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 1/1/16			Ending Account Value 6/30/16			Expenses Paid During Period 1/1/16 - 6/30/16*			Annualized Expense Ratio During Period 1/1/16 - 6/30/16
AZL Balanced Index Strategy Fund		$	1,000.00		$	1,038.90		$	0.41		0.08	%

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


	Beginning Account Value 1/1/16			Ending Account Value 6/30/16			Expenses Paid During Period 1/1/16 - 6/30/16*			Annualized Expense Ratio During Period 1/1/16 - 6/30/16
AZL Balanced Index Strategy Fund		$	1,000.00		$	1,024.47		$	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 182/366 (to reflect the one half year period).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Fixed Income		50.2	%
Domestic Equities		37.6
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, 2016 (Unaudited)


Shares			Fair Value
	Affiliated Investment Companies (100.0%):
	19,802,815	AZL Enhanced Bond Index Fund	$	224,167,867
	3,915,934	AZL International Index Fund		54,509,800
	1,477,333	AZL Mid Cap Index Fund		33,565,016
	7,898,004	AZL S&P 500 Index Fund, Class 2		116,416,582
	1,253,875	AZL Small Cap Stock Index Fund		17,930,409

	Total Affiliated Investment Companies (Cost $355,463,745)			446,589,674

	Total Investment Securities (Cost $355,463,745)(a) — 100.0%			446,589,674
	Net other assets (liabilities) — 0.0%			133,582

	Net Assets — 100.0%		$	446,723,256

Percentages indicated are based on net assets as of June 30, 2016.

(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, 2016

(Unaudited)


Assets:
Investments in affiliates, at cost	$	355,463,745

Investments in affiliates, at value	$	446,589,674
Interest and dividends receivable		6
Receivable for capital shares issued		173,120
Receivable for affiliated investments sold		278,207
Prepaid expenses		2,413

Total Assets		447,043,420

Liabilities:
Cash overdraft		278,207
Payable for capital shares redeemed		3,413
Manager fees payable		18,219
Administration fees payable		1,908
Custodian fees payable		3,429
Administrative and compliance services fees payable		283
Trustee fees payable		2,765
Other accrued liabilities		11,940

Total Liabilities		320,164

Net Assets	$	446,723,256

Net Assets Consist of:
Capital	$	337,639,055
Accumulated net investment income/(loss)		11,661,190
Accumulated net realized gains/(losses) from investment transactions		6,297,082
Net unrealized appreciation/(depreciation) on investments		91,125,929

Net Assets	$	446,723,256

Shares of beneficial interest (unlimited number of shares authorized, no par value)		27,843,503
Net Asset Value (offering and redemption price per share)	$	16.04

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends from affiliates	$	3,422
Dividends		108

Total Investment Income		3,530

Expenses:
Manager fees		107,382
Administration fees		34,529
Custodian fees		5,098
Administrative and compliance services fees		2,143
Trustee fees		7,641
Professional fees		5,896
Shareholder reports		4,114
Other expenses		3,133

Total expenses		169,936

Net Investment Income/(Loss)		(166,406	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		(534,304	)
Change in net unrealized appreciation/depreciation on investments		17,357,033

Net Realized/Unrealized Gains/(Losses) on Investments		16,822,729

Change in Net Assets Resulting From Operations	$	16,656,323

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, 2016				For the Year Ended December 31, 2015
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(166,406	)		$	9,500,793
Net realized gains/(losses) on investment transactions			(534,304	)			9,924,533
Change in unrealized appreciation/depreciation on investments			17,357,033				(19,559,324	)

Change in net assets resulting from operations			16,656,323				(133,998	)

Distributions to Shareholders:
From net investment income			—				(4,617,163	)
From net realized gains			—				(8,184,855	)

Change in net assets resulting from distributions to shareholders			—				(12,802,018	)

Capital Transactions:
Proceeds from shares issued			19,687,343				46,025,398
Proceeds from dividends reinvested			—				12,802,018
Value of shares redeemed			(22,156,135	)			(52,006,249	)

Change in net assets resulting from capital transactions			(2,468,792	)			6,821,167

Change in net assets			14,187,531				(6,114,849	)
Net Assets:
Beginning of period			432,535,725				438,650,574

End of period		$	446,723,256			$	432,535,725

Accumulated net investment income/(loss)		$	11,661,190			$	11,827,596

Share Transactions:
Shares issued			1,268,410				2,880,212
Dividends reinvested			—				837,828
Shares redeemed			(1,442,142	)			(3,264,041	)

Change in shares			(173,732	)			453,999

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, 2016				Year Ended December 31, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013				Year Ended December 31, 2012				Year Ended December 31, 2011
	(Unaudited)
Net Asset Value, Beginning of Period		$	15.44			$	15.91			$	15.40			$	13.91			$	12.84			$	12.63

Investment Activities:
Net Investment Income/(Loss)			—	(a)			0.34				0.16				0.15				0.13				0.10
Net Realized and Unrealized Gains/(Losses) on Investments			0.60				(0.34	)			0.78				1.63				1.19				0.20

Total from Investment Activities			0.60				—	(a)			0.94				1.78				1.32				0.30

Dividends to Shareholders From:
Net Investment Income			—				(0.17	)			(0.23	)			(0.25	)			(0.19	)			(0.09	)
Net Realized Gains			—				(0.30	)			(0.20	)			(0.04	)			(0.06	)			—

Total Dividends			—				(0.47	)			(0.43	)			(0.29	)			(0.25	)			(0.09	)

Net Asset Value, End of Period		$	16.04			$	15.44			$	15.91			$	15.40			$	13.91			$	12.84

Total Return(b)			3.89	%(c)			0.01	%			6.11	%			12.93	%			10.29	%			2.41	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	446,723			$	432,536			$	438,651			$	413,982			$	354,111			$	298,174
Net Investment Income/(Loss)(d)			(0.08	)%			2.14	%			1.02	%			1.10	%			1.08	%			1.10	%
Expenses Before Reductions*(d)(e)			0.08	%			0.08	%			0.08	%			0.08	%			0.09	%			0.09	%
Expenses Net of Reductions*(d)			0.08	%			0.08	%			0.08	%			0.08	%			0.09	%			0.09	%
Portfolio Turnover Rate			4	%(c)			11	%			9	%			8	%			7	%			6	%

*	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.

See accompanying notes to the financial statements.

AZL Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2016 (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. Currently, the Fund only offers its shares to separate accounts of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, affiliates of the Trust and the Manager, as defined below.

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, acquired fund fees and expenses, 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, 2017. Expenses incurred for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.”

For the period ended June 30, 2016, 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, 2016 (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, 2016, 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, 2016, 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, 2016, 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, 2016 is as follows:


	Fair Value 12/31/15			Purchases at Cost			Proceeds from Sales			Fair Value 6/30/16			Dividend Income
AZL Enhanced Bond Index Fund		$	217,300,256		$	—		$	—		$	224,167,867		$	—
AZL International Index Fund			53,818,168			—			—			54,509,800			—
AZL Mid Cap Index Fund			32,048,328			—			—			33,565,016			—
AZL S&P 500 Index Fund, Class 2			112,168,493			—			—			116,416,582			—
AZL Small Cap Stock Index Fund			16,961,754			—			—			17,930,409			—

		$	432,296,999		$	—		$	—		$	446,589,674		$	—

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.”

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. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair values 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. 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 FIS SG 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 Senior Counsel. During the period ended June 30, 2016, $2,479 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 $170,000 annual Board retainer and the Lead Director receives an additional $42,500 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, 2016, actual Trustee compensation was $503,200 in total for both trusts.

4. Investment Valuation Summary

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

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

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

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

For the period ended June 30, 2016, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

AZL Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2016 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2016 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Total

Affiliated Investment Companies		$	446,589,674		$	—		$	446,589,674

Total Investment Securities		$	446,589,674		$	—		$	446,589,674

5. Security Purchases and Sales

For the period ended June 30, 2016, 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		$	18,602,322		$	21,130,286

6. Investment Risks

Derivatives Risk: The Fund may invest directly or through affiliated or unaffiliated mutual funds or unregistered investment pools in derivative instruments such as futures, options, and options on futures. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The other party to a derivatives contract could default. During the period ended June 30, 2016, the Fund did not directly invest in derivatives.

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

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, 2016 is $356,887,059. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	91,125,929
Unrealized depreciation		(1,423,314	)

Net unrealized appreciation/(depreciation)	$	89,702,615

The tax character of dividends paid to shareholders during the year ended December 31, 2015 were as follows:

Ordinary

Income

Net

Long-Term
Capital Gains

Total
Distributions(a)

AZL Balanced Index Strategy Fund

4,617,163

8,184,855

12,802,018

(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, 2015, 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

11,827,596

7,976,594

—

72,623,688

92,427,878

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

The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings and any net capital loss carry forwards will be determined at the end of the current tax year ending December 31, 2016.

AZL Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2016 (Unaudited)

8. Subsequent Events

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

Other Information (Unaudited)

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

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

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

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The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0616 8/16

AZL^® DFA Multi-Strategy Fund

Semi-Annual Report

June 30, 2016

(Unaudited)

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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 1/1/16			Ending Account Value 6/30/16			Expenses Paid During Period 1/1/16 - 6/30/16*			Annualized Expense Ratio During Period 1/1/16 - 6/30/16
AZL DFA Multi-Strategy Fund		$	1,000.00		$	1,032.60		$	0.35		0.07	%


	Beginning Account Value 1/1/16			Ending Account Value 6/30/16			Expenses Paid During Period 1/1/16 - 6/30/16*			Annualized Expense Ratio During Period 1/1/16 - 6/30/16
AZL DFA Multi-Strategy Fund		$	1,000.00		$	1,024.52		$	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 182/366 (to reflect the one half year period).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Domestic Equities		48.3	%
Fixed Income		39.5
International Equities		12.2
Money Market		0.3

Total Investment Securities		100.3
Net other assets (liabilities)		(0.3	)

Net Assets		100.0	%

AZL DFA Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2016 (Unaudited)


Shares			Fair Value
	Affiliated Investment Companies (100.0%):
	7,373,803	AZL DFA Emerging Markets Core Equity Fund	$	61,423,776
	46,161,134	AZL DFA Five-Year Global Fixed Income Fund		472,228,397
	9,526,914	AZL DFA International Core Equity Fund		82,884,151
	46,488,642	AZL DFA U.S. Core Equity Fund		455,123,803
	12,554,025	AZL DFA U.S. Small Cap Fund		120,016,479

	Total Affiliated Investment Companies (Cost $1,219,401,373)			1,191,676,606

	Unaffiliated Investment Company (0.3%):
	3,844,916	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 16.00%(a)		3,844,916

	Total Unaffiliated Investment Company (Cost $3,844,916)			3,844,916

	Total Investment Securities (Cost $1,223,246,289)(b) — 100.3%			1,195,521,522
	Net other assets (liabilities) — (0.3)%			(4,104,961	)

	Net Assets — 100.0%		$	1,191,416,561

Percentages indicated are based on net assets as of June 30, 2016.

(a)	The rate represents the effective yield at June 30, 2016.

(b)	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, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	3,844,916
Investments in affiliates, at cost		1,219,401,373

Total Investment securities, at cost	$	1,223,246,289

Investment securities, at value	$	3,844,916
Investments in affiliates, at value		1,191,676,606

Total Investment securities, at value		1,195,521,522
Interest and dividends receivable		17
Prepaid expenses		6,917

Total Assets		1,195,528,456

Liabilities:
Payable for affiliated investments purchased		3,844,916
Payable for capital shares redeemed		169,858
Manager fees payable		49,065
Administration fees payable		3,804
Custodian fees payable		8,485
Administrative and compliance services fees payable		584
Trustee fees payable		6,250
Other accrued liabilities		28,933

Total Liabilities		4,111,895

Net Assets	$	1,191,416,561

Net Assets Consist of:
Capital	$	800,036,951
Accumulated net investment income/(loss)		(418,474	)
Accumulated net realized gains/(losses) from investment transactions		419,522,851
Net unrealized appreciation/(depreciation) on investments		(27,724,767	)

Net Assets	$	1,191,416,561

Shares of beneficial interest (unlimited number of shares authorized, no par value)		63,798,188
Net Asset Value (offering and redemption price per share)	$	18.67

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	28

Total Investment Income		28

Expenses:
Manager fees		298,328
Administration fees		37,077
Custodian fees		14,937
Administrative and compliance services fees		6,340
Trustee fees		22,691
Professional fees		17,722
Shareholder reports		11,471
Other expenses		9,936

Total expenses		418,502

Net Investment Income/(Loss)		(418,474	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(4,001,144	)
Net realized gains distributions from affiliated underlying funds		10,596
Change in net unrealized appreciation/depreciation on investments		41,594,549

Net Realized/Unrealized Gains/(Losses) on Investments		37,604,001

Change in Net Assets Resulting From Operations	$	37,185,527

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, 2016				For the Year Ended December 31, 2015
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(418,474	)		$	(990,621	)
Net realized gains/(losses) on investment transactions			(3,990,548	)			427,175,530
Change in unrealized appreciation/depreciation on investments			41,594,549				(431,648,756	)

Change in net assets resulting from operations			37,185,527				(5,463,847	)

Distributions to Shareholders:
From net investment income			—				(16,616,509	)
From net realized gains			—				(18,692,510	)

Change in net assets resulting from distributions to shareholders			—				(35,309,019	)

Capital Transactions:
Proceeds from shares issued			8,899,899				67,727,097
Proceeds from dividends reinvested			—				35,309,019
Value of shares redeemed			(112,462,379	)			(244,017,781	)

Change in net assets resulting from capital transactions			(103,562,480	)			(140,981,665	)

Change in net assets			(66,376,953	)			(181,754,531	)
Net Assets:
Beginning of period			1,257,793,514				1,439,548,045

End of period		$	1,191,416,561			$	1,257,793,514

Accumulated net investment income/(loss)		$	(418,474	)		$	—

Share Transactions:
Shares issued			485,750				3,586,937
Dividends reinvested			—				1,961,612
Shares redeemed			(6,265,093	)			(12,894,522	)

Change in shares			(5,779,343	)			(7,345,973	)

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, 2016				Year Ended December 31, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013				Year Ended December 31, 2012				Year Ended December 31, 2011
	(Unaudited)
Net Asset Value, Beginning of Period		$	18.08			$	18.71			$	17.86			$	14.96			$	13.37			$	13.44

Investment Activities:
Net Investment Income/(Loss)			(0.01	)			0.01				0.20				0.16				0.13				0.07
Net Realized and Unrealized Gains/(Losses) on Investments			0.60				(0.14	)			0.96				2.97				1.64				(0.07	)

Total from Investment Activities			0.59				(0.13	)			1.16				3.13				1.77				—

Dividends to Shareholders From:
Net Investment Income			—				(0.24	)			(0.22	)			(0.20	)			(0.16	)			(0.07	)
Net Realized Gains			—				(0.26	)			(0.09	)			(0.03	)			(0.02	)			—	(a)

Total Dividends			—				(0.50	)			(0.31	)			(0.23	)			(0.18	)			(0.07	)

Net Asset Value, End of Period		$	18.67			$	18.08			$	18.71			$	17.86			$	14.96			$	13.37

Total Return(b)			3.26	%(c)			(0.67	)%			6.53	%			21.07	%			13.33	%			0.01	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	1,191,417			$	1,257,794			$	1,439,548			$	1,347,836			$	963,143			$	764,506
Net Investment Income/(Loss)(d)			(0.07	)%			(0.07	)%			1.09	%			1.20	%			1.10	%			1.16	%
Expenses Before Reductions*(d)(e)			0.07	%			0.07	%			0.07	%			0.07	%			0.08	%			0.08	%
Expenses Net of Reductions*(d)			0.07	%			0.07	%			0.07	%			0.07	%			0.08	%			0.08	%
Portfolio Turnover Rate(f)			1	%(c)			114	%(g)			7	%			3	%			6	%			3	%

*	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 December 31, 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, 2016 (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 (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

3. Related Party Transactions

For the period ended June 30, 2016, 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, 2016 (Unaudited)


	Fair Value 12/31/15			Purchases at Cost			Proceeds from Sales				Fair Value 6/30/16			Dividend Income
AZL DFA Emerging Markets Core Equity Fund		$	60,421,230		$	10,345		$	(5,286,619	)		$	61,423,776		$	—
AZL DFA Five-Year Global Fixed Income Fund			506,986,619			2,916,311			(53,053,161	)			472,228,397			—
AZL DFA International Core Equity Fund			88,856,567			1,722,531			(4,622,283	)			82,884,151			—
AZL DFA U.S. Core Equity Fund			477,504,072			2,055,701			(38,601,009	)			455,123,803			—
AZL DFA U.S. Small Cap Fund			125,295,203			680,084			(10,802,388	)			120,016,479			—

		$	1,259,063,691		$	7,384,972		$	(112,365,460	)		$	1,191,676,606		$	—

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 Senior Counsel. During the period ended June 30, 2016, $6,989 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 $170,000 annual Board retainer and the Lead Director receives an additional $42,500 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, 2016, actual Trustee compensation was $503,200 in total for both trusts.

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

AZL DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2016 (Unaudited)

For the period ended June 30, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Total

Affiliated Investment Companies		$	1,191,676,606		$	—		$	1,191,676,606
Unaffiliated Investment Company			3,844,916			—			3,844,916

Total Investment Securities		$	1,195,521,522		$	—		$	1,195,521,522

5. Security Purchases and Sales

For the period ended June 30, 2016, 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		$	7,384,971		$	112,365,461

6. Investment Risks

7. Federal Tax Information

Cost for federal income tax purposes at June 30, 2016 is $1,223,484,056. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	10,588,069
Unrealized depreciation		(38,550,603	)

Net unrealized appreciation/(depreciation)	$	(27,962,534	)

The tax character of dividends paid to shareholders during the year ended December 31, 2015 were as follows:

Ordinary

Income

Net

Long-Term
Capital Gains

Total
Distributions(a)

AZL DFA Multi-Strategy Fund

16,616,452

18,692,567

35,309,019

(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, 2015, 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

2,499,723

421,138,752

—

(69,444,392

)

354,194,083

(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.		SARRPT0616 8/16

AZL^® MVP Balanced Index Strategy Fund

Semi-Annual Report

June 30, 2016

(Unaudited)

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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 1/1/16			Ending Account Value 6/30/16			Expenses Paid During Period 1/1/16 - 6/30/16*			Annualized Expense Ratio During Period 1/1/16 - 6/30/16
AZL MVP Balanced Index Strategy Fund		$	1,000.00		$	1,039.00		$	0.71		0.14	%


	Beginning Account Value 1/1/16			Ending Account Value 6/30/16			Expenses Paid During Period 1/1/16 - 6/30/16*			Annualized Expense Ratio During Period 1/1/16 - 6/30/16
AZL MVP Balanced Index Strategy Fund		$	1,000.00		$	1,024.19		$	0.71		0.14	%

*	Expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by 182/366 (to reflect the one half year period).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Fixed Income		47.4	%
Domestic Equities		35.3
International Equities		12.3
Money Market		1.0

Total Investment Securities		96.0
Net other assets (liabilities)		4.0

Net Assets		100.0	%

AZL MVP Balanced Index Strategy Fund

Schedule of Portfolio Investments

June 30, 2016 (Unaudited)


Shares			Fair Value
	Affiliated Investment Companies (95.0%):
	11,797,792	AZL Enhanced Bond Index Fund	$	133,551,004
	2,492,666	AZL International Index Fund		34,697,905
	940,473	AZL Mid Cap Index Fund		21,367,556
	4,498,303	AZL S&P 500 Index Fund, Class 2		66,304,979
	801,764	AZL Small Cap Stock Index Fund		11,465,224

	Total Affiliated Investment Companies (Cost $246,133,354)			267,386,668

	Unaffiliated Investment Companies (1.0%):
	61,479	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 16.00%(a)		61,479

	2,647,829	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.23%(a)		2,647,829

	Total Unaffiliated Investment Companies (Cost $2,709,308)			2,709,308

	Total Investment Securities (Cost $248,842,662)(b) — 96.0%			270,095,976
	Net other assets (liabilities) — 4.0%			11,283,517

	Net Assets — 100.0%		$	281,379,493

Percentages indicated are based on net assets as of June 30, 2016.

(a)	The rate represents the effective yield at June 30, 2016.

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

Futures Contracts

Cash of $11,400,651 has been segregated to cover margin requirements for the following open contracts as of June 30, 2016:


Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini September Futures		Long		9/19/16		67	$	7,002,170	$	15,525
U.S. Treasury 10-Year Note September Futures		Long		9/22/16		52		6,915,188		162,825

Total									$	178,350

See accompanying notes to the financial statements.

AZL MVP Balanced Index Strategy Fund

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	2,709,308
Investments in affiliates, at cost		246,133,354

Total Investment securities, at cost	$	248,842,662

Investments in non-affiliates, at value	$	2,709,308
Investments in affiliates, at value		267,386,668

Total Investment securities, at value	$	270,095,976
Segregated cash for collateral		11,400,651
Interest and dividends receivable		452
Prepaid expenses		1,330

Total Assets		281,498,409

Liabilities:
Payable for affiliated investments purchased		61,420
Payable for capital shares redeemed		19,785
Manager fees payable		22,915
Administration fees payable		1,565
Custodian fees payable		2,452
Administrative and compliance services fees payable		208
Trustee fees payable		2,019
Other accrued liabilities		8,552

Total Liabilities		118,916

Net Assets	$	281,379,493

Net Assets Consist of:
Capital	$	253,890,383
Accumulated net investment income/(loss)		6,006,249
Accumulated net realized gains/(losses) from investment transactions		51,197
Net unrealized appreciation/(depreciation) on investments		21,431,664

Net Assets	$	281,379,493

Shares of beneficial interest (unlimited number of shares authorized, no par value)		22,020,503
Net Asset Value (offering and redemption price per share)	$	12.78

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	3,518

Total Investment Income		3,518

Expenses:
Manager fees		134,120
Administration fees		33,138
Custodian fees		2,917
Administrative and compliance services fees		1,182
Trustee fees		4,181
Professional fees		3,199
Shareholder reports		2,464
Other expenses		1,835

Total expenses		183,036

Net Investment Income/(Loss)		(179,518	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		(1,588,256	)
Net realized gains/(losses) on futures contracts		172,227
Change in net unrealized appreciation/depreciation on investments		12,071,723

Net Realized/Unrealized Gains/(Losses) on Investments		10,655,694

Change in Net Assets Resulting From Operations	$	10,476,176

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, 2016				For the Year Ended December 31, 2015
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(179,518	)		$	4,931,152
Net realized gains/(losses) on investment transactions			(1,416,029	)			3,095,730
Change in unrealized appreciation/depreciation on investments			12,071,723				(9,371,354	)

Change in net assets resulting from operations			10,476,176				(1,344,472	)

Distributions to Shareholders:
From net investment income			—				(1,897,495	)
From net realized gains			—				(2,597,183	)

Change in net assets resulting from distributions to shareholders			—				(4,494,678	)

Capital Transactions:
Proceeds from shares issued			41,864,389				62,074,359
Proceeds from dividends reinvested			—				4,494,678
Value of shares redeemed			(26,089,974	)			(14,219,428	)

Change in net assets resulting from capital transactions			15,774,415				52,349,609

Change in net assets			26,250,591				46,510,459
Net Assets:
Beginning of period			255,128,902				208,618,443

End of period		$	281,379,493			$	255,128,902

Accumulated net investment income/(loss)		$	6,006,249			$	6,185,767

Share Transactions:
Shares issued			3,457,276				4,896,361
Dividends reinvested			—				368,416
Shares redeemed			(2,176,848	)			(1,131,967	)

Change in shares			1,280,428				4,132,810

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, 2016				Year Ended December 31, 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		$	12.30			$	12.56			$	12.03			$	10.69			$	10.00

Investment Activities:
Net Investment Income/(Loss)			(0.03	)			0.22				0.08				0.10				0.08
Net Realized and Unrealized Gains/(Losses) on Investments			0.51				(0.25	)			0.65				1.24				0.77

Total from Investment Activities			0.48				(0.03	)			0.73				1.34				0.85

Dividends to Shareholders From:
Net Investment Income			—				(0.10	)			(0.12	)			—				(0.14	)
Net Realized Gains			—				(0.13	)			(0.08	)			—	(b)			(0.02	)

Total Dividends			—				(0.23	)			(0.20	)			—	(b)			(0.16	)

Net Asset Value, End of Period		$	12.78			$	12.30			$	12.56			$	12.03			$	10.69

Total Return(c)			3.90	%(d)			(0.22	)%			6.09	%			12.56	%			8.50	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	281,379			$	255,129			$	208,618			$	155,547			$	73,830
Net Investment Income/(Loss)(e)			(0.13	)%			2.08	%			0.97	%			1.09	%			1.41	%
Expenses Before Reductions*(e)(f)			0.14	%			0.14	%			0.15	%			0.17	%			0.39	%
Expenses Net of Reductions*(e)			0.14	%			0.14	%			0.15	%			0.17	%			0.21	%
Portfolio Turnover Rate			9	%(d)			5	%			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, 2016 (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, 2016 (Unaudited)

Futures Contracts

During the period ended June 30, 2016, 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 $13.9 million as of June 30, 2016. The monthly average notional amount for these contracts was $12.6 million for the period ended June 30, 2016. 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, 2016:

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

15,525

Payable for variation margin on futures contracts

—

Interest Rate Risk Exposure

Interest Rate Contracts

162,825

—

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, 2016:


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	$	(32,375	)	$	11,546
Interest Rate Risk Exposure

Interest Rate Contracts			204,602			191,325

3. Related Party Transactions

For the period ended June 30, 2016, 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, 2016 (Unaudited)


	Fair Value 12/31/15			Purchases at Cost			Proceeds from Sales				Fair Value 6/30/16			Dividend Income
AZL Enhanced Bond Index Fund		$	121,830,641		$	17,754,114		$	(12,293,690	)		$	133,551,004		$	—
AZL International Index Fund			31,706,193			5,833,028			(1,857,517	)			34,697,905			—
AZL Mid Cap Index Fund			18,971,382			2,894,791			(2,215,805	)			21,367,556			—
AZL S&P 500 Index Fund, Class 2			59,684,175			9,333,561			(5,227,138	)			66,304,979			—
AZL Small Cap Stock Index Fund			10,102,837			1,696,791			(1,107,291	)			11,465,224			—

		$	242,295,228		$	37,512,285		$	(22,701,441	)		$	267,386,668		$	—

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2016, $1,534 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, 2016, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

AZL MVP Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2016 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2016 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Total

Affiliated Investment Company		$	267,386,668		$	—		$	267,386,668
Unaffiliated Investment Company			2,709,308			—			2,709,308

Total Investment Securities			270,095,976			—			270,095,976

Other Financial Instruments:*
Futures Contracts			178,350			—			178,350

Total Investments		$	270,274,326		$	—		$	270,274,326

*	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, 2016, 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		$	37,512,285		$	22,701,440

6. Investment Risks

7. Federal Tax Information

Cost for federal income tax purposes at June 30, 2016 is $250,754,642. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	22,190,181
Unrealized depreciation		(2,484,847	)

Net unrealized appreciation/(depreciation)	$	19,341,334

The tax character of dividends paid to shareholders during the year ended December 31, 2015 were as follows:

Ordinary
Income

Net

Long-Term
Capital Gains

Total
Distributions(a)

AZL MVP Balanced Index Strategy Fund

2,234,539

2,260,139

4,494,678

(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 Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2016 (Unaudited)

As of the latest tax year end December 31, 2015, 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		$	6,185,766		$	2,024,572		$	—		$	8,802,596		$	17,012,934

(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.		SARRPT0616 8/16

AZL MVP BlackRock Global Allocation Fund

Semi-Annual Report

June 30, 2016

(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 1/1/16			Ending Account Value 6/30/16			Expenses Paid During Period 1/1/16 - 6/30/16*			Annualized Expense Ratio During Period 1/1/16 - 6/30/16
AZL MVP BlackRock Global Allocation Fund		$	1,000.00		$	1,000.90		$	5.92		1.19	%


	Beginning Account Value 1/1/16			Ending Account Value 6/30/16			Expenses Paid During Period 1/1/16 - 6/30/16*			Annualized Expense Ratio During Period 1/1/16 - 6/30/16
AZL MVP BlackRock Global Allocation Fund		$	1,000.00		$	1,018.95		$	5.97		1.19	%

*	Expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by 182/366 (to reflect the one half year period).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Common Stocks		51.1	%
U.S. Treasury Obligations		17.0
Foreign Bonds		13.2
Securities Held as Collateral for Securities on Loan		5.2
Corporate Bonds		3.7
Yankee Dollars		3.5
Exchange Traded Fund		3.1
Preferred Stocks		2.0
Money Markets		1.7
Convertible Bonds		0.8
Floating Rate Loans		0.8
U.S. Government Agency Mortgages		0.6
Convertible Preferred Stocks		0.5
Purchased Options		0.2
Private Placements		0.2
Mutual Fund		0.1
Collateralized Mortgage Obligation		0.1
Purchased Swaption		—	^
Warrant		—	^

Total Investment Securities		103.8
Net other assets (liabilities)		(3.8	)

Net Assets		100.0	%

^	Represents less than 0.05%


Investments	Percent of Net Assets
United States		61.2	%
Japan		13.3
United Kingdom		5.0
France		3.0
Australia		1.8
Netherlands		1.8
Germany		1.7
Canada		1.7
Italy		1.5
Mexico		1.4
All other countries		11.4

Total Investment Securities		103.8
Net other assets (liabilities)		(3.8	)

Net Assets		100.0	%

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2016 (Unaudited)


Shares			Fair Value
	Common Stocks (51.1%):
	Aerospace & Defense (1.2%):
	89,439	BAE Systems plc(a)	$	627,024
	853	Boeing Co. (The)(a)		110,779
	762	Dassault Aviation SA(a)		764,894
	32,077	European Aeronautic Defence & Space Co. NV(a)		1,862,400
	1,444	General Dynamics Corp.(a)		201,063
	4,767	Hexcel Corp.^(a)		198,498
	3,503	Northrop Grumman Corp.(a)		778,647
	1,102	Raytheon Co.(a)		149,817
	35,030	Safran SA(a)		2,380,404
	39,974	Textron, Inc.(a)		1,461,449
	8,511	United Technologies Corp.(a)		872,803

				9,407,778

	Air Freight & Logistics (0.3%):
	12,541	Deutsche Post AG(a)		350,078
	10,834	FedEx Corp.(a)		1,644,384
	6,497	United Parcel Service, Inc., Class B(a)		699,857

				2,694,319

	Airlines (0.5%):
	13,284	Delta Air Lines, Inc.(a)		483,936
	58,200	Japan Airlines Co., Ltd.(a)		1,868,288
	10,392	Southwest Airlines Co.(a)		407,470
	33,024	United Continental Holdings, Inc.*(a)		1,355,305

				4,114,999

	Auto Components (0.9%):
	19,500	Aisin Sieki Co., Ltd.(a)		791,642
	34,500	Bridgestone Corp.(a)		1,101,818
	138,683	Cheng Shin Rubber Industry Co., Ltd.(a)		291,840
	831	Compagnie Generale des Establissements Michelin SCA, Class B(a)		78,713
	17,685	Delphi Automotive plc(a)		1,107,081
	37,000	Denso Corp.(a)		1,300,036
	3,000	Exedy Corp.(a)		64,041
	26,400	Futaba Industrial Co., Ltd.(a)		123,937
	2,946	Goodyear Tire & Rubber Co.(a)		75,594
	2,082	Hyundai Wia Corp.(a)		162,200
	8,200	Koito Manufacturing Co., Ltd.(a)		375,338
	2,098	Lear Corp.(a)		213,492
	8,000	Stanley Electric Co., Ltd.(a)		169,915
	38,300	Sumitomo Electric Industries, Ltd.(a)		504,202
	44,200	Toyota Industries Corp.(a)		1,748,320

				8,108,169

	Automobiles (1.1%):
	5,568	Bayerische Motoren Werke AG (BMW)(a)		408,016
	242,000	Brilliance China Automotive Holdings, Ltd.^(a)		250,496
	108,000	Dongfeng Motor Corp., Series H(a)		113,639
	96,153	Ford Motor Co.(a)		1,208,643
	69,900	Fuji Heavy Industries, Ltd.(a)		2,393,177
	31,100	Honda Motor Co., Ltd.(a)		785,354
	8,623	Hyundai Motor Co.(a)		1,021,664
	67,100	Isuzu Motors, Ltd.(a)		821,392


