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 1/1/15			Ending Account Value 6/30/15			Expenses Paid During Period 1/1/15 - 6/30/15*			Annualized Expense Ratio During Period 1/1/15 - 6/30/15
AZL Balanced Index Strategy Fund		$	1,000.00		$	1,013.80		$	0.40		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 1/1/15			Ending Account Value 6/30/15			Expenses Paid During Period 1/1/15 - 6/30/15*			Annualized Expense Ratio During Period 1/1/15 - 6/30/15
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		50.5
Domestic Equities		37.3
International Equities		12.2

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, 2015 (Unaudited)


Shares			Fair Value
	Affiliated Investment Companies (100.0%):
	20,144,338	AZL Enhanced Bond Index Fund	$	223,803,592
	3,353,188	AZL International Index Fund		54,321,641
	1,360,072	AZL Mid Cap Index Fund		33,199,363
	7,864,196	AZL S&P 500 Index Fund, Class 2		114,424,047
	1,114,109	AZL Small Cap Stock Index Fund		17,859,174

	Total Affiliated Investment Companies (Cost $346,166,281)			443,607,817

	Total Investment Securities (Cost $346,166,281)(a) — 100.0%			443,607,817
	Net other assets (liabilities) — 0.0%			(51,023	)

	Net Assets — 100.0%		$	443,556,794

Percentages indicated are based on net assets as of June 30, 2015.

(a)	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, 2015

(Unaudited)


Assets:
Investments in affiliates, at cost	$	346,166,281

Investments in affiliates, at value	$	443,607,817
Receivable for capital shares issued		5,472
Prepaid expenses		620

Total Assets		443,613,909

Liabilities:
Payable for capital shares redeemed		16,378
Manager fees payable		18,386
Administration fees payable		5,589
Custodian fees payable		542
Administrative and compliance services fees payable		539
Trustee fees payable		3,573
Other accrued liabilities		12,108

Total Liabilities		57,115

Net Assets	$	443,556,794

Net Assets Consist of:
Capital	$	332,077,290
Accumulated net investment income/(loss)		4,442,159
Accumulated net realized gains/(losses) from investment transactions		9,595,809
Net unrealized appreciation/(depreciation) on investments		97,441,536

Net Assets	$	443,556,794

Shares of beneficial interest (unlimited number of shares authorized, no par value)		27,491,961
Net Asset Value (offering and redemption price per share)	$	16.13

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	—

Total Investment Income		—

Expenses:
Manager fees		111,648
Administration fees		27,585
Custodian fees		1,039
Administrative and compliance services fees		3,095
Trustee fees		12,412
Professional fees		8,734
Shareholder reports		6,910
Other expenses		3,566

Total expenses		174,989

Net Investment Income/(Loss)		(174,989	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		2,177,283
Change in net unrealized appreciation/depreciation on investments		4,113,316

Net Realized/Unrealized Gains/(Losses) on Investments		6,290,599

Change in Net Assets Resulting From Operations	$	6,115,610

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, 2015				For the Year Ended December 31, 2014
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(174,989	)		$	4,327,937
Net realized gains/(losses) on investment transactions			2,177,283				8,373,210
Change in unrealized appreciation/depreciation on investments			4,113,316				12,413,607

Change in net assets resulting from operations			6,115,610				25,114,754

Dividends to Shareholders:
From net investment income			—				(6,008,353	)
From net realized gains			—				(5,277,414	)

Change in net assets resulting from dividends to shareholders			—				(11,285,767	)

Capital Transactions:
Proceeds from shares issued			25,262,885				41,123,732
Proceeds from dividends reinvested			—				11,285,767
Value of shares redeemed			(26,472,275	)			(41,570,033	)

Change in net assets resulting from capital transactions			(1,209,390	)			10,839,466

Change in net assets			4,906,220				24,668,453
Net Assets:
Beginning of period			438,650,574				413,982,121

End of period		$	443,556,794			$	438,650,574

Accumulated net investment income/(loss)		$	4,442,159			$	4,617,148

Share Transactions:
Shares issued			1,560,023				2,613,550
Dividends reinvested			—				720,215
Shares redeemed			(1,631,298	)			(2,646,644	)

Change in shares			(71,275	)			687,121

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, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013				Year Ended December 31, 2012				Year Ended December 31, 2011				Year Ended December 31, 2010
	(Unaudited)
Net Asset Value, Beginning of Period		$	15.91			$	15.40			$	13.91			$	12.84			$	12.63			$	11.43

Investment Activities:
Net Investment Income/(Loss)			(0.01	)			0.16				0.15				0.13				0.10				0.06
Net Realized and Unrealized Gains/(Losses) on Investments			0.23				0.78				1.63				1.19				0.20				1.14

Total from Investment Activities			0.22				0.94				1.78				1.32				0.30				1.20

Dividends to Shareholders From:
Net Investment Income			—				(0.23	)			(0.25	)			(0.19	)			(0.09	)			—
Net Realized Gains			—				(0.20	)			(0.04	)			(0.06	)			—				—

Total Dividends			—				(0.43	)			(0.29	)			(0.25	)			(0.09	)			—

Net Asset Value, End of Period		$	16.13			$	15.91			$	15.40			$	13.91			$	12.84			$	12.63

Total Return(a)			1.38	%(b)			6.11	%			12.93	%			10.29	%			2.41	%			10.50	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	443,557			$	438,651			$	413,982			$	354,111			$	298,174			$	219,392
Net Investment Income/(Loss)(c)			(0.08	)%			1.02	%			1.10	%			1.08	%			1.10	%			0.58	%
Expenses Before Reductions*(c)(d)			0.08	%			0.08	%			0.08	%			0.09	%			0.09	%			0.10	%
Expenses Net of Reductions*(c)			0.08	%			0.08	%			0.08	%			0.09	%			0.09	%			0.10	%
Portfolio Turnover Rate			5	%(b)			9	%			8	%			7	%			6	%			4	%

*	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.

See accompanying notes to the financial statements.

AZL Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2015 (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”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 13 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL Balanced Index Strategy Fund (the “Fund”), and 12 are presented in separate reports.

The Fund is a “fund of funds,” which means that the Fund invests primarily in other mutual funds. Underlying Funds invest in stock, bonds, and other securities and reflect varying amounts of potential investment risk and reward. The Underlying Funds record their investments at fair value. 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, 2016. Expenses incurred for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.”

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:


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

AZL Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the period are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2015, there were no remaining contractual reimbursements that are subject to repayment by the Fund in subsequent years.

In addition, the Manager may voluntarily waive or reimburse additional fees in order to maintain more competitive expense ratios. Any voluntary waivers or reimbursements are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the period can be found on the Statement of Operations. During period ended June 30, 2015, 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, 2015, 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, 2015 is as follows:


	Fair Value 12/31/14			Purchases at Cost			Proceeds from Sales				Fair Value 6/30/15			Dividend Income
AZL Enhanced Bond Index Fund		$	220,420,305		$	14,926,800		$	(11,059,540	)		$	223,803,592		$	—
AZL International Index Fund			53,671,377			3,165,693			(5,942,594	)			54,321,641			—
AZL Mid Cap Index Fund			33,040,394			384,170			(1,531,627	)			33,199,363			—
AZL S&P 500 Index Fund, Class 2			113,073,935			5,761,141			(5,753,370	)			114,424,047			—
AZL Small Cap Stock Index Fund			17,870,443			213,187			(923,095	)			17,859,174			—

		$	438,076,454		$	24,450,991		$	(25,210,226	)		$	443,607,817		$	—

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 $100 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.”

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

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, 2015, $2,336 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 and the Lead Director receives an additional $24,450 annually. 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, 2015, actual Trustee compensation was $466,180 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.

AZL Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

For the period ended June 30, 2015, 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, 2015 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Total

Affiliated Investment Companies		$	443,607,817		$	—		$	443,607,817

Total Investment Securities		$	443,607,817		$	—		$	443,607,817

5. Security Purchases and Sales

For the period ended June 30, 2015, 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		$	24,450,991		$	25,210,226

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 year ended June 30, 2015, 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, 2015 is $346,968,045. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	97,441,536
Unrealized depreciation		(801,764	)

Net unrealized appreciation/(depreciation)	$	96,639,772

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

Ordinary
Income

Net

Long-Term

Capital Gains

Total

Distributions(a)

AZL Balanced Index Strategy Fund

6,008,353

5,277,414

11,285,767

(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, 2014, 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

4,617,147

8,184,848

—

92,561,899

105,363,894

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

AZL Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

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, 2015.

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.

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0615 8/15

AZL^® DFA Multi-Strategy Fund

(formerly, AZL^® Growth Index Strategy Fund)

Semi-Annual Report

June 30, 2015

(Unaudited)

LOGO

Table of Contents

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AZL DFA Multi-Strategy Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL DFA Multi-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 1/1/15			Ending Account Value 6/30/15			Expenses Paid During Period 1/1/15 - 6/30/15*			Annualized Expense Ratio During Period 1/1/15 - 6/30/15
AZL DFA Multi-Strategy Fund		$	1,000.00		$	1,026.70		$	0.35		0.07	%


	Beginning Account Value 1/1/15			Ending Account Value 6/30/15			Expenses Paid During Period 1/1/15 - 6/30/15*			Annualized Expense Ratio During Period 1/1/15 - 6/30/15
AZL DFA Multi-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		47.8
Fixed Income		40.5
International Equities		11.8

Total Investment Securities		100.1
Net other assets (liabilities)		(0.1	)

Net Assets		100.0	%

AZL DFA Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)


Shares			Fair Value
	Affiliated Investment Companies (100.1%):
	7,400,521	AZL DFA Emerging Markets Core Equity Fund	$	67,714,764
	57,273,205	AZL DFA Five-Year Global Fixed Income Fund		566,432,000
	10,033,711	AZL DFA International Core Equity Fund		97,427,335
	53,996,517	AZL DFA U.S. Core Equity Fund		529,165,863
	13,993,820	AZL DFA U.S. Small Cap Fund		139,658,319

	Total Affiliated Investment Companies (Cost $1,426,926,388)			1,400,398,281

	Total Investment Securities (Cost $1,426,926,388)(a) — 100.1%			1,400,398,281
	Net other assets (liabilities) — (0.1)%			(1,678,698	)

	Net Assets — 100.0%		$	1,398,719,583

Percentages indicated are based on net assets as of June 30, 2015.

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

See accompanying notes to the financial statements.

AZL DFA Multi-Strategy Fund

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investments in affiliates, at cost	$	1,426,926,388

Investments in affiliates, at value	$	1,400,398,281
Prepaid expenses		2,143

Total Assets		1,400,400,424

Liabilities:
Payable for capital shares redeemed		1,565,987
Manager fees payable		58,449
Administration fees payable		8,648
Custodian fees payable		612
Administrative and compliance services fees payable		1,513
Trustee fees payable		10,428
Other accrued liabilities		35,204

Total Liabilities		1,680,841

Net Assets	$	1,398,719,583

Net Assets Consist of:
Capital	$	964,535,530
Accumulated net investment income/(loss)		16,106,745
Accumulated net realized gains/(losses) from investment transactions		444,605,415
Net unrealized appreciation/(depreciation) on investments		(26,528,107	)

Net Assets	$	1,398,719,583

Shares of beneficial interest (unlimited number of shares authorized, no par value)		72,816,238
Net Asset Value (offering and redemption price per share)	$	19.21

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	46

Total Investment Income		46

Expenses:
Manager fees		362,694
Administration fees		32,110
Custodian fees		1,253
Administrative and compliance services fees		10,176
Trustee fees		40,637
Professional fees		30,805
Shareholder reports		19,784
Other expenses		12,294

Total expenses		509,753

Net Investment Income/(Loss)		(509,707	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		428,584,358
Change in net unrealized appreciation/depreciation on investments		(388,857,548	)

Net Realized/Unrealized Gains/(Losses) on Investments		39,726,810

Change in Net Assets Resulting From Operations	$	39,217,103

See accompanying notes to the financial statements.

Statements of Changes in Net Assets


	AZL DFA Multi-Strategy Fund
	For the Six Months Ended June 30, 2015				For the Year Ended December 31, 2014
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(509,707	)		$	15,222,330
Net realized gains/(losses) on investment transactions			428,584,358				19,522,321
Change in unrealized appreciation/depreciation on investments			(388,857,548	)			53,635,818

Change in net assets resulting from operations			39,217,103				88,380,469

Dividends to Shareholders:
From net investment income			—				(16,767,136	)
From net realized gains			—				(6,699,515	)

Change in net assets resulting from dividends to shareholders			—				(23,466,651	)

Capital Transactions:
Proceeds from shares issued			51,157,945				120,876,423
Proceeds from dividends reinvested			—				23,466,651
Value of shares redeemed			(131,203,510	)			(117,544,432	)

Change in net assets resulting from capital transactions			(80,045,565	)			26,798,642

Change in net assets			(40,828,462	)			91,712,460
Net Assets:
Beginning of period			1,439,548,045				1,347,835,585

End of period		$	1,398,719,583			$	1,439,548,045

Accumulated net investment income/(loss)		$	16,106,745			$	16,616,452

Share Transactions:
Shares issued			2,690,056				6,625,896
Dividends reinvested			—				1,270,528
Shares redeemed			(6,797,322	)			(6,453,249	)

Change in shares			(4,107,266	)			1,443,175

See accompanying notes to the financial statements.

AZL DFA Multi-Strategy Fund

Financial Highlights

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


	Six Months Ended June 30, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013				Year Ended December 31, 2012				Year Ended December 31, 2011				Year Ended December 31, 2010
	(Unaudited)
Net Asset Value, Beginning of Period		$	18.71			$	17.86			$	14.96			$	13.37			$	13.44			$	11.85

Investment Activities:
Net Investment Income/(Loss)			—	(a)			0.20				0.16				0.13				0.07				0.07
Net Realized and Unrealized Gains/(Losses) on Investments			0.50				0.96				2.97				1.64				(0.07	)			1.52

Total from Investment Activities			0.50				1.16				3.13				1.77				—				1.59

Dividends to Shareholders From:
Net Investment Income			—				(0.22	)			(0.20	)			(0.16	)			(0.07	)			—	(a)
Net Realized Gains			—				(0.09	)			(0.03	)			(0.02	)			—	(a)			—

Total Dividends			—				(0.31	)			(0.23	)			(0.18	)			(0.07	)			—	(a)

Net Asset Value, End of Period		$	19.21			$	18.71			$	17.86			$	14.96			$	13.37			$	13.44

Total Return(b)			2.67	%(c)			6.53	%			21.07	%			13.33	%			0.01	%			13.42	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	1,398,720			$	1,439,548			$	1,347,836			$	963,143			$	764,506			$	384,050
Net Investment Income/(Loss)(d)			(0.07	)%			1.09	%			1.20	%			1.10	%			1.16	%			0.82	%
Expenses Before Reductions*(d)(e)			0.07	%			0.07	%			0.07	%			0.08	%			0.08	%			0.08	%
Expenses Net of Reductions*(d)			0.07	%			0.07	%			0.07	%			0.08	%			0.08	%			0.08	%
Portfolio Turnover Rate(f)			107	%(c)(g)			7	%			3	%			6	%			3	%			9	%

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

(a)	Represents less than $0.005.

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

(c)	Not annualized.

(d)	Annualized for periods less than one year.

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

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

(g)	Effective April 27, 2015, the investment strategy of the Fund changed. Costs of purchases and proceeds from sales of portfolio securities associated with the changes in investment strategy contributed to higher portfolio turnover rate for the period ended June 30, 2015 as compared to prior years.

See accompanying notes to the financial statements.

AZL DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2015 (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”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 13 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL DFA Multi-Strategy Fund (formerly AZL Growth Index Strategy Fund) (the “Fund”), and 12 are presented in separate reports. Effective April 27, 2015, in addition to the Fund’s name change, the Fund’s principal investment strategies changed, including the underlying funds in which it invests.

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

3. Related Party Transactions

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit
AZL DFA Multi-Strategy Fund		0.05	%		0.20	%

AZL DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2015, there were no remaining contractual reimbursements that are subject to repayment by the Fund in subsequent years.


	Fair Value 12/31/14			Purchases at Cost			Proceeds from Sales				Fair Value 6/30/15			Dividend Income
AZL DFA Emerging Markets Core Equity Fund		$	—		$	76,248,816		$	(2,260,609	)		$	67,714,764		$	—
AZL DFA Five-Year Global Fixed Income Fund			—			607,745,696			(34,721,865	)			566,432,000			—
AZL DFA International Core Equity Fund			—			105,898,670			(5,573,402	)			97,427,335			—
AZL DFA U.S. Core Equity Fund			—			574,878,494			(34,768,554	)			529,165,863			—
AZL DFA U.S. Small Cap Fund			—			151,283,814			(11,315,731	)			139,658,319			—
AZL Enhanced Bond Index Fund			359,306,887			18,095,297			(383,615,298	)			—			—
AZL International Index Fund			266,650,920			9,601,586			(304,617,087	)			—			—
AZL Mid Cap Index Fund			161,878,009			86,080			(171,254,451	)			—			—
AZL S&P 500 Index Fund, Class 2			570,401,744			19,234,823			(609,215,308	)			—			—
AZL Small Cap Stock Index Fund			82,263,307			—			(85,910,188	)			—			—

		$	1,440,500,867		$	1,563,073,276		$	(1,643,252,493	)		$	1,400,398,281		$	—

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 and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. Prior to April 1, 2015, Citi also served as transfer agent for the Trust under the same agreement. The Administrator was entitled to annual account fees related to the transfer agency system, an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, 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. Beginning January 1, 2015, these reductions are no longer applicable 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.”

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

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.

The Trust has adopted a distribution and service plan in conformance with Rule 12b-1 of the 1940 Act. Pursuant to this plan, the Fund is authorized to pay certain fees for the sale and distribution of its shares and services provided to its shareholders at an annual rate not to exceed 0.25% of the Fund’s average daily net assets. These fees are reflected on the Statement of Operations as “Distribution 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, 2015, $7,671 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 and the Lead Director receives an additional $24,450 annually. In addition, the Trustees are reimbursed for certain expenses associated with attending Board meetings. Compensation to the Trustees is allocated between the Trust and the Allianz Variable Insurance Products Fund of Funds Trust in proportion to the assets under management of each trust. During the period ended June 30, 2015, actual Trustee compensation was $466,180 in total for both trusts.

AZL DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2015 (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)

For the period ended June 30, 2015, 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, 2015 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Total

Affiliated Investment Companies		$	1,400,398,281		$	—		$	1,400,398,281

Total Investment Securities		$	1,400,398,281		$	—		$	1,400,398,281

5. Security Purchases and Sales

For the period ended June 30, 2015, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL DFA Multi-Strategy Fund		$	1,563,073,276		$	1,643,252,493

6. Investment Risks

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.

7. Federal Tax Information

Cost for federal income tax purposes at June 30, 2015 is $1,426,926,388. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	—
Unrealized depreciation		(26,528,107	)

Net unrealized appreciation/(depreciation)	$	(26,528,107	)

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL DFA Multi-Strategy Fund		$	16,767,136		$	6,699,515		$	23,466,651

(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 DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

As of the latest tax year end December 31, 2014, 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 DFA Multi-Strategy Fund

16,616,452

18,692,485

—

359,658,013

394,966,950

(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.		SARRPT0615 8/15

AZL^® MVP Balanced Index Strategy Fund

Semi-Annual Report

June 30, 2015

(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 1/1/15			Ending Account Value 6/30/15			Expenses Paid During Period 1/1/15 - 6/30/15*			Annualized Expense Ratio During Period 1/1/15 - 6/30/15
AZL MVP Balanced Index Strategy Fund		$	1,000.00		$	1,013.50		$	0.70		0.14	%


	Beginning Account Value 1/1/15			Ending Account Value 6/30/15			Expenses Paid During Period 1/1/15 - 6/30/15*			Annualized Expense Ratio During Period 1/1/15 - 6/30/15
AZL MVP Balanced Index Strategy Fund		$	1,000.00		$	1,024.10		$	0.70		0.14	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of net assets
Fixed Income		47.9
Domestic Equities		34.7
International Equities		12.2
Money Market		2.3

Total Investment Securities		97.1
Net other assets (liabilities)		2.9

Net Assets		100.0	%

AZL MVP Balanced Index Strategy Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)


Shares			Fair Value
	Affiliated Investment Companies (94.8%):
	10,418,512	AZL Enhanced Bond Index Fund	$	115,749,671
	1,816,281	AZL International Index Fund		29,423,745
	729,775	AZL Mid Cap Index Fund		17,813,815
	3,862,487	AZL S&P 500 Index Fund, Class 2		56,199,183
	597,402	AZL Small Cap Stock Index Fund		9,576,350

	Total Affiliated Investment Companies (Cost $207,465,649)			228,762,764

	Unaffiliated Investment Company (2.3%):
	5,500,311	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.61%(a)		5,500,311

	Total Unaffiliated Investment Company (Cost $5,500,311)			5,500,311

	Total Investment Securities (Cost $212,965,960)(b) — 97.1%			234,263,075
	Net other assets (liabilities) — 2.9%			7,038,094

	Net Assets — 100.0%		$	241,301,169

Percentages indicated are based on net assets as of June 30, 2015.

(a)	The rate represents the effective yield at June 30, 2015.

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

Futures Contracts

Cash of $6,565,690 has been segregated to cover margin requirements for the following open contracts as of June 30, 2015:


Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note September Futures		Long		9/21/15		47	$	5,930,078	$	(54,667	)
S&P 500 Index E-Mini September Futures		Long		9/18/15		58		5,957,760		(128,595	)

Total									$	(183,262	)

See accompanying notes to the financial statements.

AZL MVP Balanced Index Strategy Fund

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	5,500,311
Investments in affiliates, at cost		207,465,649

Total Investment securities, at cost	$	212,965,960

Investments in non-affiliates, at value	$	5,500,311
Investments in affiliates, at value		228,762,764

Total Investment securities, at value	$	234,263,075
Segregated cash for collateral		6,565,690
Interest and dividends receivable		28
Unrealized appreciation on futures contracts		31
Receivable for capital shares issued		506,775
Prepaid expenses		277

Total Assets		241,335,876

Liabilities:
Payable for variation margin on futures contracts		95
Manager fees payable		19,811
Administration fees payable		4,215
Custodian fees payable		559
Administrative and compliance services fees payable		293
Trustee fees payable		1,818
Other accrued liabilities		7,916

Total Liabilities		34,707

Net Assets	$	241,301,169

Net Assets Consist of:
Capital	$	215,847,567
Accumulated net investment income/(loss)		1,737,765
Accumulated net realized gains/(losses) from investment transactions		2,601,984
Net unrealized appreciation/(depreciation) on investments		21,113,853

Net Assets	$	241,301,169

Shares of beneficial interest (unlimited number of shares authorized, no par value)		18,949,019
Net Asset Value (offering and redemption price per share)	$	12.73

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	176

Total Investment Income		176

Expenses:
Manager fees		112,287
Administration fees		24,778
Custodian fees		924
Administrative and compliance services fees		1,384
Trustee fees		5,594
Professional fees		9,982
Shareholder reports		3,315
Other expenses		1,635

Total expenses		159,899

Net Investment Income/(Loss)		(159,723	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		21,127
Net realized gains/(losses) on futures contracts		357,556
Change in net unrealized appreciation/depreciation on investments		2,382,558

Net Realized/Unrealized Gains/(Losses) on Investments		2,761,241

Change in Net Assets Resulting From Operations	$	2,601,518

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, 2015				For the Year Ended December 31, 2014
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(159,723	)		$	1,765,548
Net realized gains/(losses) on investment transactions			378,683				2,540,870
Change in unrealized appreciation/depreciation on investments			2,382,558				6,369,014

Change in net assets resulting from operations			2,601,518				10,675,432

Dividends to Shareholders:
From net investment income			—				(1,840,865	)
From net realized gains			—				(1,270,967	)

Change in net assets resulting from dividends to shareholders			—				(3,111,832	)

Capital Transactions:
Proceeds from shares issued			34,446,174				55,390,586
Proceeds from dividends reinvested			—				3,111,832
Value of shares redeemed			(4,364,966	)			(12,994,224	)

Change in net assets resulting from capital transactions			30,081,208				45,508,194

Change in net assets			32,682,726				53,071,794
Net Assets:
Beginning of period			208,618,443				155,546,649

End of period		$	241,301,169			$	208,618,443

Accumulated net investment income/(loss)		$	1,737,765			$	1,897,488

Share Transactions:
Shares issued			2,683,355				4,472,211
Dividends reinvested			—				251,563
Shares redeemed			(341,601	)			(1,046,419	)

Change in shares			2,341,754				3,677,355

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, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013				January 10, 2012 to December 31, 2012(a)
	(Unaudited)
Net Asset Value, Beginning of Period		$	12.56			$	12.03			$	10.69			$	10.00

Investment Activities:
Net Investment Income/(Loss)			(0.02	)			0.08				0.10				0.08
Net Realized and Unrealized Gains/(Losses) on Investments			0.19				0.65				1.24				0.77

Total from Investment Activities			0.17				0.73				1.34				0.85

Dividends to Shareholders From:
Net Investment Income			—				(0.12	)			—				(0.14	)
Net Realized Gains			—				(0.08	)			—	(b)			(0.02	)

Total Dividends			—				(0.20	)			—	(b)			(0.16	)

Net Asset Value, End of Period		$	12.73			$	12.56			$	12.03			$	10.69

Total Return(c)			1.35	%(d)			6.09	%			12.56	%			8.50	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	241,301			$	208,618			$	155,547			$	73,830
Net Investment Income/(Loss)(e)			(0.14	)%			0.97	%			1.09	%			1.41	%
Expenses Before Reductions*(e)(f)			0.14	%			0.15	%			0.17	%			0.39	%
Expenses Net of Reductions*(e)			0.14	%			0.15	%			0.17	%			0.21	%
Portfolio Turnover Rate			2	%(d)			6	%			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 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.

See accompanying notes to the financial statements.

AZL MVP Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2015 (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”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 13 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Balanced Index Strategy Fund (the “Fund”), and 12 are presented in separate reports.

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, 2015 (Unaudited)

Futures Contracts

During the period ended June 30, 2015, 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 $11.9 million as of June 30, 2015. The monthly average notional amount for these contracts was $11.3 million for the period ended June 30, 2015. 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, 2015:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair

Value*

Statement of Assets and Liabilities Location

Total Fair

Value*

Equity Risk Exposure

Equity Contracts

Receivable for variation margin on futures contracts

—

Payable for variation margin on futures contracts

128,594

Interest Rate Risk Exposure

Interest Rate

—

54,667

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

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2015:


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

Equity Risk Exposure

Equity Contracts	Net Realized gains/(losses) on futures contracts/Change in unrealized appreciation/depreciation on investments	$	256,388	$	(209,774	)

Interest Rate Risk Exposure

Interest Rate			101,168		(82,828	)

3. Related Party Transactions

For the period ended June 30, 2015, 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, 2015 (Unaudited)


	Fair Value 12/31/14			Purchases at Cost			Proceeds from Sales				Fair Value 6/30/15			Dividend Income
AZL Enhanced Bond Index Fund		$	99,396,044		$	17,818,545		$	(1,110,587	)		$	115,749,672		$	—
AZL International Index Fund			25,612,787			3,705,913			(1,469,838	)			29,423,745			—
AZL Mid Cap Index Fund			15,666,234			1,747,309			(208,811	)			17,813,815			—
AZL S&P 500 Index Fund, Class 2			48,840,683			7,347,423			(509,836	)			56,199,183			—
AZL Small Cap Stock Index Fund			8,372,725			959,980			(102,096	)			9,576,349			—

		$	197,888,473		$	31,579,170		$	(3,401,168	)		$	228,762,764		$	—

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

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, 2015, $1,127 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 and the Lead Director receives an additional $24,450 annually. 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, 2015, actual Trustee compensation was $466,180 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)

AZL MVP Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

For the period ended June 30, 2015, 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, 2015 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Total

Affiliated Investment Company		$	228,762,764			$	—		$	228,762,764
Unaffiliated Investment Company			5,500,311				—			5,500,311

Total Investment Securities			234,263,075				—			234,263,075

Other Financial Instruments:*
Futures Contracts			(183,262	)			—			(183,262	)

Total Investments		$	234,079,813			$	—		$	234,079,813

*	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, 2015, 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		$	31,579,170		$	3,401,168

6. Investment Risks

7. Federal Tax Information

Cost for federal income tax purposes at June 30, 2015 is $213,284,504. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	21,297,115
Unrealized depreciation		(318,544	)

Net unrealized appreciation/(depreciation)	$	20,978,571

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

Ordinary
Income

Net

Long-Term

Capital Gains

Total

Distributions(a)

AZL MVP Balanced Index Strategy Fund

2,099,871

1,011,961

3,111,832

(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, 2014, the components of accumulated earnings on a tax basis were as follows:

Undistributed
Ordinary
Income

Undistributed
Long-Term
Capital Gains

Accumulated

Capital and

Other Losses

Unrealized

Appreciation/

(Depreciation)(a)

Total

Accumulated

Earnings/

(Deficit)

AZL MVP Balanced Index Strategy Fund

2,234,513

2,260,137

–

18,357,434

22,852,084

(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 Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

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.		SARRPT0615 8/15

AZL^® MVP BlackRock Global Allocation Fund

Semi-Annual Report

June 30, 2015

(Unaudited)

LOGO

Table of Contents

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Page 37

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 1/1/15			Ending Account Value 6/30/15			Expenses Paid During Period 1/1/15 - 6/30/15*			Annualized Expense Ratio During Period 1/1/15 - 6/30/15
AZL MVP BlackRock Global Allocation Fund		$	1,000.00		$	1,026.20		$	5.83		1.16	%


	Beginning Account Value 1/1/15			Ending Account Value 6/30/15			Expenses Paid During Period 1/1/15 - 6/30/15*			Annualized Expense Ratio During Period 1/1/15 - 6/30/15
AZL MVP BlackRock Global Allocation Fund		$	1,000.00		$	1,024.16		$	5.81		1.16	%

*	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		52.5	%
U.S. Treasury Obligation		20.1
Foreign Bonds		8.8
Securities Held as Collateral for Securities on Loan		5.2
Yankee Dollars		3.6
Money Markets		3.4
Corporate Bonds		3.1
Convertible Bond		1.9
Preferred Stocks		1.7
Floating Rate Loans		1.4
Exchange Traded Fund		0.7
Purchased Put Options		0.7
Convertible Preferred Stocks		0.5
Private Placements		0.3
U.S. Government Agency Mortgages		0.3
Warrant		—	^
Swaption		—	^
Right		—	^

Total Investment Securities		104.2
Net other assets (liabilities)		(4.2	)

Net Assets		100.0	%


Investments	Percent of net assets
United States		64.1	%
Japan		11.1
United Kingdom		5.1
Mexico		3.8
France		2.1
Netherlands		1.5
Switzerland		1.5
Italy		1.5
Canada		1.4
Brazil		1.2
All other countries		10.9

Total Investment Securities		104.2
Net other assets (liabilities)		(4.2	)

Net Assets		100.0	%

^	Represents less than 0.05%

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2015 (Unaudited)


Shares			Fair Value
	Common Stocks (52.5%):
	Aerospace & Defense (1.0%):
	989	Boeing Co. (The)(a)	$	137,194
	748	Dassault Aviation SA(a)		958,086
	25,636	European Aeronautic Defence & Space Co. NV(a)		1,660,692
	1,444	General Dynamics Corp.(a)		204,600
	1,519	Northrop Grumman Corp.(a)		240,959
	7,624	Precision Castparts Corp.(a)		1,523,809
	1,550	Raytheon Co.(a)		148,304
	34,415	Safran SA(a)		2,330,023
	14,482	United Technologies Corp.(a)		1,606,489

				8,810,156

	Air Freight & Logistics (0.7%):
	12,373	Deutsche Post AG(a)		361,412
	18,957	FedEx Corp.(a)		3,230,272
	24,838	United Parcel Service, Inc., Class B(a)		2,407,051

				5,998,735

	Airlines (0.5%):
	63,700	Japan Airlines Co., Ltd.(a)		2,220,474
	33,303	United Continental Holdings, Inc.*(a)		1,765,392

				3,985,866

	Auto Components (1.2%):
	22,200	Aisin Sieki Co., Ltd.(a)		943,468
	14,307	BorgWarner, Inc.(a)		813,210
	43,600	Bridgestone Corp.(a)		1,611,782
	136,683	Cheng Shin Rubber Industry Co., Ltd.(a)		302,843
	12,661	Delphi Automotive plc(a)		1,077,324
	46,600	Denso Corp.(a)		2,319,486
	2,100	Exedy Corp.(a)		52,414
	25,900	Futaba Industrial Co., Ltd.^(a)		125,843
	1,046	Goodyear Tire & Rubber Co.(a)		31,537
	2,082	Hyundai Wia Corp.(a)		191,986
	11,300	Koito Manufacturing Co., Ltd.(a)		440,457
	2,098	Lear Corp.(a)		235,521
	3,400	Stanley Electric Co., Ltd.(a)		71,006
	43,700	Sumitomo Electric Industries, Ltd.(a)		677,001
	39,300	Toyota Industries Corp.(a)		2,239,422

