UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21624

Allianz Variable Insurance Products Fund of Funds Trust

(Exact name of registrant as specified in charter)

5701 Golden Hills Drive, Minneapolis, MN 55416-1297

(Address of principal executive offices) (Zip code)

Citi Fund Services Ohio, Inc., 3435 Stelzer Road, Columbus, OH 43219-8000

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: September 30, 2016

Item 1. Schedule of Investments.

AZL Balanced Index Strategy Fund

Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Shares		Fair Value
Affiliated Investment Companies (100.1%):
20,405,633	AZL Enhanced Bond Index Fund	$	222,829,517
3,906,498	AZL International Index Fund		56,136,381
1,678,812	AZL Mid Cap Index Fund		33,744,118
8,640,183	AZL S&P 500 Index Fund, Class 2		117,160,878
1,401,320	AZL Small Cap Stock Index Fund		18,020,971
Total Affiliated Investment Companies (Cost $377,266,777)			447,891,865
Total Investment Securities (Cost $377,266,777)(a)—100.1%			447,891,865
Net other assets (liabilities)—(0.1)%			(262,120	)
Net Assets - 100.0%		$	447,629,745

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

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

See accompanying notes to the schedules of portfolio investments.

AZL DFA Multi-Strategy Fund

Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Shares		Fair Value
Affiliated Investment Companies (100.0%):
6,825,314	AZL DFA Emerging Markets Core Equity Fund	$	60,608,792
46,621,147	AZL DFA Five-Year Global Fixed Income Fund		472,738,431
9,140,536	AZL DFA International Core Equity Fund		84,824,177
45,053,561	AZL DFA U.S. Core Equity Fund		457,293,642
11,913,904	AZL DFA U.S. Small Cap Fund		121,521,818
Total Affiliated Investment Companies (Cost $1,193,753,804)			1,196,986,860
Total Investment Securities (Cost $1,193,753,804)(a)—100.0%			1,196,986,860
Net other assets (liabilities)—0.0%			11,559
Net Assets—100.0%		$	1,196,998,419

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

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

See accompanying notes to the schedules of portfolio investments.

AZL MVP Balanced Index Strategy Fund

Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Shares		Fair Value
Affiliated Investment Companies (95.0%):
12,614,233	AZL Enhanced Bond Index Fund	$	137,747,423
2,566,473	AZL International Index Fund		36,880,223
1,098,107	AZL Mid Cap Index Fund		22,071,958
5,109,692	AZL S&P 500 Index Fund, Class 2		69,287,426
915,324	AZL Small Cap Stock Index Fund		11,771,062
Total Affiliated Investment Companies (Cost $268,344,058)			277,758,092
Unaffiliated Investment Companies (1.0%):
264,504	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(a)		264,504
2,648,815	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.16%(a)		2,648,815
Total Unaffiliated Investment Companies (Cost $2,913,319)			2,913,319
Total Investment Securities (Cost $271,257,377)(b)—96.0%			280,671,411
Net other assets (liabilities)—4.0%			11,822,431
Net Assets—100.0%		$	292,493,842

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

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

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

Continued

AZL MVP Balanced Index Strategy Fund

Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Futures Contracts

Cash of $9,365,885 has been segregated to cover margin requirements for the following open contracts as of September 30, 2016:

Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini December Futures		Long		12/16/16		68	$	7,345,360	$	149,050
U.S. Treasury 10-Year Note December Futures		Long		12/20/16		55		7,211,875		38,634
Total									$	187,684

See accompanying notes to the schedules of portfolio investments.

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Shares		Fair Value
Common Stocks (52.0%):
Aerospace & Defense (1.5%):
313,297	BAE Systems plc(a)	$	2,125,201
853	Boeing Co. (The)(a)		112,374
1,047	Dassault Aviation SA(a)		1,159,370
46,972	European Aeronautic Defence & Space Co. NV(a)		2,840,911
1,444	General Dynamics Corp.(a)		224,051
6,592	Hexcel Corp.^(a)		292,026
84,338	Meggitt plc(a)		492,982
1,009	Northrop Grumman Corp.(a)		215,876
1,102	Raytheon Co.(a)		150,015
37,977	Safran SA(a)		2,730,316
35,101	Textron, Inc.(a)		1,395,264
			11,738,386
Airlines (1.0%):
41,800	Delta Air Lines, Inc.(a)		1,645,248
85,300	Japan Airlines Co., Ltd.(a)		2,511,518
30,568	Southwest Airlines Co.(a)		1,188,790
50,762	United Continental Holdings, Inc.*(a)		2,663,482
			8,009,038
Auto Components (1.1%):
19,500	Aisin Sieki Co., Ltd.(a)		893,046
34,500	Bridgestone Corp.(a)		1,272,634
161,683	Cheng Shin Rubber Industry Co., Ltd.(a)		341,516
43,900	Denso Corp.(a)		1,752,841
3,800	Exedy Corp.(a)		96,703
26,400	Futaba Industrial Co., Ltd.(a)		131,404
2,946	Goodyear Tire & Rubber Co.(a)		95,156
10,500	Koito Manufacturing Co., Ltd.(a)		511,254
2,098	Lear Corp.(a)		254,320
10,200	Stanley Electric Co., Ltd.(a)		274,399
51,800	Sumitomo Electric Industries, Ltd.(a)		732,694
47,500	Toyota Industries Corp.(a)		2,204,333
			8,560,300
Automobiles (1.4%):
308,000	Brilliance China Automotive Holdings, Ltd.(a)		347,301
96,153	Ford Motor Co.(a)		1,160,567
70,900	Fuji Heavy Industries, Ltd.(a)		2,662,997
35,300	Honda Motor Co., Ltd.(a)		1,016,439
7,881	Hyundai Motor Co.(a)		973,255
73,800	Isuzu Motors, Ltd.(a)		867,999
7,327	Maruti Suzuki India, Ltd.(a)		605,044
73,200	Suzuki Motor Corp.(a)		2,450,865
8,200	Toyota Motor Corp.(a)		475,619
270	Volkswagen AG(a)		39,168
93,770	Yulon Motor Co., Ltd.(a)		82,552
			10,681,806
Banks (3.9%):
7,770	ABN AMRO Group NV(a)		160,757
25,832	Banco Bilbao Vizcaya Argentaria SA(a)		156,157
35,500	Banco Santander SA(a)		156,960
265,490	Bank of America Corp.(a)		4,154,919
27,833	BNP Paribas SA(a)		1,430,868
46,501	Citigroup, Inc.(a)		2,196,242
22,947	Commerzbank AG(a)		147,923
16,920	Credit Agricole SA(a)		166,921
5,500	Erste Group Bank AG(a)		162,873
2,917	Fifth Third Bancorp(a)		59,682
108,000	Fukuoka Financial Group, Inc.(a)		448,672
518,138	HSBC Holdings plc(a)		3,889,479
144,256	ING Groep NV(a)		1,778,023
63,712	JPMorgan Chase & Co.(a)		4,242,581
2,681	KBC Groep NV*(a)		156,046
21,400	Mediobanca SpA(a)		139,347

Shares		Fair Value
Common Stocks, continued
Banks, continued
257,400	Mitsubishi UFJ Financial Group, Inc.(a)	$	1,298,164
36,450	Natixis(a)		169,863
11,321	Raiffeisen International Bank-Holding AG*(a)		172,363
4,492	Societe Generale(a)		155,002
49,500	Sumitomo Mitsui Financial Group, Inc.(a)		1,668,542
21,205	SunTrust Banks, Inc.(a)		928,779
101,351	Svenska Handelsbanken AB, Class A(a)		1,392,308
32,873	Toronto-Dominion Bank (The)(a)		1,459,463
39,158	U.S. Bancorp^(a)		1,679,487
62,695	UniCredit SpA(a)		146,102
79,898	Wells Fargo & Co.(a)		3,537,883
67,975	Westpac Banking Corp.(a)		1,545,006
			33,600,412
Beverages (0.6%):
11,534	Anheuser-Busch InBev NV(a)		1,513,915
27,600	Asahi Breweries, Ltd.(a)		1,004,675
22,942	Coca-Cola Co. (The)(a)		970,905
1,525	Coca-Cola European Partners plc(a)		60,848
1,398	Constellation Brands, Inc., Class C(a)		232,753
8,632	Diageo plc, ADR(a)		1,001,657
1,183	Dr Pepper Snapple Group, Inc.(a)		108,020
2,975	PepsiCo, Inc.(a)		323,591
			5,216,364
Biotechnology (1.2%):
2,032	AbbVie, Inc.(a)		128,158
6,052	Alexion Pharmaceuticals, Inc.*(a)		741,612
16,785	Amgen, Inc.(a)		2,799,906
1,461	Biogen Idec, Inc.*(a)		457,337
4,468	Celgene Corp.*(a)		467,040
46,326	Gilead Sciences, Inc.(a)		3,665,313
31,581	Invitae Corp.*^(a)		276,650
25,499	Shire plc(a)		1,647,816
			10,183,832
Building Products (0.4%):
21,985	Compagnie de Saint-Gobain SA(a)		949,042
10,600	Daikin Industries, Ltd.(a)		987,708
13,678	Fortune Brands Home & Security, Inc.^(a)		794,692
29,128	Masco Corp.(a)		999,381
			3,730,823
Capital Markets (0.8%):
31,413	Brookfield Asset Management, Inc., Class A(a)		1,105,109
2,242	Brookfield Asset Management, Inc., Class A(a)		78,841
37,316	Charles Schwab Corp. (The)(a)		1,178,066
13,468	CME Group, Inc.^(a)		1,407,675
140,000	Daiwa Securities Group, Inc.(a)		788,497
10,471	Goldman Sachs Group, Inc. (The)(a)		1,688,659
1,948	Morgan Stanley(a)		62,453
88,813	UBS Group AG(a)		1,206,334
			7,515,634
Chemicals (2.4%):
4,341	Air Products & Chemicals, Inc.(a)		652,626
45,607	AkzoNobel NV(a)		3,085,894
5,252	Arkema SA(a)		485,748
118,000	Asahi Kasei Corp.(a)		940,367
83,415	Axalta Coating Systems, Ltd.*(a)		2,358,142
11,923	BASF SE(a)		1,019,495
39,230	E.I. du Pont de Nemours & Co.(a)		2,627,232

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Chemicals, continued
19,567	Evonik Industries AG(a)	$	661,252
22,000	Formosa Chemicals & Fibre Corp.(a)		59,484
26,000	Formosa Plastics Corp.(a)		64,560
32,700	Hitachi Chemical Co., Ltd.(a)		749,601
11,300	JSR Corp.(a)		177,610
6,800	Kuraray Co., Ltd.(a)		100,948
6,773	Monsanto Co.(a)		692,201
27,000	Nan Ya Plastics Corp.(a)		53,528
16,800	Nitto Denko Corp.^(a)		1,090,519
37,900	PTT Global Chemical Public Co., Ltd.(a)		64,587
41,600	Shin-Etsu Chemical Co., Ltd.(a)		2,904,796
79,000	Toray Industries, Inc.(a)		768,735
299,000	Ube Industries, Ltd.(a)		571,659
10,731	Umicore SA(a)		672,925
			19,801,909
Commercial Services & Supplies (0.0%):
23,446	Aggreko plc(a)		289,742
2,086	Cintas Corp.(a)		234,884
3,300	SECOM Co., Ltd.(a)		246,305
			770,931
Communications Equipment (0.6%):
45,316	Cisco Systems, Inc.(a)		1,437,424
64,713	CommScope Holding Co., Inc.*(a)		1,948,508
272,962	Nokia Oyj(a)		1,581,911
			4,967,843
Construction & Engineering (0.4%):
24,000	Chiyoda Corp.(a)		197,201
9,100	ComSys Holdings Corp.(a)		161,373
35,100	JGC Corp.(a)		610,091
21,000	Kinden Corp.(a)		241,696
6,000	Maeda Road Construction Co., Ltd.(a)		107,373
8,000	Nippo Corp.(a)		152,013
84,000	Okumura Corp.(a)		477,425
2,000	Sho-Bond Holdings Co., Ltd.(a)		93,063
88,000	Toda Corp.^(a)		464,104
12,884	Vinci SA(a)		985,056
			3,489,395
Construction Materials (0.1%):
29,404	CRH plc(a)		974,832
8,200	The Siam Cement Public Co., Ltd.(a)		122,405
			1,097,237
Consumer Finance (0.2%):
2,213	Capital One Financial Corp.(a)		158,960
21,581	Discover Financial Services(a)		1,220,405
			1,379,365
Containers & Packaging (0.2%):
2,230	Crown Holdings, Inc.*(a)		127,311
3,167	International Paper Co.(a)		151,953
1,936	Packaging Corp. of America(a)		157,319
1,561	Sealed Air Corp.(a)		71,525
25,029	WestRock Co.(a)		1,213,406
			1,721,514
Distributors (0.0%):
7,600	Canon Marketing Japan, Inc.(a)		141,426
Diversified Consumer Services (0.0%):
15,186	H&R Block, Inc.^(a)		351,556
Diversified Financial Services (0.6%):
11	Berkshire Hathaway, Inc., Class A*^(a)		2,378,420
19,170	Berkshire Hathaway, Inc., Class B*(a)		2,769,490

Shares		Fair Value
Common Stocks, continued
Diversified Financial Services, continued
75,000	Fubon Financial Holdings Co., Ltd.(a)	$	111,456
4,600	Zenkoku Hosho Co., Ltd.(a)		190,185
			5,449,551
Diversified Telecommunication Services (1.1%):
1,855	AT&T, Inc.(a)		75,332
85,215	Cellnex Telecom SAU(a)		1,541,141
33,000	Chunghwa Telecom Co., Ltd.(a)		116,491
107,067	Deutsche Telekom AG, Registered Shares(a)		1,794,571
27,016	El Towers SpA*(a)		1,423,964
25,900	Nippon Telegraph & Telephone Corp.(a)		1,183,038
39,800	Singapore Telecommunications, Ltd.(a)		116,729
32,883	Telecom Italia SpA(a)		22,315
1,734,221	Telecom Italia SpA*(a)		1,434,805
620,022	Telesites SAB*(a)		350,232
10,726	Verizon Communications, Inc.(a)		557,537
			8,616,155
Electric Utilities (0.4%):
2,161	CEZ(a)		38,599
12,000	Cheung Kong Infrastructure Holdings, Ltd.(a)		103,949
35,500	Chubu Electric Power Co., Inc.(a)		516,944
12,000	CLP Holdings, Ltd.(a)		124,589
142,333	Enel SpA(a)		634,724
15,300	Kyushu Electric Power Co., Inc.(a)		142,331
16,533	NextEra Energy, Inc.(a)		2,022,317
			3,583,453
Electrical Equipment (0.3%):
85,000	GS Yuasa Corp.(a)		350,062
4,600	Mabuchi Motor Co., Ltd.(a)		254,900
156,000	Mitsubishi Electric Corp.(a)		1,997,485
801	Rockwell Automation, Inc.^(a)		97,994
			2,700,441
Electronic Equipment, Instruments & Components (0.6%):
36,188	Fitbit, Inc., Class A*^(a)		537,030
1,500	Hirose Electric Co., Ltd.(a)		197,187
48,400	Hon Hai Precision Industry Co., Ltd.(a)		122,552
1,000	Keyence Corp.(a)		727,925
17,400	Kyocera Corp.(a)		834,884
12,300	Murata Manufacturing Co., Ltd.(a)		1,604,575
7,600	Omron Corp.(a)		273,127
47,255	VeriFone Systems, Inc.*(a)		743,794
			5,041,074
Energy Equipment & Services (0.1%):
1,698	Helmerich & Payne, Inc.^(a)		114,275
15,618	Schlumberger, Ltd.(a)		1,228,200
			1,342,475
Equity Real Estate Investment Trusts (0.5%):
2,511	American Tower Corp.(a)		284,572
2,865	Crown Castle International Corp.(a)		269,912
447,647	Fibra UNO Amdinistracion SA(a)		818,627
17,000	Link REIT (The)(a)		125,438
9,902	Simon Property Group, Inc.(a)		2,049,812
3,491	Unibail-Rodamco SE(a)		941,065
			4,489,426
Food & Staples Retailing (0.6%):
14,726	CVS Health Corp.(a)		1,310,467
20,158	Kroger Co. (The)(a)		598,289
25,800	Seven & I Holdings Co., Ltd.(a)		1,219,484

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Food & Staples Retailing, continued
13,016	Walgreens Boots Alliance, Inc.(a)	$	1,049,350
49,902	Whole Foods Market, Inc.^(a)		1,414,722
			5,592,312
Food Products (1.0%):
53,600	Ajinomoto Co., Inc.(a)		1,194,147
15,007	Danone SA(a)		1,112,961
29,745	Mondelez International, Inc., Class A(a)		1,305,806
51,573	Nestle SA, Registered Shares(a)		4,064,879
1,518	Tyson Foods, Inc., Class A(a)		113,349
			7,791,142
Gas Utilities (0.3%):
27,888	Gas Natural SDG SA(a)		573,071
27,327	Snam SpA(a)		151,378
344,000	Tokyo Gas Co., Ltd.(a)		1,530,801
			2,255,250
Health Care Equipment & Supplies (0.6%):
17,088	Baxter International, Inc.(a)		813,389
48,900	HOYA Corp.(a)		1,964,075
4,628	Medtronic plc(a)		399,859
885	Stryker Corp.(a)		103,023
13,534	Zimmer Holdings, Inc.(a)		1,759,691
			5,040,037
Health Care Providers & Services (1.8%):
25,204	Aetna, Inc.(a)		2,909,801
8,900	Alfresa Holdings Corp.(a)		188,287
18,689	Anthem, Inc.(a)		2,341,918
66,124	Brookdale Senior Living, Inc.*(a)		1,153,864
2,323	Cardinal Health, Inc.(a)		180,497
15,132	Centene Corp.*^(a)		1,013,239
15,543	DaVita, Inc.*(a)		1,026,926
974	HCA Holdings, Inc.*(a)		73,664
16,108	Integrated Diagnostics Holdings plc(a)		54,440
9,153	McKesson Corp.(a)		1,526,263
10,200	Medipal Holdings Corp.(a)		176,461
61,358	NMC Health plc(a)		1,088,152
613,699	PT Siloam International Hospital Tbk*(a)		484,337
206,503	Spire Healthcare Group plc(a)		1,055,984
4,500	Suzuken Co., Ltd.(a)		148,544
65,845	Tenet Healthcare Corp.*^(a)		1,492,048
992	UnitedHealth Group, Inc.(a)		138,880
			15,053,305
Health Care Technology (0.0%):
3,224	HTG Molecular Diagnostics, Inc.*^(a)		7,480
Hotels, Restaurants & Leisure (0.4%):
25,242	Accor SA(a)		1,001,106
3,759	Chipotle Mexican Grill, Inc.*^(a)		1,591,937
1,473	McDonald’s Corp.(a)		169,925
12,831	Norwegian Cruise Line Holdings, Ltd.*^(a)		483,729
1,949	Wyndham Worldwide Corp.(a)		131,226
			3,377,923
Household Durables (0.3%):
6,200	Alpine Electronics, Inc.(a)		81,805
20,403	Berkeley Group Holdings plc (The)(a)		683,234
1,324	Coway Co., Ltd.(a)		114,571
124,000	Haier Electronics Group Co., Ltd.(a)		205,351
4,985	Mohawk Industries, Inc.*(a)		998,695
5,400	Rinnai Corp.(a)		501,600