Shares			Fair Value
	Common Stocks, continued
	Automobiles, continued
	7,177	Maruti Suzuki India, Ltd.(a)	$	446,945
	5,064	Renault SA(a)		385,816
	52,900	Suzuki Motor Corp.(a)		1,427,876
	11,500	Toyota Motor Corp.(a)		575,047
	270	Volkswagen AG(a)		36,273
	161,770	Yulon Motor Co., Ltd.(a)		137,829

				10,012,167

	Banks (3.5%):
	265,490	Bank of America Corp.(a)		3,523,052
	25,164	BNP Paribas SA(a)		1,131,164
	56,496	Citigroup, Inc.(a)		2,394,865
	11,319	Commonwealth Bank of Australia(a)		635,029
	3,984	Fifth Third Bancorp(a)		70,079
	92,000	Fukuoka Financial Group, Inc.(a)		302,625
	518,138	HSBC Holdings plc(a)		3,236,250
	113,475	ING Groep NV(a)		1,179,274
	429,308	Intesa Sanpaolo SpA(a)		823,351
	48,500	Japan Post Bank Co., Ltd.(a)		568,397
	70,636	JPMorgan Chase & Co.(a)		4,389,321
	196,600	Mitsubishi UFJ Financial Group, Inc.(a)		876,438
	110,306	Royal Bank of Scotland Group plc*(a)		259,737
	19,300	Sumitomo Mitsui Financial Group, Inc.(a)		553,417
	15,276	SunTrust Banks, Inc.(a)		627,538
	93,075	Svenska Handelsbanken AB, A Shares(a)		1,126,294
	32,130	Toronto-Dominion Bank (The)(a)		1,379,914
	40,164	U.S. Bancorp(a)		1,619,814
	228,664	UniCredit SpA(a)		510,366
	23,000	United Overseas Bank, Ltd.(a)		317,673
	87,319	Wells Fargo & Co.(a)		4,132,808
	42,965	Westpac Banking Corp.(a)		953,868

				30,611,274

	Beverages (1.3%):
	11,275	Anheuser-Busch InBev NV(a)		1,481,887
	20,600	Asahi Breweries, Ltd.(a)		664,626
	22,942	Coca-Cola Co. (The)(a)		1,039,961
	1,525	Coca-Cola European Partners plc(a)		54,427
	1,579	Constellation Brands, Inc., Class A(a)		261,167
	8,632	Diageo plc, ADR^(a)		974,380
	1,183	Dr Pepper Snapple Group, Inc.(a)		114,313
	25,524	PepsiCo, Inc.(a)		2,704,012
	76,832	SABMiller plc(a)		4,478,252
	8,000	Suntory Beverage & Food, Ltd.(a)		360,054

				12,133,079

	Biotechnology (0.9%):
	11,733	AbbVie, Inc.(a)		726,390
	7,521	Alexion Pharmaceuticals, Inc.*(a)		878,152
	15,284	Amgen, Inc.(a)		2,325,460
	4,988	Biogen Idec, Inc.*(a)		1,206,198
	5,978	Celgene Corp.*(a)		589,610
	582	Genmab A/S*(a)		106,034
	15,680	Gilead Sciences, Inc.(a)		1,308,026

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2016 (Unaudited)


Shares			Fair Value
	Common Stocks, continued
	Biotechnology, continued
	31,581	Invitae Corp.*(a)	$	233,384
	2,762	Tesaro, Inc.*^(a)		232,146

				7,605,400

	Building Products (0.3%):
	17,380	Compagnie de Saint-Gobain SA(a)		665,236
	10,600	Daikin Industries, Ltd.(a)		883,277
	8,111	Fortune Brands Home & Security, Inc.^(a)		470,195
	14,583	Masco Corp.(a)		451,198

				2,469,906

	Capital Markets (0.5%):
	650	Ameriprise Financial, Inc.(a)		58,403
	27,345	Charles Schwab Corp. (The)(a)		692,102
	63,000	Daiwa Securities Group, Inc.(a)		331,189
	8,702	Goldman Sachs Group, Inc. (The)(a)		1,292,943
	1,948	Morgan Stanley(a)		50,609
	100,800	Nomura Holdings, Inc.(a)		361,264
	80,706	UBS Group AG(a)		1,044,544

				3,831,054

	Chemicals (1.9%):
	4,341	Air Products & Chemicals, Inc.(a)		616,596
	43,827	AkzoNobel NV(a)		2,756,906
	2,131	Arkema SA(a)		164,425
	109,000	Asahi Kasei Corp.(a)		755,431
	75,552	Axalta Coating Systems, Ltd.*(a)		2,004,394
	10,815	BASF SE(a)		824,929
	21,742	E.I. du Pont de Nemours & Co.(a)		1,408,881
	15,335	Evonik Industries AG(a)		456,379
	32,700	Hitachi Chemical Co., Ltd.(a)		606,251
	33,500	JSR Corp.(a)		440,869
	24,300	Kuraray Co., Ltd.(a)		289,037
	6,773	Monsanto Co.(a)		700,396
	19,600	Nitto Denko Corp.(a)		1,236,136
	3,444	PPG Industries, Inc.(a)		358,693
	40,700	Shin-Etsu Chemical Co., Ltd.(a)		2,374,451
	256,000	Ube Industries, Ltd.(a)		421,163
	9,047	Umicore SA(a)		466,105

				15,881,042

	Commercial Services & Supplies (0.1%):
	21,222	Aggreko plc(a)		364,420
	2,086	Cintas Corp.(a)		204,699
	2,700	SECOM Co., Ltd.(a)		199,320
	10,377	Tyco International plc(a)		442,060

				1,210,499

	Communications Equipment (0.4%):
	64,570	Cisco Systems, Inc.(a)		1,852,513
	24,031	El Towers SpA*(a)		1,218,589
	112,245	Nokia Oyj^(a)		638,581

				3,709,683


Shares			Fair Value
	Common Stocks, continued
	Construction & Engineering (0.3%):
	628	Brookfield Business Partners L.P.*(a)	$	11,993
	44	Brookfield Business Partners L.P.*^(a)		835
	18,000	Chiyoda Corp.(a)		118,138
	7,100	ComSys Holdings Corp.(a)		114,528
	31,000	JGC Corp.(a)		440,575
	8,500	Kinden Corp.(a)		91,509
	5,000	Maeda Road Construction Co., Ltd.(a)		84,851
	7,000	Nippo Corp.(a)		118,564
	84,000	Okumura Corp.(a)		462,392
	1,600	Sho-Bond Holdings Co., Ltd.^(a)		72,450
	88,000	Toda Corp.(a)		378,209
	10,110	Vinci SA(a)		719,951

				2,613,995

	Construction Materials (0.1%):
	20,580	CRH plc(a)		605,876

	Consumer Finance (0.1%):
	2,213	Capital One Financial Corp.(a)		140,548
	14,384	Discover Financial Services(a)		770,838

				911,386

	Containers & Packaging (0.2%):
	759	Crown Holdings, Inc.*(a)		38,459
	3,167	International Paper Co.(a)		134,217
	1,561	Sealed Air Corp.(a)		71,759
	30,480	WestRock Co.(a)		1,184,758

				1,429,193

	Distributors (0.0%):
	5,900	Canon Marketing Japan, Inc.(a)		107,526

	Diversified Financial Services (0.7%):
	11	Berkshire Hathaway, Inc., Class A*(a)		2,386,725
	18,787	Berkshire Hathaway, Inc., Class B*(a)		2,720,170
	9,945	CME Group, Inc.(a)		968,643
	615,711	Delta Topco, Ltd.*(a)(b)(c)		209,341
	3,600	Zenkoku Hosho Co., Ltd.(a)		130,033

				6,414,912

	Diversified Telecommunication Services (1.3%):
	116,521	BT Group plc(a)		643,295
	84,916	Cellnex Telecom SAU(a)		1,331,782
	58,049	Deutsche Telekom AG, Registered Shares(a)		987,538
	35,611	France Telecom SA^(a)		581,589
	359,642	Koninklijke (Royal) KPN NV(a)		1,304,291
	24,400	Nippon Telegraph & Telephone Corp.(a)		1,145,588
	347,700	Singapore Telecommunications, Ltd.(a)		1,075,478
	32,883	Telecom Italia SpA(a)		21,153
	1,372,058	Telecom Italia SpA*(a)		1,125,471
	620,022	Telesites SAB de C.V.*(a)		383,310
	46,553	Verizon Communications, Inc.(a)		2,599,520

				11,199,015

	Electric Utilities (0.7%):
	14,417	American Electric Power Co., Inc.(a)		1,010,488
	35,500	Chubu Electric Power Co., Inc.(a)		505,553

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2016 (Unaudited)


Shares			Fair Value
	Common Stocks, continued
	Electric Utilities, continued
	2,243	Edison International(a)	$	174,214
	142,333	Enel SpA(a)		632,937
	7,218	FirstEnergy Corp.(a)		251,980
	68,308	Iberdrola SA(a)		461,327
	7,600	Kansai Electric Power Co., Inc. (The)*(a)		73,701
	33,200	Kyushu Electric Power Co., Inc.(a)		330,918
	16,159	NextEra Energy, Inc.^(a)		2,107,133

				5,548,251

	Electrical Equipment (0.6%):
	19,316	Eaton Corp. plc(a)		1,153,744
	85,000	GS Yuasa Corp.(a)		323,805
	13,574	Legrand SA(a)		700,252
	3,600	Mabuchi Motor Co., Ltd.(a)		151,162
	139,000	Mitsubishi Electric Corp.(a)		1,648,386
	19,478	Prysmian SpA(a)		426,930
	1,506	Rockwell Automation, Inc.(a)		172,919

				4,577,198

	Electronic Equipment, Instruments & Components (0.4%):
	36,188	Fitbit, Inc., Class A*^(a)		442,217
	1,200	Hirose Electric Co., Ltd.(a)		146,717
	900	Keyence Corp.(a)		607,096
	16,500	Kyocera Corp.(a)		782,419
	5,500	Murata Manufacturing Co., Ltd.(a)		617,071
	17,100	Omron Corp.(a)		554,153

				3,149,673

	Energy Equipment & Services (0.3%):
	1,698	Helmerich & Payne, Inc.^(a)		113,987
	111,757	SBM Offshore NV^(a)		1,301,973
	15,618	Schlumberger, Ltd.(a)		1,235,071

				2,651,031

	Food & Staples Retailing (0.7%):
	20,999	CVS Health Corp.(a)		2,010,444
	8,900	FamilyMart Co., Ltd.(a)		540,698
	15,131	Kroger Co. (The)(a)		556,669
	17,600	Seven & I Holdings Co., Ltd.(a)		734,895
	14,799	Walgreens Boots Alliance, Inc.(a)		1,232,313
	12,750	Whole Foods Market, Inc.^(a)		408,255

				5,483,274

	Food Products (1.1%):
	41,100	Ajinomoto Co., Inc.(a)		964,945
	1,167	Archer-Daniels-Midland Co.(a)		50,053
	17,596	Danone SA(a)		1,240,567
	2,582	Hershey Co. (The)^(a)		293,031
	39,990	Mondelez International, Inc., Class A(a)		1,819,945
	60,704	Nestle SA, Registered Shares(a)		4,683,884
	20,931	SLC Agricola SA(a)		96,255
	5,129	WhiteWave Foods Co., Class A*(a)		240,755

				9,389,435


Shares			Fair Value
	Common Stocks, continued
	Gas Utilities (0.3%):
	15,046	Gas Natural SDG SA^(a)	$	298,336
	69,135	Snam SpA(a)		413,553
	306,000	Tokyo Gas Co., Ltd.(a)		1,256,377

				1,968,266

	Health Care Equipment & Supplies (0.6%):
	22,853	Abbott Laboratories(a)		898,351
	33,609	Baxter International, Inc.(a)		1,519,800
	20,800	HOYA Corp.(a)		740,673
	5,259	Medtronic plc(a)		456,323
	1,118	Stryker Corp.^(a)		133,970
	12,131	Zimmer Holdings, Inc.(a)		1,460,330

				5,209,447

	Health Care Providers & Services (1.7%):
	21,410	Aetna, Inc.(a)		2,614,803
	15,408	Al Noor Hospitals Group plc(a)		225,551
	7,000	Alfresa Holdings Corp.(a)		145,799
	355	AmerisourceBergen Corp.^(a)		28,159
	9,586	Anthem, Inc.(a)		1,259,025
	2,323	Cardinal Health, Inc.(a)		181,217
	9,961	DaVita, Inc.*(a)		770,185
	2,022	Envision Healthcare Holdings, Inc.*(a)		51,298
	974	HCA Holdings, Inc.*(a)		75,008
	346,284	Healthscope, Ltd.(a)		741,337
	26,627	Integrated Diagnostics Holdings plc(a)		105,847
	14,966	McKesson Corp.(a)		2,793,404
	8,000	Medipal Holdings Corp.(a)		131,290
	61,358	NMC Health plc(a)		1,059,884
	613,699	PT Siloam International Hospital Tbk*(a)		539,033
	2,500	Ship Healthcare Holdings, Inc.(a)		77,179
	208,615	Spire Healthcare Group plc(a)		930,338
	3,500	Suzuken Co., Ltd.(a)		110,045
	33,254	Tenet Healthcare Corp.*^(a)		919,141
	992	UnitedHealth Group, Inc.(a)		140,070

				12,898,613

	Health Care Technology (0.1%):
	3,497	HTG Molecular Diagnostics, Inc.*^(a)		9,092
	22,714	Veeva Systems, Inc., Class A*^(a)		775,002

				784,094

	Hotels, Restaurants & Leisure (0.4%):
	17,822	Accor SA(a)		690,850
	1,930	Chipotle Mexican Grill, Inc.*^(a)		777,327
	7,684	Las Vegas Sands Corp.^(a)		334,177
	1,473	McDonald’s Corp.(a)		177,261
	9,280	Norwegian Cruise Line Holdings, Ltd.*^(a)		369,715
	6,500	Sodexo SA(a)		700,057
	1,949	Wyndham Worldwide Corp.^(a)		138,827

				3,188,214

	Household Durables (0.4%):
	4,900	Alpine Electronics, Inc.(a)		47,684
	15,659	Berkeley Group Holdings plc (The)(a)		532,967

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2016 (Unaudited)


Shares			Fair Value
	Common Stocks, continued
	Household Durables, continued
	213,000	Haier Electronics Group Co., Ltd.(a)	$	326,409
	5,400	Rinnai Corp.(a)		475,244
	29,100	Sekisui Chemical Co., Ltd.(a)		356,748
	58,000	Techtronic Industries Co., Ltd.(a)		242,810
	3,325	Whirlpool Corp.(a)		554,078

				2,535,940

	Household Products (0.5%):
	3,745	Colgate-Palmolive Co.(a)		274,134
	1,596	Kimberly-Clark Corp.(a)		219,418
	43,703	Procter & Gamble Co. (The)(a)		3,700,333

				4,193,885

	Independent Power and Renewable Electricity Producers (0.1%):
	26,868	Calpine Corp.*^(a)		396,303
	7,800	Electric Power Development Co., Ltd.(a)		181,321
	20,291	NextEra Energy Partners LP(a)		616,441

				1,194,065

	Industrial Conglomerates (1.1%):
	1,009	3M Co., Class B(a)		176,696
	151,219	Beijing Enterprises Holdings, Ltd.(a)		860,364
	157,646	General Electric Co.^(a)#		4,962,696
	179,900	Keppel Corp., Ltd.(a)		738,953
	40,248	Koninklijke Philips Electronics NV(a)		1,004,105
	7,026	Siemens AG, Registered Shares(a)		719,629
	46,107	Smiths Group plc(a)		710,045

				9,172,488

	Insurance (2.0%):
	151,400	AIA Group, Ltd.(a)		912,350
	25,890	Allstate Corp. (The)(a)		1,811,005
	21,750	American International Group, Inc.(a)		1,150,358
	24,684	Aviva plc(a)		132,635
	58,925	AXA SA(a)		1,183,615
	3,088	Axis Capital Holdings, Ltd.(a)		169,840
	14,645	Chubb, Ltd.(a)		1,914,248
	12,074	Hartford Financial Services Group, Inc. (The)(a)		535,844
	74,213	Legal & General Group plc(a)		192,322
	1,417	Lincoln National Corp.(a)		54,937
	20,350	Marsh & McLennan Cos., Inc.(a)		1,393,161
	22,982	MetLife, Inc.(a)		915,373
	23,500	MS&AD Insurance Group Holdings, Inc.(a)		605,316
	15,700	NKSJ Holdings, Inc.(a)		415,945
	4,823	Progressive Corp. (The)(a)		161,571
	7,169	Prudential Financial, Inc.(a)		511,436
	34,183	Prudential plc(a)		582,229
	1,779	Reinsurance Group of America, Inc.(a)		172,545
	48,000	Sony Financial Holdings, Inc.(a)		538,854
	26,600	Tokio Marine Holdings, Inc.(a)		880,037
	5,306	Travelers Cos., Inc. (The)(a)		631,626
	21,483	UnumProvident Corp.(a)		682,945
	28,380	XL Group plc(a)		945,338
	1,324	Zurich Insurance Group AG(a)		327,686

				16,821,216


Shares			Fair Value
	Common Stocks, continued
	Internet & Catalog Retail (0.2%):
	1,162	Amazon.com, Inc.*(a)	$	831,551
	4,308	Expedia, Inc.(a)		457,940

				1,289,491

	Internet Software & Services (2.2%):
	26,773	Alibaba Group Holding, Ltd., ADR*^(a)		2,129,257
	2,923	Alphabet, Inc., Class A*(a)		2,056,418
	10,169	Alphabet, Inc., Class C*(a)		7,037,966
	95,700	Dropbox, Inc.*(a)(b)(c)		1,073,754
	19,048	eBay, Inc.*(a)		445,914
	35,173	Facebook, Inc., Class A*(a)		4,019,570
	9,367	GoDaddy, Inc., Class A*^(a)		292,157
	5,547	Lookout, Inc.*(a)(b)(c)		50,861
	2,196	VeriSign, Inc.*^(a)		189,866
	11,990	Yahoo!, Inc.*(a)		450,344

				17,746,107

	IT Services (0.7%):
	2,021	Accenture plc, Class A(a)		228,959
	431	Alliance Data Systems Corp.*(a)		84,442
	3,091	Amdocs, Ltd.(a)		178,413
	2,890	Computer Sciences Corp.(a)		143,489
	1,632	Global Payments, Inc.(a)		116,492
	4,545	International Business Machines Corp.(a)		689,840
	20,028	MasterCard, Inc., Class A(a)		1,763,666
	17,190	PayPal Holdings, Inc.*(a)		627,607
	22,439	Square, Inc., Class A*^(a)		203,073
	29,359	Visa, Inc., Class A^(a)		2,177,556

				6,213,537

	Leisure Products (0.1%):
	40,300	Sega Sammy Holdings, Inc.(a)		432,728
	8,900	Yamaha Corp.(a)		239,234

				671,962

	Life Sciences Tools & Services (0.2%):
	6,798	Agilent Technologies, Inc.(a)		301,559
	7,787	Thermo Fisher Scientific, Inc.(a)		1,150,607

				1,452,166

	Machinery (0.9%):
	5,161	Caterpillar, Inc.^(a)		391,255
	12,568	Colfax Corp.*(a)		332,549
	708	Dover Corp.(a)		49,079
	2,100	FANUC Corp.(a)		339,969
	169,090	Haitian International Holdings, Ltd.(a)		300,855
	12,300	Hino Motors, Ltd.(a)		121,735
	751	Illinois Tool Works, Inc.(a)		78,224
	14,342	Ingersoll-Rand plc(a)		913,299
	40,900	Komatsu, Ltd.(a)		710,615
	55,500	Kubota Corp.(a)		743,441
	5,000	Kurita Water Industries, Ltd.(a)		111,262
	4,700	Makita Corp.(a)		309,958
	12,700	Nabtesco Corp.(a)		303,300
	11,811	PACCAR, Inc.(a)		612,637

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2016 (Unaudited)


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	90,729	SKF AB, B Shares(a)	$	1,449,269
	1,800	SMC Corp.(a)		439,140
	1,935	WABCO Holdings, Inc.*(a)		177,188

				7,383,775

	Media (1.8%):
	5,323	Charter Communications, Inc., Class A*(a)		1,217,044
	53,318	Comcast Corp., Class A(a)		3,475,800
	14,584	DISH Network Corp., Class A*(a)		764,202
	5,843	Liberty Broadband Corp., Class A*(a)		347,074
	10,404	Liberty Broadband Corp., Class C*^(a)		624,240
	18,161	Liberty Global plc, Class A*(a)		527,759
	1,876	Liberty Global plc, Class A*(a)		60,520
	9,826	Liberty Media Group, Class C*(a)		186,399
	20,943	Liberty Siriusxm Group, Class A*(a)		656,772
	39,306	Liberty Siriusxm Group, Class C*(a)		1,213,376
	8,400	Nippon Television Holdings, Inc.(a)		137,618
	60,809	Pearson plc(a)		792,938
	21,192	Publicis Groupe SA(a)		1,435,517
	118,373	RAI Way SpA(a)		533,508
	827	RTL Group(a)		67,441
	721	Scripps Networks Interactive, Class A^(a)		44,897
	13,800	SKY Perfect JSAT Holdings, Inc.(a)		63,478
	13,345	Time Warner, Inc.(a)		981,391
	5,400	Toho Co., Ltd.(a)		148,764
	5,000	TV Asahi Holdings Corp.(a)		80,836
	76,147	Zon Multimedia Servicos de Telecommunicacoes e Multimedia SGPS SA(a)		463,860

				13,823,434

	Metals & Mining (0.3%):
	39,580	Constellium NV*(a)		185,630
	12,700	Nippon Steel Corp.(a)		242,717
	90,742	Platinum Group Metals, Ltd.*^(a)		307,616
	35,396	Platinum Group Metals, Ltd.*^(a)		118,918
	18,786	Rio Tinto plc(a)		580,572
	72,456	Tahoe Resources, Inc.(a)		1,085,325
	3,700	Yamato Kogyo Co., Ltd.(a)		83,747

				2,604,525

	Multiline Retail (0.2%):
	4,225	Kohl’s Corp.^(a)		160,212
	4,925	Macy’s, Inc.(a)		165,529
	20,011	Target Corp.^(a)		1,397,168

				1,722,909

	Multi-Utilities (0.5%):
	12,018	Dominion Resources, Inc.^(a)		936,563
	4,862	DTE Energy Co.(a)		481,921
	34,304	Engie Group(a)		553,537
	63,010	National Grid plc(a)		926,426
	6,578	Public Service Enterprise Group, Inc.(a)		306,601
	9,187	Sempra Energy(a)		1,047,502
	13,629	Veolia Environnement SA(a)		296,042

				4,548,592


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels (3.4%):
	76,987	Anadarko Petroleum Corp.(a)	$	4,099,557
	56,520	BP plc, ADR^(a)		2,007,025
	60,908	Cameco Corp.(a)		668,161
	39,595	Cenovus Energy, Inc.(a)		547,734
	631	Chevron Corp.(a)		66,148
	156,037	Coal India, Ltd.(a)		724,771
	254,067	Encana Corp.(a)		1,979,181
	20,512	EQT Corp.(a)		1,588,244
	13,915	Exxon Mobil Corp.(a)		1,304,392
	129,100	INPEX Corp.(a)		1,007,323
	148,311	Marathon Oil Corp.(a)		2,226,147
	137,434	Marathon Petroleum Corp.(a)		5,216,994
	1,725	Phillips 66^(a)		136,862
	4,751	Pioneer Natural Resources Co.(a)		718,399
	105,358	Reliance Industries, Ltd.(a)		1,518,170
	39,460	Royal Dutch Shell plc, ADR(a)		2,178,981
	24,424	Statoil ASA(a)		423,167
	18,984	Total SA(a)		915,313
	1,904	Total SA, ADR(a)		91,582
	3,618	Valero Energy Corp.(a)		184,518
	24,745	Whiting Petroleum Corp.*(a)		229,139
	50,833	Williams Cos., Inc. (The)(a)		1,099,518

				28,931,326

	Personal Products (0.5%):
	4,336	Beiersdorf AG(a)		409,675
	24,421	Edgewell Personal Care Co.*^(a)		2,061,377
	45,089	Unilever NV(a)		2,101,713

				4,572,765

	Pharmaceuticals (3.8%):
	44,200	Astellas Pharma, Inc.(a)		691,799
	33,638	AstraZeneca plc(a)		2,002,074
	6,009	Bayer AG, Registered Shares(a)		604,494
	19,504	Bristol-Myers Squibb Co.(a)		1,434,519
	35,354	Catalent, Inc.*(a)		812,788
	5,000	Eisai Co., Ltd.(a)		277,846
	23,504	Eli Lilly & Co.(a)		1,850,940
	76,373	GlaxoSmithKline plc(a)		1,641,592
	31,057	Johnson & Johnson Co.(a)		3,767,214
	26,173	Merck & Co., Inc.(a)		1,507,827
	37,628	Mylan NV*(a)		1,627,035
	18,165	Novartis AG, Registered Shares(a)		1,494,780
	10,689	Novo Nordisk A/S, B Shares(a)		574,913
	21,200	Otsuka Holdings Co., Ltd.(a)		977,063
	5,904	Perrigo Co. plc^(a)		535,316
	98,286	Pfizer, Inc.(a)#		3,460,650
	6,181	Recordati SpA(a)		185,814
	5,180	Roche Holding AG(a)		1,368,099
	25,278	Sanofi-Aventis SA(a)		2,124,519
	2,400	Sawai Pharmaceutical Co., Ltd.(a)		184,952
	22,599	Shire plc(a)		1,391,382
	47,500	Teva Pharmaceutical Industries, Ltd., ADR(a)		2,385,925

				30,901,541

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2016 (Unaudited)


Shares			Fair Value
	Common Stocks, continued
	Professional Services (0.1%):
	13,417	Randstad Holding NV(a)	$	540,318

	Real Estate Investment Trusts (REITs) (0.6%):
	2,169	American Tower Corp.(a)		246,420
	2,475	Crown Castle International Corp.(a)		251,039
	6,149	Equity Residential Property Trust(a)		423,543
	447,647	Fibra UNO Amdinistracion SA(a)		953,910
	8,059	General Growth Properties, Inc.(a)		240,319
	9,819	Simon Property Group, Inc.(a)		2,129,742
	4,144	Unibail-Rodamco SE(a)		1,085,549

				5,330,522

	Real Estate Management & Development (1.5%):
	31,413	Brookfield Asset Management, Inc., Class A(a)		1,038,828
	2,242	Brookfield Asset Management, Inc., Class A(a)		74,178
	655,100	CapitaLand, Ltd.(a)		1,505,220
	1,333,500	Global Logistic Properties, Ltd.(a)		1,800,104
	95,000	Mitsubishi Estate Co., Ltd.(a)		1,737,238
	22,000	Mitsui Fudosan Co., Ltd.(a)		502,288
	6,036	Realogy Holdings Corp.*^(a)		175,165
	116,666	Sun Hung Kai Properties, Ltd.(a)		1,405,650
	67,467	The St. Joe Co.*^(a)		1,195,515
	39,300	Vonovia SE(a)		1,434,065

				10,868,251

	Road & Rail (0.8%):
	7,319	Canadian National Railway Co.(a)		432,260
	15,081	CSX Corp.(a)		393,312
	25,200	East Japan Railway Co.(a)		2,322,344
	9,637	Kansas City Southern(a)		868,198
	9,100	Seino Holdings Co., Ltd.(a)		83,157
	9,467	Union Pacific Corp.(a)		825,996
	8,300	West Japan Railway Co.(a)		524,692

				5,449,959

	Semiconductors & Semiconductor Equipment (1.1%):
	33,165	ARM Holdings plc(a)		502,225
	34,856	Intel Corp.(a)		1,143,277
	1,630	KLA-Tencor Corp.(a)		119,398
	76,187	Micron Technology, Inc.*(a)		1,048,333
	42,370	QUALCOMM, Inc.(a)		2,269,760
	21,600	ROHM Co., Ltd.(a)		847,053
	21,994	SK Hynix, Inc.(a)		625,248
	55,200	SUMCO Corp.^(a)		351,121
	192,000	Taiwan Semiconductor Manufacturing Co., Ltd.(a)		970,892

				7,877,307

	Software (1.5%):
	23,890	Activision Blizzard, Inc.(a)		946,761
	6,338	Adobe Systems, Inc.*(a)		607,117
	1,654	Electronic Arts, Inc.*(a)		125,307
	5,869	Intuit, Inc.(a)		655,039
	56,460	Microsoft Corp.(a)		2,889,058
	900	Nexon Co., Ltd.(a)		13,223


Shares			Fair Value
	Common Stocks, continued
	Software, continued
	6,700	Nintendo Co., Ltd.(a)	$	956,129
	19,146	Nuance Communications, Inc.*(a)		299,252
	62,456	Oracle Corp.(a)		2,556,324
	6,600	Trend Micro, Inc.(a)		235,098
	68,532	Uber Technologies, Inc.*(a)(b)(c)		3,342,306
	10,635	UbiSoft Entertainment SA*^(a)		391,270

				13,016,884

	Specialty Retail (0.5%):
	4,400	Autobacs Seven Co., Ltd.(a)		62,145
	9,686	Bed Bath & Beyond, Inc.^(a)		418,629
	1,550	Home Depot, Inc. (The)(a)		197,920
	7,718	Lowe’s Cos., Inc.(a)		611,033
	2,900	Nitori Co., Ltd.(a)		347,998
	15,800	Sanrio Co., Ltd.^(a)		280,781
	1,700	Shimamura Co., Ltd.(a)		250,982
	8,440	Tiffany & Co.^(a)		511,802
	16,597	Urban Outfitters, Inc.*^(a)		456,418
	5,677	Williams-Sonoma, Inc.^(a)		295,942
	102,000	Yamada Denki Co., Ltd.(a)		536,077
	164,760	Zhongsheng Group Holdings, Ltd.(a)		90,416

				4,060,143

	Technology Hardware, Storage & Peripherals (1.6%):
	114,461	Apple, Inc.(a)#		10,942,474
	4,500	Fujifilm Holdings Corp.(a)		173,921
	26,876	HP, Inc.(a)		337,294
	258,000	Lenovo Group, Ltd.(a)		155,887
	215,000	NEC Corp.(a)		498,874
	59,406	Pure Storage, Inc., Class A*^(a)		647,525
	13,535	Western Digital Corp.^(a)		639,664

				13,395,639

	Textiles, Apparel & Luxury Goods (0.5%):
	3,554	Adidas AG(a)		506,746
	30,060	Burberry Group plc(a)		469,808
	11,671	Compagnie Financiere Richemont SA(a)		684,890
	7,394	Hugo Boss AG(a)		417,676
	4,351	Luxottica Group SpA(a)		211,974
	5,077	LVMH Moet Hennessy Louis Vuitton SA(a)		768,637
	21,219	Michael Kors Holdings, Ltd.*^(a)		1,049,916
	4,492	Ralph Lauren Corp.^(a)		402,573

				4,512,220

	Tobacco (0.2%):
	25,467	Altria Group, Inc.(a)		1,756,204
	8,700	Japan Tobacco, Inc.(a)		348,578

				2,104,782

	Trading Companies & Distributors (0.4%):
	13,155	HD Supply Holdings, Inc.*(a)		458,057
	31,700	Mitsubishi Corp.(a)		554,347
	58,300	Mitsui & Co., Ltd.(a)		690,410
	42,700	Sumitomo Corp.(a)		427,408
	11,000	Toyota Tsushu Corp.(a)		236,005

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2016 (Unaudited)


Shares			Fair Value
	Common Stocks, continued
	Trading Companies & Distributors, continued
	16,162	United Rentals, Inc.*(a)	$	1,084,470
	10,121	Univar, Inc.*^(a)		191,388

				3,642,085

	Transportation Infrastructure (0.0%):
	2,406	Aeroports de Paris(a)		266,076
	13,000	Kamigumi Co., Ltd.(a)		119,469

