$	3,007,959	$	3,031,003	$	(23,044	)
Mexican Peso	Barclays Bank	7/10/14		10,087,000		747,933		776,990		(29,057	)
Mexican Peso	Credit Suisse First Boston	7/24/14		6,957,910		523,360		535,396		(12,036	)
Mexican Peso	Deutsche Bank	8/7/14		10,710,450		793,696		823,360		(29,664	)
Mexican Peso	Credit Suisse First Boston	8/21/14		12,106,450		912,675		929,859		(17,184	)
Mexican Peso	UBS Warburg	9/4/14		10,867,520		814,199		833,943		(19,744	)
Mexican Peso	UBS Warburg	9/18/14		11,616,000		882,715		890,534		(7,819	)
Mexican Peso	Credit Suisse First Boston	10/16/14		29,356,000		2,226,047		2,246,388		(20,341	)
Mexican Peso	Deutsche Bank	11/13/14		11,269,000		861,907		860,748		1,159
Mexican Peso	BNP Paribas	12/11/14		27,540,400		2,093,436		2,099,725		(6,289	)

					$	90,590,630	$	91,299,598	$	(708,968	)

Long Contracts:
Chinese Renminbi	Deutsche Bank	1/30/15		6,183,207	$	998,580	$	986,991	$	(11,589	)
Chinese Renminbi	Deutsche Bank	1/30/15		4,063,000		651,539		648,554		(2,985	)
Chinese Renminbi	JPMorgan Chase	1/30/15		4,087,158		653,579		652,410		(1,169	)
European Euro	Deutsche Bank	7/11/14		1,263,100		1,717,109		1,729,514		12,405
European Euro	Brown Brothers Harriman	7/14/14		992,500		1,360,395		1,359,007		(1,388	)
Indian Rupee	Credit Suisse First Boston	7/18/14		42,139,033		713,000		697,508		(15,492	)
Swiss Franc	HSBC Bank	8/8/14		1,604,153		1,784,603		1,809,976		25,373
Swiss Franc	HSBC Bank	8/15/14		1,605,414		1,789,600		1,811,504		21,904

					$	9,668,405	$	9,695,464	$	27,059

At June 30, 2014, the Fund’s open forward cross currency contracts were as follows:


Purchase/Sale	Counterparty	Amount Purchased	Amount Sold		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Great British Pound/European Euro	Deutsche Bank	1,058,043	1,306,000	EUR	$	1,783,585	$	1,805,535	$	21,950
Great British Pound/European Euro	Morgan Stanley	433,238	543,000	EUR		734,902		732,547		(2,355	)

					$	2,518,487	$	2,538,082	$	19,595

Over-the-Counter Credit Default Swap Agreements—Buy Protection(a)(c)

At June 30, 2014, the Fund’s open over-the-counter credit default swap agreements were as follows:


Underlying Instrument	Counterparty	Expiration Date	Implied Credit Spread at June 30, 2014 (%)(d)		Notional Amount ($)(e)		Fixed Rate (%)		Value ($)		Upfront Premiums Paid/ (Received) ($)		Unrealized Appreciation/ (Depreciation) ($)
Transocean, Inc.	JPMorgan Chase	6/20/19		1.42		63,000		1.00		1,145		1,506		(362	)
Transocean, Inc.	Barclays Bank	6/20/19		1.42		159,000		1.00		2,889		3,838		(949	)
Transocean, Inc.	Barclays Bank	6/20/19		1.42		254,000		1.00		4,614		6,640		(2,026	)
Transocean, Inc.	Barclays Bank	6/20/19		1.42		105,719		1.00		1,921		2,620		(699	)
Transocean, Inc.	Barclays Bank	6/20/19		1.42		352,400		1.00		6,402		8,733		(2,331	)
Transocean, Inc.	Citibank	6/20/19		1.42		246,673		1.00		4,481		5,450		(968	)
Transocean, Inc.	Barclays Bank	6/20/19		1.42		355,270		1.00		6,454		6,552		(98	)
Transocean, Inc.	Barclays Bank	6/20/19		1.42		355,269		1.00		6,454		5,746		708
Transocean, Inc.	JPMorgan Chase	6/20/19		1.42		222,736		1.00		4,047		5,308		(1,262	)

										38,407		46,393		(7,987	)

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2014 (Unaudited)

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

At June 30, 2014, the Fund’s open centrally cleared credit default swap agreements were as follows:


Underlying Instrument	Clearing Agent	Expiration Date	Implied Credit Spread at June 30, 2014 (%)(d)		Notional Amount ($)(e)			Fixed Rate (%)		Value ($)			Premiums Paid/ (Received) ($)			Unrealized Appreciation/ (Depreciation) ($)
CDX North America High Yield Index Swap Agreement with JPMorgan Chase Bank, N.A., Series 22*	JPMorgan Chase Bank	6/20/19		3.04		1,616,868	**		5.00		(140,017	)		(119,514	)		(20,503	)

											(140,017	)		(119,514	)		(20,503	)

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

At June 30, 2014, the Fund’s centrally cleared credit default swap agreements were as follows:


Underlying Instrument	Clearing Agent	Expiration Date	Implied Credit Spread at June 30, 2014 (%)(d)		Notional Amount ($)(e)			Fixed Rate (%)		Value ($)		Premiums Paid/ (Received) ($)		Unrealized Appreciation/ (Depreciation) ($)
CDX North America Investment Grade Index Swap Agreement with JPMorgan Chase Bank, N.A., Series 22	JPMorgan Chase	6/20/19		0.59		(1,131,000	)		1.00		22,422		16,978		5,444

											22,422		16,978		5,444

Total Return Swaps at June 30, 2014(a)

Counterparty

Receive/Pay Total Return

Expiration
Date

Notional
Amount
(Local)

Unrealized
Appreciation/
(Depreciation)

Citibank NA

KOSPI 200 Index September Futures

9/11/14

1,454,239,050

KRW

(20,697

)

BNP Paribas SA

NIKKEI 225 Dividend Index E-Mini June Futures

3/31/16

26,350,000

JPY

19,350

BNP Paribas SA

NIKKEI 225 Dividend Index E-Mini June Futures

3/31/16

26,800,000

JPY

14,908

BNP Paribas SA

NIKKEI 225 Dividend Index E-Mini June Futures

3/31/17

29,630,000

JPY

17,573

BNP Paribas SA

NIKKEI 225 Dividend Index E-Mini June Futures

3/31/17

25,515,000

JPY

11,373

Citibank NA

PT Siloam International Hospitals Tbk

3/15/15

223,600

USD

66,161

108,668

ADR—American Depositary Receipt

*	As of June 30, 2014, the CDX North America High Yield Index included securities which had defaulted and represented 1% of the Index.

**	Reflects the notional amount after the default of securities.

(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 “Subsidiary”).

(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 financial statements.

AZL MVP BlackRock Global Allocation Fund

Consolidated Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investment securities, at cost	$	724,364,602

Investment securities, at value*	$	791,203,047
Cash		17,865
Segregated cash for collateral		15,159,910
Interest and dividends receivable		2,361,997
Foreign currency, at value (cost $486,671)		486,946
Unrealized appreciation on forward currency contracts		146,316
Unrealized appreciation on swap agreements		130,073
Receivable for capital shares issued		119,488
Proceeds paid on swap agreements		46,393
Receivable for investments sold		3,404,442
Reclaims receivable		122,437
Receivable for variation margin on swaps		3,009
Receivable for variation margin on futures contracts		44,820
Prepaid expenses		14,127

Total Assets		813,260,870

Liabilities:
Cash and securities received as collateral for derivatives		3,632,845
Written options (Proceeds received $3,204,986)		3,273,802
Unrealized depreciation on forward currency contracts		808,630
Unrealized depreciation on swap agreements		29,392
Payable for collateral received on loaned securities		12,928,596
Payable for investments purchased		5,123,145
Payable for investments redeemed		112,721
Securities sold short (Proceeds received $349,635)		375,600
Payable for variation margin on futures contracts		50,511
Payable for variation margin on swaps		1,259
Manager fees payable		517,553
Administration fees payable		34,914
Distribution fees payable		151,273
Custodian fees payable		95,826
Administrative and compliance services fees payable		4,223
Trustee fees payable		9,762
Other accrued liabilities		104,128

Total Liabilities		27,254,180

Net Assets	$	786,006,690

Net Assets Consist of:
Capital	$	674,665,966
Accumulated net investment income/(loss)		7,716,713
Accumulated net realized gains/(losses) from investment transactions		37,526,785
Net unrealized appreciation/(depreciation) on investments		66,097,226

Net Assets	$	786,006,690

Shares of beneficial interest (unlimited number of shares authorized, no par value)		63,135,173
Net Asset Value (offering and redemption price per share)	$	12.45

*	Includes securities on loan of $12,503,743.

Consolidated Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends	$	7,090,505
Interest		2,687,759
Income from securities lending		197,884
Foreign withholding tax		(421,931	)

Total Investment Income		9,554,217

Expenses:
Manager fees		2,920,174
Administration fees		188,327
Distribution fees		853,512
Custodian fees		163,471
Administrative and compliance services fees		12,215
Trustee fees		37,931
Professional fees		33,091
Shareholder reports		19,941
Dividends on securities sold short		13,450
Recoupment of prior expenses reimbursed by the manager		163
Other expenses		14,136

Total expenses before reductions		4,256,411
Less expenses paid indirectly		(721	)

Net expenses		4,255,690

Net Investment Income/(Loss)		5,298,527

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		20,362,368
Net realized gains/(losses) on futures contracts		(1,223,358	)
Net realized gains/(losses) on options contracts		(350,115	)
Net realized gains/(losses) on swap agreements		(17,568	)
Net realized gains/(losses) on forward currency contracts		12,592
Change in net unrealized appreciation/depreciation on investments		3,078,438

Net Realized/Unrealized Gains/(Losses) on Investments		21,862,357

Change in Net Assets Resulting From Operations	$	27,160,884

See accompanying notes to the financial statements.

Consolidated Statements of Changes in Net Assets


	AZL MVP BlackRock Global Allocation Fund
	For the Six Months Ended June 30, 2014				For the Year Ended December 31, 2013
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	5,298,527			$	2,765,888
Net realized gains/(losses) on investment transactions			18,783,919				18,597,987
Change in unrealized appreciation/depreciation on investments			3,078,438				44,442,327

Change in net assets resulting from operations			27,160,884				65,806,202

Dividends to Shareholders:
From net investment income			—				—
From net realized gains			—				(186,015	)

Change in net assets resulting from dividends to shareholders			—				(186,015	)

Capital Transactions:
Proceeds from shares issued			82,390,849				291,713,875
Proceeds from dividends reinvested			—				186,015
Value of shares redeemed			(5,236,272	)			(2,372,363	)

Change in net assets resulting from capital transactions			77,154,577				289,527,527

Change in net assets			104,315,461				355,147,714
Net Assets:
Beginning of period			681,691,229				326,543,515

End of period		$	786,006,690			$	681,691,229

Accumulated net investment income/(loss)		$	7,716,713			$	2,418,186

Share Transactions:
Shares issued			6,837,845				25,942,049
Dividends reinvested			—				16,360
Shares redeemed			(434,659	)			(206,067	)

Change in shares			6,403,186				25,752,342

See accompanying notes to the financial statements.

AZL MVP BlackRock Global Allocation Fund

Consolidated Financial Highlights

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


	Six Months Ended June 30, 2014				Year Ended December 31, 2013				January 10, 2012 to December 31, 2012 (a)
	(Unaudited)
Net Asset Value, Beginning of Period		$	12.02			$	10.54			$	10.00

Investment Activities:
Net Investment Income/(Loss)			0.08				0.05				0.11
Net Realized and Unrealized Gains/(Losses) on Investments			0.35				1.43				0.56

Total from Investment Activities			0.43				1.48				0.67

Dividends to Shareholders From:
Net Investment Income			—				—				(0.12	)
Realized Gains			—				—	(b)			(0.01	)

Total Dividends			—				—	(b)			(0.13	)

Net Asset Value, End of Period		$	12.45			$	12.02			$	10.54

Total Return(c)			3.58	%(d)			14.08	%			6.71	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	786,007			$	681,691			$	326,544
Net Investment Income/(Loss)(e)			1.47	%			0.55	%			2.01	%
Expenses Before Reductions(e)(f)			1.18	%			1.21	%			2.44	%
Expenses Net of Reductions(e)			1.18	%			1.21	%			2.37	%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly(e)(g).			1.18	%			1.21	%			2.37	%
Portfolio Turnover Rate			31	%(d)			40	%			119	%(d)

(a)	Period from commencement of operations.

(b)	Less than $0.005.

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

(d)	Not annualized.

(e)	Annualized for periods less than one year.

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

(g)	Expenses net of reductions excludes expenses paid indirectly, pursuant to a “commission recapture” program, which is used to pay certain Fund Expenses. See Note 2 in Notes to Consolidated Financial Statements.

See accompanying notes to the financial statements.

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 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 (collectively, the “Funds”), of which one is included in this report, the AZL MVP BlackRock Global Allocation Fund (the “Fund”), and 11 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Investment transactions are recorded not later than on the business day following trade date. However, for financial reporting purposes, investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

Consolidation of Subsidiaries

During the year ended June 30, 2014, the Fund primarily invested in shares of another mutual fund managed by the Manager, the AZL BlackRock Global Allocation Fund (the “VIP Subsidiary”), a wholly-owned and controlled subsidiary of the Fund.

As of June 30, 2014, the Fund’s aggregate investment in the VIP Subsidiary was $746,804,708, representing 95.0% of the Fund’s net assets.

The VIP Subsidiary’s primary vehicle for gaining exposure to the commodities markets is through investment in the AZL Cayman Global Allocation Fund, Ltd. (the “Cayman Subsidiary”), a wholly-owned and controlled subsidiary of the VIP Subsidiary formed in the Cayman Islands, which invests primarily in commodity-related instruments.

The Fund’s operations have been consolidated with the operations of the VIP Subsidiary and the Cayman Subsidiary.

Real Estate Investment Trusts

The Fund may own shares of real estate investment trusts (“REITs”) which report information on the source of their distributions annually. Certain distributions received from REITs during the period, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT.

Foreign Currency Translation

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss on investments and foreign currencies.

Floating Rate Loans

The Fund 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. A Fund records an investment when the borrower withdraws money and records the interest as earned.

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

Dividends to Shareholders

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

Expense Allocation

Securities Lending

To generate additional income, the Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the 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 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 June 30, 2014 are presented on the Fund’s Consolidated Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $15.5 million for the period ended June 30, 2014.

Cash collateral received in connection with securities lending is invested in the Allianz Variable Insurance Products Securities Lending Collateral Trust (the “Securities Lending Collateral Trust”) managed by The Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The Securities Lending Collateral Trust invests in short-term investments that have a remaining maturity of 397 days or less as calculated in accordance with Rule 2a-7 under the 1940 Act. The Fund paid securities lending fees of $19,672 during the period ended June 30, 2014. These fees have been netted against “Income from securities lending” on the Consolidated Statement of Operations.

Commission Recapture

Certain Funds of the Trust participate in a commission recapture program. The Fund will utilize the recaptured commissions to pay for, in whole or part, certain expenses of the Fund, excluding investment advisory fees. Any amounts received by the Fund, if applicable, are disclosed as “Expenses paid indirectly” on the Consolidated Statement of Operations.

Effective January 6, 2014, the Manager, on behalf of the Trust, requested the Fund cease participation in the program until further notice.

Derivative Instruments

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

Forward Currency Contracts

During the period ended June 30, 2014, the Fund entered into forward currency contracts as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to foreign currencies. In addition to the foreign currency risk related to the use of these contracts, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The contract amount of forward currency contracts outstanding was $102.8 million as of June 30, 2014. The monthly average amount for these contracts was $74.0million for the period ended June 30, 2014.

Futures Contracts

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Consolidated Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $96.7 million as of June 30, 2014. The monthly average notional amount for these contracts was $88.3 million for the period ended June 30, 2014. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Consolidated Statement of Operations.

Options Contracts

The Fund may purchase or write put and call options on a security or an index of securities. During the period ended June 30, 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 included in “Investments, at value” on the Consolidated Statement of Assets and Liabilities and marked to market to reflect the current value of the option. Premiums paid for purchasing put options that expire are treated as realized losses. When a put option is exercised or closed, premiums paid for purchasing put options are offset against proceeds to determine the realized gain/loss on the transaction. The Fund bears the risk of loss of the premium and change in value should the counterparty not perform under the contract.

Written Options Contracts — The Fund receives a premium which is recorded as a liability and is subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are either exercised or closed are offset against the proceeds received or the amount paid on the transaction to determine realized gains or losses. The risk associated with writing an option is that the Fund bears the market risk of an unfavorable change in the price of an underlying asset and is required to buy or sell an underlying asset under the contractual terms of the option at a price different from the current value.

Realized gains and losses, if any, are reported as “Net realized gains/(losses) on options contracts” on the Consolidated Statement of Operations.

The Fund had the following transactions in purchased call and put options during the period ended June 30, 2014:


	Number of Contracts			Cost
Options outstanding at December 31, 2013		4,017,737			$	4,217,942
Options purchased		2,929,347				11,339,616
Options exercised		—				—
Options expired		(2,058,916	)			(2,499,413	)
Options closed		(1,431,138	)			(5,451,927	)

Options outstanding at June 30, 2014		3,457,030			$	7,606,218

The Fund had the following transactions in written call and put options during the period ended June 30, 2014:


	Number of Contracts			Premiums Received
Options outstanding at December 31, 2013		(63,845	)		$	(1,043,812	)
Options written		(3,668,123	)			(6,292,492	)
Options exercised		19,712				100,336
Options expired		520,752				725,345
Options closed		617,490				3,305,637

Options outstanding at June 30, 2014		(2,574,014	)		$	(3,204,986	)

Swap Agreements

The Fund may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. 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 indentified 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 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.