				11,133,300

	Automobiles (1.6%):
	5,485	Bayerische Motoren Werke AG (BMW)^(a)		600,024
	108,000	Dongfeng Motor Corp., Series H(a)		144,218
	132,517	Ford Motor Co.(a)		1,989,080
	102,600	Fuji Heavy Industries, Ltd.(a)		3,769,045
	32,900	Honda Motor Co., Ltd.(a)		1,063,710
	6,693	Hyundai Motor Co.(a)		814,905
	61,100	Isuzu Motors, Ltd.(a)		801,848
	9,302	Maruti Suzuki India, Ltd.(a)		587,658
	4,138	Renault SA(a)		432,103
	38,000	Suzuki Motor Corp.(a)		1,282,805
	29,900	Toyota Motor Corp.(a)		1,999,993
	270	Volkswagen AG^(a)		62,453
	168,770	Yulon Motor Co., Ltd.(a)		195,138

				13,742,980


Shares			Fair Value
	Common Stocks, continued
	Banks (4.3%):
	2,195	Australia & New Zealand Banking Group, Ltd.(a)	$	54,380
	4,959	Banco Bilbao Vizcaya Argentaria SA(a)		48,775
	3,699	Banco Popolare SC*(a)		60,774
	11,204	Banco Santander SA(a)		78,203
	276,551	Bank of America Corp.(a)		4,706,897
	518	Bank of Montreal(a)		30,699
	963	Bank of Nova Scotia(a)		49,715
	24,000	Bank of Yokohama, Ltd. (The)(a)		147,072
	152,125	Barclays plc(a)		622,010
	788	BB&T Corp.(a)		31,764
	14,218	BNP Paribas SA(a)		857,135
	21,000	Chiba Bank, Ltd. (The)(a)		159,969
	57,362	Citigroup, Inc.(a)		3,168,677
	3,089	Citizens Financial Group, Inc.(a)		84,361
	1,280	Commonwealth Bank of Australia(a)		83,427
	3,984	Fifth Third Bancorp(a)		82,947
	320,206	HSBC Holdings plc(a)		2,866,262
	64,212	ING Groep NV(a)		1,064,610
	379,055	Intesa Sanpaolo SpA(a)		1,372,499
	82,032	JPMorgan Chase & Co.(a)		5,558,487
	346,286	Lloyds Banking Group plc(a)		464,776
	257,200	Mitsubishi UFJ Financial Group, Inc.(a)		1,840,729
	294,400	Mizuho Financial Group, Inc.(a)		634,900
	1,883	National Australia Bank, Ltd.(a)		48,040
	2,529	Nordea Bank AB(a)		31,506
	95,807	Regions Financial Corp.(a)		992,561
	1,145	Royal Bank of Canada(a)		70,031
	14,000	Shizuoka Bank, Ltd. (The)(a)		146,154
	16,766	Societe Generale(a)		782,110
	22,145	Standard Chartered plc(a)		354,191
	37,600	Sumitomo Mitsui Financial Group, Inc.(a)		1,670,940
	9,633	SunTrust Banks, Inc.(a)		414,412
	24,105	Svenska Handelsbanken AB, A Shares(a)		351,521
	28,070	Toronto-Dominion Bank (The)(a)		1,192,212
	32,198	U.S. Bancorp(a)		1,397,393
	8,706	UBI Banca — Unione di Banche Italiane SCPA(a)		69,745
	60,802	UniCredit SpA(a)		407,868
	79,040	Wells Fargo & Co.(a)		4,445,210
	2,450	Westpac Banking Corp.(a)		60,735

				36,503,697

	Beverages (1.0%):
	561	Anheuser-Busch InBev NV(a)		67,511
	12,900	Asahi Breweries, Ltd.(a)		410,056
	65,255	Coca-Cola Co. (The)(a)		2,559,953
	1,881	Constellation Brands, Inc., Class A(a)		218,234
	1,778	Diageo plc(a)		51,529
	8,527	Diageo plc, ADR(a)		989,473
	23,800	Kirin Holdings Co., Ltd.(a)		327,637
	8,639	Molson Coors Brewing Co., Class B(a)		603,089
	1,450	PepsiCo, Inc.(a)		135,343
	55,890	SABMiller plc(a)		2,897,060
	6,600	Suntory Beverage & Food, Ltd.(a)		265,386

				8,525,271

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2015 (Unaudited)


Shares			Fair Value
	Common Stocks, continued
	Biotechnology (1.1%):
	5,911	Alexion Pharmaceuticals, Inc.*(a)	$	1,068,531
	1,325	Alkermes plc*(a)		85,250
	278	Alkermes plc*(a)		17,887
	13,677	Amgen, Inc.(a)		2,099,694
	4,640	Biogen Idec, Inc.*(a)		1,874,283
	7,852	Celgene Corp.*(a)		908,751
	9,417	Gilead Sciences, Inc.(a)		1,102,542
	508	Invitae Corp.*^(a)		7,559
	63,198	Mesoblast, Ltd.*^(a)		182,334
	1,107	Puma Biotechnology, Inc.*^(a)		129,242
	1,199	Receptos, Inc.*(a)		227,870
	717	Regeneron Pharmaceuticals, Inc.*(a)		365,763
	3,084	Tesaro, Inc.*^(a)		181,308
	7,803	Vertex Pharmaceuticals, Inc.*(a)		963,514

				9,214,528

	Building Products (0.2%):
	15,110	Compagnie de Saint-Gobain SA(a)		679,907
	13,400	Daikin Industries, Ltd.(a)		963,701

				1,643,608

	Capital Markets (0.9%):
	1,250	Ameriprise Financial, Inc.(a)		156,163
	21,314	Bank of New York Mellon Corp. (The)(a)		894,549
	9,056	BHF Kleinwort Benson Group SA*^(a)		44,290
	27,332	Charles Schwab Corp. (The)(a)		892,390
	18,911	Credit Suisse Group AG(a)		519,765
	28,680	Deutsche Bank AG, Registered Shares(a)		861,264
	5,401	Goldman Sachs Group, Inc. (The)(a)		1,127,675
	30,008	Morgan Stanley(a)		1,164,009
	61,600	Nomura Holdings, Inc.(a)		415,245
	457	State Street Corp.(a)		35,189
	78,595	UBS Group AG(a)		1,666,908

				7,777,447

	Chemicals (2.0%):
	2,326	Air Liquide SA(a)		293,850
	1,797	Air Products & Chemicals, Inc.(a)		245,884
	19,723	AkzoNobel NV(a)		1,440,903
	6,217	Arkema, Inc.(a)		447,897
	82,000	Asahi Kasei Corp.(a)		671,802
	8,472	BASF SE(a)		744,402
	2,730	CF Industries Holdings, Inc.(a)		175,484
	10,471	Dow Chemical Co. (The)(a)		535,801
	8,465	E.I. du Pont de Nemours & Co.(a)		541,337
	2,523	Ecolab, Inc.(a)		285,276
	14,489	FMC Corp.(a)		761,396
	34,100	Hitachi Chemical Co., Ltd.(a)		614,499
	37,800	JSR Corp.(a)		666,983
	9,572	Koninklijke DSM NV(a)		556,381
	37,100	Kuraray Co., Ltd.(a)		453,523
	2,200	Linde AG(a)		416,517
	7,201	LyondellBasell Industries NV, Class A(a)		745,448


Shares			Fair Value
	Common Stocks, continued
	Chemicals, continued
	6,228	Monsanto Co.(a)	$	663,843
	25,900	Nitto Denko Corp.(a)		2,127,196
	9,349	Potash Corp. of Saskatchewan, Inc.(a)		289,573
	3,493	PPG Industries, Inc.(a)		400,717
	2,722	Praxair, Inc.(a)		325,415
	29,600	Shin-Etsu Chemical Co., Ltd.(a)		1,836,207
	4,923	Syngenta AG, Registered Shares(a)		2,017,881
	271,000	Ube Industries, Ltd.(a)		511,161

				17,769,376

	Commercial Services & Supplies (0.2%):
	2,086	Cintas Corp.(a)		176,455
	1,800	SECOM Co., Ltd.(a)		116,775
	4,600	Sohgo Security Services Co., Ltd.(a)		180,964
	39,958	Tyco International plc(a)		1,537,584

				2,011,778

	Communications Equipment (0.6%):
	21,138	Alcatel-Lucent*(a)		77,149
	93,463	Cisco Systems, Inc.(a)		2,566,493
	19,288	El Towers SpA(a)		1,162,177
	1,891	Harris Corp.(a)		145,437
	3,000	Hitachi Kokusai Electric, Inc.(a)		45,594
	28,158	QUALCOMM, Inc.(a)		1,763,536
	6,982	Telefonaktiebolaget LM Ericsson, B Shares(a)		72,311

				5,832,697

	Construction & Engineering (0.2%):
	5,000	Chiyoda Corp.(a)		44,262
	1,900	ComSys Holdings Corp.(a)		28,277
	19,000	JGC Corp.(a)		358,632
	7,000	Kinden Corp.(a)		93,119
	3,000	Maeda Road Construction Co., Ltd.(a)		55,349
	1,000	Nippo Corp.(a)		17,125
	86,000	Okumura Corp.(a)		438,925
	300	Sho-Bond Holdings Co., Ltd.(a)		12,516
	101,000	Toda Corp.^(a)		463,141

				1,511,346

	Consumer Finance (0.2%):
	974	American Express Co.(a)		75,699
	11,364	Capital One Financial Corp.(a)		999,691
	5,508	Discover Financial Services(a)		317,371

				1,392,761

	Containers & Packaging (0.1%):
	7,508	Crown Holdings, Inc.*(a)		397,248
	8,562	Sealed Air Corp.(a)		439,916

				837,164

	Distributors (0.0%):
	3,000	Canon Marketing Japan, Inc.(a)		51,002

	Diversified Consumer Services (0.0%):
	900	Benesse Holdings, Inc.(a)		22,521

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2015 (Unaudited)


Shares			Fair Value
	Common Stocks, continued
	Diversified Financial Services (0.4%):
	18,652	Berkshire Hathaway, Inc., Class B*(a)	$	2,538,723
	7,777	CME Group, Inc.(a)		723,728
	123	IntercontinentalExchange Group, Inc.(a)		27,504
	297	McGraw-Hill Cos., Inc. (The)(a)		29,834

				3,319,789

	Diversified Telecommunication Services (1.1%):
	66,015	AT&T, Inc.^(a)		2,344,853
	114,563	BT Group plc(a)		811,218
	42,017	Deutsche Telekom AG, Registered Shares(a)		723,241
	20,867	France Telecom SA(a)		322,831
	22,200	Nippon Telegraph & Telephone Corp.(a)		803,556
	234,000	Singapore Telecommunications, Ltd.(a)		727,718
	23,018	TDC A/S(a)		168,629
	32,883	Telecom Italia SpA^(a)		33,474
	135,227	Telecom Italia SpA*(a)		171,511
	139,100	Telekom Malaysia Berhad(a)		241,070
	8,438	Verizon Communications, Inc.(a)		392,778
	68,018	Verizon Communications, Inc.(a)		3,170,319

				9,911,198

	Electric Utilities (0.5%):
	18,019	American Electric Power Co., Inc.(a)		954,466
	52,000	Chubu Electric Power Co., Inc.(a)		774,878
	134,308	Enel SpA(a)		607,150
	8,700	Kansai Electric Power Co., Inc. (The)*(a)		96,176
	25,300	Kyushu Electric Power Co., Inc.*(a)		292,989
	11,296	NextEra Energy, Inc.(a)		1,107,347
	9,034	PPL Corp.(a)		266,232
	15,200	Tokyo Electric Power Co., Inc. (The)*(a)		82,787

				4,182,025

	Electrical Equipment (0.8%):
	27,774	Eaton Corp. plc(a)		1,874,467
	19,042	Emerson Electric Co.(a)		1,055,498
	83,000	GS Yuasa Corp.^(a)		326,968
	3,200	Mabuchi Motor Co., Ltd.(a)		202,224
	120,000	Mitsubishi Electric Corp.(a)		1,547,105
	11,107	Rockwell Automation, Inc.^(a)		1,384,377
	9,159	Schneider Electric SA(a)		631,619

				7,022,258

	Electronic Equipment, Instruments & Components (0.4%):
	4,131	Corning, Inc.(a)		81,505
	4,800	Hitachi High-Technologies Corp.(a)		135,809
	179,000	Hitachi, Ltd.(a)		1,179,178
	30,000	Hon Hai Precision Industry Co., Ltd.(a)		93,587
	500	Keyence Corp.(a)		269,615
	15,600	Kyocera Corp.(a)		810,705
	2,500	Murata Manufacturing Co., Ltd.(a)		435,935
	6,600	Omron Corp.(a)		286,693
	1,312	TE Connectivity, Ltd.(a)		84,362

				3,377,389


Shares			Fair Value
	Common Stocks, continued
	Energy Equipment & Services (0.7%):
	1,497	Baker Hughes, Inc.(a)	$	92,365
	1,384	Cameron International Corp.*(a)		72,480
	95,700	Dropbox, Inc.*(a)(b)		1,589,577
	2,931	Halliburton Co.(a)		126,238
	1,698	Helmerich & Payne, Inc.^(a)		119,573
	24,594	Ocean Rig UDW, Inc.^(a)		126,167
	30,845	Oceaneering International, Inc.(a)		1,437,069
	149,440	SBM Offshore NV*^(a)		1,772,628
	4,451	Schlumberger, Ltd.(a)		383,632

				5,719,729

	Food & Staples Retailing (0.5%):
	423	Costco Wholesale Corp.(a)		57,130
	3,168	CVS Health Corp.(a)		332,260
	10,700	FamilyMart Co., Ltd.(a)		491,573
	3,754	Kroger Co. (The)(a)		272,203
	10,588	Sysco Corp.^(a)		382,227
	2,091	The Fresh Market, Inc.*^(a)		67,205
	843	Walgreens Boots Alliance, Inc.(a)		71,183
	29,006	Wal-Mart Stores, Inc.(a)		2,057,395
	786	Wesfarmers, Ltd.(a)		23,557

				3,754,733

	Food Products (0.5%):
	6,000	Ajinomoto Co., Inc.(a)		129,886
	4,760	Archer-Daniels-Midland Co.(a)		229,526
	9,102	Boulder Brands, Inc.*^(a)		63,168
	45,987	Cosan, Ltd., A Shares(a)		283,279
	392	Danone SA(a)		25,322
	584	General Mills, Inc.(a)		32,540
	569	Kraft Foods Group, Inc.(a)		48,445
	1,625	Mondelez International, Inc., Class A(a)		66,853
	49,679	Nestle SA, Registered Shares(a)		3,592,034
	27,712	SLC Agricola SA(a)		153,351
	1,959	Unilever NV(a)		81,865

				4,706,269

	Gas Utilities (0.2%):
	298,000	Tokyo Gas Co., Ltd.(a)		1,581,309

	Health Care Equipment & Supplies (0.3%):
	13,162	Abbott Laboratories(a)		645,992
	5,479	Baxter International, Inc.(a)		383,146
	2,008	Becton, Dickinson & Co.(a)		284,433
	14,100	HOYA Corp.(a)		564,694
	7,384	Medtronic plc(a)		547,154
	1,091	Stryker Corp.(a)		104,267

				2,529,686

	Health Care Providers & Services (2.0%):
	5,793	Acadia Healthcare Co., Inc.*^(a)		453,766
	15,284	Aetna, Inc.(a)		1,948,099
	36,197	Al Noor Hospitals Group plc(a)		536,781
	1,846	AmerisourceBergen Corp.(a)		196,304
	2,431	Anthem, Inc.(a)		399,024

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2015 (Unaudited)


Shares			Fair Value
	Common Stocks, continued
	Health Care Providers & Services, continued
	946,900	Bangkok Dusit Medical Services Public Co., Ltd., Class F(a)	$	551,143
	68,200	Bumrungrad Hospital Public Co., Ltd.(a)		378,049
	3,502	Cardinal Health, Inc.(a)		292,942
	955	CIGNA Corp.(a)		154,710
	1,320	Express Scripts Holding Co.*^(a)		117,401
	21,641	HCA Holdings, Inc.*(a)		1,963,272
	379,670	Healthscope, Ltd.(a)		791,764
	14,198	Humana, Inc.(a)		2,715,793
	565,600	IHH Healthcare Berhad*(a)		848,893
	26,627	Integrated Diagnostics Holdings plc*(a)		155,768
	81,339	Life Healthcare Group Holdings Pte, Ltd.(a)		249,998
	6,829	McKesson, Inc.(a)		1,535,227
	1,300	Medipal Holdings Corp.(a)		21,159
	61,358	NMC Health plc(a)		766,275
	382,799	PT Siloam International Hospital Tbk(a)		413,183
	96,700	Raffles Medical Group, Ltd.(a)		330,470
	10,900	Ship Healthcare Holdings, Inc.^(a)		225,222
	250,258	Spire Healthcare Group plc(a)		1,310,948
	1,400	Teladoc, Inc.*(a)		26,600
	20,385	Tenet Healthcare Corp.*(a)		1,179,884
	3,503	UnitedHealth Group, Inc.(a)		427,366

				17,990,041

	Health Care Technology (0.2%):
	5,100	Evolent Health, Inc., Class A*^(a)		99,450
	5,500	HTG Molecular Diagnostics, Inc.*(a)		61,325
	48,724	Veeva Systems, Inc., Class A*^(a)		1,365,734

				1,526,509

	Hotels, Restaurants & Leisure (0.3%):
	7,047	Las Vegas Sands Corp.^(a)		370,461
	19,068	McDonald’s Corp.(a)		1,812,794
	12,361	SeaWorld Entertainment, Inc.^(a)		227,937
	1,889	Wyndham Worldwide Corp.(a)		154,728

				2,565,920

	Household Durables (0.3%):
	4,300	Alpine Electronics, Inc.(a)		82,855
	31,698	Cyrela Brazil Realty SA Empreendimentos e Participacoes(a)		101,370
	164,000	Haier Electronics Group Co., Ltd.*(a)		439,640
	1,906	MRV Engenharia e Participacoes SA(a)		4,783
	54,300	Nikon Corp.^(a)		627,720
	7,300	Rinnai Corp.(a)		577,760
	13,700	Sony Corp.*(a)		388,816
	2,268	Whirlpool Corp.(a)		392,477

				2,615,421

	Household Products (0.9%):
	15,976	Colgate-Palmolive Co.(a)		1,044,990
	9,247	Kimberly-Clark Corp.(a)		979,905
	67,751	Procter & Gamble Co. (The)(a)		5,300,838
	453	Reckitt Benckiser Group plc(a)		39,109

				7,364,842


Shares			Fair Value
	Common Stocks, continued
	Independent Power and Renewable Electricity Producers (0.4%):
	41,264	AES Corp. (The)(a)	$	547,161
	43,683	Calpine Corp.*(a)		785,858
	7,700	Electric Power Development Co., Ltd.(a)		271,816
	11,345	NextEra Energy Partners LP^(a)(b)		449,489
	32,794	NRG Energy, Inc.(a)		750,327
	5,590	NRG Yield, Inc., Class A^(a)		122,924
	5,590	NRG Yield, Inc., Class A^(a)		122,365
	1,128	Talen Energy Corp.*^(a)		19,356
	9,032	TerraForm Power, Inc.(a)		343,035
	6,976	TerraForm Power, Inc., Class A(a)		264,948

				3,677,279

	Industrial Conglomerates (0.7%):
	1,009	3M Co.(a)		155,689
	149,219	Beijing Enterprises Holdings, Ltd.(a)		1,117,549
	8,096	Danaher Corp.(a)		692,937
	92,684	General Electric Co.(a)		2,462,613
	198,000	Keppel Corp., Ltd.(a)		1,207,032
	21,926	Koninklijke Philips Electronics NV(a)		559,543

				6,195,363

	Insurance (1.8%):
	1,430	ACE, Ltd.(a)		145,402
	493	AFLAC, Inc.(a)		30,665
	136,200	AIA Group, Ltd.(a)		890,227
	14,662	Allstate Corp. (The)(a)		951,124
	27,674	American International Group, Inc.(a)		1,710,806
	312	Aon plc(a)		31,100
	47,148	AXA SA(a)		1,187,995
	3,088	Axis Capital Holdings, Ltd.(a)		164,807
	8	Berkshire Hathaway, Inc., Class A*(a)		1,638,799
	1,227	Chubb Corp. (The)(a)		116,737
	3,301	CNA Financial Corp.(a)		126,131
	122,908	Legal & General Group plc(a)		480,179
	5,161	Lincoln National Corp.(a)		305,634
	1,488	Manulife Financial Corp.(a)		27,656
	17,282	Marsh & McLennan Cos., Inc.(a)		979,889
	16,843	MetLife, Inc.(a)		943,040
	12,800	MS&AD Insurance Group Holdings, Inc.(a)		398,505
	11,400	NKSJ Holdings, Inc.(a)		418,065
	6,876	Prudential Financial, Inc.(a)		601,788
	55,182	Prudential plc(a)		1,331,358
	1,725	Reinsurance Group of America, Inc.(a)		163,651
	30,100	Sony Financial Holdings, Inc.(a)		527,299
	24,400	Tokio Marine Holdings, Inc.(a)		1,011,886
	363	Travelers Cos., Inc. (The)(a)		35,088
	15,932	XL Group plc(a)		592,670
	1,425	Zurich Insurance Group AG(a)		434,477

				15,244,978

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2015 (Unaudited)


Shares			Fair Value
	Common Stocks, continued
	Internet & Catalog Retail (0.2%):
	9,903	Alibaba Group Holding, Ltd., ADR*^(a)	$	814,719
	200	Askul Corp.(a)		6,283
	1,817	Expedia, Inc.(a)		198,689

				1,019,691

	Internet Software & Services (2.2%):
	18,200	DeNA Co., Ltd.(a)		357,679
	32,443	eBay, Inc.*(a)		1,954,366
	22,302	Facebook, Inc., Class A*(a)		1,912,731
	11,300	GoDaddy, Inc., Class A*^(a)		318,547
	4,920	Google, Inc., Class A*(a)		2,656,997
	8,839	Google, Inc., Class C*(a)		4,600,787
	74,000	Gree, Inc.^(a)		432,215
	11,346	SINA Corp.*(a)		607,748
	75,653	Twitter, Inc.*(a)		2,740,152
	68,532	Uber Technologies, Inc.*(a)(b)		2,742,836
	2,508	VeriSign, Inc.*^(a)		154,794
	75,300	Yahoo! Japan Corp.(a)		303,621
	2,841	Yahoo!, Inc.*(a)		111,623

				18,894,096

	IT Services (0.9%):
	3,745	Accenture plc, Class A(a)		362,441
	523	Alliance Data Systems Corp.*(a)		152,685
	3,091	Amdocs, Ltd.(a)		168,738
	8,597	Atos Origin SA(a)		643,109
	1,553	Automatic Data Processing, Inc.(a)		124,597
	1,963	Cognizant Technology Solutions Corp., Class A*(a)		119,920
	2,890	Computer Sciences Corp.(a)		189,700
	3,045	Fidelity National Information Services, Inc.(a)		188,181
	4,296	International Business Machines Corp.(a)		698,787
	18,213	MasterCard, Inc., Class A(a)		1,702,551
	400	NS Solutions Corp.(a)		13,339
	800	SCSK Corp.(a)		24,381
	41,376	Visa, Inc., Class A^(a)		2,778,398
	33,140	Worldline SA*(a)		680,238

				7,847,065

	Leisure Products (0.1%):
	6,200	Namco Bandai Holdings, Inc.(a)		119,741
	32,400	Sega Sammy Holdings, Inc.(a)		423,434
	8,500	Yamaha Corp.(a)		171,388

				714,563

	Life Sciences Tools & Services (0.3%):
	11,725	Agilent Technologies, Inc.(a)		452,351
	14,275	Thermo Fisher Scientific, Inc.(a)		1,852,324

				2,304,675

	Machinery (1.0%):
	4,015	CNH Industrial NV(a)		37,259
	29,901	Colfax Corp.*^(a)		1,379,932
	822	Cummins India, Ltd.(a)		11,542
	1,915	Dover Corp.(a)		134,395
	3,700	Fanuc, Ltd.(a)		755,432


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	164,090	Haitian International Holdings, Ltd.(a)	$	383,369
	110,000	IHI Corp.(a)		512,791
	22,700	Komatsu, Ltd.(a)		454,958
	31,000	Kubota Corp.(a)		491,396
	172,000	Mitsubishi Heavy Industries, Ltd.(a)		1,045,743
	8,100	Nabtesco Corp.(a)		202,197
	11,668	PACCAR, Inc.^(a)		744,535
	1,106	Parker Hannifin Corp.^(a)		128,661
	1,100	SMC Corp.(a)		330,965
	12,252	Stanley Black & Decker, Inc.(a)		1,289,400
	3,500	THK Co., Ltd.(a)		75,585
	6,438	WABCO Holdings, Inc.*(a)		796,509

				8,774,669

	Media (0.7%):
	12,603	DISH Network Corp., Class A*(a)		853,349
	18,716	Liberty Broadband Corp., Class C*(a)		957,511
	7,085	Liberty Broadband Corp., Class A*^(a)		361,122
	46,252	Liberty Media Corp., Class C*(a)		1,660,447
	20,570	Liberty Media Corp.*(a)		741,343
	107,568	RAI Way SpA(a)		515,629
	817	RTL Group(a)		73,973
	2,900	TV Asahi Holdings Corp.^(a)		48,693
	57,542	Zon Multimedia Servicos de Telecommunicacoes e Multimedia SGPS SA(a)		459,737

				5,671,804

	Metals & Mining (2.0%):
	201,652	Antofagasta plc(a)		2,182,564
	64,441	Barrick Gold Corp., ADR(a)		686,941
	54,205	Constellium NV*(a)		641,245
	90,068	Eldorado Gold Corp.(a)		373,600
	227,585	First Quantum Minerals, Ltd.(a)		2,976,028
	164,264	Freeport-McMoRan Copper & Gold, Inc.(a)		3,058,595
	115,936	Gerdau SA, ADR(a)		279,406
	72,522	Glencore International plc(a)		291,082
	77,742	Goldcorp, Inc.(a)		1,259,420
	197,000	Nippon Steel Corp.(a)		510,236
	216,347	Platinum Group Metals, Ltd.*(a)		86,539
	353,956	Platinum Group Metals, Ltd.*(a)		138,884
	64,183	Rio Tinto plc(a)		2,639,356
	67,172	Southern Copper Corp.^(a)		1,975,529
	57,952	Tahoe Resources, Inc.(a)		702,589
	400	Yamato Kogyo Co., Ltd.(a)		9,326

				17,811,340

	Multiline Retail (0.1%):
	2,175	Kohl’s Corp.^(a)		136,177
	2,073	Macy’s, Inc.(a)		139,865
	2,600	Ryohin Keikaku Co., Ltd.(a)		503,886

				779,928

	Multi-Utilities (0.5%):
	23,712	CenterPoint Energy, Inc.(a)		451,239
	14,877	Dominion Resources, Inc.(a)		994,825

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2015 (Unaudited)


Shares			Fair Value
	Common Stocks, continued
	Multi-Utilities, continued
	32,816	Engie Group(a)	$	608,045
	60,315	National Grid plc(a)		775,490
	11,858	Sempra Energy(a)		1,173,231

				4,002,830

	Oil, Gas & Consumable Fuels (4.2%):
	60,614	Anadarko Petroleum Corp.(a)		4,731,530
	115,052	Athabasca Oil Corp.*(a)		187,945
	8,531	BG Group plc(a)		141,938
	45,714	BP plc(a)		301,620
	60,794	Cameco Corp.(a)		868,138
	9,537	Chevron Corp.(a)		920,034
	61,288	Coal India, Ltd.(a)		404,923
	4,259	ConocoPhillips(a)		261,545
	62,135	CONSOL Energy, Inc.^(a)		1,350,815
	9,419	Diamondback Energy, Inc.*(a)		710,004
	7,698	Eclipse Resources Corp.*^(a)		40,491
	2,093	Enbridge, Inc.(a)		97,896
	6,243	ENI SpA(a)		110,725
	1,896	EOG Resources, Inc.(a)		165,995
	4,852	EQT Corp.(a)		394,662
	14,567	Exxon Mobil Corp.(a)		1,211,974
	3,849	Gulfport Energy Corp.*(a)		154,922
	149,700	INPEX Corp.(a)		1,702,791
	55,800	JX Holdings, Inc.(a)		241,515
	27,615	KazMunaiGas Exploration Production JSC, Registered Shares, GDR(a)		273,796
	5,878	Kinder Morgan, Inc.(a)		225,656
	5,547	Lookout, Inc.*(a)(c)		64,702
	76,892	Lundin Petroleum AB*^(a)		1,317,316
	37,352	Marathon Petroleum Corp.(a)		1,953,883
	2,683	Occidental Petroleum Corp.(a)		208,657
	155,805	Oil & Natural Gas Corp., Ltd.(a)		756,998
	282,736	Ophir Energy plc*(a)		501,809
	116,157	Palantir Technologies, Inc.*(a)(b)		1,000,112
	71,761	Petroleo Brasileiro SA, ADR*(a)		649,438
	26,077	Phillips 66(a)		2,100,763
	10,243	Pioneer Natural Resources Co.^(a)		1,420,602
	30,490	Reliance Industries, Ltd.(a)		478,294
	19,901	Royal Dutch Shell plc, A Shares(a)		566,708
	6,147	Royal Dutch Shell plc, B Shares(a)		174,783
	23,922	Royal Dutch Shell plc, ADR(a)		1,363,793
	9,865	Royal Dutch Shell plc, A Shares(a)		277,301
	150,841	Statoil ASA(a)		2,694,047
	15,358	Stone Energy Corp.*^(a)		193,357
	3,654	Suncor Energy, Inc.(a)		100,655
	4,475	Suncor Energy, Inc.(a)		123,152
	25,750	Total SA(a)		1,252,764
	29,273	Total SA, ADR^(a)		1,439,354
	47,701	TransCanada Corp.(a)		1,938,904
	5,366	Valero Energy Corp.(a)		335,912
	2,326	Williams Cos., Inc. (The)*(a)		133,489

				35,545,708


Shares			Fair Value
	Common Stocks, continued
	Paper & Forest Products (0.0%):
	3,070	International Paper Co.(a)	$	146,101

	Personal Products (0.0%):
	167	L’Oreal SA(a)		29,769

	Pharmaceuticals (4.1%):
	45,530	AbbVie, Inc.(a)		3,059,160
	9,580	Allergan plc*(a)		2,907,147
	31,800	Astellas Pharma, Inc.(a)		453,180
	5,583	AstraZeneca plc, ADR(a)		355,693
	35,593	AstraZeneca plc(a)		2,262,825
	11,820	Bayer AG(a)		1,653,728
	24,345	Bristol-Myers Squibb Co.(a)		1,619,916
	35,900	Catalent, Inc.*(a)		1,052,947
	4,800	Eisai Co., Ltd.(a)		321,545
	6,744	Eli Lilly & Co.(a)		563,057
	9,388	GlaxoSmithKline plc(a)		195,389
	5,657	Horizon Pharma plc*^(a)		196,524
	10,025	Johnson & Johnson Co.(a)		977,037
	11,821	Merck & Co., Inc.(a)		672,970
	20,115	Mylan NV*(a)		1,365,004
	22,226	Novartis AG, Registered Shares(a)		2,195,912
	5,201	Novo Nordisk A/S, B Shares(a)		285,294
	13,000	Otsuka Holdings Co., Ltd.(a)		413,288
	3,808	Perrigo Co. plc(a)		703,833
	63,857	Pfizer, Inc.(a)		2,141,125
	5,531	Roche Holding AG(a)		1,553,263
	23,107	Sanofi-Aventis SA(a)		2,279,373
	2,300	Sawai Pharmaceutical Co., Ltd.(a)		134,669
	19,120	Shire plc(a)		1,536,675
	284,000	Sino Biopharmaceutical, Ltd.(a)		327,839
	2,100	Takeda Pharmacuetical Co., Ltd.(a)		101,354
	51,244	Teva Pharmaceutical Industries, Ltd., ADR(a)		3,028,520
	2,440	Valeant Pharmaceuticals International, Inc.*(a)		542,046

				32,899,313

	Professional Services (0.0%):
	2,650	Qualicorp SA(a)		16,702

	Real Estate Investment Trusts (REITs) (0.6%):
	10,016	American Capital Agency Corp.(a)		183,994
	461	American Tower Corp.(a)		43,007
	10,999	Crown Castle International Corp.(a)		883,220
	397	Equity Residential Property Trust(a)		27,857
	440,828	Fibra UNO Amdinistracion SA(a)		1,048,549
	381	Health Care REIT, Inc.(a)		25,005
	17,379	ProLogis, Inc.(a)		644,761
	159	Public Storage, Inc.(a)		29,315
	6,258	Simon Property Group, Inc.(a)		1,082,759
	90,001	TF Administradora Industrial S de RL de CV(a)		176,105
	2,204	Unibail-Rodamco SE(a)		559,188

				4,703,760

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2015 (Unaudited)


Shares			Fair Value
	Common Stocks, continued
	Real Estate Management & Development (1.6%):
	76,373	BR Malls Participacoes SA(a)	$	361,200
	641,300	CapitaLand, Ltd.(a)		1,665,037
	204,000	China Overseas Land & Investment, Ltd.(a)		719,122
	196,000	China Resources Land, Ltd.(a)		631,136
	40,000	Daikyo, Inc.(a)		64,363
	4,900	Daito Trust Construction Co., Ltd.(a)		506,649
	64,900	Dalian Wanda Commercial Properties Co., Ltd., H Shares(a)		519,221
	32,475	Deutsche Annington Immobilien SE(a)		915,344
	771,100	Global Logistic Properties, Ltd.(a)		1,446,203
	42,000	Mitsubishi Estate Co., Ltd.(a)		902,408
	138,666	Sun Hung Kai Properties, Ltd.(a)		2,245,549
	67,467	The St. Joe Co.*^(a)		1,047,763
	258,000	Wharf Holdings, Ltd. (The)(a)		1,716,042