				385,545

	Water Utilities (0.2%):
	17,235	American Water Works Co., Inc.^(a)		1,456,530

	Wireless Telecommunication Services (0.7%):
	25,221	America Movil SAB de C.V., Series L, ADR(a)		309,209
	375,531	America Movil SAB de C.V., Series L(a)		230,928
	55,100	KDDI Corp.(a)		1,677,560
	15,900	NTT DoCoMo, Inc.(a)		427,898
	44,788	Vodafone Group plc, ADR^(a)		1,383,502
	409,408	Vodafone Group plc(a)		1,246,090

				5,275,187

	Total Common Stocks (Cost $410,430,232)			423,613,864

	Preferred Stocks (2.0%):
	Automobiles (0.1%):
	7,098	Volkswagen AG, 3.62%(a)		852,942

	Banks (0.3%):
	26,982	Citigroup Capital XIII, 7.00%^(a)		703,421
	15,683	HSBC Holdings plc, Series 2, 7.54%(a)		416,070
	15,719	Royal Bank of Scotland Group plc, Series T, ADR, 7.19%^(a)		396,276
	15,159	U.S. Bancorp, Series F, Series F, 5.28%^(a)		466,897
	7,909	U.S. Bancorp, Series G, Series G, 5.74%(a)		206,504
	576,000	USB Capital IX(a)		470,880

				2,660,048

	Commercial Services & Supplies (0.1%):
	6,516	Stericycle, Inc., 4.73%^(a)		542,001

	Consumer Finance (0.1%):
	36,300	GMAC Capital Trust I, 7.77%^(a)		900,966

	Health Care Providers & Services (0.3%):
	36,454	Anthem, Inc., 5.66%(a)		1,625,119
	143,925	Grand Rounds, Inc., Series C*(a)(b)(c)		390,037

				2,015,156

	Internet Software & Services (0.2%):
	63,925	Lookout, Inc., Series F*(a)(b)(c)		586,135
	116,157	Palantir Technologies, Inc., Series I, Series I, 0.00%*(a)(b)(c)		835,169

				1,421,304

	Multi-Utilities (0.0%):
	7,500	Dominion Resources, Inc., 6.15%^(a)		388,800

	Pharmaceuticals (0.5%):
	1,806	Allergan plc, Series A, 6.60%(a)		1,505,518
	2,955	Teva Pharmaceutical Industries, Ltd., 4.42%(a)		2,443,785

				3,949,303


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Preferred Stocks, continued
	Real Estate Investment Trusts (REITs) (0.2%):
	3,376	American Tower Corp., Series A, 4.67%(a)	$	377,690
	13,344	Welltower, Inc., Series I, 4.79%(a)		904,723

				1,282,413

	Real Estate Management & Development (0.0%):
	15,600	Forestar Group, Inc., 10.09%(a)		239,148

	Technology Hardware, Storage & Peripherals (0.2%):
	1,991	Samsung Electronics Co., Ltd., 1.93%(a)		2,055,919

	Total Preferred Stocks (Cost $16,924,207)			16,308,000

	Warrant (0.0%):
	Paper & Forest Products (0.0%):
	157,250	TFS Corp., Ltd.*(a)		39,939

	Total Warrant (Cost $–)			39,939

	Convertible Preferred Stocks (0.5%):
	Banks (0.0%):
	272	Wells Fargo & Co., Series L, Class A, 5.77%(a)		353,430

	Capital Markets (0.3%):
	13,297	Mandatory Exchange Trust, 5.75%(a)(d)		1,357,757

	Internet Software & Services (0.1%):
	144,482	Domo, Inc., Series E*(a)(b)(c)		1,089,394

	Real Estate Investment Trusts (REITs) (0.1%):
	8,984	Crown Castle International Corp., Series A(a)		1,085,806

	Total Convertible Preferred Stocks (Cost $3,777,551)			3,886,387

	Private Placements (0.2%):
	Household Durables (0.2%):
$	3,065,000	AliphCom, Inc., 12.00%, 4/1/20(a)(b)(c)(e)		1,195,350

	Oil, Gas & Consumable Fuels (0.0%):
	268,000	Project Samson BND Corp., 12.00%, 4/1/20(a)(b)(c)(e)		104,520

	Total Private Placements (Cost $3,333,000)			1,299,870

	Convertible Bonds (0.8%):
	Biotechnology (0.0%):
	178,000	BioMarin Pharmaceutical, Inc., 0.75%, 10/15/18^(a)		197,691
	175,000	BioMarin Pharmaceutical, Inc., 1.50%, 10/15/20^(a)		202,344

				400,035

	Diversified Financial Services (0.1%):
	100,000	Telecom Italia Finance SA, Registered Shares, 6.13%, 11/15/16+(a)(d)		107,353
	500,000	Telecom Italia Finance SA, 6.13%, 11/15/16+(a)(d)		535,729

				643,082

	Diversified Telecommunication Services (0.1%):
	300,000	Telefonica SA, Series TIT, 6.00%, 7/24/17+(a)(d)		284,944
	900,000	Telefonica SA, Series TEF, 4.90%, 9/25/17+(a)		814,387

				1,099,331

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2016 (Unaudited)


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Convertible Bonds, continued
	Electrical Equipment (0.1%):
$	478,000	Suzlon Energy, Ltd., Series SUEL, 5.75%, 7/16/19(a)(d)(e)	$	497,718

	Food Products (0.0%):
	400,000	REI Agro, Ltd., Registered Shares, 5.50%, 11/13/14(a)(b)(c)(f)		2,000

	Internet Software & Services (0.1%):
	430,000	SINA Corp., 1.00%, 12/1/18, Callable 12/1/16 @ 100(a)		422,206

	Oil, Gas & Consumable Fuels (0.2%):
	936,000	Cobalt International Energy, Inc., 2.63%, 12/1/19(a)		351,000
	1,146,000	Cobalt International Energy, Inc., 3.13%, 5/15/24(a)		378,179
	1,123,330	Dana Gas Sukuk, Ltd., 7.00%, 10/31/17(a)(d)		982,914

				1,712,093

	Real Estate Management & Development (0.1%):
	750,000	CapitaLand, Ltd., 2.10%, 11/15/16+(a)(d)		553,395
	750,000	CapitaLand, Ltd., 1.95%, 10/17/23, Callable 10/17/18 @ 100+(a)(d)		554,787

				1,108,182

	Semiconductors & Semiconductor Equipment (0.0%):
	246,000	Intel Corp., 3.25%, 8/1/39(a)		399,904

	Software (0.1%):
	340,000	Take-Two Interactive Software, Inc., 1.75%, 12/1/16(a)		674,263

	Total Convertible Bonds (Cost $9,188,515)			6,958,814

	Floating Rate Loans (0.8%):
	Capital Markets (0.1%):
	103,280	Sheridan Production Partners, 4.25%, 12/2/20(a)(e)(g)		63,001
	38,528	Sheridan Production Partners, 4.25%, 12/16/20(a)(e)(g)		23,502
	742,280	Sheridan Production Partners, 4.25%, 12/16/20(a)(e)(g)		452,791

				539,294

	Energy Equipment & Services (0.1%):
	371,328	Drillships Financing Holdings, Inc., 5.50%, 3/31/21(a)(e)		144,446
	1,280,055	Seadrill, Ltd., 4.00%, 2/21/21(a)(e)		568,345

				712,791

	Hotels, Restaurants & Leisure (0.2%):
	1,460,648	Hilton Worldwide Finance LLC, 3.50%, 10/25/20(a)(e)		1,460,647

	Independent Power and Renewable Electricity Producers (0.1%):
	600,463	Calpine Corp., 3.50%, 6/15/22(a)(e)		593,455

	Marine (0.0%):
	470,818	Drillships Ocean Ventures, Inc., 3.50%, 7/9/21(a)(e)		279,350


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Floating Rate Loans, continued
	Media (0.1%):
$	1,093,863	Univision Communications, Inc., 4.00%, 3/1/20(a)(e)	$	1,086,830

	Metals & Mining (0.0%):
	347,375	Novelis, Inc., 0.00%, 6/15/22(a)(e)		343,613

	Oil, Gas & Consumable Fuels (0.0%):
	405,533	Fieldwood Energy LLC, 8.38%, 9/20/20(a)(e)		111,522

	Real Estate Management & Development (0.1%):
	880,182	Promontoria Blue Holding 2 BV, 0.00%, 4/17/20(a)(c)(e)(g)		976,645

	Trading Companies & Distributors (0.1%):
	582,075	Univar USA, Inc., 0.00%, 6/30/22(a)(e)		572,826

	Total Floating Rate Loans (Cost $8,394,715)			6,676,973

	Corporate Bonds (3.7%):
	Automobiles (0.1%):
	583,000	General Motors Financial Co., Inc., 3.50%, 7/10/19(a)		603,257
	327,000	Volkswagen AG, Registered Shares, 2.45%, 11/20/19(a)(d)		332,585

				935,842

	Banks (0.9%):
	391,000	Bank of America Corp., 2.00%, 1/11/18, MTN(a)		393,500
	381,000	Bank of America Corp., 2.60%, 1/15/19(a)		389,865
	365,000	Capital One Bank USA NA, Series BNKT, 2.15%, 11/21/18, Callable 10/21/18 @ 100(a)		367,582
	1,101,000	Citigroup, Inc., 1.80%, 2/5/18(a)		1,105,514
	298,000	Citigroup, Inc., Series A, 5.95%, 12/29/49, Callable 1/30/23 @ 100^(a)(e)		294,461
	829,000	Citigroup, Inc., Series O, 5.88%, 12/29/49, Callable 1/15/18 @ 100^(a)(e)		795,840
	319,000	JPMorgan Chase & Co., 4.35%, 8/15/21(a)		350,943
	1,565,000	JPMorgan Chase & Co., Series X, 6.10%, 10/29/49, Callable 1/10/24 @ 100(a)(e)		1,613,907
	778,000	JPMorgan Chase & Co., Series Q, 5.15%, 12/29/49, Callable 7/1/16 @ 100, Perpetual Bond^(a)(e)		756,683
	379,000	Merrill Lynch & Co., 6.88%, 4/25/18, MTN(a)		413,772

				6,482,067

	Beverages (0.1%):
	862,000	Anheuser-Busch InBev NV, 2.65%, 2/1/21, Callable 1/1/21 @ 100(a)		893,907
	90,000	Molson Coors Brewing Co., 1.45%, 7/15/19(a)		90,228
	235,000	Molson Coors Brewing Co., 2.10%, 7/15/21, Callable 6/15/21 @ 100(a)		235,714

				1,219,849

	Biotechnology (0.2%):
	823,000	AbbVie, Inc., 2.50%, 5/14/20, Callable 4/14/20 @ 100(a)		841,371
	660,000	AbbVie, Inc., 2.30%, 5/14/21, Callable 5/14/21 @ 100(a)		668,022

				1,509,393

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2016 (Unaudited)


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Capital Markets (0.3%):
$	595,000	Ford Motor Credit Co. LLC, 5.00%, 5/15/18(a)	$	630,423
	662,000	Goldman Sachs Group, Inc. (The), Series L, 5.70%, 12/29/49, Callable 10/5/19 @ 100^(a)(e)		660,693
	695,000	Goldman Sachs Group, Inc. (The), Series M, 5.38%, 12/31/49, Callable 10/5/20 @ 100^(a)(e)		683,741
	509,000	Morgan Stanley, Series H, 5.45%, 7/29/49, Callable 7/15/19 @ 100(a)(e)		488,640

				2,463,497

	Communications Equipment (0.1%):
	534,000	Cisco Systems, Inc., 2.20%, 2/28/21(a)		550,349

	Consumer Finance (0.3%):
	628,000	Ally Financial, Inc., 2.75%, 1/30/17^(a)		630,935
	431,000	Ally Financial, Inc., 3.50%, 1/27/19^(a)		428,306
	430,000	American Express Co., Series C, 5.01%, 12/29/49, Callable 3/15/20 @ 100^(a)(e)		411,188
	200,000	Ford Motor Credit Co. LLC, 2.55%, 10/5/18(a)		203,697
	254,000	General Motors Financial Co., Inc., 2.40%, 4/10/18^(a)		255,995
	255,000	Hyundai Capital America, 2.00%, 3/19/18(a)(d)		256,599
	198,000	Synchrony Financial, 3.75%, 8/15/21, Callable 6/15/21 @ 100(a)		205,116

				2,391,836

	Diversified Financial Services (0.2%):
	538,000	Berkshire Hathaway, Inc., 2.75%, 3/15/23, Callable 1/15/23 @ 100(a)		555,879
	624,776	Delta Topco, Ltd., 10.00%, 11/24/60(a)(b)(c)		624,776
	88,000	General Electric Capital Corp., Series A, 5.55%, 5/4/20, MTN(a)		101,343
	460,000	General Electric Capital Corp., 6.38%, 11/15/67, Callable 11/15/17 @ 100(a)(e)		469,775

				1,751,773

	Diversified Telecommunication Services (0.3%):
	958,000	AT&T, Inc., 2.38%, 11/27/18(a)		977,674
	1,583,000	AT&T, Inc., 3.00%, 6/30/22, Callable 4/30/22 @ 100(a)		1,621,110
	110,000	Hughes Satellite Systems Corp., 7.63%, 6/15/21(a)		118,374

				2,717,158

	Health Care Equipment & Supplies (0.1%):
	861,000	Medtronic, Inc., 3.15%, 3/15/22(a)		918,833

	Industrial Conglomerates (0.1%):
	710,000	General Electric Co., Series D, 5.00%, 12/29/49, Callable 1/21/21 @ 100^(a)(e)		753,310

	Internet Software & Services (0.0%):
	379,000	eBay, Inc., 3.80%, 3/9/22, Callable 9/2/22 @ 100(a)		402,717


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Media (0.1%):
$	245,000	Cablevision Systems Corp., 5.88%, 9/15/22^(a)	$	219,520
	200,000	NBCUniversal Enterprise, Inc., 5.25%, 12/31/99, Callable 3/19/21 @ 100(a)(d)		206,250

				425,770

	Metals & Mining (0.0%):
	319,000	Freeport-McMoRan, Inc., 3.88%, 3/15/23, Callable 12/15/22 @ 100^(a)		279,125

	Oil, Gas & Consumable Fuels (0.0%):
	111,961	Fieldwood Holdings LLC, 0.00%, 8/31/20(a)(e)		92,181
	270,000	Sabine Pass Liquefaction LLC, 5.63%, 4/15/23, Callable 1/15/23 @ 100(a)		271,012

				363,193

	Personal Products (0.1%):
	374,000	Edgewell Personal Care Co., 4.70%, 5/19/21(a)		387,375
	342,000	Edgewell Personal Care Co., 4.70%, 5/24/22(a)		351,405

				738,780

	Pharmaceuticals (0.2%):
	491,000	Forest Laboratories, Inc., 4.38%, 2/1/19, Callable 3/11/18 @ 100(a)(d)		517,879
	346,000	Forest Laboratories, Inc., 5.00%, 12/15/21, Callable 9/16/21 @ 100(a)(d)		387,220
	531,000	Mylan, Inc., 2.55%, 3/28/19(a)		537,525

				1,442,624

	Real Estate Investment Trusts (REITs) (0.0%):
	162,000	American Tower Corp., 3.40%, 2/15/19(a)		168,695

	Real Estate Management & Development (0.1%):
	1,016,000	Global Logistic Properties, Ltd., 3.88%, 6/4/25(a)(c)(d)^		1,038,805

	Semiconductors & Semiconductor Equipment (0.1%):
	976,000	QUALCOMM, Inc., 3.00%, 5/20/22(a)		1,029,977

	Software (0.3%):
	2,190,000	Oracle Corp., 1.90%, 9/15/21, Callable 1/8/21 @ 100(a)		2,198,044

	Wireless Telecommunication Services (0.1%):
	440,000	T-Mobile USA, Inc., 6.00%, 4/15/24, Callable 4/15/19 @ 104.5^(a)		455,400

	Total Corporate Bonds (Cost $29,565,995)			30,237,037

	Foreign Bonds (13.2%):
	Banks (0.2%):
	610,000	Lloyds TSB Bank plc, Series E, 13.00%, 1/29/49, Callable 1/21/29 @ 100+(a)(d)(e)		1,331,483

	Metals & Mining (0.0%):
	270,000	Constellium NV, 7.00%, 1/15/23, Callable 1/15/18 @ 105.25+(a)(d)		241,919

	Sovereign Bonds (13.0%):
	4,181,000	Australian Government, Series 124, 5.75%, 5/15/21+(a)		3,712,524
	7,534,000	Australian Government, Series 128, 5.75%, 7/15/22+(a)		6,899,116

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2016 (Unaudited)


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Foreign Bonds, continued
	Sovereign Bonds, continued
$	2,152,000	Bonos y Oblig del Estado (Spanish Government), 1.95%, 4/30/26+(a)	$	2,543,096
	6,729,000	Brazil Nota do Tesouro Nacional, Series NTNF, 1.56%, 1/1/21+(a)(h)(i)		1,953,650
	433,000	Brazil Nota do Tesouro Nacional, Series NTNB, 0.00%, 8/15/22+(a)(i)		392,232
	4,545,000	Bundesobligation, Series 173, 0.00%, 4/9/21+(a)		5,180,709
	4,071,000	Buoni del Tesoro Poliennali, 1.50%, 6/1/25+(a)		4,644,634
	2,255,000	Canada Housing Trust, 1.25%, 6/15/21+(a)(d)		1,764,636
	3,542,000	Canadian Government, 0.25%, 5/1/18+(a)		2,728,530
	2,203,000	Canadian Government, 0.75%, 3/1/21+(a)		1,719,186
	250,000	Federative Republic of Brazil, 2.88%, 4/1/21+(a)		274,983
	4,109,000	Governemnt of France, 0.50%, 5/25/26+(a)(d)		4,692,475
	159,750,000	Government of Japan, Series 350, 0.10%, 3/15/17+(a)		1,551,517
	3,732,000	Government of Poland, 5.75%, 10/25/21+(a)		1,111,821
	741,160,000	Hungary Government Bond, Series 25/B, 5.50%, 6/24/25+(a)		3,096,726
	910,000,000	Japan Treasury Bill, Series 601, 0.00%, 7/19/16+(a)(h)		8,813,859
	930,000,000	Japan Treasury Bill, Series 611, 0.00%, 9/5/16+(a)(h)		9,011,282
	437,050,000	Japan Treasury Bill, Series 362, 0.10%, 3/15/18+(a)		4,262,010
	910,000,000	Japan Treasury Discount Bill, Series 609, 0.00%, 8/22/16+(a)(h)		8,816,582
	440,000,000	Japan Treasury Discount Bill, Series 593, 0.00%, 9/12/16+(a)(h)		4,263,653
	920,000,000	Japan Treasury Discount Bill, Series 617, 0.00%, 10/3/16+(a)(h)		8,917,273
	128,111,000	Mexican Bonos Desarr, Series M, 6.50%, 6/10/21+(a)(e)(j)		7,324,453
	4,006,000	New Zealand Government, Series 0521, 6.00%, 5/15/21+(a)		3,379,743
	4,418,000	Poland Government Bond, Series 1020, 5.25%, 10/25/20+(a)		1,268,240
	5,137,000	Poland Government Bond, Series 0725, 3.25%, 7/25/25+(a)		1,346,872
	2,239,000	Poland Government Bond, Series 0726, 2.50%, 7/25/26+(a)		547,901
	725,000	Republic of Indonesia, 2.63%, 6/14/23+(a)(d)		811,613
	3,713,858	United Kingdom Treasury, 1.50%, 1/22/21+(a)		5,189,474
	124,495	United Kingdom Treasury, 2.00%, 9/7/25+(a)		181,512
	639,873	United Kingdom Treasury, 3.50%, 1/22/45+(a)(d)		1,185,795

				107,586,097

	Total Foreign Bonds (Cost $107,711,840)			109,159,499


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Yankee Dollars (3.5%):
	Banks (0.6%):
$	1,150,000	BNP Paribas SA, 2.40%, 12/12/18(a)	$	1,172,460
	1,275,000	HSBC Holdings plc, 6.38%, 12/29/49, Callable 9/17/24 @ 100^(a)(e)		1,204,875
	325,000	ING Groep NV, 6.00%, 12/31/49, Callable 4/16/20 @ 100^(a)(e)		305,500
	865,000	Intesa Sanpaolo SpA, 3.88%, 1/15/19(a)		889,049
	200,000	Lloyds Bank plc, 2.30%, 11/27/18(a)		201,126
	250,000	Rabobank Nederland, 3.95%, 11/9/22(a)		258,545
	455,000	Standard Chartered plc, 6.50%, 12/31/49, Callable 2/4/20 @ 100^(a)(d)(e)		415,188
	460,000	Sumitomo Mitsui Banking Corp., 2.45%, 1/10/19(a)		469,811
	366,000	UBS AG Stamford CT, 2.38%, 8/14/19(a)		374,312

				5,290,866

	Capital Markets (0.1%):
	400,000	CSG Guernsey I, Ltd., Registered Shares, 7.88%, 2/24/41, Callable 8/24/16 @ 100(a)(d)(e)		400,500
	446,000	Deutsche Bank AG, 1.88%, 2/13/18(a)		443,208

				843,708

	Diversified Financial Services (0.1%):
	253,000	Export-Import Bank of Korea, 2.88%, 9/17/18(a)		260,264
	811,000	Export-Import Bank of Korea, 2.63%, 12/30/20(a)		835,646
	255,000	GE Capital International Holdings, Ltd., 2.34%, 11/15/20(a)(d)		262,691

				1,358,601

	Diversified Telecommunication Services (0.1%):
	190,000	Intelsat Jackson Holdings SA, 8.00%, 2/15/24, Callable 2/15/19 @ 104^(a)(d)		187,150
	572,000	Telecom Italia SpA, 5.30%, 5/30/24(a)(d)		570,570

				757,720

	Electric Utilities (0.0%):
	527,380	Inversiones Alsacia SA, 8.00%, 12/31/18, Callable 7/25/16 @ 100(a)(c)(d)		35,598

	Energy Equipment & Services (0.1%):
	562,000	Petroleos Mexicanos, 5.75%, 3/1/18(a)		587,661

	Financial Services (0.1%):
	495,000	UBS Group AG, 4.13%, 9/24/25(a)(d)		513,091

	Industrial Conglomerates (0.0%):
	400,000	Odebrecht Finance, Ltd., 4.38%, 4/25/25(a)(d)		172,800

	Internet Software & Services (0.2%):
	670,000	Alibaba Group Holding, Ltd., 3.13%, 11/28/21, Callable 9/28/21 @ 100(a)		685,179
	313,000	Alibaba Group Holding, Ltd., 3.60%, 11/28/24, Callable 8/28/24 @ 100^(a)		319,626

				1,004,805

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2016 (Unaudited)


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Media (0.0%):
$	200,000	Unitymedia Hessen, 5.50%, 1/15/23, Callable 1/15/18 @ 102.75(a)(d)	$	201,000

	Metals & Mining (0.1%):
	306,000	First Quantum Minerals, Ltd., Registered Shares, 6.75%, 2/15/20, Callable 2/15/17 @ 103.38(a)(d)		252,450
	883,000	First Quantum Minerals, Ltd., Registered Shares, 7.00%, 2/15/21, Callable 2/15/18 @ 103.5(a)(d)		709,711

				962,161

	Oil, Gas & Consumable Fuels (0.4%):
	775,000	Petroleos Mexicanos, 3.50%, 7/23/20(a)		774,310
	870,000	Petroleos Mexicanos, 6.38%, 2/4/21(a)(d)		945,951
	494,000	YPF SA, 8.88%, 12/19/18(a)(d)		532,285
	1,259,000	YPF SA, 8.50%, 7/28/25(a)(d)		1,330,133

				3,582,679

	Paper & Forest Products (0.2%):
	1,287,000	TFS Corp., Ltd., 11.00%, 7/15/18, Callable 8/8/16 @ 104(a)(b)		1,287,000

	Pharmaceuticals (0.1%):
	669,000	Actavis Funding SCS, 3.00%, 3/12/20, Callable 12/2/20 @ 100(a)		689,959

	Real Estate Investment Trusts (REITs) (0.0%):
	316,000	Trust F/1401, 5.25%, 12/15/24, Callable 9/15/24 @ 100(a)(d)		323,110

	Real Estate Management & Development (0.0%):
	351,000	IRSA Propiedades Comerciales SA, 8.75%, 3/23/23, Callable 3/23/20 @ 104.38(a)(d)		373,376
	200,000	Sun Hung Kai Properties, Ltd., Series E, 4.50%, 2/14/22(a)(d)		222,517

				595,893

	Sovereign Bonds (1.4%):
	388,000	City of Buenos Aires Agrentina, 8.95%, 2/19/21^(a)(d)		432,620
	487,000	Federal Republic of Brazil, 4.88%, 1/22/21^(a)		513,055
	446,000	Provincia de Buenos Aires, 9.13%, 3/16/24(a)(d)		490,600
	1,491,000	Republic of Argentina, 6.88%, 4/22/21(a)(d)		1,590,151
	833,000	Republic of Argentina, 7.50%, 4/22/26(a)(d)		900,473
	917,000	Republic of Argentina, 7.13%, 7/6/36(a)(d)		917,000
	382,000	Republic of Argentina, 7.63%, 4/22/46^(a)(d)		412,560
	448,000	Republic of Hungary, 6.25%, 1/29/20(a)		496,811
	3,072,000	Republic of Hungary, 6.38%, 3/29/21(a)		3,497,078
	480,000	Republic of Indonesia, 6.88%, 1/17/18(a)(d)		515,638
	1,228,000	Republic of Turkey, 6.75%, 4/3/18(a)		1,320,714

				11,086,700

	Total Yankee Dollars (Cost $29,277,957)			29,293,352


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	U.S. Government Agency Mortgages (0.6%):
$	4,497,000	Federal National Mortgages Association, 3.00%, 7/25/46(a)#	$	4,666,866

	Total U.S. Government Agency Mortgage (Cost $4,613,290)			4,666,866

	U.S. Treasury Obligations (17.0%):
	U.S. Treasury Bills (5.5%)
	10,564,000	0.12%, 7/14/16(a)(h)		10,563,525
	4,657,000	0.17%, 7/21/16(a)(h)		4,656,525
	4,000,000	0.17%, 7/28/16(a)(h)		3,999,472
	11,000,000	0.21%, 8/4/16(a)(h)		10,997,767
	6,435,000	0.20%, 8/11/16(a)(h)		6,433,507
	4,870,000	0.22%, 8/18/16(a)(h)		4,868,510
	2,000,000	0.22%, 8/25/16(a)(h)		1,999,318
	1,870,000	0.24%, 9/22/16(a)(h)		1,868,960

				45,387,584

	U.S. Treasury Inflation Index Bonds (0.1%)
	1,113,300	1.00%, 2/15/46(a)		1,213,654

	U.S. Treasury Notes (7.1%)
	2,281,000	0.88%, 1/31/17(k)		2,286,682
	8,214,900	1.25%, 3/31/21(a)		8,310,530
	39,858,700	1.38%, 4/30/21(a)		40,546,901
	3,296,500	1.75%, 3/31/22(a)		3,406,082
	1,824,100	2.00%, 8/15/25(a)#		1,906,969
	1,639,300	1.63%, 2/15/26(a)		1,657,742

				58,114,906

	U.S. Treasury Inflation Index Notes (4.3%)
	5,506,100	0.13%, 4/15/21(a)		5,695,251
	5,035,900	0.38%, 7/15/25(a)		5,231,711
	23,292,100	0.63%, 1/15/26(a)		24,697,593

				35,624,555

	Total U.S. Treasury Obligations (Cost $138,118,832)			140,340,699

	Purchased Swaptions (0.0%):
	Total Purchased Swaptions (Cost $491,038)			199,693

	Collateralized Mortgage Obligation (0.1%):
	459,000	Logistics UK, Class F, Series 2015-1A, 0.66%, 8/20/25(a)(b)(c)(e)		586,618

	Total Collateralized Mortgage Obligation (Cost $688,634)			586,618

	Purchased Options (0.2%):
	Total Purchased Options (Cost $5,830,457)			4,026,531

	Exchange Traded Funds (3.1%):
	4,667	ETFS Platinum Trust(k)		461,660
	5,528	ETFS Physical Palladium Shares(k)		318,468
	124,200	iShares Gold Trust(k)		1,584,792
	181,060	SPDR Gold Trust(k)#		22,907,711

	Total Exchange Traded Fund (Cost $24,431,286)			25,272,631

	Mutual Fund (0.1%):
	9,367	iShares Iboxx $ High Yield Corporate Bond Fund, 5.62%		793,291

	Total Mutual Fund (Cost $783,722)			793,291

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2016 (Unaudited)


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Securities Held as Collateral for Securities on Loan (5.2%):
$	43,189,075	AZL MVP BlackRock Global Allocation Fund Securities Lending Collateral Account(l)	$	43,189,075

	Total Securities Held as Collateral for Securities on Loan (Cost $43,189,075)			43,189,075

	Unaffiliated Investment Companies (1.7%):
	5,819,204	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(h) (m)		5,819,204
	7,908,502	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.00%(h)		7,908,502

	Total Unaffiliated Investment Company (Cost $13,727,706)			13,727,706

	Total Investment Securities (Cost $850,478,052)(n) — 103.8%			860,276,845
	Net other assets (liabilities) — (3.8)%			(33,870,043	)

	Net Assets — 100.0%		$	826,406,802

Percentages indicated are based on net assets as of June 30, 2016.

ADR—American Depositary Receipt

MTN—Medium Term Note

SPDR—Standard & Poor’s Depository Receipts

*	Non-income producing security.

#	All or a portion of the security has been pledged as collateral for open derivative positions.

^	This security or a partial position of this security was on loan as of June 30, 2016. The total value of securities on loan as of June 30, 2016, was $42,561,731.

+	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, 2016, these securities represent 1.38% of the net assets of the fund.

(c)	Security was valued in good faith pursuant to procedures approved by the Board of Trustees as of June 30, 2016. The total of all such securities represent 1.47% 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, 2016. The date presented represents the final maturity date.

(f)	Defaulted bond.

(g)	The sub-adviser has deemed these securities to be illiquid based on procedures approved by the Board of Trustees. As of June 30, 2016, these securities represent 0.18% of the net assets of the Fund.

(h)	The rate represents the effective yield at June 30, 2016.

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

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

(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, 2016.

(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.

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2016 (Unaudited)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2016:


Country	Percentage
Argentina		0.7	%
Australia		1.8	%
Belgium		0.2	%
Bermuda		—	%^NM
Brazil		0.4	%
Canada		1.6	%
Cayman Islands		0.2	%
Chile		—	%^NM
China		0.3	%
Denmark		0.1	%
European Community		—	%^NM
Finland		0.1	%
France		2.9	%
Germany		1.6	%
Guernsey		—	%^NM
Hong Kong		0.6	%
Hungary		0.8	%
India		0.4	%
Indonesia		0.3	%
Ireland (Republic of)		0.8	%
Israel		0.6	%
Italy		1.4	%


Country	Percentage
Japan		12.9	%
Jersey		0.2	%
Korea, Republic Of		0.3	%
Luxembourg		0.2	%
Mexico		1.4	%
Netherlands		1.8	%
New Zealand		0.4	%
Norway		—	%^NM
Poland		0.5	%
Portugal		0.1	%
Republic of Korea (South)		0.2	%
Singapore		0.7	%
Spain		0.6	%
Sweden		0.3	%
Switzerland		1.3	%
Taiwan		0.2	%
Turkey		0.2	%
United Arab Emirates		0.2	%
United Kingdom		4.8	%
United States		58.9	%

		100.0	%

NM Not meaningful, amount is less than 0.05%.