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

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 a Fund is contractually obligated to make. If the other party to an interest rate swap defaults, a Fund’s risk of loss consists of the net amount of interest payments that the Fund is contractually entitled to receive. As of June 30, 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). The Fund did not have any interest rate swaps outstanding as of June 30, 2014. The monthly average gross notional amount for interest rate swaps was $17.3 million for the period ended June 30, 2014.

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. The gross notional amount of total return swaps outstanding was $27.4 million as of June 30, 2014. The monthly average gross notional amount for total return swaps was $42.4 million to the year ended June 30, 2014.

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, periodic, or daily stream of payments over the term of the contract provided that no credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. A Fund may be either the buyer or seller in the transaction. If the Fund is a buyer and no credit event occurs, the Fund may recover nothing if the swap is held through its termination date. However, if a credit event occurs, the buyer generally may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity whose value may have significantly decreased. As a seller, a Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

Credit default swap agreements involve greater risks than if a Fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk. A Fund will enter into credit default swap agreements only with counterparties that meet certain standards of creditworthiness. A buyer generally also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront, 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 a Fund is the buyer, the Fund will segregate or “earmark” cash or assets determined to be liquid, or enter into certain offsetting positions, with a value at least equal to the Fund’s exposure (any accrued but unpaid net amounts owed by the Fund to any counterparty), on a marked-to-market basis. In connection with credit default swaps in which a Fund is the seller, the Fund will segregate or “earmark” cash or assets determined to be liquid, or enter into offsetting positions, with a value at least equal to the full notional amount of the swap (minus any amounts owed to the Fund). Such segregation or “earmarking” will ensure that the Fund has assets available to satisfy its obligations with respect to the transaction and will limit any potential leveraging of the Fund’s portfolio. Such segregation or “earmarking” will not limit the Fund’s exposure to loss. As of June 30, 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). The gross notional amount of OTC and centrally cleared credit default swaps outstanding was $4.9 million as of June 30, 2014. The monthly average gross notional amount for credit default swaps was $3.2 million for the period ended June 30, 2014.

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

Summary of Derivative Instruments

The following is a summary of the effect of derivative instruments on the Consolidated Statement of Operations, categorized by risk exposure, for the period ended June 30, 2014:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Consolidated Statement of

Assets and Liabilities Location

Total Fair
Value

Consolidated Statement of

Assets and Liabilities Location

Total Fair
Value

Equity Risk Exposure

Futures Contracts

Receivable for variation margin on futures contracts*

487,388

Payable for variation margin on futures contracts*

433,801

Option Contracts

Investment securities, at value (purchased options)

8,292,062

Written options

3,273,802

Total Return Swap Agreements

Unrealized appreciation on swap agreements

129,365

Unrealized depreciation on swap agreements

20,697

Credit Risk Exposure

Credit Default Swap Agreements

Unrealized appreciation on swap agreements+

6,152

Unrealized depreciation on swap agreements+

29,198

Foreign Exchange Rate Risk Exposure

Forward Currency Contracts

Unrealized appreciation on forward currency contracts

146,316

Unrealized depreciation on forward currency contracts

808,630

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

For swap agreements, the amounts represent the cumulative appreciation/(depreciation) of these agreements as reported in the Consolidated Schedule of Portfolio Investments. Only current day’s variation margin is reported within the Consolidated Statement of Assets and Liabilities as Variation margin on swaps.

The following is a summary of the effect of derivative instruments on the Consolidated Statement of Operations, categorized by risk exposure, for the period ended June 30, 2014:


	Realized Gain/(Loss) on Derivatives Recognized as a Result from Operations															Net Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized as a Result from Operations
	Net Realized Gains/(Losses) on Futures Contracts				Net Realized Gains/(Losses) on Swap Agreements				Net Realized Gains/(Losses) on Option Contracts				Net Realized Gains/(Losses) on Forward Currency Contracts			Change in Net Unrealized Appreciation/Depreciation on Investments
Equity Risk Exposure		$	(1,223,358	)		$	—			$	(350,115	)		$	—		$	2,406,443
Credit Risk Exposure			—				(31,596	)			—				—			28,635
Interest Rate Risk Exposure			—				—				—				—			91,517
Foreign Exchange Rate Risk Exposure			—				—				—				12,592			(1,524,764	)

Effective January 1, 2013, the Fund adopted Financial Accounting Standards Board Accounting Standards Update (“ASU”) No. 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” (“ASU 2013-01”) which amended Accounting Standards Codification Subtopic 210-20, Balance Sheet Offsetting. ASU 2013-01 clarified the scope of ASU No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”). ASU 2011-11 requires an entity to disclose information about offsetting and related arrangements to enable users of that entity’s financial statements to understand the effect of those arrangements on its financial position. The objective of this disclosure is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards. ASU 2013-01 clarifies the scope of ASU 2011-11 as applying to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are offset either in accordance with other requirements of U.S. GAAP or subject to an enforceable master netting arrangement or similar agreement.

The Fund is generally subject to master netting agreements that allow for amounts owed between the Fund and the counterparty to be netted. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements do not apply to amounts owed to/from different counterparties. The amounts shown in the Consolidated Statement of Assets and Liabilities do not take into consideration the effects of legally enforceable master netting agreements. The table below presents the gross and net amounts of these assets and liabilities with any offsets to reflect the Fund’s ability to reflect the master netting agreements at June 30, 2014. For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to master netting arrangements in the Consolidated Statement of Assets and Liabilities. This table also summarizes the fair values of derivative instruments on the Fund’s Consolidated Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2014.

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

As of June 30, 2014, the Fund’s derivative assets and liabilities by type are as follows:


	Assets				Liabilities
Derivative Financial Instruments:
Futures contracts		$	44,820			$	50,511
Forward currency contracts			146,316				808,630
Option contracts*			8,292,062				3,273,802
Swap agreements			179,475				30,651

Total derivative assets and liabilities in the Consolidated Statement of Assets and Liabilities			8,662,673				4,163,594
Derivatives not subject to a master netting agreement or similar agreement ("MNA")			(756,719	)			(263,168	)

Total assets and liabilities subject to a MNA		$	7,905,954			$	3,900,426

*	Includes option contracts purchased at value as reported in the Consolidated Statement of Assets and Liabilities.

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under MNA and net of the related collateral received by the Fund as of June 30, 2014:


Counterparty	Derivative Assets Subject to a MNA by Counterparty			Derivatives Available for Offset				Non-cash Collateral Received*				Cash Collateral Received*				Net Amount of Derivative Assets
Bank of America		$	371,672		$	(364,658	)		$	—			$	—			$	7,014
Barclays Bank			231,143			(92,758	)			—				—				138,385
BNP Paribas			102,404			(100,613	)			—				—				1,791
Citibank			906,508			(719,652	)			—				(100,000	)			86,856
Credit Suisse First Boston			423,529			(319,937	)			(103,592	)			—				—
Deutsche Bank			2,390,486			(805,183	)			—				(1,200,000	)			385,303
Goldman Sachs			2,460,668			(831,563	)			—				(1,629,105	)			—
JPMorgan Chase			322,966			(126,032	)			—				—				196,934
Morgan Stanley			524,630			(371,192	)			—				—				153,438
UBS Warburg			171,948			(168,838	)			—				—				3,110

Total		$	7,905,954		$	(3,900,426	)		$	(103,592	)		$	(2,929,105	)		$	972,831

The following table presents the Fund’s derivative liabilities by counerparty net of amounts available for offset under MNA and net of the related collateral pledged by the Fund as of June 30, 2014:


Counterparty	Derivative Liabilities Subject to a MNA by Counterparty			Derivatives Available for Offset				Non-cash Collateral Pledged*			Cash Collateral Pledged*			Net Amount of Derivative Liabilities
Bank of America		$	364,658		$	(364,658	)		$	—		$	—		$	—
Barclays Bank			92,758			(92,758	)			—			—			—
BNP Paribas			100,613			(100,613	)			—			—			—
Citibank			719,652			(719,652	)			—			—			—
Credit Suisse First Boston			319,937			(319,937	)			—			—			—
Deutsche Bank			805,183			(805,183	)			—			—			—
Goldman Sachs			831,563			(831,563	)			—			—			—
JPMorgan Chase			126,032			(126,032	)			—			—			—
Morgan Stanley			371,192			(371,192	)			—			—			—
UBS Warburg			168,838			(168,838	)			—			—			—

Total		$	3,900,426		$	(3,900,426	)		$	—		$	—		$	—

*	The actual collateral received or pledged may be in excess of the amounts shown in the table. The table only reflects collateral amounts up to the amount of the financial instrument disclosed on the Consolidated Statement of Assets and Liabilities.

3. Related Party Transactions

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the VIP Subsidiary. Pursuant to a portfolio management agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the VIP Subsidiary subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the VIP Subsidiary. Expenses incurred by the Fund and the VIP Subsidiary for investment advisory and management services are reflected on the Consolidated Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund and the VIP Subsidiary to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s and the VIP Subsidiary’s business, based on the daily net assets of the Fund and the VIP Subsidiary, through April 30, 2015.

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit
AZL MVP BlackRock Global Allocation Fund		0.10	%		0.15	%
AZL BlackRock Global Allocation Fund		0.75	%		1.19	%

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Consolidated Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2014, there were no remaining contractual reimbursements that are subject to repayment by the Fund in subsequent years.

In addition, the Manager may voluntarily waive or reimburse additional fees in order to maintain more competitive expense ratios. Any voluntary waivers or reimbursements are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Consolidated Statement of Operations.

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

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

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $4,134 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

—

Level 1 — quoted prices in active markets for identical assets

—

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

—

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

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.

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 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.

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

Other assets and securities for which market quotations are not readily available, or are deemed unreliable are valued at fair value as determined in good faith by the Trustees or persons acting on the behalf of the Trustees. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

In accordance with procedures adopted by the Trustees, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net asset value is calculated. Management identifies possible fluctuation in international securities by monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, the Fund may use a systematic valuation model provided by an independent third party to fair value its international equity securities which are then typically categorized as Level 2 in the fair value hierarchy.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total

Common Stocks
Aerospace & Defense		$	5,688,230		$	6,892,710		$	—		$	12,580,940
Air Freight & Logistics			4,581,156			355,119			—			4,936,275
Airlines			2,859,663			1,433,635			—			4,293,298
Auto Components			3,275,276			7,030,646			—			10,305,922
Automobiles			2,368,578			12,967,627			—			15,336,205
Banks			16,944,852			13,384,691			—			30,329,543
Beverages			5,127,401			2,682,407			1,063,140			8,872,948
Biotechnology			6,618,681			251,709			—			6,870,390
Building Products			—			2,307,670			—			2,307,670
Capital Markets			1,581,712			2,676,701			—			4,258,413
Chemicals			2,522,059			12,778,412			—			15,300,471
Commercial Services & Supplies			130,781			69,663			—			200,444
Communications Equipment			2,702,449			793,780			—			3,496,229
Construction & Engineering			—			2,290,722			—			2,290,722
Construction Materials			—			414,372			—			414,372
Distributors			—			39,462			—			39,462
Diversified Consumer Services			—			160,657			—			160,657
Diversified Financial Services			3,817,115			1,835,515			—			5,652,630
Diversified Telecommunication Services			3,349,757			5,670,284			—			9,020,041
Electric Utilities			3,359,739			741,194			—			4,100,933
Electrical Equipment			3,673,844			3,768,063			—			7,441,907
Electronic Equipment, Instruments & Components			294,378			4,314,142			—			4,608,520
Energy Equipment & Services			3,817,914			1,642,497			1,761,837			7,222,248
Food & Staples Retailing			1,357,363			379,020			—			1,736,383
Food Products			1,122,261			9,002,541			—			10,124,802
Gas Utilities			—			1,759,041			—			1,759,041
Health Care Equipment & Supplies			2,222,185			407,501			—			2,629,686
Health Care Providers & Services			16,822,956			6,158,549			—			22,981,505
Household Durables			632,746			1,681,779			—			2,314,525
Household Products			7,701,564			688,300			—			8,389,864
Industrial Conglomerates			5,935,978			7,517,982			—			13,453,960
Insurance			7,422,897			9,239,373			—			16,662,270
Internet Software & Services			13,254,151			2,176,793			—			15,430,944
IT Services			10,295,346			3,068,714			—			13,364,060
Leisure Products			669,037			778,254			—			1,447,291
Machinery			4,271,308			4,997,528			—			9,268,836
Media			10,081,081			793,121			—			10,874,202
Metals & Mining			13,760,638			7,459,595			—			21,220,233
Multiline Retail			115,692			602,090			—			717,782
Multi-Utilities			3,471,223			2,126,532			—			5,597,755
Oil, Gas & Consumable Fuels			28,495,150			10,492,692			712,042			39,699,884
Personal Products			670,819			402,602			—			1,073,421
Pharmaceuticals			10,762,619			15,518,233			—			26,280,852
Real Estate Investment Trusts (REITs)			4,345,112			782,710			—			5,127,822
Real Estate Management & Development			2,467,439			6,010,241			—			8,477,680
Road & Rail			5,666,182			2,172,616			—			7,838,798
Semiconductors & Semiconductor Equipment			59,855			4,068,366			—			4,128,221
Software			7,599,506			2,007,205			—			9,606,711
Specialty Retail			—			2,077,331			—			2,077,331
Technology Hardware, Storage & Peripherals			6,005,542			635,969			—			6,641,511
Textiles, Apparel & Luxury Goods			2,146,700			969,828			—			3,116,528
Trading Companies & Distributors			1,355,086			6,326,699			—			7,681,785
Transportation Infrastructure			—			125,137			407,108			532,245
Wireless Telecommunication Services			1,605,351			3,404,776			—			5,010,127
All Other Common Stocks+			18,795,129			—			—			18,795,129
Preferred Stocks
Auto Components			—			—			483,628			483,628
Automobiles			—			2,267,372			—			2,267,372
Banks			5,032,617			435,628			—			5,468,245

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)


Investment Securities:	Level 1				Level 2				Level 3			Total

Communications Equipment		$	—			$	678,673			$	—		$	678,673
Real Estate Investment Trusts (REITs)			300,686				596,623				—			897,309
Real Estate Management & Development			—				367,409				—			367,409
All Other Preferred Stocks+			1,721,018				—				—			1,721,018
Warrants+			—				128,797				—			128,797
Convertible Preferred Stocks
Airlines			—				32,033				—			32,033
Banks			—				299,642				—			299,642
All Other Convertible Preferred Stocks+			1,265,219				—				—			1,265,219
Convertible Bonds+			—				16,966,889				—			16,966,889
Floating Rate Loans			—				6,673,753				1,193,266			7,867,019
Energy Equipment & Services			—				802,790				1,193,266			1,996,056
All Other Floating Rate Loans+			—				5,870,963				—			5,870,963
Corporate Bonds			—
Transportation Infrastructure			—				—				517,424			517,424
All Other Corporate Bonds+			—				14,860,669				—			14,860,669
Foreign Bonds+			—				72,686,916				—			72,686,916
Yankee Dollars+			—				19,057,764				—			19,057,764
U.S. Treasury Obligations			—				123,257,586				—			123,257,586
Purchased Swaptions			—				1,507,382				—			1,507,382
Purchased Options			661,613				6,123,067				—			6,784,680
Exchange Traded Funds			8,223,646				—				—			8,223,646
Securities Held as Collateral for Securities on Loan			—				12,928,596				—			12,928,596
Unaffiliated Investment Company			28,833,707				—				—			28,833,707

Total Investment Securities		$	307,863,007			$	477,201,595			$	6,138,445		$	791,203,047

Securities Sold Short			—				(375,600	)			—			(375,600	)
Other Financial Instruments:*
Futures Contracts			53,588				—				—			53,588
Written Put Options			14,078				311,802				—			325,880
Written Call Options			(94,845	)			(259,393	)			—			(354,238	)
Written Swaptions			—				(40,458	)			—			(40,458	)
Forward Currency Contracts			—				(662,314	)			—			(662,314	)
Over-the-Counter Credit Default Swaps			—				(7,987	)			—			(7,987	)
Centrally Cleared Credit Default Swaps			—				(15,059	)			—			(15,059	)
Total Return Swaps			—				108,668				—			108,668

Total Investments		$	307,835,828			$	476,261,254			$	6,138,445		$	790,235,527

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

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

A reconciliation of assets in which Level 3 inputs are used in determining fair value, along with additional quantitative disclosures, are presented when there are significant Level 3 investments at the end of the period.