Shares		Fair Value
Common Stocks, continued
Household Durables, continued
1,200	Sekisui Chemical Co., Ltd.(a)	$	17,250
			2,602,506
Independent Power & Renewable Electricity Producers (0.1%):
11,299	Calpine Corp.*(a)		142,819
20,291	NextEra Energy Partners LP(a)		567,540
			710,359
Industrial Conglomerates (1.1%):
1,009	3M Co., Class C(a)		177,816
77,219	Beijing Enterprises Holdings, Ltd.(a)		393,277
107,474	General Electric Co.^(a)		3,183,380
1,100	Jardine Matheson Holdings, Ltd.(a)		66,821
179,900	Keppel Corp., Ltd.(a)		719,955
53,086	Koninklijke Philips Electronics NV(a)		1,571,482
9,674	Roper Industries, Inc.^(a)		1,765,215
8,079	Siemens AG, Registered Shares(a)		945,629
47,787	Smiths Group plc(a)		906,619
			9,730,194
Insurance (2.2%):
151,400	AIA Group, Ltd.(a)		1,014,423
25,890	Allstate Corp. (The)(a)		1,791,070
17,151	American International Group, Inc.(a)		1,017,740
54,204	AXA SA(a)		1,153,108
2,321	Axis Capital Holdings, Ltd.(a)		126,100
14,645	Chubb, Ltd.(a)		1,840,145
1,170	Fairfax Financial Holdings, Ltd.(a)		685,625
7,995	Hartford Financial Services Group, Inc. (The)(a)		342,346
22,058	Marsh & McLennan Cos., Inc.(a)		1,483,401
36,068	MetLife, Inc.(a)		1,602,501
48,300	MS&AD Insurance Group Holdings, Inc.(a)		1,347,610
42,900	NKSJ Holdings, Inc.(a)		1,269,597
7,169	Prudential Financial, Inc.(a)		585,349
34,183	Prudential plc(a)		606,583
1,344	Reinsurance Group of America, Inc.(a)		145,071
52,700	Sony Financial Holdings, Inc.(a)		725,714
48,200	Tokio Marine Holdings, Inc.(a)		1,847,363
2,396	Travelers Cos., Inc. (The)(a)		274,462
21,483	UnumProvident Corp.(a)		758,565
499	Zurich Insurance Group AG(a)		128,449
			18,745,222
Internet & Direct Marketing Retail (0.5%):
4,132	Amazon.com, Inc.*(a)		3,459,765
9,609	Expedia, Inc.(a)		1,121,562
			4,581,327
Internet Software & Services (2.3%):
26,651	Alibaba Group Holding, Ltd., ADR*^(a)		2,819,409
787	Alphabet, Inc., Class A*(a)		632,795
10,480	Alphabet, Inc., Class C*(a)		8,145,998
95,700	Dropbox, Inc.*(a)(b)(c)		1,167,540
52,009	Facebook, Inc., Class C*(a)		6,671,194
5,547	Lookout, Inc.*(a)(b)(c)		32,173
2,196	VeriSign, Inc.*^(a)		171,815
			19,640,924
IT Services (0.8%):
2,021	Accenture plc, Class C(a)		246,906
533	Alliance Data Systems Corp.*(a)		114,344
3,091	Amdocs, Ltd.(a)		178,814
11,190	Cognizant Technology Solutions Corp., Class C*(a)		533,875

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Shares		Fair Value
Common Stocks, continued
IT Services, continued
2,890	Computer Sciences Corp.(a)	$	150,887
15,378	Global Payments, Inc.(a)		1,180,415
51,301	Infosys, Ltd.(a)		800,547
14,427	MasterCard, Inc., Class A(a)		1,468,237
24,939	Sabre Corp.^(a)		702,781
51,291	Square, Inc., Class A*^(a)		598,053
15,559	Visa, Inc., Class A^(a)		1,286,729
			7,261,588
Leisure Products (0.1%):
40,300	Sega Sammy Holdings, Inc.(a)		574,007
11,400	Yamaha Corp.(a)		367,787
			941,794
Life Sciences Tools & Services (0.3%):
17,787	Patheon NV*(a)		527,029
8,510	Thermo Fisher Scientific, Inc.(a)		1,353,601
			1,880,630
Machinery (1.0%):
214,090	Haitian International Holdings, Ltd.(a)		423,661
15,800	Hino Motors, Ltd.(a)		169,180
900	Illinois Tool Works, Inc.^(a)		107,856
51,200	Komatsu, Ltd.(a)		1,173,374
61,300	Kubota Corp.(a)		926,776
6,400	Kurita Water Industries, Ltd.(a)		152,201
6,100	Makita Corp.(a)		433,871
15,300	Nabtesco Corp.(a)		433,211
149,554	SKF AB, Class B(a)		2,580,845
2,000	SMC Corp.(a)		577,026
5,081	WABCO Holdings, Inc.*(a)		576,846
			7,554,847
Media (1.9%):
4,471	Charter Communications, Inc., Class A*(a)		1,207,036
53,593	Comcast Corp., Class A^(a)		3,555,361
615,711	Delta Topco, Ltd.*(a)(b)(c)		6
20,908	DISH Network Corp., Class A*(a)		1,145,340
5,843	Liberty Broadband Corp., Class A*(a)		409,945
11,183	Liberty Broadband Corp., Class C*^(a)		799,361
1,875	Liberty Global plc, Class A*(a)		51,731
18,161	Liberty Global plc, Class A*(a)		620,743
20,943	Liberty SiriusXM Group, Class A*(a)		711,643
39,306	Liberty SiriusXM Group, Class C*(a)		1,313,213
10,800	Nippon Television Holdings, Inc.(a)		182,820
81,382	Pearson plc(a)		794,813
16,155	Publicis Groupe SA(a)		1,221,546
134,983	RAI Way SpA(a)		546,010
1,212	Scripps Networks Interactive, Class C^(a)		76,950
17,700	SKY Perfect JSAT Holdings, Inc.(a)		86,965
25,348	Time Warner, Inc.(a)		2,017,954
6,800	Toho Co., Ltd.(a)		225,719
6,400	TV Asahi Holdings Corp.(a)		117,674
76,147	Zon Multimedia Servicos de Telecommunicacoes e Multimedia SGPS SA(a)		518,047
			15,602,877
Metals & Mining (0.0%):
112,347	Platinum Group Metals, Ltd.*^(a)		307,830
35,396	Platinum Group Metals, Ltd.*^(a)		97,678
4,800	Yamato Kogyo Co., Ltd.(a)		142,268
			547,776

Shares		Fair Value
Common Stocks, continued
Multiline Retail (0.3%):
33,745	Target Corp.^(a)	$	2,317,607
Multi-Utilities (0.3%):
7,166	Dominion Resources, Inc.(a)		532,219
28,269	Engie Group(a)		437,858
8,669	National Grid plc(a)		122,497
9,979	Sempra Energy^(a)		1,069,649
			2,162,223
Oil, Gas & Consumable Fuels (3.8%):
74,807	Anadarko Petroleum Corp.(a)		4,739,771
56,520	BP plc, ADR^(a)		1,987,243
60,908	Cameco Corp.^(a)		521,372
39,595	Cenovus Energy, Inc.(a)		568,359
631	Chevron Corp.^(a)		64,943
156,037	Coal India, Ltd.(a)		757,614
202,047	EnCana Corp.(a)		2,115,433
15,198	EQT Corp.^(a)		1,103,679
13,915	Exxon Mobil Corp.(a)		1,214,501
144,400	INPEX Corp.(a)		1,309,374
148,311	Marathon Oil Corp.^(a)		2,344,796
134,862	Marathon Petroleum Corp.(a)		5,474,048
1,725	Phillips 66(a)		138,949
4,751	Pioneer Natural Resources Co.(a)		882,023
5,009	Polski Koncern Naftowy Orlen SA(a)		85,582
130,870	Reliance Industries, Ltd.(a)		2,135,312
56,832	Royal Dutch Shell plc, ADR(a)		2,845,579
26,200	Thai Oil Public Co., Ltd.(a)		52,106
18,984	Total SA(a)		899,671
1,904	Total SA, ADR^(a)		90,821
3,618	Valero Energy Corp.^(a)		191,754
46,011	Williams Cos., Inc. (The)(a)		1,413,918
			30,936,848
Personal Products (0.5%):
33,988	Edgewell Personal Care Co.*^(a)		2,702,726
30,398	Unilever NV(a)		1,402,090
			4,104,816
Pharmaceuticals (3.4%):
48,900	Astellas Pharma, Inc.(a)		763,781
34,611	AstraZeneca plc(a)		2,241,686
27,202	Bristol-Myers Squibb Co.(a)		1,466,732
32,066	Catalent, Inc.*^(a)		828,585
27,219	Eli Lilly & Co.(a)		2,184,597
59,405	GlaxoSmithKline plc(a)		1,265,710
24,810	Johnson & Johnson Co.(a)		2,930,805
20,680	Merck & Co., Inc.(a)		1,290,639
47,331	Mylan NV*(a)		1,804,258
17,082	Novartis AG, Registered Shares(a)		1,343,765
10,689	Novo Nordisk A/S, Class B(a)		445,443
6,200	Otsuka Holdings Co., Ltd.(a)		282,844
17,180	Perrigo Co. plc(a)		1,586,229
72,340	Pfizer, Inc.(a)		2,450,156
4,786	Roche Holding AG(a)		1,186,031
39,576	Sanofi-Aventis SA(a)		3,014,995
3,100	Sawai Pharmaceutical Co., Ltd.(a)		220,018
43,116	Teva Pharmaceutical Industries, Ltd., ADR(a)		1,983,767
			27,290,041
Professional Services (0.1%):
16,706	Randstad Holding NV(a)		760,890
Real Estate Management & Development (1.4%):
820,200	CapitaLand, Ltd.(a)		1,937,802
1,333,500	Global Logistic Properties, Ltd.(a)(d)		1,838,338
24,000	Hang Lung Properties, Ltd.(a)		54,480
154,000	Mitsubishi Estate Co., Ltd.(a)		2,887,509
24,000	Sino Land Co., Ltd.(a)		42,815

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Real Estate Management & Development, continued
140,666	Sun Hung Kai Properties, Ltd.(a)	$	2,143,855
6,000	Swire Pacific, Ltd., Class A(a)		64,943
67,467	The St. Joe Co.*^(a)		1,240,043
29,532	Vonovia SE(a)		1,118,110
18,000	Wharf Holdings, Ltd. (The)(a)		131,893
			11,459,788
Road & Rail (0.7%):
32,300	ComfortDelGro Corp., Ltd.(a)		66,920
32,400	East Japan Railway Co.(a)		2,921,537
15,420	Kansas City Southern(a)		1,438,994
11,700	Seino Holdings Co., Ltd.(a)		122,964
13,800	West Japan Railway Co.(a)		854,407
			5,404,822
Semiconductors & Semiconductor Equipment (0.9%):
23,127	Intel Corp.^(a)		873,044
1,630	KLA-Tencor Corp.(a)		113,627
76,187	Micron Technology, Inc.*^(a)		1,354,605
29,105	QUALCOMM, Inc.(a)		1,993,693
21,600	ROHM Co., Ltd.(a)		1,138,757
21,994	SK Hynix, Inc.(a)		805,053
60,200	SUMCO Corp.^(a)		495,307
140,000	Taiwan Semiconductor Manufacturing Co., Ltd.(a)		821,157
			7,595,243
Software (1.3%):
19,597	Activision Blizzard, Inc.(a)(k)		868,147
11,291	Adobe Systems, Inc.*(a)		1,225,525
14,452	Electronic Arts, Inc.*(a)		1,234,201
10,425	Intuit, Inc.(a)		1,146,854
5,016	Microsoft Corp.(a)		288,922
5,900	Nintendo Co., Ltd.(a)		1,561,407
57,500	Nuance Communications, Inc.*(a)		833,750
8,500	Trend Micro, Inc.(a)		296,155
68,532	Uber Technologies, Inc.*(a)(b)(c)		3,393,705
10,635	UbiSoft Entertainment SA*(a)		401,361
			11,250,027
Specialty Retail (0.8%):
5,600	Autobacs Seven Co., Ltd.^(a)		80,253
17,728	Bed Bath & Beyond, Inc.^(a)		764,254
9,258	Home Depot, Inc. (The)(a)		1,191,319
15,051	Lowe’s Cos., Inc.(a)		1,086,833
3,800	Nitori Co., Ltd.(a)		454,724
20,400	Sanrio Co., Ltd.^(a)		373,818
2,200	Shimamura Co., Ltd.(a)		266,802
10,872	Tiffany & Co.^(a)		789,633
20,222	Williams-Sonoma, Inc.^(a)		1,032,940
159,100	Yamada Denki Co., Ltd.(a)		789,224
			6,829,800
Technology Hardware, Storage & Peripherals (2.0%):
121,235	Apple, Inc.(a)(k)		13,705,616
5,800	Fujifilm Holdings Corp.(a)		214,687
317,000	NEC Corp.(a)		819,093
60,453	Pure Storage, Inc., Class A*^(a)		819,138
16,817	Western Digital Corp.^(a)		983,290
			16,541,824
Textiles, Apparel & Luxury Goods (0.5%):
16,860	Burberry Group plc(a)		301,676
13,230	Compagnie Financiere Richemont SA(a)		805,793
7,394	Hugo Boss AG(a)		408,849
8,461	Luxottica Group SpA(a)		404,223

Shares		Fair Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods, continued
5,586	LVMH Moet Hennessy Louis Vuitton SA(a)	$	952,165
25,618	Michael Kors Holdings, Ltd.*^(a)		1,198,667
4,279	Ralph Lauren Corp.^(a)		432,778
			4,504,151
Tobacco (0.3%):
23,677	Altria Group, Inc.(a)		1,497,097
11,100	Japan Tobacco, Inc.(a)		453,558
1,116	KT&G Corp.(a)		127,121
			2,077,776
Trading Companies & Distributors (0.2%):
18,189	HD Supply Holdings, Inc.*(a)		581,684
16,162	United Rentals, Inc.*(a)		1,268,556
			1,850,240
Transportation Infrastructure (0.0%):
2,493	Aeroports de Paris(a)		247,197
17,000	Kamigumi Co., Ltd.(a)		148,146
			395,343
Water Utilities (0.0%):
2,155	American Water Works Co., Inc.(a)		161,280
Wireless Telecommunication Services (0.8%):
24,000	Advanced Information Service plc(a)		111,387
30,000	Far EasTone Telecommunications Co., Ltd.(a)		71,045
45,900	Intouch Holdings Public Co., Ltd.(a)		71,874
62,100	KDDI Corp.(a)		1,911,258
20,400	NTT DoCoMo, Inc.(a)		517,305
600	SK Telecom Co., Ltd.(a)		122,804
20,000	Taiwan Mobile Co., Ltd.(a)		72,073
44,788	Vodafone Group plc, ADR(a)		1,305,570
719,863	Vodafone Group plc(a)		2,063,733
			6,247,049
Total Common Stocks (Cost $402,400,905)			434,987,607
Preferred Stocks (1.7%):
Automobiles (0.1%):
7,098	Volkswagen AG, 0.15%(a)		932,366
Banks (0.2%):
26,982	Citigroup Capital XIII, Series A, 0.76%(a)		710,706
12,240	HSBC Holdings plc, Series 2, 1.23%(a)		319,586
5,686	U.S. Bancorp, Series G, 0.94%(a)		145,903
15,159	U.S. Bancorp, Series F, 0.86%(a)		456,589
208,000	USB Capital IX, 3.50%(a)		178,100
			1,810,884
Commercial Services & Supplies (0.1%):
6,516	Stericycle, Inc., 7.97%(a)		431,815
Consumer Finance (0.1%):
35,484	GMAC Capital Trust I, Series 2, 1.28%(a)		901,648
Equity Real Estate Investment Trusts (0.2%):
3,376	American Tower Corp., Series A(a)		373,259
13,344	Welltower, Inc., Series I, 4.88%(a)		888,043
			1,261,302
Health Care Providers & Services (0.2%):
40,838	Anthem, Inc., 5.86%(a)		1,777,269
143,925	Grand Rounds, Inc., Series C*(a)(b)(c)		400,112
			2,177,381
Internet Software & Services (0.1%):
63,925	Lookout, Inc., Series F, 4.88%*(a)(b)(c)		612,402

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Shares		Fair Value
Preferred Stocks, continued
Multi-Utilities (0.1%):
27,671	Dominion Resources, Inc., 0.84%(a)	$	1,380,783
7,500	Dominion Resources, Inc., 6.41%(a)		373,200
			1,753,983
Pharmaceuticals (0.5%):
1,780	Allergan plc, Series A, 6.68%(a)		1,462,501
2,893	Teva Pharmaceutical Industries, Ltd., 0.14%(a)		2,352,904
			3,815,405
Software (0.1%):
116,157	Palantir Technologies, Inc., Series I*(a)(b)(c)		839,815
Total Preferred Stocks (Cost $15,381,432)			14,537,001
Warrant (0.0%):
Paper & Forest Products (0.0%):
157,250	TFS Corp., Ltd.(a)		45,053
Total Warrant (Cost $–)			45,053
Convertible Preferred Stocks (0.5%):
Banks (0.0%):
272	Wells Fargo & Co., Series L, Class A, 0.12%(a)		353,600
Equity Real Estate Investment Trusts (0.1%):
8,984	Crown Castle International Corp., Series A(a)		1,015,372
Internet Software & Services (0.1%):
144,482	Domo, Inc., Series E*(a)(b)(c)		1,217,983
Wireless Telecommunication Services (0.3%):
13,297	Mandatory Exchange Trust, 1.29%(a)(d)		1,716,244
Total Convertible Preferred Stocks (Cost $3,777,551)			4,303,199
Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Private Placements (0.0%):
Household Durables (0.0%):
$  3,065,000	AliphCom, Inc., 12.00%, 4/1/20(a)(b)(c)(e)		317,840
Oil, Gas & Consumable Fuels (0.0%):
268,000	Project Samson BND Corp., 12.00%, 4/1/20(a)(b)(c)(e)		27,792
Total Private Placements (Cost $3,333,000)			345,632
Convertible Bonds (0.7%):
Diversified Telecommunication Services (0.2%):
500,000	Telecom Italia Finance SA, 6.13%, 11/15/16+(a)(d)		550,516
100,000	Telecom Italia Finance SA, Registered Shares, 6.13%, 11/15/16+(a)(d)		109,917
300,000	Telefonica SA, Series TIT, 6.00%, 7/24/17+(a)(d)		292,516
900,000	Telefonica SA, Series TEF, 4.90%, 9/25/17+(a)		868,855
			1,821,804
Electrical Equipment (0.1%):
478,000	Suzlon Energy, Ltd., Series SUEL, 5.75%, 7/16/19(a)(d)(e)		478,000

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Convertible Bonds, continued
Food Products (0.0%):
$    400,000	REI Agro, Ltd., Registered Shares, 5.50%, 11/13/14(a)(b)(c)(f)	$	2,000
Oil, Gas & Consumable Fuels (0.2%):
936,000	Cobalt International Energy, Inc., 2.63%, 12/1/19(a)		476,190
1,146,000	Cobalt International Energy, Inc., 3.13%, 5/15/24(a)		435,479
1,123,330	Dana Gas Sukuk, Ltd., 7.00%, 10/31/17(a)(d)		1,027,847
			1,939,516
Real Estate Management & Development (0.1%):
750,000	CapitaLand, Ltd., 2.10%, 11/15/16+(a)(d)		546,657
750,000	CapitaLand, Ltd., 1.95%, 10/17/23+(a)(d)		556,972
			1,103,629
Semiconductors & Semiconductor Equipment (0.1%):
246,000	Intel Corp., 3.25%, 8/1/39(a)		449,873
Total Convertible Bonds (Cost $7,985,503)			5,794,822
Floating Rate Loans (0.8%):
Capital Markets (0.2%):
880,182	Promontoria Blue Holding 2 BV, 0.00%, 4/17/20(a)(c)(e)(g)		988,624
103,015	Sheridan Production Partners, 4.25%, 12/2/20(a)(e)(g)		68,505
38,430	Sheridan Production Partners, 4.25%, 12/16/20(a)(e)(g)		25,556
740,382	Sheridan Production Partners, 4.25%, 12/16/20(a)(e)(g)		492,354
			1,575,039
Energy Equipment & Services (0.1%):
371,328	Drillships Financing Holdings, Inc., 5.50%, 3/31/21(a)(e)		184,736
1,276,781	Seadrill, Ltd., 4.00%, 2/21/21(a)(e)		633,066
			817,802
Hotels, Restaurants & Leisure (0.2%):
1,431,514	Hilton Worldwide Finance LLC, 3.50%, 10/25/20(a)(e)		1,438,670
Independent Power & Renewable Electricity Producers (0.1%):
598,950	Calpine Corp., 3.50%, 6/15/22(a)(e)		600,244
Marine (0.0%):
470,818	Drillships Ocean Ventures, Inc., 3.50%, 7/9/21(a)(e)		324,394
Media (0.1%):
881,707	Univision Communications, Inc., 4.00%, 3/1/20(a)(e)		883,223
Metals & Mining (0.0%):
346,500	Novelis, Inc., 0.00%, 6/15/22(a)(e)		348,018
Oil, Gas & Consumable Fuels (0.0%):
405,533	Fieldwood Energy LLC, 8.38%, 9/20/20(a)(e)		157,481
Pharmaceuticals (0.0%):
110	Mallinckrodt International Finance SA, 3.25%, 2/24/21(a)(e)		110