				12,740,037

	Road & Rail (0.7%):
	7,319	Canadian National Railway Co.(a)		422,672
	192,325	CAR, Inc.*(a)		405,769
	20,740	CSX Corp.(a)		677,161
	26,000	East Japan Railway Co.(a)		2,337,711
	3,875	J.B. Hunt Transport Services, Inc.(a)		318,099
	6,890	Kansas City Southern(a)		628,368
	36,000	Nippon Express Co., Ltd.(a)		176,948
	9,500	Seino Holdings Co., Ltd.(a)		106,311
	18,893	Union Pacific Corp.(a)		1,801,825

				6,874,864

	Semiconductors & Semiconductor Equipment (0.7%):
	3,926	Applied Materials, Inc.(a)		75,458
	814	Avago Technologies, Ltd.(a)		108,205
	1,759	Broadcom Corp., Class A(a)		90,571
	19,189	Intel Corp.(a)		583,633
	5,757	KLA-Tencor Corp.(a)		323,601
	22,813	Micron Technology, Inc.*(a)		429,797
	21,000	ROHM Co., Ltd.(a)		1,404,110
	519	Samsung Electronics Co., Ltd.(a)		589,708
	13,619	SK Hynix, Inc.(a)		517,746
	25,700	SUMCO Corp.(a)		321,666
	212,000	Taiwan Semiconductor Manufacturing Co., Ltd.(a)		955,322
	6,551	Texas Instruments, Inc.(a)		337,442

				5,737,259

	Software (1.8%):
	68,905	Activision Blizzard, Inc.(a)		1,668,190
	3,849	Adobe Systems, Inc.*(a)		311,807
	2,045	Check Point Software Technologies, Ltd.*(a)		162,680
	2,923	Electronic Arts, Inc.*(a)		194,380
	90,700	Gungho Online Enetertainment, Inc.^(a)		352,698
	2,695	Intuit, Inc.(a)		271,575
	42,551	King Digital Entertainment plc^(a)		606,352
	56,587	Microsoft Corp.(a)		2,498,317
	68,360	Mobileye NV*^(a)		3,634,701


Shares			Fair Value
	Common Stocks, continued
	Software, continued
	9,100	Nexon Co., Ltd.(a)	$	125,105
	7,900	Nintendo Co., Ltd.(a)		1,319,185
	20,493	Nuance Communications, Inc.*(a)		358,832
	60,614	Oracle Corp.(a)		2,442,744
	1,891	Salesforce.com, Inc.*(a)		131,670
	6,726	SAP AG(a)		468,607
	6,100	Trend Micro, Inc.(a)		210,028
	33,610	UbiSoft Entertainment SA*(a)		599,834

				15,356,705

	Specialty Retail (0.3%):
	2,600	Autobacs Seven Co., Ltd.^(a)		43,460
	1,316	Home Depot, Inc. (The)(a)		146,247
	2,044	Lowe’s Cos., Inc.(a)		136,887
	22,500	Sanrio Co., Ltd.^(a)		610,756
	900	Shimamura Co., Ltd.(a)		94,382
	4,501	Tiffany & Co.(a)		413,192
	156,400	Yamada Denki Co., Ltd.^(a)		625,300
	222,760	Zhongsheng Group Holdings, Ltd.^(a)		154,969

				2,225,193

	Technology Hardware, Storage & Peripherals (0.6%):
	26,632	Apple, Inc.(a)		3,340,318
	6,559	EMC Corp.(a)		173,092
	24,197	Hewlett-Packard Co.(a)		726,152
	231,000	NEC Corp.(a)		699,742
	1,630	Samsung SDI Co., Ltd.(a)		161,981
	2,372	SanDisk Corp.(a)		138,098
	2,543	Seagate Technology plc^(a)		120,793
	1,685	Western Digital Corp.(a)		132,138

				5,492,314

	Textiles, Apparel & Luxury Goods (0.1%):
	20,028	Coach, Inc.^(a)		693,169

	Tobacco (0.4%):
	1,911	Altria Group, Inc.(a)		93,467
	1,310	British American Tobacco plc(a)		70,392
	677	Imperial Tobacco Group plc(a)		32,679
	12,400	Japan Tobacco, Inc.(a)		441,348
	25,847	Philip Morris International, Inc.(a)		2,072,154
	100	Reynolds American, Inc.(a)		7,450

				2,717,490

	Trading Companies & Distributors (0.7%):
	74,600	Mitsubishi Corp.(a)		1,638,402
	156,400	Mitsui & Co., Ltd.(a)		2,121,259
	74,200	Sumitomo Corp.(a)		861,873
	12,600	Toyota Tsushu Corp.(a)		337,958
	31,900	Univar, Inc.*(a)		830,357

				5,789,849

	Transportation Infrastructure (0.1%):
	615,711	Delta Topco, Ltd.(a)(b)		352,802
	6,000	Kamigumi Co., Ltd.(a)		56,231

				409,033

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2015 (Unaudited)


Shares			Fair Value
	Common Stocks, continued
	Water Utilities (0.1%):
	14,420	American Water Works Co., Inc.(a)	$	701,245

	Wireless Telecommunication Services (0.7%):
	369,574	America Movil SAB de C.V., Series L(a)		395,085
	29,881	America Movil SAB de C.V., Series L, ADR(a)		636,764
	310,000	Axiata Group Berhad(a)		526,143
	79,563	Cellnex Telecom SAU*(a)		1,345,857
	105,029	Far EasTone Telecommunications Co., Ltd.(a)		253,872
	34,700	KDDI Corp.(a)		834,633
	11,500	NTT DoCoMo, Inc.(a)		220,068
	22,106	Vodafone Group plc, ADR(a)		805,764
	155,032	Vodafone Group plc(a)		565,238

				5,583,424

	Total Common Stocks (Cost $413,589,744)			445,531,567

	Preferred Stocks (1.7%):
	Automobiles (0.2%):
	8,360	Volkswagen AG, Preferred Shares^(a)		1,937,734

	Banks (0.9%):
	26,482	Citigroup Capital XIII, Preferred Shares^(a)		687,472
	176,000	Deutsche Bank Capital Funding Trust VII, Preferred Shares^(a)(d)		176,880
	35,500	GMAC Capital Trust I, Preferred Shares(a)		922,289
	15,683	HSBC Holdings plc, Series 2, Preferred Shares(a)		406,033
	38,941	Itau Unibanco Holding SA, Preferred Shares(a)		429,101
	21,833	RBS Capital Fund Trust V, Series E, Preferred Shares^(a)		529,014
	27,501	RBS Capital Funding Trust VII, Series G, Preferred Shares^(a)		671,849
	12,375	Royal Bank of Scotland Group plc, Series M, Preferred Shares, ADR(a)		308,261
	9,710	Royal Bank of Scotland Group plc, Series Q, Preferred Shares, ADR^(a)		245,663
	14,719	Royal Bank of Scotland Group plc, Series T, Preferred Shares, ADR^(a)		373,421
	14,159	U.S. Bancorp, Series F, Preferred Shares^(a)		399,567
	7,409	U.S. Bancorp, Series G, Preferred Shares^(a)		197,302
	576,000	USB Capital IX, Preferred Shares(a)		475,488

				5,822,340

	Diversified Financial Services (0.0%):
	37,073	Fannie Mae, Series S, Preferred Shares(a)		139,024

	Food & Staples Retailing (0.0%):
	11,174	Companhia Brasileira de Destribuicao Grupo Pao de Acucar, Series A, Preferred Shares(a)		263,909

	Health care providers & services (0.1%):
	19,062	Anthem, Inc., Preferred Shares(a)		972,162

	Health Care Providers & Services (0.1%):
	143,925	Grand Rounds, Inc., Series C, Preferred Shares*(a)(b)		404,329
	31,073	Invitae Corp., Series F, Preferred Shares(a)(b)		439,247

				843,576


Shares			Fair Value
	Preferred Stocks, continued
	Machinery (0.0%):
	2,123	Stanley Black & Decker, Inc., Preferred Shares^(a)	$	256,437

	Multi-Utilities (0.0%):
	7,500	Dominion Resources, Inc., Preferred Shares(a)		350,250

	Oil, Gas & Consumable Fuels (0.1%):
	63,925	Lookout, Inc., Series F, Preferred Shares*(a)(b)		745,647

	Pharmaceuticals (0.0%):
	15	Allergan plc, Series A, Preferred Shares(a)		15,639

	Real Estate Investment Trusts (REITs) (0.1%):
	3,376	American Tower Corp., Series A, Preferred Shares(a)		340,343
	13,044	Health Care REIT, Inc., Series I, Preferred Shares(a)		779,379

				1,119,722

	Real Estate Management & Development (0.0%):
	15,600	Forestar Group, Inc., Preferred Shares(a)		290,519

	Semiconductors & Semiconductor Equipment (0.2%):
	2,209	Samsung Electronics Co., Ltd., Preferred Shares(a)		1,963,804

	Total Preferred Stocks (Cost $14,757,660)			14,720,763

	Warrant (0.0%):
	Paper & Forest Products (0.0%):
	157,250	TFS Corp., Ltd.*(a)(d)		63,927

	Total Warrant (Cost $—)			63,927

	Convertible Preferred Stocks (0.5%):
	Aerospace & Defense (0.0%):
	5,063	United Technologies Corp., 0.52%(a)		290,110

	Banks (0.0%):
	272	Wells Fargo & Co., Series L, Class A, 0.03%(a)		319,600

	Financial Services (0.1%):
	118,467	Domo, Inc., Series E*(a)(b)		998,866

	Metals & Mining (0.0%):
	11,422	Cliffs Natural Resources, Inc., Series A, 5.30%(a)		50,828

	Pharmaceuticals (0.3%):
	1,366	Actavis plc, Series A(a)		1,424,164

	Real Estate Investment Trusts (REITs) (0.1%):
	8,784	Crown Castle International Corp., Series A(a)		906,509

	Total Convertible Preferred Stocks (Cost $4,104,556)			3,990,077

	Private Placements (0.3%):
	Communications Equipment (0.3%):
	2,451,000	AliphCom, Inc.(a)(b)		2,451,000

	Total Private Placements (Cost $2,451,000)			2,451,000

	Right (0.0%):
	Real Estate Management & Development (0.0%):
	16,002	Deutsche Annington Immobilien SE*(a)		24,450

	Total Right (Cost $—)			24,450

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2015 (Unaudited)


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Convertible Bonds (1.9%):
	Automobiles (0.1%):
$	800,000	Volkswagen International Finance NV, 5.50%, 11/9/15+(a)(d)	$	1,102,486

	Biotechnology (0.3%):
	178,000	BioMarin Pharmaceutical, Inc., 0.75%, 10/15/18(a)		274,342
	175,000	BioMarin Pharmaceutical, Inc., 1.50%, 10/15/20(a)		278,688
	290,000	Gilead Sciences, Inc., Series D, 1.63%, 5/1/16(a)		1,495,312

				2,048,342

	Diversified Telecommunication Services (0.0%):
	100,000	Telecom Italia SpA, Series TIT, 6.13%, 11/15/16+(a)(d)		162,134

	Energy Equipment & Services (0.0%):
	191,000	Suzlon Energy, Ltd., Series SUEL, 3.25%, 7/16/19(a)(d)(e)		265,729

	Food & Staples Retailing (0.1%):
	600,000	Olam International, Ltd., 6.00%, 10/15/16(a)(d)		614,250

	Food Products (0.0%):
	400,000	REI Agro, Ltd., Registered Shares, 5.50%, 11/13/14(a)(b)(f)		20,000

	Health Care Providers & Services (0.0%):
	72,000	Brookdale Senior Living, Inc., 2.75%, 6/15/18(a)		93,915

	Internet Software & Services (0.0%):
	430,000	SINA Corp., 1.00%, 12/1/18, Callable 12/1/16 @ 100(a)		409,306
	375,000	Twitter, Inc., 1.00%, 9/15/21^(a)(d)		328,359

				737,665

	Oil, Gas & Consumable Fuels (0.3%):
	886,000	Cobalt International Energy, Inc., 2.63%, 12/1/19(a)		653,979
	1,111,000	Cobalt International Energy, Inc., 3.13%, 5/15/24^(a)		806,169
	1,123,330	Dana Gas Sukuk, Ltd., 7.00%, 10/31/17(a)(d)		904,281

				2,364,429

	Pharmaceuticals (0.2%):
	333,000	Mylan, Inc., 3.75%, 9/15/15(a)		1,692,263

	Real Estate Management & Development (0.4%):
	750,000	CapitaLand, Ltd., 2.10%, 11/15/16, Callable 0 @ 100+(a)(d)		556,303
	1,500,000	CapitaLand, Ltd., Series CAPL, 2.95%, 6/20/22, Callable 6/20/17 @ 100+(a)		1,121,351
	500,000	CapitaLand, Ltd., 1.95%, 10/17/23, Callable 10/17/18 @ 100+(a)(d)		386,094
	250,000	CapitaLand, Ltd., 1.95%, 10/17/23, Callable 10/17/18 @ 100+(a)(d)		193,047
	406,000	Forest City Enterprises, Inc., 4.25%, 8/15/18(a)		476,289

				2,733,084


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Convertible Bonds, continued
	Semiconductors & Semiconductor Equipment (0.0%):
$	246,000	Intel Corp., 3.25%, 8/1/39(a)	$	374,228

	Software (0.1%):
	346,000	Take-Two Interactive Software, Inc., 1.75%, 12/1/16(a)		514,243

	Technology Hardware, Storage & Peripherals (0.1%):
	401,000	SanDisk Corp., 1.50%, 8/15/17(a)		518,544
	401,000	SanDisk Corp., 0.50%, 10/15/20^(a)		388,719

				907,263

	Wireless Telecommunication Services (0.3%):
	500,000	Telecom Italia Finance SA, Registered Shares, 6.13%, 11/15/16+(a)(d)		810,667
	300,000	Telefonica SA, Series TIT, 6.00%, 7/24/17+(a)(d)		404,219
	900,000	Telefonica SA, Series TEF, 4.90%, 9/25/17+(a)		1,091,016

				2,305,902

	Total Convertible Bonds (Cost $14,769,654)			15,935,933

	Floating Rate Loans (1.4%):
	Biotechnology (0.2%):
	1,281,782	Grifols Worldwide Operations USA, 3.18%, 3/3/21(a)(e)		1,280,321

	Construction & Engineering (0.1%):
	304,147	Autobahn Tank & Rast Holding GmbH, 3.33%, 12/10/18(a)(e)		338,505
	122,640	Autobahn Tank & Rast Holding GmbH, 3.52%, 12/10/19(a)(e)		136,160

				474,665

	Energy Equipment & Services (0.2%):
	373,948	Drillships Financing Holdings, Inc., 6.00%, 3/31/21(a)(e)		304,143
	442,236	Drillships Ocean Ventures, Inc., 5.50%, 7/9/21(a)(e)		375,348
	405,533	Fieldwood Energy LLC, 8.38%, 9/20/20(a)(e)		309,726
	1,293,150	Seadrill, Ltd., 4.00%, 2/21/21(a)(e)		973,911

				1,963,128

	Financial Services (0.1%):
	665,000	ENDO Luxembourg Finance Co., 0.00%, 6/30/16(a)(e)		664,169
	605,000	ENDO Luxembourg Finance Co., 0.00%, 6/30/22(a)(e)		606,137

				1,270,306

	Hotels, Restaurants & Leisure (0.2%):
	1,659,434	Hilton Worldwide Finance LLC, 3.50%, 10/25/20(a)(e)		1,659,700

	Independent Power and Renewable Electricity Producers (0.1%):
	605,000	Calpine Corp., 0.00%, 6/15/22(a)(e)		599,101

	Investment Services (0.1%):
	1,048,000	Promontoria Blue Holding 2 BV, 0.00%, 4/17/20(a)(e)		1,168,209

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2015 (Unaudited)


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Floating Rate Loans, continued
	Media (0.2%):
$	292,000	AP One Channel Center Owner LP, Series 4814, 5.00%, 7/15/19(a)(c)(e)	$	292,000
	389,246	Univision Communications, Inc., 4.00%, 3/1/20(a)(e)		385,770
	716,265	Univision Communications, Inc., 4.00%, 3/1/20(a)(e)		709,868

				1,387,638

	Metals-Processing & Fabrication (0.0%):
	350,000	Novelis, Inc., 0.00%, 6/15/22(a)(e)		348,086

	Oil, Gas & Consumable Fuels (0.1%):
	103,544	Sheridan Production Partners, 4.25%, 12/2/20(a)(c)(e)		91,118
	744,179	Sheridan Production Partners, 4.25%, 12/2/20(a)(c)(e)		654,877
	38,726	Sheridan Production Partners, 4.25%, 12/2/20(a)(c)(e)		34,079

				780,074

	Pharmaceuticals (0.0%):
	188,199	Mallinckrodt International Finance SA, 3.25%, 2/24/21(a)(e)		187,205

	Trading Companies & Distributors (0.1%):
	585,000	Univar USA, Inc., 0.00%, 6/30/22(a)(e)		584,087

	Total Floating Rate Loans (Cost $12,372,764)			11,702,520

	Corporate Bonds (3.1%):
	Air Freight & Logistics (0.1%):
	1,216,000	Global Logistic Properties, Ltd., 3.88%, 6/4/25(a)(d)		1,190,192

	Automobiles (0.1%):
	620,000	General Motors Financial Co., Inc., 3.50%, 7/10/19^(a)		633,124

	Banks (0.5%):
	307,000	Bank of America Corp., 1.35%, 3/22/18, MTN(a)(e)		309,794
	385,000	Bank of America Corp., 2.60%, 1/15/19(a)		389,193
	1,165,000	Citigroup, Inc., 1.80%, 2/5/18(a)		1,162,192
	410,000	HSBC USA, Inc., 1.63%, 1/16/18(a)		408,879
	323,000	JPMorgan Chase & Co., 4.35%, 8/15/21(a)		345,736
	1,565,000	JPMorgan Chase & Co., Series X, 6.10%, 10/29/49, Callable 10/1/24 @ 100(a)(e)		1,570,479
	778,000	JPMorgan Chase & Co., Series Q, 5.15%, 12/29/49, Callable 5/1/23 @ 100, Perpetual Bond^(a)(e)		740,345

				4,926,618

	Capital Markets (0.5%):
	773,000	Ford Motor Credit Co. LLC, 1.72%, 12/6/17(a)		768,986
	408,000	Ford Motor Credit Co. LLC, 2.38%, 1/16/18(a)		411,793
	395,000	Ford Motor Credit Co. LLC, 5.00%, 5/15/18(a)		424,660
	662,000	Goldman Sachs Group, Inc. (The), Series L, 5.70%, 12/29/49, Callable 5/10/19 @ 100(a)(e)		664,383


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Capital Markets, continued
$	695,000	Goldman Sachs Group, Inc. (The), Series M, 5.37%, 12/31/49, Callable 5/10/20 @ 100(a)(e)	$	685,270
	361,000	Merrill Lynch & Co., 6.88%, 4/25/18, MTN(a)		407,815
	268,000	Morgan Stanley, Series G, 7.30%, 5/13/19(a)		315,296
	489,000	Morgan Stanley, Series H, 5.45%, 7/29/49, Callable 7/15/19 @ 100(a)(e)		485,333

				4,163,536

	Communications Equipment (0.2%):
	110,000	Hughes Satellite Systems Corp., 7.63%, 6/15/21(a)		121,022
	1,350,000	QUALCOMM, Inc., 3.00%, 5/20/22(a)		1,340,850

				1,461,872

	Consumer Finance (0.2%):
	578,000	Ally Financial, Inc., 2.75%, 1/30/17(a)		575,398
	431,000	Ally Financial, Inc., 3.50%, 1/27/19^(a)		427,768
	430,000	American Express Co., Series C, 4.90%, 12/29/49, Callable 3/15/20 @ 100(a)(e)		416,584
	292,000	Synchrony Financial, 3.75%, 8/15/21, Callable 6/15/21 @ 100(a)		294,222

				1,713,972

	Diversified Consumer Services (0.0%):
	255,000	Hyundai Capital America, 2.00%, 3/19/18(a)(d)		255,091

	Diversified Financial Services (0.4%):
	558,000	Bank of America Corp., 2.00%, 1/11/18, MTN(a)		559,829
	298,000	Citigroup, Inc., Series A, 5.95%, 12/29/49, Callable 1/30/23 @ 100(a)(e)		293,530
	799,000	Citigroup, Inc., Series O, 5.87%, 12/29/49, Callable 3/27/20 @ 100^(a)(e)		800,757
	307,000	General Electric Capital Corp., Series A, 5.55%, 5/4/20, MTN(a)		350,071
	600,000	General Electric Capital Corp., Series B, 6.25%, 12/29/49, Callable 12/15/22 @ 100(a)(e)		656,250
	460,000	General Electric Capital Corp., 6.38%, 11/15/67, Callable 11/15/17 @ 100(a)(e)		494,500

				3,154,937

	Energy Equipment & Services (0.1%):
	562,000	Pemex Project FDG Master TR, 5.75%, 3/1/18(a)		611,360

	Health Care Equipment & Supplies (0.1%):
	870,000	Medtronic, Inc., 3.15%, 3/15/22(a)(d)		873,898

	IT Services (0.0%):
	130,000	SunGard Data Systems, Inc., 7.38%, 11/15/18, Callable 8/10/15 @ 103.69(a)		134,615

	Media (0.1%):
	245,000	Cablevision Systems Corp., 5.88%, 9/15/22^(a)		237,650

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2015 (Unaudited)


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Media, continued
$	200,000	NBCUniversal Enterprise, Inc., 5.25%, 12/31/99, Callable 3/19/21 @ 100(a)(d)	$	212,750

				450,400

	Metals & Mining (0.0%):
	100,000	Glencore Funding LLC, 2.13%, 4/16/18(a)(d)		99,248

	Oil, Gas & Consumable Fuels (0.1%):
	399,000	Chesapeake Energy Corp., 3.53%, 4/15/19, Callable 8/10/15 @ 101(a)(e)		365,085
	270,000	Sabine Pass Liquefaction LLC, 5.63%, 4/15/23, Callable 1/15/23 @ 100(a)		269,071

				634,156

	Pharmaceuticals (0.3%):
	834,000	AbbVie, Inc., 2.50%, 5/14/20, Callable 4/14/20 @ 100(a)		825,444
	475,000	Forest Laboratories, Inc., 4.38%, 2/1/19(a)(d)		502,715
	331,000	Forest Laboratories, Inc., 5.00%, 12/15/21, Callable 9/16/21 @ 100(a)(d)		359,179
	513,000	Mylan, Inc., 2.55%, 3/28/19(a)		508,539

				2,195,877

	Real Estate Investment Trusts (REITs) (0.0%):
	162,000	American Tower Corp., 3.40%, 2/15/19^(a)		165,778

	Technology Hardware, Storage & Peripherals (0.0%):
	263,000	Xerox Corp., 6.35%, 5/15/18^(a)		293,099

	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)		364,571

	Transportation Infrastructure (0.1%):
	567,978	Delta Topco, Ltd., 10.00%, 11/24/60(a)(b)		568,375

	Wireless Telecommunication Services (0.3%):
	1,070,000	AT&T, Inc., 2.38%, 11/27/18(a)		1,079,366
	1,620,000	AT&T, Inc., 3.00%, 6/30/22, Callable 4/30/22 @ 100(a)		1,564,213

				2,643,579

	Total Corporate Bonds (Cost $26,576,132)			26,534,298

	Foreign Bonds (8.8%):
	Banks (0.2%):
	610,000	Lloyds TSB Bank plc, Series E, 13.00%, 1/29/49, Callable 1/21/29 @ 100+(a)(e)		1,659,799

	Metals & Mining (0.0%):
	270,000	Constellium NV, 7.00%, 1/15/23, Callable 1/15/18 @ 105.25+(a)(d)		301,722

	Sovereign Bonds (8.6%):
	6,080,000	Brazil Nota do Tesouro Nacional, Series NTNF, 3.43%, 1/1/17+(a)(g)(h)		1,858,520
	6,593,000	Brazil Nota do Tesouro Nacional, Series NTNF, 1.93%, 1/1/21+(a)(g)(h)		1,908,129
	1,005,000	Buoni del Tesoro Poliennali, 2.50%, 12/1/24+(a)		1,142,436


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
$	5,219,000	Buoni del Tesoro Poliennali, 1.50%, 6/1/25+(a)	$	5,407,805
	159,750,000	Government of Japan, Series 350, 0.10%, 3/15/17+(a)		1,307,705
	3,688,000	Government of Poland, 5.75%, 10/25/21+(a)		1,137,487
	24,694,000,000	Indonesia Government, Series FR69, 7.88%, 4/15/19+(a)		1,836,322
	2,862,000,000	Indonesia Government, Series FR70, 8.38%, 3/15/24+(a)		214,792
	160,000,000	Japan Treasury Discount Bill, Series 505, 0.00%, 7/10/15+(a)(g)		1,307,485
	160,000,000	Japan Treasury Discount Bill, Series 524, 0.00%, 7/13/15+(a)(g)		1,307,507
	200,000,000	Japan Treasury Discount Bill, Series 529, 0.00%, 8/3/15+(a)(g)		1,634,383
	200,000,000	Japan Treasury Discount Bill, Series 511, 0.00%, 8/10/15+(a)(g)		1,634,383
	300,000,000	Japan Treasury Discount Bill, Series 535, 0.00%, 8/31/15+(a)(g)		2,451,574
	290,000,000	Japan Treasury Discount Bill, Series 523, 0.00%, 10/13/15+(a)(g)		2,369,857
	240,000,000	Japan Treasury Discount Bill, Series 531, 0.00%, 11/10/15+(a)		1,961,265
	310,000,000	Japan Treasury Discount Bill, Series 537, 0.00%, 12/10/15+(a)(g)		2,533,308
	40,096,700	Mexican Bonos Desarr, 8.00%, 12/7/23+(a)(e)(i)		2,883,199
	96,881,800	Mexican Bonos Desarr, Series M 20, 10.00%, 12/5/24+(a)(e)(i)		7,893,779
	327,876,600	Mexican Cetes, Series BI, 0.00%, 7/9/15+(a)(i)		2,085,114
	279,878,000	Mexican Cetes, Series BI, 0.00%, 7/23/15+(a)(i)		1,777,554
	318,460,000	Mexican Cetes, Series B, 0.00%, 8/6/15+(a)(i)		2,020,164
	280,025,800	Mexican Cetes, Series BI, 0.00%, 8/20/15+(a)(i)		1,774,038
	119,620,300	Mexican Cetes, Series BI, 0.00%, 9/3/15+(a)(i)		756,761
	319,970,500	Mexican Cetes, Series BI, 0.00%, 9/17/15+(a)(i)		2,022,253
	324,651,200	Mexican Cetes, Series BI, 0.00%, 10/1/15+(a)(i)		2,049,377
	242,289,600	Mexican Cetes, Series BI, 0.00%, 10/15/15+(a)(i)		1,527,507
	162,147,200	Mexican Cetes, Series BI, 0.00%, 10/29/15+(a)(i)		1,020,539
	353,690,400	Mexican Cetes, Series BI, 0.00%, 11/12/15+(a)(i)		2,224,069
	81,068,000	Mexican Cetes, Series BI, 0.00%, 11/26/15+(a)(i)		508,893

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2015 (Unaudited)


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
$	8,026,000	Nota do Tesouro Nacional, Series NTNF, 1.53%, 1/1/25+(a)(g)(h)	$	2,234,611
	7,478,000	Poland Government Bond, Series 1020, 5.25%, 10/25/20+(a)		2,233,212
	6,241,633	United Kingdom Treasury, 2.25%, 9/7/23+(a)(d)		10,035,013

				73,059,041

	Total Foreign Bonds (Cost $79,587,440)			75,020,562

	Yankee Dollars (3.6%):
	Banks (1.3%):
	450,000	Banco Santander Chile SA, 2.15%, 6/7/18(a)(d)(e)		456,750
	1,222,000	BNP Paribas SA, 2.40%, 12/12/18(a)		1,236,267
	2,490,000	Credit Suisse AG, Series 0004, 7.88%, 1/15/16(a)(d)		2,476,578
	253,000	Export-Import Bank of Korea, 2.88%, 9/17/18(a)		260,304
	811,000	Export-Import Bank of Korea, 2.63%, 12/30/20(a)		806,622
	1,275,000	HSBC Holdings plc, 6.38%, 12/29/49, Callable 9/17/24 @ 100(a)(e)		1,278,188
	325,000	ING Groep NV, 6.00%, 12/31/49, Callable 4/16/20 @ 100^(a)(e)		320,734
	221,000	Intesa Sanpaolo SpA, 3.88%, 1/16/18(a)		228,146
	1,065,000	Intesa Sanpaolo SpA, 3.88%, 1/15/19(a)		1,095,706
	835,000	Itau Unibanco Holding SA, 2.85%, 5/26/18(a)(d)		828,320
	200,000	Lloyds Bank plc, 2.30%, 11/27/18(a)		202,114
	250,000	Rabobank Nederland, 3.95%, 11/9/22(a)		249,967
	455,000	Standard Chartered plc, 6.50%, 12/31/49, Callable 4/2/20 @ 100^(a)(d)(e)		458,053
	321,000	State Bank of India, 3.62%, 4/17/19(a)(d)		327,999
	460,000	Sumitomo Mitsui Banking Corp., 2.45%, 1/10/19(a)		465,006
	366,000	UBS AG Stamford CT, 2.38%, 8/14/19(a)		365,971

				11,056,725

	Capital Markets (0.1%):
	475,000	Deutsche Bank AG, 1.88%, 2/13/18(a)		473,547

	Diversified Financial Services (0.0%):
	400,000	CSG Guernsey I, Ltd., Registered Shares, 7.87%, 2/24/41, Callable 8/24/16 @ 100(a)(d)(e)		418,221
	400,000	Odebrecht Finance, Ltd., 4.38%, 4/25/25^(a)(d)		305,880

				724,101

	Diversified Telecommunication Services (0.1%):
	529,000	Intelsat Jackson Holdings SA, 7.50%, 4/1/21, Callable 4/1/16 @ 103.75(a)		523,049


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Electric Utilities (0.0%):
$	85,000	Empresa Distribuidora Y Comercializadora Norte SA, 9.75%, 10/25/22, Callable 10/25/18 @ 104.88(a)(d)	$	71,698

	Government (0.0%):
	178,000	Provincia de Buenos Aires, 10.88%, 1/26/21(a)(d)		178,890

	Industrial Conglomerates (0.1%):
	400,000	Hutchison Whampoa International 11, Ltd., 3.50%, 1/13/17(a)(d)		412,240

	Internet & Catalog Retail (0.2%):
	670,000	Alibaba Group Holding, Ltd., 3.13%, 11/28/21, Callable 9/28/21 @ 100(a)(d)		661,734
	313,000	Alibaba Group Holding, Ltd., 3.60%, 11/28/24, Callable 8/28/24 @ 100(a)(d)		301,803

				963,537

	Media (0.0%):
	200,000	Unitymedia Hessen, 5.50%, 1/15/23, Callable 1/15/18 @ 103(a)(d)		203,875

	Oil, Gas & Consumable Fuels (0.6%):
	1,102,000	Petrobras Global Finance BV, 2.42%, 1/15/19(a)(e)		1,018,799
	140,000	Petrobras Global Finance BV, 6.25%, 3/17/24(a)		135,166
	229,000	Petrobras International Finance Co., 5.38%, 1/27/21(a)		220,252
	750,000	Petroleos Mexicanos, 3.50%, 7/23/20^(a)(d)		758,235
	802,000	Petronas Capital, Ltd., 3.50%, 3/18/25(a)(d)		793,415
	469,000	YPF SA, 8.88%, 12/19/18(a)(d)		498,313
	1,615,000	YPF Sociedad Anonima, 8.50%, 7/28/25(a)(d)		1,598,849

				5,023,029

	Paper & Forest Products (0.1%):
	989,000	TFS Corp., Ltd., 11.00%, 7/15/18, Callable 7/15/15 @ 108(a)(d)		1,013,725

	Pharmaceuticals (0.0%):
	675,000	Actavis Funding SCS, 3.00%, 3/12/20, Callable 2/12/20 @ 100(a)		676,531

	Real Estate Investment Trusts (REITs) (0.0%):
	316,000	Trust F/1401, 5.25%, 12/15/24^(a)(d)		328,640

	Real Estate Management & Development (0.0%):
	200,000	Sun Hung Kai Properties, Ltd., Series E, 4.50%, 2/14/22(a)(d)		212,426

	Road & Rail (0.1%):
	495,000	Inversiones Alsacia SA, 0.00%, 8/18/18(a)(b)(j)		—
	530,056	Inversiones Alsacia SA, 8.00%, 12/31/18, Callable 7/27/15 @ 100(a)(d)		312,733
	435,000	Viterra, Inc., 5.95%, 8/1/20(a)(d)		478,235

				790,968

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2015 (Unaudited)


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Sovereign Bonds (0.9%):
$	388,000	City of Buenos Aires Agrentina, 8.95%, 2/19/21(a)(d)	$	395,760
	516,000	Federal Republic of Brazil, 6.00%, 1/17/17(a)		550,830
	243,000	Federal Republic of Brazil, 4.88%, 1/22/21(a)		253,935
	347,947	Republic of Argentina, Series X, 1.36%, 4/17/17(a)(g)		339,596
	1,437,451	Republic of Argentina, 0.39%, 5/7/24(a)(g)		1,388,577
	781,000	Republic of Colombia, 7.38%, 1/27/17(a)		849,728
	860,000	Republic of Hungary, 4.13%, 2/19/18(a)		895,045
	480,000	Republic of Indonesia, 6.88%, 1/17/18(a)(d)		537,230
	1,542,000	Republic of Turkey, 6.75%, 4/3/18(a)		1,700,416

				6,911,117

	Wireless Telecommunication Services (0.1%):
	200,000	Colombia Telecomm SA ESP, 5.38%, 9/27/22, Callable 9/27/17 @ 102.69(a)(d)		198,250
	572,000	Telecom Italia SpA, 5.30%, 5/30/24(a)(d)		569,855

				768,105

	Total Yankee Dollars (Cost $30,564,161)			30,332,203

	U.S. Government Agency Mortgage (0.3%):
	2,837,000	Federal National Mortgage Association, 3.00%, 7/25/43(a)		2,826,417

	Total U.S. Government Agency Mortgage (Cost $2,860,051)			2,826,417

	U.S. Treasury Obligations (20.1%):
	U.S. Treasury Bills (16.7%)
	20,000,000	0.03%, 7/9/15(a)(g)		20,000,060
	2,500,000	0.04%, 7/16/15(a)(g)		2,499,980
	5,000,000	0.06%, 7/23/15(a)(g)		4,999,985
	9,000,000	0.03%, 7/30/15(a)(g)		8,999,856
	8,000,000	0.02%, 8/13/15(a)(g)		8,000,000
	30,500,000	0.02%, 8/20/15(a)(g)		30,499,787
	11,500,000	0.03%, 8/27/15(a)(g)		11,500,092
	21,500,000	0.03%, 9/3/15(a)(g)		21,500,000
	6,000,000	0.03%, 9/10/15(a)(g)		6,000,180
	2,000,000	0.01%, 9/17/15(a)(g)		2,000,000
	1,000,000	0.02%, 10/8/15(a)(g)		999,966
	3,000,000	0.02%, 10/15/15(a)(g)		2,999,823
	1,000,000	0.02%, 10/22/15(a)(g)		999,945
	1,000,000	0.03%, 10/29/15(a)(g)		999,958


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	U.S. Treasury Obligations, continued
	U.S. Treasury Bills, continued
	12,025,000	0.05%, 11/5/15(a)(g)	$	12,024,146
	5,000,000	0.04%, 11/12/15(a)(g)		4,999,395
	3,500,000	0.06%, 11/19/15(a)(g)		3,499,622

				142,522,795

	U.S. Treasury Notes (3.4%)
	1,940,000	0.25%, 7/31/15(a)(k)		1,940,151
	510,000	0.25%, 10/31/15		510,425
	8,927,900	1.38%, 3/31/20(a)		8,840,014
	3,230,500	1.75%, 3/31/22(a)		3,171,947
	9,314,500	2.25%, 11/15/24(a)		9,257,737
	2,424,200	2.00%, 2/15/25(a)		2,355,261
	2,436,000	2.13%, 5/15/25(a)		2,391,846

				28,467,381

	U.S. Treasury Inflation Index Notes (0.0%)
	319,600	0.25%, 1/15/25(a)		313,144

	Total U.S. Treasury Obligations (Cost $171,627,097)			171,303,320

	Purchased Swaptions (0.0%):
	Total Purchased Swaptions (Cost $1,086,805)			419,908

	Purchased Options (0.7%):
	Total Purchased Options (Cost $8,172,956)			8,558,049

	Exchange Traded Funds (0.7%):
	4,667	ETFS Platinum Trust(k)		486,301
	5,528	ETFS Physical Palladium Shares(k)		360,149
	112,395	iShares Gold Trust(k)		1,274,559
	35,751	SPDR Gold Trust(k)		4,017,341

	Total Exchange Traded Fund (Cost $7,389,836)			6,138,350

	Securities Held as Collateral for Securities on Loan (5.2%):
$	44,463,097	Allianz Variable Insurance Products Securities Lending Collateral Trust(l)		44,463,097

	Total Securities Held as Collateral for Securities on Loan (Cost $44,463,097)			44,463,097

	Unaffiliated Investment Companies (3.4%):
	1,666,450	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(g)(m)		1,666,450
	27,001,528	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.01%(g)		27,001,528

	Total Unaffiliated Investment Company (Cost $28,667,978)			28,667,978

	Total Investment Securities (Cost $863,040,931)(n) — 104.2%			888,684,419
	Net other assets (liabilities) — (4.2)%			(38,447,498	)

	Net Assets — 100.0%		$	850,236,921

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Percentages indicated are based on net assets as of June 30, 2015.