5. Security Purchases and Sales

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL MVP BlackRock Global Allocation Fund		$	618,791,259		$	216,937,643

For the period ended June 30, 2014, purchases and sales on long-term U.S. government securities were as follows:


	Purchases			Sales
AZL MVP BlackRock Global Allocation Fund		$	28,994,997		$	33,185,955

6. Restricted Securities

A restricted security is a security which has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (the “1933 Act”) or pursuant to the resale limitations provided by Rule 144A under the 1933 Act, or an exemption from the registration requirements of the 1933 Act. Whether a restricted security is illiquid is determined pursuant to guidelines established by the Board of Trustees. Not all restricted securities are considered illiquid. The illiquid restricted securities held as of June 30, 2014 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		$	564,471		$	571,000		$	594,554		0.08	%
Delta Topco, Ltd.		5/2/12			379,997			615,711			407,108		0.06	%

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)


Security	Acquisition Date(a)		Acquisition Cost			Shares or Principal Amount			Fair Value			Percentage of Net Assets
Delta Topco, Ltd., 10.00%, 11/24/60		5/2/12			474,384			516,343			517,424		0.07	%
Inversiones Alsacia SA, 8.00%, 8/18/18, Callable 2/18/15 @ 104.00		2/1/12			325,083			370,503			248,237		0.03	%
Mobileye N.V., Series F, Preferred Shares		8/15/13			426,443			12,219			483,628		0.07	%
Palantir Technologies, Inc.		3/27/14			712,042			116,157			712,042		0.10	%
Uber Technologies, Inc., Preferred		3/21/14			1,063,120			17,133			1,063,140		0.14	%
Dropbox, Inc.		1/28/14			1,827,985			95,700			1,761,837		0.24	%
REI Agro, Ltd., Registered Shares, 5.50%, 11/13/14		2/7/12			378,307			400,000			100,000		0.01	%
TFS Corp., Ltd., 11.00%, 7/15/18, Callable 7/15/15 @ 108.00		6/6/12			413,239			425,000			440,406		0.06	%
Twitter, Inc.		12/27/12		$	669,581		$	39,416		$	1,534,130		0.21	%
Zeus (Cayman) II, Ltd., Registered Shares, (23.28)%, 8/18/16+		1/25/12			250,959			20,000,000			347,596		0.05	%

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

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

7. Investment Risks

Commodities-Related Investment Risk: Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments. The U.S. Commodities Futures Trading Commission has proposed changes to certain of its rules governing investment in commodities by mutual funds, such as the Fund. In the event these changes are adopted, or if there are changes in the tax treatment of the Fund’s direct and indirect investments in commodities, the Fund may be unable to obtain exposure to commodity markets, or may be limited in the extent to which or manner in which it can obtain such exposure.

Derivatives Risk: The Fund may invest in derivatives as a principal strategy. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The counterparty to a derivatives contract could default. As required by applicable law, a Fund that invests in derivatives segregates cash or liquid securities, or both, to the extent that its obligations under the instrument are not covered through ownership of the underlying security, financial instrument, or currency.

Emerging Markets Risk: Emerging markets may have less developed trading markets and exchanges which may make it more difficult to sell securities at an acceptable price and their prices may be more volatile than securities of companies in more developed markets. Settlements of trades may be subject to greater delays so that the Fund may not receive the proceeds of a sale of a security on a timely basis. Emerging countries may also have less developed legal and accounting systems and investments may be subject to greater risks of government restrictions, nationalization, or confiscation.

Foreign Securities and Currencies Risk: Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments which could adversely affect investments in those securities.

Security Quality Risk (also known as “High Yield Risk”): The Fund may invest in high yield, high risk debt securities and unrated securities of similar credit quality (commonly known as “junk bonds”) may be subject to greater levels of credit and liquidity risk than funds that do not invest in such securities. These securities are considered predominately speculative with respect to the issuer’s continuing ability to make principal and interest payments. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce the Fund’s ability to sell these securities (liquidity risk). If the issuer of a security is in default with respect to interest or principal payments, the Fund may lose the value of its entire investment.

8. Federal Tax Information

Cost for federal income tax purposes at June 30, 2014 is $737,871,785. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	76,543,622
Unrealized depreciation		(23,212,360	)

Net unrealized appreciation depreciation	$	53,331,262

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL MVP BlackRock Global Allocation Fund		$	97,679		$	88,336		$	186,015

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

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)(a)			Total Accumulated Earnings/ (Deficit)
AZL MVP BlackRock Global Allocation Fund		$	12,557,995		$	10,978,699		$	—		$	60,643,146		$	84,179,840

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

9. Subsequent Events

Other Information (Unaudited)

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

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 800-624-0197; (ii) on the Allianz Variable Insurance Products Trust’s website at https://www.allianzlife.com; and (iii) on the Commission’s website at http://www.sec.gov.

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The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0614 8/14

AZL^® MVP Franklin Templeton

Founding Strategy Plus Fund

Semi-Annual Report

June 30, 2014

(Unaudited)

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Table of Contents

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Page 11

AZL MVP Franklin Templeton Founding Strategy Plus Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL MVP Franklin Templeton Founding Strategy Plus Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

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


	Beginning Account Value 1/1/14			Ending Account Value 6/30/14			Expenses Paid During Period 1/1/14 - 6/30/14*			Annualized Expense Ratio During Period 1/1/14 - 6/30/14
AZL MVP Franklin Templeton Founding Strategy Plus Fund		$	1,000.00		$	1,058.10		$	0.77		0.15	%


	Beginning Account Value 1/1/14			Ending Account Value 6/30/14			Expenses Paid During Period 1/1/14 - 6/30/14*			Annualized Expense Ratio During Period 1/1/14 - 6/30/14
AZL MVP Franklin Templeton Founding Strategy Plus Fund		$	1,000.00		$	1,024.05		$	0.75		0.15	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Affiliated Investment Company		95.0	%
Money Market		3.5

Total Investment Securities		98.5
Net other assets (liabilities)		1.5

Net Assets		100.0	%

AZL MVP Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments

June 30, 2014 (Unaudited)


Shares			Fair Value
	Affiliated Investment Company (95.0%):
	17,283,478	AZL Franklin Templeton Founding Strategy Plus Fund	$	253,721,454

	Total Affiliated Investment Company (Cost $225,064,448)			253,721,454

	Unaffiliated Investment Companies (3.5%):
	327,091	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(a)		327,091
	9,000,000	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.00%(a)(b)		9,000,000

	Total Unaffiliated Investment Companies (Cost $9,327,091)			9,327,091

	Total Investment Securities (Cost $234,391,539)(c) — 98.5%			263,048,545
	Net other assets (liabilities) — 1.5%			4,131,126

	Net Assets — 100.0%		$	267,179,671

Percentages indicated are based on net assets as of June 30, 2014.

(a)	The rate represents the effective yield at June 30, 2014.

(b)	Security purchased with cash that was segregated to cover margin requirements for open futures contracts as of June 30, 2014.

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

Futures Contracts

Cash of $4,344,981 has been segregated to cover margin requirements for the following open contracts as of June 30, 2014:


Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note September Futures		Long		9/19/14		42	$	5,257,219	$	(11,262	)
S&P 500 Index E-Mini September Futures		Long		9/19/14		82		8,004,840		117,917

Total									$	106,655

See accompanying notes to the financial statements.

AZL MVP Franklin Templeton Founding Strategy Plus Fund

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	9,327,091
Investments in affiliates, at cost		225,064,448

Total Investment securities, at cost	$	234,391,539

Investments in non-affiliates, at value	$	9,327,091
Investments in affiliates, at value		253,721,454

Total Investment securities, at value		263,048,545
Segregated cash for collateral		4,344,981
Interest and dividends receivable		7
Receivable for capital shares issued		141,683
Prepaid expenses		874

Total Assets		267,536,090

Liabilities:
Payable for affiliated investments purchased		322,264
Manager fees payable		23,981
Administration fees payable		143
Custodian fees payable		651
Administrative and compliance services fees payable		787
Other accrued liabilities		8,593

Total Liabilities		356,419

Net Assets	$	267,179,671

Net Assets Consist of:
Capital	$	233,404,810
Accumulated net investment income/(loss)		2,292,810
Accumulated net realized gains/(losses) from investment transactions		2,718,390
Net unrealized appreciation/(depreciation) on investments		28,763,661

Net Assets	$	267,179,671

Shares of beneficial interest (unlimited number of shares authorized, no par value)		20,383,459
Net Asset Value (offering and redemption price per share)	$	13.11

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends	$	7

Total Investment Income		7

Expenses:
Manager fees		115,383
Administration fees		26,307
Custodian fees		1,003
Administrative and compliance services fees		2,312
Trustee fees		7,091
Professional fees		5,022
Shareholder reports		5,496
Recoupment of prior expenses reimbursed by the manager		8,175
Other expenses		2,266

Total expenses		173,055

Net Investment Income/(Loss)		(173,048	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		478,610
Net realized gains/(losses) on futures contracts		695,831
Change in net unrealized appreciation/depreciation on investments		12,656,564

Net Realized/Unrealized Gains/(Losses) on Investments		13,831,005

Change in Net Assets Resulting From Operations	$	13,657,957

See accompanying notes to the financial statements.

Statements of Changes in Net Assets


	AZL MVP Franklin Templeton Founding Strategy Plus Fund
	For the Six Months Ended June 30, 2014				For the Year Ended December 31, 2013
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(173,048	)		$	2,057,931
Net realized gains/(losses) on investment transactions			1,174,441				2,052,051
Change in unrealized appreciation/depreciation on investments			12,656,564				14,414,871

Change in net assets resulting from operations			13,657,957				18,524,853

Dividends to Shareholders:
From net realized gains			—				(17,003	)

Change in net assets resulting from dividends to shareholders			—				(17,003	)

Capital Transactions:
Proceeds from shares issued			56,366,452				152,201,330
Proceeds from dividends reinvested			—				17,003
Value of shares redeemed			(7,362,525	)			(10,854,959	)

Change in net assets resulting from capital transactions			49,003,927				141,363,374

Change in net assets			62,661,884				159,871,224
Net Assets:
Beginning of period			204,517,787				44,646,563

End of period		$	267,179,671			$	204,517,787

Accumulated net investment income/(loss)		$	2,292,810			$	2,465,858

Share Transactions:
Shares issued			4,481,535				13,252,470
Dividends reinvested			—				1,456
Shares redeemed			(605,380	)			(990,777	)

Change in shares			3,876,155				12,263,149

See accompanying notes to the financial statements.

AZL MVP Franklin Templeton Founding Strategy Plus Fund

Financial Highlights

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


	Six Months Ended June 30, 2014				Year Ended December 31, 2013				April 30, 2012 to December 31, 2012 (a)
	(Unaudited)
Net Asset Value, Beginning of Period		$	12.39			$	10.52			$	10.00

Investment Activities:
Net Investment Income/(Loss)			(0.04	)			0.12				0.13
Net Realized and Unrealized Gains/(Losses) on Investments			0.76				1.75				0.56

Total from Investment Activities			0.72				1.87				0.69

Dividends to Shareholders From:
Net Investment Income			—				—				(0.13	)
Net Realized Gains			—				—	(b)			(0.04	)

Total Dividends			—				—	(b)			(0.17	)

Net Asset Value, End of Period		$	13.11			$	12.39			$	10.52

Total Return(c)			5.81	%(d)			17.79	%			6.87	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	267,180			$	204,518			$	44,647
Net Investment Income/(Loss)(e)			(0.15	)%			1.75	%			3.46	%
Expenses Before Reductions* (e) (f)			0.15	%			0.17	%			0.48	%
Expenses Net of Reductions* (e)			0.15	%			0.15	%			0.15	%
Portfolio Turnover Rate(g)			3	%(d)			9	%			34	%(d)

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

(a)

Period from commencement of operations. During the period from April 30, 2012 to December 2012, the Fund’s primary vehicle for gaining exposure to derivatives was through investments in its wholly-owned and controlled subsidiary , the AZL MVP FTFSP Investments Trust (the “Subsidiary”). The Subsidiary was liquidated on December 10, 2012 at its net asset value on such date. The Subsidiary’s operations have been consolidated with the operations of the Fund through its liquidation on December 10, 2012.

(b)	Represents less than $0.005.

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

(d)	Not annualized.

(e)	Annualized for periods less than one year.

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

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

See accompanying notes to the financial statements.

AZL MVP Franklin Templeton Founding Strategy Plus Fund

Notes to the Financial Statements

June 30, 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 (collectively, the “Funds”), of which one is included in this report, the AZL MVP Franklin Templeton Founding Strategy Plus Fund (the “Fund”), and 11 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Investment transactions are recorded not later than on the business day following trade date. However, for financial reporting purposes, investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available.

Dividends to Shareholders

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

Expense Allocation

Derivative Instruments

Futures Contracts

AZL MVP Franklin Templeton Founding Strategy Plus Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $13.3 million as of June 30, 2014. The monthly average notional amount for these contracts was $11.8 million for the period ended June 30, 2014. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2014:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Contracts

Receivable for variation margin on futures contracts

117,917

Payable for variation margin on futures contracts

—

Interest Rate

—

11,262

The following is a summary of the effect of derivative instruments on the Fund’s Statement of Operations, categorized by risk exposure, for the period ended June 30, 2014:


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

Equity Contracts	Net realized gains/(losses) on futures contracts/Change in unrealized appreciation/depreciation on investments	$	589,894	$	(98,449	)
Interest Rate			105,937		60,511

3. Related Party Transactions

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit
AZL MVP Franklin Templeton Founding Strategy Plus Fund		0.10	%		0.15	%

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the period are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2014, the contractual reimbursements that are subject to repayment by the Fund in subsequent years were as follows:


Fund	Expires 12/31/2016
AZL MVP Franklin Templeton Founding Strategy Plus Fund		$	23,396

AZL MVP Franklin Templeton Founding Strategy Plus Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)


	Fair Value 12/31/13			Purchases at Cost			Proceeds from Sales				Net Realized Gain(Loss)			Change in Unrealized Appreciation/ Depreciation			Fair Value 6/30/14			Dividend Income
AZL Franklin Templeton Founding Strategy Plus Fund		$	194,037,955		$	52,720,132		$	(6,209,744	)		$	478,610		$	12,694,500		$	253,721,453		$	—

		$	194,037,955		$	52,720,132		$	(6,209,744	)		$	478,610		$	12,694,500		$	253,721,453		$	—

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund and receives 12b-1 fees directly from the Fund, plus a Trust-wide annual fee of $42,500, paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $1,269 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

—

Level 1 — quoted prices in active markets for identical assets

—

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

—

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

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

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

AZL MVP Franklin Templeton Founding Strategy Plus Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Total

Affiliated Investment Company		$	253,721,454		$	—		$	253,721,454
Unaffiliated Investment Companies			9,327,091			—			9,327,091

Total Investment Securities			263,048,545			—			263,048,545

Other Financial Instruments:*
Futures Contracts			106,655			—			106,655

Total Investments		$	263,155,200		$	—		$	263,155,200

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

5. Security Purchases and Sales

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL MVP Franklin Templeton Founding Strategy Plus Fund		$	52,720,132		$	6,209,744

6. Investment Risks

7. Federal Tax Information

Cost for federal income tax purposes at June 30, 2014 is $234,522,448. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	28,657,006
Unrealized depreciation		(130,909	)

Net unrealized appreciation depreciation	$	28,526,097

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL MVP Franklin Templeton Founding Strategy Plus Fund		$	417		$	16,586		$	17,003

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

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)(a)			Total Accumulated Earnings/ (Deficit)
AZL MVP Franklin Templeton Founding Strategy Plus Fund		$	2,795,635		$	1,491,804		$	—		$	15,829,465		$	20,116,904

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

AZL MVP Franklin Templeton Founding Strategy Plus Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

8. Concentration of Investments

As of June 30, 2014, the Fund’s investment in the AZL Franklin Templeton Founding Strategy Plus Fund, which is affiliated with the Investment Adviser, represented greater than 90% of the Fund’s net assets. The financial statements of the AZL Franklin Templeton Founding Strategy Plus Fund are attached hereto.

9. Subsequent Events

Other Information (Unaudited)

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 800-624-0197; (ii) on the Allianz Variable Insurance Products Trust’s website at https://www.allianzlife.com; and (iii) on the Commission’s website at http://www.sec.gov.

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0614 8/14

AZL MVP Fusion^SM Balanced Fund

Semi-Annual Report

June 30, 2014

(Unaudited)

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Table of Contents

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Page 3

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Page 11

AZL MVP Fusion Balanced Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL MVP Fusion Balanced Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

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


	Beginning Account Value 1/1/14			Ending Account Value 6/30/14			Expenses Paid During Period 1/1/14 - 6/30/14*			Annualized Expense Ratio During Period 1/1/14 - 6/30/14
AZL MVP Fusion Balanced Fund		$	1,000.00		$	1,042.80		$	1.11		0.22	%


	Beginning Account Value 1/1/14			Ending Account Value 6/30/14			Expenses Paid During Period 1/1/14 - 6/30/14*			Annualized Expense Ratio During Period 1/1/14 - 6/30/14
AZL MVP Fusion Balanced Fund		$	1,000.00		$	1,023.70		$	1.10		0.22	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Fixed Income		47.3	%
Domestic Equities		30.8
International Equities		17.0
Money Market		3.0

Total Investment Securities		98.1
Net other assets (liabilities)		1.9

Net Assets		100.0	%

AZL MVP Fusion Balanced Fund

Schedule of Portfolio Investments

June 30, 2014 (Unaudited)


Shares			Fair Value
	Affiliated Investment Companies (95.1%):
	1,046,312	AZL BlackRock Capital Appreciation Fund	$	19,995,017
	1,307,248	AZL Dreyfus Research Growth Fund		20,053,177
	1,039,638	AZL Federated Clover Small Value Fund		26,791,466
	2,192,788	AZL Gateway Fund		26,138,035
	2,276,505	AZL International Index Fund		39,451,833
	1,999,725	AZL Invesco Growth and Income Fund		33,075,454
	2,012,260	AZL Invesco International Equity Fund		39,882,987
	2,728,092	AZL JPMorgan International Opportunities Fund		52,652,180
	3,400,780	AZL JPMorgan U.S. Equity Fund		52,882,124
	895,545	AZL MFS Investors Trust Fund		20,015,436
	1,041,075	AZL MFS Mid Cap Value Fund		13,513,149
	3,149,066	AZL MFS Value Fund		39,489,293
	562,031	AZL Mid Cap Index Fund		13,516,857
	1,823,278	AZL Morgan Stanley Global Real Estate Fund		19,964,897
	736,698	AZL Morgan Stanley Mid Cap Growth Fund		13,658,383
	1,963,304	AZL NFJ International Value Fund		26,445,704
	2,230,156	AZL Oppenheimer Discovery Fund		33,474,634
	12,406,797	AZL Pyramis Core Bond Fund		126,673,393
	1,711,610	AZL Russell 1000 Growth Index Fund		30,004,520
	3,530,186	AZL Russell 1000 Value Index Fund		55,988,757


Shares			Fair Value
	Affiliated Investment Companies, continued
	1,657,415	AZL Schroder Emerging Markets Equity Fund, Class 2	$	13,358,766
	1,881,697	AZL Wells Fargo Large Cap Growth Fund		20,115,343
	1,471,259	NFJ Dividend Value Portfolio		19,964,985
	1,295,364	PIMCO PVIT Global Advantage Strategy Bond Portfolio		13,264,526
	4,768,696	PIMCO PVIT High Yield Portfolio		39,294,057
	7,258,550	PIMCO PVIT Low Duration Portfolio		77,593,900
	3,960,819	PIMCO PVIT Real Return Portfolio		52,639,290
	22,851,269	PIMCO PVIT Total Return Portfolio		256,848,263
	4,963,343	PIMCO PVIT Unconstrained Bond Portfolio		52,015,835

	Total Affiliated Investment Companies (Cost $1,002,335,279)			1,248,762,261

	Unaffiliated Investment Company (3.0%):
	40,000,000	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.00%(a) (b)		40,000,000

	Total Unaffiliated Investment Company (Cost $40,000,000)			40,000,000

	Total Investment Securities (Cost $1,042,335,279)(c) — 98.1%			1,288,762,261
	Net other assets (liabilities) — 1.9%			25,478,069

	Net Assets — 100.0%		$	1,314,240,330

Percentages indicated are based on net assets as of June 30, 2014.