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Floating Rate Loans, continued
Trading Companies & Distributors (0.1%):
$    580,613	Univar USA, Inc., 0.00%, 6/30/22(a)(e)	$	581,338
Total Floating Rate Loans (Cost $8,146,689)			6,726,319
Collateralized Mortgage Obligations (0.1%):
459,000	Logistics UK, Class F, Series 2015-1A, 0.66%, 8/20/25(a)(b)(c)(e)		571,148
Total Collateralized Mortgage Obligations (Cost $689,125)			571,148
Corporate Bonds (3.3%):
Automobiles (0.0%):
327,000	Volkswagen AG, Registered Shares, 2.45%, 11/20/19(a)(d)		330,264
Banks (0.9%):
347,000	Bank of America Corp., 2.00%, 1/11/18, MTN(a)		348,598
338,000	Bank of America Corp., 2.60%, 1/15/19(a)		344,597
977,000	Citigroup, Inc., 1.80%, 2/5/18(a)		979,463
298,000	Citigroup, Inc., Series A, 5.95%, 12/29/49, Callable 1/30/23 @ 100^(a)(e)		308,707
829,000	Citigroup, Inc., Series O, 5.87%, 12/29/49, Callable 3/27/20 @ 100^(a)(e)		837,373
930,000	JPMorgan Chase & Co., 2.30%, 8/15/21, Callable 8/15/20 @ 100(a)		932,023
284,000	JPMorgan Chase & Co., 4.35%, 8/15/21(a)		311,844
1,513,000	JPMorgan Chase & Co., Series X, 6.10%, 10/29/49, Callable 10/1/24 @ 100(a)(e)		1,598,106
778,000	JPMorgan Chase & Co., Series Q, 5.15%, 12/29/49, Callable 5/1/23 @ 100, Perpetual Bond^(a)(e)		781,890
336,000	Merrill Lynch & Co., 6.88%, 4/25/18, MTN(a)		362,496
			6,805,097
Biotechnology (0.2%):
730,000	AbbVie, Inc., 2.50%, 5/14/20, Callable 4/14/20 @ 100(a)		744,216
591,000	AbbVie, Inc., 2.30%, 5/14/21, Callable 4/14/21 @ 100(a)		596,133
			1,340,349
Capital Markets (0.2%):
662,000	Goldman Sachs Group, Inc. (The), Series L, 5.70%, 12/29/49, Callable 5/10/19 @ 100^(a)(e)		671,103
695,000	Goldman Sachs Group, Inc. (The), Series M, 5.38%, 12/31/49, Callable 5/10/20 @ 100(a)(e)		701,949
493,000	Morgan Stanley, Series H, 5.45%, 7/29/49, Callable 7/15/19 @ 100(a)(e)		494,647
			1,867,699

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Corporate Bonds, continued
Communications Equipment (0.1%):
$    473,000	Cisco Systems, Inc., 2.20%, 2/28/21(a)	$	483,965
Consumer Finance (0.4%):
628,000	Ally Financial, Inc., 2.75%, 1/30/17(a)		629,178
431,000	Ally Financial, Inc., 3.50%, 1/27/19^(a)		434,771
430,000	American Express Co., Series C, 4.93%, 12/29/49, Callable 3/15/20 @ 100^(a)(e)		424,088
365,000	Capital One Bank USA NA, Series BNKT, 2.15%, 11/21/18, Callable 10/21/18 @ 100(a)		368,798
595,000	Ford Motor Credit Co. LLC, 5.00%, 5/15/18(a)		624,544
200,000	Ford Motor Credit Co. LLC, 2.55%, 10/5/18(a)		202,933
517,000	General Motors Financial Co., Inc., 3.50%, 7/10/19^(a)		532,613
255,000	Hyundai Capital America, 2.00%, 3/19/18(a)(d)		256,448
179,000	Synchrony Financial, 3.75%, 8/15/21, Callable 6/15/21 @ 100^(a)		188,280
			3,661,653
Diversified Financial Services (0.1%):
477,000	Berkshire Hathaway, Inc., 2.75%, 3/15/23, Callable 1/15/23 @ 100(a)		495,691
Diversified Telecommunication Services (0.3%):
851,000	AT&T, Inc., 2.38%, 11/27/18^(a)		867,023
1,355,000	AT&T, Inc., 3.00%, 6/30/22, Callable 4/30/22 @ 100(a)		1,393,086
110,000	Hughes Satellite Systems Corp., 7.63%, 6/15/21^(a)		117,288
146,000	Verizon Communications, 1.75%, 8/15/21, Callable 7/15/21 @ 100(a)		144,403
322,000	Verizon Communications, 2.63%, 8/15/26, Callable 5/15/26 @ 100^(a)		316,033
			2,837,833
Equity Real Estate Investment Trusts (0.0%):
162,000	American Tower Corp., 3.40%, 2/15/19^(a)		168,325
Health Care Equipment & Supplies (0.1%):
764,000	Medtronic, Inc., 3.15%, 3/15/22^(a)		812,348
Industrial Conglomerates (0.2%):
79,000	General Electric Capital Corp., Series A, 5.55%, 5/4/20, MTN^(a)		89,524
404,000	General Electric Capital Corp., 6.38%, 11/15/67, Callable 11/15/17 @ 100(a)(e)		419,150
710,000	General Electric Co., Series D, 5.00%, 12/29/49, Callable 1/21/21 @ 100(a)(e)		755,050
			1,263,724

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Corporate Bonds, continued
Internet Software & Services (0.0%):
$    336,000	eBay, Inc., 3.80%, 3/9/22, Callable 2/9/22 @ 100(a)	$	359,310
Media (0.1%):
245,000	Cablevision Systems Corp., 5.88%, 9/15/22(a)		222,950
624,776	Delta Topco, Ltd., 10.00%, 11/24/60(a)(b)(c)		593,537
200,000	NBCUniversal Enterprise, Inc., 5.25%, 12/31/99, Callable 3/19/21 @ 100(a)(d)		213,500
			1,029,987
Metals & Mining (0.0%):
319,000	Freeport-McMoRan, Inc., 3.88%, 3/15/23, Callable 12/15/22 @ 100^(a)		286,277
Oil, Gas & Consumable Fuels (0.0%):
111,961	Fieldwood Holdings LLC, 0.00%, 8/31/20(a)(e)		92,788
270,000	Sabine Pass Liquefaction LLC, 5.63%, 4/15/23, Callable 1/15/23 @ 100(a)		288,225
			381,013
Personal Products (0.1%):
374,000	Edgewell Personal Care Co., 4.70%, 5/19/21^(a)		394,427
342,000	Edgewell Personal Care Co., 4.70%, 5/24/22(a)		353,543
			747,970
Pharmaceuticals (0.1%):
308,000	Forest Laboratories, Inc., 5.00%, 12/15/21, Callable 9/16/21 @ 100(a)(d)		344,705
471,000	Mylan, Inc., 2.55%, 3/28/19(a)		476,978
			821,683
Real Estate Management & Development (0.1%):
1,016,000	Global Logistic Properties, Ltd., 3.88%, 6/4/25(a)(c)		1,057,990
Semiconductors & Semiconductor Equipment (0.1%):
800,000	QUALCOMM, Inc., 3.00%, 5/20/22(a)		839,371
Software (0.2%):
165,000	Activision Blizzard, 2.30%, 9/15/21, Callable 8/15/21 @ 100(a)(d)		165,431
1,455,000	Oracle Corp., 1.90%, 9/15/21, Callable 8/15/21 @ 100(a)		1,458,691
			1,624,122
Wireless Telecommunication Services (0.1%):
440,000	T-Mobile USA, Inc., 6.00%, 4/15/24, Callable 4/15/19 @ 104.5^(a)		470,800
Total Corporate Bonds (Cost $26,886,344)			27,685,471
Foreign Bonds (15.5%):
Banks (0.2%):
610,000	Lloyds TSB Bank plc, Series E, 13.00%, 1/29/49, Callable 1/21/29 @ 126+(a)(e)		1,377,802

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Foreign Bonds, continued
Metals & Mining (0.0%):
$    270,000	Constellium NV, 7.00%, 1/15/23, Callable 1/15/18 @ 105.25+(a)(d)	$	299,729
Sovereign Bonds (15.3%):
4,140,000	Australian Government, Series 124, 5.75%, 5/15/21+(a)		3,750,643
7,435,000	Australian Government, Series 128, 5.75%, 7/15/22+(a)		6,956,898
1,465,000	Bonos y Oblig del Estado (Spanish Government), 1.95%, 4/30/26+(a)(d)		1,806,789
6,591,000	Brazil Nota do Tesouro Nacional, Series NTNF, 0.51%, 1/1/21+(a)(h)(i)		1,983,159
433,000	Brazil Nota do Tesouro Nacional, Series NTNB, 0.00%, 8/15/22+(a)(i)		394,779
4,545,000	Bundesobligation, Series 173, -0.62%, 4/9/21+(a)		5,251,272
2,616,000	Buoni del Tesoro Poliennali, 1.50%, 6/1/25+(a)		3,054,362
2,255,000	Canada Housing Trust, 1.25%, 6/15/21+(a)(d)		1,740,844
3,493,000	Canadian Government, 0.25%, 5/1/18+(a)		2,651,730
8,844,000	Canadian Government, 0.50%, 8/1/18+(a)		6,741,207
2,203,000	Canadian Government, 0.75%, 3/1/21+(a)		1,692,437
250,000	Federative Republic of Brazil, 2.88%, 4/1/21+(a)		285,996
3,994,990	Governemnt of France, 0.50%, 5/25/26+(a)(d)		4,649,680
159,750,000	Government of Japan, Series 350, 0.10%, 3/15/17+(a)		1,578,577
3,732,000	Government of Poland, 5.75%, 10/25/21+(a)		1,132,634
122,970,000	Hungary Government Bond, Series 25/B, 5.50%, 6/24/25+(a)		544,572
437,050,000	Japan Treasury Bill, Series 362, 0.10%, 3/15/18+(a)		4,335,972
920,000,000	Japan Treasury Discount Bill, Series 617, 0.00%, 10/3/16+(a)(h)		9,073,873
190,000,000	Japan Treasury Discount Bill, Series 619, 0.03%, 10/11/16+(a)(h)		1,873,937
460,000,000	Japan Treasury Discount Bill, Series 620, 0.00%, 10/17/16+(a)(h)		4,537,009
280,000,000	Japan Treasury Discount Bill, Series 622, 0.00%, 10/24/16+(a)(h)		2,761,837
930,000,000	Japan Treasury Discount Bill, Series 623, 0.00%, 10/31/16+(a)(h)		9,174,089
190,000,000	Japan Treasury Discount Bill, Series 624, 0.00%, 11/7/16+(a)(h)		1,874,355
940,000,000	Japan Treasury Discount Bill, Series 628, 0.00%, 11/21/16+(a)(h)		9,274,034
910,000,000	Japan Treasury Discount Bill, Series 630, 0.00%, 12/5/16+(a)(h)		8,978,969
480,000,000	Japan Treasury Discount Bill, Series 631, 0.00%, 3/10/17+(a)(h)		4,740,458
124,305,500	Mexican Bonos Desarr, Series M, 6.50%, 6/10/21+(a)(e)(j)		6,606,473
4,897,000	New Zealand Government, Series 0521, 6.00%, 5/15/21+(a)		4,198,099

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Foreign Bonds, continued
Sovereign Bonds, continued
$    5,140,000	Nota Do Tesouro Nacional, Series NTNF, 0.00%, 1/1/18+(a)(i)	$	1,584,104
4,313,000	Poland Government Bond, Series 1020, 5.25%, 10/25/20+(a)		1,262,589
7,277,000	Poland Government Bond, Series 0725, 3.25%, 7/25/25+(a)		1,963,693
8,175,000	Poland Government Bond, Series 0726, 2.50%, 7/25/26+(a)		2,062,729
1,013,000	Republic of Indonesia, 2.63%, 6/14/23+(a)(d)		1,194,132
2,080,000	Romania Government Bond, 4.75%, 2/24/25+(a)		598,705
124,495	United Kingdom Treasury, 2.00%, 9/7/25+(a)		180,014
4,714,323	United Kingdom Treasury, 1.50%, 7/22/26+(a)		6,535,269
			127,025,919
Total Foreign Bonds (Cost $127,355,077)			128,703,450
Yankee Dollars (2.8%):
Banks (0.6%):
1,020,000	BNP Paribas SA, 2.40%, 12/12/18(a)		1,035,521
1,275,000	HSBC Holdings plc, 6.38%, 12/29/49, Callable 9/17/24 @ 100^(a)(e)		1,255,875
325,000	ING Groep NV, 6.00%, 12/31/49, Callable 4/16/20 @ 100(a)(e)		315,860
865,000	Intesa Sanpaolo SpA, 3.88%, 1/15/19(a)		890,639
200,000	Lloyds Bank plc, 2.30%, 11/27/18(a)		202,175
250,000	Rabobank Nederland, 3.95%, 11/9/22(a)		262,069
460,000	Sumitomo Mitsui Banking Corp., 2.45%, 1/10/19(a)		467,870
			4,430,009
Capital Markets (0.1%):
366,000	UBS AG Stamford CT, 2.38%, 8/14/19(a)		373,343
495,000	UBS Group AG, 4.13%, 9/24/25^(a)(d)		518,755
			892,098
Diversified Financial Services (0.1%):
253,000	Export-Import Bank of Korea, 2.88%, 9/17/18(a)		260,490
611,000	Export-Import Bank of Korea, 2.63%, 12/30/20(a)		632,219
			892,709
Diversified Telecommunication Services (0.1%):
568,000	Intelsat Jackson Holdings SA, 7.50%, 4/1/21, Callable 11/7/16 @ 103.75(a)		428,840
190,000	Intelsat Jackson Holdings SA, 8.00%, 2/15/24, Callable 2/15/19 @ 104^(a)(d)		190,475
572,000	Telecom Italia SpA, 5.30%, 5/30/24^(a)(d)		584,796
			1,204,111

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Yankee Dollars, continued
Equity Real Estate Investment Trusts (0.0%):
$      316,000	Trust F/1401, 5.25%, 12/15/24, Callable 9/15/24 @ 100(a)(d)	$	327,850
Industrial Conglomerates (0.0%):
255,000	GE Capital International Funding, 2.34%, 11/15/20(a)		261,908
400,000	Odebrecht Finance, Ltd., 4.38%, 4/25/25(a)(d)		150,000
			411,908
Internet Software & Services (0.1%):
670,000	Alibaba Group Holding, Ltd., 3.13%, 11/28/21, Callable 9/28/21 @ 100(a)		698,605
Media (0.0%):
200,000	Unitymedia Hessen, 5.50%, 1/15/23, Callable 1/15/18 @ 102.75(a)(d)		207,500
Oil, Gas & Consumable Fuels (0.3%):
755,000	Petroleos Mexicanos, 4.63%, 9/21/23^(a)(d)		756,057
1,558,000	YPF SA, 8.50%, 7/28/25(a)(d)		1,709,437
			2,465,494
Paper & Forest Products (0.3%):
2,106,000	TFS Corp., Ltd., 8.75%, 8/1/23, Callable 8/1/19 @ 106.56(a)(b)		2,148,120
Pharmaceuticals (0.1%):
594,000	Actavis Funding SCS, 3.00%, 3/12/20, Callable 2/12/20 @ 100(a)		613,314
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)		393,120
Road & Rail (0.0%):
527,380	Inversiones Alsacia SA, 8.00%, 12/31/18, Callable 10/24/16 @ 100(a)(d)		39,554
Sovereign Bonds (1.1%):
487,000	Federal Republic of Brazil, 4.88%, 1/22/21(a)		519,873
235,000	Provincia de Buenos Aires, 9.13%, 3/16/24(a)(d)		262,906
1,185,000	Republic of Argentina, 6.88%, 4/22/21(a)(d)		1,289,873
1,302,000	Republic of Argentina, 7.50%, 4/22/26^(a)(d)		1,468,655
1,313,000	Republic of Argentina, 7.13%, 7/6/36^(a)(d)		1,390,467
313,000	Republic of Hungary, 6.25%, 1/29/20(a)		351,749
2,102,000	Republic of Hungary, 6.38%, 3/29/21^(a)		2,435,692
480,000	Republic of Indonesia, 6.88%, 1/17/18(a)(d)		510,590
619,000	Republic of Turkey, 6.75%, 4/3/18(a)		654,289
			8,884,094
Total Yankee Dollars (Cost $23,616,461)			23,608,486

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
U.S. Government Agency Mortgages (1.5%):
Federal National Mortgage Association (1.5%)
$    12,296,233	3.00%, 11/25/45(a)	$	12,750,769
Total U.S. Government Agency Mortgages (Cost $12,687,695)			12,750,769
U.S. Treasury Obligations (13.6%):
U.S. Treasury Bills (3.2%)
12,000,000	0.18%, 11/10/16(a)(h)		11,997,504
10,313,000	0.16%, 11/17/16(a)(h)		10,310,741
5,000,000	0.16%, 11/25/16(a)(h)		4,998,780
			27,307,025
U.S. Treasury Inflation Index Bonds (0.1%)
1,098,500	1.00%, 2/15/46(a)		1,233,296
U.S. Treasury Bonds (0.1%)
33,000	3.00%, 5/15/45		38,024
951,400	2.25%, 8/15/46(a)(k)		934,156
			972,180
U.S. Treasury Notes (7.5%)
2,281,000	0.88%, 1/31/17(l)		2,285,119
8,031,500	1.25%, 3/31/21(a)		8,073,537
1,869,500	1.13%, 7/31/21(a)		1,866,799
19,194,500	1.13%, 8/31/21(a)		19,174,998
23,786,000	1.13%, 9/30/21(a)		23,754,413
6,754,800	1.50%, 8/15/26(a)		6,689,096
			61,843,962
U.S. Treasury Inflation Index Notes (2.7%)
7,867,400	0.13%, 4/15/21(a)		8,155,030
13,631,800	0.63%, 1/15/26(a)		14,519,923
			22,674,953
Total U.S. Treasury Obligations (Cost $113,231,545)			114,031,416
Purchased Swaptions (0.0%):
Total Purchased Swaptions (Cost $321,424)			144,886
Purchased Options (0.4%):
Total Purchased Options (Cost $4,334,289)			4,205,474
Exchange Traded Funds (3.1%):
4,667	ETFS Platinum Trust(l)		461,100
5,528	ETFS Physical Palladium Shares(l)		383,619
124,200	iShares Gold Trust(l)		1,576,098
9,367	iShares Iboxx $ High Yield Corporate Bond Fund, 5.43%		817,364
183,224	SPDR Gold Trust(k)(l)		23,020,263
Total Exchange Traded Fund (Cost $25,585,645)			26,258,444
Securities Held as Collateral for Securities on Loan (3.2%):
$  26,803,061	AZL MVP BlackRock Global Allocation Fund Securities Lending Collateral Account(m)		26,803,061
Total Securities Held as Collateral for Securities on Loan (Cost $26,803,061)			26,803,061
Unaffiliated Investment Companies (1.7%):
7,911,447	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.16%(h)		7,911,447

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Unaffiliated Investment Companies, continued
6,459,815	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(h)(l) (n)	$	6,459,815
Total Unaffiliated Investment Company (Cost $14,371,262)			14,371,262
Total Investment Securities (Cost $816,907,007)(o) - 100.9%			845,873,500
Net other assets (liabilities) - (0.9)%			(9,712,611	)
Net Assets - 100.0%		$	836,160,889

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

ADR	-	American Depositary Receipt
MTN	-	Medium Term Note
SPDR	-	Standard & Poor’s Depository Receipts

* Non-income producing security.