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

JPY—Notional amount stated is in Japanese Yen.

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, 2015. The total value of securities on loan as of June 30, 2015, was $39,189,464.

+	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, 2015, these securities represent 1.40% of the net assets of the fund.

(c)	The sub-adviser has deemed these securities to be illiquid based on procedures approved by the Board of Trustees. As of June 30, 2015, these securities represent 0.00% 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, 2015. The date presented represents the final maturity date.

(f)	Defaulted bond.

(g)	The rate represents the effective yield at June 30, 2015.

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

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

(j)	Escrow security due to bankruptcy.

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

(l)	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, 2015.

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

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

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2015:


Country	Percentage
Argentina		0.6	%
Australia		0.2	%
Belgium		—	%^NM
Bermuda		0.1	%
Brazil		1.2	%
Canada		1.4	%
Cayman Islands		0.3	%
Chile		0.1	%
China		0.3	%
Colombia		0.1	%
Cyprus		—	%^NM
Denmark		0.1	%
European Community		0.2	%
France		2.0	%
Germany		1.1	%
Guernsey		—	%^NM
Hong Kong		0.9	%
Hungary		0.1	%
India		0.3	%
Indonesia		0.3	%
Ireland (Republic of)		0.7	%
Israel		0.8	%
Italy		1.4	%
Japan		10.7	%


Country	Percentage
Jersey		0.2	%
Kazakhstan		—	%^NM
Korea, Republic Of		0.3	%
Luxembourg		0.2	%
Malaysia		0.3	%
Mexico		3.7	%
Netherlands		1.4	%
Norway		0.3	%
Poland		0.4	%
Portugal		0.1	%
Republic of Korea (South)		0.2	%
Singapore		0.9	%
South Africa		—	%^NM
Spain		0.4	%
Sweden		0.2	%
Switzerland		1.4	%
Taiwan		0.2	%
Thailand		0.1	%
Turkey		0.2	%
United Arab Emirates		0.1	%
United Kingdom		4.9	%
United States		61.6	%

		100.0	%

NM	Not meaningful, amount is less than 0.05%.

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Securities Sold Short (-0.0%):(a)


Security Description	Coupon Rate	Maturity Date	Par Amount			Proceeds Received			Fair Value			Unrealized Appreciation/ Deprecation
Brookdale Senior Living, Inc.	2.75%	6/15/18	$	(72,000	)	$	(97,888	)	$	(93,915	)	$	3,973

						$	(97,888	)	$	(93,915	)	$	3,973

Securities Sold Short (-0.0%):(a)


Security Description	Proceeds Received	Fair Value	Unrealized Appreciation/ Deprecation
Gentex Corp.	$(281,546)	$(255,840)	$	25,706
Mead Johnson Nutrition Co.	(68,430)	(62,071)		6,359

	$(349,976)	$(317,911)	$	32,065

Futures Contracts

Cash of $15,703,633 has been segregated to cover margin requirements for the following open contracts as of June 30, 2015:


Description	Type		Expiration Date		Number of Contracts			Notional Value			Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index September Futures (U.S. Dollar)(a)		Short		9/18/15		(27	)	$	(3,376,080	)	$	19,016
E-Mini MSCI Emerging Markets Index September Futures (U.S. Dollar)(a)		Short		9/18/15		(42	)		(2,014,740	)		20,432
CAC40 10 Euro July Futures (Euro)(a)		Short		7/17/15		(3	)		(160,066	)		(463	)
S&P 500 Index E-Mini September Futures (U.S. Dollar)(a)		Short		9/18/15		(426	)		(43,758,720	)		751,877
Tokyo Price Index September Futures (Japanese Yen)(a)		Long		9/10/15		10			1,332,434			(21,023	)
ASX SPI 200 Index September Futures (Australian Dollar)(a)		Long		9/17/15		1			104,081			(2,455	)
FTSE 100 Index September Futures (British Pounds)(a)		Long		9/18/15		1			102,020			(2,095	)
DJ EURO STOXX 50 September Futures (Euro)(a)		Long		9/18/15		206			7,890,046			(327,065	)
German Stock Index September Futures ( Euro)(a)		Long		9/18/15		18			5,518,532			(68,108	)
U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		Long		9/21/15		135			17,033,203			(158,806	)
NIKKEI 225 Index September Futures (Japanese Yen)(a)		Long		9/10/15		9			743,197			(13,773	)
S&P 500 Index E-Mini September Futures (U.S. Dollar)		Long		9/18/15		247			25,371,840			(546,617	)
S&P/Toronto Stock Exchange 60 Index September Futures (Canadian Dollar)(a)		Long		9/17/15		1			135,154			(1,477	)
NASDAQ 100 E-Mini September Futures (U.S. Dollar)(a)		Long		9/18/15		4			351,220			(4,937	)

Total											$	(355,494	)

Option Contracts(a)

Over-the-counter options purchased as of June 30, 2015 were as follows:

Description

Counterparty

Put/
Call

Strike Price

Expiration
Date

Contracts

Fair Value

Abbott Laboratories

Citibank

Call

USD

49.00

01/15/16

39,100

108,591

Activision Blizzard, Inc.

Deutsche Bank

Call

USD

19.00

01/15/16

40,927

233,712

Bank of America Corp.

Goldman Sachs

Call

USD

16.50

01/15/16

109,500

162,901

Bank of New York Mellon Corp. (The)

Deutsche Bank

Call

USD

46.00

05/20/16

59,789

92,001

Baxter International, Inc.

Goldman Sachs

Call

USD

72.75

03/18/16

15,855

36,801

Citigroup, Inc.

Goldman Sachs

Call

USD

50.50

01/15/16

50,800

345,309

Delta Air Lines, Inc.

Morgan Stanley

Call

USD

43.00

09/18/15

3,671

6,717

Euro Stoxx 50 Index

Goldman Sachs

Call

EUR

3500.00

03/16/18

424

153,823

Euro Stoxx 50 Index

Morgan Stanley

Call

EUR

3450.00

03/20/17

495

161,767

Euro Stoxx 50 Index

UBS Warburg

Call

EUR

3600.00

06/15/18

206

65,344

Euro Stoxx 50 Index

Citigroup Global Markets

Call

EUR

3500.00

06/16/17

462

135,905

Euro Stoxx 50 Index

Bank of America

Call

EUR

3600.00

09/15/17

477

132,301

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Description

Counterparty

Put/
Call

Strike Price

Expiration
Date

Contracts

Fair Value

Euro Stoxx 50 Index

Deutsche Bank

Call

EUR

3426.55

09/21/18

225

92,781

Euro Stoxx 50 Index

Barclays Bank

Call

EUR

3500.00

12/15/17

488

166,899

Euro Stoxx 50 Index

Goldman Sachs

Call

EUR

3293.01

12/16/16

1,161

452,202

Euro Stoxx 50 Index

JPMorgan Chase

Call

EUR

3675.00

12/18/15

1,214

135,328

Euro Stoxx 600 Index

Bank of America

Call

EUR

404.13

09/18/15

5,410

44,245

General Electric Co.

Deutsche Bank

Call

USD

28.50

01/15/16

79,276

37,818

Gilead Sciences, Inc.

Citigroup Global Markets

Call

USD

95.00

01/15/16

7,700

184,790

GLDR Gold Shares(b)

JPMorgan Chase

Call

USD

120.00

09/18/15

16,400

12,006

Goldman Sachs Group, Inc.

Deutsche Bank

Call

USD

220.00

01/15/16

5,500

44,051

Goldman Sachs Group, Inc.

Deutsche Bank

Call

USD

220.00

05/20/16

14,300

172,480

International Business Machines Corp.

Deutsche Bank

Call

USD

182.00

01/15/16

7,500

17,261

International Business Machines Corp.

Barclays Bank

Call

USD

182.00

01/15/16

7,500

17,261

Johnson & Johnson

Goldman Sachs

Call

USD

103.00

04/15/16

79,556

229,062

Johnson & Johnson

Deutsche Bank

Call

USD

110.00

07/17/15

76,700

302

JPMorgan Chase & Co.

Goldman Sachs

Call

USD

59.00

01/15/16

39,100

376,881

KeyCorp

Deutsche Bank

Call

USD

15.75

05/20/16

79,719

79,087

Merck & Co., Inc.

Goldman Sachs

Call

USD

59.00

01/15/16

78,450

159,532

MetLife, Inc.

Goldman Sachs

Call

USD

57.50

01/15/16

60,533

161,226

Morgan Stanley

Deutsche Bank

Call

USD

40.75

05/20/16

59,789

154,689

MS Japan Custom Index

Morgan Stanley

Call

JPY

131.28

12/11/15

1,352,770

272,469

MS Japan Custom Index

Morgan Stanley

Call

JPY

139.99

12/11/15

349,532

51,325

Nikkei 225

Goldman Sachs

Call

JPY

21968.28

03/09/18

16,713

215,590

Pfizer, Inc.

Citigroup Global Markets

Call

USD

33.00

01/15/16

151,300

265,752

Prudential Financial, Inc.

Citigroup Global Markets

Call

USD

90.00

01/15/16

46,970

226,730

S&P 500 Index

Credit Suisse First Boston

Call

USD

2350.00

08/21/15

8,427

1,199

Stoxx Europe 600 Index

Credit Suisse First Boston

Call

EUR

355.61

03/17/17

4,134

209,885

Stoxx Europe 600 Index

JPMorgan Chase

Call

EUR

372.06

09/15/17

3,057

124,920

Stoxx Europe 600 Index

JPMorgan Chase

Call

EUR

348.12

09/16/16

4,376

226,018

Stoxx Europe 600 Index

Credit Suisse First Boston

Call

EUR

400.00

12/16/16

8,646

204,415

SunTrust Banks, Inc.

Deutsche Bank

Call

USD

45.50

05/20/16

59,800

129,501

Taiwan Stock Exchange

Citibank

Call

TWD

9000.77

09/21/16

6,700

117,122

Taiwan Stock Exchange Weighted Index

Citigroup Global Markets

Call

TWD

9483.14

09/21/16

6,239

73,121

Taiwan Stock Exchange Weighted Index

Goldman Sachs

Call

TWD

9677.00

12/21/16

6,300

74,952

Teva Pharmaceutical Industries, Ltd.

Deutsche Bank

Call

USD

63.50

05/20/16

15,900

51,423

Tokyo Stock Exchange Index

Citigroup Global Markets

Call

JPY

1675.00

06/10/16

254,440

172,184

Tokyo Stock Exchange Price Index

Citibank

Call

JPY

1585.00

03/11/16

393,100

369,953

Tokyo Stock Exchange Price Index

Morgan Stanley

Call

JPY

1675.00

06/10/16

135,033

91,379

Tokyo Stock Exchange Price Index

Bank of America

Call

JPY

1525.00

12/11/15

263,891

298,063

Tokyo Stock Exchange Tokyo Price

BNP Paribas

Call

JPY

1600.00

09/11/15

126,888

73,318

Tokyo Stock Exchange Tokyo Price

Bank of America

Call

JPY

1615.00

09/11/15

196,900

99,274

Tokyo Stock Exchange Tokyo Price

UBS Warburg

Call

JPY

1675.00

09/11/15

138,500

37,073

Tokyo Stock Exchange Tokyo Price

Citibank

Call

JPY

1585.00

12/11/15

278,384

224,904

Wells Fargo & Co.

Goldman Sachs

Call

USD

60.00

01/15/16

18,400

23,297

Wells Fargo & Co.

Deutsche Bank

Call

USD

59.00

05/20/16

59,789

144,486

Ibovespa Brasil Sao Paulo Index

Bank of America

Put

BRL

47604.37

08/12/15

132

8,644

Russell 2000 Index

Bank of America

Put

USD

1215.00

08/21/15

3,301

73,366

Russell 2000 Index

UBS Warburg

Put

USD

1250.00

08/21/15

3,538

119,931

Russell 2000 Index

Morgan Stanley

Put

USD

1270.00

09/18/15

1,757

92,204

S&P 500 Index

Credit Suisse First Boston

Put

USD

2100.00

08/31/15

1,060

75,478

S&P 500 Index

Credit Suisse First Boston

Put

USD

2050.00

09/18/15

1,988

114,651

SPX Put Option

Morgan Stanley

Put

USD

2065.00

07/17/15

3,987

118,276

Total

8,553,976

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Over-the-counter options written as of June 30, 2015 were as follows:


Description	Counterparty	Put/ Call	Strike Price		Expiration Date	Contracts		Fair Value
Abbott Laboratories	Citigroup Global Markets	Call	USD	55.00	01/15/16		39,100	$	(33,677	)
Activision Blizzard, Inc.	Deutsche Bank	Call	USD	24.00	01/15/16		40,927		(85,505	)
Bank of America Corp.	Goldman Sachs	Call	USD	19.00	01/15/16		109,500		(49,686	)
Bank of New York Mellon Corp. (The)	Deutsche Bank	Call	USD	51.25	05/20/16		59,789		(35,465	)
Baxter International, Inc.	Goldman Sachs	Call	USD	82.00	03/18/16		15,855		(6,231	)
Citigroup, Inc.	Goldman Sachs	Call	USD	57.50	01/15/16		50,800		(135,965	)
Delta Air Lines, Inc.	Morgan Stanley	Call	USD	50.00	09/18/15		3,671		(1,336	)
eBay, Inc.	Citigroup Global Markets	Call	USD	60.00	08/21/15		13,400		(32,191	)
General Electric Co.	Deutsche Bank	Call	USD	32.00	01/15/16		79,276		(6,597	)
Goldman Sachs Group, Inc.	Deutsche Bank	Call	USD	245.00	05/20/16		14,300		(68,724	)
Ibovespa Brasil Sao Paulo Index	Bank of America	Call	BRL	55416.37	08/12/15		132		(40,212	)
Johnson & Johnson	Goldman Sachs	Call	USD	113.00	04/15/16		79,556		(73,704	)
JPMorgan Chase & Co.	Goldman Sachs	Call	USD	66.00	01/15/16		39,100		(178,668	)
KeyCorp	Deutsche Bank	Call	USD	17.90	05/20/16		79,719		(32,711	)
Merck & Co., Inc.	Goldman Sachs	Call	USD	65.00	01/15/16		78,450		(47,936	)
MetLife, Inc.	Goldman Sachs	Call	USD	67.50	01/15/16		60,533		(28,164	)
Mobileye NV	Citigroup Global Markets	Call	USD	55.00	08/21/15		7,983		(18,812	)
Mobileye NV	Citigroup Global Markets	Call	USD	60.00	08/21/15		3,192		(3,261	)
Morgan Stanley	Deutsche Bank	Call	USD	46.00	05/20/16		59,789		(62,924	)
Pfizer, Inc.	Citigroup Global Markets	Call	USD	37.50	01/15/16		151,300		(51,189	)
Prudential Financial, Inc.	Citigroup Global Markets	Call	USD	105.00	01/15/16		46,970		(43,037	)
Russell 2000 Index	Bank of America	Call	USD	1315.00	08/21/15		3,301		(22,247	)
Russell 2000 Index	UBS Warburg	Call	USD	1350.00	08/21/15		3,538		(6,640	)
Russell 2000 Index	Morgan Stanley	Call	USD	1360.00	09/18/15		1,757		(6,372	)
S&P 500 Index	Credit Suisse First Boston	Call	USD	2185.00	09/18/15		1,988		(14,128	)
SunTrust Banks, Inc.	Deutsche Bank	Call	USD	51.75	05/20/16		59,800		(46,915	)
Tenet Healthcare Corp.	Goldman Sachs	Call	USD	49.00	08/21/15		9,341		(79,916	)
Teva Pharmaceutical Industries, Ltd.	Deutsche Bank	Call	USD	73.00	05/20/16		15,900		(16,198	)
Tiffany & Co.	Goldman Sachs	Call	USD	97.50	08/21/15		4,501		(4,406	)
Tokyo Stock Exchange Tokyo Price	UBS Warburg	Call	JPY	1825.00	09/11/15		138,500		(4,229	)
Tokyo Stock Exchange Tokyo Price	Citibank	Call	JPY	1800.00	12/11/15		278,384		(43,931	)
United Continental Holdings, Inc.	Citigroup Global Markets	Call	USD	60.00	01/15/16		7,117		(23,442	)
Valeant Pharmaceuticals International, Inc.	Barclays Bank	Call	USD	240.00	01/15/16		1,200		(20,839	)
Wells Fargo & Co.	Deutsche Bank	Call	USD	66.00	05/20/16		59,789		(48,035	)
Delta Air Lines, Inc.	Morgan Stanley	Put	USD	39.00	09/18/15		3,671		(6,449	)
Euro Stoxx 50 Index	Deutsche Bank	Put	EUR	2586.07	09/21/18		225		(57,721	)
Euro Stoxx 600 Index	Bank of America	Put	EUR	368.48	09/18/15		5,410		(69,386	)
Goodyear Tire & Rubber Co.	Morgan Stanley	Put	USD	28.00	10/16/15		19		(1,914	)
MS Japan Custom Index	Morgan Stanley	Put	JPY	128.68	12/11/15		1,352,770		(33,209	)
MS Japan Custom Index	Morgan Stanley	Put	JPY	137.22	12/11/15		349,532		(13,587	)
Nikkei 225	Goldman Sachs	Put	JPY	17974.04	03/09/18		16,713		(228,113	)
Russell 2000 Index	Bank of America	Put	USD	1115.00	08/21/15		3,301		(21,375	)
Russell 2000 Index	UBS Warburg	Put	USD	1200.00	08/21/15		3,538		(61,737	)
Russell 2000 Index	Morgan Stanley	Put	USD	1170.00	09/18/15		1,757		(35,478	)
S&P 500 Index	Credit Suisse First Boston	Put	USD	1900.00	08/31/15		1,060		(19,070	)
S&P 500 Index	Credit Suisse First Boston	Put	USD	1900.00	09/18/15		1,988		(46,188	)
Taiwan Stock Exchange	Citigroup Global Markets	Put	TWD	8100.70	09/21/16		6,700		(69,756	)
Taiwan Stock Exchange Weighted Index	Citigroup Global Markets	Put	TWD	8691.29	09/21/16		6,239		(111,782	)
Taiwan Stock Exchange Weighted Index	Goldman Sachs	Put	TWD	8868.97	12/21/16		6,300		(146,522	)
Teva Pharmaceutical Industries, Ltd.	Deutsche Bank	Put	USD	55.00	05/20/16		15,900		(55,262	)
Tokyo Stock Exchange Price Index	Citigroup Global Markets	Put	JPY	1435.00	03/11/16		393,100		(111,341	)
Tokyo Stock Exchange Price Index	Morgan Stanley	Put	JPY	1450.00	06/10/16		135,033		(56,500	)
Tokyo Stock Exchange Price Index	Citigroup Global Markets	Put	JPY	1475.00	06/10/16		127,220		(60,441	)
Tokyo Stock Exchange Price Index	Bank of America	Put	JPY	1425.00	12/11/15		263,891		(45,013	)
Tokyo Stock Exchange Tokyo Price	Bank of America	Put	JPY	1435.00	09/11/15		196,900		(12,576	)
Tokyo Stock Exchange Tokyo Price	Citibank	Put	JPY	1400.00	12/11/15		278,384		(39,680	)
Tokyo Stock Price Index	Citigroup Global Markets	Put	JPY	1500.00	06/10/16		127,220		(68,523	)

Total								$	(2,744,916	)

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2015 (Unaudited)

Exchange-traded options purchased as of June 30, 2015 were as follows:

Description

Put/
Call

Strike Price

Expiration
Date

Contracts

Fair Value

Apple, Inc.

Call

USD

135.00

08/21/15

1,554

Goodyear Tire & Rubber Co.

Call

USD

31.00

10/16/15

2,519

Total

4,073

Exchange-traded options written as of June 30, 2015 were as follows:


Description	Put/ Call	Strike Price		Expiration Date		Contracts		Fair Value
Aetna, Inc.	Call	USD	130.00		10/16/15		8	$	(5,860	)
Apple, Inc.	Call	USD	150.00		08/21/15		12		(156	)
Diageo plc	Call	USD	125.00		10/16/15		14		(2,485	)
Diageo plc	Call	USD	125.00		10/16/15		23		(4,083	)
DISH Network Corp.	Call	USD	80.00		09/18/15		16		(960	)
Philip Morris International, Inc.	Call	USD	85.00		12/18/15		49		(7,497	)
Apple, Inc.	Put	USD	120.00		08/21/15		12		(3,084	)
Molson Coors Brewing Co.	Put	USD	65.00		01/15/16		24		(8,400	)

Total								$	(32,525	)

Over-the-counter interest rate swaptions purchased as of June 30, 2015 were as follows:

Description

Counterparty

Put/
Call

Exercise
Rate

Expiration
Date

Notional
Amount

Market
Value

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

Deutsche Bank

Call

USD

1.50

06/30/15

4,001

—

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

Deutsche Bank

Call

USD

1.53

08/12/15

6,427

67,498

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

Goldman Sachs

Call

USD

1.90

09/18/15

4,051

322,115

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

Goldman Sachs

Put

JPY

1.35

01/25/16

30,000

9,205

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

Goldman Sachs

Put

JPY

1.35

01/25/16

13,882

4,260

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

Deutsche Bank

Put

JPY

1.25

08/01/16

1,937,701

11,012

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

Deutsche Bank

Put

JPY

1.07

04/04/18

1,006,980

5,818

Total

419,908

Over-the-counter interest rate swaptions written as of June 30, 2015 were as follows:

Description

Counterparty

Put/
Call

Exercise
Rate

Expiration
Date

Notional
Amount

Market
Value

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

Goldman Sachs

Call

USD

1.65

09/14/15

4,051

(120,734

)

Total

(120,734

)

Forward Currency Contracts(a)

At June 30, 2015, 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	7/31/15		651,000	$	498,373	$	501,244	$	(2,871	)
Australian Dollar	Credit Suisse First Boston	8/14/15		531,960		409,077		409,287		(210	)
Brazilian Real	BNP Paribas	7/13/15		5,170,687		1,678,903		1,655,581		23,322
Brazilian Real	Deutsche Bank	7/13/15		3,946,520		1,280,267		1,263,620		16,647
Brazilian Real	Morgan Stanley	7/13/15		4,683,262		1,524,450		1,499,515		24,935
British Pound	Deutsche Bank	7/16/15		551,000		844,683		865,516		(20,833	)

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2015 (Unaudited)


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
British Pound	BNP Paribas	7/30/15		1,306,000	$	2,039,090	$	2,051,266	$	(12,176	)
Canadian Dollar	BNP Paribas	7/10/15		986,654		805,409		789,974		15,435
Chilean Peso	Morgan Stanley	8/24/15		458,662,190		763,000		714,070		48,930
Chilean Peso	UBS Warburg	8/26/15		460,660,910		766,000		717,049		48,951
Chilean Peso	JPMorgan Chase	9/15/15		468,006,000		770,000		727,112		42,888
Chinese Renminbi	Morgan Stanley	8/7/15		5,027,277		787,000		808,550		(21,550	)
Chinese Renminbi	JPMorgan Chase	8/28/15		7,413,000		1,189,563		1,190,770		(1,207	)
European Euro	Deutsche Bank	7/9/15		718,000		814,348		800,453		13,895
Indonesian Rupiah	Credit Suisse First Boston	7/31/15		10,524,385,000		787,871		784,530		3,341
Japanese Yen	Deutsche Bank	7/2/15		475,268,000		3,969,100		3,883,860		85,240
Japanese Yen	JPMorgan Chase	7/2/15		475,699,641		3,972,025		3,887,389		84,636
Japanese Yen	BNP Paribas	7/9/15		480,324,000		4,037,643		3,925,641		112,002
Japanese Yen	UBS Warburg	7/9/15		97,884,000		822,409		799,996		22,413
Japanese Yen	Credit Suisse First Boston	7/10/15		174,640,128		1,448,995		1,427,335		21,660
Japanese Yen	Credit Suisse First Boston	7/10/15		160,000,000		1,347,936		1,307,681		40,255
Japanese Yen	Deutsche Bank	7/10/15		174,802,944		1,450,936		1,428,666		22,270
Japanese Yen	Deutsche Bank	7/13/15		160,000,000		1,331,901		1,307,732		24,169
Japanese Yen	BNP Paribas	7/31/15		177,308,000		1,427,566		1,449,534		(21,968	)
Japanese Yen	JPMorgan Chase	8/3/15		200,000,000		1,684,636		1,635,101		49,535
Japanese Yen	Credit Suisse First Boston	8/6/15		50,265,000		406,093		410,955		(4,862	)
Japanese Yen	Morgan Stanley	8/6/15		294,654,000		2,377,555		2,409,024		(31,469	)
Japanese Yen	BNP Paribas	8/7/15		208,543,000		1,677,503		1,705,019		(27,516	)
Japanese Yen	HSBC Bank	8/7/15		164,623,000		1,329,370		1,345,935		(16,565	)
Japanese Yen	JPMorgan Chase	8/7/15		321,676,000		2,599,465		2,629,979		(30,514	)
Japanese Yen	Deutsche Bank	8/10/15		200,000,000		1,687,763		1,635,226		52,537
Japanese Yen	Credit Suisse First Boston	8/13/15		160,393,000		1,293,492		1,311,438		(17,946	)
Japanese Yen	JPMorgan Chase	8/13/15		384,964,000		3,103,935		3,147,620		(43,685	)
Japanese Yen	Morgan Stanley	8/14/15		417,714,000		3,367,833		3,415,435		(47,602	)
Japanese Yen	Morgan Stanley	8/31/15		300,000,000		2,416,471		2,453,449		(36,978	)
Japanese Yen	JPMorgan Chase	10/13/15		290,000,000		2,416,908		2,373,783		43,125
Japanese Yen	BNP Paribas	11/10/15		240,000,000		2,004,611		1,965,749		38,862
Japanese Yen	Credit Suisse First Boston	12/10/15		310,000,000		2,530,530		2,540,808		(10,278	)
Korean Won	Morgan Stanley	9/11/15		2,204,875,000		1,963,904		1,976,278		(12,374	)
Korean Won	Credit Suisse First Boston	10/27/15		1,746,403,000		1,626,074		1,565,308		60,766
Korean Won	Deutsche Bank	10/27/15		2,122,389,000		1,971,564		1,902,306		69,258
Mexican Peso	UBS Warburg	7/9/15		32,787,660		2,232,914		2,084,995		147,919
Mexican Peso	Credit Suisse First Boston	7/23/15		15,844,030		1,070,275		1,006,505		63,770
Mexican Peso	Deutsche Bank	7/23/15		12,143,770		803,399		771,443		31,956
Mexican Peso	Credit Suisse First Boston	8/6/15		31,846,000		2,134,093		2,021,011		113,082
Mexican Peso	Credit Suisse First Boston	8/7/15		23,182,000		1,488,096		1,471,073		17,023
Mexican Peso	BNP Paribas	8/13/15		11,672,000		751,795		740,364		11,431
Mexican Peso	Deutsche Bank	8/13/15		11,672,000		751,795		740,364		11,431
Mexican Peso	BNP Paribas	8/20/15		12,141,100		802,097		769,740		32,357
Mexican Peso	Deutsche Bank	8/20/15		15,861,480		1,038,497		1,005,610		32,887
Mexican Peso	BNP Paribas	9/3/15		11,962,030		755,465		757,650		(2,185	)
Mexican Peso	Morgan Stanley	9/17/15		31,997,050		2,078,829		2,024,713		54,116
Mexican Peso	Deutsche Bank	10/1/15		16,400,000		1,063,844		1,036,760		27,084
Mexican Peso	JPMorgan Chase	10/1/15		16,065,120		1,052,933		1,015,590		37,343
Mexican Peso	Deutsche Bank	10/15/15		24,228,960		1,555,382		1,530,101		25,281
Mexican Peso	Credit Suisse First Boston	10/29/15		16,214,820		1,022,501		1,022,934		(433	)
Mexican Peso	Deutsche Bank	11/12/15		35,369,040		2,293,563		2,228,993		64,570
Mexican Peso	Credit Suisse First Boston	11/27/15		8,106,800		510,093		510,331		(238	)
Singapore Dollar	Morgan Stanley	8/6/15		1,108,000		825,904		822,491		3,413
Swiss Franc	BNP Paribas	7/31/15		1,981,000		2,139,632		2,122,114		17,518

					$	93,595,359	$	92,302,566	$	1,292,793

Long Contracts:
Brazilian Real	Deutsche Bank	7/13/15		2,518,000	$	805,167	$	806,228	$	1,061
Canadian Dollar	BNP Paribas	7/10/15		986,654		800,543		789,974		(10,569	)
Chilean Peso	Morgan Stanley	8/24/15		458,662,190		759,525		714,070		(45,455	)
Chilean Peso	UBS Warburg	8/26/15		460,660,910		737,779		717,049		(20,730	)
Chilean Peso	JPMorgan Chase	9/15/15		468,006,000		749,197		727,112		(22,085	)
European Euro	Deutsche Bank	7/9/15		718,000		797,834		800,453		2,619

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2015 (Unaudited)