(a)	The rate represents the effective yield at June 30, 2014.

(b)	Security purchased with cash that was segregated to cover margin requirements for open futures contracts as of June 30, 2014.

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

Futures Contracts

Cash of $25,690,151 has been segregated to cover margin requirements for the following open contracts as of June 30, 2014:


Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note September Futures		Long		9/19/14		262	$	32,795,031	$	(74,359	)
S&P 500 Index E-Mini September Futures		Long		9/19/14		336		32,800,320		489,028

Total									$	414,669

See accompanying notes to the financial statements.

AZL MVP Fusion Balanced Fund

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	40,000,000
Investments in affiliates, at cost		1,002,335,279

Total Investment securities, at cost	$	1,042,335,279

Investments in non-affiliates, at value	$	40,000,000
Investments in affiliates, at value		1,248,762,261

Total Investment securities, at value		1,288,762,261
Segregated cash for collateral		25,690,151
Interest and dividends receivable		692,310
Receivable for capital shares issued		87,045
Receivable for affiliated investments sold		132,662
Receivable for variation margin on futures contracts		3
Prepaid expenses		6,184

Total Assets		1,315,370,616

Liabilities:
Cash overdraft		141,430
Payable for affiliated investments purchased		692,279
Payable for capital shares redeemed		35,342
Manager fees payable		215,000
Administration fees payable		198
Custodian fees payable		693
Administrative and compliance services fees payable		3,596
Trustee fees payable		7,716
Other accrued liabilities		34,032

Total Liabilities		1,130,286

Net Assets	$	1,314,240,330

Net Assets Consist of:
Capital	$	1,042,704,765
Accumulated net investment income/(loss)		20,786,935
Accumulated net realized gains/(losses) from investment transactions		3,906,979
Net unrealized appreciation/(depreciation) on investments		246,841,651

Net Assets	$	1,314,240,330

Shares of beneficial interest (unlimited number of shares authorized, no par value)		99,844,873
Net Asset Value (offering and redemption price per share)	$	13.16

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends from affiliates	$	4,610,451
Dividends		31

Total Investment Income		4,610,482

Expenses:
Manager fees		1,275,741
Administration fees		30,144
Custodian fees		1,122
Administrative and compliance services fees		10,744
Trustee fees		33,780
Professional fees		25,808
Shareholder reports		19,453
Other expenses		13,398

Total expenses		1,410,190

Net Investment Income/(Loss)		3,200,292

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		15,532,509
Net realized gains distributions from affiliated underlying funds		700,296
Net realized gains/(losses) on futures contracts		3,503,901
Change in net unrealized appreciation/depreciation on investments		31,217,694

Net Realized/Unrealized Gains/(Losses) on Investments		50,954,400

Change in Net Assets Resulting From Operations	$	54,154,692

See accompanying notes to the financial statements.

Statements of Changes in Net Assets


	AZL MVP Fusion Balanced Fund
	For the Six Months Ended June 30, 2014				For the Year Ended December 31, 2013
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	3,200,292			$	14,890,050
Net realized gains/(losses) on investment transactions			19,736,706				22,809,040
Change in unrealized appreciation/depreciation on investments			31,217,694				87,492,609

Change in net assets resulting from operations			54,154,692				125,191,699

Dividends to Shareholders:
From net investment income			—				(20,989,730	)

Change in net assets resulting from dividends to shareholders			—				(20,989,730	)

Capital Transactions:
Proceeds from shares issued			16,018,964				59,235,936
Proceeds from shares issued in merger			—				163,914,260
Proceeds from dividends reinvested			—				20,989,730
Value of shares redeemed			(38,596,776	)			(83,571,863	)

Change in net assets resulting from capital transactions			(22,577,812	)			160,568,063

Change in net assets			31,576,880				264,770,032
Net Assets:
Beginning of period			1,282,663,450				1,017,893,418

End of period		$	1,314,240,330			$	1,282,663,450

Accumulated net investment income/(loss)		$	20,786,935			$	17,586,643

Share Transactions:
Shares issued			1,258,047				4,878,467
Shares issued in merger			—				13,582,062
Dividends reinvested			—				1,750,603
Shares redeemed			(3,024,641	)			(6,931,870	)

Change in shares			(1,766,594	)			13,279,262

See accompanying notes to the financial statements.

AZL MVP Fusion Balanced Fund

Financial Highlights

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


	Six Months Ended June 30, 2014				Year Ended December 31, 2013				Year Ended December 31, 2012				Year Ended December 31, 2011				Year Ended December 31, 2010				Year Ended December 31, 2009
	(Unaudited)
Net Asset Value, Beginning of Period		$	12.62			$	11.52			$	10.55			$	10.92			$	10.10			$	8.35

Investment Activities:
Net Investment Income/(Loss)			0.04				0.12				0.17				0.17				0.10				0.12
Net Realized and Unrealized Gains/(Losses) on Investments			0.50				1.19				1.03				(0.27	)			1.00				2.09

Total from Investment Activities			0.54				1.31				1.20				(0.10	)			1.10				2.21

Dividends to Shareholders From:
Net Investment Income			—				(0.21	)			(0.23	)			(0.27	)			(0.28	)			(0.18	)
Net Realized Gains			—				—				—				—				—				(0.28	)

Total Dividends			—				(0.21	)			(0.23	)			(0.27	)			(0.28	)			(0.46	)

Net Asset Value, End of Period		$	13.16			$	12.62			$	11.52			$	10.55			$	10.92			$	10.10

Total Return(a)			4.28	%(b)			11.46	%			11.39	%			(0.90	)%			11.07	%			26.71	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	1,314,240			$	1,282,663			$	1,017,893			$	909,669			$	818,193			$	583,489
Net Investment Income/(Loss)(c)			0.50	%			1.27	%			1.48	%			1.85	%			1.75	%			2.65	%
Expenses Before Reductions* (c) (d)			0.22	%			0.22	%			0.23	%			0.23	%			0.24	%			0.25	%
Expenses Net of Reductions* (c)			0.22	%			0.21	%			0.18	%			0.18	%			0.19	%			0.20	%
Portfolio Turnover Rate(e)			7	%(b)			6	%			32	%			20	%			34	%			37	%

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

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

(b)	Not annualized.

(c)	Annualized for periods less than one year.

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

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

See accompanying notes to the financial statements.

AZL MVP Fusion Balanced Fund

Notes to the Financial Statements

June 30, 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 (collectively, the “Funds”), of which one is included in this report, the AZL MVP Fusion Balanced Fund (the “Fund”), and 11 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Dividends to Shareholders

Expense Allocation

Derivative Instruments

Futures Contracts

AZL MVP Fusion Balanced Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

(“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $65.6 million as of June 30, 2014. The monthly average notional amount for these contracts was $64.4 million for the period ended June 30, 2014. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2014:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Contracts

Receivable for variation margin on futures contracts

489,028

Payable for variation margin on futures contracts

—

Interest Rate

—

74,359

The following is a summary of the effect of derivative instruments on the Fund’s Statement of Operations, categorized by risk exposure, for the period ended June 30, 2014:


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

Equity Contracts	Net realized gains/(losses) on futures contracts/Change in unrealized appreciation/depreciation on investments	$	2,849,035	$	(664,400	)

Interest Rate			654,866		515,426

3. Related Party Transactions

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:


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

AZL MVP Fusion Balanced Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)


	Fair Value 12/31/13			Purchases at Cost			Proceeds from Sales				Net Realized Gain(Loss)				Change in Unrealized Appreciation/ Depreciation				Fair Value 6/30/14			Dividend Income
AZL BlackRock Capital Appreciation Fund		$	33,933,292		$	—		$	(13,471,265	)		$	5,442,422			$	(5,909,432	)		$	19,995,017		$	—
AZL Dreyfus Research Growth Fund			20,729,755			24,377			(1,471,158	)			357,397				412,806				20,053,177			—
AZL Federated Clover Small Cap Value Fund			27,211,930			108,362			(2,804,249	)			629,193				1,646,230				26,791,466			—
AZL Gateway Fund			24,882,176			663,400			—				—				592,459				26,138,035			—
AZL International Index Fund			39,779,632			—			(2,051,201	)			335,372				1,388,030				39,451,833			—
AZL Invesco Growth and Income Fund			33,611,240			—			(2,647,682	)			633,405				1,478,491				33,075,454			—
AZL Invesco International Equity Fund			40,104,083			—			(2,674,295	)			461,642				1,991,557				39,882,987			—
AZL JPMorgan International Opportunities Fund			52,813,077			—			(1,770,140	)			147,286				1,461,957				52,652,180			—
AZL JPMorgan U.S. Equity Fund			53,175,292			179,205			(3,991,290	)			1,231,715				2,287,202				52,882,124			—
AZL MFS Investors Trust Fund			27,274,954			—			(8,197,563	)			2,783,740				(1,845,695	)			20,015,436			—
AZL MFS Mid Cap Value Fund			14,167,709			—			(1,873,957	)			570,228				649,169				13,513,149			—
AZL MFS Value Fund			40,309,587			14,976			(2,615,967	)			718,484				1,062,213				39,489,293			—
AZL Mid Cap Index Fund			14,081,751			—			(1,487,895	)			381,664				541,337				13,516,857			—
AZL Morgan Stanley Global Real Estate Fund			17,452,099			846,100			(307,068	)			14,063				1,959,703				19,964,897			—
AZL Morgan Stanley Mid Cap Growth Fund			14,157,027			570,322			(1,178,661	)			298,057				(188,362	)			13,658,383			—
AZL NFJ International Value Fund			26,544,103			—			(1,265,800	)			(139,294	)			1,306,695				26,445,704			—
AZL Oppenheimer Discovery Fund			33,833,372			4,318,842			(3,383,520	)			795,380				(2,089,440	)			33,474,634			—
AZL Pyramis Core Bond Fund			107,710,687			14,256,601			(244,319	)			337				4,950,087				126,673,393			—
AZL Russell 1000 Growth Index Fund			33,685,156			—			(5,362,565	)			1,348,329				333,600				30,004,520			—
AZL Russell 1000 Value Index Fund			53,011,675			1,582,744			(2,760,316	)			554,627				3,600,027				55,988,757			—
AZL Schroder Emerging Markets Equity Fund, Class 2			12,215,936			858,900			(166,788	)			(17,370	)			468,088				13,358,766			—
AZL Wells Fargo Large Cap Growth Fund			—			19,128,000			(259,270	)			9,198				1,237,415				20,115,343			—
NFJ Dividend Value Portfolio			20,519,827			1,096,910			(2,193,098	)			1,193,714				(652,368	)			19,964,985			396,614
PIMCO PVIT Global Advantage Strategy Bond Portfolio			35,431,823			1,005,825			(24,396,369	)			(22,471	)			1,245,718				13,264,526			247,394
PIMCO PVIT High Yield Portfolio			37,242,198			1,271,452			(12,900	)			—				793,307				39,294,057			994,352
PIMCO PVIT Low Duration Portfolio			60,669,474			16,412,234			—				—				512,192				77,593,900			335,152
PIMCO PVIT Real Return Portfolio			60,373,633			818,293			(11,610,835	)			(1,266,428	)			4,324,627				52,639,290			529,942
PIMCO PVIT Total Return Portfolio			235,341,567			19,920,519			(4,184,208	)			(227,886	)			5,998,271				256,848,263			1,917,190
PIMCO PVIT Unconstrained Bond Portfolio			48,043,051			2,862,295			—				1				1,110,488				52,015,835			189,807

		$	1,218,306,106		$	85,939,357		$	(102,382,379	)		$	16,232,805			$	30,666,372			$	1,248,762,261		$	4,610,451

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $7,654 was paid from the Fund relating to these fees and expenses.

AZL MVP Fusion Balanced Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

the Trustees is allocated between the Trust and the Allianz Variable Insurance Products Trust in proportion to the assets under management of each trust. During the period ended June 30, 2014, actual Trustee compensation was $456,400 in total for both trusts.

4. Investment Valuation Summary

—

Level 1 — quoted prices in active markets for identical assets

—

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

—

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

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

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Total
Affiliated Investment Companies		$	1,248,762,261		$	—		$	1,248,762,261
Unaffiliated Investment Company			40,000,000			—			40,000,000

Total Investment Securities			1,288,762,261			—			1,288,762,261

Other Financial Instruments:*
Futures Contracts			414,669			—			414,669

Total Investments		$	1,289,176,930		$	—		$	1,289,176,930

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

5. Security Purchases and Sales

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL MVP Fusion Balanced Fund		$	85,939,357		$	102,382,379

6. Investment Risks

7. Federal Tax Information

AZL MVP Fusion Balanced Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

Cost for federal income tax purposes at June 30, 2014 is $1,056,741,800. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	246,601,051
Unrealized depreciation		(14,580,590	)

Net unrealized appreciation depreciation	$	232,020,461

As of the end of its tax year ended December 31, 2013, the Fund has capital loss carry forwards (“CLCFs”) as summarized in the tables below. CLCFs subject to expiration are applied as short-term capital loss regardless of whether the originating capital loss was short-term or long-term. CLCFs that are not subject to expiration must be utilized before those that are subject to expiration. The Board does not intend to authorize a distribution of any realized gain for the Fund until any applicable CLCF has been offset or expires.

CLCFs subject to expiration:


	Expires 12/31/2017
AZL MVP Fusion Balanced Fund		$	923,166

During the year ended December 31, 2013, the Fund utilized $19,597,382 in CLCFs to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL MVP Fusion Balanced Fund		$	20,989,730		$	—		$	20,989,730

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

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses				Unrealized Appreciation/ (Depreciation)(a)			Total Accumulated Earnings/ (Deficit)
AZL MVP Fusion Balanced Fund		$	17,586,643		$	—		$	(923,166	)		$	200,717,396		$	217,380,873

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

8. Acquisition of Funds

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

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

Assuming the acquisition had been completed on January 1, 2013, the beginning of the annual reporting period of the Fund, the Fund’s pro forma results of operations for the year ended December 31, 2013, are as follows:


Net investment income/(loss)	$	15,146,714
Net realized/unrealized gains/losses)		116,999,565

Change in net assets resulting from operations	$	132,1496,279

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

9. Subsequent Events

Other Information (Unaudited)

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0614 8/14

AZL MVP Fusion^SM Conservative Fund

Semi-Annual Report

June 30, 2014

(Unaudited)

LOGO

Table of Contents

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Page 11

AZL MVP Fusion Conservative Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL MVP Fusion Conservative Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

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


	Beginning Account Value 1/1/14			Ending Account Value 6/30/14			Expenses Paid During Period 1/1/14 - 6/30/14*			Annualized Expense Ratio During Period 1/1/14 - 6/30/14
AZL MVP Fusion Conservative Fund		$	1,000.00		$	1,041.50		$	1.21		0.24	%


	Beginning Account Value 1/1/14			Ending Account Value 6/30/14			Expenses Paid During Period 1/1/14 - 6/30/14*			Annualized Expense Ratio During Period 1/1/14 - 6/30/14
AZL MVP Fusion Conservative Fund		$	1,000.00		$	1,023.60		$	1.20		0.24	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Fixed Income		61.8	%
Domestic Equities		24.2
International Equities		9.0
Money Market		2.5

Total Investment Securities		97.5
Net other assets (liabilities)		2.5

Net Assets		100.0	%

AZL MVP Fusion Conservative Fund

Schedule of Portfolio Investments

June 30, 2014 (Unaudited)


Shares			Fair Value
	Affiliated Investment Companies (95.0%):
	145,631	AZL BlackRock Capital Appreciation Fund	$	2,783,007
	181,870	AZL Dreyfus Research Growth Fund		2,789,888
	162,966	AZL Federated Clover Small Value Fund		4,199,643
	346,064	AZL Gateway Fund		4,125,080
	318,360	AZL International Index Fund		5,517,171
	417,265	AZL Invesco Growth and Income Fund		6,901,559
	279,820	AZL Invesco International Equity Fund		5,546,033
	285,780	AZL JPMorgan International Opportunities Fund		5,515,556
	535,153	AZL JPMorgan U.S. Equity Fund		8,321,632
	124,563	AZL MFS Investors Trust Fund		2,783,989
	216,568	AZL MFS Mid Cap Value Fund		2,811,057
	659,537	AZL MFS Value Fund		8,270,596
	117,060	AZL Mid Cap Index Fund		2,815,301
	252,284	AZL Morgan Stanley Global Real Estate Fund		2,762,514
	152,068	AZL Morgan Stanley Mid Cap Growth Fund		2,819,337
	373,388	AZL Oppenheimer Discovery Fund		5,604,550
	3,624,208	AZL Pyramis Core Bond Fund		37,003,169
	178,858	AZL Russell 1000 Growth Index Fund		3,135,374
	543,561	AZL Russell 1000 Value Index Fund		8,620,875


Shares			Fair Value
	Affiliated Investment Companies, continued
	261,902	AZL Wells Fargo Large Cap Growth Fund	$	2,799,728
	308,516	NFJ Dividend Value Portfolio		4,186,569
	268,616	PIMCO PVIT Global Advantage Strategy Bond Portfolio		2,750,630
	1,679,337	PIMCO PVIT High Yield Portfolio		13,837,734
	2,330,533	PIMCO PVIT Low Duration Portfolio		24,913,394
	1,042,136	PIMCO PVIT Real Return Portfolio		13,849,986
	5,766,146	PIMCO PVIT Total Return Portfolio		64,811,475
	1,317,675	PIMCO PVIT Unconstrained Bond Portfolio		13,809,232

	Total Affiliated Investment Companies (Cost $233,859,816)			263,285,079

	Unaffiliated Investment Company (2.5%):
	7,000,000	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.00%(a) (b)		7,000,000

	Total Unaffiliated Investment Company (Cost $7,000,000)			7,000,000

	Total Investment Securities (Cost $240,859,816)(c) — 97.5%			270,285,079
	Net other assets (liabilities) — 2.5%			6,915,483

	Net Assets — 100.0%		$	277,200,562

Percentages indicated are based on net assets as of June 30, 2014.