^ This security or a partial position of this security was on loan as of September 30, 2016. The total value of securities on loan as of September 30, 2016, was $26,184,201.

+ 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 September 30, 2016, these securities represent 1.35% 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 September 30, 2016. The total of all such securities represent 0.00% of the net assets of the fund.

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

(e) Variable rate security. The rate presented represents the rate in effect at September 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 September 30, 2016, these securities represent 0.19% of the net assets of the Fund.

(h) The rate represents the effective yield at September 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 this security has been pledged as collateral for open derivative positions.

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

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

(m) 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 September 30, 2016.

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

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

Amounts shown as “—” are either $0 or round to less than $1.

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 September 30, 2016:

Country	Percentage
Argentina		0.7	%
Australia		1.8	%
Austria		—	%NM
Belgium		0.3	%
Bermuda		—	%NM
Brazil		0.6	%
Canada		2.3	%
Cayman Islands		0.1	%
Chile		—	%NM
China		0.4	%
Czech Republic		—	%NM
Denmark		0.1	%
European Community		—	%NM
Finland		0.2	%
France		3.0	%
Germany		1.4	%
Guernsey		—	%NM
Hong Kong		0.7	%
Hungary		0.4	%
India		0.6	%
Indonesia		0.3	%
Ireland (Republic of)		0.5	%
Israel		0.5	%
Italy		1.2	%
Japan		16.3	%
Jersey		0.2	%
Luxembourg		0.2	%
Mexico		1.0	%
Netherlands		1.8	%
New Zealand		0.5	%
Poland		0.8	%
Portugal		0.1	%
Republic of Korea (South)		0.4	%
Romania		0.1	%
Singapore		0.7	%
Spain		0.6	%
Sweden		0.5	%
Switzerland		1.2	%
Taiwan, Province Of China		0.2	%
Thailand		0.1	%
Turkey		0.1	%
United Arab Emirates		0.1	%
United Kingdom		4.4	%
United States		55.6	%
		100.0	%

NM    Not meaningful, amount is less than 0.05%.

Continued

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Securities Sold Short (-0.4%):(a)

Security Description	Proceeds Received			Fair Value			Unrealized Appreciation/ (Depreciation)
Alcoa, Inc.	$	(393,174	)	$	(407,080	)	$	(13,906	)
Church & Dwight Co., Inc.		(552,930	)		(533,829	)		19,101
Ecolab, Inc.		(1,098,955	)		(1,143,194	)		(44,239	)
Gentex Corp.		(389,265	)		(436,349	)		(47,084	)
LafargeHolcim, Ltd., Registered Shares		(476,514	)		(521,495	)		(44,981	)
Procter & Gamble Co. (The)		(1,195,332	)		(1,210,458	)		(15,126	)
Walt Disney Co. (The)		(398,519	)		(371,626	)		26,893
	$	(4,504,689	)	$	(4,624,031	)	$	(119,342	)

Futures Contracts

Cash of $27,653,992 has been segregated to cover margin requirements for the following open contracts as of September 30, 2016:

Description	Type		Expiration Date		Number of Contracts			Notional Value			Unrealized Appreciation/ (Depreciation)
CAC 40 10 Euro October Futures (Euro)(a)		Short		10/21/16		(3	)	$	(149,729	)	$	(2,515	)
DJ EURO STOXX 600 December Futures (Euro)(a)		Short		12/16/16		(33	)		(633,454	)		(2,554	)
NIKKEI 225 Index December Futures (Japanese Yen)(a)		Short		12/8/16		(9	)		(734,984	)		(4,966	)
Russell 2000 Mini Index December Futures (U.S. Dollar)(a)		Short		12/16/16		(53	)		(6,615,990	)		(117,282	)
S&P 500 Index E-Mini December Futures (U.S. Dollar)(a)		Short		12/16/16		37			3,996,740			417,045
ASX SPI 200 Index December Futures (Australian Dollar)(a)		Long		12/15/16		1			103,608			4,494
DAX Index December Futures (Euro)(a)		Long		12/16/16		2			590,384			8,021
DJ EURO STOXX 50 December Futures (Euro)(a)		Long		12/16/16		8			269,030			3,559
FTSE 100 Index December Futures (British Pounds)(a)		Long		12/16/16		1			88,867			2,868
NASDAQ 100 E-Mini December Futures (U.S. Dollar)(a)		Long		12/16/16		4			389,620			11,637
TOPIX Index December Futures (Japanese Yen)(a)		Long		12/8/16		10			1,304,862			(13,353	)
U.S. Treasury 10-Year Note December Futures (U.S. Dollar)		Long		12/20/16		127			16,652,875			89,100
Total											$	396,054

Option Contracts(a)

Over-the-counter options purchased as of September 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	$	32,616
Allstate Corp.	Goldman Sachs	Call		80.00	USD	1/19/18		15,243		24,148
Apple, Inc.	UBS Warburg	Call		110.00	USD	9/15/17		27,635		322,561
BB&T Corp.	Goldman Sachs	Call		40.00	USD	1/19/18		33,282		69,578
Capital One Financial Corp.	Goldman Sachs	Call		80.00	USD	1/19/18		34,070		159,124
CBOE Holdings, Inc.	Societe Generale	Call		22.00	USD	11/16/16		9,178		9,116
Chicago Board Options Exchange SPX	Citibank	Call		22.00	USD	10/19/16		9,203		1,962
CIT Group, Inc.	Goldman Sachs	Call		42.00	USD	1/19/18		20,475		55,075
Citigroup, Inc.	Goldman Sachs	Call		55.00	USD	1/19/18		46,690		127,625
CME Group, Inc.	Goldman Sachs	Call		115.00	USD	1/19/18		16,384		65,510
Comerica, Inc.	Goldman Sachs	Call		55.00	USD	1/19/18		28,632		74,798
E*Trade Financial Corp.	Goldman Sachs	Call		35.00	USD	1/19/18		42,404		88,887
Euro Stoxx 50 Index	Morgan Stanley	Call		3025.00	EUR	3/17/17		144		23,079
Euro Stoxx 50 Index	Morgan Stanley	Call		3025.00	EUR	3/17/17		144		23,079
Euro Stoxx 50 Index	Morgan Stanley	Call		3125.00	EUR	3/17/17		313		33,341
Euro Stoxx 50 Index	Citigroup Global Markets	Call		3150.00	EUR	6/16/17		540		56,752
Euro Stoxx 50 Index	Deutsche Bank	Call		3426.55	EUR	9/21/18		225		25,214

See accompanying notes to the schedules of portfolio investments.

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Fifth Third BanCorp	Goldman Sachs	Call	25.00	USD	1/19/18	46,690	$	35,973
Franklin Resources, Inc.	Goldman Sachs	Call	45.00	USD	1/19/18	42,153		48,315
JPMorgan Chase & Co.	Goldman Sachs	Call	70.00	USD	1/19/18	46,690		192,845
KeyCorp	Goldman Sachs	Call	15.00	USD	1/19/18	46,690		21,247
Lincoln National Corp.	Goldman Sachs	Call	55.00	USD	1/19/18	28,360		80,396
MetLife, Inc.	Goldman Sachs	Call	52.50	USD	1/19/18	46,690		86,226
MetLife, Inc.	UBS Warburg	Call	50.00	USD	1/20/17	12,874		6,537
MetLife, Inc.	UBS Warburg	Call	52.50	USD	1/20/17	11,800		2,891
Morgan Stanley	Goldman Sachs	Call	35.00	USD	1/19/18	46,690		119,807
Manulife Financial Corp.	Goldman Sachs	Call	22.00	CAD	1/19/18	46,690		19,737
Prudential Financial, Inc.	Morgan Stanley	Call	87.50	USD	1/20/17	14,400		26,124
Qualcomm, Inc.	Deutsche Bank	Call	52.50	USD	5/19/17	24,788		409,221
Regions Financial Corp.	Goldman Sachs	Call	12.00	USD	1/19/18	46,690		26,108
SPDR Gold Shares(b)	JPMorgan Chase	Call	127.00	USD	10/21/16	11,307		10,311
SPDR Gold Shares(b)	JPMorgan Chase	Call	100.00	USD	12/16/16	12,078		312,764
SPDR Gold Shares(b)	JPMorgan Chase	Call	125.00	USD	12/16/16	22,367		82,189
SPDR Gold Shares(b)	JPMorgan Chase	Call	127.00	USD	12/02/16	11,890		33,649
SPDR Gold Shares(b)	Societe Generale	Call	127.00	USD	12/02/16	11,891		32,344
SPDR Gold Trust(b)	Societe Generale	Call	121.00	USD	1/20/17	22,476		152,576
State Street Corp.	Goldman Sachs	Call	72.50	USD	1/19/18	31,589		202,260
Stoxx Europe 600 Index	Credit Suisse First Boston	Call	355.61	EUR	3/17/17	4,134		42,692
SunTrust Banks, Inc.	Goldman Sachs	Call	55.00	USD	1/19/18	46,690		57,477
Synchrony Financial	Goldman Sachs	Call	35.00	USD	1/19/18	46,690		54,616
TD Ameritrade Holdg Corp.	Goldman Sachs	Call	40.00	USD	1/19/18	39,795		82,478
The Charles Schwab Corp.	Goldman Sachs	Call	40.00	USD	1/19/18	46,690		63,860
Travelers Companies, Inc.	Goldman Sachs	Call	135.00	USD	1/19/18	14,440		29,445
Wells Fargo & Co.	Goldman Sachs	Call	55.00	USD	1/19/18	46,690		36,320
Zions Bancorporation	Goldman Sachs	Call	35.00	USD	1/19/18	38,281		74,989
CBOE Holdings, Inc.	Barclays Bank	Put	16.00	USD	10/19/16	45,982		68,811
CBOE Volatility Index	Citibank	Put	16.00	USD	10/19/16	18,758		28,071
Cintas Corp.	Bank Of America	Put	110.00	USD	10/21/16	2,086		2,158
S&P 500 Index	Credit Suisse First Boston	Put	2100.00	USD	10/21/16	3,230		25,479
S&P 500 Index	Credit Suisse First Boston	Put	2130.00	USD	11/18/16	6,476		190,965
S&P 500 Index	BNP Paribas	Put	2125.00	USD	11/30/16	3,243		109,970
S&P 500 Index	Societe Generale	Put	2140.00	USD	11/30/16	3,243		123,701
Total							$	4,085,017

Over-the-counter options written as of September 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	$	(8,478	)
Apple, Inc.	UBS Warburg	Call		130.00	USD	9/15/17		27,635		(110,127	)
Cintas Corp.	Bank Of America	Call		120.00	USD	10/21/16		2,086		(438	)

See accompanying notes to the schedules of portfolio investments.

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Euro Stoxx 50 Index	Morgan Stanley	Call	3450.00	EUR	3/17/17	313	$	(5,216	)
General Electric Co.	Deutsche Bank	Call	32.50	USD	1/20/17	65,566		(9,726	)
Johnson & Johnson	Barclays Bank	Call	110.00	USD	1/20/17	21,498		(201,949	)
Qualcomm, Inc.	Deutsche Bank	Call	70.00	USD	5/19/17	24,788		(97,474	)
S&P 500 Index	Credit Suisse First Boston	Call	2200.00	USD	10/21/16	3,230		(26,654	)
Apple, Inc.	UBS Warburg	Put	100.00	USD	9/15/17	27,635		(164,239	)
Euro Stoxx 50 Index	Morgan Stanley	Put	2375.00	EUR	3/17/17	144		(4,301	)
Euro Stoxx 50 Index	Morgan Stanley	Put	2375.00	EUR	3/17/17	144		(4,301	)
Euro Stoxx 50 Index	Morgan Stanley	Put	2400.00	EUR	3/17/17	313		(11,786	)
Euro Stoxx 50 Index	Citigroup Global Markets	Put	2350.00	EUR	6/16/17	540		(35,478	)
Euro Stoxx 50 Index	Deutsche Bank	Put	2586.07	EUR	9/21/18	225		(63,631	)
MetLife, Inc.	UBS Warburg	Put	45.00	USD	1/20/17	6,437		(18,417	)
MetLife, Inc.	UBS Warburg	Put	46.00	USD	1/20/17	5,900		(20,112	)
Prudential Financial, Inc.	Morgan Stanley	Put	77.50	USD	1/20/17	7,200		(22,877	)
Qualcomm, Inc.	Deutsche Bank	Put	40.00	USD	5/19/17	24,788		(6,442	)
S&P 500 Index	Credit Suisse First Boston	Put	2000.00	USD	10/21/16	3,230		(4,709	)
S&P 500 Index	Credit Suisse First Boston	Put	1955.00	USD	11/18/16	6,476		(44,303	)
S&P 500 Index	BNP Paribas	Put	1950.00	USD	11/30/16	3,243		(30,760	)
S&P 500 Index	Societe Generale	Put	1965.00	USD	11/30/16	3,243		(34,418	)
Total							$	(925,836	)

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

Description	Put/ Call	Strike Price			Expiration Date	Contracts		Fair Value
Biogen, Inc.	Call		285.00	USD	10/21/16		2	$	5,960
SPDR Gold Shares(b)	Call		130.00	USD	11/18/16		234		26,442
Accenture plc	Put		112.00	USD	10/07/16		12		480
Total								$	32,882

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

Description	Put/ Call	Strike Price			Expiration Date	Contracts		Fair Value
Altria Group, Inc.	Call		67.50	USD	12/16/16		90	$	(3,105	)
Biogen, Inc.	Call		325.00	USD	10/21/16		2		(1,000	)
SPDR Gold Shares(b)	Call		145.00	USD	1/20/17		225		(9,338	)
SPDR Gold Shares(b)	Call		145.00	USD	12/16/16		224		(5,040	)
Tiffany & Co.	Call		72.50	USD	2/17/17		54		(26,460	)
Tiffany & Co.	Call		75.00	USD	2/17/17		54		(19,980	)
Williams-Sonoma, Inc.	Call		55.00	USD	11/18/16		75		(7,500	)
Biogen, Inc.	Put		260.00	USD	10/21/16		2		(500	)

See accompanying notes to the schedules of portfolio investments.

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Total $ (72,923 ) 

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

Description	Counterparty		Strike Price			Expiration Date		Notional Amount		Fair Value
Japanese Yen Call Currency Option (USD/JPY)		JPMorgan Chase		110.00	USD		10/04/16		43,938	$	170
Japanese Yen Call Currency Option (USD/JPY)		Deutsche Bank		108.50	USD		11/15/16		44,615		4,947
Japanese Yen Call Currency Option (USD/JPY)		JPMorgan Chase		103.00	USD		2/01/17		47,169		82,458
Total										$	87,575

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

Description	Counterparty	Strike Price			Expiration Date	Notional Amount		Fair Value
Australian Dollar Call Currency Option (USD/AUD)	Deutsche Bank		0.79	AUD	11/10/16		26,840	$	(7,236	)
Australian Dollar Call Currency Option (USD/AUD)	Goldman Sachs		0.80	AUD	11/09/16		26,350		(3,273	)
Japanese Yen Call Currency Option (USD/JPY)	JPMorgan Chase		117.00	USD	10/04/16		43,938		(170	)
Japanese Yen Call Currency Option (USD/JPY)	Deutsche Bank		115.00	USD	11/15/16		44,615		(715	)
Japanese Yen Call Currency Option (USD/JPY)	Goldman Sachs		111.00	USD	2/01/17		47,169		(11,626	)
New Zealand Call Currency Option (USD/NZD)	JPMorgan Chase		0.73	NZD	11/10/16		29,040		(34,948	)
New Zealand Call Currency Option (USD/NZD)	Morgan Stanley		0.73	NZD	11/08/16		28,600		(25,803	)
Australian Dollar Call Currency Option (USD/AUD)	Deutsche Bank		0.67	AUD	11/10/16		26,840		(218	)
Australian Dollar Call Currency Option (USD/AUD)	Goldman Sachs		0.69	AUD	11/09/16		26,350		(408	)
Japanese Yen Call Currency Option (USD/JPY)	JPMorgan Chase		100.00	USD	10/04/16		43,938		(3,861	)
Japanese Yen Call Currency Option (USD/JPY)	Deutsche Bank		98.00	USD	11/15/16		44,615		(30,145	)
Japanese Yen Call Currency Option (USD/JPY)	Goldman Sachs		95.00	USD	2/01/17		47,169		(49,185	)
New Zealand Call Currency Option (USD/NZD)	JPMorgan Chase		0.62	NZD	11/10/16		29,040		(373	)
New Zealand Call Currency Option (USD/NZD)	Morgan Stanley		0.62	NZD	11/08/16		28,600		(360	)
Total								$	(168,321	)

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

Description	Counterparty	Put/ Call	Exercise Rate			Expiration Date	Notional Amount		Market Value
5-Year Interest Rate Swap	Deutsche Bank	Call		1.14	USD	11/15/16		1,840	$	49,667
10-Year Interest Rate Swap	Goldman Sachs	Put		1.55	USD	12/12/16		949		85,099
10-Year Interest Rate Swap	Goldman Sachs	Put		1.95	USD	12/12/16		949		9,718
5-Year Interest Rate Swap	Deutsche Bank	Put		1.07	JPY	4/04/18		1,006,980		402

See accompanying notes to the schedules of portfolio investments.