Type of Contract	Counterparty	Delivery Date	Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
European Euro	Credit Suisse First Boston	7/17/15		1,846,000	$	2,059,822	$	2,058,210	$	(1,612	)
European Euro	Deutsche Bank	8/20/15		1,834,000		2,054,465		2,045,809		(8,656	)
European Euro	Credit Suisse First Boston	8/21/15		2,171,200		2,430,496		2,421,987		(8,509	)
European Euro	JPMorgan Chase	8/21/15		1,497,800		1,678,268		1,670,805		(7,463	)
European Euro	Deutsche Bank	8/27/15		1,287,539		1,435,867		1,436,383		516
Indian Rupee	Credit Suisse First Boston	8/5/15		48,714,560		752,000		759,531		7,531
Indian Rupee	Credit Suisse First Boston	12/18/15		89,750,618		1,371,076		1,362,630		(8,446	)
Japanese Yen	BNP Paribas	7/2/15		254,260,000		2,045,321		2,077,797		32,476
Japanese Yen	Deutsche Bank	7/2/15		352,780,198		2,875,908		2,882,898		6,990
Japanese Yen	JPMorgan Chase	7/2/15		221,439,641		1,794,508		1,809,591		15,083
Japanese Yen	BNP Paribas	7/9/15		255,181,000		2,041,456		2,085,569		44,113
Japanese Yen	UBS Warburg	7/9/15		97,884,000		818,189		799,996		(18,193	)

					$	26,007,421	$	25,966,092	$	(41,329	)

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

At June 30, 2015, 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, 2015 (%)(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 24	JPMorgan Chase	6/20/20		3.56		663,806		5.00		(41,824	)		(45,514	)		3,690

										(41,824	)	$	(45,514	)		3,690

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

At June 30, 2015, 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, 2015 (%)(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 24	JPMorgan Chase	6/20/20		3.54		(200,000	)		1.00		2,828		3,910		(1,082	)
iTraxx Europe Crossover Swap Agreement with JPMorgan Chase Bank, N.A., Series 23	JPMorgan Chase	6/20/20		3.31		(1,186,469	)		5.00		100,271		129,125		(28,854	)

											103,099		133,035		(29,936	)

Centrally Cleared Interest Rate Swap Agreements(a)

At June 30, 2015, the Fund’s open centrally cleared interest rate swap agreements were as follows:


Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate (%)	Expiration Date	Clearing Agent	Notional Amount (Local)		Premiums Paid/ Received ($)			Value ($)			Unrealized Appreciation/ (Depreciation) ($)
Pay	3-Month U.S. Dollar LIBOR BBA	1.029	3/11/17	JPMorgan Chase		20,300,000		USD	212		(148,271	)		(148,483	)
Pay	3-Month U.S. Dollar LIBOR BBA	1.081	4/7/17	JPMorgan Chase		39,600,000		USD	429		(269,752	)		(270,181	)
Pay	3-Month U.S. Dollar LIBOR BBA	3.475	2/5/20	JPMorgan Chase		1,187,843		NZD	12		10,046			10,034
Pay	3-Month U.S. Dollar LIBOR BBA	3.590	2/9/20	JPMorgan Chase		2,032,000		NZD	21		24,970			24,949
Pay	3-Month U.S. Dollar LIBOR BBA	3.600	2/9/20	JPMorgan Chase		2,383,000		NZD	—		30,033			30,033

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2015 (Unaudited)


Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate (%)	Expiration Date	Clearing Agent	Notional Amount (Local)		Premiums Paid/ Received ($)			Value ($)			Unrealized Appreciation/ (Depreciation) ($)
Pay	3-Month U.S. Dollar LIBOR BBA	1.878	3/11/20	JPMorgan Chase		8,260,000		USD	114		111,215			111,101
Pay	3-Month U.S. Dollar LIBOR BBA	2.057	3/17/20	Deutsche Bank		2,463,000		PLN	—		(12,087	)		(12,087	)
Pay	3-Month U.S. Dollar LIBOR BBA	2.888	6/12/20	JPMorgan Chase		963,198		AUD	11		5,198			5,187
Pay	3-Month U.S. Dollar LIBOR BBA	2.220	4/7/25	JPMorgan Chase		8,590,000		USD	145		(127,138	)		(127,283	)
Pay	3-Month U.S. Dollar LIBOR BBA	3.123	6/5/25	JPMorgan Chase		8,120,000		USD	121		(34,662	)		(34,783	)

											(398,361	)		(399,426	)

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

At June 30, 2015, the Fund’s open over-the-counter interest rate swap agreements were as follows:


Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate (%)	Expiration Date		Counterparty		Notional Amount (Local)			Value ($)			Unrealized Appreciation/ (Depreciation) ($)
Pay	3-Month U.S. Dollar LIBOR BBA	1.230		3/15/17		Bank of America		1,597,500	JPY		18,608			18,608
Pay	3-Month U.S. Dollar LIBOR BBA	2.057		3/17/20		Deutsche Bank		2,463,000	PLN		(8,183	)		(8,183	)
Pay	3-Month U.S. Dollar LIBOR BBA	2.050		3/19/20		Deutsche Bank		821,000	PLN		(2,828	)		(2,828	)

											7,597			7,597

Total Return Swaps at June 30, 2015(a)

Counterparty

Receive/Pay Total Return

Expiration
Date

Notional
Amount
(Local)

Unrealized
Appreciation/
(Depreciation)

BNP Paribas SA

EURO Stoxx 50 Index Dividends December Futures

12/21/18

179,040

USD

(3,360

)

BNP Paribas SA

EURO Stoxx 50 Index Dividends December Futures

12/15/17

357,346

USD

(6,116

)

BNP Paribas SA

EURO Stoxx 50 Index Dividends December Futures

12/15/17

365,440

USD

(2,880

)

BNP Paribas SA

EURO Stoxx 50 Index Dividends December Futures

12/21/18

363,120

USD

(11,760

)

BNP Paribas SA

EURO Stoxx 50 Index Dividends December Futures

12/21/18

192,100

USD

(5,440

)

BNP Paribas SA

NIKKEI 225 Dividend Index E-Mini March Futures

3/31/16

26,350,000

JPY

55,079

BNP Paribas SA

NIKKEI 225 Dividend Index E-Mini March Futures

3/31/16

26,800,000

JPY

51,401

BNP Paribas SA

NIKKEI 225 Dividend Index E-Mini March Futures

3/31/17

25,515,000

JPY

78,916

BNP Paribas SA

NIKKEI 225 Dividend Index E-Mini March Futures

3/31/17

27,850,000

JPY

91,771

Credit Suisse First Boston

PT Siloam International Hospitals Tbk

2/11/16

175,702

USD

19,070

266,682

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

(b)	All or a portion of these securities are held by the AZL Cayman Global Allocation Fund, Ltd. (the “Cayman 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, 2015

(Unaudited)


Assets:
Investment securities, at cost	$	863,040,931

Investment securities, at value*	$	888,684,419
Cash		262,128
Segregated cash for collateral		19,635,018
Deposits with brokers for securities sold short		338,064
Interest and dividends receivable		1,905,241
Foreign currency, at value (cost $334,874)		336,215
Unrealized appreciation on forward currency contracts		1,766,642
Unrealized appreciation on swap agreements		314,845
Receivable for capital shares issued		169,690
Receivable for investments sold		4,756,463
Reclaims receivable		177,404
Receivable for variation margin on swaps		12,134
Receivable for variation margin on futures contracts		965,095
Prepaid expenses		162,448

Total Assets		919,485,806

Liabilities:
Cash received as collateral for derivatives		5,880,000
Written options (Proceeds received $3,358,988)		2,898,175
Unrealized depreciation on forward currency contracts		515,178
Unrealized depreciation on swap agreements		40,567
Payable for collateral received on loaned securities		44,463,097
Payable for investments purchased		13,781,148
Payable for investments redeemed		5,081
Securities sold short (Proceeds received $447,864)		411,826
Dividends payable on securities sold short		1,159
Payable for variation margin on futures contracts		274,343
Payable for variation margin on swaps		15,895
Manager fees payable		572,993
Administration fees payable		51,849
Distribution fees payable		167,488
Custodian fees payable		104,193
Administrative and compliance services fees payable		1,923
Trustee fees payable		12,208
Other accrued liabilities		51,762

Total Liabilities		69,248,885

Net Assets	$	850,236,921

Net Assets Consist of:
Capital	$	732,940,450
Accumulated net investment income/(loss)		20,050,058
Accumulated net realized gains/(losses) from investment transactions		70,511,360
Net unrealized appreciation/(depreciation) on investments		26,735,053

Net Assets	$	850,236,921

Shares of beneficial interest (unlimited number of shares authorized, no par value)		67,908,976
Net Asset Value (offering and redemption price per share)	$	12.52

*	Includes securities on loan of $44,326,021.

Consolidated Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	5,553,055
Interest		3,376,867
Income from securities lending		151,997
Foreign withholding tax		(333,923	)

Total Investment Income		8,747,996

Expenses:
Manager fees		3,393,403
Administration fees		215,571
Distribution fees		991,928
Custodian fees		170,216
Administrative and compliance services fees		11,277
Trustee fees		45,479
Professional fees		42,960
Shareholder reports		28,557
Broker fees and charges on short sales		870
Dividends on securities sold short		14,015
Other expenses		16,008

Net expenses		4,930,284

Net Investment Income/(Loss)		3,817,712

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains (losses) on securities transactions		6,870,189
Net realized gains (losses) on futures contracts		1,694,894
Net realized gains (losses) on options contracts		1,193,046
Net realized gains (losses) on swap agreements		927,323
Net realized gains (losses) on forward currency contracts		6,657,181
Change in net unrealized appreciation/depreciation on investments		(1,309,292	)

Net Realized/Unrealized Gains/(Losses) on Investments		16,033,341

Change in Net Assets Resulting From Operations	$	19,851,053

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, 2015				For the Year Ended December 31, 2014
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	3,817,712			$	7,357,675
Net realized gains/(losses) on investment transactions			17,342,633				43,631,939
Change in unrealized appreciation/depreciation on investments			(1,309,292	)			(34,974,443	)

Change in net assets resulting from operations			19,851,053				16,015,171

Dividends to Shareholders:
From net investment income			—				(363,407	)
From net realized gains			—				(3,741,774	)

Change in net assets resulting from dividends to shareholders			—				(4,105,181	)

Capital Transactions:
Proceeds from shares issued			29,091,984				133,931,989
Proceeds from dividends reinvested			—				4,105,181
Value of shares redeemed			(17,140,930	)			(13,203,575	)

Change in net assets resulting from capital transactions			11,951,054				124,833,595

Change in net assets			31,802,107				136,743,585
Net Assets:
Beginning of period			818,434,814				681,691,229

End of period		$	850,236,921			$	818,434,814

Accumulated net investment income/(loss)		$	20,050,058			$	16,232,346

Share Transactions:
Shares issued			2,295,201				11,005,694
Dividends reinvested			—				331,330
Shares redeemed			(1,369,601	)			(1,085,635	)

Change in shares			925,600				10,251,389

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, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013				January 10, 2012 to December 31, 2012 (a)
	(Unaudited)
Net Asset Value, Beginning of Period		$	12.20			$	12.02			$	10.54			$	10.00

Investment Activities:
Net Investment Income/(Loss)			0.05				0.10				0.05				0.11
Net Realized and Unrealized Gains/(Losses) on Investments			0.27				0.16				1.43				0.56

Total from Investment Activities			0.32				0.26				1.48				0.67

Dividends to Shareholders From:
Net Investment Income			—				—	(b)			—				(0.12	)
Realized Gains			—				(0.06	)			—	(b)			(0.01	)

Total Dividends			—				(0.06	)			—	(b)			(0.13	)

Net Asset Value, End of Period		$	12.52			$	12.22			$	12.02			$	10.54

Total Return(c)			2.62	%			2.18	%			14.08	%			6.71	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	850,237			$	818,435			$	681,691			$	326,544
Net Investment Income/(Loss)(e)			0.91	%			0.96	%			0.55	%			2.01	%
Expenses Before Reductions(e)(f)			1.18	%			1.18	%			1.21	%			2.44	%
Expenses Net of Reductions(e)			1.18	%			1.18	%			1.21	%			2.37	%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly(e)(g)			1.18	%			1.18	%			1.21	%			2.37	%
Portfolio Turnover Rate			69	%			61	%			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 accompanying notes to the financial statements.

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2015 (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”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 13 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP BlackRock Global Allocation Fund (the “Fund”), and 12 are presented in separate reports.

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 period ended June 30, 2015, 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, 2015, the Fund’s aggregate investment in the VIP Subsidiary was $807,476,795, representing 94.9% 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.

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

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.

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 33¹/₃% 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, 2015 are presented on the Fund’s Consolidated Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $44.2 million for the period ended June 30, 2015.

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 pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $15,061 during the period ended June 30, 2015. These fees have been netted against “Income from securities lending” on the Consolidated Statement of Operations.

Derivative Instruments

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

Forward Currency Contracts

During the period ended June 30, 2015, 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 $119.6 million as of June 30, 2015. The monthly average amount for these contracts was $116.5 million for the period ended June 30, 2015.

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

Futures Contracts

During the period ended June 30, 2015, 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 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 $107.9 million as of June 30, 2015. The monthly average notional amount for these contracts was $79.4 million for the period ended June 30, 2015. 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, 2015, 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, 2015:


	Number of Contracts			Notional Amount(a)			Cost
Options outstanding at December 31, 2014		4,549,398			3,664,669			$	8,743,630
Options purchased		4,072,761			80,132				9,895,322
Options exercised		(129,653	)		—				(666,949	)
Options expired		(459,105	)		(259,476	)			(2,820,152	)
Options closed		(3,169,190	)		(482,283	)			(5,892,090	)

Options outstanding at June 30, 2015		4,864,211			3,003,042			$	9,259,761

The Fund had the following transactions in written call and put options during the period ended June 30, 2015:


	Number of Contracts			Notional Amount(a)			Premiums Received
Options outstanding at December 31, 2014		(4,751,478	)		(3,100	)		$	(3,023,316	)
Options written		(4,311,707	)		(14,003	)			(4,000,964	)
Options exercised		172,962			—				406,336
Options expired		169,283			—				495,157
Options closed		3,805,453			13,052				2,763,799

Options outstanding at June 30, 2015		(4,915,487	)		(4,051	)		$	(3,358,988	)

(a)	Includes swaptions and currency options, as applicable.

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.

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

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.

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, 2015, 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 gross notional amount of interest rate swaps outstanding was $91.9 million as of June 30, 2015. The monthly average gross notional amount for interest rate swaps was $147.2 million for the period ended June 30, 2015.

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 $2.5 million as of June 30, 2015. The monthly average gross notional amount for total return swaps was $1.5 million to the period ended June 30, 2015.

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, 2015, 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 $1.9 million as of June 30, 2015. The monthly average gross notional amount for credit default swaps was $2.7 million for the period ended June 30, 2015.

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

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, 2015:

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*

791,325

Payable for variation margin on futures contracts*

1,146,819

Option Contracts

Investment securities, at value (purchased options)

8,558,049

Written options

2,777,439

Total Return Swap Agreements

Unrealized appreciation on swap agreements

296,237

Unrealized depreciation on swap agreements

29,556

Credit Risk Exposure

Credit Default Swap Agreements

Unrealized appreciation on swap agreements

3,690

Unrealized depreciation on swap agreements

29,936

Interest Rate Risk

Interest Rate Swap Agreements

Unrealized appreciation on swap agreements

199,912

Unrealized depreciation on swap agreements

591,741

Swaption Contracts

Investment securities, at value (purchased options)

419,908

Written options

120,734

Foreign Exchange Rate Risk Exposure

Forward Currency Contracts

Unrealized appreciation on forward currency contracts

1,766,642

Unrealized depreciation on forward currency contracts

515,178

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.

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2015:


	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		$	1,694,894		$	—		$	1,038,504		$	—		$	(161,738	)
Credit Risk Exposure			—			31,280			—			—			(300,533	)
Interest Rate Risk Exposure			—			896,043			154,542			—			(1,128,583	)
Foreign Exchange Rate Risk Exposure			—			—			—			6,657,181			(2,145,338	)

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, 2015. 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, 2015.

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

As of June 30, 2015, the Fund’s derivative assets and liabilities by type are as follows:


	Assets				Liabilities
Derivative Financial Instruments:
Futures contracts		$	16,540			$	274,343
Forward currency contracts			1,766,642				515,178
Option contracts*			8,977,957				2,898,173
Swap agreements			326,979				56,462

Total derivative assets and liabilities in the Consolidated Statement of Assets and Liabilities			11,088,118				3,744,156
Derivatives not subject to a master netting agreement or similar agreement ("MNA")			(32,747	)			(322,763	)

Total assets and liabilities subject to a MNA		$	11,055,371			$	3,421,393

*	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 a MNA and net of the related collateral received by the Fund as of June 30, 2015:


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		$	674,501		$	(210,807	)		$	—			$	(463,694	)		$	—
Barclays Bank			184,161			(20,839	)			—				(163,322	)			—
BNP Paribas			678,001			(103,970	)			—				—				574,031
Citibank			1,879,051			(711,060	)			—				(1,167,991	)			—
Credit Suisse First Boston			952,125			(131,921	)			(510,000	)			—				310,204
Deutsche Bank			1,822,330			(556,558	)			—				(700,000	)			565,772
Goldman Sachs			2,727,159			(1,100,046	)			—				(1,627,113	)			—
JPMorgan Chase			770,881			(104,954	)			—				(510,000	)			155,927
Morgan Stanley			925,531			(353,145	)			—				(520,000	)			52,386
UBS Warburg			441,631			(111,528	)			—				—				330,103

Total		$	11,055,371		$	(3,404,828	)		$	(510,000	)		$	(5,152,120	)		$	1,988,423

The following table presents the Fund's derivative liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral pledged by the Fund as of June 30, 2015:


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		$	210,807		$	(210,807	)		$	—		$	—		$	—
Barclays Bank			20,839			(20,839	)			—			—			—
BNP Paribas			103,970			(103,970	)			—			—			—
Citibank			711,060			(711,060	)			—			—			—
Credit Suisse First Boston			131,921			(131,921	)			—			—			—
Deutsche Bank			556,558			(556,558	)			—			—			—
Goldman Sachs			1,100,046			(1,100,046	)			—			—			—
HSBC			16,565			—				—			—			16,565
JPMorgan Chase			104,954			(104,954	)			—			—			—
Morgan Stanley			353,145			(353,145	)			—			—			—
UBS Warburg			111,528			(111,528	)			—			—			—

Total		$	3,421,393		$	(3,404,828	)		$	—		$	—		$	16,565

*	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, 2016.

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

For the period ended June 30, 2015, 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, 2015, 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 $100 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 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. Prior to April 1, 2015, Citi also served as transfer agent for the Trust under the same agreement. The Administrator was 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. Beginning January 1, 2015, these reductions are no longer applicable 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.”

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

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, 2015, $4,342 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.

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.

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

Non exchange-traded derivatives, such as swaps and certain options, are generally valued by approved independent pricing services utilizing techniques which take into account factors such as yields, quality, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes and are typically categorized as Level 2 in the fair value hierarchy.

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

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

The following is a summary of the valuation inputs used as of June 30, 2015 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		$	3,861,355		$	4,948,801		$	—		$	8,810,156
Air Freight & Logistics			5,637,323			361,412			—			5,998,735
Airlines			1,765,392			2,220,474			—			3,985,866
Auto Components			2,157,592			8,975,708			—			11,133,300
Automobiles			1,989,080			11,753,900			—			13,742,980
Banks			22,225,366			14,278,331			—			36,503,697
Beverages			4,506,092			4,019,179			—			8,525,271
Biotechnology			9,032,194			182,334			—			9,214,528
Building Products			—			1,643,608			—			1,643,608
Capital Markets			4,269,975			3,507,472			—			7,777,447
Chemicals			4,970,174			12,799,202			—			17,769,376

Commercial Services & Supplies			1,714,039			297,739			—			2,011,778
Communications Equipment			4,475,466			1,357,231			—			5,832,697
Construction & Engineering			—			1,511,346			—			1,511,346
Distributors			—			51,002			—			51,002
Diversified Consumer Services			—			22,521			—			22,521
Diversified Telecommunication Services			5,515,172			4,396,026			—			9,911,198
Electric Utilities			2,328,045			1,853,980			—			4,182,025
Electrical Equipment			4,314,342			2,707,916			—			7,022,258
Electronic Equipment, Instruments & Components			165,867			3,211,522			—			3,377,389
Energy Equipment & Services			2,357,524			1,772,628			1,589,577			5,719,729
Food & Staples Retailing			3,239,603			515,130			—			3,754,733
Food Products			877,162			3,829,107			—			4,706,269
Gas Utilities			—			1,581,309			—			1,581,309
Health Care Equipment & Supplies			1,964,992			564,694			—			2,529,686
Health Care Providers & Services			11,410,388			6,579,653			—			17,990,041
Household Durables			498,630			2,116,791			—			2,615,421
Household Products			7,325,733			39,109			—			7,364,842
Independent Power and Renewable Electricity Producers			3,405,463			271,816			—			3,677,279
Industrial Conglomerates			3,311,239			2,884,124			—			6,195,363
Insurance			8,564,987			6,679,991			—			15,244,978
Internet & Catalog Retail			1,013,408			6,283			—			1,019,691
Internet Software & Services			15,057,745			1,093,515			2,742,836			18,894,096
IT Services			6,485,998			1,361,067			—			7,847,065
Leisure Products			—			714,563			—			714,563
Machinery			4,510,691			4,263,978			—			8,774,669
Media			4,573,772			1,098,032			—			5,671,804
Metals & Mining			12,178,776			5,632,564			—			17,811,340
Multiline Retail			276,042			503,886			—			779,928
Multi-Utilities			2,619,295			1,383,535			—			4,002,830
Oil, Gas & Consumable Fuels			23,283,566			11,197,328			1,064,814			35,545,708
Personal Products			—			29,769			—			29,769
Pharmaceuticals			19,184,979			13,714,334			—			32,899,313
Real Estate Investment Trusts (REITs)			4,144,572			559,188			—			4,703,760

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)


Investment Securities:	Level 1				Level 2				Level 3			Total

Real Estate Management & Development		$	1,408,963			$	11,331,074			$	—		$	12,740,037
Road & Rail			3,848,125				3,026,739				—			6,874,864
Semiconductors & Semiconductor Equipment			1,948,707				3,788,552				—			5,737,259
Software			12,281,248				3,075,457				—			15,356,705
Specialty Retail			696,326				1,528,867				—			2,225,193
Technology Hardware, Storage & Peripherals			4,630,591				861,723				—			5,492,314
Tobacco			2,173,071				544,419				—			2,717,490
Trading Companies & Distributors			830,357				4,959,492				—			5,789,849
Transportation Infrastructure			—				56,231				352,802			409,033
Wireless Telecommunication Services			3,183,470				2,399,954				—			5,583,424
Other Common Stocks+			13,504,035				—				—			13,504,035
Convertible Bonds			—				15,935,933				—			15,935,933
Convertible Preferred Stocks
Banks			—				319,600				—			319,600
Financial Services			—				—				998,866			998,866
Other Convertible Preferred Stocks+			2,671,611				—				—			2,671,611
Corporate Bonds
Transportation Infrastructure			—				—				568,375			568,375
Other Corporate Bonds+							25,965,923				—			25,965,923
Floating Rate Loans+			—				11,410,520				292,000			11,702,520
Foreign Bonds+			—				75,020,562				—			75,020,562
Preferred Stocks
Automobiles			—				1,937,734				—			1,937,734
Banks			5,169,972				652,368				—			5,822,340
Health Care Providers & Services			—				—				843,576			843,576
Oil, Gas & Consumable Fuels			—				—				745,647			745,647
Real Estate Management & Development			—				290,519				—			290,519

Semiconductors & Semiconductor Equipment			—				1,963,804				—			1,963,804
Other Preferred Stocks+			3,117,143				—				—			3,117,143
Private Placements			—				—				2,451,000			2,451,000
Right			—				24,450				—			24,450
U.S. Government Agency Mortgage			—				2,826,417				—			2,826,417
U.S. Treasury Obligations			—				171,303,322				—			171,303,322
Warrant			—				63,927				—			63,927
Yankee Dollars+			—				30,332,201				—			30,332,201
Exchange Traded Fund			6,138,350				—				—			6,138,350
Securities Held as Collateral for Securities on Loan			—				44,463,097				—			44,463,097
Unaffiliated Investment Company			28,667,978				—				—			28,667,978
Purchased Options			4,073				8,553,976				—			8,558,049
Purchased Swaptions			—				419,908				—			419,908

Total Investment Securities			305,486,059				571,548,867				11,649,493			888,684,419

Securities Sold Short			(317,911	)			(93,915	)			—			(411,826	)
Other Financial Instruments:*
Futures Contracts			349,929				—				—			349,929
Written Options			11,965				486,741				—			498,706
Written Swaption			—				(37,891	)			—			(37,891	)
Forward Currency Contracts			—				1,251,464				—			1,251,464
Credit Default Swaps			—				(26,246	)			—			(26,246	)
Interest Rate Swaps			—				(391,829	)			—			(391,829	)
Total Return Swaps			—				266,681				—			266,681

Total Investments		$	305,530,042			$	573,003,872			$	11,649,493		$	890,183,407

+	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 contracts, and swaps. These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

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, 2015, 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		$	588,641,926		$	289,944,194

For the period ended June 30, 2015, purchases and sales on long-term U.S. government securities were as follows:


	Purchases			Sales
AZL MVP BlackRock Global Allocation Fund		$	15,725,853		$	12,064,677

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 Trustees. Not all restricted securities are considered illiquid. The illiquid restricted securities held as of June 30, 2015 are identified below.


Security	Acquisition Date(a)	Acquisition Cost		Shares or Principal Amount		Fair Value		Percentage of Net Assets
AliphCom, Inc., 4/1/20	4/27/15		2,451,000		2,451,000		2,451,000		0.29	%
AP One Channel Center Owner LP, Series 4814, 5.00%, 7/15/19	7/15/14		292,000		292,000		292,000		0.03	%
Delta Topco, Ltd.	5/2/12		379,997		615,711		352,802		0.04	%
Delta Topco, Ltd., 10.00%, 11/24/60	5/2/12		701,862		567,978		568,375		0.07	%
Domo, Inc., Series E	4/1/15		998,866		118,467		998,866		0.12	%
Dropbox, Inc.	1/28/14		1,827,985		95,700		1,589,577		0.19	%
Grand Rounds, Inc., Series C, Preferred Shares	3/31/15		399,608		143,925		404,329		0.05	%
Inversiones Alsacia SA, 0.00%, 8/18/18	12/23/14		—		495,000		—		—	%
Invitae Corp., Series F, Preferred Shares	10/8/14		372,878		31,073		439,248		0.05	%
Lookout, Inc.	3/4/15		63,364		5,547		64,702		0.01	%
Lookout, Inc., Series F, Preferred Shares	9/19/14		730,222		63,925		745,647		0.09	%
NextEra Energy Partners LP, 1.78%	6/26/14		404,113		11,345		449,489		0.05	%
Palantir Technologies, Inc.	3/27/14		712,042		116,157		1,000,112		0.12	%
REI Agro, Ltd., Registered Shares, 5.50%, 11/13/14	2/7/12		300,000		400,000		20,000		0.00	%
Sheridan Production Partners, 4.25%, 12/2/20	12/13/13		41,132		38,726		34,079		0.00	%
Sheridan Production Partners, 4.25%, 12/2/20	12/13/13		105,434		103,544		91,118		0.01	%
Sheridan Production Partners, 4.25%, 12/2/20	12/13/13		757,767		744,179		654,877		0.08	%
Uber Technologies, Inc.	3/21/14		1,063,120		68,532		2,742,836		0.32	%

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

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.

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

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.

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, 2015 is $866,696,986. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	62,239,519
Unrealized depreciation		(40,252,086	)

Net unrealized appreciation/(depreciation)	$	21,987,433

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

Ordinary
Income

Net
Long-Term
Capital Gains

Total

Distributions(a)

AZL MVP BlackRock Global Allocation Fund

1,807,855

2,297,326

4,105,181

(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, 2014, 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

34,285,170

41,619,827

—

21,571,169

97,476,166

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

9. Subsequent Events

Other Information (Unaudited)

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0615 8/15

AZL^® MVP DFA Multi-Strategy Fund

Semi-Annual Report

June 30, 2015

(Unaudited)

LOGO

Table of Contents

Page 1

Page 2

Page 3

Statement of Changes in Net Assets

Page 3

Page 4

Page 5

Page 6

Approval of Investment Advisory Agreement

Page 10

Page 11

AZL MVP DFA Multi-Strategy Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL MVP DFA Multi-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

4/27/15

Ending

Account Value

6/30/15

Expenses Paid

During Period

4/27/15 - 6/30/15*

Annualized

Expense Ratio

During Period

4/27/15 - 6/30/15

AZL MVP DFA Multi-Strategy Fund

1,000.00

983.00

0.25

0.14

Beginning

Account Value

1/1/15

Ending

Account Value

6/30/15

Expenses Paid

During Period

1/1/15 - 6/30/15**

Annualized

Expense Ratio

During Period

1/1/15 - 6/30/15

AZL MVP DFA Multi-Strategy Fund

1,000.00

1,024.10

0.70

0.14

Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of the days in the most recent fiscal half-year divided by the number of the days in fiscal year (to reflect one half-year period). Information shown reflects values using the expense ratios for the 65 days of operations during the period, and has been annualized to reflect values for the period April 27, 2015 to June 30, 2015.

**	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		44.5
Fixed Income		37.4
International Equities		11.9

Total Investment Securities		3.8
Net other assets (liabilities)		6.2

Net Assets		100.0	%

AZL MVP DFA Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)


Shares			Fair Value
	Affiliated Investment Companies (93.8%):
	79,524	AZL DFA Emerging Markets Core Equity Fund	$	727,648
	553,803	AZL DFA Five-Year Global Fixed Income Fund		5,477,115
	103,493	AZL DFA International Core Equity Fund		1,004,919
	516,306	AZL DFA U.S. Core Equity Fund		5,059,796
	144,846	AZL DFA U.S. Small Cap Fund		1,445,567

	Total Affiliated Investment Companies (Cost $13,933,768)			13,715,045

	Total Investment Securities (Cost $13,933,768)(a) — 93.7%			13,715,045
	Net other assets (liabilities) — 6.3%			906,915

	Net Assets — 100.0%		$	14,621,960

Percentages indicated are based on net assets as of June 30, 2015.

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

Futures Contracts

Cash of $711,637 has been segregated to cover margin requirements for the following open contracts as of June 30, 2015:


Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note September Futures		Long		9/21/15		2	$	252,344	$	161
S&P 500 Index E-Mini September Futures		Long		9/18/15		4		410,880		(9,627	)

Total									$	(9,466	)

See accompanying notes to the financial statements.

AZL MVP DFA Multi-Strategy Fund

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investments in affiliates, at cost	$	13,933,768

Investments in affiliates, at value	$	13,715,045
Segregated cash for collateral		711,637
Receivable for affiliated investments sold		9,559
Receivable for capital shares issued		182,857
Receivable from Manager		8,951

Total Assets		14,628,049

Liabilities:
Administration fees payable		2,611
Custodian fees payable		506
Administrative and compliance services fees payable		26
Trustee fees payable		106
Other accrued liabilities		2,840

Total Liabilities		6,089

Net Assets	$	14,621,960

Net Assets Consist of:
Capital	$	14,853,824
Accumulated net investment income/(loss)		(3,154	)
Accumulated net realized gains/(losses) from investment transactions		(521	)
Net unrealized appreciation/(depreciation) on investments		(228,189	)

Net Assets	$	14,621,960

Shares of beneficial interest (unlimited number of shares authorized, no par value)		1,486,983
Net Asset Value (offering and redemption price per share)	$	9.83

Statement of Operations

For the Period Ended June 30, 2015(a)

(Unaudited)


Investment Income:
Dividends	$	—

Total Investment Income		—

Expenses:
Manager fees		4,253
Administration fees		8,873
Custodian fees		321
Administrative and compliance services fees		16
Trustee fees		82
Professional fees		7
Shareholder reports		1,734
Other expenses		30

Total expenses before reductions		15,316
Less expenses voluntarily waived/reimbursed by the Manager		(2,162	)
Less expense contractually waived/reimbursed by the Manager		(10,000	)

Net expenses		3,154

Net Investment Income/(Loss)		(3,154	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		(4	)
Net realized gains/(losses) on futures contracts		(517	)
Change in net unrealized appreciation/depreciation on investments		(228,189	)

Net Realized/Unrealized Gains/(Losses) on Investments		(228,710	)

Change in Net Assets Resulting From Operations	$	(231,864	)

(a)	For the period April 27, 2015 (commencement of operations) to June 30, 2015.

See accompanying notes to the financial statements.

Statement of Changes in Net Assets


	AZL MVP DFA Multi-Strategy Fund
	April 27, 2015 to June 30, 2015(a)
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(3,154	)
Net realized gains/(losses) on investment transactions			(521	)
Change in unrealized appreciation/depreciation on investments			(228,189	)

Change in net assets resulting from operations			(231,864	)

Capital Transactions:
Proceeds from shares issued			14,853,869
Value of shares redeemed			(45	)

Change in net assets resulting from capital transactions			14,853,824

Change in net assets			14,621,960
Net Assets:
Beginning of period			—

End of period		$	14,621,960

Accumulated net investment income/(loss)		$	(3,154	)

Share Transactions:
Shares issued			1,486,988
Shares redeemed			(5	)

Change in shares			1,486,983

(a)	Period from commencement of operations.

See accompanying notes to the financial statements.