Securities Sold Short (-0.3%):(a)


Security Description	Proceeds Received			Fair Value			Unrealized Appreciation/ Deprecation
Alcoa, Inc.	$	(393,174	)	$	(372,153	)	$	21,021
Church & Dwight Co., Inc.		(552,930	)		(573,097	)		(20,167	)
Ecolab, Inc.		(710,910	)		(723,462	)		(12,552	)
Gentex Corp.		(389,265	)		(383,916	)		5,349
LafargeHolcim, Ltd.		(476,514	)		(403,554	)		72,960

	$	(2,522,793	)	$	(2,456,182	)	$	66,611

Futures Contracts

Cash of $33,404,750 has been segregated to cover margin requirements for the following open contracts as of June 30, 2016:


Description	Type		Expiration Date		Number of Contracts			Notional Value			Unrealized Appreciation/ (Depreciation)
DJ EURO STOXX 600 September Futures (Euro)(a)		Short		9/16/16		(65	)	$	(1,179,582	)	$	(26,887	)
NIKKEI 225 Index September Futures (Japanese Yen)(a)		Short		9/8/16		(1	)		(76,223	)		2,665
MSCI Taiwan Index July Futures (U.S. Dollar)(a)		Short		7/28/16		(1	)		(31,750	)		(978	)
DJ EURO STOXX 50 September Futures (Euro)(a)		Short		9/19/16		(39	)		(1,235,478	)		10,264
CAC 40 10 Euro July Futures (Euro)(a)		Short		7/15/16		(3	)		(140,941	)		(4,036	)
FTSE 100 Index September Futures (British Pounds)(a)		Long		9/19/16		1			85,484			6,626
ASX SPI 200 Index September Futures (Australian Dollar)(a)		Long		9/16/16		1			96,481			85
U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		Long		9/22/16		123			16,357,078			382,544
S&P 500 Index E-Mini September Futures(U.S. Dollar)(a)		Long		9/19/16		15			1,567,650			24,837
NASDAQ 100 E-Mini September Futures (U.S. Dollar)(a)		Long		9/16/16		6			528,840			(1,378	)
German Stock Index September Futures (Euro)(a)		Long		9/16/16		2			536,406			3,234

Total											$	396,976

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2016 (Unaudited)

Option Contracts(a)

Over-the-counter options purchased as of June 30, 2016 were as follows:

Description

Counterparty

Put/Call

Strike Price

Expiration
Date

Contracts

Fair
Value

AFLAC, Inc.

Goldman Sachs

Call

85.00 USD

1/19/18

23,937

50,904

Allstate Corp.

Goldman Sachs

Call

80.00 USD

1/19/18

15,243

41,255

Apple, Inc.

Citigroup Global Markets

Call

100.00 USD

9/16/16

14,409

28,966

BB&T Corp.

Goldman Sachs

Call

40.00 USD

1/19/18

33,282

67,895

Capital One Financial Corp.

Goldman Sachs

Call

80.00 USD

1/19/18

34,070

108,268

CIT Group, Inc.

Goldman Sachs

Call

42.00 USD

1/19/18

20,475

36,757

Citigroup, Inc.

Goldman Sachs

Call

55.00 USD

1/19/18

46,690

110,669

CME Group, Inc.

Goldman Sachs

Call

115.00 USD

1/19/18

16,384

54,188

Comerica, Inc.

Goldman Sachs

Call

55.00 USD

1/19/18

28,632

55,483

E*Trade Financial Corp.

Goldman Sachs

Call

35.00 USD

1/19/18

42,404

47,565

Euro Stoxx 50 Index

Goldman Sachs

Call

3500.00 EUR

3/16/18

424

28,882

Euro Stoxx 50 Index

Morgan Stanley

Call

3025.00 EUR

3/17/17

144

20,080

Euro Stoxx 50 Index

Morgan Stanley

Call

3025.00 EUR

3/17/17

144

20,080

Euro Stoxx 50 Index

Morgan Stanley

Call

3450.00 EUR

3/20/17

248

6,696

Euro Stoxx 50 Index

UBS Warburg

Call

3600.00 EUR

6/15/18

206

11,412

Euro Stoxx 50 Index

Citigroup Global Markets

Call

3150.00 EUR

6/16/17

540

51,335

Euro Stoxx 50 Index

Bank of America

Call

3600.00 EUR

9/15/17

477

14,778

Euro Stoxx 50 Index

Deutsche Bank

Call

3426.55 EUR

9/21/18

225

20,696

Euro Stoxx 50 Index

Barclays Bank

Call

3500.00 EUR

12/15/17

488

27,143

Fifth Third BanCorp

Goldman Sachs

Call

25.00 USD

1/19/18

46,690

23,102

Franklin Resources, Inc.

Goldman Sachs

Call

45.00 USD

1/19/18

42,153

46,798

JPMorgan Chase & Co.

Goldman Sachs

Call

70.00 USD

1/19/18

46,690

142,176

KeyCorp

Goldman Sachs

Call

15.00 USD

1/19/18

46,690

16,573

Lincoln National Corp.

Goldman Sachs

Call

55.00 USD

1/19/18

28,360

52,120

MetLife, Inc.

Goldman Sachs

Call

52.50 USD

1/19/18

46,690

60,314

MetLife, Inc.

UBS Warburg

Call

50.00 USD

1/20/17

12,874

5,164

MetLife, Inc.

UBS Warburg

Call

52.50 USD

1/20/17

11,800

3,013

Morgan Stanley

Goldman Sachs

Call

35.00 USD

1/19/18

46,690

46,752

MunuLife Financial Corp.

Goldman Sachs

Call

22.00 CAD

1/19/18

46,690

24,379

Nikkei 225

Goldman Sachs

Call

21968.28 JPY

3/09/18

16,713

31,995

Prudential Financial, Inc.

Morgan Stanley

Call

87.50 USD

1/20/17

14,400

12,543

Qualcomm, Inc.

Deutsche Bank

Call

52.50 USD

5/19/17

25,613

134,194

Regions Financial Corp.

Goldman Sachs

Call

12.00 USD

1/19/18

46,690

11,522

SPDR Gold Shares(b)

JPMorgan Chase

Call

100.00 USD

9/16/16

15,657

415,663

SPDR Gold Shares(b)

JPMorgan Chase

Call

120.00 USD

9/16/16

21,700

172,585

SPDR Gold Shares(b)

JPMorgan Chase

Call

125.00 USD

9/16/16

22,367

108,183

SPDR Gold Shares(b)

JPMorgan Chase

Call

127.00 USD

10/21/16

11,307

53,904

SPDR Gold Shares(b)

JPMorgan Chase

Call

100.00 USD

12/16/16

12,078

324,108

SPDR Gold Shares(b)

JPMorgan Chase

Call

125.00 USD

12/16/16

22,367

153,410

SPDR Gold Trust(b)

Societe Generale

Call

121.00 USD

1/20/17

22,476

216,029

State Street Corp.

Goldman Sachs

Call

72.50 USD

1/19/18

31,589

60,581

Stoxx Europe 600 Index

Credit Suisse First Boston

Call

355.61 EUR

3/17/17

4,134

43,899

Stoxx Europe 600 Index

JPMorgan Chase

Call

372.06 EUR

9/15/17

3,057

25,949

Stoxx Europe 600 Index

Credit Suisse First Boston

Call

345.00 EUR

9/16/16

3,474

21,431

SunTrust Banks, Inc.

Goldman Sachs

Call

55.00 USD

1/19/18

46,690

59,969

Synchrony Financial

Goldman Sachs

Call

35.00 USD

1/19/18

46,690

59,133

Taiwan Stock Exchange Weighted Index

Morgan Stanley

Call

9000.00 TWD

9/20/17

6,476

46,987

Taiwan Stock Exchange Weighted Index

Morgan Stanley

Call

9000.00 TWD

12/20/17

6,603

58,042

Taiwan Stock Exchange Weighted Index

Citigroup Global Markets

Call

9000.77 TWD

9/22/16

6,700

7,827

TD Ameritrade Holdg Corp.

Goldman Sachs

Call

40.00 USD

1/19/18

39,795

38,593

The Charles Schwab Corp.

Goldman Sachs

Call

40.00 USD

1/19/18

46,690

17,468

Travelers Companies, Inc.

Goldman Sachs

Call

135.00 USD

1/19/18

14,440

55,406

Wells Fargo & Co.

Goldman Sachs

Call

55.00 USD

1/19/18

46,690

83,708

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2016 (Unaudited)

Description

Counterparty

Put/Call

Strike Price

Expiration
Date

Contracts

Fair
Value

Zions Bancorporation

Goldman Sachs

Call

35.00 USD

1/19/18

38,281

36,099

Euro Stoxx 50 Index

UBS Warburg

Put

2875.00 EUR

7/15/16

1,187

84,574

Gentex Corp.

Morgan Stanley

Put

12.50 USD

9/16/16

68,310

4,379

S&P 500 Index

Morgan Stanley

Put

2035.00 USD

7/15/16

8,685

59,785

Total

3,621,409

Over-the-counter options written as of June 30, 2016 were as follows:

Description

Counterparty

Put/Call

Strike Price

Expiration
Date

Contracts

Fair
Value

Alexion Pharmaceuticals, Inc.

Credit Suisse First Boston

Call

125.00 USD

11/18/16

1,444

(10,717

)

Bank of America

Morgan Stanley

Call

14.00 USD

7/15/16

27,969

(3,623

)

Euro Stoxx 50 Index

UBS Warburg

Call

3075.00 EUR

7/15/16

1,187

(2,746

)

General Electric Co.

Deutsche Bank

Call

32.50 USD

1/20/17

65,566

(66,996

)

General Electric Co.

UBS Warburg

Call

31.00 USD

9/16/16

77,197

(91,105

)

Johnson & Johnson

Barclays Bank

Call

110.00 USD

1/20/17

21,498

(275,896

)

JPMorgan Chase & Co.

Credit Suisse First Boston

Call

58.50 USD

7/15/16

12,912

(47,407

)

Mylan NV

Barclays Bank

Call

45.00 USD

7/15/16

5,141

(2,940

)

Qualcomm, Inc.

Deutsche Bank

Call

70.00 USD

5/19/17

25,613

(13,307

)

SPDR Gold Shares(b)

Citigroup Global Markets

Call

150.00 USD

10/21/16

113

(7,295

)

Apple, Inc.

Citigroup Global Markets

Put

90.00 USD

9/16/16

14,409

(29,933

)

Euro Stoxx 50 Index

Morgan Stanley

Put

2375.00 EUR

3/17/17

144

(12,244

)

Euro Stoxx 50 Index

Morgan Stanley

Put

2375.00 EUR

3/17/17

144

(12,244

)

Euro Stoxx 50 Index

Citigroup Global Markets

Put

2350.00 EUR

6/16/17

540

(68,930

)

Euro Stoxx 50 Index

UBS Warburg

Put

2650.00 EUR

7/15/16

1,187

(12,708

)

Euro Stoxx 50 Index

Deutsche Bank

Put

2586.07 EUR

9/21/18

225

(79,339

)

Johnson & Johnson

Barclays Bank

Put

97.50 USD

1/20/17

21,498

(21,330

)

MetLife, Inc.

UBS Warburg

Put

45.00 USD

1/20/17

6,437

(44,791

)

MetLife, Inc.

UBS Warburg

Put

46.00 USD

1/20/17

5,900

(45,808

)

Nikkei 225

Goldman Sachs

Put

17974.04 JPY

3/09/18

16,713

(596,798

)

Prudential Financial, Inc.

Morgan Stanley

Put

77.50 USD

1/20/17

7,200

(73,073

)

Qualcomm, Inc.

Deutsche Bank

Put

40.00 USD

5/19/17

25,613

(38,566

)

S&P 500 Index

Morgan Stanley

Put

1870.00 USD

7/15/16

8,685

(4,374

)

Taiwan Stock Exchange Weighted Index

Morgan Stanley

Put

8600.00 TWD

9/20/17

6,476

(195,201

)

Taiwan Stock Exchange Weighted Index

Citigroup Global Markets

Put

8100.70 TWD

9/21/16

6,700

(34,777

)

Taiwan Stock Exchange Weighted Index

Morgan Stanley

Put

8600.00 TWD

12/20/17

6,603

(213,155

)

Total

(2,005,303

)

Exchange-traded options purchased as of June 30, 2016 were as follows:

Description

Put/Call

Strike Price

Expiration
Date

Contracts

Fair
Value

SPDR Gold Trust(b)

Call

124.00 USD

8/19/16

451

209,715

SPDR Gold Trust(b)

Call

125.00 USD

9/30/16

218

113,360

Total

323,075

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2016 (Unaudited)

Exchange-traded options written as of June 30, 2016 were as follows:


Description	Put/Call	Strike Price	Expiration Date		Contracts		Fair Value
Altria Group, Inc.	Call	67.50 USD		9/16/16		90	$	(25,425	)
Altria Group, Inc.	Call	67.50 USD		12/16/16		90		(33,525	)
Hershey Foods Co.	Call	100.00 USD		8/19/16		25		(37,625	)
Mondelez International, Inc.	Call	43.00 USD		9/16/16		98		(38,465	)
Perrigo Co. plc	Call	110.00 USD		11/18/16		29		(8,048	)
SPDR Gold Shares(b)	Call	145.00 USD		1/20/17		225		(47,138	)
SPDR Gold Shares(b)	Call	137.00 USD		9/16/16		224		(28,000	)
SPDR Gold Shares(b)	Call	145.00 USD		12/16/16		224		(38,191	)
SPDR Gold Trust(b)	Call	136.00 USD		8/19/16		451		(37,433	)
SPDR Gold Trust(b)	Call	145.00 USD		9/30/16		218		(15,478	)
WhiteWave Foods Co.	Call	37.50 USD		7/15/16		46		(44,160	)
Whole Foods Market, Inc.	Call	34.00 USD		9/16/16		127		(12,692	)

Total							$	(366,180	)

Exchange-traded currency options purchased as of June 30, 2016 were as follows:

Description

Counterparty

Strike Price

Expiration
Date

Notional
Amount

Fair
Value

Japanese Yen Call Currency Option (USD/JPY)

Goldman Sachs

110.50 USD

9/08/16

43,771

12,407

Japanese Yen Call Currency Option (USD/JPY)

JPMorgan Chase

110.00 USD

10/04/16

43,938

20,209

Japanese Yen Call Currency Option (USD/JPY)

Deutsche Bank

108.50 USD

11/15/16

44,615

43,093

Japanese Yen Call Currency Option (USD/JPY)

Deutsche Bank

110.00 USD

7/07/16

43,710

698

Japanese Yen Call Currency Option (USD/JPY)

Morgan Stanley

111.00 USD

8/08/16

43,780

5,640

Total

82,047

Exchange-traded currency options written as of June 30, 2016 were as follows:


Description	Counterparty	Strike Price		Expiration Date		Notional Amount			Fair Value
Australian Dollar Call Currency Option (USD/AUD)	Goldman Sachs		0.80 AUD		11/09/16		(26,350	)	$	(8,752	)
Australian Dollar Call Currency Option (USD/AUD)	Deutsche Bank		0.79 AUD		11/10/16		(26,840	)		(12,873	)
Japanese Yen Call Currency Option (USD/JPY)	JPMorgan Chase		117.00 USD		10/04/16		(43,938	)		(3,506	)
New Zealand Call Currency Option (USD/NZD)	Morgan Stanley		0.73 NZD		11/08/16		(28,600	)		(36,427	)
New Zealand Call Currency Option (USD/NZD)	JPMorgan Chase		0.73 NZD		11/10/16		(29,040	)		(42,843	)
Australian Dollar Put Currency Option (USD/AUD)	Goldman Sachs		0.69 AUD		11/09/16		(26,350	)		(14,653	)
Australian Dollar Put Currency Option (USD/AUD)	Deutsche Bank		0.67 AUD		11/10/16		(26,840	)		(10,272	)
Great Britain Pond Put Currency Option (USD/GBP)	Goldman Sachs		1.30 GBP		7/15/16		(44,682	)		(41,965	)
Japanese Yen Call Currency Option (USD/JPY)	Goldman Sachs		100.50 USD		9/08/16		(43,770	)		(57,256	)
Japanese Yen Call Currency Option (USD/JPY)	JPMorgan Stanley Chase		100.00 USD		10/04/16		(43,938	)		(64,969	)
Japanese Yen Call Currency Option (USD/JPY)	Morgan Stanley		101.00 USD		8/08/16		(43,780	)		(43,862	)
Japanese Yen Call Currency Option (USD/JPY)	Deutsche Bank		98.00 USD		11/15/16		(44,615	)		(63,368	)
Japanese Yen Call Currency Option (USD/JPY)	Deutsche Bank		115.00 USD		11/15/16		(44,615	)		(10,091	)
New Zealand Call Currency Option (USD/NZD)	Morgan Stanley		0.62 NZD		11/08/16		(28,600	)		(8,010	)
New Zealand Call Currency Option (USD/NZD)	JPMorgan Chase		0.62 NZD		11/10/16		(29,040	)		(7,454	)
South African Rand Call Currency Option (USD/ZAR)	Deutsche Bank		17.00 USD		8/22/16		(22,177	)		(7,570	)
South African Rand Call Currency Option (USD/ZAR)	Goldman Sachs		14.20 USD		8/22/16		(22,177	)		(24,733	)

Total									$	(458,604	)

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2016 (Unaudited)

Over-the-counter interest rate swaptions purchased as of June 30, 2016 were as follows:

Description

Counterparty

Put/Call

Exercise Rate

Expiration
Date

Notional
Amount

Market
Value

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

Goldman Sachs

Put

1.22 GBP

9/15/16

907

83,317

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

Goldman Sachs

Put

1.62 GBP

9/15/16

907

9,964

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

Deutsche Bank

Put

1.25 JPY

8/01/16

1,937,700

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

Goldman Sachs

Put

1.48 USD

9/16/16

904

93,419

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

Goldman Sachs

Put

1.88 USD

9/16/16

904

12,185

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

Deutsche Bank

Put

1.07 JPY

4/04/18

1,006,980

792

Total

199,693

Over-the-counter interest rate swaptions written as of June 30, 2016 were as follows:

Description

Counterparty

Put/Call

Exercise Rate

Expiration
Date

Notional
Amount

Market
Value

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

Goldman Sachs

Put

1.42 GBP

9/15/16

1,814

(65,539

)

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

Goldman Sachs

Put

1.68 USD

9/16/16

1,808

(79,206

)

Total

(144,745

)

Forward Currency Contracts(a)

At June 30, 2016, 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		Deutsche Bank		9/30/16		1,043,000	$	768,399	$	775,019	$	(6,620	)
Australian Dollar		Goldman Sachs		11/9/16		2,635,000		1,954,353		1,955,241		(888	)
Australian Dollar		Deutsche Bank		11/10/16		2,684,000		1,955,305		1,991,530		(36,225	)
Brazilian Real		Morgan Stanley		7/13/16		1,524,292		358,000		472,657		(114,657	)
Brazilian Real		Goldman Sachs		8/25/16		5,203,000		1,432,544		1,591,680		(159,136	)
Brazilian Real		Deutsche Bank		12/2/16		2,993,000		802,413		889,570		(87,157	)
British Pound		Deutsche Bank		8/3/16		1,368,000		1,998,751		1,821,342		177,409
British Pound		Deutsche Bank		8/4/16		540,000		778,637		718,957		59,680
British Pound		HSBC Bank		9/1/16		1,373,000		1,968,947		1,828,460		140,487
British Pound		Goldman Sachs		9/2/16		1,373,000		1,977,958		1,828,481		149,477
British Pound		BNP Paribas		9/9/16		1,373,000		1,976,644		1,828,623		148,021
British Pound		JPMorgan Chase		9/15/16		1,372,000		1,939,322		1,827,413		111,909
British Pound		Morgan Stanley		9/16/16		1,338,000		1,965,415		1,782,147		183,268
British Pound		Credit Suisse First Boston		9/23/16		803,000		1,098,171		1,069,637		28,534
British Pound		Credit Suisse First Boston		9/30/16		803,000		1,101,218		1,069,726		31,492
British Pound		HSBC Bank		9/30/16		803,000		1,095,123		1,069,726		25,397
Chinese Renminbi		Deutsche Bank		11/4/16		12,566,000		1,933,796		1,883,682		50,114
Emirati Dirham		BNP Paribas		1/19/17		2,788,058		753,000		758,152		(5,152	)
Emirati Dirham		Goldman Sachs		1/19/17		2,790,242		753,000		758,746		(5,746	)
Emirati Dirham		BNP Paribas		1/25/17		2,766,290		747,000		752,162		(5,162	)
European Euro		Credit Suisse First Boston		7/1/16		1,757,851		1,961,990		1,950,502		11,488
European Euro		Morgan Stanley		7/1/16		654,149		739,392		725,841		13,551
European Euro		Morgan Stanley		7/28/16		1,401,000		1,586,282		1,556,154		30,128
European Euro		JPMorgan Chase		9/1/16		1,373,000		1,555,321		1,526,991		28,330
Japanese Yen		Morgan Stanley		7/19/16		910,000,000		8,371,203		8,818,997		(447,794	)
Japanese Yen		Goldman Sachs		7/28/16		86,173,826		786,774		835,372		(48,598	)
Japanese Yen		Goldman Sachs		8/9/16		5,056,065		46,903		49,033		(2,130	)
Japanese Yen		Goldman Sachs		8/10/16		4,785,238		43,832		46,408		(2,576	)
Japanese Yen		Goldman Sachs		8/19/16		509,700		4,661		4,945		(284	)
Japanese Yen		JPMorgan Chase		8/22/16		910,000,000		8,551,506		8,828,815		(277,309	)
Japanese Yen		Goldman Sachs		9/6/16		930,000,000		8,589,240		9,028,193		(438,953	)

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2016 (Unaudited)


Type of Contract	Counterparty		Delivery Date		Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Japanese Yen		Credit Suisse First Boston		9/12/16		440,000,000	$	3,893,805	$	4,272,562	$	(378,757	)
Japanese Yen		Deutsche Bank		10/3/16		920,000,000		8,964,851		8,941,897		22,954
Japanese Yen		HSBC Bank		2/13/17		3,510,006		32,399		34,311		(1,912	)
Korean Won		Credit Suisse First Boston		8/10/16		1,769,212,000		1,460,770		1,536,083		(75,313	)
Mexican Peso		Goldman Sachs		8/25/16		36,337,655		1,941,000		1,977,099		(36,099	)
Mexican Peso		JPMorgan Chase		8/25/16		25,507,708		1,364,000		1,387,851		(23,851	)
New Zealand Dollar		Morgan Stanley		11/8/16		2,860,000		1,935,391		2,028,002		(92,611	)
New Zealand Dollar		JPMorgan Chase		11/10/16		2,904,000		1,937,258		2,059,003		(121,745	)
Polish Zloty		JPMorgan Chase		7/13/16		7,627,688		1,889,000		1,933,619		(44,619	)
Taiwanese Dollar		Citibank		1/9/17		65,071,070		1,943,000		2,025,928		(82,928	)
Taiwanese Dollar		Goldman Sachs		1/9/17		65,604,850		1,945,000		2,042,547		(97,547	)
Taiwanese Dollar		JPMorgan Chase		1/9/17		64,779,873		1,943,000		2,016,862		(73,862	)
Taiwanese Dollar		Credit Suisse First Boston		1/11/17		64,579,900		1,925,000		2,010,731		(85,731	)
Taiwanese Dollar		Deutsche Bank		2/16/17		24,630,540		737,000		767,537		(30,537	)

							$	91,506,574	$	93,078,234	$	(1,571,660	)

Long Contracts:
Brazilian Real		Morgan Stanley		7/13/16		1,524,292	$	393,833	$	472,657	$	78,824
Brazilian Real		Goldman Sachs		8/25/16		2,640,000		787,496		807,618		20,122
Brazilian Real		Deutsche Bank		12/2/16		2,993,000		840,046		889,570		49,524
British Pound		Deutsche Bank		8/3/16		1,368,000		1,979,705		1,821,342		(158,363	)
British Pound		Deutsche Bank		8/4/16		540,000		775,894		718,957		(56,937	)
Canadian Dollar		Deutsche Bank		8/24/16		2,529,000		1,933,545		1,958,067		24,522
Canadian Dollar		JPMorgan Chase		9/2/16		2,517,000		1,961,273		1,948,778		(12,495	)
Chinese Renminbi		Deutsche Bank		11/4/16		12,566,000		1,913,070		1,883,682		(29,388	)
European Euro		Credit Suisse First Boston		7/1/16		2,412,000		2,757,254		2,676,342		(80,912	)
European Euro		Morgan Stanley		7/28/16		2,406,000		2,733,830		2,672,453		(61,377	)
European Euro		Deutsche Bank		7/29/16		1,144,000		1,292,812		1,270,739		(22,073	)
European Euro		Credit Suisse First Boston		8/24/16		1,373,000		1,520,790		1,526,537		5,747
European Euro		JPMorgan Chase		9/1/16		1,373,000		1,539,147		1,526,991		(12,156	)
European Euro		HSBC Bank		9/23/16		1,730,000		1,954,346		1,925,696		(28,650	)
Japanese Yen		Citibank		7/15/16		78,392,000		714,929		759,614		44,685
Japanese Yen		Morgan Stanley		7/28/16		219,388,000		2,017,825		2,126,755		108,930
Japanese Yen		Goldman Sachs		8/4/16		204,724,860		1,884,000		1,985,065		101,065
Korean Won		Credit Suisse First Boston		8/10/16		900,726,354		775,152		782,038		6,886
Korean Won		Credit Suisse First Boston		8/10/16		868,485,646		758,503		754,045		(4,458	)
Polish Zloty		JPMorgan Chase		7/13/16		7,627,688		2,019,050		1,933,619		(85,431	)
South African Rand		Citibank		8/26/16		12,335,390		765,000		829,470		64,470
Taiwanese Dollar		Deutsche Bank		8/3/16		102,288,797		3,176,000		3,173,622		(2,378	)
Taiwanese Dollar		Goldman Sachs		8/3/16		38,308,515		1,191,000		1,188,564		(2,436	)
Taiwanese Dollar		Citibank		1/9/17		65,071,070		1,992,927		2,025,928		33,001
Taiwanese Dollar		Credit Suisse First Boston		1/9/17		65,585,400		2,012,439		2,041,941		29,502
Taiwanese Dollar		JPMorgan Chase		1/9/17		64,779,873		1,985,255		2,016,862		31,607
Taiwanese Dollar		Credit Suisse First Boston		1/11/17		64,579,900		1,982,316		2,010,731		28,415
Taiwanese Dollar		Deutsche Bank		2/16/17		24,630,540		768,743		767,537		(1,206	)

							$	44,426,180	$	44,495,220	$	69,040

At June 30, 2016, the Fund’s open forward cross currency contracts were as follows:


Purchase/Sale	Counterparty	Amount Purchased		Amount Sold		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
European Euro/Japanese Yen	Deutsche Bank		978,000 EUR		120,169,011 JPY	$	1,114,243	$	1,035,641	$	(78,602	)
European Euro/Japanese Yen	Deutsche Bank		1,699,000 EUR		210,390,568 JPY		1,925,921		1,773,567		(152,354	)
European Euro/Japanese Yen	HSBC Bank		668,000 EUR		83,094,190 JPY		762,378		697,823		(64,555	)

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2016 (Unaudited)


Purchase/Sale	Counterparty	Amount Purchased		Amount Sold		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
European Euro/Japanese Yen	Morgan Stanley		1,643,000 EUR		204,437,668 JPY	$	1,861,232	$	1,704,372	$	(156,860	)
Japanese Yen/European Euro	Deutsche Bank		210,900,268 JPY		1,699,000 EUR		1,879,605		2,036,904		157,299
Japanese Yen/European Euro	Deutsche Bank		125,225,076 JPY		978,000 EUR		1,112,194		1,239,829		127,635
Japanese Yen/European Euro	HSBC Bank		86,604,196 JPY		668,000 EUR		764,503		863,369		98,866
Japanese Yen/European Euro	Morgan Stanley		209,222,906 JPY		1,643,000 EUR		1,874,356		2,077,625		203,269

						$	11,294,432	$	11,429,130	$	134,698

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

At June 30, 2016, the Fund’s open centrally cleared credit default swap agreements were as follows:


Underlying Instrument	Counterparty	Expiration Date	Implied Credit Spread at June 30, 2016 (%)(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 26	JPMorgan Chase	6/20/21		4.23		3,002,920		5.00		96,656		86,362		10,295
CDX North America Investment Grade Index Swap Agreement with JPMorgan Chase Bank, N.A., Series 26	JPMorgan Chase	6/20/21		0.77		15,562,152		1.00		163,986		170,550		(6,563	)
iTraxx Crossover Swap Agreement with JPMorgan Chase Bank, N.A., Series 25	JPMorgan Chase	6/20/21		3.66		5,442,778		5.00		343,708		523,309		(179,602	)
iTraxx Crossover Swap Agreement with JPMorgan Chase Bank, N.A., Series 25	JPMorgan Chase	6/20/21		0.84		3,380,000		1.00		28,132		51,306		(23,174	)

										632,482		831,527		(199,045	)

Over-the-Counter Currency Swap Agreements

At June 30, 2016, the Fund’s open over-the-counter currency 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		(225,784	)		(225,784	)
Pay	3-Month U.S. Dollar LIBOR BBA	1.963		3/15/18		Bank of America		263,100,000 JPY		(221,622	)		(221,622	)
Pay	3-Month U.S. Dollar LIBOR BBA	1.838		3/15/18		Bank of America		173,950,000 JPY		(138,445	)		(138,445	)

										(585,851	)		(585,851	)

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

June 30, 2016 (Unaudited)

Centrally Cleared Interest Rate Swap Agreements

At June 30, 2016, 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)		Upfront Premiums Paid/ (Received) ($)		Value ($)			Unrealized Appreciation/ (Depreciation) ($)
Pay	3-Month U.S. Dollar LIBOR BBA	0.016		4/9/21		JPMorgan Chase		1,165,000 EUR		18		(8,764	)		(8,623	)
Pay	3-Month U.S. Dollar LIBOR BBA	1.380		6/28/22		JPMorgan Chase		4,553,447 USD		61		(374	)		(434	)
Pay	3-Month U.S. Dollar LIBOR BBA	1.450		6/28/22		JPMorgan Chase		4,553,447 USD		61		(9,643	)		(9,704	)
Pay	3-Month U.S. Dollar LIBOR BBA	1.445		6/28/22		JPMorgan Chase		9,106,893 USD		121		(17,962	)		(18,083	)

												(36,743	)		(36,844	)

Total Return Swaps at June 30, 2016

Pay/ Receive

Reference Entity

Expiration
Date

Counterparty

Notional
Amount

(Local)

Unrealized
Appreciation/
(Depreciation)

Pay

EURO Stoxx 50 Index Dividends December Futures

12/21/18

BNP Paribas SA

179,040 EUR

(12,480

)

Pay

EURO Stoxx 50 Index Dividends December Futures

12/15/17

BNP Paribas SA

357,346 EUR

(9,836

)

Pay

EURO Stoxx 50 Index Dividends December Futures

12/15/17

BNP Paribas SA

365,440 EUR

(6,720

)

Pay

EURO Stoxx 50 Index Dividends December Futures

12/21/18

BNP Paribas SA

363,120 EUR

(30,000

)

Pay

EURO Stoxx 50 Index Dividends December Futures

12/21/18

BNP Paribas SA

192,100 EUR

(15,130

)

Pay

NIKKEI 225 Dividend Index E-Mini March Futures

3/31/17

BNP Paribas SA

27,850,000 JPY

46,973

Pay

NIKKEI 225 Dividend Index E-Mini March Futures

3/31/17

BNP Paribas SA

25,515,000 JPY

37,918

Pay

NIKKEI 225 Dividend Index E-Mini March Futures

3/30/18

BNP Paribas SA

42,966,300 JPY

(4,419

)

Pay

NIKKEI 225 Dividend Index E-Mini March Futures

3/30/18

BNP Paribas SA

43,387,500 JPY

(8,499

)

Pay

NIKKEI 225 Dividend Index E-Mini March Futures

3/29/19

BNP Paribas SA

24,640,000 JPY

(16,678

)

Pay

NIKKEI 225 Dividend Index E-Mini March Futures

3/29/19

BNP Paribas SA

44,447,000 JPY

(18,257

)

Pay

NIKKEI 225 Dividend Index E-Mini March Futures

3/29/19

BNP Paribas SA

20,625,000 JPY

(9,501

)

Pay

NIKKEI 225 Dividend Index E-Mini March Futures

3/31/20

BNP Paribas SA

20,976,000 JPY

(13,831

)

Pay

NIKKEI 225 Dividend Index E-Mini March Futures

3/31/20

BNP Paribas SA

37,400,000 JPY

(15,128

)

Pay

NIKKEI 225 Dividend Index E-Mini March Futures

3/31/20

BNP Paribas SA

31,410,000 JPY

(20,223

)

Pay

S&P 500 Index Dividends December Futures

12/21/18

BNP Paribas SA

514,250 USD

7,700

Pay

S&P 500 Index Dividends December Futures

12/17/20

Goldman Sachs

215,888 USD

3,713

Pay

S&P 500 Index Dividends December Futures

12/17/21

BNP Paribas SA

267,025 USD

6,600

(77,798

)

(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, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	850,478,052

Investment securities, at value*	$	860,276,845
Cash		33,457,910
Segregated cash for collateral		1,259,315
Deposits with brokers for securities sold short		2,628,268
Interest and dividends receivable		2,784,884
Foreign currency, at value (cost $341,574)		341,922
Unrealized appreciation on forward currency contracts		2,426,608
Unrealized appreciation on swap contracts		102,904
Receivable for capital shares issued		67,254
Receivable for investments sold		4,077,586
Reclaims receivable		154,757
Receivable for variation margin on swaps		72,426
Receivable for variation margin on futures contracts		41,334
Prepaid expenses		17,204

Total Assets		907,709,217

Liabilities:
Cash received as collateral for derivatives		1,340,000
Written options (Proceeds received $2,961,408)		2,974,832
Unrealized depreciation on forward currency contracts		3,794,530
Unrealized depreciation on swap agreements		766,553
Payable for collateral received on loaned securities		43,189,075
Payable for investments purchased		25,200,165
Payable for investments redeemed		23,892
Securities sold short (Proceeds received $2,522,793)		2,456,182
Dividend payable on securities sold short		2,135
Payable for variation margin on futures contracts		318,657
Payable for variation margin on swaps		30
Manager fees payable		549,320
Administration fees payable		28,294
Distribution fees payable		160,573
Custodian fees payable		111,198
Administrative and compliance services fees payable		1,598
Trustee fees payable		16,551
Other accrued liabilities		368,830

Total Liabilities		81,302,415

Net Assets	$	826,406,802

Net Assets Consist of:
Capital		765,094,549
Accumulated net investment income/(loss)		15,362,122
Accumulated net realized gains/(losses) from investment transactions		38,071,580
Net unrealized appreciation/(depreciation) on investments		7,878,551

Net Assets	$	826,406,802

Shares of beneficial interest (unlimited number of shares authorized, no par value)		70,691,067
Net Asset Value (offering and redemption price per share)	$	11.69

*	Includes securities on loan of $42,357,242.