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Total $     144,886

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

Description	Counterparty	Put/ Call	Exercise Rate			Expiration Date	Notional Amount		Market Value
5-Year Interest Rate Swap	Deutsche Bank	Call		0.94	USD	11/15/16		1,840	$	(8,040	)
10-Year Interest Rate Swap	Goldman Sachs	Put		1.75	USD	12/12/16		1,898		(64,848	)
5-Year Interest Rate Swap	Deutsche Bank	Put		1.44	USD	11/15/16		1,840		(12,850	)
Total									$	(85,738	)

Forward Currency Contracts(a)

At September 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		Goldman Sachs		11/9/16		2,635,000	$	1,954,353	$	2,014,382	$	(60,029	)
Australian Dollar		Deutsche Bank		11/10/16		2,684,000		1,955,305		2,051,796		(96,491	)
Australian Dollar		Deutsche Bank		11/17/16		1,021,000		780,023		780,385		(362	)
Brazilian Real		Deutsche Bank		12/2/16		2,993,000		802,413		903,806		(101,393	)
Chinese Renminbi		Deutsche Bank		11/4/16		12,566,000		1,933,795		1,881,236		52,559
Emirati Dirham		BNP Paribas		1/19/17		2,788,058		753,000		758,505		(5,505	)
Emirati Dirham		Goldman Sachs		1/19/17		2,790,242		753,000		759,099		(6,099	)
Emirati Dirham		BNP Paribas		1/25/17		2,766,290		747,000		752,546		(5,546	)
Japanese Yen		Deutsche Bank		10/3/16		920,000,000		8,964,852		9,075,072		(110,220	)
Japanese Yen		JPMorgan Chase		10/11/16		190,000,000		1,797,234		1,874,860		(77,626	)
Japanese Yen		Morgan Stanley		10/24/16		280,000,000		2,650,863		2,764,533		(113,670	)
Japanese Yen		Morgan Stanley		10/31/16		930,000,000		8,911,034		9,184,992		(273,958	)
Japanese Yen		Deutsche Bank		11/21/16		940,000,000		9,398,215		9,291,595		106,620
Japanese Yen		JPMorgan Chase		12/5/16		910,000,000		8,825,868		9,001,325		(175,457	)
Japanese Yen		HSBC Bank		2/13/17		3,510,006		32,399		34,845		(2,446	)
Japanese Yen		BNP Paribas		3/10/17		480,000,000		4,753,370		4,770,554		(17,184	)
Mexican Peso		Goldman Sachs		10/27/16		35,757,000		1,934,640		1,839,337		95,303
New Zealand Dollar		Morgan Stanley		11/8/16		2,860,000		1,935,391		2,078,279		(142,888	)
New Zealand Dollar		JPMorgan Chase		11/10/16		2,904,000		1,937,260		2,110,086		(172,826	)
Taiwanese Dollar		Citibank		1/9/17		65,071,070		1,943,000		2,082,385		(139,385	)
Taiwanese Dollar		Goldman Sachs		1/9/17		65,604,850		1,945,000		2,099,467		(154,467	)
Taiwanese Dollar		JPMorgan Chase		1/9/17		64,779,873		1,943,000		2,073,066		(130,066	)
Taiwanese Dollar		Credit Suisse First Boston		1/11/17		64,579,900		1,925,000		2,066,795		(141,795	)
Taiwanese Dollar		Deutsche Bank		2/16/17		24,630,540		737,000		789,148		(52,148	)
							$	69,313,015	$	71,038,094	$	(1,725,079	)
Long Contracts:
Brazilian Real		Deutsche Bank		12/2/16		2,993,000	$	840,046	$	903,806	$	63,760
Chinese Renminbi		Deutsche Bank		11/4/16		12,566,000		1,913,070		1,881,237		(31,833	)
European Euro		Morgan Stanley		11/10/16		994,000		1,121,515		1,118,561		(2,954	)
European Euro		State Street		11/10/16		1,129,000		1,271,796		1,270,478		(1,318	)
European Euro		Credit Suisse First Boston		11/25/16		1,357,000		1,541,064		1,528,030		(13,034	)
European Euro		HSBC Bank		12/2/16		1,696,000		1,894,364		1,910,390		16,026
Mexican Peso		Goldman Sachs		10/27/16		13,068,019		661,234		672,218		10,984
Norwegian Krone		Morgan Stanley		11/10/16		6,811,971		802,001		852,595		50,594
Taiwanese Dollar		Citibank		1/9/17		65,071,070		1,992,927		2,082,385		89,458
Taiwanese Dollar		Credit Suisse First Boston		1/9/17		65,585,400		2,012,440		2,098,845		86,405
Taiwanese Dollar		JPMorgan Chase		1/9/17		64,779,873		1,985,255		2,073,066		87,811
Taiwanese Dollar		Credit Suisse First Boston		1/11/17		64,579,900		1,982,317		2,066,795		84,478
Taiwanese Dollar		Deutsche Bank		2/16/17		24,630,540		768,744		789,148		20,404
							$	18,786,773	$	19,247,554	$	460,781

See accompanying notes to the schedules of portfolio investments.

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

At September 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		HSBC Bank		668,000	EUR		83,094,190	JPY	$	762,378	$	692,568	$	(69,810	)
European Euro/Polish Zloty		BNP Paribas		720,000	EUR		3,095,064	PLN		808,551		810,120		1,569
Japanese Yen/European Euro		HSBC Bank		86,604,196	JPY		668,000	EUR		764,503		869,158		104,655
									$	2,335,432	$	2,371,846	$	36,414

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

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

Underlying Instrument	Clearing Agent		Expiration Date	Implied Credit Spread at September 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 27		JPMorgan Chase	12/20/21		4.00	%	$	3,688,794		5.00	%	$	162,307	$	155,234	$	7,073
CDX North America Investment Grade Index Swap Agreement with JPMorgan Chase Bank, N.A., Series 27		JPMorgan Chase	12/20/21		0.75			17,827,565		1.00			222,875		220,033		2,842
iTraxx Crossover Swap Agreement with JPMorgan Chase Bank, N.A., Series 26		JPMorgan Chase	12/20/21		0.72			3,380,000		1.00			54,046		55,734		(1,688	)
iTraxx Crossover Swap Agreement with JPMorgan Chase Bank, N.A., Series 26		JPMorgan Chase	12/20/21		3.27			5,442,778		5.00			480,632		475,962		4,670
												$	919,860	$	906,963	$	12,897

Over-the-Counter Currency Swap Agreements

At September 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	$	(254,311	)	$	(254,311	)
Pay	3-Month U.S. Dollar LIBOR BBA		1.963			3/15/18		Bank of America		263,100,000	JPY		(277,471	)		(277,471	)
Pay	3-Month U.S. Dollar LIBOR BBA		1.838			3/15/18		Bank of America		173,950,000	JPY		(174,961	)		(174,961	)
												$	(706,743	)	$	(706,743	)

See accompanying notes to the schedules of portfolio investments.

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Centrally Cleared Interest Rate Swap Agreements

At September 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			Upfront Premiums Paid/ (Received)		Value			Unrealized Appreciation/ (Depreciation)
Pay	3-Month U.S. Dollar LIBOR BBA		0.568	%		7/2/20		JPMorgan Chase		4,589,197	GBP	$	76	$	(13,299	)	$	(13,375	)
Pay	3-Month U.S. Dollar LIBOR BBA		0.563			7/2/20		JPMorgan Chase		4,589,197	GBP		76		(12,705	)		(12,781	)
Pay	3-Month U.S. Dollar LIBOR BBA		0.584			7/2/20		JPMorgan Chase		4,589,197	GBP		77		(15,198	)		(15,275	)
Pay	3-Month U.S. Dollar LIBOR BBA		0.537			7/2/20		JPMorgan Chase		4,566,584	GBP		—		(9,572	)		(9,572	)
Pay	3-Month U.S. Dollar LIBOR BBA		0.989			7/5/20		JPMorgan Chase		5,968,906	USD		—		(27,617	)		(27,617	)
Pay	3-Month U.S. Dollar LIBOR BBA		1.015			7/5/20		JPMorgan Chase		5,955,165	USD		—		(24,517	)		(24,517	)
Pay	3-Month U.S. Dollar LIBOR BBA		1.058			7/5/20		JPMorgan Chase		5,955,165	USD		75		(19,496	)		(19,571	)
Pay	3-Month U.S. Dollar LIBOR BBA		1.018			7/5/20		JPMorgan Chase		5,955,165	USD		75		(24,225	)		(24,300	)
Pay	3-Month U.S. Dollar LIBOR BBA		0.608			7/16/20		JPMorgan Chase		4,601,100	GBP		77		(17,671	)		(17,748	)
Pay	3-Month U.S. Dollar LIBOR BBA		0.604			7/16/20		JPMorgan Chase		4,601,100	GBP		—		(17,195	)		(17,195	)
Pay	3-Month U.S. Dollar LIBOR BBA		0.638			7/16/20		JPMorgan Chase		4,601,100	GBP		—		(21,181	)		(21,181	)
Pay	3-Month U.S. Dollar LIBOR BBA		0.640			7/16/20		JPMorgan Chase		4,601,200	GBP		—		(21,479	)		(21,479	)
Pay	3-Month U.S. Dollar LIBOR BBA		1.208			7/19/20		JPMorgan Chase		5,981,400	USD		—		(2,600	)		(2,600	)
Pay	3-Month U.S. Dollar LIBOR BBA		1.260			7/19/20		JPMorgan Chase		4,601,133	USD		—		2,735			2,735
Pay	3-Month U.S. Dollar LIBOR BBA		1.183			7/19/20		JPMorgan Chase		5,981,500	USD		—		(5,472	)		(5,472	)
Pay	3-Month U.S. Dollar LIBOR BBA		1.219			7/19/20		JPMorgan Chase		5,981,500	USD		—		(1,251	)		(1,251	)
Pay	3-Month U.S. Dollar LIBOR BBA		0.016			4/9/21		JPMorgan Chase		1,165,000	EUR		17		(12,447	)		(12,464	)
														$	(243,190	)	$	(243,663	)

Total Return Swaps at September 30, 2016    

Pay/ Receive	Reference Entity	Expiration Date	Counterparty		Notional Amount			Unrealized Appreciation/ (Depreciation)
Pay	EURO Stoxx 50 Index Dividends December Futures	12/18/20		BNP Paribas SA		67,900	EUR	$	550
Pay	EURO Stoxx 50 Index Dividends December Futures	12/18/20		BNP Paribas SA		213,400	EUR		1,730
Pay	EURO Stoxx 50 Index Dividends December Futures	12/18/20		BNP Paribas SA		67,480	EUR		1,022
Pay	EURO Stoxx 50 Index Dividends December Futures	12/18/20		BNP Paribas SA		134,820	EUR		2,201
Pay	EURO Stoxx 50 Index Dividends December Futures	12/18/20		BNP Paribas SA		57,720	EUR		1,011
Pay	EURO Stoxx 50 Index Dividends December Futures	12/23/20		BNP Paribas SA		57,600	EUR		1,146
Pay	EURO Stoxx 50 Index Dividends December Futures	12/15/17		BNP Paribas SA		357,346	EUR		(1,647	)
Pay	EURO Stoxx 50 Index Dividends December Futures	12/15/17		BNP Paribas SA		148,460	EUR		876
Pay	EURO Stoxx 50 Index Dividends December Futures	12/21/18		BNP Paribas SA		192,100	EUR		(4,583	)
Pay	EURO Stoxx 50 Index Dividends December Futures	12/21/18		BNP Paribas SA		179,040	EUR		(2,336	)
Pay	EURO Stoxx 50 Index Dividends December Futures	12/21/18		BNP Paribas SA		363,120	EUR		(10,333	)
Pay	EURO Stoxx 50 Index Dividends December Futures	12/20/19		BNP Paribas SA		244,080	EUR		5,661
Pay	EURO Stoxx 50 Index Dividends December Futures	12/20/19		BNP Paribas SA		120,600	EUR		4,448
Pay	EURO Stoxx 50 Index Dividends December Futures	12/20/19		BNP Paribas SA		262,860	EUR		7,885
Pay	EURO Stoxx 50 Index Dividends December Futures	12/18/20		BNP Paribas SA		207,670	EUR		2,774
Pay	NIKKEI 225 Dividend Index E-Mini March Futures	3/31/17		BNP Paribas SA		25,515,000	JPY		37,282
Pay	NIKKEI 225 Dividend Index E-Mini March Futures	3/31/17		BNP Paribas SA		27,850,000	JPY		46,356
Pay	NIKKEI 225 Dividend Index E-Mini March Futures	3/30/18		BNP Paribas SA		42,966,300	JPY		(2,577	)
Pay	NIKKEI 225 Dividend Index E-Mini March Futures	3/30/18		BNP Paribas SA		43,387,500	JPY		(6,731	)
Pay	NIKKEI 225 Dividend Index E-Mini March Futures	3/29/19		BNP Paribas SA		20,625,000	JPY		(6,657	)
Pay	NIKKEI 225 Dividend Index E-Mini March Futures	3/29/19		BNP Paribas SA		44,447,000	JPY		(12,052	)
Pay	NIKKEI 225 Dividend Index E-Mini March Futures	3/29/19		BNP Paribas SA		24,640,000	JPY		(13,463	)
Pay	NIKKEI 225 Dividend Index E-Mini March Futures	3/31/20		BNP Paribas SA		31,410,000	JPY		(14,380	)
Pay	NIKKEI 225 Dividend Index E-Mini March Futures	3/31/20		BNP Paribas SA		20,976,000	JPY		(9,942	)
Pay	NIKKEI 225 Dividend Index E-Mini March Futures	3/31/20		BNP Paribas SA		37,400,000	JPY		(7,811	)
Pay	S&P 500 Index Dividends December Futures	12/21/18		BNP Paribas SA		514,250	USD		17,050
Pay	S&P 500 Index Dividends December Futures	12/17/20		BNP Paribas SA		2,115,888	USD		8,663
Pay	S&P 500 Index Dividends December Futures	12/17/21		BNP Paribas SA		267,025	USD		13,475
								$	59,618

(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”).

See accompanying notes to the schedules of portfolio investments.

AZL MVP BlackRock Global Allocation Fund

Consolidated Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

(c) When a credit event occurs as defined under the terms of the swap agreement, the Fund as a seller of credit protection will either (i) pay to the buyer of protection an amount equal to the par value of the defaulted reference entity and take delivery of the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. Alternatively, the Fund as a buyer of credit protection will either (i) receive from the seller of protection an amount equal to the par value of the defaulted reference entity and deliver the reference entity to the seller or (ii) receive a net amount of equal to the par value of the defaulted reference entity less its recovery value.

(d) Implied credit spread, represented in absolute terms, utilized in determining the market value of the credit default swap agreements as of period end will serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may include upfront or daily payments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement.

(e) The notional amount represents the maximum potential amount the Fund could be required to make as a seller of credit protection if a credit event occurs, as defined under the terms of the swap agreement.

See accompanying notes to the schedules of portfolio investments.

AZL MVP DFA Multi-Strategy Fund

Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Shares		Fair Value
Affiliated Investment Companies (95.0%):
244,974	AZL DFA Emerging Markets Core Equity Fund	$	2,175,366
1,621,067	AZL DFA Five-Year Global Fixed Income Fund		16,437,616
329,411	AZL DFA International Core Equity Fund		3,056,936
1,506,479	AZL DFA U.S. Core Equity Fund		15,290,767
428,616	AZL DFA U.S. Small Cap Fund		4,371,884
Total Affiliated Investment Companies (Cost $39,862,405)			41,332,569
Unaffiliated Investment Company (0.2%):
65,495	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16% (a)		65,495
Total Unaffiliated Investment Company (Cost $65,495)			65,495
Total Investment Securities (Cost $39,927,900)(b)—95.2%			41,398,064
Net other assets (liabilities)—4.8%			2,081,593
Net Assets—100.0%		$	43,479,657

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

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

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

Continued

AZL MVP DFA Multi-Strategy Fund

Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Futures Contracts

Cash of $1,169,122 has been segregated to cover margin requirements for the following open contracts as of September 30, 2016:

Description	Type		Expiration Date		Number of Contracts	Notional Value		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini December Futures		Long		12/16/16	12	$	1,296,240	$	25,481
U.S. Treasury 10-Year Note December Futures		Long		12/20/16	6		786,750		4,209
Total								$	29,690

See accompanying notes to the schedules of portfolio investments.

AZL MVP Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Shares		Fair Value
Affiliated Investment Company (95.3%):
23,061,048	AZL Franklin Templeton Founding Strategy Plus Fund	$	285,034,555
Total Affiliated Investment Company (Cost $298,630,237)			285,034,555
Unaffiliated Investment Company (0.0%):
56,625	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.16%(a)		56,625
Total Unaffiliated Investment Company (Cost $56,625)			56,625
Total Investment Securities (Cost $298,686,862)(b)—95.3%			285,091,180
Net other assets (liabilities)—4.7%			14,001,624
Net Assets—100.0%		$	299,092,804

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

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

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

Continued

AZL MVP Franklin Templeton Founding Strategy Plus Fund

Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Futures Contracts

Cash of $9,286,015 has been segregated to cover margin requirements for the following open contracts as of September 30, 2016:

Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini December Futures		Long		12/16/16		80	$	8,641,600	$	175,544
U.S. Treasury 10-Year Note December Futures		Long		12/20/16		43		5,638,375		30,230
Total									$	205,774

See accompanying notes to the schedules of portfolio investments.

AZL MVP Fusion Balanced Fund

Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Shares		Fair Value
Affiliated Investment Companies (95.0%):
1,213,380	AZL BlackRock Capital Appreciation Fund	$	17,145,053
1,457,409	AZL Boston Company Research Growth Fund		17,051,689
1,230,311	AZL DFA International Core Equity Fund		11,417,284
1,128,551	AZL DFA U.S. Core Equity Fund		11,454,791
1,683,354	AZL DFA U.S. Small Cap Fund		17,170,207
956,009	AZL Federated Clover Small Value Fund		17,160,362
1,895,078	AZL Gateway Fund		22,873,597
1,582,714	AZL International Index Fund		22,743,597
2,210,146	AZL Invesco Growth and Income Fund		28,731,899
2,137,638	AZL Invesco International Equity Fund		34,031,198
2,475,775	AZL JPMorgan International Opportunities Fund		39,562,877
2,577,966	AZL JPMorgan U.S. Equity Fund		40,087,370
12,274,790	AZL MetWest Total Return Bond Fund		127,044,075
947,540	AZL MFS Investors Trust Fund		17,112,572
1,313,430	AZL MFS Mid Cap Value Fund		11,466,244
2,549,588	AZL MFS Value Fund		34,036,996
568,774	AZL Mid Cap Index Fund		11,432,357
1,512,389	AZL Morgan Stanley Global Real Estate Fund		16,938,761
953,914	AZL Multi-Manager Mid Cap Growth Fund		11,466,046
2,459,545	AZL NFJ International Value Fund		22,480,244
1,951,691	AZL Oppenheimer Discovery Fund		22,698,163
12,287,570	AZL Pyramis Total Bond Fund		127,053,471
1,550,859	AZL Russell 1000 Growth Index Fund		19,959,552
3,845,562	AZL Russell 1000 Value Index Fund		48,492,539
1,626,433	AZL Schroder Emerging Markets Equity Fund, Class 2		11,352,501
1,453,851	AZL Wells Fargo Large Cap Growth Fund		17,082,748
1,551,062	NFJ Dividend Value Portfolio		17,154,748
1,488,088	PIMCO PVIT High Yield Portfolio		11,547,562
5,534,819	PIMCO PVIT Income Portfolio		57,340,723
6,642,898	PIMCO PVIT Low Duration Portfolio		68,355,423
1,815,756	PIMCO PVIT Real Return Portfolio		22,896,683
11,594,863	PIMCO PVIT Total Return Portfolio		127,195,648
Total Affiliated Investment Companies (Cost $962,031,105)			1,082,536,980
Unaffiliated Investment Company (1.0%):
11,090,582	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.16%(a)		11,090,582
Total Unaffiliated Investment Company (Cost $11,090,582)			11,090,582
Total Investment Securities (Cost $973,121,687)(b)—96.0%			1,093,627,562
Net other assets (liabilities)—4.0%			45,850,492
Net Assets—100.0%		$	1,139,478,054

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

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

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

Continued

AZL MVP Fusion Balanced Fund

Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Futures Contracts

Cash of $34,606,729 has been segregated to cover margin requirements for the following open contracts as of September 30, 2016:

Description	Type		Expiration Date		Number of Contracts	Notional Value		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini December Futures		Long		12/16/16	263	$	28,409,260	$	580,261
U.S. Treasury 10-Year Note December Futures		Long		12/20/16	215		28,191,875		149,964
Total								$	730,225

See accompanying notes to the schedules of portfolio investments.