AZL MVP DFA Multi-Strategy Fund

Financial Highlights

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


	April 27, 2015 to June 30, 2015(a)
	(Unaudited)
Net Asset Value, Beginning of Period		$	10.00

Investment Activities:
Net Investment Income/(Loss)			—	(b)
Net Realized and Unrealized Gains/(Losses) on Investments			(0.17	)

Total from Investment Activities			(0.17	)

Net Asset Value, End of Period		$	9.83

Total Return(c)			(1.70	)%(d)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	14,622
Net Investment Income/(Loss)(e)			(0.15	)%
Expenses Before Reductions*(e)(f)			0.72	%
Expenses Net of Reductions*(e)			0.15	%
Portfolio Turnover Rate			—	(c)(g)

*	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)	Represents less than 0.5%.

See accompanying notes to the financial statements.

AZL MVP DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2015 (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”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 13 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP DFA Multi-Strategy Fund (the “Fund”), and 12 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

AZL MVP DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

Futures Contracts

During the period ended June 30, 2015, 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 $0.7 million as of June 30, 2015. The monthly average notional amount for these contracts was $0.5 million for the period ended June 30, 2015. 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, 2015:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Risk Exposure

Equity Contracts

Receivable for variation margin on futures contracts

—

Payable for variation margin on futures contracts

9,627

Interest Rate Risk Exposure

Interest Rate

161

—

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2015:


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

Equity Risk Exposure

Equity Contracts	Net Realized gains/(losses) on futures contracts/Change in unrealized appreciation/depreciation on investments	$	703		$	(9,627	)

Interest Rate Risk Exposure

Interest Rate			(1,220	)		161

3. Related Party Transactions

For the period ended June 30, 2015, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Annual Expense Limit**
AZL MVP DFA Multi-Strategy Fund		0.20	%		0.30	%

*	The Manager voluntarily reduced the management fee to 0.10% on all assets. The Manager reserves the right to increase the management fee to the amount shown in the table above at any time.

**	The Manager reduced the annual expense limit to 0.15% on all assets through April 30, 2016. Without this temporary reduction, the annual expense limit would be as shown.

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 Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2015, there were no remaining contractual reimbursements that are subject to repayment by the Fund in subsequent years.

AZL MVP DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)


	Fair Value 12/31/14			Purchases at Cost			Proceeds from Sales				Fair Value 6/30/15			Dividend Income
AZL DFA Emerging Markets Core Equity Fund		$	—		$	778,708		$	—			$	727,648		$	—
AZL DFA Five-Year Global Fixed Income Fund			—			5,520,796			—				5,477,115			—
AZL DFA International Core Equity Fund			—			1,032,775			—				1,004,919			—
AZL DFA U.S. Core Equity Fund			—			5,154,636			(211	)			5,059,796			—
AZL DFA U.S. Small Cap Fund			—			1,447,067			—				1,445,567			—

		$	—		$	13,933,982		$	(211	)		$	13,715,045		$	—

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

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, 2015, $6 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 and the Lead Director receives an additional $24,450 annually. In addition, the Trustees are reimbursed for certain expenses associated with attending Board meetings. Compensation to the Trustees is allocated between the Trust and the Allianz Variable Insurance Products Fund of Funds Trust in proportion to the assets under management of each trust. During the period ended June 30, 2015, actual Trustee compensation was $466,180 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)

AZL MVP DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

For the period ended June 30, 2015, 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, 2015 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Total

Affiliated Investment Company		$	13,715,045			$	—		$	13,715,045

Total Investment Securities			13,715,045				—			13,715,045

Other Financial Instruments:*
Futures Contracts			(9,466	)			—			(9,466	)

Total Investments		$	13,705,579			$	—		$	13,705,579

*	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, 2015, 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 DFA Multi-Strategy Fund		$	13,933,982		$	211

6. Investment Risks

7. Federal Tax Information

Cost for federal income tax purposes at June 30, 2015 is $13,933,768. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	—
Unrealized depreciation		(218,723	)

Net unrealized appreciation/(depreciation)	$	(218,723	)

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.

Approval of Investment Advisory Agreement (Unaudited)

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) consists of 13 separate investment portfolios or series (together the “Funds,” and each individually a “Fund”). Subject to the general supervision of the Board of Trustees and in accordance with each Fund’s investment objectives and restrictions, investment advisory services are provided to the Funds by Allianz Investment Management LLC (the “Manager”). The Manager manages each Fund pursuant to an investment management agreement (the “Management Agreement”) with the Trust in respect of each such Fund. The Management Agreement provides that the Manager, subject to the supervision and approval of the Board of Trustees, is responsible for the management of each Fund. For management services, each Fund pays the Manager an investment advisory fee based upon each Fund’s average daily net assets. The Manager has contractually agreed to limit the expenses of each Fund by reimbursing each Fund if and when total Fund operating expenses exceed certain amounts through at least April 30, 2016.

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

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

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

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

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

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

At an “in-person” Board of Trustees meeting held December 10, 2014, the Board authorized the creation of the AZL MVP DFA Multi-Strategy Fund (the “DFA Fund”) as a new series of the Trust.

The Management Agreement pertaining to the DFA Fund was approved at the Board of Trustees meeting of December 10, 2014. At such meeting the Board also approved an Expense Limitation Agreement between the Manager and the Trust for the period ending April 30, 2016. In connection with such meeting, the Trustees requested and evaluated extensive materials from the Manager, including performance and expense information for other investment companies with generally similar investment objectives to that of the DFA Fund derived from data compiled by an independent third party provider and other sources believed to be reliable by the Manager. Prior to voting, the Trustees reviewed the proposed approval of the Management Agreement with management and with experienced counsel who are independent of the Manager. At least annually, the Board receives from experienced counsel who are independent of the Manager a memorandum discussing the legal standards for the Board’s consideration of proposed investment management agreements. The independent (“disinterested”) Trustees also discussed the proposed approval in a private session with such counsel at which no representatives of the Manager were present. In reaching their determinations relating to the approval of the Management Agreement in respect of the DFA Fund, the Trustees considered all factors they believed relevant. The Board based its decision to approve the Management Agreement on the totality of the circumstances and relevant factors, and with a view to past and future long-term considerations. Not all of the factors and considerations discussed above and below are necessarily relevant to each Fund, and the Board did not assign relative weights to factors discussed herein or deem any one or group of them to be controlling in and of themselves.

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

(1) The nature, extent and quality of services provided by the Manager. The Trustees noted that the Manager, subject to the control of the Board of Trustees, administers each Fund’s business and other affairs. The Trustees noted that the Manager also provides the Trust and each Fund with such administrative and other services (exclusive of, and

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

The Trustees considered the scope and quality of services provided by the Manager and noted that the scope of such services provided had expanded as a result of recent regulatory and other developments. The Trustees noted that, for example, the Manager is responsible for maintaining and monitoring its own compliance program, and this compliance program has recently been refined and enhanced in light of new regulatory requirements. The Trustees considered the capabilities and resources which the Manager has dedicated to performing services on behalf of the Trust and its Funds. The quality of administrative and other services, including the Manager’s role in coordinating the activities of the Trust’s other service providers, also was considered. The Trustees concluded at the December 10, 2014, meeting that, overall, they were satisfied with the nature, extent and quality of services expected to be provided to the Trust and to the DFA Fund under the Management Agreement.

(2) The investment performance of the Fund and the Manager. At the December 10, 2014, meeting the Board received information about the performance of Dimensional Fund Advisors LP (“DFA”) in managing funds that are generally comparable to the five funds which will comprise the underlying funds of the DFA Fund, without the Managed Volatility Portfolio (MVP) risk management process, which has the goal of reducing volatility. The performance information, which covered the ten years ending September 30, 2014, included returns, risk, tracking error, performance versus each fund’s benchmark and performance rankings relative to a peer group of comparable funds. The Board noted, for example, that, while past performance is not a guarantee of future results, each DFA-managed fund (which have been managed by personnel and pursuant to the processes which will be used for the underlying funds of the DFA Fund) compared favorably to its benchmark over various periods. The Board also received hypothetical, back-tested performance information showing calculated returns for the DFA Fund for the eight-year period ended September 30, 2014.

(3) The costs of services to be provided and profits to be realized by the Manager and its affiliates from the relationship with the Funds. At the December 10, 2014, meeting the Board considered that the Manager receives an advisory fee from the DFA Fund. The Manager reported that for such Fund the advisory fee paid put it in the 7^th percentile of the customized peer group, which includes actively managed volatility fund of funds. Trustees were provided with information on the anticipated total expense ratio of the DFA Fund and other funds in the customized peer group, and the Manager reported upon the challenges in making peer group comparisons for such Fund. The Board of Trustees also considered the impact of the Expense Limitation Agreement.

At an earlier in-person meeting held on October 21, 2014, the Manager provided information concerning the profitability of the Manager’s investment advisory activities for the period from 2011 through June 30, 2014. (The DFA Fund did not commence until April 27, 2015.) The Trustees recognized that it is difficult to make comparisons of profitability from investment company advisory agreements because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocation of expenses and the adviser’s capital structure and cost of capital. In considering profitability information, the Trustees considered the possible effect of certain fall-out benefits to the Manager and its affiliates. The Trustees focused on profitability of the Manager’s relationships with the Funds before taxes and distribution expenses. The Trustees recognized that the Manager should, in the abstract, be entitled to earn a reasonable level of profits for the services it provides to each Fund, and, based on their review, concluded that they were satisfied that the Manager’s level of profitability from its relationship with the Funds was not excessive. It is expected that at Board of Trustees meetings to be held in October, 2015, the Trustees will receive information on the Manager’s level of profitability from its relationship with the DFA Fund.

Based upon the information provided, the Board concluded that the advisory fee and anticipated expense ratio for the DFA Fund are not unreasonable.

(4) and (5) The extent to which economies of scale would be realized as the Funds grow, and whether fee levels reflect these economies of scale. The Trustees noted that the advisory fee schedule for the DFA Fund does not contain breakpoints that reduce the fee rate on assets above specified levels. The Trustees recognized that breakpoints may be an appropriate way for the Manager to share its economies of scale, if any, with Funds that have substantial assets. However, they also recognized that there may not be a direct relationship between any economies of scale realized by Funds and those realized by the Manager as assets increase. The Trustees do not believe there is a uniform methodology for establishing breakpoints that give effect to Fund-specific services provided by the Manager. The Trustees noted that in the fund industry as a whole, as well as among funds similar to the Funds, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. Depending on the age, size, and other characteristics of a particular fund and its manager’s cost structure, different conclusions can be drawn as to whether there are economies of scale to be realized at any particular level of assets, notwithstanding the intuitive conclusion that such economies exist, or will be realized at some level of total assets. Moreover, because different managers have different cost structures and service models, it is difficult to draw meaningful conclusions from the breakpoints that may have been adopted by other funds. The Trustees also noted that the advisory agreements for many funds do not have breakpoints at all, or if breakpoints exist, they may be at asset levels significantly greater than those of the individual Funds. The Trustees also noted that the DFA Fund had no assets as of December 10, 2014.

The Trustees noted that the Manager has agreed temporarily to reduce the management fee for the DFA Fund to 0.10% and to “cap” advisory fees and operating expenses for the DFA Fund at 0.15%, each of which has the effect of reducing expenses as would the implementation of advisory fee breakpoints. The Manager has committed to continue to consider the continuation of fee “caps” and/or advisory fee reductions or breakpoints as the Fund grows larger. The Board receives quarterly reports on the level of Fund assets. It expects to consider again whether or not to approve the Management Agreement at a meeting to be held prior to December 31, 2015, and will at that time, or prior thereto, consider: (a) the extent to which economies of scale can be realized, and (b) whether the advisory fee should be modified to reflect such economies of scale, if any.

Having taken these factors into account, the Trustees concluded at the December 10, 2014, meeting that the absence of breakpoints in the advisory fee rate schedule for the DFA Fund was acceptable under the circumstances.

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0615 8/15

AZL^® MVP Franklin Templeton

Founding Strategy Plus Fund

Semi-Annual Report

June 30, 2015

(Unaudited)

LOGO

Table of Contents

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AZL MVP Franklin Templeton Founding Strategy Plus Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL MVP Franklin Templeton Founding Strategy Plus Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in 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 1/1/15			Ending Account Value 6/30/15			Expenses Paid During Period 1/1/15 - 6/30/15*			Annualized Expense Ratio During Period 1/1/15 - 6/30/15
AZL MVP Franklin Templeton Founding Strategy Plus Fund		$	1,000.00		$	1,005.60		$	0.75		0.15	%


	Beginning Account Value 1/1/15			Ending Account Value 6/30/15			Expenses Paid During Period 1/1/15 - 6/30/15*			Annualized Expense Ratio During Period 1/1/15 - 6/30/15
AZL MVP Franklin Templeton Founding Strategy Plus Fund		$	1,000.00		$	1,024.05		$	0.75		0.15	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of net assets
Fixed Income		94.9
Money Market		3.0

Total Investment Securities		97.9
Net other assets (liabilities)		2.1

Net Assets		100.0	%

AZL MVP Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)


Shares			Fair Value
	Affiliated Investment Company (94.9%):
	21,352,630	AZL Franklin Templeton Founding Strategy Plus Fund	$	294,666,297

	Total Affiliated Investment Company (Cost $282,448,166)			294,662,697

	Unaffiliated Investment Companies (3.0%):
	9,000,509	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.61%(a)		9,000,509

	Total Unaffiliated Investment Companies (Cost $9,000,509)			9,000,509

	Total Investment Securities (Cost $291,448,675)(b) — 97.9%			303,666,806
	Net other assets (liabilities) — 2.1%			6,556,026

	Net Assets — 100.0%		$	310,222,832

Percentages indicated are based on net assets as of June 30, 2015.

(a)	The rate represents the effective yield at June 30, 2015.

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

Futures Contracts

Cash of $6,640,058 has been segregated to cover margin requirements for the following open contracts as of June 30, 2015:


Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note September Futures		Long		9/21/15		49	$	6,182,422	$	(52,326	)
S&P 500 Index E-Mini September Futures		Long		9/18/15		90		9,244,800		(197,837	)

Total									$	(250,163	)

See accompanying notes to the financial statements.

AZL MVP Franklin Templeton Founding Strategy Plus Fund

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	9,000,509
Investments in affiliates, at cost		282,448,166

Total Investment securities, at cost	$	291,448,675

Investments in non-affiliates, at value	$	9,000,509
Investments in affiliates, at value		294,666,297

Total Investment securities, at value	$	303,666,806
Segregated cash for collateral		6,640,058
Interest and dividends receivable		45
Receivable for capital shares issued		34,433
Receivable for variation margin on futures contracts		361
Prepaid expenses		484

Total Assets		310,342,187

Liabilities:
Payable for capital shares redeemed		71,236
Payable for variation margin on futures contracts		259
Manager fees payable		27,262
Administration fees payable		4,205
Custodian fees payable		493
Administrative and compliance services fees payable		329
Trustee fees payable		2,092
Other accrued liabilities		13,479

Total Liabilities		119,355

Net Assets	$	310,222,832

Net Assets Consist of:
Capital	$	288,505,661
Accumulated net investment income/(loss)		4,268,017
Accumulated net realized gains/(losses) from investment transactions		5,481,186
Net unrealized appreciation/(depreciation) on investments		11,967,968

Net Assets	$	310,222,832

Shares of beneficial interest (unlimited number of shares authorized, no par value)		24,703,068
Net Asset Value (offering and redemption price per share)	$	12.56

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	—

Total Investment Income		—

Expenses:
Manager fees		152,900
Administration fees		30,037
Custodian fees		1,224
Administrative and compliance services fees		2,576
Trustee fees		10,392
Professional fees		12,235
Shareholder reports		14,707
Recoupment of prior expenses reimbursed by the manager		2,946
Other expenses		2,766

Total expenses		229,783

Net Investment Income/(Loss)		(229,783	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		(50,683	)
Net realized gains/(losses) on futures contracts		534,680
Change in net unrealized appreciation/depreciation on investments		1,223,328

Net Realized/Unrealized Gains/(Losses) on Investments		1,707,325

Change in Net Assets Resulting From Operations	$	1,477,542

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, 2015				For the Year Ended December 31, 2014
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(229,783	)		$	3,688,885
Net realized gains/(losses) on investment transactions			483,997				6,083,757
Change in unrealized appreciation/depreciation on investments			1,223,328				(5,362,457	)

Change in net assets resulting from operations			1,477,542				4,410,185

Dividends to Shareholders:
From net investment income			—				(2,465,868	)
From net realized gains			—				(1,821,593	)

Change in net assets resulting from dividends to shareholders			—				(4,287,461	)

Capital Transactions:
Proceeds from shares issued			20,770,480				100,908,487
Proceeds from dividends reinvested			—				4,287,461
Value of shares redeemed			(9,215,868	)			(12,645,781	)

Change in net assets resulting from capital transactions			11,554,612				92,550,167

Change in net assets			13,032,154				92,672,891
Net Assets:
Beginning of period			297,190,678				204,517,787

End of period		$	310,222,832			$	297,190,678

Accumulated net investment income/(loss)		$	4,268,017			$	4,497,800

Share Transactions:
Shares issued			1,638,125				7,973,033
Dividends reinvested			—				334,435
Shares redeemed			(723,715	)			(1,026,114	)

Change in shares			914,410				7,281,354

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, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013				April 27, 2012 to December 31, 2012(a)
	(Unaudited)
Net Asset Value, Beginning of Period		$	12.49			$	12.39			$	10.52			$	10.00

Investment Activities:
Net Investment Income/(Loss)			(0.02	)			0.12				0.12				0.13
Net Realized and Unrealized Gains/(Losses) on Investments			0.09				0.17				1.75				0.56

Total from Investment Activities			0.07				0.29				1.87				0.69

Dividends to Shareholders From:
Net Investment Income			—				(0.11	)			—				(0.13	)
Net Realized Gains			—				(0.08	)			—	(b)			(0.04	)

Total Dividends			—				(0.19	)			—	(b)			(0.17	)

Net Asset Value, End of Period		$	12.56			$	12.49			$	12.39			$	10.52

Total Return(c)			0.56	%(d)			2.33	%			17.79	%			6.87	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	310,223			$	297,191			$	204,518			$	44,647
Net Investment Income/(Loss)(e)			(0.15	)%			1.42	%			1.75	%			3.46	%
Expenses Before Reductions*(e)(f)			0.15	%			0.15	%			0.17	%			0.48	%
Expenses Net of Reductions*(e)			0.15	%			0.15	%			0.15	%			0.15	%
Portfolio Turnover Rate			3	%(d)			4	%			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.

See accompanying notes to the financial statements.

AZL MVP Franklin Templeton Founding Strategy Plus Fund

Notes to the Financial Statements

June 30, 2015 (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”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 13 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Franklin Templeton Founding Strategy Plus Fund (the “Fund”), and 12 are presented in separate reports.

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, 2015 (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 $15.4 million as of June 30, 2015. The monthly average notional amount for these contracts was $15.3 million for the period ended June 30, 2015. 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, 2015:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Risk Exposure

Equity Contracts

Receivable for variation margin on futures contracts

—

Payable for variation margin on futures contracts

197,837

Interest Rate Risk Exposure

Interest Rate

—

52,326

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2015:


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

Equity Risk Exposure

Equity Contracts	Net Realized gains/(losses) on futures contracts/Change in unrealized appreciation/depreciation on investments	$	426,420	$	(340,070	)

Interest Rate Risk Exposure

Interest Rate			108,260		(83,745	)

3. Related Party Transactions

For the period ended June 30, 2015, 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	%

At June 30, 2015, the contractual reimbursements that are subject to repayment by the Fund in subsequent years were as follows:


	Expires 12/31/2016
AZL MVP Franklin Templeton Founding Strategy Plus Fund		$	2,311

AZL MVP Franklin Templeton Founding Strategy Plus Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)


	Fair Value 12/31/14			Purchases at Cost			Proceeds from Sales				Fair Value 6/30/15			Dividend Income
AZL Franklin Templeton Founding Strategy Plus Fund		$	283,526,559		$	17,796,926		$	(8,253,647	)		$	294,666,297		$	—

		$	283,526,559		$	17,796,926		$	(8,253,647	)		$	294,666,297		$	—

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

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, 2015, $1,586 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, 2015, 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, 2015 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Total

Affiliated Investment Companies		$	294,666,297			$	—		$	294,666,297
Unaffiliated Investment Company			9,000,509				—			9,000,509

Total Investment Securities			303,666,806				—			303,666,806

Other Financial Instruments:*
Futures Contracts			(250,163	)			—			(250,163	)

Total Investments		$	303,416,643			$	—		$	303,416,643

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

AZL MVP Franklin Templeton Founding Strategy Plus Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

5. Security Purchases and Sales

For the period ended June 30, 2015, 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		$	17,796,926		$	8,253,647

6. Investment Risks

7. Federal Tax Information

Cost for federal income tax purposes at June 30, 2015 is $291,646,487. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	12,218,131
Unrealized depreciation		(197,812	)

Net unrealized appreciation/(depreciation)	$	12,020,319

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL MVP Franklin Templeton Founding Strategy Plus Fund		$	2,795,652		$	1,491,809		$	4,287,461

(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, 2014, 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		$	5,014,725		$	4,790,363		$	—		$	10,434,541		$	20,239,629

(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, 2015, 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.		SARRPT0615 8/15

AZL MVP Fusion^SM Balanced Fund

Semi-Annual Report

June 30, 2015

(Unaudited)

LOGO

Table of Contents

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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 1/1/15			Ending Account Value 6/30/15			Expenses Paid During Period 1/1/15 - 6/30/15*			Annualized Expense Ratio During Period 1/1/15 - 6/30/15
AZL MVP Fusion Balanced Fund		$	1,000.00		$	1,016.10		$	1.10		0.22	%


	Beginning Account Value 1/1/15			Ending Account Value 6/30/15			Expenses Paid During Period 1/1/15 - 6/30/15*			Annualized Expense Ratio During Period 1/1/15 - 6/30/15
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		47.9
Domestic Equities		31.4
International Equities		15.7
Money Market		3.2

Total Investment Securities		98.2
Net other assets (liabilities)		1.8

Net Assets		100.0	%

AZL MVP Fusion Balanced Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)


Shares			Fair Value

	Affiliated Investment Companies (95.0%):
	958,156	AZL BlackRock Capital Appreciation Fund	$	18,894,845
	1,209,887	AZL Boston Company Research Growth Fund		18,983,119
	1,295,195	AZL DFA International Core Equity Fund		12,576,347
	1,297,292	AZL DFA U.S. Core Equity Fund		12,713,459
	1,894,314	AZL DFA U.S. Small Cap Fund		18,905,256
	841,915	AZL Federated Clover Small Value Fund		18,875,738
	2,103,146	AZL Gateway Fund		25,469,096
	1,528,507	AZL International Index Fund		24,761,814
	1,882,903	AZL Invesco Growth and Income Fund		31,387,996
	1,944,112	AZL Invesco International Equity Fund		36,977,017
	2,376,706	AZL JPMorgan International Opportunities Fund		43,279,818
	2,615,942	AZL JPMorgan U.S. Equity Fund		43,817,033
	14,141,983	AZL MetWest Total Return Bond Fund		142,126,925
	814,223	AZL MFS Investors Trust Fund		18,946,965
	980,041	AZL MFS Mid Cap Value Fund		12,681,735
	2,855,926	AZL MFS Value Fund		37,641,103
	519,558	AZL Mid Cap Index Fund		12,682,412
	1,673,472	AZL Morgan Stanley Global Real Estate Fund		18,190,637
	722,620	AZL Morgan Stanley Mid Cap Growth Fund		12,530,227
	2,104,458	AZL NFJ International Value Fund		24,643,200
	1,574,973	AZL Oppenheimer Discovery Fund		25,262,566
	13,917,982	AZL Pyramis Total Bond Fund		141,963,414


Shares			Fair Value

	Affiliated Investment Companies, continued
	1,245,803	AZL Russell 1000 Growth Index Fund	$	22,063,172
	3,617,137	AZL Russell 1000 Value Index Fund		53,099,575
	1,611,117	AZL Schroder Emerging Markets Equity Fund, Class 2		12,147,825
	1,626,008	AZL Wells Fargo Large Cap Growth Fund		18,894,212
	1,573,454	NFJ Dividend Value Portfolio		18,944,390
	1,399,802	PIMCO PVIT Global Advantage Strategy Bond Portfolio		12,710,204
	4,813,406	PIMCO PVIT High Yield Portfolio		37,881,508
	7,211,155	PIMCO PVIT Low Duration Portfolio		76,221,908
	3,964,350	PIMCO PVIT Real Return Portfolio		50,783,324
	12,780,323	PIMCO PVIT Total Return Portfolio		141,861,584

	Total Affiliated Investment Companies (Cost $997,665,982)			1,197,918,424

	Unaffiliated Investment Company (3.2%):
	40,002,265	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.61%(a)		40,002,265

	Total Unaffiliated Investment Company (Cost $40,002,265)			40,002,265

	Total Investment Securities (Cost $1,037,668,247)(b) — 98.2%		$	1,237,920,689
	Net other assets (liabilities) — 1.8%			22,979,869

	Net Assets — 100.0%		$	1,260,900,558

Percentages indicated are based on net assets as of June 30, 2015.

(a)	The rate represents the effective yield at June 30, 2015.

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

Futures Contracts

Cash of $23,268,676 has been segregated to cover margin requirements for the following open contracts as of June 30, 2015:


Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note September Futures		Long		9/21/15		250	$	31,542,969	$	(286,858	)
S&P 500 Index E-Mini September Futures		Long		9/18/15		306		31,432,320		(677,593	)

Total									$	(964,451	)

See accompanying notes to the financial statements.

AZL MVP Fusion Balanced Fund

Statement of Assets and Liabilities

June 30, 2015 (Unaudited)


Assets:
Investments in non-affiliates, at cost	$	40,002,265
Investments in affiliates, at cost		997,665,982

Total Investment securities, at cost	$	1,037,668,247

Investments in non-affiliates, at value	$	40,002,265
Investments in affiliates, at value		1,197,918,424

Total Investment securities, at value	$	1,237,920,689
Segregated cash for collateral		23,268,676
Interest and dividends receivable		675,442
Receivable for affiliated investments sold		183,323
Receivable for variation margin on futures contracts		62
Prepaid expenses		1,895

Total Assets		1,262,050,087

Liabilities:
Cash overdraft		409,114
Payable for capital shares redeemed		477,555
Payable for variation margin on futures contracts		190
Manager fees payable		209,605
Administration fees payable		8,422
Custodian fees payable		728
Administrative and compliance services fees payable		1,528
Trustee fees payable		10,006
Other accrued liabilities		32,381

Total Liabilities		1,149,529

Net Assets	$	1,260,900,558

Net Assets Consist of:
Capital	$	983,201,752
Accumulated net investment income/(loss)		18,697,243
Accumulated net realized gains/(losses) from investment transactions		59,713,572
Net unrealized appreciation/(depreciation) on investments		199,287,991

Net Assets	$	1,260,900,558

Shares of beneficial interest (unlimited number of shares authorized, no par value)		95,326,051
Net Asset Value (offering and redemption price per share)	$	13.23

Statement of Operations

For the Six Months Ended June 30, 2015 (Unaudited)


Investment Income:
Dividends from affiliates		3,675,311
Dividends		1,282

Total Investment Income		3,676,593

Expenses:
Manager fees		1,274,423
Administration fees		31,446
Custodian fees		1,448
Administrative and compliance services fees		8,985
Trustee fees		36,103
Professional fees		24,710
Shareholder reports		18,355
Other expenses		11,234

Total expenses		1,406,704

Net Investment Income/(Loss)		2,269,889

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		21,379,056
Net realized gains distributions from affiliated underlying funds		1,732,704
Net realized gains/(losses) on futures contracts		2,148,263
Change in net unrealized appreciation/depreciation on investments		(8,148,737	)

Net Realized/Unrealized Gains/(Losses) on Investments		17,111,286

Change in Net Assets Resulting From Operations	$	19,381,175

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, 2015				For the Year Ended December 31, 2014
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	2,269,889			$	14,545,010
Net realized gains/(losses) on investment transactions			25,260,023				52,165,650
Change in unrealized appreciation/depreciation on investments			(8,148,737	)			(8,187,229	)

Change in net assets resulting from operations			19,381,175				58,523,431

Dividends to Shareholders:
From net investment income			—				(17,586,673	)

Change in net assets resulting from dividends to shareholders			—				(17,586,673	)

Capital Transactions:
Proceeds from shares issued			22,037,687				29,886,573
Proceeds from dividends reinvested			—				17,586,673
Value of shares redeemed			(61,090,835	)			(90,500,923	)

Change in net assets resulting from capital transactions			(39,053,148	)			(43,027,677	)

Change in net assets			(19,671,973	)			(2,090,919	)
Net Assets:
Beginning of period			1,280,572,531				1,282,663,450

End of period		$	1,260,900,558			$	1,280,572,531

Accumulated net investment income/(loss)		$	18,697,243			$	16,427,354

Share Transactions:
Shares issued			1,662,042				2,325,667
Dividends reinvested			—				1,359,094
Shares redeemed			(4,600,869	)			(7,031,350	)

Change in shares			(2,938,827	)			(3,346,589	)

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, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013				Year Ended December 31, 2012				Year Ended December 31, 2011				Year Ended December 31, 2010
	(Unaudited)
Net Asset Value, Beginning of Period		$	13.03			$	12.62			$	11.52			$	10.55			$	10.92			$	10.10

Investment Activities:
Net Investment Income/(Loss)			0.03				0.15				0.12				0.17				0.17				0.10
Net Realized and Unrealized Gains/(Losses) on Investments			0.17				0.44				1.19				1.03				(0.27	)			1.00

Total from Investment Activities			0.20				0.59				1.31				1.20				(0.10	)			1.10

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

Total Dividends			—				(0.18	)			(0.21	)			(0.23	)			(0.27	)			(0.28	)

Net Asset Value, End of Period		$	13.23			$	13.03			$	12.62			$	11.52			$	10.55			$	10.92

Total Return(a)			1.61	%(b)			4.59	%			11.46	%			11.39	%			(0.90	)%			11.07	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	1,260,901			$	1,280,573			$	1,282,663			$	1,017,893			$	909,669			$	818,193
Net Investment Income/(Loss)(c)			0.36	%			1.13	%			1.27	%			1.48	%			1.85	%			1.75	%
Expenses Before Reductions*(c)(d)			0.22	%			0.22	%			0.22	%			0.23	%			0.23	%			0.24	%
Expenses Net of Reductions*(c)			0.22	%			0.22	%			0.21	%			0.18	%			0.18	%			0.19	%
Portfolio Turnover Rate(e)			6	%(b)			23	%			6	%			32	%			20	%			34	%

*	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, 2015 (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”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 13 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Fusion Balanced Fund (the “Fund”), and 12 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Dividends to Shareholders

Expense Allocation

Derivative Instruments

AZL MVP Fusion Balanced Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

Futures Contracts

During the period ended June 30, 2015, 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 $63.0 million as of June 30, 2015. The monthly average notional amount for these contracts was $64.0 million for the period ended June 30, 2015. 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, 2015:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair

Value*

Statement of Assets and Liabilities Location

Total Fair

Value*

Equity Risk Exposure

Equity Contracts

Receivable for variation margin on futures contracts

—

Payable for variation margin on futures contracts

677,593

Interest Rate Risk Exposure

Interest Rate

—

286,858

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2015:


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

Equity Risk Exposure

Equity Contracts	Net Realized gains/(losses) on futures contracts/Change in unrealized appreciation/depreciation on investments	$	1,525,899	$	(1,186,189	)

Interest Rate Risk Exposure

Interest Rate			622,364		(459,410	)

3. Related Party Transactions

For the period ended June 30, 2015, 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, 2015 (Unaudited)


	Fair Value 12/31/14			Purchases at Cost			Proceeds from Sales				Fair Value 6/30/15			Dividend Income
AZL BlackRock Capital Appreciation Fund		$	19,875,712		$	119,395		$	(2,251,426	)		$	18,894,845		$	—
AZL Boston Company Research Growth Fund			19,727,257			—			(1,454,856	)			18,983,119			—
AZL DFA International Core Equity Fund			—			12,975,200			(23,734	)			12,576,347			—
AZL DFA U.S. Core Equity Fund			—			12,975,200			(2,230	)			12,713,459			—
AZL DFA U.S. Small Cap Fund			—			19,538,173			(602,168	)			18,905,256			—
AZL Federated Clover Small Cap Value Fund			26,186,044			55,421			(7,742,132	)			18,875,738			—
AZL Gateway Fund			26,259,806			—			(1,317,506	)			25,469,096			—
AZL International Index Fund			36,428,892			190,751			(14,646,711	)			24,761,814			—
AZL Invesco Growth and Income Fund			32,548,310			—			(1,789,025	)			31,387,996			—
AZL Invesco International Equity Fund			37,266,902			164,408			(1,795,614	)			36,977,017			—
AZL JPMorgan International Opportunities Fund			49,084,204			1,116,432			(10,485,138	)			43,279,818			—
AZL JPMorgan U.S. Equity Fund			51,657,319			87,371			(8,925,763	)			43,817,033			—
AZL MetWest Total Return Bond Fund			142,794,878			4,248,453			(4,647,460	)			142,126,925			—
AZL MFS Investors Trust Fund			19,852,080			—			(1,192,818	)			18,946,965			—
AZL MFS Mid Cap Value Fund			13,475,398			—			(1,211,651	)			12,681,735			—
AZL MFS Value Fund			38,891,140			—			(1,719,735	)			37,641,103			—
AZL Mid Cap Index Fund			13,461,097			—			(1,302,003	)			12,682,412			—
AZL Morgan Stanley Global Real Estate Fund			19,811,486			173,263			(1,449,225	)			18,190,637			—
AZL Morgan Stanley Mid Cap Growth Fund			13,110,612			112,864			(1,035,952	)			12,530,227			—
AZL NFJ International Value Fund			24,048,617			1,221,017			(1,106,536	)			24,643,200			—
AZL Oppenheimer Discovery Fund			32,684,920			878,755			(11,689,444	)			25,262,566			—
AZL Pyramis Total Bond Fund			143,165,670			2,825,326			(4,892,277	)			141,963,414			—
AZL Russell 1000 Growth Index Fund			29,398,512			—			(8,560,220	)			22,063,172			—
AZL Russell 1000 Value Index Fund			54,709,819			195,331			(1,319,081	)			53,099,575			—
AZL Schroder Emerging Markets Equity Fund, Class 2			11,804,530			349,513			(353,233	)			12,147,825			—
AZL Wells Fargo Large Cap Growth Fund			19,884,319			—			(1,623,685	)			18,894,212			—
NFJ Dividend Value Portfolio			19,823,707			38,600			(531,161	)			18,944,390			333,121
PIMCO PVIT Global Advantage Strategy Bond Portfolio			12,318,514			798,127			—				12,710,204			116,081
PIMCO PVIT High Yield Portfolio			38,611,944			546,877			(1,426,209	)			37,881,508			992,865
PIMCO PVIT Low Duration Portfolio			76,991,971			748,770			(1,799,021	)			76,221,908			622,786
PIMCO PVIT Real Return Portfolio			50,425,165			1,105,743			(759,134	)			50,783,324			25,235
PIMCO PVIT Total Return Portfolio			142,843,162			6,287,849			(6,784,947	)			141,861,584			1,585,223

		$	1,217,141,987		$	66,752,839		$	(104,440,095	)		$	1,197,918,424		$	3,675,311

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

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, 2015, $6,735 was paid from the Fund relating to these fees and expenses.