(a)	The rate represents the effective yield at June 30, 2014.

(b)	Security purchased with cash that was segregated to cover margin requirements for open futures contracts as of June 30, 2014.

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

Futures Contracts

Cash of $6,865,052 has been segregated to cover margin requirements for the following open contracts as of June 30, 2014:


Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note September Futures		Long		9/19/14		71	$	8,887,203	$	(21,740	)
S&P 500 Index E-Mini September Futures		Long		9/19/14		49		4,783,380		71,452

Total									$	49,712

See accompanying notes to the financial statements.

AZL MVP Fusion Conservative Fund

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	7,000,000
Investments in affiliates, at cost		233,859,816

Total Investment securities, at cost	$	240,859,816

Investments in non-affiliates, at value	$	7,000,000
Investments in affiliates, at value		263,285,079

Total Investment securities, at value		270,285,079
Segregated cash for collateral		6,865,052
Interest and dividends receivable		194,123
Receivable for capital shares issued		166,800
Receivable for investments sold		240,271
Prepaid expenses		1,214

Total Assets		277,752,539

Liabilities:
Cash overdraft		257,007
Payable for affiliated investments purchased		194,118
Payable for capital shares redeemed		43,080
Manager fees payable		45,034
Administration fees payable		113
Custodian fees payable		894
Administrative and compliance services fees payable		936
Trustee fees payable		2,013
Other accrued liabilities		8,782

Total Liabilities		551,977

Net Assets	$	277,200,562

Net Assets Consist of:
Capital	$	234,230,117
Accumulated net investment income/(loss)		4,944,298
Accumulated net realized gains/(losses) from investment transactions		8,551,172
Net unrealized appreciation/(depreciation) on investments		29,474,975

Net Assets	$	277,200,562

Shares of beneficial interest (unlimited number of shares authorized, no par value)		21,245,411
Net Asset Value (offering and redemption price per share)	$	13.05

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends from affiliates	$	1,231,694
Dividends		5

Total Investment Income		1,231,699

Expenses:
Manager fees		265,022
Administration fees		26,321
Custodian fees		1,148
Administrative and compliance services fees		2,166
Trustee fees		6,816
Professional fees		5,214
Shareholder reports		3,819
Other expenses		2,586

Total expenses		313,092

Net Investment Income/(Loss)		918,607

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		2,417,631
Net realized gains distributions from affiliated underlying funds		145,596
Net realized gains/(losses) on futures contracts		587,107
Change in net unrealized appreciation/depreciation on investments		6,817,535

Net Realized/Unrealized Gains/(Losses) on Investments		9,967,869

Change in Net Assets Resulting From Operations	$	10,886,476

See accompanying notes to the financial statements.

Statements of Changes in Net Assets


	AZL MVP Fusion Conservative Fund
	For the Six Months Ended June 30, 2014				For the Year Ended December 31, 2013
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	918,607			$	3,335,241
Net realized gains/(losses) on investment transactions			3,150,334				6,941,188
Change in unrealized appreciation/depreciation on investments			6,817,535				9,649,110

Change in net assets resulting from operations			10,886,476				19,925,539

Dividends to Shareholders:
From net investment income			—				(5,617,234	)
From net realized gains			—				(2,647,800	)

Change in net assets resulting from dividends to shareholders			—				(8,265,034	)

Capital Transactions:
Proceeds from shares issued			25,604,802				40,121,835
Proceeds from dividends reinvested			—				8,265,034
Value of shares redeemed			(24,522,860	)			(48,139,776	)

Change in net assets resulting from capital transactions			1,081,942				247,093

Change in net assets			11,968,418				11,907,598
Net Assets:
Beginning of period			265,232,144				253,324,546

End of period		$	277,200,562			$	265,232,144

Accumulated net investment income/(loss)		$	4,944,298			$	4,025,691

Share Transactions:
Shares issued			2,015,564				3,248,870
Dividends reinvested			—				687,035
Shares redeemed			(1,936,659	)			(3,895,518	)

Change in shares			78,905				40,387

See accompanying notes to the financial statements.

AZL MVP Fusion Conservative Fund

Financial Highlights

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


	Six Months Ended June 30, 2014				Year Ended December 31, 2013				Year Ended December 31, 2012				Year Ended December 31, 2011				Year Ended December 31, 2010				October 23, 2009 to December 31, 2009 (a)
	(Unaudited)
Net Asset Value, Beginning of Period		$	12.53			$	11.99			$	11.05			$	11.18			$	10.08			$	10.00

Investment Activities:
Net Investment Income/(Loss)			0.04				0.16				0.14				0.04				0.13				0.02
Net Realized and Unrealized Gains/(Losses) on Investments			0.48				0.78				1.10				0.03				0.97				0.16

Total from Investment Activities			0.52				0.94				1.24				0.07				1.10				0.18

Dividends to Shareholders From:
Net Investment Income			—				(0.27	)			(0.20	)			(0.17	)			—	(b)			(0.10	)
Net Realized Gains			—				(0.13	)			(0.10	)			(0.03	)			—	(b)			—

Total Dividends			—				(0.40	)			(0.30	)			(0.20	)			—	(b)			(0.10	)

Net Asset Value, End of Period		$	13.05			$	12.53			$	11.99			$	11.05			$	11.18			$	10.08

Total Return(b)			4.15	%(d)			7.96	%			11.27	%			0.64	%			10.96	%			1.81	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	277,201			$	265,232			$	253,325			$	188,191			$	89,707			$	5,998
Net Investment Income/(Loss)(e)			0.69	%			1.29	%			1.65	%			2.12	%			2.04	%			2.36	%
Expenses Before Reductions* (e) (f)			0.24	%			0.24	%			0.25	%			0.28	%			0.34	%			2.56	%
Expenses Net of Reductions* (e)			0.24	%			0.22	%			0.20	%			0.23	%			0.26	%			0.35	%
Portfolio Turnover Rate(g)			14	%(d)			15	%			36	%			19	%			34	%			53	%(d)

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

(a)	Period from commencement of operations.

(b)	Represents less than $0.005.

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

(d)	Not annualized.

(e)	Annualized for periods less than one year.

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

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

See accompanying notes to the financial statements.

AZL MVP Fusion Conservative Fund

Notes to the Financial Statements

June 30, 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 (collectively, the “Funds”), of which one is included in this report, the AZL MVP Fusion Conservative Fund (the “Fund”), and 11 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Dividends to Shareholders

Expense Allocation

Derivative Instruments

Futures Contracts

AZL MVP Fusion Conservative Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

(“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $13.7 million as of June 30, 2014. The monthly average notional amount for these contracts was $13.3 million for the period ended June 30, 2014. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2014:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Contracts

Receivable for variation margin on futures contracts

71,452

Payable for variation margin on futures contracts

—

Interest Rate

—

21,740

The following is a summary of the effect of derivative instruments on the Fund’s Statement of Operations, categorized by risk exposure, for the period ended June 30, 2014:


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

Equity Contracts	Net realized gains/(losses) on futures contracts/Change in unrealized appreciation/depreciation on investments	$	412,759	$	(94,708	)

Interest Rate			174,348		138,600

3. Related Party Transactions

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:


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

AZL MVP Fusion Conservative Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)


	Fair Value 12/31/13			Purchases at Cost			Proceeds from Sales				Net Realized Gain(Loss)				Change in Unrealized Appreciation/ Depreciation				Fair Value 6/30/14			Dividend Income
AZL BlackRock Capital Appreciation Fund		$	5,460,034		$	533,793		$	(3,105,849	)		$	964,806			$	(1,069,777	)		$	2,783,007		$	—
AZL Dreyfus Research Growth Fund			2,731,509			266,161			(323,134	)			92,177				23,175				2,789,888			—
AZL Federated Clover Small Cap Value Fund			4,081,135			398,260			(644,069	)			90,895				273,422				4,199,643			—
AZL Gateway Fund			3,999,600			224,649			(192,690	)			11,725				81,796				4,125,080			—
AZL International Index Fund			5,503,873			420,201			(653,941	)			123,431				123,607				5,517,171			—
AZL Invesco Growth and Income Fund			6,755,153			660,798			(964,163	)			242,593				207,178				6,901,559			—
AZL Invesco International Equity Fund			5,487,378			381,487			(666,370	)			105,091				238,447				5,546,033			—
AZL JPMorgan International Opportunities Fund			5,483,456			539,291			(688,765	)			64,846				116,728				5,515,556			—
AZL JPMorgan U.S. Equity Fund			8,134,528			836,394			(1,212,724	)			333,468				229,966				8,321,632			—
AZL MFS Investors Trust Fund			2,734,188			180,150			(265,466	)			66,639				68,478				2,783,989			—
AZL MFS Mid Cap Value Fund			2,738,800			134,067			(313,014	)			88,511				162,693				2,811,057
AZL MFS Value Fund			8,134,708			840,741			(1,091,396	)			316,856				69,687				8,270,596			—
AZL Mid Cap Index Fund			2,719,390			214,104			(316,809	)			81,030				117,586				2,815,301			—
AZL Morgan Stanley Global Real Estate Fund			2,703,207			29,894			(254,024	)			17,436				266,001				2,762,514			—
AZL Morgan Stanley Mid Cap Growth Fund			2,745,430			533,694			(499,784	)			125,124				(85,127	)			2,819,337			—
AZL Oppenheimer Discovery Fund			5,440,628			1,556,679			(1,207,271	)			321,300				(506,786	)			5,604,550			—
AZL Pyramis Core Bond Fund			29,981,879			7,484,728			(1,867,262	)			(5,409	)			1,409,233				37,003,169			—
AZL Russell 1000 Growth Index Fund			3,068,982			195,360			(310,081	)			70,469				110,644				3,135,374			—
AZL Russell 1000 Value Index Fund			8,429,028			705,869			(1,167,991	)			235,122				418,847				8,620,875			—
AZL Wells Fargo Large Cap Growth Fund			—			2,681,126			(64,031	)			1,921				180,712				2,799,728			—
NFJ Dividend Value Portfolio			4,070,935			552,228			(548,382	)			271,173				(159,385	)			4,186,569			82,459
PIMCO PVIT Global Advantage Strategy Bond Portfolio			7,848,405			330,589			(5,689,626	)			(30,460	)			291,722				2,750,630			53,315
PIMCO PVIT High Yield Portfolio			10,592,161			3,593,345			(588,518	)			7,008				233,738				13,837,734			305,433
PIMCO PVIT Low Duration Portfolio			21,066,176			4,707,574			(1,028,575	)			(10,939	)			179,158				24,913,394			110,453
PIMCO PVIT Real Return Portfolio			18,354,376			966,551			(6,342,472	)			(783,779	)			1,655,310				13,849,986			140,993
PIMCO PVIT Total Return Portfolio			62,046,456			5,736,346			(4,429,397	)			(230,741	)			1,688,811				64,811,475			488,583
PIMCO PVIT Unconstrained Bond Portfolio			13,105,142			1,057,327			(648,352	)			(7,068	)			302,183				13,809,232			50,456

		$	253,416,557		$	35,761,406		$	(35,084,156	)		$	2,563,225			$	6,628,047			$	263,285,079		$	1,231,692

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $1,592 was paid from the Fund relating to these fees and expenses.

AZL MVP Fusion Conservative Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

4. Investment Valuation Summary

—

Level 1 — quoted prices in active markets for identical assets

—

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

—

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

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

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Total

Affiliated Investment Companies		$	263,285,079		$	—		$	263,285,079
Unaffiliated Investment Company			7,000,000			—			7,000,000

Total Investment Securities			270,285,079			—			270,285,079

Other Financial Instruments:*
Futures Contracts			49,712			—			49,712

Total Investments		$	270,334,791		$	—		$	270,334,791

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

5. Security Purchases and Sales

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL MVP Fusion Conservative Fund		$	35,761,406		$	35,084,156

6. Investment Risks

7. Federal Tax Information

Cost for federal income tax purposes at June 30, 2014 is $242,324,674. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	29,582,589
Unrealized depreciation		(1,622,184	)

Net unrealized appreciation depreciation	$	27,960,405

AZL MVP Fusion Conservative Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL MVP Fusion Conservative Fund		$	5,683,665		$	2,581,369		$	8,265,034

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

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

Undistributed
Ordinary
Income

Undistributed
Long-Term
Capital Gains

Accumulated
Capital and
Other Losses

Unrealized

Appreciation/
(Depreciation)(a)

Total
Accumulated
Earnings/
(Deficit)

AZL MVP Fusion Conservative Fund

4,342,159

6,218,336

—

21,523,474

32,083,969

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

8. Subsequent Events

Other Information (Unaudited)

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0614 8/14

AZL MVP Fusion^SM Growth Fund

Semi-Annual Report

June 30, 2014

(Unaudited)

LOGO

Table of Contents

Page 1

Page 2

Page 3

Page 3

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Page 6

Page 11

AZL MVP Fusion Growth Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL MVP Fusion Growth Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

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


	Beginning Account Value 1/1/14			Ending Account Value 6/30/14			Expenses Paid During Period 1/1/14 - 6/30/14*			Annualized Expense Ratio During Period 1/1/14 - 6/30/14
AZL MVP Fusion Growth Fund		$	1,000.00		$	1,048.90		$	1.12		0.22	%


	Beginning Account Value 1/1/14			Ending Account Value 6/30/14			Expenses Paid During Period 1/1/14 - 6/30/14*			Annualized Expense Ratio During Period 1/1/14 - 6/30/14
AZL MVP Fusion Growth Fund		$	1,000.00		$	1,023.70		$	1.10		0.22	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Domestic Equities		43.5	%
International Equities		32.7
Fixed Income		18.9
Money Market		3.6

Total Investment Securities		98.7
Net other assets (liabilities)		1.3

Net Assets		100.0	%

AZL MVP Fusion Growth Fund

Schedule of Portfolio Investments

June 30, 2014 (Unaudited)


Shares			Fair Value
	Affiliated Investment Companies (95.1%):
	1,466,838	AZL BlackRock Capital Appreciation Fund	$	28,031,281
	1,827,333	AZL Dreyfus Research Growth Fund		28,031,281
	1,091,148	AZL Federated Clover Small Value Fund		28,118,879
	2,316,864	AZL Gateway Fund		27,617,013
	3,201,962	AZL International Index Fund		55,490,007
	1,689,016	AZL Invesco Growth and Income Fund		27,936,330
	3,290,616	AZL Invesco International Equity Fund		65,220,009
	3,844,299	AZL JPMorgan International Opportunities Fund		74,194,978
	3,590,643	AZL JPMorgan U.S. Equity Fund		55,834,491
	837,247	AZL MFS Investors Trust Fund		18,712,462
	1,448,558	AZL MFS Mid Cap Value Fund		18,802,288
	2,953,648	AZL MFS Value Fund		37,038,741
	394,738	AZL Mid Cap Index Fund		9,493,446
	2,541,442	AZL Morgan Stanley Global Real Estate Fund		27,828,795
	1,017,642	AZL Morgan Stanley Mid Cap Growth Fund		18,867,079
	2,739,365	AZL NFJ International Value Fund		36,899,248
	1,878,803	AZL Oppenheimer Discovery Fund		28,200,836
	3,134,371	AZL Pyramis Core Bond Fund		32,001,929
	1,335,221	AZL Russell 1000 Growth Index Fund		23,406,427
	2,638,380	AZL Russell 1000 Value Index Fund		41,844,703


Shares			Fair Value
	Affiliated Investment Companies, continued
	1,725,183	AZL Schroder Emerging Markets Equity Fund, Class 2	$	13,904,977
	2,189,996	AZL Wells Fargo Large Cap Growth Fund		23,411,052
	1,380,142	NFJ Dividend Value Portfolio		18,728,532
	2,707,664	PIMCO PVIT Global Advantage Strategy Bond Portfolio		27,726,479
	1,122,624	PIMCO PVIT High Yield Portfolio		9,250,418
	853,086	PIMCO PVIT Low Duration Portfolio		9,119,489
	1,392,550	PIMCO PVIT Real Return Portfolio		18,506,987
	4,506,086	PIMCO PVIT Total Return Portfolio		50,648,407
	2,615,947	PIMCO PVIT Unconstrained Bond Portfolio		27,415,128

	Total Affiliated Investment Companies (Cost $629,758,545)			882,281,692

	Unaffiliated Investment Company (3.6%):
	33,000,000	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.00%(a) (b)		33,000,000

	Total Unaffiliated Investment Company (Cost $33,000,000)			33,000,000

	Total Investment Securities (Cost $662,758,545)(c) — 98.7%			915,281,692
	Net other assets (liabilities) — 1.3%			12,383,298

	Net Assets — 100.0%		$	927,664,990

Percentages indicated are based on net assets as of June 30, 2014.