Consolidated Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	6,512,783
Interest		3,203,737
Income from securities lending		184,946
Foreign withholding tax		(430,505	)

Total Investment Income		9,470,961

Expenses:
Manager fees		3,286,160
Administration fees		170,366
Distribution fees		960,600
Custodian fees		164,580
Administrative and compliance services fees		12,807
Trustee fees		45,630
Professional fees		46,531
Shareholder reports		19,613
Dividends on securities sold short		25,956
Other expenses		61,310

Net expenses		4,793,553

Net Investment Income/(Loss)		4,677,408

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains (losses) on securities transactions		(9,237,753	)
Net realized gains (losses) on futures contracts		(1,417,021	)
Net realized gains (losses) on options contracts		(2,993,895	)
Net realized gains (losses) on securities transactions held short		200,974
Net realized gains (losses) on swap agreements		1,066,250
Net realized gains (losses) on forward currency contracts		(5,434,394	)
Change in net unrealized appreciation/depreciation on investments		13,448,760

Net Realized/Unrealized Gains/(Losses) on Investments		(4,367,079	)

Change in Net Assets Resulting From Operations	$	310,329

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, 2016				For the Year Ended December 31, 2015
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	4,677,408			$	5,591,952
Net realized gains/(losses) on investment transactions			(17,815,839	)			14,176,104
Change in unrealized appreciation/depreciation on investments			13,448,760				(33,614,554	)

Change in net assets resulting from operations			310,329				(13,846,498	)

Dividends to Shareholders:
From net investment income			—				(9,611,041	)
From net realized gains			—				(13,360,270	)

Change in net assets resulting from dividends to shareholders			—				(22,971,311	)

Capital Transactions:
Proceeds from shares issued			12,782,543				54,905,887
Proceeds from dividends reinvested			—				22,971,311
Value of shares redeemed			(17,048,920	)			(29,131,353	)

Change in net assets resulting from capital transactions			(4,266,377	)			48,745,845

Change in net assets			(3,956,048	)			11,928,036
Net Assets:
Beginning of period			830,362,850				818,434,814

End of period		$	826,406,802			$	830,362,850

Accumulated net investment income/(loss)		$	15,362,122			$	10,684,714

Share Transactions:
Shares issued			1,130,911				4,466,783
Dividends reinvested			—				1,975,177
Shares redeemed			(1,488,690	)			(2,376,490	)

Change in shares			(357,779	)			4,065,470

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, 2016				Year Ended December 31, 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		$	11.69			$	12.22			$	12.02			$	10.54			$	10.00

Investment Activities:
Net Investment Income/(Loss)			0.07				0.07				0.10				0.05				0.11
Net Realized and Unrealized Gains/(Losses) on Investments			(0.07	)			(0.26	)			0.16				1.43				0.56

Total from Investment Activities			—				(0.19	)			0.26				1.48				0.67

Dividends to Shareholders From:
Net Investment Income			—				(0.14	)			—	(b)			—				(0.12	)
Realized Gains			—				(0.20	)			(0.06	)			—	(b)			(0.01	)

Total Dividends			—				(0.34	)			(0.06	)			—	(b)			(0.13	)

Net Asset Value, End of Period		$	11.69	(d)		$	11.69			$	12.22			$	12.02			$	10.54

Total Return(c)			0.09	%			(1.57	)%			2.18	%			14.08	%			6.71	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	826,407			$	830,363			$	818,435			$	681,691			$	326,544
Net Investment Income/(Loss)(e)			1.16	%			0.67	%			0.96	%			0.55	%			2.01	%
Expenses Before Reductions(e)(f)			1.19	%			1.18	%			1.18	%			1.21	%			2.44	%
Expenses Net of Reductions(e)			1.19	%			1.18	%			1.18	%			1.21	%			2.37	%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly(e)(g)			1.19	%			1.18	%			1.18	%			1.21	%			2.37	%
Portfolio Turnover Rate			25	%(d)			64	%			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, 2016 (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, 2016, 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, 2016, the Fund’s aggregate investment in the VIP Subsidiary was $785,461,091, representing 95.1% 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, 2016 (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 variable 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.

Short Sales

The Fund may engage in short sales against the box (i.e., where the Fund owns or has an unconditional right to acquire at no additional cost a security substantially similar to the security sold short) for hedging purposes to limit exposure to a possible market decline in the value of its portfolio securities. In a short sale, the Fund sells a borrowed security and has a corresponding obligation to the lender to return the identical security. The Fund may also incur an interest expense if a security that has been sold short has an interest payment. When a Fund engages in a short sale, the Fund records a liability for securities sold short and records an asset equal to the proceeds received. The amount of the liability is subsequently marked to market to reflect the market value of the securities sold short. To borrow the security, a Fund also may be required to pay a premium, which would increase the cost of the security sold.

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, 2016 are presented on the Fund’s Consolidated Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $38 million for the period ended June 30, 2016.

Cash collateral received in connection with securities lending is invested in a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, 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 $15,550 during the period ended June 30, 2016. These fees have been netted against “Income from securities lending” on the Consolidated Statement of Operations.

Commission Recapture

Certain Funds of the Trust participate in a commission recapture program. The Fund will utilize the recaptured commissions to pay for, in whole or part, certain expenses of the Fund, excluding investment advisory fees. Any amounts received by the Fund, if applicable, are disclosed as “Expenses paid indirectly” on the Consolidated Statement of Operations. The Fund ceased participation in the program in June 2014.

Affiliated Securities Transactions

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the adviser and sub-adviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees.

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2016 (Unaudited)

The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period, the Fund engaged in such affiliated transactions at the current market price.

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, 2016, 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 $147 million as of June 30, 2016. The monthly average amount for these contracts was $133 million for the period ended June 30, 2016.

Futures Contracts

During the period ended June 30, 2016, 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 $21.8 million as of June 30, 2016. The monthly average notional amount for these contracts was $46.5 million for the period ended June 30, 2016. 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, 2016, 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, 2016:


	Number of Contracts			Notional Amount			Cost
Options outstanding at December 31, 2015		3,440,218			2,993,098				6,078,719
Options purchased		2,467,999			292,146				6,984,704
Options exercised		(72,637	)		—				(149,414	)
Options expired		(699,603	)		(43,882	)			(2,704,957	)
Options closed		(3,830,700	)		(73,246	)			(3,887,558	)

Options outstanding at June 30, 2016		1,305,277			3,168,116			$	6,321,494

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2016 (Unaudited)

The Fund had the following transactions in written call and put options during the period ended June 30, 2016:


	Number of Contracts			Notional Amount (a)				Premiums Received
Options outstanding at December 31, 2015		(3,749,332	)		$	(4,536	)		$	(3,251,054	)
Options written		(1,601,738	)			(759,154	)			(3,283,875	)
Options exercised		60,624				—				103,730
Options expired		934,900				—				717,972
Options closed		3,986,584				184,716				2,751,819

Options outstanding at June 30, 2016		(368,962	)		$	(578,974	)		$	(2,961,408	)

(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, foreign currencies and credit risk. The value of swap agreements are equal to the Fund’s obligations (or rights) under swap agreements, which will generally be equal to the net amounts to be paid or received under the agreements based upon the relative values of the positions held by each party to the agreements. In connection with these arrangements, securities may be indentified as collateral in accordance with the terms of the swap agreements to provide assets of value and recourse in the event of default or bankruptcy by the counterparty.

Swaps are marked to market daily using pricing sources approved by the Trustees and the change in value, if any, is recorded as unrealized gain or loss. For OTC swaps, payments received or made at the beginning of the measurement period are recorded as realized gain or loss upon termination or maturity of the OTC swap. A liquidation payment received or made at the termination of the OTC swap is recorded as a realized gain or loss. Net periodic payments received or paid by the Fund are included as part of realized gains (losses). Upon entering a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or assets determined to be liquid (the amount is subject to the clearing organization that clears the trade). Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable, as applicable, for variation margin on centrally cleared swaps.

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, 2016, the Fund entered into OTC and centrally cleared 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 $19.5 million as of June 30, 2016. The monthly average gross notional amount for interest rate swaps was $39.7 for the period ended June 30, 2016.

Currency swaps are interest rate swaps in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Currency swaps may also involve an exchange of notional amounts at the start, during and/or at expiration of the contract, either at the current spot rate or another specified rate. The gross notional amount of currency swaps outstanding was $4.2 million as of June 30, 2016. The monthly average gross notional amount for currency swaps was $4.1 million for the period ended June 30, 2016.

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 $5.7 million as of June 30, 2016. The monthly average gross notional amount for total return swaps was $3.9 for the period ended June 30, 2016.

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

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2016 (Unaudited)

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 owed 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, 2016, 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 $26.5 million as of June 30, 2016. The monthly average gross notional amount for credit default swaps was $17.5 million for the period ended June 30, 2016.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Consolidated Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2016:

Asset Derivative

Liability Derivative

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*

430,255

Payable for variation margin on futures contracts*

33,279

Option Contracts

Investment securities, at value (purchased options)

3,944,484

Written options

2,371,483

Total Return Swap Agreements

Unrealized appreciation on swap agreements

102,904

Unrealized depreciation on swap agreements

180,702

Credit Risk Exposure

Credit Default Swap Agreements

Unrealized appreciation on swap agreements*

10,294

Unrealized depreciation on swap agreements*

209,339

Interest Rate Risk

Interest Rate Swap Agreements

Unrealized appreciation on swap agreements

—

Unrealized depreciation on swap agreements*

36,844

Swaption Contracts

Investment securities, at value (purchased options)

199,693

Written options

144,745

Foreign Exchange Rate Risk Exposure

Currency Swap Agreements

Unrealized appreciation on swap agreements

—

Unrealized depreciation on swap agreements

585,851

Forward Currency Contracts

Unrealized appreciation on forward currency contracts

2,426,608

Unrealized depreciation on forward currency contracts

3,794,530

Option Contracts

Investment securities, at value (purchased options)

82,047

Written options

458,604

Includes cumulative appreciation/depreciation of futures contracts and cumulative unrealized gain (loss) on these swap agreements as reported in the Consolidated Schedule of Portfolio Investments. Only current day’s variation margin for both futures contracts and these swap agreements are reported within the Consolidated Statement of Assets and Liabilities.

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2016 (Unaudited)

The following is a summary of the effect of derivative instruments on the Consolidated Statement of Operations, categorized by risk exposure, for the period ended June 30, 2016:


	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		$	(1,417,021	)		$	17,017			$	(582,617	)		$	—			$	1,017,809
Credit Risk Exposure			—				618,247				—				—				(226,867	)
Interest Rate Risk Exposure			—				(85,505	)			(2,435,627	)			—				(73,385	)
Foreign Exchange Rate Risk Exposure			—				516,491				24,349				(5,434,394	)			(2,126,196	)

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 transact net amounts in accordance with the master netting agreements at June 30, 2016. 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, 2016.

As of June 30, 2016, the Fund’s derivative assets and liabilities by type are as follows:


	Assets				Liabilities
Derivative Financial Instruments:
Futures contracts		$	41,334			$	318,657
Forward currency contracts			2,426,608				3,794,530
Option contracts*			4,226,224				2,974,832
Swap agreements			173,538				766,583

Total derivative assets and liabilities in the Consolidated Statement of Assets and Liabilities			6,867,704				7,854,602
Derivatives not subject to a master netting agreement or similar agreement (“MNA”)			(517,090	)			(1,143,471	)

Total assets and liabilities subject to a MNA		$	6,350,614			$	6,711,131

*	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, 2016:


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		$	14,778		$	(14,778	)		$	—		$	—			$	—
Barclays Bank			27,143			(27,143	)			—			—				—
BNP Paribas			247,212			(191,016	)			—			—				56,196
Citibank			230,284			(223,863	)			—			—				6,421
Credit Lyonnais			11,488			—				—			—				11,488
Credit Suisse First Boston			195,906			(195,906	)			—			—				—
Deutsche Bank			824,835			(824,835	)			—			—				—
Goldman Sachs			1,941,816			(1,535,936	)			—			—				405,880
HSBC Bank			264,750			(95,117	)			—			—				169,633
JPMorgan Chase			1,425,648			(651,468	)			—			(774,180	)			—
Morgan Stanley			846,562			(846,562	)			—			—				—
Societe Generale			216,029			—				—			—				216,029
UBS Warburg			104,163			(104,163	)			—			—				—

Total		$	6,350,614		$	(4,710,787	)		$	—		$	(774,180	)		$	865,647

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2016 (Unaudited)

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, 2016:


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		$	585,851		$	(14,778	)		$	—			$	—		$	571,073
Barclays Bank			300,166			(27,143	)			—				—			273,023
Citibank			223,863			(223,863	)			—				—			—
Credit Lyonnais			—			—				—				—			—
Credit Suisse First Boston			683,295			(195,906	)			(487,389	)			—			—
Deutsche Bank			860,048			(824,835	)			—				—			35,213
Goldman Sachs			1,535,936			(1,535,936	)			—				—			—
HSBC Bank			95,117			(95,117	)			—				—			—
JPMorgan Chase			651,468			(651,468	)			—				—			—
Morgan Stanley			1,387,213			(846,562	)			—				—			540,651
Societe Generale			—			—				—				—			—
UBS Warburg			197,158			(104,163	)			—				—			92,995

Total		$	6,711,131		$	(4,710,787	)		$	(487,389	)		$	—		$	1,512,955

*	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, acquired fund fees and expenses, 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, 2017.

For the period ended June 30, 2016, 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, 2016, 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. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair values 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. 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 FIS SG LLC.

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2016 (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 Senior Counsel. During the period ended June 30, 2016, $4,688 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.

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, 2016 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Total

Collateralized Mortgage Obligation		$	—		$	586,618		$	—		$	586,618
Common Stocks
Aerospace & Defense			3,773,056			5,634,722			—			9,407,778
Air Freight & Logistics			2,344,241			350,078			—			2,694,319
Airlines			2,246,711			1,868,288			—			4,114,999
Auto Components			1,396,167			6,712,002			—			8,108,169
Automobiles			1,208,643			8,803,524			—			10,012,167
Banks			18,137,391			12,473,883			—			30,611,274
Beverages			5,148,260			6,984,819			—			12,133,079
Biotechnology			7,499,366			106,034			—			7,605,400
Building Products			921,393			1,548,513			—			2,469,906

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2016 (Unaudited)


Investment Securities:	Level 1			Level 2			Level 3			Total

Capital Markets		$	2,094,057		$	1,736,997		$	—		$	3,831,054
Chemicals			5,088,960			10,792,082			—			15,881,042
Commercial Services & Supplies			646,759			563,740			—			1,210,499
Communications Equipment			1,852,513			1,857,170			—			3,709,683
Construction & Engineering			12,828			2,601,167			—			2,613,995
Construction Materials			—			605,876			—			605,876
Distributors			—			107,526			—			107,526
Diversified Financial Services			6,075,538			130,033			209,341			6,414,912
Diversified Telecommunication Services			2,982,830			8,216,185			—			11,199,015
Electric Utilities			3,543,815			2,004,436			—			5,548,251
Electrical Equipment			1,326,663			3,250,535			—			4,577,198
Electronic Equipment, Instruments & Components			442,217			2,707,456			—			3,149,673
Energy Equipment & Services			1,349,058			1,301,973			—			2,651,031
Food & Staples Retailing			4,207,681			1,275,593			—			5,483,274
Food Products			2,500,039			6,889,396			—			9,389,435
Gas Utilities			—			1,968,266			—			1,968,266
Health Care Equipment & Supplies			4,468,774			740,673			—			5,209,447
Health Care Providers & Services			8,832,310			4,066,303			—			12,898,613
Hotels, Restaurants & Leisure			1,797,307			1,390,907			—			3,188,214
Household Durables			554,078			1,981,862			—			2,535,940
Independent Power and Renewable Electricity Producers			1,012,744			181,321			—			1,194,065
Industrial Conglomerates			5,139,392			4,033,096			—			9,172,488
Insurance			11,050,227			5,770,989			—			16,821,216
Internet Software & Services			16,621,492			—			1,124,615			17,746,107
Leisure Products			—			671,962			—			671,962
Machinery			2,554,231			4,829,544			—			7,383,775
Media			10,099,474			3,723,960			—			13,823,434
Metals & Mining			1,697,489			907,036			—			2,604,525
Multi-Utilities			2,772,587			1,776,005			—			4,548,592
Oil, Gas & Consumable Fuels			24,342,580			4,588,746			—			28,931,326
Personal Products			2,061,377			2,511,388			—			4,572,765
Pharmaceuticals			17,382,214			13,519,327			—			30,901,541
Professional Services			—			540,318			—			540,318
Real Estate Investment Trusts (REITs)			4,244,973			1,085,549			—			5,330,522
Real Estate Management & Development			2,483,686			8,384,565			—			10,868,251
Road & Rail			2,519,766			2,930,193			—			5,449,959
Semiconductors & Semiconductor Equipment			4,580,768			3,296,539			—			7,877,307
Software			8,078,858			1,595,720			3,342,306			13,016,884
Specialty Retail			2,491,744			1,568,399			—			4,060,143
Technology Hardware, Storage & Peripherals			12,566,961			828,678			—			13,395,639
Textiles, Apparel & Luxury Goods			1,452,489			3,059,731			—			4,512,220
Tobacco			1,756,204			348,578			—			2,104,782
Trading Companies & Distributors			1,733,915			1,908,170			—			3,642,085
Transportation Infrastructure			—			385,545			—			385,545
Wireless Telecommunication Services			1,923,639			3,351,548			—			5,275,187
Other Common Stocks+			19,453,191			—			—			19,453,191
Convertible Bonds+			—			6,958,814			—			6,958,814
Convertible Preferred Stocks
Internet Software & Services			—			—			1,089,394			1,089,394
Real Estate Investment Trusts (REITs)			1,085,806			—			—			1,085,806
Other Convertible Preferred Stocks+			—			1,711,187			—			1,711,187
Corporate Bonds
Diversified Financial Services			—			1,126,997			624,776			1,751,773
Other Corporate Bonds+						28,485,264			—			28,485,264
Floating Rate Loans+			—			6,676,973			—			6,676,973
Foreign Bonds+			—			109,159,499			—			109,159,499

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2016 (Unaudited)


Investment Securities:	Level 1				Level 2				Level 3			Total

Preferred Stocks
Automobiles		$	—			$	852,942			$	—		$	852,942
Banks			2,189,168				470,880				—			2,660,048
Health Care Providers & Services			—				1,625,119				390,037			2,015,156
Internet Software & Services			—				—				1,421,304			1,421,304
Real Estate Investment Trusts (REITs)			904,723				377,690				—			1,282,413
Real Estate Management & Development			—				239,148				—			239,148
Technology Hardware, Storage & Peripherals			—				2,055,919				—			2,055,919
Other Preferred Stocks+			5,781,070				—				—			5,781,070
Private Placements+			—				—				1,299,870			1,299,870
U.S. Government Agency Mortgage			—				4,666,866				—			4,666,866
U.S. Treasury Obligations			—				140,340,699				—			140,340,699
Warrant			—				39,939				—			39,939
Yankee Dollars+			—				29,293,352				—			29,293,352
Exchange Traded Fund			25,272,631				—				—			25,272,631
Mutual Fund			793,291				—				—			793,291
Securities Held as Collateral for Securities on Loan			—				43,189,075				—			43,189,075
Unaffiliated Investment Company			13,727,706				—				—			13,727,706
Purchased Options			323,075				3,703,456				—			4,026,531
Purchased Swaptions			—				199,693				—			199,693

Total Investment Securities			298,548,126				552,227,076				9,501,643			860,276,845

Securities Sold Short			(2,052,628	)			(403,554	)			—			(2,456,182	)
Other Financial Instruments:*
Futures Contracts			396,976				—				—			396,976
Wirtten Currency Options			—				14,526				—			14,526
Written Options			(105,533	)			(142,992	)			—			(248,525	)
Written Swaptions			—				220,575				—			220,575
Forward Currency Contracts			—				(1,367,922	)			—			(1,367,922	)
Credit Default Swaps			—				(199,045	)			—			(199,045	)
Currency Swaps			—				(585,851	)			—			(585,851	)
Interest Rate Swaps			—				36,844				—			36,844
Total Return Swaps			—				(77,798	)			—			(77,798	)

Total Investments		$	296,786,941			$	549,721,859			$	9,501,643		$	856,010,443

+	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.

For the period ended June 30, 2016, there have been no significant changes to the Funds’ fair valuation methodologies. Changes in valuation techniques may result in transfers out of an investment’s assigned level within the hierarchy during the reporting period. The Trust defines a significant transfer as aggregate transfers that are greater than 2% of a Fund’s net assets. There were significant total transfers between Level 1 and Level 2 during the reporting period. Level 1 securities were valued using quoted prices from stock exchanges. Level 2 securities were valued using fair valuation methodologies. These transfers were as follows:


	Transfer from Level 1 to Level 2			Total Transfers*
AZL BlackRock Global Allocation Fund		$	2,002,809		$	2,002,809

*	Represents 4.2% of net assets as of June 30, 2016.

5. Security Purchases and Sales

For the period ended June 30, 2016, 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		$	478,914,529		$	365,337,557

For the period ended June 30, 2016, purchases and sales of long-term U.S. government securities were as follows:


	Purchases			Sales
AZL MVP BlackRock Global Allocation Fund		$	169,613,974		$	133,255,609

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2016 (Unaudited)

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, 2016 are identified below.


Security	Acquisition Date(a)		Acquisition Cost			Shares or Principal Amount			Fair Value			Percentage of Net Assets
AliphCom, Inc., 12.00%, 4/1/20		4/27/15		$	3,065,000		$	3,065,000		$	1,195,350		0.14	%
Delta Topco, Ltd.		5/2/12			379,997			615,711			209,341		0.03	%
Delta Topco, Ltd., 10.00%, 11/24/60		5/2/12			758,660			624,776			624,776		0.08	%
Domo, Inc., Series E		4/1/15			1,218,214			144,482			1,089,394		0.13	%
Dropbox, Inc.		1/28/14			1,827,985			95,700			1,073,754		0.13	%
Grand Rounds, Inc., Series C		3/31/15			399,608			143,925			390,037		0.05	%
Logistics UK, Series 2015-1A, Class F, 0.66%, 8/20/25		8/3/15			440,732			459,000			586,618		0.07	%
Lookout, Inc.		3/4/15			63,364			5,547			50,861		0.01	%
Lookout, Inc., Preferred Shares		9/19/14			730,222			63,925			586,135		0.07	%
Palantir Technologies, Inc., Series I, 0.00%		3/27/14			712,042			116,157			835,169		0.10	%
Project Samson BND Corp., 12.00%, 4/1/20		11/11/15			268,000			268,000			104,520		0.01	%
REI Agro, Ltd., Registered Shares, 5.50%, 11/13/14		2/7/12			300,000			400,000			2,000		0.00	%
TFS Corp., Ltd., 11.00%, 7/15/18, Callable 8/8/16 @ 104.00		6/6/12			1,333,318			1,287,000			1,287,000		0.16	%
Uber Technologies, Inc.		3/21/14			1,063,120			68,532			3,342,306		0.40	%

(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.

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”) and 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

AZL MVP BlackRock Global Allocation Fund

Notes to the Financial Statements

June 30, 2016 (Unaudited)

Cost for federal income tax purposes at June 30, 2016 is $859,532,425. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	51,565,022
Unrealized depreciation		(50,820,602	)

Net unrealized appreciation/(depreciation)	$	744,420

The tax character of dividends paid to shareholders during the year ended December 31, 2015 were as follows:

Ordinary
Income

Net

Long-Term
Capital Gains

Total
Distributions(a)

AZL MVP BlackRock Global Allocation Fund

11,142,957

11,828,353

22,971,310

(a)	Total distributions paid may differ from that presented in 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, 2015, 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

25,582,364

46,442,730

–

(10,972,839

)

61,052,255

(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

On June 14, 2016, the Board approved a change in the name of the Fund, to AZL MVP BlackRock Global Strategy Plus Fund, as well as certain changes in the Fund’s investment strategy as described in the prospectus supplement dated July 15, 2016. These changes are expected to become effective on or about October 14, 2016.

Other Information (Unaudited)

LOGO


The Allianz VIP Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0616 8/16

AZL^® MVP DFA Multi-Strategy Fund

Semi-Annual Report

June 30, 2016

(Unaudited)

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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

1/1/16

Ending

Account Value

6/30/16

Expenses Paid

During Period

1/1/16 - 6/30/16*

Annualized

Expense Ratio

During Period

1/1/16 - 6/30/16

AZL MVP DFA Multi-Strategy Fund

1,000.00

1,031.60

0.66

0.13


	Beginning Account Value 1/1/16			Ending Account Value 6/30/16			Expenses Paid During Period 1/1/16 - 6/30/16*			Annualized Expense Ratio During Period 1/1/16 - 6/30/16
AZL MVP DFA Multi-Strategy Fund		$	1,000.00		$	1,024.22		$	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 182/366 (to reflect the one half year period).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Domestic Equities		45.1	%
Fixed Income		37.8
International Equities		12.0
Money Market		0.1

Total Investment Securities		95.0
Net other assets (liabilities)		5.0

Net Assets		100.0	%

AZL MVP DFA Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2016 (Unaudited)


Shares			Fair Value
	Affiliated Investment Companies (94.9%):
	234,376	AZL DFA Emerging Markets Core Equity Fund	$	1,952,349
	1,405,112	AZL DFA Five-Year Global Fixed Income Fund		14,374,297
	301,419	AZL DFA International Core Equity Fund		2,622,348
	1,365,488	AZL DFA U.S. Core Equity Fund		13,368,127
	398,140	AZL DFA U.S. Small Cap Fund		3,806,218

	Total Affiliated Investment Companies (Cost $35,615,225)			36,123,339

	Unaffiliated Investment Company (0.1%):
	40,594	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 16.00%(a)		40,594

	Total Unaffiliated Investment Company (Cost $40,594)			40,594

	Total Investment Securities (Cost $35,655,819)(b) — 95.0%			36,163,933
	Net other assets (liabilities) — 5.0%			1,888,122

	Net Assets — 100.0%		$	38,052,055

Percentages indicated are based on net assets as of June 30, 2016.

(a)	The rate represents the effective yield at June 30, 2016.

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

Futures Contracts

Cash of $1,907,104 has been segregated to cover margin requirements for the following open contracts as of June 30, 2016:


Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini September Futures		Long		9/19/16		11	$	1,149,610	$	4,132
U.S. Treasury 10-Year Note September Futures		Long		9/22/16		5		664,922		15,930

Total									$	20,062

See accompanying notes to the financial statements.

AZL MVP DFA Multi-Strategy Fund

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investment securities, at cost	$	40,594
Investments in affiliates, at cost		35,615,225

Total Investment securities, at cost	$	35,655,819

Investment securities, at value	$	40,594
Investments in affiliates, at value		36,123,339

Total Investment securities, at value		36,163,933
Segregated cash for collateral		1,907,104
Interest and dividends receivable		9
Receivable for capital shares issued		25,301
Receivable for variation margin on futures contracts		1,371
Receivable from Manager		2,776
Prepaid expenses		117

Total Assets		38,100,611

Liabilities:
Payable for affiliated investments purchased		40,595
Payable for capital shares redeemed		63
Administration fees payable		2,203
Custodian fees payable		1,604
Administrative and compliance services fees payable		113
Trustee fees payable		927
Other accrued liabilities		3,051

Total Liabilities		48,556

Net Assets	$	38,052,055

Net Assets Consist of:
Capital	$	37,737,874
Accumulated net investment income/(loss)		(20,183	)
Accumulated net realized gains/(losses) from investment transactions		(193,812	)
Net unrealized appreciation/(depreciation) on investments		528,176

Net Assets	$	38,052,055

Shares of beneficial interest (unlimited number of shares authorized, no par value)		3,882,671
Net Asset Value (offering and redemption price per share)	$	9.80

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	63

Total Investment Income		63

Expenses:
Manager fees		31,915
Administration fees		29,266
Custodian fees		358
Administrative and compliance services fees		79
Trustee fees		275
Professional fees		196
Shareholder reports		164
Other expenses		140

Total expenses before reductions		62,393
Less expenses voluntarily waived/reimbursed by the Manager		(14,859	)
Less expense contractually waived/reimbursed by the Manager		(27,288	)

Net expenses		20,246

Net Investment Income/(Loss)		(20,183	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		(132,681	)
Net realized gains/(losses) on futures contracts		(1,616	)
Change in net unrealized appreciation/depreciation on investments		1,322,571

Net Realized/Unrealized Gains/(Losses) on Investments		1,188,274

Change in Net Assets Resulting From Operations	$	1,168,091

See accompanying notes to the financial statements.

Statements of Changes in Net Assets


	AZL MVP DFA Multi-Strategy Fund
	For the Six Months Ended June 30, 2016				April 27, 2015 to December 31, 2015(a)
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(20,183	)		$	(16,859	)
Net realized gains/(losses) on investment transactions			(134,297	)			(59,515	)
Change in unrealized appreciation/depreciation on investments			1,322,571				(794,395	)

Change in net assets resulting from operations			1,168,091				(870,769	)

Distributions to Shareholders:
Capital Transactions:
Proceeds from shares issued			13,034,051				27,572,107
Value of shares redeemed			(2,237,379	)			(614,046	)

Change in net assets resulting from capital transactions			10,796,672				26,958,061

Change in net assets			11,964,763				26,087,292
Net Assets:
Beginning of period			26,087,292				—

End of period		$	38,052,055			$	26,087,292

Accumulated net investment income/(loss)		$	(20,183	)		$	—

Share Transactions:
Shares issued			1,379,803				2,809,530
Shares redeemed			(243,172	)			(63,490	)

Change in shares			1,136,631				2,746,040

(a)	For the period April 27, 2015 (commencement of operations) to December 31, 2015

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)


	Six Months Ended June 30, 2016				April 27, 2015 to December 31, 2015(a)
	(Unaudited)
Net Asset Value, Beginning of Period		$	9.50			$	10.00

Investment Activities:
Net Investment Income/(Loss)			(0.01	)			(0.01	)
Net Realized and Unrealized Gains/(Losses) on Investments			0.31				(0.49	)

Total from Investment Activities			0.30				(0.50	)

Net Asset Value, End of Period		$	9.80			$	9.50

Total Return(b)			3.16	%(c)			(5.00	)%(c)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	38,052			$	26,087
Net Investment Income/(Loss)(d)			(0.13	)%			(0.14	)%
Expenses Before Reductions*(d)(e)			0.39	%			0.52	%
Expenses Net of Reductions*(d)			0.13	%			0.14	%
Portfolio Turnover Rate			6	%(c)			2	%(c)

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

(a)	For the period April 27, 2015 (commencement of operations) to December 31, 2015.