AZL MVP Fusion Balanced Fund

Notes to the Financial Statements

June 30, 2015 (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)

For the period ended June 30, 2015, 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, 2015 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Total

Affiliated Investment Company		$	1,197,918,424			$	—		$	1,197,918,424
Unaffiliated Investment Company			40,002,265				—			40,002,265

Total Investment Securities			1,237,920,689				—			1,237,920,689

Other Financial Instruments:*
Futures Contracts			(964,451	)			—			(964,451	)

Total Investments		$	1,236,956,238			$	—		$	1,236,956,238

*	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, 2015, 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		$	70,340,613		$	104,440,095

6. Investment Risks

7. Federal Tax Information

AZL MVP Fusion Balanced Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

Cost for federal income tax purposes at June 30, 2015 is $1,051,801,185. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	203,047,672
Unrealized depreciation		(16,928,168	)

Net unrealized appreciation/(depreciation)	$	186,119,504

During the year ended December 31, 2014, the Fund utilized $923,166 in capital loss carry forwards to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL MVP Fusion Balanced Fund		$	17,586,673		$	—		$	17,586,673

(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, 2014, 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

18,065,900

47,784,762

—

192,466,969

258,317,631

(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.		SARRPT0615 8/15

AZL MVP Fusion^SM Conservative Fund

Semi-Annual Report

June 30, 2015

(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 1/1/15			Ending Account Value 6/30/15			Expenses Paid During Period 1/1/15 - 6/30/15*			Annualized Expense Ratio During Period 1/1/15 - 6/30/15
AZL MVP Fusion Conservative Fund		$	1,000.00		$	1,011.10		$	1.20		0.24	%


	Beginning Account Value 1/1/15			Ending Account Value 6/30/15			Expenses Paid During Period 1/1/15 - 6/30/15*			Annualized Expense Ratio During Period 1/1/15 - 6/30/15
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		61.9
Domestic Equities		24.2
International Equities		8.9
Money Market		2.6

Total Investment Securities		97.6
Net other assets (liabilities)		2.4

Net Assets		100.0	%

AZL MVP Fusion Conservative Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)


Shares			Fair Value

	Affiliated Investment Companies (95.0%):
	134,982	AZL BlackRock Capital Appreciation Fund	$	2,661,853
	170,048	AZL Boston Company Research Growth Fund		2,668,054
	271,836	AZL DFA U.S. Core Equity Fund		2,663,997
	177,469	AZL Federated Clover Small Value Fund		3,978,851
	333,597	AZL Gateway Fund		4,039,858
	324,388	AZL International Index Fund		5,255,089
	398,789	AZL Invesco Growth and Income Fund		6,647,816
	278,498	AZL Invesco International Equity Fund		5,297,030
	289,000	AZL JPMorgan International Opportunities Fund		5,262,681
	397,649	AZL JPMorgan U.S. Equity Fund		6,660,620
	3,769,297	AZL MetWest Total Return Bond Fund		37,881,432
	114,438	AZL MFS Investors Trust Fund		2,662,972
	205,738	AZL MFS Mid Cap Value Fund		2,662,253
	606,034	AZL MFS Value Fund		7,987,532
	109,064	AZL Mid Cap Index Fund		2,662,255
	244,130	AZL Morgan Stanley Global Real Estate Fund		2,653,696
	153,524	AZL Morgan Stanley Mid Cap Growth Fund		2,662,106
	334,194	AZL Oppenheimer Discovery Fund		5,360,473
	3,713,866	AZL Pyramis Total Bond Fund		37,881,432


Shares			Fair Value

	Affiliated Investment Companies, continued
	94,110	AZL Russell 1000 Growth Index Fund	$	1,666,692
	567,143	AZL Russell 1000 Value Index Fund		8,325,664
	229,181	AZL Wells Fargo Large Cap Growth Fund		2,663,088
	331,664	NFJ Dividend Value Portfolio		3,993,234
	298,408	PIMCO PVIT Global Advantage Strategy Bond Portfolio		2,709,542
	1,715,472	PIMCO PVIT High Yield Portfolio		13,500,766
	2,309,079	PIMCO PVIT Low Duration Portfolio		24,406,964
	1,062,235	PIMCO PVIT Real Return Portfolio		13,607,232
	3,406,962	PIMCO PVIT Total Return Portfolio		37,817,277

	Total Affiliated Investment Companies (Cost $233,536,707)			256,240,459

	Unaffiliated Investment Company (2.6%):
	7,000,397	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.61%(a)		7,000,397

	Total Unaffiliated Investment Company (Cost $7,000,397)			7,000,397

	Total Investment Securities (Cost $240,537,104)(b) — 97.6%			263,240,856
	Net other assets (liabilities) — 2.4%			6,407,964

	Net Assets — 100.0%		$	269,648,820

Percentages indicated are based on net assets as of June 30, 2015.

(a)	The rate represents the effective yield at June 30, 2015.

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

Futures Contracts

Cash of $6,562,317 has been segregated to cover margin requirements for the following open contracts as of June 30, 2015:


Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note September Futures		Long		9/21/15		69	$	8,705,859	$	(76,323	)
S&P 500 Index E-Mini September Futures		Long		9/18/15		45		4,622,400		(99,881	)

Total									$	(176,204	)

See accompanying notes to the financial statements.

AZL MVP Fusion Conservative Fund

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	7,000,397
Investments in affiliates, at cost		233,536,707

Total Investment securities, at cost	$	240,537,104

Investments in non-affiliates, at value	$	7,000,397
Investments in affiliates, at value		256,240,459

Total Investment securities, at value	$	263,240,856
Segregated cash for collateral		6,562,317
Interest and dividends receivable		202,398
Receivable for affiliated investments sold		237,688
Receivable for variation margin on futures contracts		31
Prepaid expenses		439

Total Assets		270,243,729

Liabilities:
Cash overdraft		313,602
Payable for capital shares redeemed		220,560
Payable for variation margin on futures contracts		95
Manager fees payable		45,038
Administration fees payable		4,678
Custodian fees payable		661
Administrative and compliance services fees payable		323
Trustee fees payable		2,080
Other accrued liabilities		7,872

Total Liabilities		594,909

Net Assets	$	269,648,820

Net Assets Consist of:
Capital	$	232,353,945
Accumulated net investment income/(loss)		4,504,984
Accumulated net realized gains/(losses) from investment transactions		10,262,343
Net unrealized appreciation/(depreciation) on investments		22,527,548

Net Assets	$	269,648,820

Shares of beneficial interest (unlimited number of shares authorized, no par value)		21,108,293
Net Asset Value (offering and redemption price per share)	$	12.77

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends from affiliates	$	1,072,594
Dividends		227

Total Investment Income		1,072,821

Expenses:
Manager fees		270,832
Administration fees		25,645
Custodian fees		1,242
Administrative and compliance services fees		1,723
Trustee fees		6,934
Professional fees		8,211
Shareholder reports		3,520
Other expenses		2,059

Total expenses		320,166

Net Investment Income/(Loss)		752,655

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		1,856,444
Net realized gains distributions from affiliated underlying funds		369,986
Net realized gains/(losses) on futures contracts		396,721
Change in net unrealized appreciation/depreciation on investments		(393,152	)

Net Realized/Unrealized Gains/(Losses) on Investments		2,229,999

Change in Net Assets Resulting From Operations	$	2,982,654

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, 2015				For the Year Ended December 31, 2014
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	752,655			$	3,384,778
Net realized gains/(losses) on investment transactions			2,623,151				9,140,737
Change in unrealized appreciation/depreciation on investments			(393,152	)			263,260

Change in net assets resulting from operations			2,982,654				12,788,775

Dividends to Shareholders:
From net investment income			—				(4,025,698	)
From net realized gains			—				(6,534,825	)

Change in net assets resulting from dividends to shareholders			—				(10,560,523	)

Capital Transactions:
Proceeds from shares issued			17,967,432				40,295,850
Proceeds from dividends reinvested			—				10,560,523
Value of shares redeemed			(22,744,690	)			(46,873,345	)

Change in net assets resulting from capital transactions			(4,777,258	)			3,983,028

Change in net assets			(1,794,604	)			6,211,280
Net Assets:
Beginning of period			271,443,424				265,232,144

End of period		$	269,648,820			$	271,443,424

Accumulated net investment income/(loss)		$	4,504,984			$	3,752,329

Share Transactions:
Shares issued			1,397,763				3,167,571
Dividends reinvested			—				844,166
Shares redeemed			(1,773,053	)			(3,694,660	)

Change in shares			(375,290	)			317,077

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, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013				Year Ended December 31, 2012				Year Ended December 31, 2011				Year Ended December 31, 2010
	(Unaudited)
Net Asset Value, Beginning of Period		$	12.63			$	12.53			$	11.99			$	11.05			$	11.18			$	10.08

Investment Activities:
Net Investment Income/(Loss)			0.04				0.16				0.16				0.14				0.04				0.13
Net Realized and Unrealized Gains/(Losses) on Investments			0.10				0.44				0.78				1.10				0.03				0.97

Total from Investment Activities			0.14				0.60				0.94				1.24				0.07				1.10

Dividends to Shareholders From:
Net Investment Income			—				(0.19	)			(0.27	)			(0.20	)			(0.17	)			—	(a)
Net Realized Gains			—				(0.31	)			(0.13	)			(0.10	)			(0.03	)			—	(a)

Total Dividends			—				(0.50	)			(0.40	)			(0.30	)			(0.20	)			—	(a)

Net Asset Value, End of Period		$	12.77			$	12.63			$	12.53			$	11.99			$	11.05			$	11.18

Total Return(b)			1.11	%(c)			4.81	%			7.96	%			11.27	%			0.64	%			10.96	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	269,649			$	271,443			$	265,232			$	253,325			$	188,191			$	89,707
Net Investment Income/(Loss)(d)			0.56	%			1.25	%			1.29	%			1.65	%			2.12	%			2.04	%
Expenses Before Reductions*(d)(e)			0.24	%			0.24	%			0.24	%			0.25	%			0.28	%			0.34	%
Expenses Net of Reductions*(d)			0.24	%			0.24	%			0.22	%			0.20	%			0.23	%			0.26	%
Portfolio Turnover Rate(f)			8	%(c)			36	%			15	%			36	%			19	%			34	%

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

(a)	Represents less than $0.005.

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

(c)	Not annualized.

(d)	Annualized for periods less than one year.

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

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

See accompanying notes to the financial statements.

AZL MVP Fusion Conservative Fund

Notes to the Financial Statements

June 30, 2015 (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”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 13 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Fusion Conservative Fund (the “Fund”), and 12 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Dividends to Shareholders

Expense Allocation

Derivative Instruments

AZL MVP Fusion Conservative Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

Futures Contracts

During the period ended June 30, 2015, 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 $13.3 million as of June 30, 2015. The monthly average notional amount for these contracts was $13.5 million for the period ended June 30, 2015. 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, 2015:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Risk Exposure

Equity Contracts

Receivable for variation margin on futures contracts

—

Payable for variation margin on futures contracts

99,881

Interest Rate Risk Exposure

Interest Rate

—

76,323

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2015:


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

Equity Risk Exposure

Equity Contracts	Net Realized gains/(losses) on futures contracts/Change in unrealized appreciation/depreciation on investments	$	228,530	$	(174,360	)

Interest Rate Risk Exposure

Interest Rate			168,191		(124,086	)

3. Related Party Transactions

For the period ended June 30, 2015, 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, 2015 (Unaudited)


	Fair Value 12/31/14			Purchases at Cost			Proceeds from Sales				Fair Value 6/30/15			Dividend Income
AZL BlackRock Capital Appreciation Fund		$	2,728,425		$	120,550		$	(348,632	)		$	2,661,853		$	—
AZL Boston Company Research Growth Fund			2,703,135			110,703			(245,204	)			2,668,054			—
AZL DFA U.S. Core Equity Fund			—			2,787,670			(69,793	)			2,663,997			—
AZL Federated Clover Small Cap Value Fund			4,065,573			282,496			(420,559	)			3,978,851			—
AZL Gateway Fund			4,076,672			52,568			(172,060	)			4,039,858			—
AZL International Index Fund			5,345,818			291,112			(716,680	)			5,255,089			—
AZL Invesco Growth and Income Fund			6,740,134			421,244			(656,755	)			6,647,816			—
AZL Invesco International Equity Fund			5,430,116			229,100			(556,068	)			5,297,030			—
AZL JPMorgan International Opportunities Fund			5,341,461			268,329			(707,860	)			5,262,681			—
AZL JPMorgan U.S. Equity Fund			8,088,866			584,637			(2,186,608	)			6,660,620			—
AZL MetWest Total Return Bond Fund			37,739,616			2,740,928			(2,518,808	)			37,881,432			—
AZL MFS Investors Trust Fund			2,725,571			93,455			(197,220	)			2,662,972			—
AZL MFS Mid Cap Value Fund			2,722,282			98,359			(245,937	)			2,662,253			—
AZL MFS Value Fund			8,086,530			605,834			(812,926	)			7,987,532			—
AZL Mid Cap Index Fund			2,722,937			89,957			(259,517	)			2,662,255			—
AZL Morgan Stanley Global Real Estate Fund			2,711,474			163,972			(167,029	)			2,653,696			—
AZL Morgan Stanley Mid Cap Growth Fund			2,715,303			130,295			(252,903	)			2,662,106			—
AZL Oppenheimer Discovery Fund			5,421,347			561,322			(1,228,638	)			5,360,473			—
AZL Pyramis Total Bond Fund			37,778,544			2,051,778			(2,167,242	)			37,881,432			—
AZL Russell 1000 Growth Index Fund			3,056,008			50,594			(1,587,374	)			1,666,692			—
AZL Russell 1000 Value Index Fund			8,406,436			652,325			(664,676	)			8,325,664			—
AZL Wells Fargo Large Cap Growth Fund			2,722,503			104,448			(252,338	)			2,663,088			—
NFJ Dividend Value Portfolio			4,064,492			246,951			(239,344	)			3,993,234			71,132
PIMCO PVIT Global Advantage Strategy Bond Portfolio			2,661,241			173,128			(37,320	)			2,709,542			24,968
PIMCO PVIT High Yield Portfolio			13,675,957			740,123			(963,912	)			13,500,766			350,206
PIMCO PVIT Low Duration Portfolio			24,316,703			1,607,218			(1,604,084	)			24,406,964			198,670
PIMCO PVIT Real Return Portfolio			13,396,134			1,010,199			(803,842	)			13,607,232			6,718
PIMCO PVIT Total Return Portfolio			37,760,300			3,238,667			(3,038,954	)			37,817,277			420,900

		$	257,203,578		$	19,507,962		$	(23,122,283	)		$	256,240,459		$	1,072,594

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

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, 2015, $1,425 was paid from the Fund relating to these fees and expenses.

AZL MVP Fusion Conservative Fund

Notes to the Financial Statements

June 30, 2015 (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)

For the period ended June 30, 2015, 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, 2015 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Total

Affiliated Investment Company		$	256,240,459			$	—		$	256,240,459
Unaffiliated Investment Company			7,000,397				—			7,000,397

Total Investment Securities			263,240,856				—			263,240,856

Other Financial Instruments:*
Futures Contracts			(176,204	)			—			(176,204	)

Total Investments		$	263,064,652			$	—		$	263,064,652

*	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, 2015, 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		$	20,397,426		$	23,122,283

6. Investment Risks

7. Federal Tax Information

Cost for federal income tax purposes at June 30, 2015 is $242,094,481. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	23,765,043
Unrealized depreciation		(2,618,668	)

Net unrealized appreciation/(depreciation)	$	21,146,375

AZL MVP Fusion Conservative Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

Ordinary
Income

Net

Long-Term
Capital Gains

Total
Distributions(a)

AZL MVP Fusion Conservative Fund

4,342,171

6,218,352

10,560,523

(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, 2014, 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

4,227,032

8,718,805

—

21,366,384

34,312,221

(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.		SARRPT0615 8/15

AZL MVP Fusion^SM Growth Fund

Semi-Annual Report

June 30, 2015

(Unaudited)

LOGO

Table of Contents

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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 1/1/15			Ending Account Value 6/30/15			Expenses Paid During Period 1/1/15 - 6/30/15*			Annualized Expense Ratio During Period 1/1/15 - 6/30/15
AZL MVP Fusion Growth Fund		$	1,000.00		$	1,023.30		$	1.10		0.22	%


	Beginning Account Value 1/1/15			Ending Account Value 6/30/15			Expenses Paid During Period 1/1/15 - 6/30/15*			Annualized Expense Ratio During Period 1/1/15 - 6/30/15
AZL MVP Fusion Growth Fund		$	1,000.00		$	1,023.69		$	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		44.0
International Equities		31.8
Fixed Income		19.3
Money Market		4.0

Total Investment Securities		99.1
Net other assets (liabilities)		0.9

Net Assets		100.0	%

AZL MVP Fusion Growth Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)


Shares			Fair Value

	Affiliated Investment Companies (95.1%):
	1,046,031	AZL BlackRock Capital Appreciation Fund	$	20,627,736
	1,320,337	AZL Boston Company Research Growth Fund		20,716,094
	2,110,754	AZL DFA International Core Equity Fund		20,495,426
	2,110,668	AZL DFA U.S. Core Equity Fund		20,684,542
	1,655,470	AZL DFA U.S. Small Cap Fund		16,521,590
	735,682	AZL Federated Clover Small Value Fund		16,493,981
	2,070,954	AZL Gateway Fund		25,079,256
	2,514,172	AZL International Index Fund		40,729,580
	1,485,670	AZL Invesco Growth and Income Fund		24,766,111
	2,571,179	AZL Invesco International Equity Fund		48,903,823
	3,581,104	AZL JPMorgan International Opportunities Fund		65,211,904
	2,710,905	AZL JPMorgan U.S. Equity Fund		45,407,660
	3,327,718	AZL MetWest Total Return Bond Fund		33,443,570
	711,565	AZL MFS Investors Trust Fund		16,558,119
	1,279,260	AZL MFS Mid Cap Value Fund		16,553,627
	2,506,353	AZL MFS Value Fund		33,033,733
	340,776	AZL Mid Cap Index Fund		8,318,335
	2,238,753	AZL Morgan Stanley Global Real Estate Fund		24,335,248
	950,017	AZL Morgan Stanley Mid Cap Growth Fund		16,473,288
	2,436,264	AZL NFJ International Value Fund		28,528,653
	1,294,715	AZL Oppenheimer Discovery Fund		20,767,230


Shares			Fair Value

	Affiliated Investment Companies, continued
	3,278,781	AZL Pyramis Total Bond Fund	$	33,443,570
	935,963	AZL Russell 1000 Growth Index Fund		16,575,901
	1,971,018	AZL Russell 1000 Value Index Fund		28,934,550
	1,612,812	AZL Schroder Emerging Markets Equity Fund, Class 2		12,160,602
	1,778,611	AZL Wells Fargo Large Cap Growth Fund		20,667,455
	1,375,085	NFJ Dividend Value Portfolio		16,556,028
	2,758,182	PIMCO PVIT Global Advantage Strategy Bond Portfolio		25,044,294
	1,070,625	PIMCO PVIT High Yield Portfolio		8,425,822
	801,911	PIMCO PVIT Low Duration Portfolio		8,476,196
	1,316,493	PIMCO PVIT Real Return Portfolio		16,864,269
	3,009,959	PIMCO PVIT Total Return Portfolio		33,410,541

	Total Affiliated Investment Companies (Cost $593,745,415)			784,208,734

	Unaffiliated Investment Company (4.0%):
	33,001,868	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.61%(a)		33,001,868

	Total Unaffiliated Investment Company (Cost $33,001,868)			33,001,868

	Total Investment Securities (Cost $626,747,283)(b) — 99.1%			817,210,602
	Net other assets (liabilities) — 0.9%			7,670,513

	Net Assets — 100.0%		$	824,881,115

Percentages indicated are based on net assets as of June 30, 2015.

(a)	The rate represents the effective yield at June 30, 2015.

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

Futures Contracts

Cash of $8,305,417 has been segregated to cover margin requirements for the following open contracts as of June 30, 2015:


Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note September Futures		Long		9/21/15		65	$	8,201,172	$	(73,333	)
S&P 500 Index E-Mini September Futures		Long		9/18/15		319		32,767,680		(705,819	)

Total									$	(779,152	)

See accompanying notes to the financial statements.

AZL MVP Fusion Growth Fund

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	33,001,868
Investments in affiliates, at cost		593,745,415

Total Investment securities, at cost	$	626,747,283

Investments in non-affiliates, at value	$	33,001,868
Investments in affiliates, at value		784,208,734

Total Investment securities, at value	$	817,210,602
Segregated cash for collateral		8,305,417
Interest and dividends receivable		188,662
Receivable for affiliated investments sold		656,713
Receivable for variation margin on futures contracts		1,443
Prepaid expenses		1,369

Total Assets		826,364,206

Liabilities:
Cash overdraft		676,967
Payable for capital shares redeemed		628,521
Payable for variation margin on futures contracts		844
Manager fees payable		138,493
Administration fees payable		7,155
Custodian fees payable		752
Administrative and compliance services fees payable		1,033
Trustee fees payable		6,786
Other accrued liabilities		22,540

Total Liabilities		1,483,091

Net Assets	$	824,881,115

Net Assets Consist of:
Capital	$	735,919,053
Accumulated net investment income/(loss)		10,089,230
Accumulated net realized gains/(losses) from investment transactions		(110,811,335	)
Net unrealized appreciation/(depreciation) on investments		189,684,167

Net Assets	$	824,881,115

Shares of beneficial interest (unlimited number of shares authorized, no par value)		62,710,869
Net Asset Value (offering and redemption price per share)	$	13.15

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends from affiliates	$	1,196,230
Dividends		1,056

Total Investment Income		1,197,286

Expenses:
Manager fees		845,814
Administration fees		29,395
Custodian fees		1,221
Administrative and compliance services fees		5,877
Trustee fees		23,598
Professional fees		17,017
Shareholder reports		12,042
Other expenses		7,561

Total expenses		942,525

Net Investment Income/(Loss)		254,761

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		31,124,809
Net realized gains distributions from affiliated underlying funds		1,526,739
Net realized gains/(losses) on futures contracts		1,743,310
Change in net unrealized appreciation/depreciation on investments		(14,800,455	)

Net Realized/Unrealized Gains/(Losses) on Investments		19,594,403

Change in Net Assets Resulting From Operations	$	19,849,164

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, 2015				For the Year Ended December 31, 2014
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	254,761			$	8,050,748
Net realized gains/(losses) on investment transactions			34,394,858				63,487,663
Change in unrealized appreciation/depreciation on investments			(14,800,455	)			(33,339,195	)

Change in net assets resulting from operations			19,849,164				38,199,216

Dividends to Shareholders:
From net investment income			—				(11,282,347	)

Change in net assets resulting from dividends to shareholders			—				(11,282,347	)

Capital Transactions:
Proceeds from shares issued			2,975,898				17,404,243
Proceeds from dividends reinvested			—				11,282,347
Value of shares redeemed			(57,717,320	)			(124,883,787	)

Change in net assets resulting from capital transactions			(54,741,422	)			(96,197,197	)

Change in net assets			(34,892,258	)			(69,280,328	)
Net Assets:
Beginning of period			859,773,373				929,053,701

End of period		$	824,881,115			$	859,773,373

Accumulated net investment income/(loss)		$	10,089,230			$	9,834,469

Share Transactions:
Shares issued			225,876				1,375,970
Dividends reinvested			—				878,004
Shares redeemed			(4,392,836	)			(9,880,723	)

Change in shares			(4,166,960	)			(7,626,749	)

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, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013				Year Ended December 31, 2012				Year Ended December 31, 2011				Year Ended December 31, 2010
	(Unaudited)
Net Asset Value, Beginning of Period		$	12.86			$	12.47			$	10.61			$	9.51			$	10.15			$	9.15

Investment Activities:
Net Investment Income/(Loss)			0.01				0.13				0.14				0.12				0.16				0.12
Net Realized and Unrealized Gains/(Losses) on Investments			0.28				0.42				1.88				1.14				(0.61	)			1.05

Total from Investment Activities			0.29				0.55				2.02				1.26				(0.45	)			1.17

Dividends to Shareholders From:
Net Investment Income			—				(0.16	)			(0.16	)			(0.16	)			(0.19	)			(0.17	)

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

Net Asset Value, End of Period		$	13.15			$	12.86			$	12.47			$	10.61			$	9.51			$	10.15

Total Return(a)			2.33	%(b)			4.36	%			19.10	%			13.29	%			(4.43	)%			12.90	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	824,881			$	859,773			$	929,054			$	825,122			$	727,185			$	864,986
Net Investment Income/(Loss)(c)			0.06	%			0.90	%			1.12	%			1.16	%			1.32	%			1.16	%
Expenses Before Reductions*(c)(d)			0.22	%			0.22	%			0.22	%			0.23	%			0.23	%			0.24	%
Expenses Net of Reductions*(c)			0.22	%			0.22	%			0.21	%			0.18	%			0.18	%			0.19	%
Portfolio Turnover Rate(e)			8	%(b)			15	%			8	%			25	%			24	%			48	%

*	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, 2015 (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”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 13 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Fusion Growth Fund (the “Fund”), and 12 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Dividends to Shareholders

Expense Allocation

Derivative Instruments

AZL MVP Fusion Growth Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

Futures Contracts

During the period ended June 30, 2015, 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 $41.0 million as of June 30, 2015. The monthly average notional amount for these contracts was $42.2 million for the period ended June 30, 2015. 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, 2015:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Risk Exposure

Equity Contracts

Receivable for variation margin on futures contracts

—

Payable for variation margin on futures contracts

705,819

Interest Rate Risk Exposure

Interest Rate

—

73,333

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2015:


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

Equity Risk Exposure

Equity Contracts	Net Realized gains/(losses) on futures contracts/Change in unrealized appreciation/depreciation on investments	$	1,582,029	$	(1,259,262	)

Interest Rate Risk Exposure

Interest Rate			161,281		(119,691	)

3. Related Party Transactions

For the period ended June 30, 2015, 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, 2015 (Unaudited)


	Fair Value 12/31/14			Purchases at Cost			Proceeds from Sales				Fair Value 6/30/15			Dividend Income
AZL BlackRock Capital Appreciation Fund		$	26,500,875		$	—		$	(7,466,345	)		$	20,627,736		$	—
AZL Boston Company Research Growth Fund			26,393,340			—			(6,663,986	)			20,716,094			—
AZL DFA International Core Equity Fund			—			21,605,100			(500,553	)			20,495,426			—
AZL DFA U.S. Core Equity Fund			—			21,605,100			(496,918	)			20,684,542			—
AZL DFA U.S. Small Cap Fund			—			17,284,100			(733,901	)			16,521,590			—
AZL Federated Clover Small Cap Value Fund			26,549,309			—			(10,448,437	)			16,493,981			—
AZL Gateway Fund			25,849,557			—			(1,288,059	)			25,079,256			—
AZL International Index Fund			49,702,805			54,613			(12,471,120	)			40,729,580			—
AZL Invesco Growth and Income Fund			26,410,038			—			(2,141,042	)			24,766,111			—
AZL Invesco International Equity Fund			60,164,639			—			(13,822,582	)			48,903,823			—
AZL JPMorgan International Opportunities Fund			67,395,226			—			(6,665,161	)			65,211,904			—
AZL JPMorgan U.S. Equity Fund			52,281,965			—			(7,820,380	)			45,407,660			—
AZL MetWest Total Return Bond Fund			33,744,568			815,300			(1,043,311	)			33,443,570			—
AZL MFS Investors Trust Fund			17,811,292			—			(1,502,101	)			16,558,119			—
AZL MFS Mid Cap Value Fund			17,923,175			—			(1,905,227	)			16,553,627			—
AZL MFS Value Fund			34,986,619			—			(2,359,131	)			33,033,733			—
AZL Mid Cap Index Fund			9,085,516			—			(1,107,079	)			8,318,335			—
AZL Morgan Stanley Global Real Estate Fund			26,098,025			742,131			(1,999,640	)			24,335,248			—
AZL Morgan Stanley Mid Cap Growth Fund			17,807,714			—			(1,760,888	)			16,473,288			—
AZL NFJ International Value Fund			33,059,509			34,077			(5,408,172	)			28,528,653			—
AZL Oppenheimer Discovery Fund			26,496,826			—			(8,392,955	)			20,767,230			—
AZL Pyramis Total Bond Fund			33,618,179			453,800			(822,547	)			33,443,570			—
AZL Russell 1000 Growth Index Fund			22,136,992			—			(6,441,897	)			16,575,901			—
AZL Russell 1000 Value Index Fund			39,325,334			—			(10,207,105	)			28,934,550			—
AZL Schroder Emerging Markets Equity Fund			12,079,658			32,453			(301,500	)			12,160,602			—
AZL Wells Fargo Large Cap Growth Fund			22,208,980			—			(2,224,490	)			20,667,455			—
NFJ Dividend Value Portfolio			17,829,946			—			(924,294	)			16,556,028			293,523
PIMCO PVIT Global Advantage Strategy Bond Portfolio			24,429,424			1,782,736			(358,199	)			25,044,294			229,422
PIMCO PVIT High Yield Portfolio			8,605,808			110,016			(323,414	)			8,425,822			221,567
PIMCO PVIT Low Duration Portfolio			8,587,823			14,713			(157,708	)			8,476,196			69,473
PIMCO PVIT Real Return Portfolio			16,428,197			445,457			—				16,864,269			8,265
PIMCO PVIT Total Return Portfolio			33,812,676			998,668			(1,272,855	)			33,410,541			373,980

		$	817,324,015		$	65,978,264		$	(119,030,997	)		$	784,208,734		$	1,196,230

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

AZL MVP Fusion Growth Fund

Notes to the Financial Statements

June 30, 2015 (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, 2015, $4,496 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, 2015, 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, 2015 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Total

Affiliated Investment Company		$	784,208,734			$	—		$	784,208,734
Unaffiliated Investment Company			33,001,868				—			33,001,868

Total Investment Securities			817,210,602				—			817,210,602

Other Financial Instruments:*
Futures Contracts			(779,152	)			—			(779,152	)

Total Investments		$	816,431,450			$	—		$	816,431,450

*	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, 2015, 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		$	68,212,408		$	119,030,997

6. Investment Risks

AZL MVP Fusion Growth Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

7. Federal Tax Information

Cost for federal income tax purposes at June 30, 2015 is $662,583,512. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	195,825,967
Unrealized depreciation		(41,198,877	)

Net unrealized appreciation/(depreciation)	$	154,627,090

As of the end of its tax year ended December 31, 2014, 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 Growth Fund		$	107,095,550

During the year ended December 31, 2014, the Fund utilized $57,504,670 in CLCFs to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL MVP Fusion Growth Fund		$	11,282,347		$	—		$	11,282,347

(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, 2014, 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

9,834,469

—

(107,095,550

)

166,373,979

69,112,898

(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.		SARRPT0615 8/15

AZL MVP Fusion^SM Moderate Fund

Semi-Annual Report

June 30, 2015

(Unaudited)

LOGO

Table of Contents

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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 1/1/15			Ending Account Value 6/30/15			Expenses Paid During Period 1/1/15 - 6/30/15*			Annualized Expense Ratio During Period 1/1/15 - 6/30/15
AZL MVP Fusion Moderate Fund		$	1,000.00		$	1,019.20		$	1.10		0.22	%


	Beginning Account Value 1/1/15			Ending Account Value 6/30/15			Expenses Paid During Period 1/1/15 - 6/30/15*			Annualized Expense Ratio During Period 1/1/15 - 6/30/15
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		37.8
Fixed Income		33.6
International Equities		23.6
Money Market		3.6

Total Investment Securities		98.6
Net other assets (liabilities)		1.4

Net Assets		100.0	%

AZL MVP Fusion Moderate Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)


Shares			Fair Value
	Affiliated Investment Companies (95.0%):
	2,713,010	AZL BlackRock Capital Appreciation Fund	$	53,500,564
	3,426,430	AZL Boston Company Research Growth Fund		53,760,683
	5,474,807	AZL DFA International Core Equity Fund		53,160,379
	4,120,102	AZL DFA U.S. Core Equity Fund		40,377,004
	5,364,749	AZL DFA U.S. Small Cap Fund		53,540,197
	1,792,136	AZL Federated Clover Small Value Fund		40,179,687
	5,592,247	AZL Gateway Fund		67,722,109
	4,883,893	AZL International Index Fund		79,119,068
	4,808,507	AZL Invesco Growth and Income Fund		80,157,820
	6,892,318	AZL Invesco International Equity Fund		131,091,887
	8,659,008	AZL JPMorgan International Opportunities Fund		157,680,540
	6,372,943	AZL JPMorgan U.S. Equity Fund		106,746,796
	19,967,901	AZL MetWest Total Return Bond Fund		200,677,407
	2,305,908	AZL MFS Investors Trust Fund		53,658,486
	3,116,327	AZL MFS Mid Cap Value Fund		40,325,274
	7,098,284	AZL MFS Value Fund		93,555,377
	1,108,145	AZL Mid Cap Index Fund		27,049,828
	4,772,288	AZL Morgan Stanley Global Real Estate Fund		51,874,766
	2,297,432	AZL Morgan Stanley Mid Cap Growth Fund		39,837,473
	6,725,982	AZL NFJ International Value Fund		78,761,246
	3,358,016	AZL Oppenheimer Discovery Fund		53,862,571


Shares			Fair Value
	Affiliated Investment Companies, continued
	19,674,256	AZL Pyramis Total Bond Fund	$	200,677,407
	2,843,628	AZL Russell 1000 Growth Index Fund		50,360,661
	7,041,813	AZL Russell 1000 Value Index Fund		103,373,820
	3,443,266	AZL Schroder Emerging Markets Equity Fund, Class 2		25,962,222
	4,613,045	AZL Wells Fargo Large Cap Growth Fund		53,603,584
	4,456,119	NFJ Dividend Value Portfolio		53,651,676
	8,922,284	PIMCO PVIT Global Advantage Strategy Bond Portfolio		81,014,341
	6,859,011	PIMCO PVIT High Yield Portfolio		53,980,417
	7,701,363	PIMCO PVIT Low Duration Portfolio		81,403,402
	6,346,154	PIMCO PVIT Real Return Portfolio		81,294,237
	18,037,206	PIMCO PVIT Total Return Portfolio		200,212,990

	Total Affiliated Investment Companies (Cost $2,067,749,804)			2,542,173,919

	Unaffiliated Investment Company (3.6%):
	96,005,435	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.61%(a)		96,005,435

	Total Unaffiliated Investment Company (Cost $96,005,435)			96,005,435

	Total Investment Securities (Cost $2,163,755,239)(b) — 98.6%		$	2,638,179,354
	Net other assets (liabilities) — 1.4%			38,380,939

	Net Assets — 100.0%		$	2,676,560,293

Percentages indicated are based on net assets as of June 30, 2015.