(a)	The rate represents the effective yield at June 30, 2014.

(b)	Security purchased with cash that was segregated to cover margin requirements for open futures contracts as of June 30, 2014.

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

Futures Contracts

Cash of $13,387,218 has been segregated to cover margin requirements for the following open contracts as of June 30, 2014:


Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note September Futures		Long		9/19/14		74	$	9,262,719	$	(21,611	)
S&P 500 Index E-Mini September Futures		Long		9/19/14		380		37,095,600		553,188

Total									$	531,577

See accompanying notes to the financial statements.

AZL MVP Fusion Growth Fund

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	33,000,000
Investments in affiliates, at cost		629,758,545

Total Investment securities, at cost	$	662,758,545

Investments in non-affiliates, at value	$	33,000,000
Investments in affiliates, at value		882,281,692

Total Investment securities, at value		915,281,692
Segregated cash for collateral		13,387,218
Interest and dividends receivable		209,828
Receivable for investments sold		286,781
Receivable for variation margin on futures contracts		3
Prepaid expenses		4,294

Total Assets		929,169,816

Liabilities:
Cash overdraft		286,781
Payable for affiliated investments purchased		209,803
Payable for capital shares redeemed		823,484
Manager fees payable		151,840
Administration fees payable		143
Custodian fees payable		688
Administrative and compliance services fees payable		2,536
Trustee fees payable		5,364
Other accrued liabilities		24,187

Total Liabilities		1,504,826

Net Assets	$	927,664,990

Net Assets Consist of:
Capital	$	842,017,477
Accumulated net investment income/(loss)		11,879,385
Accumulated net realized gains/(losses) from investment transactions		(179,286,596	)
Net unrealized appreciation/(depreciation) on investments		253,054,724

Net Assets	$	927,664,990

Shares of beneficial interest (unlimited number of shares authorized, no par value)		70,907,837
Net Asset Value (offering and redemption price per share)	$	13.08

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends from affiliates	$	1,604,361
Dividends		25

Total Investment Income		1,604,386

Expenses:
Manager fees		905,437
Administration fees		28,658
Custodian fees		1,081
Administrative and compliance services fees		7,407
Trustee fees		23,338
Professional fees		17,845
Shareholder reports		13,952
Other expenses		9,571

Total expenses		1,007,289

Net Investment Income/(Loss)		597,097

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		23,584,857
Net realized gains distributions from affiliated underlying funds		651,194
Net realized gains/(losses) on futures contracts		3,387,428
Change in net unrealized appreciation/depreciation on investments		15,230,907

Net Realized/Unrealized Gains/(Losses) on Investments		42,854,386

Change in Net Assets Resulting From Operations	$	43,451,483

See accompanying notes to the financial statements.

Statements of Changes in Net Assets


	AZL MVP Fusion Growth Fund
	For the Six Months Ended June 30, 2014				For the Year Ended December 31, 2013
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	597,097			$	9,805,613
Net realized gains/(losses) on investment transactions			27,623,479				27,772,737
Change in unrealized appreciation/depreciation on investments			15,230,907				114,059,163

Change in net assets resulting from operations			43,451,483				151,637,513

Dividends to Shareholders:
From net investment income			—				(11,573,333	)

Change in net assets resulting from dividends to shareholders			—				(11,573,333	)

Capital Transactions:
Proceeds from shares issued			11,182,649				65,079,007
Proceeds from dividends reinvested			—				11,573,333
Value of shares redeemed			(56,022,843	)			(112,784,551	)

Change in net assets resulting from capital transactions			(44,840,194	)			(36,132,211	)

Change in net assets			(1,388,711	)			103,931,969
Net Assets:
Beginning of period			929,053,701				825,121,732

End of period		$	927,664,990			$	929,053,701

Accumulated net investment income/(loss)		$	11,879,385			$	11,282,288

Share Transactions:
Shares issued			890,120				5,600,116
Dividends reinvested			—				995,127
Shares redeemed			(4,486,861	)			(9,837,483	)

Change in shares			(3,596,741	)			(3,242,240	)

See accompanying notes to the financial statements.

AZL MVP Fusion Growth Fund

Financial Highlights

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


	Six Months Ended June 30, 2014				Year Ended December 31, 2013				Year Ended December 31, 2012				Year Ended December 31, 2011				Year Ended December 31, 2010				Year Ended December 31, 2009
	(Unaudited)
Net Asset Value, Beginning of Period		$	12.47			$	10.61			$	9.51			$	10.15			$	9.15			$	7.36

Investment Activities:
Net Investment Income/(Loss)			0.02				0.14				0.12				0.16				0.12				0.11
Net Realized and Unrealized Gains/(Losses) on Investments			0.59				1.88				1.14				(0.61	)			1.05				2.20

Total from Investment Activities			0.61				2.02				1.26				(0.45	)			1.17				2.31

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

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

Net Asset Value, End of Period		$	13.08			$	12.47			$	10.61			$	9.51			$	10.15			$	9.15

Total Return(a)			4.89	%(b)			19.10	%			13.29	%			(4.43	)%			12.90	%			31.84	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	927,665			$	929,054			$	825,122			$	727,185			$	864,986			$	825,266
Net Investment Income/(Loss)(c)			0.13	%			1.12	%			1.16	%			1.32	%			1.16	%			1.39	%
Expenses Before Reductions* (c) (d)			0.22	%			0.22	%			0.23	%			0.23	%			0.24	%			0.25	%
Expenses Net of Reductions* (c)			0.22	%			0.21	%			0.18	%			0.18	%			0.19	%			0.20	%
Portfolio Turnover Rate(e)			7	%(b)			8	%			25	%			24	%			48	%			53	%

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

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

(b)	Not annualized.

(c)	Annualized for periods less than one year.

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

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

See accompanying notes to the financial statements.

AZL MVP Fusion Growth Fund

Notes to the Financial Statements

June 30, 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 (collectively, the “Funds”), of which one is included in this report, the AZL MVP Fusion Growth Fund (the “Fund”), and 11 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Dividends to Shareholders

Expense Allocation

Derivative Instruments

Futures Contracts

AZL MVP Fusion Growth Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

(“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $46.4 million as of June 30, 2014. The monthly average notional amount for these contracts was $45.5 million for the period ended June 30, 2014. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2014:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Contracts

Receivable for variation margin on futures contracts

553,188

Payable for variation margin on futures contracts

—

Interest Rate

—

21,611

The following is a summary of the effect of derivative instruments on the Fund’s Statement of Operations, categorized by risk exposure, for the period ended June 30, 2014:


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

Equity Contracts	Net realized gains/(losses) on futures contracts/Change in unrealized appreciation/depreciation on investments	$	3,196,990	$	(776,571	)

Interest Rate			190,438		144,908

3. Related Party Transactions

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:


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

AZL MVP Fusion Growth Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)


	Fair Value 12/31/13			Purchases at Cost			Proceeds from Sales				Net Realized Gain(Loss)				Change in Unrealized Appreciation/ Depreciation				Fair Value 6/30/14			Dividend Income
AZL BlackRock Capital Appreciation Fund		$	37,570,443		$	—		$	(9,345,726	)		$	4,596,891			$	(4,790,327	)		$	28,031,281		$	—
AZL Dreyfus Research Growth Fund			28,245,459			650,219			(1,957,396	)			554,770				538,229				28,031,281			—
AZL Federated Clover Small Cap Value Fund			23,439,393			4,334,480			(1,985,341	)			491,293				1,839,054				28,118,879			—
AZL Gateway Fund			27,458,157			42,600			(501,718	)			23,252				594,722				27,617,013			—
AZL International Index Fund			56,254,746			—			(3,182,650	)			599,195				1,818,715				55,490,006			—
AZL Invesco Growth and Income Fund			32,791,050			—			(6,681,990	)			1,833,864				(6,594	)			27,936,330			—
AZL Invesco International Equity Fund			65,853,897			57,097			(4,674,476	)			1,163,196				2,820,296				65,220,010			—
AZL JPMorgan International Opportunities Fund			75,163,553			—			(3,222,478	)			255,637				1,998,267				74,194,979			—
AZL JPMorgan U.S. Equity Fund			56,205,001			248,569			(4,317,531	)			2,360,930				1,337,522				55,834,491			—
AZL MFS Investors Trust Fund			28,302,339			—			(10,466,462	)			5,742,320				(4,865,735	)			18,712,462			—
AZL MFS Mid Cap Value Fund			18,837,111			—			(1,720,475	)			681,153				1,004,499				18,802,288			—
AZL MFS Value Fund			37,631,044			61,703			(2,328,508	)			855,924				818,578				37,038,741			—
AZL Mid Cap Index Fund			9,410,972			—			(560,932	)			194,336				449,070				9,493,446			—
AZL Morgan Stanley Global Real Estate Fund			27,241,027			62,141			(2,355,654	)			405,419				2,475,862				27,828,795			—
AZL Morgan Stanley Mid Cap Growth Fund			18,871,314			1,929,216			(2,123,864	)			553,238				(362,825	)			18,867,079			—
AZL NFJ International Value Fund			36,878,350			383,628			(2,007,597	)			(112,680	)			1,757,547				36,899,248			—
AZL Oppenheimer Discovery Fund			28,101,647			3,504,922			(2,300,726	)			551,880				(1,656,887	)			28,200,836			—
AZL Pyramis Core Bond Fund			31,587,327			1,063,133			(2,016,435	)			(6,942	)			1,374,845				32,001,928			—
AZL Russell 1000 Growth Index Fund			23,500,673			6,000			(1,414,387	)			311,650				1,002,491				23,406,427			—
AZL Russell 1000 Value Index Fund			42,073,933			—			(3,372,195	)			755,369				2,387,596				41,844,703			—
AZL Schroder Emerging Markets Equity Fund, Class 2			13,400,361			696,688			(669,155	)			32,227				444,856				13,904,977			—
AZL Wells Fargo Large Cap Growth Fund			—			22,353,210			(420,120	)			14,249				1,463,713				23,411,052			—
NFJ Dividend Value Portfolio			23,369,218			1,091,856			(6,322,515	)			2,118,196				(1,528,223	)			18,728,532			368,805
PIMCO PVIT Global Advantage Strategy Bond Portfolio			26,987,246			892,935			(1,486,426	)			(36,908	)			1,369,632				27,726,479			270,927
PIMCO PVIT High Yield Portfolio			9,154,463			267,675			(359,465	)			4,921				182,824				9,250,418			236,975
PIMCO PVIT Low Duration Portfolio			21,066,176			9,087,970			—				—				(21,034,657	)			9,119,489			18,570
PIMCO PVIT Real Return Portfolio			26,945,803			875,277			(10,544,653	)			(107,831	)			1,338,391				18,506,987			191,965
PIMCO PVIT Total Return Portfolio			59,461,343			3,149,169			(13,240,444	)			389,243				889,096				50,648,407			432,136
PIMCO PVIT Unconstrained Bond Portfolio			18,013,828			9,606,752			(701,354	)			11,258				484,644				27,415,128			84,979

		$	903,815,874		$	60,365,240		$	(100,280,673	)		$	24,236,050			$	(5,854,799	)		$	882,281,692		$	1,604,357

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $5,468 was paid from the Fund relating to these fees and expenses.

AZL MVP Fusion Growth Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

4. Investment Valuation Summary

—

Level 1 — quoted prices in active markets for identical assets

—

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

—

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

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

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Total

Affiliated Investment Companies		$	882,281,692		$	—		$	882,281,692
Unaffiliated Investment Company			33,000,000			—			33,000,000

Total Investment Securities			915,281,692			—			915,281,692

Other Financial Instruments:*
Futures Contracts			531,577			—			531,577

Total Investments		$	915,813,269		$	—		$	915,813,269

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

5. Security Purchases and Sales

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL MVP Fusion Growth Fund		$	60,365,240		$	100,280,673

6. Investment Risks

7. Federal Tax Information

Cost for federal income tax purposes at June 30, 2014 is $701,412,851. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	252,523,147
Unrealized depreciation		(38,654,306	)

Net unrealized appreciation depreciation	$	213,868,841

AZL MVP Fusion Growth Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

CLCFs subject to expiration:


	Expires 12/31/2017
AZL MVP Fusion Growth Fund		$	164,600,220

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:

Ordinary
Income

Net
Long-Term
Capital Gains

Total

Distributions(a)

AZL MVP Fusion Growth Fund

11,573,333

—

11,573,333

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

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:

Undistributed
Ordinary
Income

Undistributed
Long-Term
Capital Gains

Accumulated
Capital and
Other Losses

Unrealized

Appreciation/

(Depreciation)(a)

Total
Accumulated
Earnings/
(Deficit)

AZL MVP Fusion Growth Fund

11,282,289

—

(164,600,220

)

195,513,961

42,196,030

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

8. Subsequent Events

Other Information (Unaudited)

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0614 8/14

AZL MVP Fusion^SM Moderate Fund

Semi-Annual Report

June 30, 2014

(Unaudited)

LOGO

Table of Contents

Page 1

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Page 11

AZL MVP Fusion Moderate Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL MVP Fusion Moderate Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

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


	Beginning Account Value 1/1/14			Ending Account Value 6/30/14			Expenses Paid During Period 1/1/14 - 6/30/14*			Annualized Expense Ratio During Period 1/1/14 - 6/30/14
AZL MVP Fusion Moderate Fund		$	1,000.00		$	1,045.70		$	1.12		0.22	%


	Beginning Account Value 1/1/14			Ending Account Value 6/30/14			Expenses Paid During Period 1/1/14 - 6/30/14*			Annualized Expense Ratio During Period 1/1/14 - 6/30/14
AZL MVP Fusion Moderate Fund		$	1,000.00		$	1,023.70		$	1.10		0.22	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Domestic Equities		36.3	%
Fixed Income		33.1
International Equities		25.7
Money Market		3.4

Total Investment Securities		98.5
Net other assets (liabilities)		1.5

Net Assets		100.0	%

AZL MVP Fusion Moderate Fund

Schedule of Portfolio Investments

June 30, 2014 (Unaudited)


Shares			Fair Value
	Affiliated Investment Companies (95.1%):
	2,986,478	AZL BlackRock Capital Appreciation Fund	$	57,071,599
	3,715,758	AZL Dreyfus Research Growth Fund		56,999,732
	2,221,579	AZL Federated Clover Small Value Fund		57,250,083
	5,850,767	AZL Gateway Fund		69,741,141
	8,127,494	AZL International Index Fund		140,849,476
	5,137,966	AZL Invesco Growth and Income Fund		84,981,951
	7,872,090	AZL Invesco International Equity Fund		156,024,817
	8,772,449	AZL JPMorgan International Opportunities Fund		169,308,257
	9,102,967	AZL JPMorgan U.S. Equity Fund		141,551,137
	2,552,460	AZL MFS Investors Trust Fund		57,047,478
	3,322,408	AZL MFS Mid Cap Value Fund		43,124,861
	7,861,178	AZL MFS Value Fund		98,579,167
	1,199,668	AZL Mid Cap Index Fund		28,852,011
	5,168,149	AZL Morgan Stanley Global Real Estate Fund		56,591,236
	2,328,300	AZL Morgan Stanley Mid Cap Growth Fund		43,166,682
	7,310,401	AZL NFJ International Value Fund		98,471,101
	4,768,969	AZL Oppenheimer Discovery Fund		71,582,218
	16,644,124	AZL Pyramis Core Bond Fund		169,936,510
	3,860,253	AZL Russell 1000 Growth Index Fund		67,670,229
	6,917,277	AZL Russell 1000 Value Index Fund		109,708,016
	3,559,720	AZL Schroder Emerging Markets Equity Fund, Class 2		28,691,342


Shares			Fair Value
	Affiliated Investment Companies, continued
	5,268,523	AZL Wells Fargo Large Cap Growth Fund	$	56,320,509
	4,205,718	NFJ Dividend Value Portfolio		57,071,599
	8,273,197	PIMCO PVIT Global Advantage Strategy Bond Portfolio		84,717,542
	6,785,064	PIMCO PVIT High Yield Portfolio		55,908,927
	7,735,246	PIMCO PVIT Low Duration Portfolio		82,689,785
	6,371,868	PIMCO PVIT Real Return Portfolio		84,682,128
	32,590,541	PIMCO PVIT Total Return Portfolio		366,317,679
	7,945,681	PIMCO PVIT Unconstrained Bond Portfolio		83,270,741

	Total Affiliated Investment Companies (Cost $2,075,835,617)			2,678,177,954

	Unaffiliated Investment Company (3.4%):
	96,000,000	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.00%(a) (b)		96,000,000

	Total Unaffiliated Investment Company (Cost $96,000,000)			96,000,000

	Total Investment Securities (Cost $2,171,835,617)(c) — 98.5%		$	2,774,177,954
	Net other assets (liabilities) — 1.5%			42,052,691

	Net Assets — 100.0%		$	2,816,230,645

Percentages indicated are based on net assets as of June 30, 2014.

(a)	The rate represents the effective yield at June 30, 2014.

(b)	Security purchased with cash that was segregated to cover margin requirements for open futures contracts as of June 30, 2014.