AZL MVP Fusion Conservative Fund

Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Shares			Fair Value
	Affiliated Investment Companies (94.9%):
	203,801	AZL BlackRock Capital Appreciation Fund	$	2,879,714
	243,310	AZL Boston Company Research Growth Fund		2,846,728
	281,739	AZL DFA U.S. Core Equity Fund		2,859,655
	240,480	AZL Federated Clover Small Value Fund		4,316,624
	356,361	AZL Gateway Fund		4,301,282
	398,120	AZL International Index Fund		5,720,978
	554,484	AZL Invesco Growth and Income Fund		7,208,296
	358,744	AZL Invesco International Equity Fund		5,711,198
	357,420	AZL JPMorgan International Opportunities Fund		5,711,570
	462,825	AZL JPMorgan U.S. Equity Fund		7,196,932
	3,834,739	AZL MetWest Total Return Bond Fund		39,689,548
	158,246	AZL MFS Investors Trust Fund		2,857,930
	328,667	AZL MFS Mid Cap Value Fund		2,869,262
	644,359	AZL MFS Value Fund		8,602,188
	142,725	AZL Mid Cap Index Fund		2,868,779
	254,826	AZL Morgan Stanley Global Real Estate Fund		2,854,054
	239,673	AZL Multi-Manager Mid Cap Growth Fund		2,880,864
	491,293	AZL Oppenheimer Discovery Fund		5,713,741
	3,842,149	AZL Pyramis Total Bond Fund		39,727,822
	138,205	AZL Russell 1000 Growth Index Fund		1,778,702
	711,423	AZL Russell 1000 Value Index Fund		8,971,046
	243,309	AZL Wells Fargo Large Cap Growth Fund		2,858,886
	387,727	NFJ Dividend Value Portfolio		4,288,256
	741,021	PIMCO PVIT High Yield Portfolio		5,750,321
	1,662,607	PIMCO PVIT Income Portfolio		17,224,605
	2,490,570	PIMCO PVIT Low Duration Portfolio		25,627,962
	683,311	PIMCO PVIT Real Return Portfolio		8,616,550
	3,622,756	PIMCO PVIT Total Return Portfolio		39,741,631
	Total Affiliated Investment Companies (Cost $257,698,735)			271,675,124
	Unaffiliated Investment Companies (1.0%):
	162,511	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(a)		162,511
	2,764,504	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.16%(a)		2,764,504
	Total Unaffiliated Investment Companies (Cost $2,927,015)			2,927,015
	Total Investment Securities (Cost $260,625,750)(b)—95.9%			274,602,139
	Net other assets (liabilities)—4.1%			11,812,493
	Net Assets—100.0%		$	286,414,632

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

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

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

Continued

AZL MVP Fusion Conservative Fund

Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Futures Contracts

Cash of $8,723,392 has been segregated to cover margin requirements for the following open contracts as of September 30, 2016:

Description	Type		Expiration Date		Number of Contracts	Notional Value		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini December Futures		Long		12/16/16	46	$	4,968,920	$	102,037
U.S. Treasury 10-Year Note December Futures		Long		12/20/16	70		9,178,750		49,110
Total								$	151,147

See accompanying notes to the schedules of portfolio investments.

AZL MVP Fusion Growth Fund

Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Shares		Fair Value
Affiliated Investment Companies (96.1%):
1,183,743	AZL BlackRock Capital Appreciation Fund	$	16,726,285
1,422,292	AZL Boston Company Research Growth Fund		16,640,821
1,802,696	AZL DFA International Core Equity Fund		16,729,020
1,650,202	AZL DFA U.S. Core Equity Fund		16,749,553
1,318,755	AZL DFA U.S. Small Cap Fund		13,451,298
749,200	AZL Federated Clover Small Value Fund		13,448,136
1,658,038	AZL Gateway Fund		20,012,520
2,321,843	AZL International Index Fund		33,364,886
1,554,725	AZL Invesco Growth and Income Fund		20,211,419
2,512,008	AZL Invesco International Equity Fund		39,991,166
3,331,199	AZL JPMorgan International Opportunities Fund		53,232,559
2,376,368	AZL JPMorgan U.S. Equity Fund		36,952,518
2,542,026	AZL MetWest Total Return Bond Fund		26,309,970
740,636	AZL MFS Investors Trust Fund		13,375,883
1,540,415	AZL MFS Mid Cap Value Fund		13,447,821
2,005,739	AZL MFS Value Fund		26,776,622
334,314	AZL Mid Cap Index Fund		6,719,707
1,767,447	AZL Morgan Stanley Global Real Estate Fund		19,795,408
1,112,504	AZL Multi-Manager Mid Cap Growth Fund		13,372,300
2,534,508	AZL NFJ International Value Fund		23,165,408
1,429,423	AZL Oppenheimer Discovery Fund		16,624,186
2,569,050	AZL Pyramis Total Bond Fund		26,563,978
1,035,622	AZL Russell 1000 Growth Index Fund		13,328,455
1,861,447	AZL Russell 1000 Value Index Fund		23,472,842
1,428,104	AZL Schroder Emerging Markets Equity Fund, Class 2		9,968,164
1,422,073	AZL Wells Fargo Large Cap Growth Fund		16,709,355
1,213,706	NFJ Dividend Value Portfolio		13,423,584
2,143,298	PIMCO PVIT Global Advantage Strategy Bond Portfolio		20,018,400
868,384	PIMCO PVIT High Yield Portfolio		6,738,662
647,657	PIMCO PVIT Low Duration Portfolio		6,664,389
1,058,940	PIMCO PVIT Real Return Portfolio		13,353,233
2,426,570	PIMCO PVIT Total Return Portfolio		26,619,476
Total Affiliated Investment Companies (Cost $535,052,544)			633,958,024
Unaffiliated Investment Company (0.3%):
1,715,279	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.16%(a)		1,715,279
Total Unaffiliated Investment Company (Cost $1,715,279)			1,715,279
Total Investment Securities (Cost $536,767,823)(b)—96.4%			635,673,303
Net other assets (liabilities)—3.6%			23,666,483
Net Assets—100.0%		$	659,339,786

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

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

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

Continued

AZL MVP Fusion Growth Fund

Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Futures Contracts

Cash of $22,344,622 has been segregated to cover margin requirements for the following open contracts as of September 30, 2016:

Description	Type		Expiration Date		Number of Contracts	Notional Value		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini December Futures		Long		12/16/16	191	$	20,631,820	$	420,551
U.S. Treasury 10-Year Note December Futures		Long		12/20/16	39		5,113,875		26,205
Total								$	446,756

See accompanying notes to the schedules of portfolio investments.

AZL MVP Fusion Moderate Fund

Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Shares		Fair Value
Affiliated Investment Companies (96.6%):
3,453,886	AZL BlackRock Capital Appreciation Fund	$	48,803,411
4,139,318	AZL Boston Company Research Growth Fund		48,430,015
5,243,773	AZL DFA International Core Equity Fund		48,662,213
3,618,043	AZL DFA U.S. Core Equity Fund		36,723,140
4,791,463	AZL DFA U.S. Small Cap Fund		48,872,923
2,046,669	AZL Federated Clover Small Value Fund		36,737,709
5,040,627	AZL Gateway Fund		60,840,364
5,062,219	AZL International Index Fund		72,744,081
5,653,374	AZL Invesco Growth and Income Fund		73,493,859
7,592,150	AZL Invesco International Equity Fund		120,867,023
9,042,585	AZL JPMorgan International Opportunities Fund		144,500,509
6,274,846	AZL JPMorgan U.S. Equity Fund		97,573,850
17,268,435	AZL MetWest Total Return Bond Fund		178,728,305
2,699,511	AZL MFS Investors Trust Fund		48,753,162
4,210,645	AZL MFS Mid Cap Value Fund		36,758,929
6,337,710	AZL MFS Value Fund		84,608,422
1,222,536	AZL Mid Cap Index Fund		24,572,969
4,295,384	AZL Morgan Stanley Global Real Estate Fund		48,108,306
3,053,543	AZL Multi-Manager Mid Cap Growth Fund		36,703,584
7,160,089	AZL NFJ International Value Fund		65,443,211
4,169,983	AZL Oppenheimer Discovery Fund		48,496,903
17,285,071	AZL Pyramis Total Bond Fund		178,727,635
3,545,084	AZL Russell 1000 Growth Index Fund		45,625,233
7,471,888	AZL Russell 1000 Value Index Fund		94,220,508
3,495,973	AZL Schroder Emerging Markets Equity Fund, Class 2		24,401,889
4,140,739	AZL Wells Fargo Large Cap Growth Fund		48,653,679
4,414,856	NFJ Dividend Value Portfolio		48,828,309
5,214,968	PIMCO PVIT Global Advantage Strategy Bond Portfolio		48,707,801
3,178,655	PIMCO PVIT High Yield Portfolio		24,666,364
9,380,939	PIMCO PVIT Income Portfolio		97,186,532
7,055,027	PIMCO PVIT Low Duration Portfolio		72,596,227
1,946,794	PIMCO PVIT Real Return Portfolio		24,549,077
16,304,494	PIMCO PVIT Total Return Portfolio		178,860,301
Total Affiliated Investment Companies (Cost $2,038,502,650)			2,297,446,443
Unaffiliated Investment Company (0.6%):
14,671,269	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.16%(a)		14,671,269
Total Unaffiliated Investment Company (Cost $14,671,269)			14,671,269
Total Investment Securities (Cost $2,053,173,919)(b)—97.2%			2,312,117,712
Net other assets (liabilities)—2.8%			67,696,256
Net Assets—100.0%		$	2,379,813,968

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

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

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

Continued

AZL MVP Fusion Moderate Fund

Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Futures Contracts

Cash of $54,803,895 has been segregated to cover margin requirements for the following open contracts as of September 30, 2016:

Description	Type		Expiration Date		Number of Contracts	Notional Value		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini December Futures		Long		12/16/16	507	$	54,766,140	$	1,118,377
U.S. Treasury 10-Year Note December Futures		Long		12/20/16	223		29,240,875		155,623
Total								$	1,274,000

See accompanying notes to the schedules of portfolio investments.

AZL MVP Growth Index Strategy Fund

Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Shares		Fair Value
Affiliated Investment Companies (95.0%):
32,548,864	AZL Enhanced Bond Index Fund	$	355,433,596
20,481,484	AZL International Index Fund		294,318,924
8,492,195	AZL Mid Cap Index Fund		170,693,128
40,653,692	AZL S&P 500 Index Fund, Class 2		551,264,057
6,766,473	AZL Small Cap Stock Index Fund		87,016,841
Total Affiliated Investment Companies (Cost $1,415,796,464)			1,458,726,546
Unaffiliated Investment Company (0.9%):
13,363,387	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.16%(a)		13,363,387
Total Unaffiliated Investment Company (Cost $13,363,387)			13,363,387
Total Investment Securities (Cost $1,429,159,851)(b)—95.9%			1,472,089,933
Net other assets (liabilities)—4.1%			63,288,016
Net Assets—100.0%		$	1,535,377,949

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

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

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

Continued

AZL MVP Growth Index Strategy Fund

Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Futures Contracts

Cash of $50,251,785 has been segregated to cover margin requirements for the following open contracts as of September 30, 2016:

Description	Type		Expiration Date		Number of Contracts	Notional Value		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini December Futures		Long		12/16/16	535	$	57,790,700	$	1,176,512
U.S. Treasury 10-Year Note December Futures		Long		12/20/16	145		19,013,125		101,650
Total								$	1,278,162

See accompanying notes to the schedules of portfolio investments.

AZL MVP Invesco Equity and Income Fund

Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Shares		Fair Value
Affiliated Investment Company (95.4%):
33,383,181	AZL Invesco Equity and Income Fund	$	512,431,836
Total Affiliated Investment Company (Cost $492,771,316)			512,431,836
Unaffiliated Investment Company (0.0%):
166,261	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.16%(a)		166,261
Total Unaffiliated Investment Company (Cost $166,261)			166,261
Total Investment Securities (Cost $492,937,577)(b)—95.4%			512,598,097
Net other assets (liabilities)—4.6%			24,904,100
Net Assets—100.0%		$	537,502,197

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

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

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

Continued

AZL MVP Invesco Equity and Income Fund

Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Futures Contracts

Cash of $20,884,702 has been segregated to cover margin requirements for the following open contracts as of September 30, 2016:

Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini December Futures		Long		12/16/16		145	$	15,662,900	$	320,077
U.S. Treasury 10-Year Note December Futures		Long		12/20/16		79		10,358,875		54,596
Total									$	374,673

See accompanying notes to the schedules of portfolio investments.

AZL MVP T. Rowe Price Capital Appreciation Fund

Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Shares		Fair Value
Affiliated Investment Companies (94.8%):
119,670	AZL Enhanced Bond Index Fund	$	1,306,800
175,170	AZL S&P 500 Index Fund, Class 2		2,375,305
49,121,783	AZL T. Rowe Price Capital Appreciation Fund		805,597,234
Total Affiliated Investment Companies (Cost $798,617,682)			809,279,339
Unaffiliated Investment Companies (0.8%):
519,341	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.16%(a)		519,341
6,356,040	Goldman Sachs Financial Square Federal Fund, Institutional Shares, 0.16%(a)		6,356,040
Total Unaffiliated Investment Companies (Cost $6,875,381)			6,875,381
Total Investment Securities (Cost $805,493,063)(b)—95.6%			816,154,720
Net other assets (liabilities)—4.4%			37,265,234
Net Assets—100.0%		$	853,419,954

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

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

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

Continued

AZL MVP T. Rowe Price Capital Appreciation Fund

Schedule of Portfolio Investments

September 30, 2016 (Unaudited)

Futures Contracts

Cash of $30,013,021 has been segregated to cover margin requirements for the following open contracts as of September 30, 2016:

Description	Type		Expiration Date		Number of Contracts	Notional Value		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini December Futures		Long		12/16/16	237	$	25,600,740	$	522,239
U.S. Treasury 10-Year Note December Futures		Long		12/20/16	129		16,915,125		89,956
Total								$	612,195

See accompanying notes to the schedules of portfolio investments.

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 (individually a “Fund,” collectively, the “Funds”), each of which is a series of the Trust, as follows:

• AZL Balanced Index Strategy Fund

• AZL DFA Multi-Strategy Fund

• AZL MVP Balanced Index Strategy Fund

• AZL MVP BlackRock Global Allocation Fund

• AZL MVP DFA Multi-Strategy Fund

• AZL MVP Franklin Templeton Founding Strategy Plus Fund

• AZL MVP Fusion Balanced Fund

• AZL MVP Fusion Conservative Fund

• AZL MVP Fusion Growth Fund

• AZL MVP Fusion Moderate Fund

• AZL MVP Growth Index Strategy Fund

• AZL MVP Invesco Equity and Income Fund

• AZL MVP T. Rowe Price Capital Appreciation Fund

The Funds are “fund of funds,” which means that the Funds invest primarily in other mutual funds. Underlying Funds invest in stocks, 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 Funds will adjust their asset allocations as they seek to achieve their investment objectives.

The Trust is authorized to issue an unlimited number of shares of the Funds without par value. Shares of the Funds are available through the variable annuity contracts offered through the separate accounts of participating insurance companies. Currently, the Funds only offer their 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 Funds. In addition, in the normal course of business, the Funds may enter into contracts with their vendors and others that provide for general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect the risk of loss to be remote.

2. Significant Accounting Policies

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

Security Valuation

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

Investment Transactions

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

Consolidation of Subsidiaries

During the period ended September 30, 2016, the AZL MVP BlackRock Global Allocation Fund primarily invested in shares of another mutual fund managed by Allianz Investment Management LLC (the “Manager”), the AZL BlackRock Global Allocation Fund (the “VIP Subsidiary”), a wholly-owned and controlled subsidiary of the AZL MVP BlackRock Global Allocation Fund.

As of September 30, 2016, the AZL MVP BlackRock Global Allocation Fund’s aggregate investment in the VIP Subsidiary was $799,242,112, representing 95.6% of the AZL MVP BlackRock Global Allocation Fund’s net assets.

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

The AZL MVP BlackRock Global Allocation Fund’s investments have been consolidated and include the portfolio holdings of the VIP Subsidiary and the Cayman Subsidiary.

Real Estate Investment Trusts

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

Foreign Currency Translation

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

Floating Rate Loans

The AZL MVP BlackRock Global Allocation Fund, through the VIP Subsidiary, may invest in floating rate loans, which usually take the form of loan participations and assignments. These loans are made by banks and other large financial institutions to various companies and are typically senior in the borrowing companies’ capital structure. Coupon rates are 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. The AZL MVP BlackRock Global Allocation Fund, through the VIP Subsidiary, records an investment when the borrower withdraws money and records the interest as earned.

Short Sales

The AZL MVP BlackRock Global Allocation Fund, through the VIP Subsidiary, may engage in short sales against the box (i.e., where the Funds own or have 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 Funds sell a borrowed security and have a corresponding obligation to the lender to return the identical security. The Funds may also incur an interest expense if a security that has been sold short has an interest payment. When the Funds engage in a short sale, the Funds record a liability for securities sold short and record 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, the Funds also may be required to pay a premium, which would increase the cost of the security sold.

Securities Lending

To generate additional income, the AZL MVP BlackRock Global Allocation Fund, through the VIP Subsidiary, 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 September 30, 2016 are presented on the Fund’s Consolidated Schedule of Portfolio Investments.

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%.

Derivative Instruments

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

Forward Currency Contracts

During the period ended September 30, 2016, the AZL MVP BlackRock Global Allocation Fund, through the VIP Subsidiary, entered into forward currency contracts as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to foreign currencies. In addition to the foreign currency risk related to the use of these contracts, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed.

Futures Contracts

During the period ended September 30, 2016, the Funds (except AZL Balanced Index Strategy Fund and AZL DFA Multi-Strategy Fund) may invest in futures contracts to reduce volatility and limit the need to decrease or increase allocations to underlying funds. The AZL MVP BlackRock Global Allocation Fund, through the VIP Subsidiary, may enter into futures contracts to gain exposure to, or economically hedge against changes in the value of equity securities. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Funds are required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Funds. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in 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.

Options Contracts

The AZL MVP BlackRock Global Allocation Fund, through the VIP Subsidiary, may purchase or write put and call options on a security or an index of securities. During the period ended September 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 marked to market to reflect the current value of the option. Premiums paid for purchasing put options that expire are treated as realized losses. When a put option is exercised or closed, premiums paid for purchasing put options are offset against proceeds to determine the realized gain/loss on the transaction. The Fund bears the risk of loss of the premium and change in value should the counterparty not perform under the contract.

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

The AZL MVP BlackRock Global Allocation Fund had the following transactions in purchased call and put options during the period ended September 30, 2016:

	Number of Contracts			Notional Amount(a)			Cost
Options outstanding at December 31, 2015		3,440,218		$	2,993,098		$	6,078,719
Options purchased		2,681,544			345,265			9,289,802
Options exercised		(108,746	)		—			(393,862	)
Options expired		(776,832	)		(2,114,657	)		(3,564,357	)
Options closed		(3,972,153	)		(77,226	)		(6,754,589	)
Options outstanding at September 30, 2016		1,259,978		$	1,146,440		$	4,655,713

The AZL MVP BlackRock Global Allocation Fund had the following transactions in written call and put options during the period ended September 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		(1,694,691	)		(910,920	)		(4,618,987	)
Options exercised		60,695			—			122,202
Options expired		986,367			201,612			1,245,429
Options closed		4,160,157			215,161			4,621,675
Options outstanding at September 30, 2016		(240,485	)	$	(498,683	)	$	(1,880,735	)

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

Swap Agreements

The AZL MVP BlackRock Global Allocation Fund, through the VIP Subsidiary, may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are privately negotiated in the over-the-counter (“OTC”) market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). The Fund may enter into swap agreements to manage its exposure to market, interest rate and credit risk. The value of swap agreements are equal to the Fund’s obligations (or rights) under swap agreements, which will generally be equal to the net amounts to be paid or received under the agreements based upon the relative values of the positions held by each party to the agreements. In connection with these arrangements, securities may be identified as collateral in accordance with the terms of the swap agreements to provide assets of value and recourse in the event of default or bankruptcy by the counterparty.

Swaps are marked to market daily using pricing sources approved by the Board of Trustees (“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 the 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 September 30, 2016, the Fund, through the VIP Subsidiary, 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).

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.

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

Credit default swap agreements may have as reference obligations one or more securities that are not currently held by the Fund. The protection “buyer” in a credit default contract is generally obligated to pay the protection “seller” an upfront, periodic, or daily stream of payments over the term of the contract provided that no credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or seller in the transaction. If the Fund is a buyer and no credit event occurs, the Fund may recover nothing if the swap is held through its termination date. However, if a credit event occurs, the buyer generally may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity whose value may have significantly decreased. As a seller, the Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap.