(a)	The rate represents the effective yield at June 30, 2015.

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

Futures Contracts

Cash of $37,869,901 has been segregated to cover margin requirements for the following open contracts as of June 30, 2015:


Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note September Futures		Long		9/21/15		371	$	46,809,766	$	(429,051	)
S&P 500 Index E-Mini September Futures		Long		9/18/15		841		86,387,520		(1,859,619	)

Total									$	(2,288,670	)

See accompanying notes to the financial statements.

AZL MVP Fusion Moderate Fund

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	96,005,435
Investments in affiliates, at cost		2,067,749,804

Total Investment securities, at cost	$	2,163,755,239

Investments in non-affiliates, at value	$	96,005,435
Investments in affiliates, at value		2,542,173,919

Total Investment securities, at value	$	2,638,179,354
Segregated cash for collateral		37,869,901
Interest and dividends receivable		1,047,261
Receivable for capital shares issued		180,465
Receivable for affiliated investments sold		1,255,344
Receivable for variation margin on futures contracts		2,164
Prepaid expenses		3,932

Total Assets		2,678,538,421

Liabilities:
Cash overdraft		1,302,079
Payable for capital shares redeemed		125,277
Payable for variation margin on futures contracts		1,425
Manager fees payable		446,638
Administration fees payable		13,289
Custodian fees payable		835
Administrative and compliance services fees payable		3,223
Trustee fees payable		21,097
Other accrued liabilities		64,265

Total Liabilities		1,978,128

Net Assets	$	2,676,560,293

Net Assets Consist of:
Capital	$	2,036,674,095
Accumulated net investment income/(loss)		36,254,761
Accumulated net realized gains/(losses) from investment transactions		131,495,992
Net unrealized appreciation/(depreciation) on investments		472,135,445

Net Assets	$	2,676,560,293

Shares of beneficial interest (unlimited number of shares authorized, no par value)		201,224,109
Net Asset Value (offering and redemption price per share)	$	13.30

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends from affiliates	$	6,041,750
Dividends		3,078

Total Investment Income		6,044,828

Expenses:
Manager fees		2,712,273
Administration fees		38,257
Custodian fees		1,229
Administrative and compliance services fees		19,618
Trustee fees		78,821
Professional fees		50,521
Shareholder reports		36,882
Other expenses		23,929

Total expenses		2,961,530

Net Investment Income/(Loss)		3,083,298

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		62,753,840
Net realized gains distributions from affiliated underlying funds		4,928,287
Net realized gains/(losses) on futures contracts		5,079,773
Change in net unrealized appreciation/depreciation on investments		(23,959,981	)

Net Realized/Unrealized Gains/(Losses) on Investments		48,801,919

Change in Net Assets Resulting From Operations	$	51,885,217

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, 2015				For the Year Ended December 31, 2014
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	3,083,298			$	28,594,521
Net realized gains/(losses) on investment transactions			72,761,900				122,139,921
Change in unrealized appreciation/depreciation on investments			(23,959,981	)			(35,669,080	)

Change in net assets resulting from operations			51,885,217				115,065,362

Dividends to Shareholders:
From net investment income			—				(35,104,942	)

Change in net assets resulting from dividends to shareholders			—				(35,104,942	)

Capital Transactions:
Proceeds from shares issued			12,420,927				58,591,865
Proceeds from dividends reinvested			—				35,104,942
Value of shares redeemed			(112,157,399	)			(202,433,238	)

Change in net assets resulting from capital transactions			(99,736,472	)			(108,736,431	)

Change in net assets			(47,851,255	)			(28,776,011	)
Net Assets:
Beginning of period			2,724,411,548				2,753,187,559

End of period		$	2,676,560,293			$	2,724,411,548

Accumulated net investment income/(loss)		$	36,254,761			$	33,171,463

Share Transactions:
Shares issued			930,534				4,555,478
Dividends reinvested			—				2,694,163
Shares redeemed			(8,416,513	)			(15,696,602	)

Change in shares			(7,485,979	)			(8,446,961	)

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, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013				Year Ended December 31, 2012				Year Ended December 31, 2011				Year Ended December 31, 2010
	(Unaudited)
Net Asset Value, Beginning of Period		$	13.05			$	12.68			$	11.17			$	10.09			$	10.58			$	9.63

Investment Activities:
Net Investment Income/(Loss)			0.02				0.14				0.11				0.13				0.14				0.05
Net Realized and Unrealized Gains/(Losses) on Investments			0.23				0.40				1.57				1.13				(0.44	)			1.07

Total from Investment Activities			0.25				0.54				1.68				1.26				(0.30	)			1.12

Dividends to Shareholders From:
Net Investment Income			—				(0.17	)			(0.17	)			(0.18	)			(0.19	)			(0.17	)

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

Net Asset Value, End of Period		$	13.30			$	13.05			$	12.68			$	11.17			$	10.09			$	10.58

Total Return(a)			1.92	%(b)			4.24	%			15.17	%			12.53	%			(2.84	)%			11.74	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	2,676,560			$	2,724,412			$	2,753,188			$	2,068,583			$	1,808,566			$	1,545,100
Net Investment Income/(Loss)(c)			0.23	%			1.04	%			1.22	%			1.34	%			1.63	%			1.47	%
Expenses Before Reductions*(c)(d)			0.22	%			0.22	%			0.22	%			0.23	%			0.22	%			0.24	%
Expenses Net of Reductions*(c)			0.22	%			0.22	%			0.21	%			0.18	%			0.17	%			0.19	%
Portfolio Turnover Rate(e)			7	%(b)			20	%			5	%			23	%			19	%			32	%

*	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, 2015 (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”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 13 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Fusion Moderate Fund (the “Fund”), and 12 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Dividends to Shareholders

Expense Allocation

Derivative Instruments

AZL MVP Fusion Moderate Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

Futures Contracts

During the period ended June 30, 2015, 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 $133.2 million as of June 30, 2015. The monthly average notional amount for these contracts was $136.1 million for the period ended June 30, 2015. 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, 2015:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Risk Exposure

Equity Contracts

Receivable for variation margin on futures contracts

—

Payable for variation margin on futures contracts

1,859,619

Interest Rate Risk Exposure

Interest Rate

—

429,051

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2015:


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

Equity Risk Exposure

Equity Contracts	Net Realized gains/(losses) on futures contracts/Change in unrealized appreciation/depreciation on investments	$	4,159,953	$	(3,286,498	)

Interest Rate Risk Exposure

Interest Rate			919,820		(685,850	)

3. Related Party Transactions

For the period ended June 30, 2015, 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, 2015 (Unaudited)


	Fair Value 12/31/14			Purchases at Cost			Proceeds from Sales				Fair Value 6/30/15			Dividend Income
AZL BlackRock Capital Appreciation Fund		$	—		$	55,504,300		$	(763,630	)		$	53,500,564		$	—
AZL Boston Company Research Growth Fund			—			41,628,300			(424,653	)			53,760,683			—
AZL DFA International Core Equity Fund			—			55,504,200			(1,869,069	)			53,160,379			—
AZL DFA U.S. Core Equity Fund			56,246,615			—			(16,876,512	)			40,377,004			—
AZL DFA U.S. Small Cap Fund			69,831,357			—			(3,509,064	)			53,540,197			—
AZL Federated Clover Small Cap Value Fund			127,823,253			14,167			(58,827,324	)			40,179,687			—
AZL Gateway Fund			83,951,971			—			(5,400,583	)			67,722,109			—
AZL International Index Fund			145,549,441			—			(20,403,037	)			79,119,068			—
AZL Invesco Growth and Income Fund			155,018,852			622,599			(8,441,180	)			80,157,820			—
AZL Invesco International Equity Fund			138,232,655			—			(34,313,154	)			131,091,887			—
AZL JPMorgan International Opportunities Fund			201,341,839			4,821,292			(5,057,037	)			157,680,540			—
AZL JPMorgan U.S. Equity Fund			56,918,316			—			(4,073,570	)			106,746,796			—
AZL MetWest Total Return Bond Fund			43,320,440			—			(4,310,793	)			200,677,407			—
AZL MFS Investors Trust Fund			97,553,893			—			(5,155,503	)			53,658,486			—
AZL MFS Mid Cap Value Fund			29,335,210			—			(3,415,818	)			40,325,274			—
AZL MFS Value Fund			56,501,171			764,900			(4,380,355	)			93,555,377			—
AZL Mid Cap Index Fund			41,608,536			—			(2,839,619	)			27,049,828			—
AZL Morgan Stanley Global Real Estate Fund			88,772,000			1,427,903			(13,695,461	)			51,874,766			—
AZL Morgan Stanley Mid Cap Growth Fund			70,672,892			396,471			(24,370,163	)			39,837,473			—
AZL NFJ International Value Fund			201,333,431			2,510,200			(4,336,372	)			78,761,246			—
AZL Oppenheimer Discovery Fund			67,056,266			—			(19,436,262	)			53,862,571			—
AZL Pyramis Total Bond Fund			107,478,243			—			(3,150,728	)			200,677,407			—
AZL Russell 1000 Growth Index Fund			25,368,083			—			(104,300	)			50,360,661			—
AZL Russell 1000 Value Index Fund			56,918,760			—			(5,121,808	)			103,373,820			—
AZL Schroder Emerging Markets Equity Fund			56,747,437			—			(1,989,896	)			25,962,222			—
AZL Wells Fargo Large Cap Growth Fund			78,499,434			5,656,689			(545,641	)			53,603,584			—
NFJ Dividend Value Portfolio			55,136,145			706,413			(2,075,217	)			53,651,676			947,487
PIMCO PVIT Global Advantage Strategy Bond Portfolio			82,364,548			689,734			(1,949,793	)			81,014,341			736,023
PIMCO PVIT High Yield Portfolio			80,533,389			1,275,265			(511,012	)			53,980,417			1,420,338
PIMCO PVIT Low Duration Portfolio			201,799,438			5,465,609			(6,298,820	)			81,403,402			665,653
PIMCO PVIT Real Return Portfolio			—			—			—				81,294,237			40,151
PIMCO PVIT Total Return Portfolio			2,589,523,072			176,988,042			(275,302,160	)			200,212,990			2,232,098

		$	2,589,523,072		$	24,351,242		$	(272,244,808	)		$	2,542,173,919		$	6,041,750

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

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, 2015, $14,324 was paid from the Fund relating to these fees and expenses.

AZL MVP Fusion Moderate Fund

Notes to the Financial Statements

June 30, 2015 (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)

For the period ended June 30, 2015, 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, 2015 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Total

Affiliated Investment Company		$	2,542,173,919			$	—		$	2,542,173,919
Unaffiliated Investment Company			96,005,435				—			96,005,435

Total Investment Securities			2,638,179,354				—			2,638,179,354

Other Financial Instruments:*
Futures Contracts			(2,288,670	)			—			(2,288,670	)

Total Investments		$	2,635,890,684			$	—		$	2,635,890,684

*	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, 2015, 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		$	185,186,800		$	275,302,160

6. Investment Risks

7. Federal Tax Information

AZL MVP Fusion Moderate Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

Cost for federal income tax purposes at June 30, 2015 is $2,201,929,934. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	488,557,334
Unrealized depreciation		(52,307,914	)

Net unrealized appreciation/(depreciation)	$	436,249,420

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL MVP Fusion Moderate Fund		$	35,104,942		$	—		$	35,104,942

(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, 2014, 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

33,171,463

99,506,848

—

455,322,670

588,000,981

(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.		SARRPT0615 8/15

AZL^® MVP Growth Index Strategy Fund

Semi-Annual Report

June 30, 2015

(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
1/1/15

Ending
Account Value
6/30/15

Expenses Paid
During Period

1/1/15 - 6/30/15*

Annualized

Expense Ratio

During Period

1/1/15 - 6/30/15

AZL MVP Growth Index Strategy Fund

1,000.00

1,020.90

0.60

0.12

Beginning
Account Value
1/1/15

Ending
Account Value
6/30/15

Expenses Paid

During Period

1/1/15 - 6/30/15*

Annualized

Expense Ratio

During Period

1/1/15 - 6/30/15

AZL MVP Growth Index Strategy Fund

1,000.00

1,024.19

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		51.9	%
Fixed Income		24.2
International Equities		18.8
Money Market		2.5

Total Investment Securities		97.4
Net other assets (liabilities)		2.6

Net Assets		100.0	%

AZL MVP Growth Index Strategy Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)


Shares			Fair Value

	Affiliated Investment Companies (94.9%):
	28,575,837	AZL Enhanced Bond Index Fund	$	317,477,544
	15,228,944	AZL International Index Fund		246,708,889
	5,827,686	AZL Mid Cap Index Fund		142,253,815
	32,073,852	AZL S&P 500 Index Fund, Class 2		466,674,547
	4,513,021	AZL Small Cap Stock Index Fund		72,343,719

	Total Affiliated Investment Companies (Cost $1,098,358,668)			1,245,458,514

	Unaffiliated Investment Companies (2.5%):
	33,001,868	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.61%(a)		33,001,868

	Total Unaffiliated Investment Companies (Cost $33,001,868)			33,001,868

	Total Investment Securities (Cost $1,131,360,536)(b) — 97.4%			1,278,460,382
	Net other assets (liabilities) — 2.6%			34,275,107

	Net Assets — 100.0%		$	1,312,735,489

Percentages indicated are based on net assets as of June 30, 2015.

(a)	The rate represents the effective yield at June 30, 2015.

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

Futures Contracts

Cash of $32,702,396 has been segregated to cover margin requirements for the following open contracts as of June 30, 2015:


Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note September Futures		Long		9/21/15		130	$	16,402,344	$	(143,112	)
S&P 500 Index E-Mini September Futures		Long		9/18/15		476		48,894,720		(1,051,024	)

Total									$	(1,194,136	)

See accompanying notes to the financial statements.

AZL MVP Growth Index Strategy Fund

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	33,001,868
Investments in affiliates, at cost		1,098,358,668

Total Investment securities, at cost	$	1,131,360,536

Investments in non-affiliates, at value	$	33,001,868
Investments in affiliates, at value		1,245,458,514

Total Investment securities, at value	$	1,278,460,382
Segregated cash for collateral		32,702,396
Interest and dividends receivable		165
Receivable for capital shares issued		1,722,364
Receivable for variation margin on futures contracts		1,804
Prepaid expenses		1,563

Total Assets		1,312,888,674

Liabilities:
Payable for variation margin on futures contracts		1,103
Manager fees payable		108,284
Administration fees payable		6,919
Custodian fees payable		545
Administrative and compliance services fees payable		1,562
Trustee fees payable		9,567
Other accrued liabilities		25,207

Total Liabilities		153,185

Net Assets	$	1,312,735,489

Net Assets Consist of:
Capital	$	1,143,865,530
Accumulated net investment income/(loss)		10,311,013
Accumulated net realized gains/(losses) from investment transactions		12,653,236
Net unrealized appreciation/(depreciation) on investments		145,905,710

Net Assets	$	1,312,735,489

Shares of beneficial interest (unlimited number of shares authorized, no par value)		92,497,924
Net Asset Value (offering and redemption price per share)	$	14.19

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	1,058

Total Investment Income		1,058

Expenses:
Manager fees		604,134
Administration fees		31,511
Custodian fees		1,136
Administrative and compliance services fees		8,910
Trustee fees		36,028
Professional fees		23,550
Shareholder reports		16,705
Other expenses		10,271

Total expenses		732,245

Net Investment Income/(Loss)		(731,187	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		(98,113	)
Net realized gains/(losses) on futures contracts		2,311,400
Change in net unrealized appreciation/depreciation on investments		20,839,508

Net Realized/Unrealized Gains/(Losses) on Investments		23,052,795

Change in Net Assets Resulting From Operations	$	22,321,608

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, 2015				For the Year Ended December 31, 2014
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(731,187	)		$	10,048,718
Net realized gains/(losses) on investment transactions			2,213,287				12,398,613
Change in unrealized appreciation/depreciation on investments			20,839,508				37,623,793

Change in net assets resulting from operations			22,321,608				60,071,124

Dividends to Shareholders:
From net investment income			—				(7,493,815	)
From net realized gains			—				(6,092,693	)

Change in net assets resulting from dividends to shareholders			—				(13,586,508	)

Capital Transactions:
Proceeds from shares issued			178,881,042				302,032,705
Proceeds from dividends reinvested			—				13,586,508
Value of shares redeemed			(6,724,376	)			(12,452,843	)

Change in net assets resulting from capital transactions			172,156,666				303,166,370

Change in net assets			194,478,274				349,650,986
Net Assets:
Beginning of period			1,118,257,215				768,606,229

End of period		$	1,312,735,489			$	1,118,257,215

Accumulated net investment income/(loss)		$	10,311,013			$	11,042,200

Share Transactions:
Shares issued			12,507,663				22,290,139
Dividends reinvested			—				990,270
Shares redeemed			(474,021	)			(922,984	)

Change in shares			12,033,642				22,357,425

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, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013				January 10, 2012 to December 31, 2012 (a)
	(Unaudited)
Net Asset Value, Beginning of Period		$	13.90			$	13.23			$	10.95			$	10.00

Investment Activities:
Net Investment Income/(Loss)			(0.03	)			0.10				0.10				0.09
Net Realized and Unrealized Gains/(Losses) on Investments			0.32				0.75				2.18				1.01

Total from Investment Activities			0.29				0.85				2.28				1.10

Dividends to Shareholders From:
Net Investment Income			—				(0.10	)			—				(0.12	)
Net Realized Gains			—				(0.08	)			—	(b)			(0.03	)

Total Dividends			—				(0.18	)			—	(b)			(0.15	)

Net Asset Value, End of Period		$	14.19			$	13.90			$	13.23			$	10.95

Total Return(c)			2.09	%(d)			6.47	%			20.85	%			10.98	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	1,312,735			$	1,118,257			$	768,606			$	261,143
Net Investment Income/(Loss)(e)			(0.12	)%			1.05	%			1.25	%			1.47	%
Expenses Before Reductions*(e)(f)			0.12	%			0.12	%			0.13	%			0.22	%
Expenses Net of Reductions*(e)			0.12	%			0.12	%			0.13	%			0.15	%
Portfolio Turnover Rate(h)			—	(d)(g)			1	%			—	(g)			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 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)	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, 2015 (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”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 13 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Growth Index Strategy Fund (the “Fund”), and 12 are presented in separate reports.

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

AZL MVP Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

Futures Contracts

During the period ended June 30, 2015, 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 $65.3 million as of June 30, 2015. The monthly average notional amount for these contracts was $61.2 million for the period ended June 30, 2015. 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, 2015:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Risk Exposure

Equity Contracts

Receivable for variation margin on futures contracts

—

Payable for variation margin on futures contracts

1,051,024

Interest Rate Risk Exposure

Interest Rate

—

143,112

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2015:


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

Equity Risk Exposure

Equity Contracts	Net Realized gains/(losses) on futures contracts/Change in unrealized appreciation/depreciation on investments	$	2,046,584	$	(1,720,433	)

Interest Rate Risk Exposure

Interest Rate			264,816		(217,707	)

3. Related Party Transactions

For the period ended June 30, 2015, 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, 2015 (Unaudited)


	Fair Value 12/31/14			Purchases at Cost			Proceeds from Sales				Fair Value 6/30/15			Dividend Income
AZL Enhanced Bond Index Fund		$	268,142,739		$	51,953,498		$	(1,660,869	)		$	317,477,544		$	—
AZL International Index Fund			211,919,894			25,335,483			(2,974,017	)			246,708,889			—
AZL Mid Cap Index Fund			123,162,130			14,345,307			—				142,253,815			—
AZL S&P 500 Index Fund, Class 2			397,761,428			65,775,274			(772,439	)			466,674,547			—
AZL Small Cap Stock Index Fund			62,588,596			7,201,954			—				72,343,719			—

		$	1,063,574,787		$	164,611,516		$	(5,407,325	)		$	1,245,458,514		$	—

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

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, 2015, $6,052 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, 2015, 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, 2015 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Total

Affiliated Investment Company		$	1,245,458,514			$	—		$	1,245,458,514
Unaffiliated Investment Company			33,001,868				—			33,001,868

Total Investment Securities			1,278,460,382				—			1,278,460,382

Other Financial Instruments:*
Futures Contracts			(1,194,136	)			—			(1,194,136	)

Total Investments		$	1,277,266,246			$	—		$	1,277,266,246

*	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, 2015, 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		$	164,611,516		$	5,407,325

6. Investment Risks

7. Federal Tax Information

Cost for federal income tax purposes at June 30, 2015 is $1,131,872,423. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	147,099,846
Unrealized depreciation		(511,887	)

Net unrealized appreciation/(depreciation)	$	146,587,959

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL MVP Growth Index Strategy Fund		$	9,327,632		$	4,258,876		$	13,586,508

(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, 2014, 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

13,168,265

9,389,019

—

123,991,067

146,548,351

(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 Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

8. 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.

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The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0615 8/15

AZL^® MVP Invesco Equity and Income Fund

Semi-Annual Report

June 30, 2015

(Unaudited)

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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
1/1/15

Ending
Account Value
6/30/15

Expenses Paid
During Period
1/1/15 - 6/30/15*

Annualized
Expense Ratio
During Period

1/1/15 - 6/30/15

AZL MVP Invesco Equity and Income Fund

1,000.00

1,012.50

0.65

0.13

Beginning
Account Value
1/1/15

Ending
Account Value
6/30/15

Expenses Paid
During Period
1/1/15 - 6/30/15*

Annualized
Expense Ratio
During Period

1/1/15 - 6/30/15

AZL MVP Invesco Equity and Income 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
Domestic Equities		94.9
Money Markets		2.8

Total Investment Securities		97.7
Net other assets (liabilities)		2.3

Net Assets		100.0	%

AZL MVP Invesco Equity and Income Fund

Schedule of Portfolio Investments

June 30, 2015 (Unaudited)


Shares			Fair Value

	Affiliated Investment Company (94.9%):
	29,388,408	AZL Invesco Equity and Income Fund
			$	491,374,186

	Total Affiliated Investment Company (Cost $435,802,678)			491,374,186

	Unaffiliated Investment Companies (2.8%):
	358,311	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.00%(a)		358,311
	14,000,793	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.61%(a)		14,000,793

	Total Unaffiliated Investment Companies (Cost $14,359,104)			14,359,104

	Total Investment Securities (Cost $450,161,782)(b) — 97.7%			505,733,290
	Net other assets (liabilities) — 2.3%			11,643,606

	Net Assets — 100.0%		$	517,376,896

Percentages indicated are based on net assets as of June 30, 2015.

(a)	The rate represents the effective yield at June 30, 2015.

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

Futures Contracts

Cash of $11,965,259 has been segregated to cover margin requirements for the following open contracts as of June 30, 2015:


Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note September Futures		Long		9/21/15		82	$	10,346,094	$	(94,888	)
S&P 500 Index E-Mini September Futures		Long		9/18/15		150		15,408,000		(330,895	)

Total									$	(425,783	)

See accompanying notes to the financial statements.

AZL MVP Invesco Equity and Income Fund

Statement of Assets and Liabilities

June 30, 2015

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	14,359,104
Investments in affiliates, at cost		435,802,678

Total Investment securities, at cost	$	450,161,782

Investments in non-affiliates, at value	$	14,359,104
Investments in affiliates, at value		491,374,186

Total Investment securities, at value	$	505,733,290
Cash		42,131
Segregated cash for collateral		11,965,259
Interest and dividends receivable		70
Receivable for capital shares issued		109,492
Receivable for variation margin on futures contracts		361
Prepaid expenses		595

Total Assets		517,851,198

Liabilities:
Payable for affiliated investments purchased		400,443
Payable for variation margin on futures contracts		258
Manager fees payable		42,824
Administration fees payable		4,875
Custodian fees payable		505
Administrative and compliance services fees payable		587
Trustee fees payable		3,726
Other accrued liabilities		21,084

Total Liabilities		474,302

Net Assets	$	517,376,896

Net Assets Consist of:
Capital	$	446,703,953
Accumulated net investment income/(loss)		2,217,927
Accumulated net realized gains/(losses) from investment transactions		13,309,291
Net unrealized appreciation/(depreciation) on investments		55,145,725

Net Assets	$	517,376,896

Shares of beneficial interest (unlimited number of shares authorized, no par value)		35,561,507
Net Asset Value (offering and redemption price per share)	$	14.55

Statement of Operations

For the Six Months Ended June 30, 2015

(Unaudited)


Investment Income:
Dividends	$	449

Total Investment Income		449

Expenses:
Manager fees		246,966
Administration fees		27,324
Custodian fees		966
Administrative and compliance services fees		3,386
Trustee fees		13,623
Professional fees		22,756
Shareholder reports		14,433
Other expenses		3,839

Total expenses		333,293

Net Investment Income/(Loss)		(332,844	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		196,352
Net realized gains/(losses) on futures contracts		862,007
Change in net unrealized appreciation/depreciation on investments		5,504,896

Net Realized/Unrealized Gains/(Losses) on Investments		6,563,255

Change in Net Assets Resulting From Operations	$	6,230,411

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, 2015				For the Year Ended December 31, 2014
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(332,844	)		$	2,550,773
Net realized gains/(losses) on investment transactions			1,058,359				12,464,029
Change in unrealized appreciation/depreciation on investments			5,504,896				16,815,538

Change in net assets resulting from operations			6,230,411				31,830,340

Dividends to Shareholders:
From net investment income			—				(1,487,000	)
From net realized gains			—				(1,279,786	)

Change in net assets resulting from dividends to shareholders			—				(2,766,786	)

Capital Transactions:
Proceeds from shares issued			48,940,673				143,369,251
Proceeds from dividends reinvested			—				2,766,786
Value of shares redeemed			(5,250,971	)			(6,578,804	)

Change in net assets resulting from capital transactions			43,689,702				139,557,233

Change in net assets			49,920,113				168,620,787
Net Assets:
Beginning of period			467,456,783				298,835,996

End of period		$	517,376,896			$	467,456,783

Accumulated net investment income/(loss)		$	2,217,927			$	2,550,771

Share Transactions:
Shares issued			3,391,480				10,400,365
Dividends reinvested			—				194,981
Shares redeemed			(359,531	)			(469,101	)

Change in shares			3,031,949				10,126,245

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, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013				January 10, 2012 to December 31, 2012(a)
	(Unaudited)
Net Asset Value, Beginning of Period		$	14.37			$	13.34			$	10.77			$	10.00

Investment Activities:
Net Investment Income/(Loss)			(0.02	)			0.06				0.07				0.10
Net Realized and Unrealized Gains/(Losses) on Investments			0.20				1.06				2.50				0.79

Total from Investment Activities			0.18				1.12				2.57				0.89

Dividends to Shareholders From:
Net Investment Income			—				(0.05	)			—				(0.10	)
Net Realized Gains			—				(0.04	)			—	(b)			(0.02	)

Total Dividends			—				(0.09	)			—	(b)			(0.12	)

Net Asset Value, End of Period		$	14.55			$	14.37			$	13.34			$	10.77

Total Return(c)			1.25	%(d)			8.42	%			23.88	%			8.89	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	517,377			$	467,457			$	298,836			$	79,526
Net Investment Income/(Loss)(e)			(0.13	)%			0.65	%			0.89	%			1.82	%
Expenses Before Reductions*(e)(f)			0.13	%			0.14	%			0.16	%			0.36	%
Expenses Net of Reductions*(e)			0.13	%			0.14	%			0.15	%			0.15	%
Portfolio Turnover Rate			1	%(d)			1	%			—	(g)			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)	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, 2015 (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”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 13 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Invesco Equity and Income Fund (the “Fund”), and 12 are presented in separate reports.

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

AZL MVP Invesco Equity and Income Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

Futures Contracts

During the period ended June 30, 2015, 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 $25.8 million as of June 30, 2015. The monthly average notional amount for these contracts was $24.9 million for the period ended June 30, 2015. 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, 2015:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Risk Exposure

Equity Contracts

Receivable for variation margin on futures contracts

—

Payable for variation margin on futures contracts

330,895

Interest Rate Risk Exposure

Interest Rate

—

94,888

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2015:


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

Equity Risk Exposure

Equity Contracts	Net Realized gains/(losses) on futures contracts/Change in unrealized appreciation/depreciation on investments	$	676,701	$	(550,540	)

Interest Rate Risk Exposure

Interest Rate			185,306		(144,925	)

3. Related Party Transactions

For the period ended June 30, 2015, 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	%

AZL MVP Invesco Equity and Income Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)


	Fair Value 12/31/14			Purchases at Cost			Proceeds from Sales				Fair Value 6/30/15			Dividend Income
AZL Invesco Equity and Income Fund		$	445,091,201		$	44,637,499		$	(4,751,227	)		$	491,374,785		$	—

		$	445,091,201		$	44,637,499		$	(4,751,227	)		$	491,374,785		$	—

Effective April 1, 2015, the Trust’s transfer agent became SunGard Investor Services, LLC.

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, 2015, $2,514 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, 2015, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

AZL MVP Invesco Equity and Income Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Total

Affiliated Investment Company		$	491,374,186			$	—		$	491,374,186
Unaffiliated Investment Company			14,359,104				—			14,359,104

Total Investment Securities			505,733,290				—			505,733,290

Other Financial Instruments:*
Futures Contracts			(425,783	)			—			(425,783	)

Total Investments		$	505,307,507			$	—		$	505,307,507

*	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, 2015, 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		$	44,637,499		$	4,751,227

6. Investment Risks

7. Federal Tax Information

Cost for federal income tax purposes at June 30, 2015 is $450,165,686. The gross unrealized appreciation/ (depreciation) on a tax basis is as follows:


Unrealized appreciation	$	55,571,508
Unrealized depreciation		(3,904	)

Net unrealized appreciation/(depreciation)	$	55,567,604

The tax character of dividends paid to shareholders during the year ended December 31, 2014 were as follows:

Ordinary
Income

Net

Long-Term

Capital Gains

Total
Distributions(a)

AZL MVP Invesco Equity and Income Fund

1,965,000

801,786

2,766,786

(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 Invesco Equity and Income Fund

Notes to the Financial Statements

June 30, 2015 (Unaudited)

As of the latest tax year end December 31, 2014, 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		$	3,299,779		$	11,775,510		$	—		$	49,367,243		$	64,442,532

(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, 2015, 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.		SARRPT0615 8/15

AZL^® MVP T. Rowe Price Capital Appreciation Fund

Semi-Annual Report

June 30, 2015

(Unaudited)

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Table of Contents

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