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

Futures Contracts

Cash of $44,828,145 has been segregated to cover margin requirements for the following open contracts as of June 30, 2014:


Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note September Futures		Long		9/19/14		393	$	49,192,547	$	(113,605	)
S&P 500 Index E-Mini September Futures		Long		9/19/14		937		91,469,940		1,364,478

Total									$	1,250,873

See accompanying notes to the financial statements.

AZL MVP Fusion Moderate Fund

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	96,000,000
Investments in affiliates, at cost		2,075,835,617

Total Investment securities, at cost	$	2,171,835,617

Investments in non-affiliates, at value	$	96,000,000
Investments in affiliates, at value		2,678,177,954

Total Investment securities, at value		2,774,177,954
Segregated cash for collateral		44,828,145
Interest and dividends receivable		1,102,635
Receivable for capital shares issued		5,239
Receivable for affiliated investments sold		855,908
Receivable for variation margin on futures contracts		10
Prepaid expenses		13,063

Total Assets		2,820,982,954

Liabilities:
Cash overdraft		855,908
Payable for affiliated investments purchased		1,102,561
Payable for capital shares redeemed		2,246,794
Manager fees payable		460,582
Administration fees payable		325
Custodian fees payable		647
Administrative and compliance services fees payable		6,782
Trustee fees payable		14,574
Other accrued liabilities		64,136

Total Liabilities		4,752,309

Net Assets	$	2,816,230,645

Net Assets Consist of:
Capital	$	2,184,619,123
Accumulated net investment income/(loss)		39,704,073
Accumulated net realized gains/(losses) from investment transactions		(11,685,761	)
Net unrealized appreciation/(depreciation) on investments		603,593,210

Net Assets	$	2,816,230,645

Shares of beneficial interest (unlimited number of shares authorized, no par value)		212,424,068
Net Asset Value (offering and redemption price per share)	$	13.26

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends from affiliates	$	7,580,070
Dividends		74

Total Investment Income		7,580,144

Expenses:
Manager fees		2,728,635
Administration fees		35,544
Custodian fees		1,190
Administrative and compliance services fees		22,926
Trustee fees		72,050
Professional fees		54,742
Shareholder reports		37,738
Other expenses		28,136

Total expenses		2,980,961

Net Investment Income/(Loss)		4,599,183

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		36,281,807
Net realized gains distributions from affiliated underlying funds		1,992,380
Net realized gains/(losses) on futures contracts		8,868,886
Change in net unrealized appreciation/depreciation on investments		71,828,704

Net Realized/Unrealized Gains/(Losses) on Investments		118,971,777

Change in Net Assets Resulting From Operations	$	123,570,960

See accompanying notes to the financial statements.

Statements of Changes in Net Assets


	AZL MVP Fusion Moderate Fund
	For the Six Months Ended June 30, 2014				For the Year Ended December 31, 2013
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	4,599,183			$	29,736,844
Net realized gains/(losses) on investment transactions			47,143,073				41,394,331
Change in unrealized appreciation/depreciation on investments			71,828,704				271,102,916

Change in net assets resulting from operations			123,570,960				342,234,091

Dividends to Shareholders:
From net investment income			—				(36,803,773	)

Change in net assets resulting from dividends to shareholders			—				(36,803,773	)

Capital Transactions:
Proceeds from shares issued			37,179,350				148,369,871
Proceeds from shares issued in merger			—				316,567,026
Proceeds from dividends reinvested			—				36,803,773
Value of shares redeemed			(97,707,224	)			(122,566,179	)

Change in net assets resulting from capital transactions			(60,527,874	)			379,174,491

Change in net assets			63,043,086				684,604,809
Net Assets:
Beginning of period			2,753,187,559				2,068,582,750

End of period		$	2,816,230,645			$	2,753,187,559

Accumulated net investment income/(loss)		$	39,704,073			$	35,104,890

Share Transactions:
Shares issued			2,911,983				12,332,796
Shares issued in merger			—				26,874,597
Dividends reinvested			—				3,087,565
Shares redeemed			(7,644,964	)			(10,402,400	)

Change in shares			(4,732,981	)			31,892,558

See accompanying notes to the financial statements.

AZL MVP Fusion Moderate Fund

Financial Highlights

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


	Six Months Ended June 30, 2014				Year Ended December 31, 2013				Year Ended December 31, 2012				Year Ended December 31, 2011				Year Ended December 31, 2010				Year Ended December 31, 2009
	(Unaudited)
Net Asset Value, Beginning of Period		$	12.68			$	11.17			$	10.09			$	10.58			$	9.63			$	7.75

Investment Activities:
Net Investment Income/(Loss)			0.03				0.11				0.13				0.14				0.05				0.06
Net Realized and Unrealized Gains/(Losses) on Investments			0.55				1.57				1.13				(0.44	)			1.07				2.20

Total from Investment Activities			0.58				1.68				1.26				(0.30	)			1.12				2.26

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

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

Net Asset Value, End of Period		$	13.26			$	12.68			$	11.17			$	10.09			$	10.58			$	9.63

Total Return(a)			4.57	%(b)			15.17	%			12.53	%			(2.84	)%			11.74	%			29.42	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	2,816,231			$	2,753,188			$	2,068,583			$	1,808,566			$	1,545,100			$	935,729
Net Investment Income/(Loss)(c)			0.34	%			1.22	%			1.34	%			1.63	%			1.47	%			2.07	%
Expenses Before Reductions* (c) (d)			0.22	%			0.22	%			0.23	%			0.22	%			0.24	%			0.25	%
Expenses Net of Reductions* (c)			0.22	%			0.21	%			0.18	%			0.17	%			0.19	%			0.20	%
Portfolio Turnover Rate(e)			8	%(b)			5	%			23	%			19	%			32	%			38	%

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

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

(b)	Not annualized.

(c)	Annualized for periods less than one year.

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

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

See accompanying notes to the financial statements.

AZL MVP Fusion Moderate Fund

Notes to the Financial Statements

June 30, 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 (collectively, the “Funds”), of which one is included in this report, the AZL MVP Fusion Moderate Fund (the “Fund”), and 11 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Dividends to Shareholders

Expense Allocation

Derivative Instruments

Futures Contracts

AZL MVP Fusion Moderate Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

(“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $140.7 million as of June 30, 2014. The monthly average notional amount for these contracts was $137.7 million for the period ended June 30, 2014. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2014:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Contracts

Receivable for variation margin on futures contracts

1,364,478

Payable for variation margin on futures contracts

—

Interest Rate

—

113,605

The following is a summary of the effect of derivative instruments on the Fund’s Statement of Operations, categorized by risk exposure, for the period ended June 30, 2014:


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

Equity Contracts	Net realized gains/(losses) on futures contracts/Change in unrealized appreciation/depreciation on investments	$	7,876,623	$	(1,848,581	)

Interest Rate			992,263		766,277

3. Related Party Transactions

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:


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

AZL MVP Fusion Moderate Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)


	Fair Value 12/31/13			Purchases at Cost			Proceeds from Sales				Net Realized Gain(Loss)				Change in Unrealized Appreciation/ Depreciation				Fair Value 6/30/14			Dividend Income
AZL BlackRock Capital Appreciation Fund		$	115,581,921		$	—		$	(56,387,301	)		$	16,236,311			$	(18,359,332	)		$	57,071,599		$	—
AZL Dreyfus Research Growth Fund			59,676,396			—			(4,886,683	)			1,278,841				931,178				56,999,732			—
AZL Federated Clover Small Cap Value Fund			73,585,473			—			(21,421,613	)			4,539,883				546,340				57,250,083			—
AZL Gateway Fund			64,108,605			4,044,341			—				—				1,588,195				69,741,141			—
AZL International Index Fund			138,577,462			—			(3,857,221	)			524,830				5,604,405				140,849,476			—
AZL Invesco Growth and Income Fund			85,282,089			—			(5,717,586	)			1,355,746				4,061,702				84,981,951			—
AZL Invesco International Equity Fund			145,904,078			1,863,100			(1,212,471	)			180,201				9,289,909				156,024,817			—
AZL JPMorgan International Opportunities Fund			165,794,478			931,020			(2,651,548	)			237,568				4,996,739				169,308,257			—
AZL JPMorgan U.S. Equity Fund			142,763,569			—			(10,614,479	)			3,021,617				6,380,430				141,551,137			—
AZL MFS Investors Trust Fund			58,969,878			—			(4,623,288	)			1,100,312				1,600,576				57,047,478			—
AZL MFS Mid Cap Value Fund			44,831,986			—			(5,604,865	)			1,623,372				2,274,368				43,124,861			—
AZL MFS Value Fund			100,843,193			—			(6,726,831	)			1,650,886				2,811,919				98,579,167			—
AZL Mid Cap Index Fund			29,875,099			—			(2,989,303	)			699,974				1,266,241				28,852,011			—
AZL Morgan Stanley Global Real Estate Fund			50,675,782			1,347,945			(1,103,398	)			58,568				5,612,339				56,591,236			—
AZL Morgan Stanley Mid Cap Growth Fund			44,653,519			1,029,100			(2,785,096	)			644,015				(374,856	)			43,166,682			—
AZL NFJ International Value Fund			87,346,197			7,895,651			(1,134,221	)			(146,178	)			4,509,652				98,471,101			—
AZL Oppenheimer Discovery Fund			71,992,221			6,196,795			(3,622,852	)			910,464				(3,894,410	)			71,582,218			—
AZL Pyramis Core Bond Fund			187,569,003			1,355,354			(26,882,106	)			118,014				7,776,245				169,936,510			—
AZL Russell 1000 Growth Index Fund			80,489,962			—			(16,598,214	)			4,387,067				(608,586	)			67,670,229			—
AZL Russell 1000 Value Index Fund			99,150,050			6,155,000			(3,610,772	)			654,855				7,358,883				109,708,016			—
AZL Schroder Emerging Markets Equity Fund, Class 2			24,776,480			3,097,601			(186,887	)			(3,791	)			1,007,939				28,691,342			—
AZL Wells Fargo Large Cap Growth Fund			—			53,036,546			—				—				3,283,963				56,320,509			—
NFJ Dividend Value Portfolio			57,493,173			3,120,767			(5,068,034	)			3,125,075				(1,599,382	)			57,071,599			1,128,387
PIMCO PVIT Global Advantage Strategy Bond Portfolio			76,358,466			4,446,130			(51,162	)			(1,217	)			3,965,325				84,717,542			801,759
PIMCO PVIT High Yield Portfolio			51,103,132			3,702,841			—				—				1,102,954				55,908,927			1,384,141
PIMCO PVIT Low Duration Portfolio			—			82,403,963			—				—				285,822				82,689,785			168,662
PIMCO PVIT Real Return Portfolio			103,172,839			1,561,966			(25,140,469	)			(2,446,976	)			7,534,768				84,682,128			858,759
PIMCO PVIT Total Return Portfolio			379,139,436			12,940,895			(34,479,038	)			(1,475,247	)			10,191,633				366,317,679			2,935,451
PIMCO PVIT Unconstrained Bond Portfolio			76,580,653			4,916,424			—				2				1,773,662				83,270,741			302,912

		$	2,616,295,140		$	200,045,439		$	(247,355,438	)		$	38,274,192			$	70,918,621			$	2,678,177,954		$	7,580,071

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $16,344 was paid from the Fund relating to these fees and expenses.

AZL MVP Fusion Moderate Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

4. Investment Valuation Summary

—

Level 1 — quoted prices in active markets for identical assets

—

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

—

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

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

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Total

Affiliated Investment Companies		$	2,678,177,954		$	—		$	2,678,177,954
Unaffiliated Investment Company			96,000,000			—			96,000,000

Total Investment Securities			2,774,177,954			—			2,774,177,954

Other Financial Instruments:*
Futures Contracts			1,250,873			—			1,250,873

Total Investments		$	2,775,428,827		$	—		$	2,775,428,827

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

5. Security Purchases and Sales

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL MVP Fusion Moderate Fund		$	200,045,439		$	247,355,438

6. Investment Risks

7. Federal Tax Information

Cost for federal income tax purposes at June 30, 2014 is $2,211,049,321. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	602,342,337
Unrealized depreciation		(39,213,704	)

Net unrealized appreciation depreciation	$	563,128,633

AZL MVP Fusion Moderate Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

CLCFs subject to expiration:


	Expires 12/31/2017
AZL MVP Fusion Moderate Fund		$	17,162,227

During the year ended December 31, 2013, the Fund utilized $36,891,252 in CLCFs to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL MVP Fusion Moderate Fund		$	36,803,773		$	—		$	36,803,773

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

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses				Unrealized Appreciation/ (Depreciation)(a)			Total Accumulated Earnings/ (Deficit)
AZL MVP Fusion Moderate Fund		$	35,104,890		$	—		$	(17,162,227	)		$	490,097,899		$	508,040,562

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

8. Acquisition of Funds

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

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


Net investment income/(loss)	$	29,999,976
Net realized/unrealized gains/losses)		327,641,283

Change in net assets resulting from operations	$	357,641,259

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

9. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2(a)(9) of the 1940 Act. As of December 31, 2013, the Fund had a controlling interest (in excess of 50%) in the AZL NFJ International Fund, the AZL Russell 1000 Growth Index Fund, and the AZL Wells Fargo Large Cap Growth Fund, which are affiliated with the Investment Adviser.

10. Subsequent Events

Other Information (Unaudited)

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0614 8/14

AZL^® MVP Growth Index Strategy Fund

Semi-Annual Report

June 30, 2014

(Unaudited)

LOGO

Table of Contents

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Page 11

AZL MVP Growth Index Strategy Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL MVP Growth Index Strategy Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

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


	Beginning Account Value 1/1/14			Ending Account Value 6/30/14			Expenses Paid During Period 1/1/14 - 6/30/14*			Annualized Expense Ratio During Period 1/1/14 - 6/30/14
AZL MVP Growth Index Strategy Fund		$	1,000.00		$	1,054.40		$	0.61		0.12	%


	Beginning Account Value 1/1/14			Ending Account Value 6/30/14			Expenses Paid During Period 1/1/14 - 6/30/14*			Annualized Expense Ratio During Period 1/1/14 - 6/30/14
AZL MVP Growth Index Strategy Fund		$	1,000.00		$	1,024.20		$	0.60		0.12	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Domestic Equities		52.2	%
Fixed Income		23.7
International Equities		18.9
Money Market		3.5

Total Investment Securities		98.3
Net other assets (liabilities)		1.7

Net Assets		100.0	%

AZL MVP Growth Index Strategy Fund

Schedule of Portfolio Investments

June 30, 2014 (Unaudited)


Shares			Fair Value
	Affiliated Investment Companies (94.8%):
	20,998,789	AZL Enhanced Bond Index Fund	$	232,246,611
	10,717,824	AZL International Index Fund		185,739,892
	4,486,784	AZL Mid Cap Index Fund		107,907,157
	25,364,664	AZL S&P 500 Index Fund, Class 2		349,271,421
	3,390,807	AZL Small Cap Stock Index Fund		54,625,900

	Total Affiliated Investment Companies (Cost $796,230,771)			929,790,981

	Unaffiliated Investment Companies (3.5%):
	1,169,432	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(a)		1,169,432
	33,000,000	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.00%(a) (b)		33,000,000

	Total Unaffiliated Investment Companies (Cost $34,169,432)			34,169,432

	Total Investment Securities (Cost $830,400,203)(c) — 98.3%			963,960,413
	Net other assets (liabilities) — 1.7%			16,546,400

	Net Assets — 100.0%		$	980,506,813

Percentages indicated are based on net assets as of June 30, 2014.

(a)	The rate represents the effective yield at June 30, 2014.

(b)	Security purchased with cash that was segregated to cover margin requirements for open futures contracts as of June 30, 2014.

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

Futures Contracts

Cash of $15,832,470 has been segregated to cover margin requirements for the following open contracts as of June 30, 2014:


Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note September Futures		Long		9/19/14		97	$	12,141,672	$	(27,659	)
S&P 500 Index E-Mini September Futures		Long		9/19/14		375		36,607,500		543,412

Total									$	515,753

See accompanying notes to the financial statements.

AZL MVP Growth Index Strategy Fund

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	34,169,432
Investments in affiliates, at cost		796,230,771

Total Investment securities, at cost	$	830,400,203

Investments in non-affiliates, at value	$	34,169,432
Investments in affiliates, at value		929,790,981

Total Investment securities, at value		963,960,413
Segregated cash for collateral		15,832,470
Interest and dividends receivable		25
Receivable for capital shares issued		1,923,035
Receivable for variation margin on futures contracts		3
Prepaid expenses		3,188

Total Assets		981,719,134

Liabilities:
Payable for affiliated investments purchased		1,107,214
Manager fees payable		79,056
Administration fees payable		278
Custodian fees payable		494
Administrative and compliance services fees payable		2,093
Trustee fees payable		5,103
Other accrued liabilities		18,083

Total Liabilities		1,212,321

Net Assets	$	980,506,813

Net Assets Consist of:
Capital	$	831,322,565
Accumulated net investment income/(loss)		6,969,649
Accumulated net realized gains/(losses) from investment transactions		8,138,636
Net unrealized appreciation/(depreciation) on investments		134,075,963

Net Assets	$	980,506,813

Shares of beneficial interest (unlimited number of shares authorized, no par value)		70,282,923
Net Asset Value (offering and redemption price per share)	$	13.95

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends	$	25

Total Investment Income		25

Expenses:
Manager fees		429,677
Administration fees		28,478
Custodian fees		1,260
Administrative and compliance services fees		7,479
Trustee fees		22,944
Professional fees		16,378
Shareholder reports		9,804
Other expenses		8,114

Total expenses		524,134

Net Investment Income/(Loss)		(524,109	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		(24,803	)
Net realized gains/(losses) on futures contracts		3,035,871
Change in net unrealized appreciation/depreciation on investments		46,633,554

Net Realized/Unrealized Gains/(Losses) on Investments		49,644,622

Change in Net Assets Resulting From Operations	$	49,120,513

See accompanying notes to the financial statements.