Credit default swap agreements involve greater risks than if the Fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk. The Fund will enter into credit default swap agreements only with counterparties that meet certain standards of creditworthiness. A buyer generally also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront, periodic, or daily payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller. The Fund’s obligations under a credit default swap agreement will be accrued daily (offset against any amounts owing to the Fund). In connection with credit default swaps in which the Fund is the buyer, the Fund will segregate or “earmark” cash or assets determined to be liquid, or enter into certain offsetting positions, with a value at least equal to the Fund’s exposure (any accrued but unpaid net amounts owed by the Fund to any counterparty), on a marked-to-market basis. In connection with credit default swaps in which the Fund is the seller, the Fund will segregate or “earmark” cash or assets determined to be liquid, or enter into offsetting positions, with a value at least equal to the full notional amount of the swap (minus any amounts owed to the Fund). Such segregation or “earmarking” will ensure that the Fund has assets available to satisfy its obligations with respect to the transaction and will limit any potential leveraging of the Fund’s portfolio. Such segregation or “earmarking” will not limit the Fund’s exposure to loss.

As of September 30, 2016 the AZL MVP BlackRock Global Allocation Fund, through the VIP Subsidiary, entered into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed (credit risk).

3. Related Party Transactions

The Manager or an affiliate of the Manager serves as the investment adviser of certain underlying funds in which each Fund invests. At September 30, 2016, these underlying funds are noted as Affiliated Investment Companies in each Fund’s Schedule. A summary of each Fund’s investments in affiliated investment companies as of September 30, 2016 is as follows:

	Fair Value 12/31/15		Purchases at Cost		Proceeds from Sales			Fair Value 9/30/16		Dividend Income
AZL Balanced Index Strategy Fund
AZL Enhanced Bond Index Fund	$	217,300,256	$	20,204,245	$	(17,390,404	)	$	222,829,517	$	4,339,676
AZL International Index Fund		53,818,168		5,778,770		(3,554,377	)		56,136,381		1,427,574
AZL Mid Cap Index Fund		32,048,328		6,178,546		(3,475,706	)		33,744,118		338,224
AZL S&P 500 Index Fund, Class 2		112,168,493		18,006,653		(8,553,493	)		117,160,878		2,068,710
AZL Small Cap Stock Index Fund		16,961,754		3,447,417		(1,905,338	)		18,020,971		190,601
	$	432,296,999	$	53,615,631	$	(34,879,318	)	$	447,891,865	$	8,364,785
AZL DFA Multi-Strategy Fund
AZL DFA Emerging Markets Core Equity Fund	$	60,421,230	$	512,089	$	(10,613,915	)	$	60,608,792	$	501,744
AZL DFA Five-Year Global Fixed Income Fund		506,986,619		7,745,110		(53,223,710	)		472,738,431		3,595,605
AZL DFA International Core Equity Fund		88,856,567		2,682,638		(9,224,177	)		84,824,177		960,107
AZL DFA U.S. Core Equity Fund		477,504,072		6,297,242		(57,419,983	)		457,293,642		4,241,541
AZL DFA U.S. Small Cap Fund		125,295,203		1,417,355		(18,018,671	)		121,521,818		532,009
	$	1,259,063,691	$	18,654,434	$	(148,500,456	)	$	1,196,986,860	$	9,831,006
AZL MVP Balanced Index Strategy Fund
AZL Enhanced Bond Index Fund	$	121,830,641	$	27,653,513	$	(13,083,917	)	$	137,747,423	$	2,676,871
AZL International Index Fund		31,706,193		8,504,791		(3,566,715	)		36,880,223		923,271
AZL Mid Cap Index Fund		18,971,382		6,424,085		(2,735,814	)		22,071,958		217,904
AZL S&P 500 Index Fund, Class 2		59,684,175		18,018,098		(5,819,126	)		69,287,426		1,204,546
AZL Small Cap Stock Index Fund		10,102,837		3,572,559		(1,663,186	)		11,771,062		122,382
	$	242,295,228	$	64,173,046	$	(26,868,758	)	$	277,758,092	$	5,144,974
AZL MVP DFA Multi-Strategy Fund
AZL DFA Emerging Markets Core Equity Fund	$	1,306,652	$	753,679	$	(199,026	)	$	2,175,366	$	17,250
AZL DFA Five-Year Global Fixed Income Fund		9,943,121		7,420,737		(1,171,980	)		16,437,616		122,351
AZL DFA International Core Equity Fund		1,813,335		1,244,518		(126,644	)		3,056,936		33,398
AZL DFA U.S. Core Equity Fund		9,063,066		5,986,572		(745,515	)		15,290,767		136,424
AZL DFA U.S. Small Cap Fund		2,582,883		1,499,843		(149,741	)		4,371,884		18,288
	$	24,709,057	$	16,905,349	$	(2,392,906	)	$	41,332,569	$	327,711
AZL MVP Franklin Templeton Founding Strategy Plus Fund
AZL Franklin Templeton Founding Strategy Plus Fund	$	292,302,682	$	9,835,641	$	(24,474,747	)	$	285,034,555	$	4,110,681
	$	292,302,682	$	9,835,641	$	(24,474,747	)	$	285,034,555	$	4,110,681

AZL MVP Fusion Balanced Fund
AZL BlackRock Capital Appreciation Fund	$	17,804,205	$	1,768,774	$	(1,136,288	)	$	17,145,053	$	—
AZL Boston Company Research Growth Fund		17,832,600		2,758,608		(1,207,527	)		17,051,689		47,562
AZL DFA International Core Equity Fund		11,695,614		129,652		(735,732	)		11,417,284		128,516
AZL DFA U.S. Core Equity Fund		11,839,464		107,714		(1,291,272	)		11,454,791		106,578
AZL DFA U.S. Small Cap Fund		17,193,496		105,289		(1,943,951	)		17,170,207		74,745
AZL Federated Clover Small Value Fund		17,276,335		758,628		(1,628,093	)		17,160,362		135,869
AZL Gateway Fund		23,748,181		454,687		(1,544,246	)		22,873,597		452,414
AZL International Index Fund		23,031,702		579,947		(818,493	)		22,743,597		577,673
AZL Invesco Growth and Income Fund		29,244,633		3,145,962		(2,774,834	)		28,731,899		623,633
AZL Invesco International Equity Fund		35,302,480		1,968,610		(2,277,442	)		34,031,198		596,037
AZL JPMorgan International Opportunities Fund		41,138,740		1,789,563		(2,164,749	)		39,562,877		492,334
AZL JPMorgan U.S. Equity Fund		41,104,543		3,777,540		(3,201,587	)		40,087,370		305,184
AZL MetWest Total Return Bond Fund		131,131,192		2,786,530		(11,180,770	)		127,044,075		1,423,260
AZL MFS Investors Trust Fund		17,782,165		2,012,424		(1,602,291	)		17,112,572		109,588
AZL MFS Mid Cap Value Fund		11,763,400		835,107		(1,485,265	)		11,466,244		96,703
AZL MFS Value Fund		35,220,247		1,015,348		(4,222,352	)		34,036,996		656,232
AZL Mid Cap Index Fund		11,691,526		1,672,812		(1,604,931	)		11,432,357		114,900
AZL Morgan Stanley Global Real Estate Fund		17,842,604		245,403		(2,313,803	)		16,938,761		243,698
AZL Multi-Manager Mid Cap Growth Fund		11,480,951		1,184,265		(263,557	)		11,466,046		—
AZL NFJ International Value Fund		22,123,729		1,821,427		(190,330	)		22,480,244		606,083
AZL Oppenheimer Discovery Fund		22,692,149		3,479,686		(1,912,891	)		22,698,163		—
AZL Pyramis Total Bond Fund		131,393,263		4,193,021		(14,827,173	)		127,053,471		4,094,956
AZL Russell 1000 Growth Index Fund		20,714,157		4,001,259		(1,842,535	)		19,959,552		195,467
AZL Russell 1000 Value Index Fund		49,813,499		5,101,617		(5,747,634	)		48,492,539		852,351
AZL Schroder Emerging Markets Equity Fund, Class 2		10,609,329		147,815		(1,070,695	)		11,352,501		62,567
AZL Wells Fargo Large Cap Growth Fund		17,753,139		17,996		(664,247	)		17,082,748		16,291
NFJ Dividend Value Portfolio		17,517,968		1,188,817		(1,413,710	)		17,154,748		354,104
PIMCO PVIT Global Advantage Strategy Bond Portfolio		12,037,749		40,450		(12,453,473	)		—		38,769
PIMCO PVIT High Yield Portfolio		35,523,393		866,388		(26,432,829	)		11,547,562		842,387
PIMCO PVIT Income Portfolio		—		57,976,462		(2,497,750	)		57,340,723		559,368
PIMCO PVIT Low Duration Portfolio		70,809,315		765,484		(3,479,612	)		68,355,423		749,606
PIMCO PVIT Real Return Portfolio		47,251,691		438,691		(27,029,317	)		22,896,683		433,647
PIMCO PVIT Total Return Portfolio		130,913,717		2,142,972		(10,470,302	)		127,195,648		2,012,541
	$	1,113,277,176	$	109,278,948	$	(153,429,681	)	$	1,082,536,980	$	17,003,063

AZL MVP Fusion Conservative Fund
AZL BlackRock Capital Appreciation Fund	$	2,667,296	$	749,978	$	(347,000	)	$	2,879,714	$	—
AZL Boston Company Research Growth Fund		2,676,961		876,307		(335,175	)		2,846,728		7,848
AZL DFA U.S. Core Equity Fund		2,642,702		423,156		(412,709	)		2,859,655		26,325
AZL Federated Clover Small Value Fund		3,989,301		973,146		(858,077	)		4,316,624		33,659
AZL Gateway Fund		4,074,260		378,281		(189,018	)		4,301,282		84,421
AZL International Index Fund		5,342,590		1,266,132		(914,692	)		5,720,978		143,286
AZL Invesco Growth and Income Fund		6,665,181		2,228,430		(1,497,712	)		7,208,296		154,718
AZL Invesco International Equity Fund		5,358,332		1,369,479		(882,702	)		5,711,198		98,471
AZL JPMorgan International Opportunities Fund		5,342,377		1,401,400		(909,042	)		5,711,570		69,800
AZL JPMorgan U.S. Equity Fund		6,680,672		1,984,122		(1,214,053	)		7,196,932		54,236
AZL MetWest Total Return Bond Fund		37,397,862		5,869,936		(4,847,025	)		39,689,548		442,087
AZL MFS Investors Trust Fund		2,670,812		712,104		(352,235	)		2,857,930		18,084
AZL MFS Mid Cap Value Fund		2,645,872		599,081		(468,047	)		2,869,262		23,950
AZL MFS Value Fund		7,999,665		1,557,986		(1,449,919	)		8,602,188		162,911
AZL Mid Cap Index Fund		2,641,953		851,669		(550,121	)		2,868,779		28,445
AZL Morgan Stanley Global Real Estate Fund		2,708,491		423,342		(470,443	)		2,854,054		40,511
AZL Multi-Manager Mid Cap Growth Fund		2,718,779		857,094		(503,148	)		2,880,864		—
AZL Oppenheimer Discovery Fund		5,306,190		2,149,173		(1,407,103	)		5,713,741		—
AZL Pyramis Total Bond Fund		37,473,948		5,209,608		(4,794,766	)		39,727,822		1,271,958
AZL Russell 1000 Growth Index Fund		1,667,655		575,019		(215,091	)		8,971,046		17,268
AZL Russell 1000 Value Index Fund		8,350,464		2,371,083		(1,630,375	)		1,778,702		155,663
AZL Wells Fargo Large Cap Growth Fund		2,655,401		548,154		(365,648	)		2,858,886		2,678
NFJ Dividend Value Portfolio		4,012,969		917,749		(620,908	)		4,288,256		84,476
PIMCO PVIT Global Advantage Strategy Bond Portfolio		2,701,480		45,436		(2,830,725	)		—		8,789
PIMCO PVIT High Yield Portfolio		13,546,724		922,557		(9,372,102	)		5,750,321		352,207
PIMCO PVIT Income Portfolio		—		17,221,385		(542,178	)		17,224,605		164,483
PIMCO PVIT Low Duration Portfolio		24,192,395		3,351,620		(2,012,911	)		25,627,962		270,506
PIMCO PVIT Real Return Portfolio		13,498,545		993,206		(6,548,203	)		8,616,550		154,878
PIMCO PVIT Total Return Portfolio		37,387,202		5,629,953		(4,670,262	)		39,741,631		605,515
	$	255,016,079	$	62,456,586	$	(51,211,390	)	$	271,675,124	$	4,477,173

AZL MVP Fusion Growth Fund
AZL BlackRock Capital Appreciation Fund	$	18,515,992	$	1,745,720	$	(2,205,062	)	$	16,726,285	$	—
AZL Boston Company Research Growth Fund		18,501,975		2,690,474		(2,253,191	)		16,640,821		46,416
AZL DFA International Core Equity Fund		18,489,761		190,033		(2,396,440	)		16,729,020		190,033
AZL DFA U.S. Core Equity Fund		18,502,462		156,768		(3,037,507	)		16,749,553		156,768
AZL DFA U.S. Small Cap Fund		14,631,047		81,975		(2,693,951	)		13,451,298		59,152
AZL Federated Clover Small Value Fund		14,720,605		597,980		(2,464,697	)		13,448,136		107,338
AZL Gateway Fund		22,229,014		399,515		(2,738,838	)		20,012,520		399,515
AZL International Index Fund		36,745,603		853,292		(4,091,913	)		33,364,886		853,292
AZL Invesco Growth and Income Fund		22,169,452		2,237,209		(3,531,164	)		20,211,419		443,890
AZL Invesco International Equity Fund		44,128,563		2,324,021		(5,186,260	)		39,991,166		704,866
AZL JPMorgan International Opportunities Fund		58,689,142		1,616,131		(5,337,332	)		53,232,559		664,949
AZL JPMorgan U.S. Equity Fund		40,488,768		3,497,749		(5,482,771	)		36,952,518		282,878
AZL MetWest Total Return Bond Fund		29,321,306		435,521		(4,354,018	)		26,309,970		292,635
AZL MFS Investors Trust Fund		14,835,745		1,583,643		(2,165,985	)		13,375,883		86,312
AZL MFS Mid Cap Value Fund		14,862,838		984,607		(2,787,396	)		13,447,821		114,170
AZL MFS Value Fund		29,488,953		796,083		(5,037,853	)		26,776,622		516,252
AZL Mid Cap Index Fund		7,468,763		992,434		(1,551,225	)		6,719,707		68,213
AZL Morgan Stanley Global Real Estate Fund		22,163,939		286,762		(3,987,946	)		19,795,408		286,762
AZL Multi-Manager Mid Cap Growth Fund		14,886,012		1,232,725		(1,591,869	)		13,372,300		—
AZL NFJ International Value Fund		25,042,068		627,866		(1,041,250	)		23,165,408		627,866
AZL Oppenheimer Discovery Fund		18,059,719		2,033,055		(2,263,319	)		16,624,186		—
AZL Pyramis Total Bond Fund		29,388,328		876,553		(5,020,417	)		26,563,978		858,653
AZL Russell 1000 Growth Index Fund		14,825,828		2,687,013		(2,204,612	)		23,472,842		131,330
AZL Russell 1000 Value Index Fund		25,872,103		2,489,995		(4,505,717	)		13,328,455		416,409
AZL Schroder Emerging Markets Equity Fund, Class 2		10,789,905		56,296		(2,401,849	)		9,968,164		56,296
AZL Wells Fargo Large Cap Growth Fund		18,436,313		15,974		(1,682,284	)		16,709,355		15,974
NFJ Dividend Value Portfolio		14,848,094		958,537		(2,207,038	)		13,423,584		285,923
PIMCO PVIT Global Advantage Strategy Bond Portfolio		22,075,908		264,183		(3,577,693	)		20,018,400		261,729
PIMCO PVIT High Yield Portfolio		7,378,469		274,825		(1,372,846	)		6,738,662		270,550
PIMCO PVIT Low Duration Portfolio		7,414,046		74,752		(848,984	)		6,664,389		73,804
PIMCO PVIT Real Return Portfolio		14,752,643		246,739		(2,391,821	)		13,353,233		246,584
PIMCO PVIT Total Return Portfolio		29,295,593		427,988		(4,062,397	)		26,619,476		420,222
	$	699,018,957	$	33,736,418	$	(96,475,645	)	$	633,958,024	$	8,938,781

AZL MVP Fusion Moderate Fund
AZL BlackRock Capital Appreciation Fund	$	50,328,837	$	5,037,209	$	(2,871,837	)	$	48,803,411	$	—
AZL Boston Company Research Growth Fund		50,337,874		7,830,124		(3,116,279	)		48,430,015		135,085
AZL DFA International Core Equity Fund		49,437,510		547,641		(2,711,157	)		48,662,213		547,641
AZL DFA U.S. Core Equity Fund		37,827,249		341,402		(3,991,931	)		36,723,140		341,402
AZL DFA U.S. Small Cap Fund		48,891,631		295,271		(5,472,710	)		48,872,923		213,065
AZL Federated Clover Small Value Fund		37,135,743		1,625,263		(3,638,037	)		36,737,709		291,737
AZL Gateway Fund		62,902,297		1,205,204		(3,825,821	)		60,840,364		1,205,204
AZL International Index Fund		73,591,005		1,847,698		(2,531,692	)		72,744,081		1,847,698
AZL Invesco Growth and Income Fund		74,869,579		8,050,881		(7,125,396	)		73,493,859		1,597,393
AZL Invesco International Equity Fund		123,843,714		6,969,710		(6,489,834	)		120,867,023		2,113,885
AZL JPMorgan International Opportunities Fund		148,517,692		4,362,903		(3,960,407	)		144,500,509		1,795,095
AZL JPMorgan U.S. Equity Fund		99,561,222		9,187,497		(7,272,315	)		97,573,850		743,031
AZL MetWest Total Return Bond Fund		184,042,489		2,968,644		(14,272,568	)		178,728,305		1,994,692
AZL MFS Investors Trust Fund		50,196,448		5,728,474		(4,076,855	)		48,753,162		312,214
AZL MFS Mid Cap Value Fund		37,659,270		2,676,947		(4,683,419	)		36,758,929		310,405
AZL MFS Value Fund		87,233,557		2,515,453		(10,095,048	)		84,608,422		1,631,246
AZL Mid Cap Index Fund		25,256,049		3,598,767		(3,578,874	)		24,572,969		247,355
AZL Morgan Stanley Global Real Estate Fund		50,337,373		692,134		(6,182,007	)		48,108,306		692,134
AZL Multi-Manager Mid Cap Growth Fund		36,501,500		3,322,392		(109,109	)		36,703,584		—
AZL NFJ International Value Fund		67,686,831		1,753,553		(36,516	)		65,443,211		1,753,553
AZL Oppenheimer Discovery Fund		48,294,451		5,881,137		(2,186,018	)		48,496,903		—
AZL Pyramis Total Bond Fund		184,410,195		5,882,090		(20,327,141	)		178,727,635		5,761,970
AZL Russell 1000 Growth Index Fund		47,138,571		9,165,776		(3,999,894	)		45,625,233		447,984
AZL Russell 1000 Value Index Fund		96,605,035		9,917,001		(10,922,937	)		94,220,508		1,658,450
AZL Schroder Emerging Markets Equity Fund, Class 2		22,017,103		135,033		(1,186,276	)		24,401,889		135,033
AZL Wells Fargo Large Cap Growth Fund		50,214,179		46,397		(1,531,017	)		48,653,679		46,397
NFJ Dividend Value Portfolio		49,908,535		3,376,047		(4,035,833	)		48,828,309		1,007,043
PIMCO VIT Income Portfolio		—		97,518,559		(3,488,344	)		97,186,532		949,059
PIMCO PVIT Global Advantage Strategy Bond Portfolio		75,491,591		718,227		(31,342,585	)		48,707,801		709,836
PIMCO PVIT High Yield Portfolio		50,382,020		1,412,072		(29,647,790	)		24,666,364		1,382,868
PIMCO PVIT Low Duration Portfolio		75,392,750		807,058		(3,879,087	)		72,596,227		797,414
PIMCO PVIT Real Return Portfolio		75,381,720		484,680		(54,699,316	)		24,549,077		483,888
PIMCO PVIT Total Return Portfolio		183,590,172		2,859,930		(14,022,641	)		178,860,301		2,811,268
	$	2,354,984,192	$	208,761,174	$	(277,310,691	)	$	2,297,446,443	$	33,964,045

AZL MVP Growth Index Strategy Fund
AZL Enhanced Bond Index Fund	$	331,777,725	$	26,412,593	$	(6,908,670	)	$	355,433,596	$	6,850,143
AZL International Index Fund		264,425,252		37,304,666		(8,386,598	)		294,318,924		7,474,714
AZL Mid Cap Index Fund		152,345,889		28,505,784		(3,840,943	)		170,693,128		1,713,464
AZL S&P 500 Index Fund, Class 2		497,220,720		83,163,641		(7,015,301	)		551,264,057		9,700,713
AZL Small Cap Stock Index Fund		75,970,242		16,664,445		(2,623,748	)		87,016,841		915,015
	$	1,321,739,828	$	192,051,129	$	(28,775,260	)	$	1,458,726,546	$	26,654,049
AZL MVP Invesco Equity and Income Fund
AZL Invesco Equity and Income Fund	$	494,565,552	$	33,812,695	$	(26,971,066	)	$	512,431,836	$	9,550,108
	$	494,565,552	$	33,812,695	$	(26,971,066	)	$	512,431,836	$	9,550,108
AZL MVP T. Rowe Price Capital Appreciation Fund
AZL Enhanced Bond Index Fund	$	—	$	1,317,605	$	—		$	1,306,800	$	—
AZL S&P 500 Index Fund, Class 2		—		2,369,484		—			2,375,305		—
AZL T. Rowe Price Capital Appreciation Fund		630,242,972		165,709,480		(5,343,582	)		805,597,234		5,730,426
	$	630,242,972	$	169,396,569	$	(5,343,582	)	$	809,279,339	$	5,730,426

4. Investment Valuation Summary

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

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

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

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

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

Security prices are generally provided by an independent third party pricing service approved by the Trust’s Trustees as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used for long securities and the last quoted ask price is used for securities sold short. Securities listed on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

Debt and other fixed income securities are generally valued at an evaluated bid price provided by an independent pricing source approved by the Trustees. To value debt securities, pricing services may use various pricing techniques which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short term securities of sufficient credit quality with sixty days or less remaining until maturity may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

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

Options are generally valued at the average of the closing bid and ask quotations on the principal exchange on which the option is traded, which are then typically categorized as Level 1 in the fair value hierarchy.