(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.

See accompanying notes to the financial statements.

AZL MVP DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2016 (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, 2016 (Unaudited)

Futures Contracts

During the period ended June 30, 2016, 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 $1.8 million as of June 30, 2016. The monthly average notional amount for these contracts was $1.7 million for the period ended June 30, 2016. 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, 2016:

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

4,132

Payable for variation margin on futures contracts

—

Interest Rate Risk Exposure

Interest Rate Contracts

15,930

—

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, 2016:


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	$	(17,082	)	$	3,602

Interest Rate Risk Exposure

Interest Rate Contracts			15,466			18,272

3. Related Party Transactions

For the period ended June 30, 2016, 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, 2017. Without this temporary reduction, the annual expense limit would be as shown.

AZL MVP DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2016 (Unaudited)

At June 30, 2016, the reimbursements that are subject to repayment by the Fund in subsequent years were as follows:


Fund	Expires 12/31/2018			Expires 12/31/2019			Total
AZL MVP DFA Multi-Strategy Fund		$	32,620		$	27,288		$	59,908


	Fair Value 12/31/15			Purchases at Cost			Proceeds from Sales				Fair Value 6/30/16			Dividend Income
AZL DFA Emerging Markets Core Equity Fund		$	1,306,652		$	547,114		$	(84,467	)		$	1,952,349		$	—
AZL DFA Five-Year Global Fixed Income Fund			9,943,121			5,164,151			(1,118,102	)			14,374,297			—
AZL DFA International Core Equity Fund			1,813,335			898,551			(28,631	)			2,622,348			—
AZL DFA U.S. Core Equity Fund			9,063,066			4,419,720			(599,687	)			13,368,127			—
AZL DFA U.S. Small Cap Fund			2,582,883			1,109,566			(61,951	)			3,806,218			—

		$	24,709,057		$	12,139,102		$	(1,892,838	)		$	36,123,339		$	—

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2016, $172 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 $170,000 annual Board retainer and the Lead Director receives an additional $42,500 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, 2016, actual Trustee compensation was $503,200 in total for both trusts.

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

AZL MVP DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2016 (Unaudited)

For the period ended June 30, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Total
Affiliated Investment Company		$	36,123,339		$	—		$	36,123,339
Unaffiliated Investment Company			40,594			—			40,594

Total Investment Securities			36,163,933			—			36,163,933

Other Financial Instruments:*
Futures Contracts			20,062			—			20,062

Total Investments		$	36,183,995		$	—		$	36,183,995

*	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, 2016, 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		$	12,139,102		$	1,892,837

6. Investment Risks

7. Federal Tax Information

Cost for federal income tax purposes at June 30, 2016 is $35,800,867. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	677,101
Unrealized depreciation		(314,035	)

Net unrealized appreciation/(depreciation)	$	363,066

As of the end of its tax year ended December 31, 2015, the Fund has capital loss carry forwards (“CLCFs”) as summarized in the table 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.

AZL MVP DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2016 (Unaudited)

CLCFs not subject to expiration:


	Short Term Amount			Long Term Amount			Total Amount
AZL MVP DFA Multi-Strategy Fund		$	21,893		$	32,839		$	54,732

As of the latest tax year end December 31, 2015, 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 DFA Multi-Strategy Fund		$	—		$	—		$	(54,732	)		$	(799,178	)		$	(853,910	)

(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.		SARRPT0616 8/16

AZL^® MVP Franklin Templeton

Founding Strategy Plus Fund

Semi-Annual Report

June 30, 2016

(Unaudited)

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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 1/1/16			Ending Account Value 6/30/16			Expenses Paid During Period 1/1/16 - 6/30/16*			Annualized Expense Ratio During Period 1/1/16 - 6/30/16
AZL MVP Franklin Templeton Founding Strategy Plus Fund		$	1,000.00		$	984.10		$	0.69		0.14	%


	Beginning Account Value 1/1/16			Ending Account Value 6/30/16			Expenses Paid During Period 1/1/16 - 6/30/16*			Annualized Expense Ratio During Period 1/1/16 - 6/30/16
AZL MVP Franklin Templeton Founding Strategy Plus Fund		$	1,000.00		$	1,024.17		$	0.71		0.14	%

*	Expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by 182/366 (to reflect the one half year period).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Fixed Income		95.5	%
Money Market		—	^

Total Investment Securities		95.5
Net other assets (liabilities)		4.5

Net Assets		100.0	%

^	Represents less than 0.05%

AZL MVP Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments

June 30, 2016 (Unaudited)


Shares			Fair Value
	Affiliated Investment Company (95.5%):
	23,286,520	AZL Franklin Templeton Founding Strategy Plus Fund	$	286,424,200

	Total Affiliated Investment Company (Cost $303,557,974)			286,424,200

	Unaffiliated Investment Company (0.0%):
	56,604	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.23%(a)		56,604

	Total Unaffiliated Investment Company (Cost $56,604)			56,604

	Total Investment Securities (Cost $303,614,578)(b) — 95.5%			286,480,804
	Net other assets (liabilities) — 4.5%			13,440,516

	Net Assets — 100.0%		$	299,921,320

Percentages indicated are based on net assets as of June 30, 2016.

(a)	The rate represents the effective yield at June 30, 2016.

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

Futures Contracts

Cash of $8,966,519 has been segregated to cover margin requirements for the following open contracts as of June 30, 2016:


Description	Type		Expiration Date		Number of Contracts			Notional Value			Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini September Futures		Short		9/19/16		(968	)	$	(101,165,680	)	$	(3,850,047	)
U.S. Treasury 10-Year Note September Futures		Long		9/22/16		30			3,989,531			95,579

Total											$	(3,754,468	)

See accompanying notes to the financial statements.

AZL MVP Franklin Templeton Founding Strategy Plus Fund

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	56,604
Investments in affiliates, at cost		303,557,974

Total Investment securities, at cost	$	303,614,578

Investments in non-affiliates, at value	$	56,604
Investments in affiliates, at value		286,424,200

Total Investment securities, at value		286,480,804
Segregated cash for collateral		8,966,519
Interest and dividends receivable		13
Receivable for capital shares issued		3,636
Receivable for affiliated investments sold		4,875,022
Prepaid expenses		1,684

Total Assets		300,327,678

Liabilities:
Cash overdraft		52,022
Payable for affiliated investments purchased		10
Payable for capital shares redeemed		162,603
Payable for variation margin on futures contracts		135,303
Manager fees payable		24,775
Administration fees payable		3,392
Custodian fees payable		5,555
Administrative and compliance services fees payable		410
Trustee fees payable		4,131
Other accrued liabilities		18,157

Total Liabilities		406,358

Net Assets	$	299,921,320

Net Assets Consist of:
Capital	$	314,592,585
Accumulated net investment income/(loss)		11,645,048
Accumulated net realized gains/(losses) from investment transactions		(5,428,071	)
Net unrealized appreciation/(depreciation) on investments		(20,888,242	)

Net Assets	$	299,921,320

Shares of beneficial interest (unlimited number of shares authorized, no par value)		26,914,820
Net Asset Value (offering and redemption price per share)	$	11.14

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	1,627

Total Investment Income		1,627

Expenses:
Manager fees		148,097
Administration fees		35,757
Custodian fees		4,304
Administrative and compliance services fees		1,740
Trustee fees		6,219
Professional fees		4,785
Shareholder reports		3,188
Other expenses		2,437

Total expenses		206,527

Net Investment Income/(Loss)		(204,900	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		(2,563,536	)
Net realized gains distributions from affiliated underlying funds		10,976
Net realized gains/(losses) on futures contracts		(6,867,567	)
Change in net unrealized appreciation/depreciation on investments		4,488,409

Net Realized/Unrealized Gains/(Losses) on Investments		(4,931,718	)

Change in Net Assets Resulting From Operations	$	(5,136,618	)

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, 2016				For the Year Ended December 31, 2015
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(204,900	)		$	11,849,982
Net realized gains/(losses) on investment transactions			(9,420,127	)			4,302,154
Change in unrealized appreciation/depreciation on investments			4,488,409				(36,121,291	)

Change in net assets resulting from operations			(5,136,618	)			(19,969,155	)

Distributions to Shareholders:
From net investment income			—				(4,497,810	)
From net realized gains			—				(5,307,311	)

Change in net assets resulting from distributions to shareholders			—				(9,805,121	)

Capital Transactions:
Proceeds from shares issued			8,619,335				44,569,516
Proceeds from dividends reinvested			—				9,805,121
Value of shares redeemed			(11,229,244	)			(14,123,192	)

Change in net assets resulting from capital transactions			(2,609,909	)			40,251,445

Change in net assets			(7,746,527	)			10,477,169
Net Assets:
Beginning of period			307,667,847				297,190,678

End of period		$	299,921,320			$	307,667,847

Accumulated net investment income/(loss)		$	11,645,048			$	11,849,948

Share Transactions:
Shares issued			787,227				3,651,994
Dividends reinvested			—				857,841
Shares redeemed			(1,027,111	)			(1,143,789	)

Change in shares			(239,884	)			3,366,046

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, 2016				Year Ended December 31, 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		$	11.33			$	12.49			$	12.39			$	10.52			$	10.00

Investment Activities:
Net Investment Income/(Loss)			—	(b)			0.43				0.12				0.12				0.13
Net Realized and Unrealized Gains/(Losses) on Investments			(0.19	)			(1.20	)			0.17				1.75				0.56

Total from Investment Activities			(0.19	)			(0.77	)			0.29				1.87				0.69

Dividends to Shareholders From:
Net Investment Income			—				(0.18	)			(0.11	)			—				(0.13	)
Net Realized Gains			—				(0.21	)			(0.08	)			—	(b)			(0.04	)

Total Dividends			—				(0.39	)			(0.19	)			—	(b)			(0.17	)

Net Asset Value, End of Period		$	11.14			$	11.33			$	12.49			$	12.39			$	10.52

Total Return(c)			(1.59	)%(d)			(6.21	)%			2.33	%			17.79	%			6.87	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	299,921			$	307,668			$	297,191			$	204,518			$	44,647
Net Investment Income/(Loss)(e)			(0.14	)%			3.85	%			1.42	%			1.75	%			3.46	%
Expenses Before Reductions*(e)(f)			0.14	%			0.15	%			0.15	%			0.17	%			0.48	%
Expenses Net of Reductions*(e)			0.14	%			0.15	%			0.15	%			0.15	%			0.15	%
Portfolio Turnover Rate			—	%(d)			4	%			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, 2016 (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, 2016 (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 $105.2 million as of June 30, 2016. The monthly average notional amount for these contracts was $46.2 million for the period ended June 30, 2016. 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, 2016:

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

3,850,047

Interest Rate Risk Exposure

Interest Rate Contracts

95,579

—

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, 2016:


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	$	(7,056,876	)	$	(3,859,108	)

Interest Rate Risk Exposure

Interest Rate Contracts			189,309			124,062

3. Related Party Transactions

For the period ended June 30, 2016, 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, 2016, the contractual reimbursements that are subject to repayment by the Fund in subsequent years were as follows:


	Expires 12/31/2016			Total
AZL MVP Franklin Templeton Founding Strategy Plus Fund		$	51		$	51

AZL MVP Franklin Templeton Founding Strategy Plus Fund

Notes to the Financial Statements

June 30, 2016 (Unaudited)


	Fair Value 12/31/15			Purchases at Cost			Proceeds from Sales				Fair Value 6/30/16			Dividend Income
AZL Franklin Templeton Founding Strategy Plus Fund		$	292,302,682		$	648,850		$	(12,187,250	)		$	2,864,424,200		$	—

		$	292,302,682		$	648,850		$	(12,187,250	)		$	2,864,424,200		$	—

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2016, $1,720 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, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Total

Affiliated Investment Company		$	286,424,200			$	—		$	286,424,200
Unaffiliated Investment Company			56,604				—			56,604

Total Investment Securities			286,480,804				—			286,480,804

Other Financial Instruments:*
Futures Contracts			(3,754,468	)			—			(3,754,468	)

Total Investments		$	282,726,336			$	—		$	282,726,336

*	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, 2016 (Unaudited)

5. Security Purchases and Sales

For the period ended June 30, 2016, 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		$	648,850		$	12,187,250

6. Investment Risks

7. Federal Tax Information

Cost for federal income tax purposes at June 30, 2016 is $304,725,372. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	—
Unrealized depreciation		(18,244,568	)

Net unrealized appreciation/(depreciation)	$	(18,244,568	)

The tax character of dividends paid to shareholders during the year ended December 31, 2015 were as follows:

Ordinary
Income

Net

Long-Term
Capital Gains

Total
Distributions(a)

AZL MVP Franklin Templeton Founding Strategy Plus Fund

5,014,758

4,790,363

9,805,121

(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, 2015, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)(a)				Total Accumulated Earnings/ (Deficit)
AZL MVP Franklin Templeton Founding Strategy Plus Fund		$	11,849,947		$	4,637,586		$	—		$	(26,022,180	)		$	(9,534,647	)

(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

On June 14, 2016, the Board approved a change in the name of the Fund, to AZL MVP Pyramis Multi-Strategy Fund, as well as certain changes in the Fund’s investment strategy as described in the prospectus supplement dated July 15, 2016. These changes are expected to become effective on or about October 14, 2016.

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.		SARRPT0616 8/16

AZL MVP Fusion^SM Balanced Fund

Semi-Annual Report

June 30, 2016

(Unaudited)

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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 1/1/16			Ending Account Value 6/30/16			Expenses Paid During Period 1/1/16 - 6/30/16*			Annualized Expense Ratio During Period 1/1/16 - 6/30/16
AZL MVP Fusion Balanced Fund		$	1,000.00		$	1,025.50		$	1.11		0.22	%


	Beginning Account Value 1/1/16			Ending Account Value 6/30/16			Expenses Paid During Period 1/1/16 - 6/30/16*			Annualized Expense Ratio During Period 1/1/16 - 6/30/16
AZL MVP Fusion Balanced Fund		$	1,000.00		$	1,023.76		$	1.11		0.22	%

*	Expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by 182/366 (to reflect the one half year period).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Fixed Income		47.8	%
Domestic Equities		31.6
International Equities		15.6
Money Market		1.0

Total Investment Securities		96.0
Net other assets (liabilities)		4.0

Net Assets		100.0	%

AZL MVP Fusion Balanced Fund

Schedule of Portfolio Investments

June 30, 2016 (Unaudited)


Shares			Fair Value
	Affiliated Investment Companies (95.0%):
	1,159,701	AZL BlackRock Capital Appreciation Fund	$	16,966,419
	1,258,253	AZL Boston Company Research Growth Fund		17,162,564
	1,273,885	AZL DFA International Core Equity Fund		11,082,801
	1,178,783	AZL DFA U.S. Core Equity Fund		11,540,282
	1,794,304	AZL DFA U.S. Small Cap Fund		17,153,545
	969,990	AZL Federated Clover Small Value Fund		17,052,421
	1,902,758	AZL Gateway Fund		22,985,323
	1,596,932	AZL International Index Fund		22,229,298
	2,087,646	AZL Invesco Growth and Income Fund		28,454,612
	2,053,913	AZL Invesco International Equity Fund		33,437,699
	2,454,920	AZL JPMorgan International Opportunities Fund		38,738,639
	2,425,086	AZL JPMorgan U.S. Equity Fund		39,456,150
	12,256,932	AZL MetWest Total Return Bond Fund		128,084,943
	871,932	AZL MFS Investors Trust Fund		17,246,812
	1,271,078	AZL MFS Mid Cap Value Fund		11,490,548
	2,564,650	AZL MFS Value Fund		34,520,183
	508,312	AZL Mid Cap Index Fund		11,548,860
	1,553,884	AZL Morgan Stanley Global Real Estate Fund		17,434,584
	884,932	AZL Multi-Manager Mid Cap Growth Fund		11,017,405
	2,395,534	AZL NFJ International Value Fund		21,511,898
	1,820,072	AZL Oppenheimer Discovery Fund		23,133,113


Shares			Fair Value
	Affiliated Investment Companies, continued
	12,220,313	AZL Pyramis Total Bond Fund	$	128,313,285
	1,302,187	AZL Russell 1000 Growth Index Fund		20,144,834
	3,576,427	AZL Russell 1000 Value Index Fund		48,889,758
	1,771,678	AZL Schroder Emerging Markets Equity Fund, Class 2		11,303,308
	1,508,101	AZL Wells Fargo Large Cap Growth Fund		16,890,730
	1,594,627	NFJ Dividend Value Portfolio		17,253,863
	5,668,384	PIMCO VIT Income Portfolio		57,193,997
	1,541,742	PIMCO VIT High Yield Portfolio		11,578,486
	6,677,974	PIMCO VIT Low Duration Portfolio		68,582,798
	1,865,671	PIMCO VIT Real Return Portfolio		23,395,511
	11,785,746	PIMCO VIT Total Return Portfolio		128,464,633

	Total Affiliated Investment Companies (Cost $949,967,815)			1,084,259,302

	Unaffiliated Investment Company (1.0%):
	11,086,456	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.23%(a)		11,086,456

	Total Unaffiliated Investment Company (Cost $11,086,456)			11,086,456

	Total Investment Securities (Cost $961,054,271)(b) — 96.0%			1,095,345,758
	Net other assets (liabilities) — 4.0%			45,916,125

	Net Assets — 100.0%		$	1,141,261,883

Percentages indicated are based on net assets as of June 30, 2016.

(a)	The rate represents the effective yield at June 30, 2016.

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

Futures Contracts

Cash of $45,801,876 has been segregated to cover margin requirements for the following open contracts as of June 30, 2016:


Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini September Futures		Long		9/19/16		62	$	6,479,620	$	26,201
U.S. Treasury 10-Year Note September Futures		Long		9/22/16		213		28,325,672		666,967

Total									$	693,168

See accompanying notes to the financial statements.

AZL MVP Fusion Balanced Fund

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	11,086,456
Investments in affiliates, at cost		949,967,815

Total Investment securities, at cost	$	961,054,271

Investments in non-affiliates, at value	$	11,086,456
Investments in affiliates, at value		1,084,259,302

Total Investment securities, at value		1,095,345,758
Segregated cash for collateral		45,801,876
Interest and dividends receivable		653,434
Receivable for capital shares issued		634,686
Receivable for affiliated investments sold		138,716
Prepaid expenses		6,464

Total Assets		1,142,580,934

Liabilities:
Cash overdraft		138,716
Payable for affiliated investments purchased		653,476
Payable for variation margin on futures contracts		296,317
Manager fees payable		186,983
Administration fees payable		3,460
Custodian fees payable		7,512
Administrative and compliance services fees payable		565
Trustee fees payable		5,812
Other accrued liabilities		26,210

Total Liabilities		1,319,051

Net Assets	$	1,141,261,883

Net Assets Consist of:
Capital	$	937,434,078
Accumulated net investment income/(loss)		27,992,388
Accumulated net realized gains/(losses) from investment transactions		40,850,762
Net unrealized appreciation/(depreciation) on investments		134,984,655

Net Assets	$	1,141,261,883

Shares of beneficial interest (unlimited number of shares authorized, no par value)		91,653,780
Net Asset Value (offering and redemption price per share)	$	12.45

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends from affiliates	$	3,382,420
Dividends		14,488

Total Investment Income		3,396,908

Expenses:
Manager fees		1,125,763
Administration fees		37,902
Custodian fees		15,031
Administrative and compliance services fees		6,486
Trustee fees		23,198
Professional fees		18,060
Shareholder reports		11,867
Other expenses		9,786

Total expenses		1,248,093

Net Investment Income/(Loss)		2,148,815

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		(60,263	)
Net realized gains distributions from affiliated underlying funds		833,008
Net realized gains/(losses) on futures contracts		(1,729,600	)
Change in net unrealized appreciation/depreciation on investments		25,505,453

Net Realized/Unrealized Gains/(Losses) on Investments		24,548,598

Change in Net Assets Resulting From Operations	$	26,697,413

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, 2016				For the Year Ended December 31, 2015
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	2,148,815			$	22,427,260
Net realized gains/(losses) on investment transactions			(956,855	)			60,193,767
Change in unrealized appreciation/depreciation on investments			25,505,453				(97,957,526	)

Change in net assets resulting from operations			26,697,413				(15,336,499	)

Distributions to Shareholders:
From net investment income			—				(16,427,356	)
From net realized gains			—				(49,423,384	)

Change in net assets resulting from distributions to shareholders			—				(65,850,740	)

Capital Transactions:
Proceeds from shares issued			10,501,437				32,451,523
Proceeds from dividends reinvested			—				65,850,740
Value of shares redeemed			(67,306,732	)			(126,317,790	)

Change in net assets resulting from capital transactions			(56,805,295	)			(28,015,527	)

Change in net assets			(30,107,882	)			(109,202,766	)
Net Assets:
Beginning of period			1,171,369,765				1,280,572,531

End of period		$	1,141,261,883			$	1,171,369,765

Accumulated net investment income/(loss)		$	27,992,388			$	25,843,573

Share Transactions:
Shares issued			857,989				2,500,941
Dividends reinvested			—				5,424,279
Shares redeemed			(5,603,829	)			(9,790,478	)

Change in shares			(4,745,840	)			(1,865,258	)

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, 2016				Year Ended December 31, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013				Year Ended December 31, 2012				Year Ended December 31, 2011
	(Unaudited)
Net Asset Value, Beginning of Period		$	12.15			$	13.03			$	12.62			$	11.52			$	10.55			$	10.92

Investment Activities:
Net Investment Income/(Loss)			0.04				0.24				0.15				0.12				0.17				0.17
Net Realized and Unrealized Gains/(Losses) on Investments			0.26				(0.42	)			0.44				1.19				1.03				(0.27	)

Total from Investment Activities			0.30				(0.18	)			0.59				1.31				1.20				(0.10	)

Dividends to Shareholders From:
Net Investment Income			—				(0.17	)			(0.18	)			(0.21	)			(0.23	)			(0.27	)
Net Realized Gains			—				(0.53	)			—				—				—				—

Total Dividends			—				(0.70	)			(0.18	)			(0.21	)			(0.23	)			(0.27	)

Net Asset Value, End of Period		$	12.45			$	12.15			$	13.03			$	12.62			$	11.52			$	10.55

Total Return(a)			2.55	%(b)			(1.27	)%			4.59	%			11.46	%			11.39	%			(0.90	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	1,141,262			$	1,171,370			$	1,280,573			$	1,282,663			$	1,017,893			$	909,669
Net Investment Income/(Loss)(c)			0.38	%			1.80	%			1.13	%			1.27	%			1.48	%			1.85	%
Expenses Before Reductions*(c)(d)			0.22	%			0.22	%			0.22	%			0.22	%			0.23	%			0.23	%
Expenses Net of Reductions*(c)			0.22	%			0.22	%			0.22	%			0.21	%			0.18	%			0.18	%
Portfolio Turnover Rate(e)			6	%(b)			11	%			23	%			6	%			32	%			20	%

*	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, 2016 (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

Futures Contracts

AZL MVP Fusion Balanced Fund

Notes to the Financial Statements

June 30, 2016 (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 $34.8 million as of June 30, 2016. The monthly average notional amount for these contracts was $51.8 million for the period ended June 30, 2016. 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, 2016:

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

26,201

Payable for variation margin on futures contracts

—

Interest Rate Risk Exposure

Interest Rate Contracts

666,967

—

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, 2016:


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	$	(2,608,339	)	$	(3,384	)

Interest Rate Risk Exposure

Interest Rate Contracts			878,739			801,629

3. Related Party Transactions

For the period ended June 30, 2016, 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, 2016 (Unaudited)


	Fair Value 12/31/15			Purchases at Cost			Proceeds from Sales				Fair Value 6/30/16			Dividend Income
AZL BlackRock Capital Appreciation Fund		$	17,804,205		$	1,705		$	(4,596	)		$	16,966,419		$	—
AZL Boston Company Research Growth Fund			17,832,600			1,705			(634,687	)			17,162,564			—
AZL DFA International Core Equity Fund			11,695,614			1,137			(197,441	)			11,082,801			—
AZL DFA U.S. Core Equity Fund			11,839,464			1,137			(672,054	)			11,540,282			—
AZL DFA U.S. Small Cap Fund			17,193,496			1,705			(720,433	)			17,153,545			—
AZL Federated Clover Small Cap Value Fund			17,276,335			1,705			(565,938	)			17,052,421			—
AZL Gateway Fund			23,748,181			2,274			(989,920	)			22,985,323			—
AZL International Index Fund			23,031,702			2,274			(6,129	)			22,229,298			—
AZL Invesco Growth and Income Fund			29,244,633			2,842			(1,002,997	)			28,454,612			—
AZL Invesco International Equity Fund			35,302,480			3,410			(1,573,859	)			33,437,699			—
AZL JPMorgan International Opportunities Fund			41,138,740			112,367			(745,368	)			38,738,639			—
AZL JPMorgan U.S. Equity Fund			41,104,543			3,979			(1,591,275	)			39,456,150			—
AZL MetWest Total Return Bond Fund			131,131,192			668,332			(9,221,274	)			128,084,943			—
AZL MFS Investors Trust Fund			17,782,165			1,705			(827,053	)			17,246,812			—
AZL MFS Mid Cap Value Fund			11,763,400			1,137			(970,515	)			11,490,548			—
AZL MFS Value Fund			35,220,247			3,410			(2,949,542	)			34,520,183			—
AZL Mid Cap Index Fund			11,691,526			1,137			(1,025,525	)			11,548,860			—
AZL Morgan Stanley Global Real Estate Fund			17,842,604			1,705			(1,573,106	)			17,434,584			—
AZL Morgan Stanley Mid Cap Growth Fund			11,480,951			137,888			(3,064	)			11,017,405			—
AZL NFJ International Value Fund			22,123,729			1,061,912			(6,129	)			21,511,898			—
AZL Oppenheimer Discovery Fund			22,692,149			733,610			(472,099	)			23,133,113			—
AZL Pyramis Total Bond Fund			131,393,263			12,697			(11,236,055	)			128,313,285			—
AZL Russell 1000 Growth Index Fund			20,714,157			1,989			(769,510	)			20,144,834			—
AZL Russell 1000 Value Index Fund			49,813,499			4,831			(3,742,560	)			48,889,758			—
AZL Schroder Emerging Markets Equity Fund, Class 2			10,609,329			85,248			(3,064	)			11,303,308			—
AZL Wells Fargo Large Cap Growth Fund			17,753,139			1,705			(4,596	)			16,890,730			—
NFJ Dividend Value Portfolio			17,517,968			1,188,817			(928,934	)			17,253,863			354,104
PIMCO VIT Income Portfolio			—			57,591,106			(739,071	)			57,193,997			174,012
PIMCO VIT Global Advantage Strategy Bond Portfolio			12,037,749			40,450			(12,453,473	)			—			38,769
PIMCO VIT High Yield Portfolio			35,523,393			711,815			(25,864,958	)			11,578,486			687,813
PIMCO VIT Low Duration Portfolio			70,809,315			530,005			(2,883,394	)			68,582,798			514,127
PIMCO VIT Real Return Portfolio			47,251,691			244,877			(26,208,350	)			23,395,511			239,834
PIMCO VIT Total Return Portfolio			130,913,717			1,504,192			(7,742,660	)			128,464,633			1,373,761

		$	1,113,277,176		$	64,664,808		$	(118,329,629	)		$	1,084,259,302		$	3,382,420

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2016, $6,555 was paid from the Fund relating to these fees and expenses.

AZL MVP Fusion Balanced Fund

Notes to the Financial Statements

June 30, 2016 (Unaudited)

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, 2016, actual Trustee compensation was $503,200 in total for both trusts.

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

For the period ended June 30, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Total

Affiliated Investment Company		$	1,084,259,302		$	—		$	1,084,259,302
Unaffiliated Investment Company			11,086,456			—			11,086,456

Total Investment Securities			1,095,345,758			—			1,095,345,758

Other Financial Instruments:*
Futures Contracts			693,168			—			693,168

Total Investments		$	1,096,038,926		$	—		$	1,096,038,926

*	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, 2016, 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		$	64,664,808		$	118,329,627

6. Investment Risks

7. Federal Tax Information

AZL MVP Fusion Balanced Fund

Notes to the Financial Statements

June 30, 2016 (Unaudited)

Cost for federal income tax purposes at June 30, 2016 is $974,508,084. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	146,211,529
Unrealized depreciation		(25,373,855	)

Net unrealized appreciation/(depreciation)	$	120,837,674

The tax character of dividends paid to shareholders during the year ended December 31, 2015 were as follows:

Ordinary
Income

Net

Long-Term
Capital Gains

Total
Distributions(a)

AZL MVP Fusion Balanced Fund

18,065,942

47,784,798

65,850,740

(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, 2015, 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

25,843,573

55,908,885

—

95,377,934

177,130,392

(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

On June 14, 2016, the Board approved a change in the name of the Fund, to AZL MVP Fusion Dynamic Balanced Fund, as well as certain changes in the Fund’s investment strategy as described in the prospectus supplement dated July 15, 2016. These changes are expected to become effective on or about October 14, 2016.

Other Information (Unaudited)

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0616 8/16

AZL MVP Fusion^SM Conservative Fund

Semi-Annual Report

June 30, 2016

(Unaudited)

LOGO

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AZL MVP Fusion Conservative Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL MVP Fusion Conservative Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in 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 1/1/16			Ending Account Value 6/30/16			Expenses Paid During Period 1/1/16 - 6/30/16*			Annualized Expense Ratio During Period 1/1/16 - 6/30/16
AZL MVP Fusion Conservative Fund		$	1,000.00		$	1,034.40		$	1.21		0.24	%


	Beginning Account Value 1/1/16			Ending Account Value 6/30/16			Expenses Paid During Period 1/1/16 - 6/30/16*			Annualized Expense Ratio During Period 1/1/16 - 6/30/16
AZL MVP Fusion Conservative Fund		$	1,000.00		$	1,023.69		$	1.21		0.24	%

*	Expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by 182/366 (to reflect the one half year period).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Fixed Income		61.8	%
Domestic Equities		24.2
International Equities		9.0
Money Market		1.0

Total Investment Securities		96.0
Net other assets (liabilities)		4.0

Net Assets		100.0	%

AZL MVP Fusion Conservative Fund

Schedule of Portfolio Investments

June 30, 2016 (Unaudited)


Shares			Fair Value

	Affiliated Investment Companies (95.0%):
	189,916	AZL BlackRock Capital Appreciation Fund	$	2,778,466
	202,556	AZL Boston Company Research Growth Fund		2,762,867
	283,622	AZL DFA U.S. Core Equity Fund		2,776,659
	235,478	AZL Federated Clover Small Value Fund		4,139,698
	345,872	AZL Gateway Fund		4,178,138
	394,704	AZL International Index Fund		5,494,283
	508,576	AZL Invesco Growth and Income Fund		6,931,893
	335,870	AZL Invesco International Equity Fund		5,467,967
	349,010	AZL JPMorgan International Opportunities Fund		5,507,385
	425,374	AZL JPMorgan U.S. Equity Fund		6,920,829
	3,726,628	AZL MetWest Total Return Bond Fund		38,943,267
	140,514	AZL MFS Investors Trust Fund		2,779,373
	305,512	AZL MFS Mid Cap Value Fund		2,761,832
	623,245	AZL MFS Value Fund		8,388,873
	122,124	AZL Mid Cap Index Fund		2,774,666
	252,020	AZL Morgan Stanley Global Real Estate Fund		2,827,665
	221,490	AZL Multi-Manager Mid Cap Growth Fund		2,757,553
	440,787	AZL Oppenheimer Discovery Fund		5,602,399
	3,712,426	AZL Pyramis Total Bond Fund		38,980,470


Shares			Fair Value

	Affiliated Investment Companies, continued
	112,175	AZL Russell 1000 Growth Index Fund	$	1,735,350
	641,086	AZL Russell 1000 Value Index Fund		8,763,649
	245,650	AZL Wells Fargo Large Cap Growth Fund		2,751,275
	385,674	NFJ Dividend Value Portfolio		4,172,989
	1,654,054	PIMCO VIT Income Portfolio		16,689,404
	742,863	PIMCO VIT High Yield Portfolio		5,578,904
	2,447,459	PIMCO VIT Low Duration Portfolio		25,135,408
	677,108	PIMCO VIT Real Return Portfolio		8,490,930
	3,590,520	PIMCO VIT Total Return Portfolio		39,136,672

	Total Affiliated Investment Companies (Cost $248,808,613)			265,228,864

	Unaffiliated Investment Company (1.0%):
	2,763,476	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.23%(a)		2,763,476

	Total Unaffiliated Investment Company (Cost $2,763,476)			2,763,476

	Total Investment Securities (Cost $251,572,089)(b) — 96.0%			267,992,340
	Net other assets (liabilities) — 4.0%			11,276,326

	Net Assets — 100.0%		$	279,268,666

Percentages indicated are based on net assets as of June 30, 2016.