Statements of Changes in Net Assets


	AZL MVP Growth Index Strategy Fund
	For the Six Months Ended June 30, 2014				For the Year Ended December 31, 2013
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(524,109	)		$	6,077,397
Net realized gains/(losses) on investment transactions			3,011,068				6,605,670
Change in unrealized appreciation/depreciation on investments			46,633,554				77,847,321

Change in net assets resulting from operations			49,120,513				90,530,388

Dividends to Shareholders:
From net realized gains			—				(132,776	)

Change in net assets resulting from dividends to shareholders			—				(132,776	)

Capital Transactions:
Proceeds from shares issued			164,196,341				418,445,579
Proceeds from dividends reinvested			—				132,776
Value of shares redeemed			(1,416,270	)			(1,512,753	)

Change in net assets resulting from capital transactions			162,780,071				417,065,602

Change in net assets			211,900,584				507,463,214
Net Assets:
Beginning of period			768,606,229				261,143,015

End of period		$	980,506,813			$	768,606,229

Accumulated net investment income/(loss)		$	6,969,649			$	7,493,758

Share Transactions:
Shares issued			12,283,081				34,374,348
Dividends reinvested			—				10,786
Shares redeemed			(107,015	)			(125,252	)

Change in shares			12,176,066				34,259,882

See accompanying notes to the financial statements.

AZL MVP Growth Index Strategy Fund

Financial Highlights

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


	Six Months Ended June 30, 2014				Year Ended December 31, 2013				January 10, 2012 to December 31, 2012 (a)
	(Unaudited)
Net Asset Value, Beginning of Period		$	13.23			$	10.95			$	10.00

Investment Activities:
Net Investment Income/(Loss)			(0.03	)			0.10				0.09
Net Realized and Unrealized Gains/(Losses) on Investments			0.75				2.18				1.01

Total from Investment Activities			0.72				2.28				1.10

Dividends to Shareholders From:
Net Investment Income			—				—				(0.12	)
Net Realized Gains			—				—	(b)			(0.03	)

Total Dividends			—				—	(b)			(0.15	)

Net Asset Value, End of Period		$	13.95			$	13.23			$	10.95

Total Return(c)			5.44	%(d)			20.85	%			10.98	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	980,507			$	768,606			$	261,143
Net Investment Income/(Loss)(e)			(0.12	)%			1.25	%			1.47	%
Expenses Before Reductions* (e) (f)			0.12	%			0.13	%			0.22	%
Expenses Net of Reductions* (e)			0.12	%			0.13	%			0.15	%
Portfolio Turnover Rate(g)			—	(d)(h)			—	(h)			11	%(d)

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

(a)

Period from commencement of operations. During the period from January 10, 2012 to December 10, 2012, the Fund’s primary vehicle for gaining exposure to derivatives was through investments in its wholly-owned and controlled subsidiary , the AZL MVP GIS Investments Trust (the “Subsidiary”). The Subsidiary was liquidated on December 10, 2012 at its net asset value on such date. The Subsidiary’s operations have been consolidated with the operations of the Fund through its liquidation on December 10, 2012.

(b)	Represents less than $0.005.

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

(d)	Not annualized.

(e)	Annualized for periods less than one year.

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

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

(h)	Represents less than 0.5%.

See accompanying notes to the financial statements.

AZL MVP Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 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 (collectively, the “Funds”), of which one is included in this report, the AZL MVP Growth Index Strategy Fund (the “Fund”), and 11 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Dividends to Shareholders

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

Expense Allocation

Derivative Instruments

Futures Contracts

AZL MVP Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $48.7 million as of June 30, 2014. The monthly average notional amount for these contracts was $44.0 million for the period ended June 30, 2014. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2014:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Contracts

Receivable for variation margin on futures contracts

543,412

Payable for variation margin on futures contracts

—

Interest Rate

—

27,659

The following is a summary of the effect of derivative instruments on the Fund’s Statement of Operations, categorized by risk exposure, for the period ended June 30, 2014:


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

Equity Contracts	Net realized gains/(losses) on futures contracts/Change in unrealized appreciation/depreciation on investments	$	2,794,276	$	(472,915	)

Interest Rate			241,595		142,660

3. Related Party Transactions

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:


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

AZL MVP Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)


	Fair Value 12/31/13			Purchases at Cost			Proceeds from Sales				Net Realized Gain(Loss)				Change in Unrealized Appreciation/ Depreciation			Fair Value 6/30/14			Dividend Income
AZL Enhanced Bond Index Fund		$	181,352,461		$	44,096,390		$	(519,491	)		$	(24,803	)		$	7,342,054		$	232,246,611		$	—
AZL International Index Fund			146,041,046			31,601,103			—				—				8,097,743			185,739,892			—
AZL Mid Cap Index Fund			84,282,835			16,365,337			—				—				7,258,985			107,907,157			—
AZL S&P 500 Index Fund, Class 2			274,348,332			52,528,917			—				—				22,394,172			349,271,421			—
AZL Small Cap Stock Index Fund			42,014,649			10,740,396			—				—				1,870,855			54,625,900			—

		$	728,039,323		$	155,332,143		$	(519,491	)		$	(24,803	)		$	46,963,809		$	929,790,981		$	—

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $4,762 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

—

Level 1 — quoted prices in active markets for identical assets

—

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

—

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

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

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

AZL MVP Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Total

Affiliated Investment Companies		$	929,790,981		$	—		$	929,790,981
Unaffiliated Investment Companies			34,169,432			—			34,169,432

Total Investment Securities			963,960,413			—			963,960,413

Other Financial Instruments:*
Futures Contracts			515,753			—			515,753

Total Investments		$	964,476,166		$	—		$	964,476,166

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

5. Security Purchases and Sales

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL MVP Growth Index Strategy Fund		$	155,332,143		$	519,491

6. Investment Risks

7. Federal Tax Information

Cost for federal income tax purposes at June 30, 2014 is $830,544,094. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	133,560,210
Unrealized depreciation		(143,891	)

Net unrealized appreciation depreciation	$	133,416,319

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL MVP Growth Index Strategy Fund		$	53,288		$	79,488		$	132,776

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

AZL MVP Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)(a)			Total Accumulated Earnings/ (Deficit)
AZL MVP Growth Index Strategy Fund		$	9,327,558		$	4,258,863		$	—		$	86,477,314		$	100,063,735

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

8. Subsequent Events

Other Information (Unaudited)

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0614 8/14

AZL^® MVP Invesco Equity and Income Fund

Semi-Annual Report

June 30, 2014

(Unaudited)

LOGO

Table of Contents

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AZL MVP Invesco Equity and Income Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL MVP Invesco Equity and Income Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

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


	Beginning Account Value 1/1/14			Ending Account Value 6/30/14			Expenses Paid During Period 1/1/14 - 6/30/14*			Annualized Expense Ratio During Period 1/1/14 - 6/30/14
AZL MVP Invesco Equity and Income Fund		$	1,000.00		$	1,057.70		$	0.77		0.15	%


	Beginning Account Value 1/1/14			Ending Account Value 6/30/14			Expenses Paid During Period 1/1/14 - 6/30/14*			Annualized Expense Ratio During Period 1/1/14 - 6/30/14
AZL MVP Invesco Equity and Income Fund		$	1,000.00		$	1,024.05		$	0.75		0.15	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Fixed Income		94.8	%
Money Market		3.6

Total Investment Securities		98.4
Net other assets (liabilities)		1.6

Net Assets		100.0	%

AZL MVP Invesco Equity and Income Fund

Schedule of Portfolio Investments

June 30, 2014 (Unaudited)


Shares			Fair Value

	Affiliated Investment Company (94.8%):
	22,768,284	AZL Invesco Equity and Income Fund	$	379,091,927

	Total Affiliated Investment Company (Cost $326,471,383)			379,091,927

	Unaffiliated Investment Companies (3.6%):
	580,479	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(a)		580,479
	14,000,000	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.00%(a) (b)		14,000,000

	Total Unaffiliated Investment Companies (Cost $14,580,479)			14,580,479

	Total Investment Securities (Cost $341,051,862)(c) — 98.4%			393,672,406
	Net other assets (liabilities) — 1.6%			6,542,956

	Net Assets — 100.0%		$	400,215,362

Percentages indicated are based on net assets as of June 30, 2014.

(a)	The rate represents the effective yield at June 30, 2014.

(b)	Security purchased with cash that was segregated to cover margin requirements for open futures contracts as of June 30, 2014.

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

Futures Contracts

Cash of $5,949,837 has been segregated to cover margin requirements for the following open contracts as of June 30, 2014:


Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note September Futures		Long		9/19/14		63	$	7,885,828	$	(15,659	)
S&P 500 Index E-Mini September Futures		Long		9/19/14		122		11,909,640		176,958

Total									$	161,299

See accompanying notes to the financial statements.

AZL MVP Invesco Equity and Income Fund

Statement of Assets and Liabilities

June 30, 2014

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	14,580,479
Investments in affiliates, at cost		326,471,383

Total Investment securities, at cost	$	341,051,862

Investments in non-affiliates, at value	$	14,580,479
Investments in affiliates, at value		379,091,927

Total Investment securities, at value		393,672,406
Segregated cash for collateral		5,949,837
Interest and dividends receivable		11
Receivable for capital shares issued		1,220,547
Prepaid expenses		1,240

Total Assets		400,844,041

Liabilities:
Payable for affiliated investments purchased		580,479
Manager fees payable		37,650
Administration fees payable		136
Custodian fees payable		471
Administrative and compliance services fees payable		823
Trustee fees payable		2,054
Other accrued liabilities		7,066

Total Liabilities		628,679

Net Assets	$	400,215,362

Net Assets Consist of:
Capital	$	344,089,725
Accumulated net investment income/(loss)		1,227,568
Accumulated net realized gains/(losses) from investment transactions		2,116,226
Net unrealized appreciation/(depreciation) on investments		52,781,843

Net Assets	$	400,215,362

Shares of beneficial interest (unlimited number of shares authorized, no par value)		28,370,748
Net Asset Value (offering and redemption price per share)	$	14.11

Statement of Operations

For the Six Months Ended June 30, 2014

(Unaudited)


Investment Income:
Dividends	$	11

Total Investment Income		11

Expenses:
Manager fees		173,443
Administration fees		31,357
Custodian fees		1,120
Administrative and compliance services fees		2,733
Trustee fees		8,329
Professional fees		5,861
Shareholder reports		5,973
Recoupment of prior expenses reimbursed by the manager		27,717
Other expenses		2,908

Total expenses		259,441

Net Investment Income/(Loss)		(259,430	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		431
Net realized gains/(losses) on futures contracts		1,049,106
Change in net unrealized appreciation/depreciation on investments		19,956,552

Net Realized/Unrealized Gains/(Losses) on Investments		21,006,089

Change in Net Assets Resulting From Operations	$	20,746,659

See accompanying notes to the financial statements.

Statements of Changes in Net Assets


	AZL MVP Invesco Equity and Income Fund
	For the Six Months Ended June 30, 2014				For the Year Ended December 31, 2013
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(259,430	)		$	1,485,444
Net realized gains/(losses) on investment transactions			1,049,537				1,054,836
Change in unrealized appreciation/depreciation on investments			19,956,552				30,252,624

Change in net assets resulting from operations			20,746,659				32,792,904

Dividends to Shareholders:
From net realized gains			—				(33,714	)

Change in net assets resulting from dividends to shareholders			—				(33,714	)

Capital Transactions:
Proceeds from shares issued			80,938,741				188,556,214
Proceeds from dividends reinvested			—				33,714
Value of shares redeemed			(306,034	)			(2,039,133	)

Change in net assets resulting from capital transactions			80,632,707				186,550,795

Change in net assets			101,379,366				219,309,985
Net Assets:
Beginning of period			298,835,996				79,526,011

End of period		$	400,215,362			$	298,835,996

Accumulated net investment income/(loss)		$	1,227,568			$	1,486,998

Share Transactions:
Shares issued			5,989,791				15,181,645
Dividends reinvested			—				2,693
Shares redeemed			(22,356	)			(167,924	)

Change in shares			5,967,435				15,016,414

See accompanying notes to the financial statements.

AZL MVP Invesco Equity and Income Fund

Financial Highlights

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


	Six Months Ended June 30, 2014				Year Ended December 31, 2013				January 10, 2012 to December 31, 2012 (a)
	(Unaudited)
Net Asset Value, Beginning of Period		$	13.34			$	10.77			$	10.00

Investment Activities:
Net Investment Income/(Loss)			(0.02	)			0.07				0.10
Net Realized and Unrealized Gains/(Losses) on Investments			0.79				2.50				0.79

Total from Investment Activities			0.77				2.57				0.89

Dividends to Shareholders From:
Net Investment Income			—				—				(0.10	)
Net Realized Gains			—				—	(b)			(0.02	)

Total Dividends			—				—	(b)			(0.12	)

Net Asset Value, End of Period		$	14.11			$	13.34			$	10.77

Total Return(c)			5.77	%(d)			23.88	%			8.89	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	400,215			$	298,836			$	79,526
Net Investment Income/(Loss)(e)			(0.15	)%			0.89	%			1.82	%
Expenses Before Reductions* (e) (f)			0.15	%			0.16	%			0.36	%
Expenses Net of Reductions* (e)			0.15	%			0.15	%			0.15	%
Portfolio Turnover Rate(g)			—	(d)(h)			—	(h)			9	%(d)

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

(a)

Period from commencement of operations. During the period from January 10, 2012 to December 10, 2012, the Fund’s primary vehicle for gaining exposure to derivatives is through investments in its wholly-owned and controlled subsidiary, the AZL MVP IEI Investments Trust (“the Subsidiary”). The Subsidiary was liquidated on December 10, 2012 at its net asset value on such date. The Subsidiary’s operations have been consolidated with the operations of the Fund through its liquidation on December 10, 2012.

(b)	Represents less than $0.005.

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

(d)	Not annualized.

(e)	Annualized for periods less than one year.

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

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

(h)	Represents less than 0.5%.

See accompanying notes to the financial statements.

AZL MVP Invesco Equity and Income Fund

Notes to the Financial Statements

June 30, 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 (collectively, the “Funds”), of which one is included in this report, the AZL MVP Invesco Equity and Income Fund (the “Fund”), and 11 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Dividends to Shareholders

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

Expense Allocation

Derivative Instruments

Futures Contracts

AZL MVP Invesco Equity and Income Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $19.8 million as of June 30, 2014. The monthly average notional amount for these contracts was $17.7 million for the period ended June 30, 2014. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts” on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2014:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Contracts

Receivable for variation margin on futures contracts

176,958

Payable for variation margin on futures contracts

—

Interest Rate

—

15,659

The following is a summary of the effect of derivative instruments on the Fund’s Statement of Operations, categorized by risk exposure, for the period ended June 30, 2014:


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

Equity Contracts	Net realized gains/(losses) on futures contracts/Change in unrealized appreciation/depreciation on investments	$	891,463	$	(136,557	)

Interest Rate			157,643		88,705

3. Related Party Transactions

For the period ended June 30, 2014, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit
AZL MVP Invesco Equity and Income Fund		0.10	%		0.15	%


	Fair Value 12/31/13			Purchases at Cost			Proceeds from Sales				Net Realized Gain(Loss)			Change in Unrealized Appreciation/ Depreciation			Fair Value 6/30/14			Dividend Income

AZL Invesco Equity and Income Fund		$	283,088,456		$	76,001,937		$	(3,299	)		$	430		$	20,004,403		$	379,091,927		$	—

		$	283,088,456		$	76,001,937		$	(3,299	)		$	430		$	20,004,403		$	379,091,927		$	—

AZL MVP Invesco Equity and Income Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is a partner. During the period ended June 30, 2014, $1,891 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

—

Level 1 — quoted prices in active markets for identical assets

—

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

—

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

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

For the period ended June 30, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2014 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Total

Affiliated Investment Company		$	379,091,927		$	—		$	379,091,927
Unaffiliated Investment Companies			14,580,479			—			14,580,479

Total Investment Securities			393,672,406			—			393,672,406

Other Financial Instruments:*
Futures Contracts			161,299			—			161,299

Total Investments		$	393,833,705		$	—		$	393,833,705

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

5. Security Purchases and Sales

For the period ended June 30, 2014, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL MVP Invesco Equity and Income Fund		$	76,001,937		$	3,299

AZL MVP Invesco Equity and Income Fund

Notes to the Financial Statements

June 30, 2014 (Unaudited)

6. Investment Risks

7. Federal Tax Information

Cost for federal income tax purposes at June 30, 2014 is $341,055,766. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	52,620,544
Unrealized depreciation		(3,904	)

Net unrealized appreciation depreciation	$	52,616,640

The tax character of dividends paid to shareholders during the year ended December 31, 2013 were as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL MVP Invesco Equity and Income Fund		$	13,495		$	20,219		$	33,714

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

As of the latest tax year end December 31, 2013, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)(a)			Total Accumulated Earnings/ (Deficit)
AZL MVP Invesco Equity and Income Fund		$	1,964,977		$	801,765		$	–		$	32,612,236		$	35,378,978

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

8. Concentration of Investments

As of June 30, 2014, the Fund’s investment in the AZL Invesco Equity and Income Fund, which is affiliated with the Investment Adviser, represented greater than 90% of the Fund’s net assets. The financial statements of the AZL Invesco Equity and Income Fund are attached hereto.

9. Subsequent Events

Other Information (Unaudited)

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 800-624-0197; (ii) on the Allianz Variable Insurance Products Trust’s website at https://www.allianzlife.com; and (iii) on the Commission’s website at http://www.sec.gov.

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The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0614 8/14

AZL^® MVP T. Rowe Price Capital Appreciation Fund

Semi-Annual Report

June 30, 2014

(Unaudited)

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