Forward currency contracts are generally valued at the foreign currency exchange rate as of the close of the NYSE and are typically categorized as Level 2 in the fair value hierarchy.

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

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

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

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

AZL Balanced Index Strategy Fund

Investment Securities:	Level 1			Level 2			Level 3		Total
Affiliated Investment Companies	$	447,891,865		$	—		$	—	$	447,891,865
Total Investment Securities	$	447,891,865		$	—		$	—	$	447,891,865
AZL DFA Multi-Strategy Fund
Investment Securities:	Level 1			Level 2			Level 3		Total
Affiliated Investment Companies	$	1,196,986,860		$	—		$	—	$	1,196,986,860
Total Investment Securities	$	1,196,986,860		$	—		$	—	$	1,196,986,860
AZL MVP Balanced Index Strategy Fund
Investment Securities:	Level 1			Level 2			Level 3		Total
Affiliated Investment Company	$	277,758,092		$	—		$	—	$	277,758,092
Unaffiliated Investment Company		2,913,319			—			—		2,913,319
Total Investment Securities		280,671,411			—			—		280,671,411
Other Financial Instruments:*
Futures Contracts		187,684			—			—		187,684
Total Investments	$	280,859,095		$	—		$	—	$	280,859,095
AZL MVP BlackRock Global Allocation Fund
Investment Securities:	Level 1			Level 2			Level 3		Total
Common Stocks+
Aerospace & Defense	$	2,389,606		$	9,348,780		$	—	$	11,738,386
Airlines		5,497,520			2,511,518			—		8,009,038
Auto Components		349,476			8,210,824			—		8,560,300
Automobiles		1,160,567			9,521,239			—		10,681,806
Banks		20,667,963			12,932,449			—		33,600,412
Beverages		2,697,774			2,518,590			—		5,216,364
Biotechnology		8,536,016			1,647,816			—		10,183,832
Building Products		1,794,073			1,936,750			—		3,730,823
Capital Markets		5,520,803			1,994,831			—		7,515,634
Chemicals		7,003,126			12,798,783			—		19,801,909
Commercial Services & Supplies		234,884			536,047			—		770,931
Communications Equipment		3,385,932			1,581,911			—		4,967,843
Construction & Engineering		—			3,489,395			—		3,489,395
Construction Materials		—			1,097,237			—		1,097,237
Distributors		—			141,426			—		141,426
Diversified Financial Services		5,147,910			301,641			—		5,449,551
Diversified Telecommunication Services		983,101			7,633,054			—		8,616,155
Electric Utilities		2,022,317			1,561,136			—		3,583,453
Electrical Equipment		97,994			2,602,447			—		2,700,441
Electronic Equipment, Instruments & Components		1,280,824			3,760,250			—		5,041,074
Equity Real Estate Investment Trusts		4,363,988			125,438			—		4,489,426
Food & Staples Retailing		4,372,828			1,219,484			—		5,592,312
Food Products		1,419,155			6,371,987			—		7,791,142
Gas Utilities		573,071			1,682,179			—		2,255,250
Health Care Equipment & Supplies		3,075,962			1,964,075			—		5,040,037
Health Care Providers & Services		12,913,084			2,140,221			—		15,053,305
Household Durables		998,695			1,603,811			—		2,602,506
Industrial Conglomerates		6,033,030			3,697,164			—		9,730,194
Insurance		11,933,932			6,811,290			—		18,745,222
Internet Software & Services		18,441,211			—			1,199,713		19,640,924
IT Services		6,461,041			800,547			—		7,261,588
Leisure Products		—			941,794			—		941,794
Machinery		684,702			6,870,145			—		7,554,847
Media		13,648,870			1,954,001			6		15,602,877
Metals & Mining		405,508			142,268			—		547,776
Multi-Utilities		2,039,726			122,497			—		2,162,223
Oil, Gas & Consumable Fuels		25,697,189			5,239,659			—		30,936,848
Personal Products		2,702,726			1,402,090			—		4,104,816
Pharmaceuticals		17,869,533			9,420,508			—		27,290,041
Real Estate Management & Development		1,240,043			10,219,745			—		11,459,788
Road & Rail		1,438,994			3,965,828			—		5,404,822
Semiconductors & Semiconductor Equipment		4,334,969			3,260,274			—		7,595,243
Software		5,998,760			1,857,562			3,393,705		11,250,027
Specialty Retail		5,654,203			1,175,597			—		6,829,800
Technology Hardware, Storage & Peripherals		15,508,044			1,033,780			—		16,541,824
Textiles, Apparel & Luxury Goods		1,631,445			2,872,706			—		4,504,151
Tobacco		1,497,097			580,679			—		2,077,776
Transportation Infrastructure		247,197			148,146			—		395,343
Wireless Telecommunication Services		1,305,570			4,941,479			—		6,247,049
Other Common Stocks+		20,442,646			—			—		20,442,646
Preferred Stocks
Automobiles		—			932,366			—		932,366
Banks		1,632,784			178,100			—		1,810,884
Equity Real Estate Investment Trusts		888,043			373,259			—		1,261,302
Health Care Providers & Services		—			1,777,269			400,112		2,177,381
Internet Software & Services		—			—			612,402		612,402
Software		—			—			839,815		839,815
Other Preferred Stocks+		6,902,851			—			—		6,902,851
Warrant		—			45,053			—		45,053
Convertible Preferred Stocks
Banks		—			353,600			—		353,600
Equity Real Estate Investment Trusts		1,015,372			—			—		1,015,372
Internet Software & Services		—			—			1,217,983		1,217,983
Wireless Telecommunication Services		—			1,716,244			—		1,716,244
Private Placements+		—			—			345,632		345,632
Convertible Bonds+		—			5,794,822			—		5,794,822
Floating Rate Loans+		—			6,726,319			—		6,726,319
Collateralized Mortgage Obligations		—			571,148			—		571,148
Corporate Bonds
Media		—			436,450			593,537		1,029,987
Other Corporate Bonds+		—			26,655,484			—		26,655,484
Foreign Bonds+		—			128,703,450			—		128,703,450
Yankee Dollars+		—			23,608,486			—		23,608,486
U.S. Government Agency Mortgages		—			12,750,769			—		12,750,769
U.S. Treasury Obligations		—			114,031,416			—		114,031,416
Purchased Swaptions		—			144,886			—		144,886
Purchased Options		32,882			4,172,592			—		4,205,474
Exchange Traded Funds		26,258,444			—			—		26,258,444
Securities Held as Collateral for Securities on Loan		—			26,803,061			—		26,803,061
Unaffiliated Investment Company		14,371,262			—			—		14,371,262
Total Investment Securities		312,804,743			524,465,852			8,602,905		845,873,500
Securities Sold Short		(4,102,536	)		(521,495	)		—		(4,624,031	)
Other Financial Instruments:*
Futures Contracts		396,054			—			—		396,054
Written Options		67,739			382,189			—		449,928
Written Swaptions		—			177,989			—		177,989
Forward Currency Contracts		—			(1,227,883	)		—		(1,227,883	)
Credit Default Swaps		—			12,897			—		12,897
Currency Swaps		—			(706,743	)		—		(706,743	)
Interest Rate Swaps		—			(243,663	)		—		(243,663	)
Total Return Swaps		—			59,618			—		59,618
Total Investments	$	309,166,000		$	522,398,761		$	8,602,905	$	840,167,666
AZL MVP DFA Multi-Strategy Fund
Investment Securities:	Level 1			Level 2			Level 3		Total
Affiliated Investment Company	$	41,332,569		$	—		$	—	$	41,332,569
Unaffiliated Investment Company		65,495			—			—		65,495
Total Investment Securities		41,398,064			—			—		41,398,064
Other Financial Instruments:*
Futures Contracts		29,690			—			—		29,690
Total Investments	$	41,427,754		$	—		$	—	$	41,427,754
AZL MVP Franklin Templeton Founding Strategy Plus Fund
Investment Securities:	Level 1			Level 2			Level 3		Total
Affiliated Investment Company	$	285,034,555		$	—		$	—	$	285,034,555
Unaffiliated Investment Company		56,625			—			—		56,625
Total Investment Securities		285,091,180			—			—		285,091,180
Other Financial Instruments:*
Futures Contracts		205,774			—			—		205,774
Total Investments	$	285,296,954		$	—		$	—	$	285,296,954

AZL MVP Fusion Balanced Fund

Investment Securities:	Level 1		Level 2		Level 3		Total
Affiliated Investment Company	$	1,082,536,980	$	—	$	—	$	1,082,536,980
Unaffiliated Investment Company		11,090,582		—		—		11,090,582
Total Investment Securities		1,093,627,562		—		—		1,093,627,562
Other Financial Instruments:*
Futures Contracts		730,225		—		—		730,225
Total Investments	$	1,094,357,787	$	—	$	—	$	1,094,357,787
AZL MVP Fusion Conservative Fund
Investment Securities:	Level 1		Level 2		Level 3		Total
Affiliated Investment Company	$	271,675,124	$	—	$	—	$	271,675,124
Unaffiliated Investment Company		2,927,015		—		—		2,927,015
Total Investment Securities		274,602,139		—		—		274,602,139
Other Financial Instruments:*
Futures Contracts		151,147		—		—		151,147
Total Investments	$	274,753,286	$	—	$	—	$	274,753,286
AZL MVP Fusion Growth Fund
Investment Securities:	Level 1		Level 2		Level 3		Total
Affiliated Investment Company	$	633,958,024	$	—	$	—	$	633,958,024
Unaffiliated Investment Company		1,715,279		—		—		1,715,279
Total Investment Securities		635,673,303		—		—		635,673,303
Other Financial Instruments:*
Futures Contracts		446,756		—		—		446,756
Total Investments	$	636,120,059	$	—	$	—	$	636,120,059
AZL MVP Fusion Moderate Fund
Investment Securities:	Level 1		Level 2		Level 3		Total
Affiliated Investment Company	$	2,297,446,443	$	—	$	—	$	2,297,446,443
Unaffiliated Investment Company		14,671,269		—		—		14,671,269
Total Investment Securities		2,312,117,712		—		—		2,312,117,712
Other Financial Instruments:*
Futures Contracts		1,274,000		—		—		1,274,000
Total Investments	$	2,313,391,712	$	—	$	—	$	2,313,391,712
AZL MVP Growth Index Strategy Fund
Investment Securities:	Level 1		Level 2		Level 3		Total
Affiliated Investment Company	$	1,458,726,546	$	—	$	—	$	1,458,726,546
Unaffiliated Investment Company		13,363,387		—		—		13,363,387
Total Investment Securities		1,472,089,933		—		—		1,472,089,933
Other Financial Instruments:*
Futures Contracts		1,278,162		—		—		1,278,162
Total Investments	$	1,473,368,095	$	—	$	—	$	1,473,368,095
AZL MVP Invesco Equity and Income Fund
Investment Securities:	Level 1		Level 2		Level 3		Total
Affiliated Investment Company	$	512,431,836	$	—	$	—	$	512,431,836
Unaffiliated Investment Company		166,261		—		—		166,261
Total Investment Securities		512,598,097		—		—		512,598,097
Other Financial Instruments:*
Futures Contracts		374,673		—		—		374,673
Total Investments	$	512,972,770	$	—	$	—	$	512,972,770
AZL MVP T. Rowe Price Capital Appreciation Fund
Investment Securities:	Level 1		Level 2		Level 3		Total
Affiliated Investment Company	$	809,279,339	$	—	$	—	$	809,279,339
Unaffiliated Investment Company		6,875,381		—		—		6,875,381
Total Investment Securities		816,154,720		—		—		816,154,720
Other Financial Instruments:*
Futures Contracts		612,195		—		—		612,195
Total Investments	$	816,766,915	$	—	$	—	$	816,766,915

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

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

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

For the period ended September 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 no significant transfers between Level 1 and Level 2 as of September 30, 2016.

5. Restricted Securities

A restricted security is a security which has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (the “1933 Act”) or pursuant to the resale limitations provided by Rule 144A under the 1933 Act, or an exemption from the registration requirements of the 1933 Act. Whether a restricted security is illiquid is determined pursuant to guidelines established by the Trustees. Not all restricted securities are considered illiquid. The illiquid restricted securities held as of September 30, 2016 are identified below.

AZL MVP BlackRock Global Allocation Fund

Security	Acquisition Date		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	$	317,841		0.04	%
Delta Topco, Ltd.		5/2/12		379,997		615,711		6		0.00	%
Delta Topco, Ltd., 10.00%, 11/24/60		5/2/12		758,660		624,776		593,537		0.07	%
Domo, Inc., Series E		4/1/15		1,218,214		144,482		1,217,983		0.15	%
Dropbox, Inc.		1/28/14		1,827,985		95,700		1,167,540		0.14	%
Grand Rounds, Inc.		3/31/15		399,608		143,925		400,112		0.05	%
Logistics UK, Series 2015-1A, Class F, 0.66%, 8/20/25		8/3/15		440,732		459,000		571,148		0.07	%
Lookout, Inc., 4.88%		9/19/14		730,222		63,925		612,402		0.07	%
Lookout, Inc.		3/4/15		63,364		5,547		32,173		0.00	%
Palantir Technologies, Inc., Series I		3/27/14		712,042		116,157		839,815		0.10	%
Project Samson BND Corp., 12.00%, 4/1/20		11/11/15		268,000		268,000		27,792		0.00	%
REI Agro, Ltd., Registered Shares, 5.50%, 11/13/14		2/7/12		300,000		400,000		2,000		0.00	%
TFS Corp., Ltd., 8.75%, 8/1/23, Callable 8/1/19 @ 106.56		7/20/16		2,106,000		2,106,000		2,148,120		0.26	%
Uber Technologies, Inc.		3/21/14		1,063,120		68,532		3,393,705		0.41	%

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

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

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

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

7. Federal Tax Cost Information

At September 30, 2016, the cost and aggregate gross unrealized appreciation and depreciation of securities, for federal tax purposes were as follows:

Fund	Tax Cost		Gross Tax Unrealized Appreciation		Gross Tax Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
AZL Balanced Index Strategy Fund	$	379,125,840	$	70,625,088	$	(1,859,063	)	$	68,766,025
AZL DFA Multi-Strategy Fund		1,194,117,854		15,860,265		(12,991,259	)		2,869,006
AZL MVP Balanced Index Strategy Fund		273,455,791		10,472,527		(3,256,907	)		7,215,620
AZL MVP BlackRock Global Allocation Fund		826,987,524		57,981,339		(39,095,363	)		18,885,976
AZL MVP DFA Multi-Strategy Fund		40,095,967		1,470,165		(168,068	)		1,302,097
AZL MVP Franklin Templeton Founding Strategy Plus Fund		300,444,374		—		(15,353,194	)		(15,353,194	)
AZL MVP Fusion Balanced Fund		986,915,862		129,543,804		(22,832,104	)		106,711,700
AZL MVP Fusion Conservative Fund		264,302,338		15,002,318		(4,702,517	)		10,299,801
AZL MVP Fusion Growth Fund		568,944,872		109,399,758		(42,671,327	)		66,728,431
AZL MVP Fusion Moderate Fund		2,092,541,189		288,527,075		(68,950,552	)		219,576,523
AZL MVP Growth Index Strategy Fund		1,432,007,508		59,180,790		(19,098,365	)		40,082,425
AZL MVP Invesco Equity and Income Fund		494,914,674		19,660,520		(1,977,097	)		17,683,423
AZL MVP T. Rowe Price Capital Appreciation Fund		805,890,126		10,672,462		(407,868	)		10,264,594

8. Subsequent Events

Effective as of the close of business on October 14, 2016, the following funds changed names as part of investment strategy changes:

New Fund Name	Previous Fund Name
AZL MVP BlackRock Global Strategy Plus Fund	AZL MVP BlackRock Global Allocation Fund
AZL MVP Fusion Dynamic Balanced Fund	AZL MVP Fusion Balanced Fund
AZL MVP Fusion Dynamic Conservative Fund	AZL MVP Fusion Conservative Fund
AZL MVP Fusion Dynamic Moderate Fund	AZL MVP Fusion Moderate Fund
AZL MVP Moderate Index Strategy Fund	AZL MVP Invesco Equity and Income Fund
AZL MVP Pyramis Multi-Strategy Fund	AZL MVP Franklin Templeton Founding Strategy Plus Fund
AZL MVP T. Rowe Price Capital Appreciation Plus Fund	AZL MVP T. Rowe Price Capital Appreciation Fund

Effective as of the close of business October 21, 2016, the AZL MVP Growth Index Strategy Fund acquired the assets and assumed the liabilities of the AZL MVP Fusion Growth Fund in a fund merger / reorganization transaction.

Item 2. Controls and Procedures.

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

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

Item 3. Exhibits.

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

SIGNATURES

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

(Registrant) Allianz Variable Insurance Products Fund of Funds Trust

By (Signature and Title)	/s/ Brian Muench
	Brian Muench, Principal Executive Officer

Date November 28, 2016

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

By (Signature and Title)	/s/ Brian Muench
	Brian Muench, Principal Executive Officer

Date November 28, 2016

By (Signature and Title)	/s/ Bashir Asad
	Bashir Asad, Principal Financial Officer & Principal Accounting Officer

Date November 22, 2016