(a)	The rate represents the effective yield at June 30, 2016.

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

Futures Contracts

Cash of $11,219,150 has been segregated to cover margin requirements for the following open contracts as of June 30, 2016:


Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini September Futures		Long		9/19/16		47	$	4,911,970	$	15,777
U.S. Treasury 10-Year Note September Futures		Long		9/22/16		68		9,042,938		213,270

Total									$	229,047

See accompanying notes to the financial statements.

AZL MVP Fusion Conservative Fund

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	2,763,476
Investments in affiliates, at cost		248,808,613

Total Investment securities, at cost	$	251,572,089

Investments in non-affiliates, at value	$	2,763,476
Investments in affiliates, at value		265,228,864

Total Investment securities, at value		267,992,340
Segregated cash for collateral		11,219,150
Interest and dividends receivable		219,191
Receivable for capital shares issued		183,261
Receivable for affiliated investments sold		245,559
Prepaid expenses		1,497

Total Assets		279,860,998

Liabilities:
Cash overdraft		308,263
Payable for affiliated investments purchased		219,185
Payable for capital shares redeemed		5,287
Manager fees payable		45,448
Administration fees payable		1,561
Custodian fees payable		2,542
Administrative and compliance services fees payable		177
Trustee fees payable		1,852
Other accrued liabilities		8,017

Total Liabilities		592,332

Net Assets	$	279,268,666

Net Assets Consist of:
Capital	$	250,468,466
Accumulated net investment income/(loss)		7,180,780
Accumulated net realized gains/(losses) from investment transactions		4,970,122
Net unrealized appreciation/(depreciation) on investments		16,649,298

Net Assets	$	279,268,666

Shares of beneficial interest (unlimited number of shares authorized, no par value)		22,622,382
Net Asset Value (offering and redemption price per share)	$	12.34

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends from affiliates	$	1,096,241
Dividends		3,690

Total Investment Income		1,099,931

Expenses:
Manager fees		270,764
Administration fees		33,026
Custodian fees		2,996
Administrative and compliance services fees		1,167
Trustee fees		4,141
Professional fees		3,203
Shareholder reports		2,150
Other expenses		1,817

Total expenses		319,264

Net Investment Income/(Loss)		780,667

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		(2,184,524	)
Net realized gains distributions from affiliated underlying funds		198,724
Net realized gains/(losses) on futures contracts		261,588
Change in net unrealized appreciation/depreciation on investments		10,377,180

Net Realized/Unrealized Gains/(Losses) on Investments		8,652,968

Change in Net Assets Resulting From Operations	$	9,433,635

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, 2016				For the Year Ended December 31, 2015
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	780,667			$	5,684,817
Net realized gains/(losses) on investment transactions			(1,724,212	)			8,963,969
Change in unrealized appreciation/depreciation on investments			10,377,180				(16,648,582	)

Change in net assets resulting from operations			9,433,635				(1,999,796	)

Distributions to Shareholders:
From net investment income			—				(3,752,335	)
From net realized gains			—				(9,193,525	)

Change in net assets resulting from distributions to shareholders			—				(12,945,860	)

Capital Transactions:
Proceeds from shares issued			32,791,484				42,452,840
Proceeds from dividends reinvested			—				12,945,860
Value of shares redeemed			(31,291,615	)			(43,561,306	)

Change in net assets resulting from capital transactions			1,499,869				11,837,394

Change in net assets			10,933,504				(3,108,262	)
Net Assets:
Beginning of period			268,335,162				271,443,424

End of period		$	279,268,666			$	268,335,162

Accumulated net investment income/(loss)		$	7,180,780			$	6,400,113

Share Transactions:
Shares issued			2,775,710				3,390,900
Dividends reinvested			—				1,085,152
Shares redeemed			(2,652,103	)			(3,460,860	)

Change in shares			123,607				1,015,192

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, 2016				Year Ended December 31, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013				Year Ended December 31, 2012				Year Ended December 31, 2011
	(Unaudited)
Net Asset Value, Beginning of Period		$	11.93			$	12.63			$	12.53			$	11.99			$	11.05			$	11.18

Investment Activities:
Net Investment Income/(Loss)			0.03				0.25				0.16				0.16				0.14				0.04
Net Realized and Unrealized Gains/(Losses) on Investments			0.38				(0.35	)			0.44				0.78				1.10				0.03

Total from Investment Activities			0.41				(0.10	)			0.60				0.94				1.24				0.07

Dividends to Shareholders From:
Net Investment Income			—				(0.17	)			(0.19	)			(0.27	)			(0.20	)			(0.17	)
Net Realized Gains			—				(0.43	)			(0.31	)			(0.13	)			(0.10	)			(0.03	)

Total Dividends			—				(0.60	)			(0.50	)			(0.40	)			(0.30	)			(0.20	)

Net Asset Value, End of Period		$	12.34			$	11.93			$	12.63			$	12.53			$	11.99			$	11.05

Total Return(a)			3.44	%(b)			(0.77	)%			4.81	%			7.96	%			11.27	%			0.64	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	279,269			$	268,335			$	271,443			$	265,232			$	253,325			$	188,191
Net Investment Income/(Loss)(c)			0.58	%			2.09	%			1.25	%			1.29	%			1.65	%			2.12	%
Expenses Before Reductions*(c)(d)			0.24	%			0.24	%			0.24	%			0.24	%			0.25	%			0.28	%
Expenses Net of Reductions*(c)			0.24	%			0.24	%			0.24	%			0.22	%			0.20	%			0.23	%
Portfolio Turnover Rate(e)			17	%(b)			16	%			36	%			15	%			36	%			19	%

*	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 Conservative Fund

Notes to the Financial Statements

June 30, 2016 (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

Futures Contracts

AZL MVP Fusion Conservative Fund

Notes to the Financial Statements

June 30, 2016 (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 $14.0 million as of June 30, 2016. The monthly average notional amount for these contracts was $12.9 million for the period ended June 30, 2016. 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, 2016:

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

15,777

Payable for variation margin on futures contracts

—

Interest Rate Risk Exposure

Interest Rate Contracts

213,270

—

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, 2016:


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	$	(9,333	)	$	11,578

Interest Rate Risk Exposure

Interest Rate Contracts			270,921			253,773

3. Related Party Transactions

For the period ended June 30, 2016, 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, 2016 (Unaudited)


	Fair Value 12/31/15			Purchases at Cost			Proceeds from Sales				Fair Value 6/30/16			Dividend Income
AZL BlackRock Capital Appreciation Fund		$	2,667,296		$	448,437		$	(223,956	)		$	2,778,466		$	—
AZL Boston Company Research Growth Fund			2,676,961			366,088			(290,129	)			2,762,867			—
AZL DFA U.S. Core Equity Fund			2,642,702			377,896			(347,668	)			2,776,659			—
AZL Federated Clover Small Cap Value Fund			3,989,301			680,692			(642,808	)			4,139,698			—
AZL Gateway Fund			4,074,260			235,171			(172,360	)			4,178,138			—
AZL International Index Fund			5,342,590			946,312			(634,602	)			5,494,283			—
AZL Invesco Growth and Income Fund			6,665,181			1,290,782			(1,110,642	)			6,931,893			—
AZL Invesco International Equity Fund			5,358,332			855,535			(722,957	)			5,467,968			—
AZL JPMorgan International Opportunities Fund			5,342,377			1,006,235			(637,250	)			5,507,385			—
AZL JPMorgan U.S. Equity Fund			6,680,672			1,174,254			(955,580	)			6,920,829			—
AZL MetWest Total Return Bond Fund			37,397,862			4,151,370			(4,250,889	)			38,943,267			—
AZL MFS Investors Trust Fund			2,670,812			327,778			(274,845	)			2,779,373			—
AZL MFS Mid Cap Value Fund			2,645,872			364,659			(428,937	)			2,761,832			—
AZL MFS Value Fund			7,999,665			1,063,635			(1,228,265	)			8,388,873			—
AZL Mid Cap Index Fund			2,641,953			380,019			(474,606	)			2,774,666			—
AZL Morgan Stanley Global Real Estate Fund			2,708,491			275,077			(350,158	)			2,827,665			—
AZL Morgan Stanley Mid Cap Growth Fund			2,718,779			543,927			(393,527	)			2,757,553			—
AZL Oppenheimer Discovery Fund			5,306,190			1,276,067			(1,079,882	)			5,602,399			—
AZL Pyramis Total Bond Fund			37,473,948			3,107,115			(4,025,944	)			38,980,470			—
AZL Russell 1000 Growth Index Fund			1,667,655			215,072			(175,038	)			1,735,350			—
AZL Russell 1000 Value Index Fund			8,350,464			1,206,687			(1,314,055	)			8,763,649			—
AZL Wells Fargo Large Cap Growth Fund			2,655,401			481,860			(270,464	)			2,751,275			—
NFJ Dividend Value Portfolio			4,012,969			843,239			(568,795	)			4,172,989			84,476
PIMCO VIT Income Portfolio			—			16,764,882			(173,698	)			16,689,404			50,474
PIMCO VIT Global Advantage Strategy Bond Portfolio			2,701,480			45,436			(2,830,725	)			—			8,789
PIMCO VIT High Yield Portfolio			13,546,724			806,881			(9,242,583	)			5,578,904			276,522
PIMCO VIT Low Duration Portfolio			24,192,395			2,399,861			(1,503,508	)			25,135,408			183,136
PIMCO VIT Real Return Portfolio			13,498,545			761,586			(6,393,885	)			8,490,930			84,094
PIMCO VIT Total Return Portfolio			37,387,202			4,332,071			(3,725,385	)			39,136,672			408,750

		$	255,016,079		$	46,728,624		$	(44,443,141	)		$	265,228,864		$	1,096,241

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2016, $1,561 was paid from the Fund relating to these fees and expenses.

AZL MVP Fusion Conservative Fund

Notes to the Financial Statements

June 30, 2016 (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, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Total

Affiliated Investment Company		$	265,228,864		$	—		$	265,228,864
Unaffiliated Investment Company			2,763,476			—			2,763,476

Total Investment Securities			267,992,340			—			267,992,340

Other Financial Instruments:*
Futures Contracts			229,047			—			229,047

Total Investments		$	268,221,387		$	—		$	268,221,387

*	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, 2016, 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		$	46,728,624		$	44,443,143

6. Investment Risks

7. Federal Tax Information

AZL MVP Fusion Conservative Fund

Notes to the Financial Statements

June 30, 2016 (Unaudited)

Cost for federal income tax purposes at June 30, 2016 is $254,974,395. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	17,838,818
Unrealized depreciation		(4,820,873	)

Net unrealized appreciation/(depreciation)	$	13,017,945

The tax character of dividends paid to shareholders during the year ended December 31, 2015 were as follows:

Ordinary
Income

Net

Long-Term
Capital Gains

Total
Distributions(a)

AZL MVP Fusion Conservative Fund

4,227,038

8,718,822

12,945,860

(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, 2015, 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		$	6,400,113		$	8,746,625		$	—		$	4,219,827		$	19,366,565

(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

On June 14, 2016, the Board approved a change in the name of the Fund, to AZL MVP Fusion Dynamic Conservative Fund, as well as certain changes in the Fund’s investment strategy as described in the prospectus supplement dated July 15, 2016. These changes are expected to become effective on or about October 14, 2016.

Other Information (Unaudited)

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0616 8/16

AZL MVP Fusion^SM Growth Fund

Semi-Annual Report

June 30, 2016

(Unaudited)

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AZL MVP Fusion Growth Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL MVP Fusion Growth Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in 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 1/1/16			Ending Account Value 6/30/16			Expenses Paid During Period 1/1/16 - 6/30/16*			Annualized Expense Ratio During Period 1/1/16 - 6/30/16
AZL MVP Fusion Growth Fund		$	1,000.00		$	991.90		$	1.14		0.23	%


	Beginning Account Value 1/1/16			Ending Account Value 6/30/16			Expenses Paid During Period 1/1/16 - 6/30/16*			Annualized Expense Ratio During Period 1/1/16 - 6/30/16
AZL MVP Fusion Growth Fund		$	1,000.00		$	1,023.74		$	1.16		0.23	%

*	Expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by 182/366 (to reflect the one half year period).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Domestic Equities		44.4	%
International Equities		32.0
Fixed Income		18.9
Money Market		0.3

Total Investment Securities		95.6
Net other assets (liabilities)		4.4

Net Assets		100.0	%

AZL MVP Fusion Growth Fund

Schedule of Portfolio Investments

June 30, 2016 (Unaudited)


Shares			Fair Value

	Affiliated Investment Companies (95.3%):
	1,153,410	AZL BlackRock Capital Appreciation Fund	$	16,874,387
	1,235,238	AZL Boston Company Research Growth Fund		16,848,643
	1,881,620	AZL DFA International Core Equity Fund		16,370,096
	1,739,167	AZL DFA U.S. Core Equity Fund		17,026,444
	1,417,422	AZL DFA U.S. Small Cap Fund		13,550,558
	770,441	AZL Federated Clover Small Value Fund		13,544,354
	1,664,840	AZL Gateway Fund		20,111,262
	2,371,476	AZL International Index Fund		33,010,947
	1,490,651	AZL Invesco Growth and Income Fund		20,317,576
	2,434,362	AZL Invesco International Equity Fund		39,631,421
	3,330,726	AZL JPMorgan International Opportunities Fund		52,558,855
	2,262,707	AZL JPMorgan U.S. Equity Fund		36,814,245
	2,499,701	AZL MetWest Total Return Bond Fund		26,121,880
	689,603	AZL MFS Investors Trust Fund		13,640,341
	1,501,878	AZL MFS Mid Cap Value Fund		13,576,979
	2,022,814	AZL MFS Value Fund		27,227,073
	303,401	AZL Mid Cap Index Fund		6,893,273
	1,812,546	AZL Morgan Stanley Global Real Estate Fund		20,336,765
	1,084,440	AZL Multi-Manager Mid Cap Growth Fund		13,501,272
	2,525,453	AZL NFJ International Value Fund		22,678,570
	1,346,311	AZL Oppenheimer Discovery Fund		17,111,610


Shares			Fair Value
	Affiliated Investment Companies, continued
	2,510,924	AZL Pyramis Total Bond Fund	$	26,364,698
	879,745	AZL Russell 1000 Growth Index Fund		13,609,662
	1,742,276	AZL Russell 1000 Value Index Fund		23,816,917
	1,620,073	AZL Schroder Emerging Markets Equity Fund, Class 2		10,336,066
	1,494,240	AZL Wells Fargo Large Cap Growth Fund		16,735,483
	1,262,374	NFJ Dividend Value Portfolio		13,658,884
	2,191,493	PIMCO VIT Global Advantage Strategy Bond Portfolio		20,030,246
	919,399	PIMCO VIT High Yield Portfolio		6,904,685
	650,979	PIMCO VIT Low Duration Portfolio		6,685,554
	1,072,192	PIMCO VIT Real Return Portfolio		13,445,287
	2,425,741	PIMCO VIT Total Return Portfolio		26,440,582

	Total Affiliated Investment Companies (Cost $527,765,150)			635,774,615

	Unaffiliated Investment Company (0.3%):
	1,714,641	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.23%(a)		1,714,641

	Total Unaffiliated Investment Company (Cost $1,714,641)			1,714,641

	Total Investment Securities (Cost $529,479,791)(b) — 95.6%			637,489,256
	Net other assets (liabilities) — 4.4%			29,582,282

	Net Assets — 100.0%		$	667,071,538

Percentages indicated are based on net assets as of June 30, 2016.

(a)	The rate represents the effective yield at June 30, 2016.

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

Futures Contracts

Cash of $17,614,021 has been segregated to cover margin requirements for the following open contracts as of June 30, 2016:


Description	Type		Expiration Date		Number of Contracts			Notional Value			Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini September Futures		Short		9/19/16		(1,361	)	$	(142,238,110	)	$	(4,772,402	)
U.S. Treasury 10-Year Note September Futures		Long		9/22/16		31			4,122,516			98,764

Total											$	(4,673,638	)

See accompanying notes to the financial statements.

AZL MVP Fusion Growth Fund

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	1,714,641
Investments in affiliates, at cost		527,765,150

Total Investment securities, at cost	$	529,479,791

Investments in non-affiliates, at value	$	1,714,641
Investments in affiliates, at value		635,774,615

Total Investment securities, at value		637,489,256
Segregated cash for collateral		17,614,021
Interest and dividends receivable		206,689
Receivable for capital shares issued		80,786
Receivable for affiliated investments sold		12,519,586
Prepaid expenses		3,979

Total Assets		667,914,317

Liabilities:
Cash overdraft		240,586
Payable for affiliated investments purchased		206,694
Payable for capital shares redeemed		1,842
Payable for variation margin on futures contracts		254,669
Manager fees payable		110,773
Administration fees payable		2,413
Custodian fees payable		4,952
Administrative and compliance services fees payable		348
Trustee fees payable		3,535
Other accrued liabilities		16,967

Total Liabilities		842,779

Net Assets	$	667,071,538

Net Assets Consist of:
Capital	$	630,652,610
Accumulated net investment income/(loss)		14,876,816
Accumulated net realized gains/(losses) from investment transactions		(81,793,715	)
Net unrealized appreciation/(depreciation) on investments		103,335,827

Net Assets	$	667,071,538

Shares of beneficial interest (unlimited number of shares authorized, no par value)		54,144,122
Net Asset Value (offering and redemption price per share)	$	12.32

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends from affiliates	$	1,092,162
Dividends		3,524

Total Investment Income		1,095,686

Expenses:
Manager fees		673,848
Administration fees		35,944
Custodian fees		8,784
Administrative and compliance services fees		3,634
Trustee fees		13,081
Professional fees		10,229
Shareholder reports		6,989
Other expenses		5,884

Total expenses		758,393

Net Investment Income/(Loss)		337,293

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		5,233,966
Net realized gains distributions from affiliated underlying funds		672,620
Net realized gains/(losses) on futures contracts		(7,567,445	)
Change in net unrealized appreciation/depreciation on investments		(6,180,936	)

Net Realized/Unrealized Gains/(Losses) on Investments		(7,841,795	)

Change in Net Assets Resulting From Operations	$	(7,504,502	)

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, 2016				For the Year Ended December 31, 2015
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	337,293			$	11,590,129
Net realized gains/(losses) on investment transactions			(1,660,859	)			68,022,785
Change in unrealized appreciation/depreciation on investments			(6,180,936	)			(94,967,859	)

Change in net assets resulting from operations			(7,504,502	)			(15,354,945	)

Distributions to Shareholders:
From net investment income			—				(9,834,523	)

Change in net assets resulting from distributions to shareholders			—				(9,834,523	)

Capital Transactions:
Proceeds from shares issued			1,837,378				7,766,031
Proceeds from dividends reinvested			—				9,834,523
Value of shares redeemed			(56,272,073	)			(123,173,724	)

Change in net assets resulting from capital transactions			(54,434,695	)			(105,573,170	)

Change in net assets			(61,939,197	)			(130,762,638	)
Net Assets:
Beginning of period			729,010,735				859,773,373

End of period		$	667,071,538			$	729,010,735

Accumulated net investment income/(loss)		$	14,876,816			$	14,539,523

Share Transactions:
Shares issued			151,057				593,645
Dividends reinvested			—				795,030
Shares redeemed			(4,698,532	)			(9,574,907	)

Change in shares			(4,547,475	)			(8,186,232	)

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, 2016				Year Ended December 31, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013				Year Ended December 31, 2012				Year Ended December 31, 2011
	(Unaudited)
Net Asset Value, Beginning of Period		$	12.42			$	12.86			$	12.47			$	10.61			$	9.51			$	10.15

Investment Activities:
Net Investment Income/(Loss)			0.03				0.21				0.13				0.14				0.12				0.16
Net Realized and Unrealized Gains/(Losses) on Investments			(0.13	)			(0.49	)			0.42				1.88				1.14				(0.61	)

Total from Investment Activities			(0.10	)			(0.28	)			0.55				2.02				1.26				(0.45	)

Dividends to Shareholders From:
Net Investment Income			—				(0.16	)			(0.16	)			(0.16	)			(0.16	)			(0.19	)

Total Dividends			—				(0.16	)			(0.16	)			(0.16	)			(0.16	)			(0.19	)

Net Asset Value, End of Period		$	12.32			$	12.42			$	12.86			$	12.47			$	10.61			$	9.51

Total Return(a)			(0.81	)%(b)			(2.07	)%			4.36	%			19.10	%			13.29	%			(4.43	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	667,072			$	729,011			$	859,773			$	929,054			$	825,122			$	727,185
Net Investment Income/(Loss)(c)			0.10	%			1.43	%			0.90	%			1.12	%			1.16	%			1.32	%
Expenses Before Reductions*(c)(d)			0.23	%			0.22	%			0.22	%			0.22	%			0.23	%			0.23	%
Expenses Net of Reductions*(c)			0.23	%			0.22	%			0.22	%			0.21	%			0.18	%			0.18	%
Portfolio Turnover Rate			—	%(b)			15	%			15	%			8	%			25	%			24	%

*	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 MVP Fusion Growth Fund

Notes to the Financial Statements

June 30, 2016 (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

Futures Contracts

AZL MVP Fusion Growth Fund

Notes to the Financial Statements

June 30, 2016 (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 $146.4 million as of June 30, 2016. The monthly average notional amount for these contracts was $59.9 million for the period ended June 30, 2016. 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, 2016:

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

4,772,402

Interest Rate Risk Exposure

Interest Rate Contracts

98,764

—

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, 2016:


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	$	(7,746,150	)	$	(4,792,378	)

Interest Rate Risk Exposure

Interest Rate Contracts			178,705			126,222

3. Related Party Transactions

For the period ended June 30, 2016, 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, 2016 (Unaudited)


	Fair Value 12/31/15			Purchases at Cost			Proceeds from Sales				Fair Value 6/30/16			Dividend Income
AZL BlackRock Capital Appreciation Fund		$	18,515,992		$	—		$	(769,807	)		$	16,874,387		$	—
AZL Boston Company Research Growth Fund			18,501,975			—			(1,591,221	)			16,848,643			—
AZL DFA International Core Equity Fund			18,489,761			—			(1,470,871	)			16,370,096			—
AZL DFA U.S. Core Equity Fund			18,502,462			—			(1,981,117	)			17,026,444			—
AZL DFA U.S. Small Cap Fund			14,631,047			—			(1,621,135	)			13,550,558			—
AZL Federated Clover Small Cap Value Fund			14,720,605			—			(1,444,572	)			13,544,354			—
AZL Gateway Fund			22,229,014			—			(2,254,317	)			20,111,262			—
AZL International Index Fund			36,745,603			—			(2,486,054	)			33,010,947			—
AZL Invesco Growth and Income Fund			22,169,452			—			(1,974,552	)			20,317,576			—
AZL Invesco International Equity Fund			44,128,563			—			(4,017,285	)			39,631,421			—
AZL JPMorgan International Opportunities Fund			58,689,142			—			(3,647,742	)			52,558,855			—
AZL JPMorgan U.S. Equity Fund			40,488,768			—			(3,542,385	)			36,814,245			—
AZL MetWest Total Return Bond Fund			29,321,306			—			(4,354,018	)			26,121,880			—
AZL MFS Investors Trust Fund			14,835,745			—			(1,396,386	)			13,640,341			—
AZL MFS Mid Cap Value Fund			14,862,838			—			(2,082,908	)			13,576,979			—
AZL MFS Value Fund			29,488,953			—			(3,975,603	)			27,227,073			—
AZL Mid Cap Index Fund			7,468,763			—			(1,102,296	)			6,893,273			—
AZL Morgan Stanley Global Real Estate Fund			22,163,939			—			(3,167,962	)			20,336,765			—
AZL Morgan Stanley Mid Cap Growth Fund			14,886,012			—			(604,269	)			13,501,272			—
AZL NFJ International Value Fund			25,042,068			—			(480,690	)			22,678,570			—
AZL Oppenheimer Discovery Fund			18,059,719			—			(1,041,029	)			17,111,610			—
AZL Pyramis Total Bond Fund			29,388,328			—			(4,738,597	)			26,364,698			—
AZL Russell 1000 Growth Index Fund			14,825,828			—			(1,325,718	)			13,609,662			—
AZL Russell 1000 Value Index Fund			25,872,103			—			(3,388,782	)			23,816,917			—
AZL Schroder Emerging Markets Equity Fund Class 2			10,789,905			—			(1,042,118	)			10,336,066			—
AZL Wells Fargo Large Cap Growth Fund			18,436,313			—			(813,753	)			16,735,483			—
NFJ Dividend Value Portfolio			14,848,094			958,537			(1,669,823	)			13,658,884			285,923
PIMCO VIT Global Advantage Strategy Bond Portfolio			22,075,908			157,240			(3,024,018	)			20,030,246			154,786
PIMCO VIT High Yield Portfolio			7,378,469			183,296			(889,356	)			6,904,685			179,021
PIMCO VIT Low Duration Portfolio			7,414,046			51,797			(791,860	)			6,685,554			50,849
PIMCO VIT Real Return Portfolio			14,752,643			134,242			(2,114,452	)			13,445,287			134,086
PIMCO VIT Total Return Portfolio			29,295,593			295,263			(3,939,203	)			26,440,582			287,497

		$	699,018,957		$	1,780,375		$	(68,743,899	)		$	635,774,615		$	1,092,162

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2016, $3,957 was paid from the Fund relating to these fees and expenses.

AZL MVP Fusion Growth Fund

Notes to the Financial Statements

June 30, 2016 (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, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Total

Affiliated Investment Company		$	635,774,615			$	—		$	635,774,615
Unaffiliated Investment Company			1,714,641				—			1,714,641

Total Investment Securities			637,489,256				—			637,489,256

Other Financial Instruments:*
Futures Contracts			(4,673,638	)			—			(4,673,638	)

Total Investments		$	632,815,618			$	—		$	632,815,618

*	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, 2016, 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		$	1,780,374		$	68,743,900

6. Investment Risks

7. Federal Tax Information

Cost for federal income tax purposes at June 30, 2016 is $561,900,911. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	122,471,689
Unrealized depreciation		(46,883,344	)

Net unrealized appreciation/(depreciation)	$	75,588,345

AZL MVP Fusion Growth Fund

Notes to the Financial Statements

June 30, 2016 (Unaudited)

During the year ended December 31, 2015, the Fund utilized $62,069,520 in CLCFs to offset capital gains.

CLCFs subject to expiration:


	Expires 12/31/2017
AZL MVP Fusion Growth Fund		$	45,026,030

The tax character of dividends paid to shareholders during the year ended December 31, 2015 were as follows:

Ordinary
Income

Net

Long-Term
Capital Gains

Total
Distributions(a)

AZL MVP Fusion Growth Fund

9,834,523

—

9,834,523

(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, 2015, 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		$	14,539,523		$	—		$	(45,026,030	)		$	74,409,937		$	43,923,430

(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

On June 14, 2016, the Board approved a reorganization whereby, subject to shareholder approval, the AZL MVP Growth Index Strategy Fund will acquire the assets and liabilities of the Fund. A meeting of shareholders to consider the proposal is scheduled for October 12, 2016 and, if approved, the reorganization is expected to occur approximately four weeks subsequent to that date.

Other Information (Unaudited)

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0616 8/16

AZL MVP Fusion^SM Moderate Fund

Semi-Annual Report

June 30, 2016

(Unaudited)

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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 1/1/16			Ending Account Value 6/30/16			Expenses Paid During Period 1/1/16 - 6/30/16*			Annualized Expense Ratio During Period 1/1/16 - 6/30/16
AZL MVP Fusion Moderate Fund		$	1,000.00		$	1,009.90		$	1.10		0.22	%


	Beginning Account Value 1/1/16			Ending Account Value 6/30/16			Expenses Paid During Period 1/1/16 - 6/30/16*			Annualized Expense Ratio During Period 1/1/16 - 6/30/16
AZL MVP Fusion Moderate Fund		$	1,000.00		$	1,023.77		$	1.11		0.22	%

*	Expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by 182/366 (to reflect the one half year period).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Domestic Equities		38.6	%
Fixed Income		33.8
International Equities		23.6
Money Market		0.6

Total Investment Securities		96.6
Net other assets (liabilities)		3.4

Net Assets		100.0	%

AZL MVP Fusion Moderate Fund

Schedule of Portfolio Investments

June 30, 2016 (Unaudited)


Shares			Fair Value
	Affiliated Investment Companies (96.0%):
	3,277,075	AZL BlackRock Capital Appreciation Fund	$	47,943,602
	3,578,547	AZL Boston Company Research Growth Fund		48,811,382
	5,398,246	AZL DFA International Core Equity Fund		46,964,737
	3,776,898	AZL DFA U.S. Core Equity Fund		36,975,833
	5,094,110	AZL DFA U.S. Small Cap Fund		48,699,692
	2,082,317	AZL Federated Clover Small Value Fund		36,607,130
	5,062,157	AZL Gateway Fund		61,150,859
	5,100,716	AZL International Index Fund		71,001,960
	5,336,914	AZL Invesco Growth and Income Fund		72,742,132
	7,262,538	AZL Invesco International Equity Fund		118,234,116
	8,950,422	AZL JPMorgan International Opportunities Fund		141,237,655
	5,898,145	AZL JPMorgan U.S. Equity Fund		95,962,813
	17,053,470	AZL MetWest Total Return Bond Fund		178,208,756
	2,475,906	AZL MFS Investors Trust Fund		48,973,422
	4,064,271	AZL MFS Mid Cap Value Fund		36,741,012
	6,355,895	AZL MFS Value Fund		85,550,345
	1,095,322	AZL Mid Cap Index Fund		24,885,711
	4,401,506	AZL Morgan Stanley Global Real Estate Fund		49,384,895
	2,776,406	AZL Multi-Manager Mid Cap Growth Fund		34,566,255
	6,966,753	AZL NFJ International Value Fund		62,561,445
	3,818,785	AZL Oppenheimer Discovery Fund		48,536,751
	16,988,493	AZL Pyramis Total Bond Fund		178,379,172
	2,981,020	AZL Russell 1000 Growth Index Fund		46,116,373
	6,938,049	AZL Russell 1000 Value Index Fund		94,843,128

Percentages indicated are based on net assets as of June 30, 2016.

(a)	The rate represents the effective yield at June 30, 2016.

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


Shares			Fair Value
	Affiliated Investment Companies, continued
	3,643,209	AZL Schroder Emerging Markets Equity Fund, Class 2	$	23,243,674
	4,264,109	AZL Wells Fargo Large Cap Growth Fund		47,758,023
	4,534,128	NFJ Dividend Value Portfolio		49,059,261
	9,614,665	PIMCO VIT Income Portfolio		97,011,972
	5,367,702	PIMCO VIT Global Advantage Strategy Bond Portfolio		49,060,793
	3,312,422	PIMCO VIT High Yield Portfolio		24,876,288
	7,106,119	PIMCO VIT Low Duration Portfolio		72,979,845
	2,012,789	PIMCO VIT Real Return Portfolio		25,240,377
	16,410,629	PIMCO VIT Total Return Portfolio		178,875,855

	Total Affiliated Investment Companies (Cost $1,996,667,194)			2,283,185,264

	Unaffiliated Investment Company (0.6%):
	14,665,810	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.23%(a)		14,665,810

	Total Unaffiliated Investment Company (Cost $14,665,810)			14,665,810

	Total Investment Securities (Cost $2,011,333,004)(b) — 96.6%			2,297,851,074
	Net other assets (liabilities) — 3.4%			80,100,591

	Net Assets — 100.0%		$	2,377,951,665

Futures Contracts

Cash of $81,966,212 has been segregated to cover margin requirements for the following open contracts as of June 30, 2016:


Description	Type		Expiration Date		Number of Contracts			Notional Value			Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini September Futures		Short		9/19/16		(2,416	)	$	(252,496,160	)	$	(6,326,930	)
U.S. Treasury 10-Year Note September Futures		Long		9/22/16		261			34,708,922			832,595

Total											$	(5,494,335	)

See accompanying notes to the financial statements.

AZL MVP Fusion Moderate Fund

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	14,665,810
Investments in affiliates, at cost		1,996,667,194

Total Investment securities, at cost	$	2,011,333,004

Investments in non-affiliates, at value	$	14,665,810
Investments in affiliates, at value		2,283,185,264

Total Investment securities, at value		2,297,851,074
Segregated cash for collateral		81,966,212
Interest and dividends receivable		1,008,269
Receivable for affiliated investments sold		773,367
Prepaid expenses		13,566

Total Assets		2,381,612,488

Liabilities:
Cash overdraft		773,367
Payable for affiliated investments purchased		1,008,324
Payable for capital shares redeemed		627,074
Payable for variation margin on futures contracts		776,371
Manager fees payable		391,841
Administration fees payable		6,313
Custodian fees payable		14,632
Administrative and compliance services fees payable		1,139
Trustee fees payable		11,575
Other accrued liabilities		50,187

Total Liabilities		3,660,823

Net Assets	$	2,377,951,665

Net Assets Consist of:
Capital	$	1,945,411,364
Accumulated net investment income/(loss)		53,948,686
Accumulated net realized gains/(losses) from investment transactions		97,567,880
Net unrealized appreciation/(depreciation) on investments		281,023,735

Net Assets	$	2,377,951,665

Shares of beneficial interest (unlimited number of shares authorized, no par value)		193,908,051
Net Asset Value (offering and redemption price per share)	$	12.26

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends from affiliates	$	5,542,050
Dividends		21,331

Total Investment Income		5,563,381

Expenses:
Manager fees		2,358,772
Administration fees		42,177
Custodian fees		32,815
Administrative and compliance services fees		14,418
Trustee fees		51,616
Professional fees		40,146
Shareholder reports		24,339
Other expenses		20,955

Total expenses		2,585,238

Net Investment Income/(Loss)		2,978,143

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		(2,093,087	)
Net realized gains distributions from affiliated underlying funds		2,369,004
Net realized gains/(losses) on futures contracts		(12,796,082	)
Change in net unrealized appreciation/depreciation on investments		30,189,234

Net Realized/Unrealized Gains/(Losses) on Investments		17,669,069

Change in Net Assets Resulting From Operations	$	20,647,212

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, 2016				For the Year Ended December 31, 2015
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	2,978,143			$	42,580,237
Net realized gains/(losses) on investment transactions			(12,520,165	)			159,251,263
Change in unrealized appreciation/depreciation on investments			30,189,234				(245,260,925	)

Change in net assets resulting from operations			20,647,212				(43,429,425	)

Distributions to Shareholders:
From net investment income			—				(33,171,485	)
From net realized gains			—				(99,506,982	)

Change in net assets resulting from distributions to shareholders			—				(132,678,467	)

Capital Transactions:
Proceeds from shares issued			4,244,963				21,944,038
Proceeds from dividends reinvested			—				132,678,467
Value of shares redeemed			(113,374,141	)			(236,492,530	)

Change in net assets resulting from capital transactions			(109,129,178	)			(81,870,025	)

Change in net assets			(88,481,966	)			(257,977,917	)
Net Assets:
Beginning of period			2,466,433,631				2,724,411,548
End of period		$	2,377,951,665			$	2,466,433,631

Accumulated net investment income/(loss)		$	53,948,686			$	50,970,543

Share Transactions:
Shares issued			354,294				1,694,159
Dividends reinvested			—				10,956,108
Shares redeemed			(9,523,635	)			(18,282,963	)

Change in shares			(9,169,341	)			(5,632,696	)

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, 2016				Year Ended December 31, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013				Year Ended December 31, 2012				Year Ended December 31, 2011
	(Unaudited)
Net Asset Value, Beginning of Period		$	12.15			$	13.05			$	12.68			$	11.17			$	10.09			$	10.58

Investment Activities:
Net Investment Income/(Loss)			0.03				0.22				0.14				0.11				0.13				0.14
Net Realized and Unrealized Gains/(Losses) on Investments			0.08				(0.45	)			0.40				1.57				1.13				(0.44	)

Total from Investment Activities			0.11				(0.23	)			0.54				1.68				1.26				(0.30	)

Dividends to Shareholders From:
Net Investment Income			—				(0.17	)			(0.17	)			(0.17	)			(0.18	)			(0.19	)
Net Realized Gains			—				(0.50	)			—				—				—				—

Total Dividends			—				(0.67	)			(0.17	)			(0.17	)			(0.18	)			(0.19	)

Net Asset Value, End of Period		$	12.26			$	12.15			$	13.05			$	12.68			$	11.17			$	10.09

Total Return(a)			0.99	%(b)			(1.71	)%			4.24	%			15.17	%			12.53	%			(2.84	)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	2,377,952			$	2,466,434			$	2,724,412			$	2,753,188			$	2,068,583			$	1,808,566
Net Investment Income/(Loss)(c)			0.25	%			1.61	%			1.04	%			1.22	%			1.34	%			1.63	%
Expenses Before Reductions*(c)(d)			0.22	%			0.22	%			0.22	%			0.22	%			0.23	%			0.22	%
Expenses Net of Reductions*(c)			0.22	%			0.22	%			0.22	%			0.21	%			0.18	%			0.17	%
Portfolio Turnover Rate			5	%(b)			13	%			20	%			5	%			23	%			19	%

*	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 MVP Fusion Moderate Fund

Notes to the Financial Statements

June 30, 2016 (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

Futures Contracts

AZL MVP Fusion Moderate Fund

Notes to the Financial Statements

June 30, 2016 (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 $287.2 million as of June 30, 2016. The monthly average notional amount for these contracts was $141.0 million for the period ended June 30, 2016. 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, 2016:

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

6,326,930

Interest Rate Risk Exposure

Interest Rate Contracts

832,595

—

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, 2016:


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	$	(13,971,130	)	$	(6,386,357	)

Interest Rate Risk Exposure

Interest Rate Contracts			1,175,048			1,009,557

3. Related Party Transactions

For the period ended June 30, 2016, 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, 2016 (Unaudited)


	Fair Value 12/31/15			Purchases at Cost			Proceeds from Sales				Fair Value 6/30/16			Dividend Income
AZL BlackRock Capital Appreciation Fund		$	50,328,837		$	—		$	(24,345	)		$	47,943,602		$	—
AZL Boston Company Research Growth Fund			50,337,874			—			(1,424,354	)			48,811,382			—
AZL DFA International Core Equity Fund			49,437,510			—			(705,410	)			46,964,737			—
AZL DFA U.S. Core Equity Fund			37,827,249			—			(2,028,648	)			36,975,833			—
AZL DFA U.S. Small Cap Fund			48,891,631			—			(2,123,567	)			48,699,692			—
AZL Federated Clover Small Cap Value Fund			37,135,743			—			(1,260,108	)			36,607,130			—
AZL Gateway Fund			62,902,297			—			(2,339,885	)			61,150,859			—
AZL International Index Fund			73,591,005			—			(36,516	)			71,001,960			—
AZL Invesco Growth and Income Fund			74,869,579			—			(2,643,267	)			72,742,132			—
AZL Invesco International Equity Fund			123,843,714			—			(4,537,738	)			118,234,116			—
AZL JPMorgan International Opportunities Fund			148,517,692			—			(873,035	)			141,237,655			—
AZL JPMorgan U.S. Equity Fund			99,561,222			—			(3,433,845	)			95,962,813			—
AZL MetWest Total Return Bond Fund			184,042,489			—			(13,510,217	)			178,208,756			—
AZL MFS Investors Trust Fund			50,196,448			—			(2,042,164	)			48,973,422			—
AZL MFS Mid Cap Value Fund			37,659,270			—			(3,133,661	)			36,741,012			—
AZL MFS Value Fund			87,233,557			—			(7,209,938	)			85,550,345			—
AZL Mid Cap Index Fund			25,256,049			—			(2,267,694	)			24,885,711			—
AZL Morgan Stanley Global Real Estate Fund			50,337,373			—			(4,220,864	)			49,384,895			—
AZL Morgan Stanley Mid Cap Growth Fund			36,501,500			—			(18,258	)			34,566,255			—
AZL NFJ International Value Fund			67,686,831			—			(36,516	)			62,561,445			—
AZL Oppenheimer Discovery Fund			48,294,451			—			(24,345	)			48,536,751			—
AZL Pyramis Total Bond Fund			184,410,195			—			(17,420,969	)			178,379,172			—
AZL Russell 1000 Growth Index Fund			47,138,571			—			(1,483,463	)			94,843,128			—
AZL Russell 1000 Value Index Fund			96,605,035			—			(7,197,573	)			46,116,373			—
AZL Schroder Emerging Markets Equity Fund, Class 2			22,017,103			—			(12,172	)			23,243,674			—
AZL Wells Fargo Large Cap Growth Fund			50,214,179			—			(24,345	)			47,758,023			—
NFJ Dividend Value Portfolio			49,908,535			3,376,047			(2,706,686	)			49,059,261			1,007,043
PIMCO VIT Income Portfolio			—			96,864,285			(429,274	)			97,011,972			294,785
PIMCO VIT Global Advantage Strategy Bond Portfolio			75,491,591			457,602			(29,665,016	)			49,060,793			449,211
PIMCO VIT High Yield Portfolio			50,382,020			1,080,099			(28,283,276	)			24,876,288			1,050,896
PIMCO VIT Low Duration Portfolio			75,392,750			556,515			(3,103,596	)			72,979,845			546,871
PIMCO VIT Real Return Portfolio			75,381,720			275,575			(53,662,571	)			25,240,377			274,783
PIMCO VIT Total Return Portfolio			183,590,172			1,967,123			(11,965,808	)			178,875,855			1,918,461

		$	2,354,984,192		$	104,577,246		$	(209,849,124	)		$	2,283,185,264		$	5,542,050

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2016, $13,750 was paid from the Fund relating to these fees and expenses.

AZL MVP Fusion Moderate Fund

Notes to the Financial Statements

June 30, 2016 (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, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Total

Affiliated Investment Company		$	2,283,185,264			$	—		$	2,283,185,264
Unaffiliated Investment Company			14,665,810				—			14,665,810

Total Investment Securities			2,297,851,074				—			2,297,851,074

Other Financial Instruments:*
Futures Contracts			(5,494,335	)			—			(5,494,335	)

Total Investments		$	2,292,356,739			$	—		$	2,292,356,739

*	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, 2016, 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		$	104,577,247		$	209,849,123

6. Investment Risks

7. Federal Tax Information

Cost for federal income tax purposes at June 30, 2016 is $2,049,440,372. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	327,961,582
Unrealized depreciation		(79,550,880	)

Net unrealized appreciation/(depreciation)	$	248,410,702

AZL MVP Fusion Moderate Fund

Notes to the Financial Statements

June 30, 2016 (Unaudited)

The tax character of dividends paid to shareholders during the year ended December 31, 2015 were as follows:

Ordinary
Income

Net

Long-Term
Capital Gains

Total
Distributions(a)

AZL MVP Fusion Moderate Fund

33,171,485

99,506,982

132,678,467

(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, 2015, 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		$	50,970,543		$	148,289,814		$	—		$	212,632,732		$	411,893,089

(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

On June 14, 2016, the Board approved a change in the name of the Fund, to AZL MVP Fusion Dynamic Moderate Fund, as well as certain changes in the Fund’s investment strategy as described in the prospectus supplement dated July 15, 2016. These changes are expected to become effective on or about October 14, 2016.

Other Information (Unaudited)

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0616 8/16

AZL^® MVP Growth Index Strategy Fund

Semi-Annual Report

June 30, 2016

(Unaudited)

LOGO

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AZL MVP Growth Index Strategy Fund

Expense Examples

(Unaudited)

As a shareholder of the AZL MVP Growth Index Strategy Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in 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 1/1/16			Ending Account Value 6/30/16			Expenses Paid During Period 1/1/16 - 6/30/16*			Annualized Expense Ratio During Period 1/1/16 - 6/30/16
AZL MVP Growth Index Strategy Fund		$	1,000.00		$	1,021.40		$	0.60		0.12	%


	Beginning Account Value 1/1/16			Ending Account Value 6/30/16			Expenses Paid During Period 1/1/16 - 6/30/16*			Annualized Expense Ratio During Period 1/1/16 - 6/30/16
AZL MVP Growth Index Strategy Fund		$	1,000.00		$	1,024.27		$	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 182/366 (to reflect the one half year period).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Domestic Equities		52.4	%
Fixed Income		23.8
International Equities		19.0
Money Market		1.2

Total Investment Securities		96.4
Net other assets (liabilities)		3.6

Net Assets		100.0	%

AZL MVP Growth Index Strategy Fund

Schedule of Portfolio Investments

June 30, 2016 (Unaudited)


Shares			Fair Value

	Affiliated Investment Companies (95.2%):
	31,424,864	AZL Enhanced Bond Index Fund	$	355,729,464
	20,384,335	AZL International Index Fund		283,749,944
	7,269,143	AZL Mid Cap Index Fund		165,154,937
	36,393,189	AZL S&P 500 Index Fund, Class 2		536,435,611
	5,784,088	AZL Small Cap Stock Index Fund		82,712,456

	Total Affiliated Investment Companies (Cost $1,311,834,822)			1,423,782,412

	Unaffiliated Investment Companies (1.2%):
	4,216,892	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 16.00%(a)		4,216,892
	13,358,414	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.23%(a)		13,358,414

	Total Unaffiliated Investment Companies (Cost $17,575,306)			17,575,306

	Total Investment Securities (Cost $1,329,410,128)(b) — 96.4%			1,441,357,718
	Net other assets (liabilities) — 3.6%			54,420,887

	Net Assets — 100.0%		$	1,495,778,605

Percentages

indicated are based on net assets as of June 30, 2016.

(a)	The rate represents the effective yield at June 30, 2016.

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

Futures Contracts

Cash of $56,119,672 has been segregated to cover margin requirements for the following open contracts as of June 30, 2016:


Description	Type		Expiration Date		Number of Contracts			Notional Value			Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini September Futures		Short		9/19/16		(1,361	)	$	(142,238,110	)	$	(3,301,451	)
U.S. Treasury 10-Year Note September Futures		Long		9/22/16		133			17,686,922			424,263

Total											$	(2,877,188	)

See accompanying notes to the financial statements.

AZL MVP Growth Index Strategy Fund

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	17,575,306
Investments in affiliates, at cost		1,311,834,822

Total Investment securities, at cost	$	1,329,410,128

Investments in non-affiliates, at value	$	17,575,306
Investments in affiliates, at value		1,423,782,412

Total Investment securities, at value		1,441,357,718
Segregated cash for collateral		56,119,672
Interest and dividends receivable		2,304
Receivable for capital shares issued		25,251
Prepaid expenses		7,410

Total Assets		1,497,512,355

Liabilities:
Payable for affiliated investments purchased		981,220
Payable for capital shares redeemed		104,788
Payable for variation margin on futures contracts		475,227
Manager fees payable		121,671
Administration fees payable		3,927
Custodian fees payable		8,518
Administrative and compliance services fees payable		820
Trustee fees payable		7,735
Other accrued liabilities		29,844

Total Liabilities		1,733,750

Net Assets	$	1,495,778,605

Net Assets Consist of:
Capital	$	1,357,252,021
Accumulated net investment income/(loss)		31,113,189
Accumulated net realized gains/(losses) from investment transactions		(1,657,007	)
Net unrealized appreciation/(depreciation) on investments		109,070,402

Net Assets	$	1,495,778,605

Shares of beneficial interest (unlimited number of shares authorized, no par value)		108,139,828
Net Asset Value (offering and redemption price per share)	$	13.83

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	17,887

Total Investment Income		17,887

Expenses:
Manager fees		704,028
Administration fees		38,802
Custodian fees		18,537
Administrative and compliance services fees		8,329
Trustee fees		29,639
Professional fees		22,493
Shareholder reports		13,975
Other expenses		11,760

Total expenses		847,563

Net Investment Income/(Loss)		(829,676	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		(1,043,706	)
Net realized gains/(losses) on futures contracts		(8,864,222	)
Change in net unrealized appreciation/depreciation on investments		42,222,417

Net Realized/Unrealized Gains/(Losses) on Investments		32,314,489

Change in Net Assets Resulting From Operations	$	31,484,813

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, 2016				For the Year Ended December 31, 2015
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(829,676	)		$	27,850,585
Net realized gains/(losses) on investment transactions			(9,907,928	)			13,418,517
Change in unrealized appreciation/depreciation on investments			42,222,417				(58,218,218	)

Change in net assets resulting from operations			31,484,813				(16,949,116	)

Distributions to Shareholders:
From net investment income			—				(11,042,254	)
From net realized gains			—				(11,515,211	)

Change in net assets resulting from distributions to shareholders			—				(22,557,465	)

Capital Transactions:
Proceeds from shares issued			93,423,051				307,517,730
Proceeds from dividends reinvested			—				22,557,465
Value of shares redeemed			(21,589,705	)			(16,365,383	)

Change in net assets resulting from capital transactions			71,833,346				313,709,812

Change in net assets			103,318,159				274,203,231
Net Assets:
Beginning of period			1,392,460,446				1,118,257,215

End of period		$	1,495,778,605			$	1,392,460,446

Accumulated net investment income/(loss)		$	31,113,189			$	31,942,865

Share Transactions:
Shares issued			6,982,659				21,813,939
Dividends reinvested			—				1,683,393
Shares redeemed			(1,616,374	)			(1,188,071	)

Change in shares			5,366,285				22,309,261

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, 2016				Year Ended December 31, 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		$	13.55			$	13.90			$	13.23			$	10.95			$	10.00

Investment Activities:
Net Investment Income/(Loss)			(0.02	)			0.25				0.10				0.10				0.09
Net Realized and Unrealized Gains/(Losses) on Investments			0.30				(0.36	)			0.75				2.18				1.01

Total from Investment Activities			0.28				(0.11	)			0.85				2.28				1.10

Dividends to Shareholders From:
Net Investment Income			—				(0.12	)			(0.10	)			—				(0.12	)
Net Realized Gains			—				(0.12	)			(0.08	)			—	(b)			(0.03	)

Total Dividends			—				(0.24	)			(0.18	)			—	(b)			(0.15	)

Net Asset Value, End of Period		$	13.83			$	13.55			$	13.90			$	13.23			$	10.95

Total Return(c)			2.14	%(d)			(0.80	)%			6.47	%			20.85	%			10.98	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	1,495,779			$	1,392,460			$	1,118,257			$	768,606			$	261,143
Net Investment Income/(Loss)(e)			(0.12	)%			2.17	%			1.05	%			1.25	%			1.47	%
Expenses Before Reductions*(e)(f)			0.12	%			0.12	%			0.12	%			0.13	%			0.22	%
Expenses Net of Reductions*(e)			0.12	%			0.12	%			0.12	%			0.13	%			0.15	%
Portfolio Turnover Rate			1	%(d)			1	%			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, 2016 (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

Futures Contracts

AZL MVP Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2016 (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 $159.9 million as of June 30, 2016. The monthly average notional amount for these contracts was $98.2 million for the period ended June 30, 2016. 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, 2016:

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

3,301,451

Interest Rate Risk Exposure

Interest Rate Contracts

424,263

—

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, 2016:


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	$	(9,376,035	)	$	(3,344,483	)

Interest Rate Risk Exposure

Interest Rate Contracts			511,813			501,942

3. Related Party Transactions

For the period ended June 30, 2016, 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, 2016 (Unaudited)


	Fair Value 12/31/15			Purchases at Cost			Proceeds from Sales				Fair Value 6/30/16			Dividend Income
AZL Enhanced Bond Index Fund		$	331,777,725		$	13,143,932		$	(5,889,956	)		$	355,729,464		$	—
AZL International Index Fund			264,425,252			29,829,952			(2,016,969	)			283,749,944			—
AZL Mid Cap Index Fund			152,345,889			3,576,574			(2,743,102	)			165,154,937			—
AZL S&P 500 Index Fund, Class 2			497,220,720			21,816,111			(1,672,044	)			536,435,611			—
AZL Small Cap Stock Index Fund			75,970,242			2,983,491			(1,006,657	)			82,712,456			—

		$	1,321,739,828		$	71,350,060		$	(13,328,728	)		$	1,423,782,412		$	—

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2016, $8,059 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, 2016, 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, 2016 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2016 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Total

Affiliated Investment Company		$	1,423,782,412			$	—		$	1,423,782,412
Unaffiliated Investment Company			17,575,306				—			17,575,306

Total Investment Securities			1,441,357,718				—			1,441,357,718

Other Financial Instruments:*
Futures Contracts			(2,877,188	)			—			(2,877,188	)

Total Investments		$	1,438,480,530			$	—		$	1,438,480,530

*	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, 2016, 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		$	71,350,059		$	13,328,728

6. Investment Risks

7. Federal Tax Information

Cost for federal income tax purposes at June 30, 2016 is $1,330,927,757. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	131,302,009
Unrealized depreciation		(20,872,048	)

Net unrealized appreciation/(depreciation)	$	110,429,961

The tax character of dividends paid to shareholders during the year ended December 31, 2015 were as follows:

Ordinary
Income

Net

Long-Term
Capital Gains

Total
Distributions(a)

AZL MVP Growth Index Strategy Fund

13,168,359

9,389,106

22,557,465

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

AZL MVP Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2016 (Unaudited)

As of the latest tax year end December 31, 2015, 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

31,942,865

8,888,585

—

66,210,321

107,041,771

(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

On June 14, 2016, the Board approved a reorganization whereby, subject to shareholder approval, the Fund will acquire the assets and liabilities of the AZL MVP Fusion Growth Fund. A meeting of shareholders to consider the proposal is scheduled for October 12, 2016 and, if approved, the reorganization is expected to occur approximately four weeks subsequent to that date.

Other Information (Unaudited)

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0616 8/16

AZL^® MVP Invesco Equity and Income Fund

Semi-Annual Report

June 30, 2016

(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 1/1/16			Ending Account Value 6/30/16			Expenses Paid During Period 1/1/16 - 6/30/16*			Annualized Expense Ratio During Period 1/1/16 - 6/30/16
AZL MVP Invesco Equity and Income Fund		$	1,000.00		$	994.10		$	0.65		0.13	%


	Beginning Account Value 1/1/16			Ending Account Value 6/30/16			Expenses Paid During Period 1/1/16 - 6/30/16*			Annualized Expense Ratio During Period 1/1/16 - 6/30/16
AZL MVP Invesco Equity and Income Fund		$	1,000.00		$	1,024.22		$	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 182/366 (to reflect the one half year period).

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Domestic Equities		95.7	%
Money Market		—	^

Total Investment Securities		95.7
Net other assets (liabilities)		4.3

Net Assets		100.0	%

^	Represents less than 0.05%

AZL MVP Invesco Equity and Income Fund

Schedule of Portfolio Investments

June 30, 2016 (Unaudited)


Shares			Fair Value

	Affiliated Investment Company (95.7%):
	32,705,480	AZL Invesco Equity and Income Fund	$	500,066,783

	Total Affiliated Investment Company (Cost $484,280,258)			500,066,783

	Unaffiliated Investment Companies (0.0%):
	77,475	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 16.00%(a)		77,475
	166,199	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.23%(a)		166,199

	Total Unaffiliated Investment Companies (Cost $243,674)			243,674

	Total Investment Securities (Cost $484,523,932)(b) — 95.7%			500,310,457
	Net other assets (liabilities) — 4.3%			22,593,356

	Net Assets — 100.0%		$	522,903,813

Percentages indicated are based on net assets as of June 30, 2016.

(a)	The rate represents the effective yield at June 30, 2016.

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

Futures Contracts

Cash of $22,908,484 has been segregated to cover margin requirements for the following open contracts as of June 30, 2016:


Description	Type		Expiration Date		Number of Contracts			Notional Value			Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini September Futures		Short		9/19/16		(975	)	$	(101,897,250	)	$	(3,005,792	)
U.S. Treasury 10-Year Note September Futures		Long		9/22/16		72			9,574,875			229,966

Total											$	(2,775,826	)

See accompanying notes to the financial statements.

AZL MVP Invesco Equity and Income Fund

Statement of Assets and Liabilities

June 30, 2016

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	243,674
Investments in affiliates, at cost		484,280,258

Total Investment securities, at cost	$	484,523,932

Investments in non-affiliates, at value	$	243,674
Investments in affiliates, at value		500,066,783

Total Investment securities, at value		500,310,457
Segregated cash for collateral		22,908,484
Interest and dividends receivable		36
Receivable for capital shares issued		78,036
Prepaid expenses		2,827

Total Assets		523,299,840

Liabilities:
Payable for affiliated investments purchased		28
Payable for variation margin on futures contracts		313,793
Manager fees payable		43,096
Administration fees payable		3,584
Custodian fees payable		6,729
Administrative and compliance services fees payable		584
Trustee fees payable		5,484
Other accrued liabilities		22,729

Total Liabilities		396,027

Net Assets	$	522,903,813

Net Assets Consist of:
Capital	$	493,455,895
Accumulated net investment income/(loss)		11,204,477
Accumulated net realized gains/(losses) from investment transactions		5,232,742
Net unrealized appreciation/(depreciation) on investments		13,010,699

Net Assets	$	522,903,813

Shares of beneficial interest (unlimited number of shares authorized, no par value)		39,011,015
Net Asset Value (offering and redemption price per share)	$	13.40

Statement of Operations

For the Six Months Ended June 30, 2016

(Unaudited)


Investment Income:
Dividends	$	3,400

Total Investment Income		3,400

Expenses:
Manager fees		253,727
Administration fees		36,484
Custodian fees		7,152
Administrative and compliance services fees		3,026
Trustee fees		10,838
Professional fees		8,302
Shareholder reports		5,347
Other expenses		4,382

Total expenses		329,258

Net Investment Income/(Loss)		(325,858	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		(1,631,288	)
Net realized gains/(losses) on futures contracts		(8,676,319	)
Change in net unrealized appreciation/depreciation on investments		7,442,760

Net Realized/Unrealized Gains/(Losses) on Investments		(2,864,847	)

Change in Net Assets Resulting From Operations	$	(3,190,705	)

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, 2016				For the Year Ended December 31, 2015
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(325,858	)		$	10,019,001
Net realized gains/(losses) on investment transactions			(10,307,607	)			17,325,307
Change in unrealized appreciation/depreciation on investments			7,442,760				(44,072,890	)

Change in net assets resulting from operations			(3,190,705	)			(16,728,582	)

Distributions to Shareholders:
From net investment income			—				(2,550,798	)
From net realized gains			—				(12,524,529	)

Change in net assets resulting from distributions to shareholders			—				(15,075,327	)

Capital Transactions:
Proceeds from shares issued			21,721,356				83,138,412
Proceeds from dividends reinvested			—				15,075,327
Value of shares redeemed			(16,471,045	)			(13,022,406	)

Change in net assets resulting from capital transactions			5,250,311				85,191,333

Change in net assets			2,059,606				53,387,424
Net Assets:
Beginning of period			520,844,207				467,456,783

End of period		$	522,903,813			$	520,844,207

Accumulated net investment income/(loss)		$	11,204,477			$	11,530,335

Share Transactions:
Shares issued			1,673,156				5,858,209
Dividends reinvested			—				1,120,010
Shares redeemed			(1,260,536	)			(909,382	)

Change in shares			412,620				6,068,837

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, 2016				Year Ended December 31, 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		$	13.49			$	14.37			$	13.34			$	10.77			$	10.00

Investment Activities:
Net Investment Income/(Loss)			(0.01	)			0.25				0.06				0.07				0.10
Net Realized and Unrealized Gains/(Losses) on Investments			(0.08	)			(0.71	)			1.06				2.50				0.79

Total from Investment Activities			(0.09	)			(0.46	)			1.12				2.57				0.89

Dividends to Shareholders From:
Net Investment Income			—				(0.07	)			(0.05	)			—				(0.10	)
Net Realized Gains			—				(0.35	)			(0.04	)			—	(b)			(0.02	)

Total Dividends			—				(0.42	)			(0.09	)			—	(b)			(0.12	)

Net Asset Value, End of Period		$	13.40			$	13.49			$	14.37			$	13.34			$	10.77

Total Return(c)			(0.59	)%(d)			(3.21	)%			8.42	%			23.88	%			8.89	%(d)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	522,904			$	520,844			$	467,457			$	298,836			$	79,526
Net Investment Income/(Loss)(e)			(0.13	)%			1.97	%			0.65	%			0.89	%			1.82	%
Expenses Before Reductions*(e)(f)			0.13	%			0.13	%			0.14	%			0.16	%			0.36	%
Expenses Net of Reductions*(e)			0.13	%			0.13	%			0.14	%			0.15	%			0.15	%
Portfolio Turnover Rate			2	%(d)			2	%			1	%			—				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.

See accompanying notes to the financial statements.

AZL MVP Invesco Equity and Income Fund

Notes to the Financial Statements

June 30, 2016 (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

Futures Contracts

AZL MVP Invesco Equity and Income Fund

Notes to the Financial Statements

June 30, 2016 (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 $111.5 million as of June 30, 2016. The monthly average notional amount for these contracts was $67.0 million for the period ended June 30, 2016. 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, 2016:

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

3,005,792

Interest Rate Risk Exposure

Interest Rate Contracts

229,966

—

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, 2016:


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	$	(8,980,452	)	$	(2,838,327	)

Interest Rate Risk Exposure

Interest Rate Contracts			304,133			277,403

3. Related Party Transactions

For the period ended June 30, 2016, 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, 2016 (Unaudited)


	Fair Value 12/31/15			Purchases at Cost			Proceeds from Sales				Fair Value 6/30/16			Dividend Income
AZL Invesco Equity and Income Fund		$	494,565,552		$	8,108,530		$	(10,979,695	)		$	500,066,783		$	—

		$	494,565,552		$	8,108,530		$	(10,979,695	)		$	500,066,783		$	—

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2016, $2,930 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, 2016, 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, 2016 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Total

Affiliated Investment Company		$	500,066,783			$	—		$	500,066,783
Unaffiliated Investment Company			243,674				—			243,674

Total Investment Securities			500,310,457				—			500,310,457

Other Financial Instruments:*
Futures Contracts			(2,775,826	)			—			(2,775,826	)

Total Investments		$	497,534,631			$	—		$	497,534,631

*	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 Invesco Equity and Income Fund

Notes to the Financial Statements

June 30, 2016 (Unaudited)

5. Security Purchases and Sales

For the period ended June 30, 2016, 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		$	8,108,530		$	10,979,695

6. Investment Risks

7. Federal Tax Information

Cost for federal income tax purposes at June 30, 2016 is $486,037,286. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	15,786,525
Unrealized depreciation		(1,513,354	)

Net unrealized appreciation/(depreciation)	$	14,273,171

The tax character of dividends paid to shareholders during the year ended December 31, 2015 were as follows:

Ordinary
Income

Net

Long-Term
Capital Gains

Total
Distributions(a)

AZL MVP Invesco Equity and Income Fund

3,299,807

11,775,520

15,075,327

(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, 2015, 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		$	11,530,335		$	15,559,021		$	—		$	5,549,267		$	32,638,623

(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

On June 14, 2016, the Board approved a change in the name of the Fund, to AZL MVP Moderate Index Strategy Fund, as well as certain changes in the Fund’s investment strategy as described in the prospectus supplement dated July 15, 2016. These changes are expected to become effective on or about October 14, 2016.

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.		SARRPT0616 8/16

AZL^® MVP T. Rowe Price Capital Appreciation Fund

Semi-Annual Report

June 30, 2016

(Unaudited)

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