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.,

4400 Easton Commons, Ste. 200,

Columbus, OH 43219-8000

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: March 31, 2017

Item 1. Schedule of Investments.

AZL Balanced Index Strategy Fund

Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

Shares		Fair Value
Affiliated Investment Companies (100.0%):
20,405,250	AZL Enhanced Bond Index Fund	$	219,152,382
3,660,813	AZL International Index Fund, Class 2		55,607,753
1,527,076	AZL Mid Cap Index Fund, Class 2		34,007,972
7,708,941	AZL S&P 500 Index Fund, Class 2		114,863,219
1,291,951	AZL Small Cap Stock Index Fund, Class 2		18,552,420
Total Affiliated Investment Companies (Cost $357,449,701)			442,183,746
Total Investment Securities (Cost $357,449,701)(a)—100.0%			442,183,746
Net other assets (liabilities)—0.0%			46,510
Net Assets—100.0%		$	442,230,256

Percentages indicated are based on net assets as of March 31, 2017.

(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

March 31, 2017 (Unaudited)

Shares		Fair Value
Affiliated Investment Companies (100.0%):
6,577,678	AZL DFA Emerging Markets Core Equity Fund	$	62,553,722
46,836,092	AZL DFA Five-Year Global Fixed Income Fund		469,766,004
8,856,568	AZL DFA International Core Equity Fund		87,502,889
41,083,789	AZL DFA U.S. Core Equity Fund		463,425,143
10,959,545	AZL DFA U.S. Small Cap Fund		125,815,576
Total Affiliated Investment Companies (Cost $1,141,327,613)			1,209,063,334
Total Investment Securities (Cost $1,141,327,613)(a)—100.0%			1,209,063,334
Net other assets (liabilities)—0.0%			(419,807	)
Net Assets—100.0%		$	1,208,643,527

Percentages indicated are based on net assets as of March 31, 2017.

(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

March 31, 2017 (Unaudited)

Shares		Fair Value
Affiliated Investment Companies (95.0%):
14,207,601	AZL Enhanced Bond Index Fund	$	152,589,640
2,660,277	AZL International Index Fund, Class 2		40,409,605
1,073,251	AZL Mid Cap Index Fund, Class 2		23,901,290
5,047,930	AZL S&P 500 Index Fund, Class 2		75,214,163
893,469	AZL Small Cap Stock Index Fund, Class 2		12,830,222
Total Affiliated Investment Companies (Cost $283,841,429)			304,944,920
Unaffiliated Investment Company (0.0%):
118,837	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.50%(a)		118,837
Total Unaffiliated Investment Company (Cost $118,837)			118,837
Total Investment Securities (Cost $283,960,266)(b)—95.0%			305,063,757
Net other assets (liabilities)—5.0%			16,123,911
Net Assets—100.0%		$	321,187,668

Percentages indicated are based on net assets as of March 31, 2017.

(a) The rate represents the effective yield at March 31, 2017.

(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

March 31, 2017 (Unaudited)

Futures Contracts

Cash of $16,046,846 has been segregated to cover margin requirements for the following open contracts as of March 31, 2017:

Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini June Futures		Long		6/16/17		67	$	7,903,320	$	(35,244	)
U.S. Treasury 10-Year Note June Futures		Long		6/21/17		64		7,972,000		(18,854	)
Total									$	(54,098	)

See accompanying notes to the schedules of portfolio investments.

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

Shares			Fair Value
	Common Stocks (27.6%):
	Aerospace & Defense (0.5%):
	69,111	BAE Systems plc	$	556,906
	382	Boeing Co. (The)		67,561
	519	Dassault Aviation SA		660,222
	14,422	European Aeronautic Defence & Space Co. NV		1,097,404
	493	General Dynamics Corp.		92,289
	70,265	Meggitt plc		392,291
	349	Northrop Grumman Corp.		83,006
	398	Raytheon Co.		60,695
	19,290	Safran SA		1,441,047
				4,451,421
	Airlines (0.6%):
	19,853	Delta Air Lines, Inc.		912,444
	44,600	Japan Airlines Co., Ltd.		1,416,373
	15,761	Southwest Airlines Co.		847,311
	26,208	United Continental Holdings, Inc.*		1,851,333
				5,027,461
	Auto Components (0.8%):
	10,100	Aisin Sieki Co., Ltd.		497,658
	21,700	Bridgestone Corp.		879,937
	110,683	Cheng Shin Rubber Industry Co., Ltd.		228,672
	3,370	Compagnie Generale des Establissements Michelin SCA, Class B		409,688
	24,300	Denso Corp.		1,072,229
	2,600	Exedy Corp.		74,464
	12,800	Futaba Industrial Co., Ltd.		92,082
	1,317	Goodyear Tire & Rubber Co.		47,412
	5,500	Koito Manufacturing Co., Ltd.		286,787
	928	Lear Corp.		131,386
	3,600	Stanley Electric Co., Ltd.		102,938
	33,300	Sumitomo Electric Industries, Ltd.		554,108
	24,900	Toyota Industries Corp.		1,241,438
				5,618,799
	Automobiles (0.7%):
	152,000	Brilliance China Automotive Holdings, Ltd.		254,191
	46,783	Ford Motor Co.		544,554
	22,100	Fuji Heavy Industries, Ltd.		813,874
	1,856	Hero MotoCorp, Ltd.		92,092
	18,500	Honda Motor Co., Ltd.		559,100
	4,224	Hyundai Motor Co.		594,846
	3,611	Maruti Suzuki India, Ltd.		334,536
	40,600	Suzuki Motor Corp.		1,690,714
	4,300	Toyota Motor Corp.		234,047
				5,117,954
	Banks (2.2%):
	107,778	Banco Santander SA		660,473
	135,101	Bank of America Corp.		3,187,032
	10,912	BNP Paribas SA		726,765
	30,024	Citigroup, Inc.		1,796,036
	1,328	Fifth Third Bancorp		33,731
	202,361	HSBC Holdings plc		1,653,152
	107,950	ING Groep NV		1,630,796
	21,637	JPMorgan Chase & Co.		1,900,593
	120,000	Mitsubishi UFJ Financial Group, Inc.		757,627
	39,800	Sumitomo Mitsui Financial Group, Inc.		1,451,393
	11,220	SunTrust Banks, Inc.		620,466
	49,566	Svenska Handelsbanken AB, Class A^		680,057
	13,095	Toronto-Dominion Bank (The)		655,981
	7,204	Wells Fargo & Co.		400,975

Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	10,489	Yes Bank, Ltd.	$	249,969
				16,405,046
	Beverages (0.4%):
	14,354	Anheuser-Busch InBev NV		1,576,779
	14,600	Asahi Breweries, Ltd.		552,710
	477	Constellation Brands, Inc., Class C		77,307
	4,375	Diageo plc, ADR^		505,663
	1,433	PepsiCo, Inc.		160,296
				2,872,755
	Biotechnology (0.5%):
	983	AbbVie, Inc.		64,052
	590	Amgen, Inc.		96,801
	1,317	Biogen Idec, Inc.*		360,094
	30,812	Gilead Sciences, Inc.		2,092,751
	15,263	Invitae Corp.*^		168,809
	18,330	Shire plc		1,066,331
	1,088	Vertex Pharmaceuticals, Inc.*		118,973
				3,967,811
	Building Products (0.3%):
	10,965	Compagnie de Saint-Gobain SA		563,771
	5,100	Daikin Industries, Ltd.		514,128
	7,907	Fortune Brands Home & Security, Inc.		481,141
	16,405	Masco Corp.		557,606
				2,116,646
	Capital Markets (0.5%):
	503	Ameriprise Financial, Inc.		65,229
	762	Bank of New York Mellon Corp. (The)		35,989
	19,625	Charles Schwab Corp. (The)		800,896
	5,136	Goldman Sachs Group, Inc. (The)		1,179,843
	25,656	Morgan Stanley		1,099,103
	34,153	UBS Group AG		546,759
				3,727,819
	Chemicals (1.3%):
	11,593	Air Products & Chemicals, Inc.		1,568,417
	57,000	Asahi Kasei Corp.		554,167
	46,037	Axalta Coating Systems, Ltd.*		1,482,391
	5,914	BASF SE		586,183
	24,781	E.I. du Pont de Nemours & Co.		1,990,658
	13,249	Evonik Industries AG		432,099
	20,000	Formosa Chemicals & Fibre Corp.		62,205
	22,000	Formosa Plastics Corp.		65,603
	17,000	Hitachi Chemical Co., Ltd.		471,501
	5,600	Kuraray Co., Ltd.		85,179
	485	LG Chem, Ltd.		127,494
	28,000	Nan Ya Plastics Corp.		66,336
	8,800	Nitto Denko Corp.		681,530
	59,000	PTT Global Chemical Public Co., Ltd.		125,748
	20,500	Shin-Etsu Chemical Co., Ltd.		1,783,136
	61,000	Toray Industries, Inc.		541,945
	157,000	Ube Industries, Ltd.		355,610
	6,845	Umicore SA		389,910
				11,370,112
	Commercial Services & Supplies (0.0%):
	1,600	SECOM Co., Ltd.		114,818
	Communications Equipment (0.4%):
	1,583	Cisco Systems, Inc.		53,505
	31,296	CommScope Holding Co., Inc.*		1,305,357
	232,834	Nokia OYJ		1,256,200
				2,615,062
	Construction & Engineering (0.2%):
	12,000	Chiyoda Corp.		77,581

Continued

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

Shares			Fair Value
	Common Stocks, continued
	Construction & Engineering, continued
	4,700	ComSys Holdings Corp.	$	84,213
	13,600	Kinden Corp.		190,156
	5,000	Maeda Road Construction Co., Ltd.		88,494
	5,000	Nippo Corp.		95,023
	37,000	Okumura Corp.^		225,183
	1,000	Sho-Bond Holdings Co., Ltd.^		44,091
	38,000	Toda Corp.^		229,237
	6,904	Vinci SA		547,825
				1,581,803
	Construction Materials (0.0%):
	8,700	The Siam Cement Public Co., Ltd.		136,701
	Consumer Finance (0.1%):
	997	Capital One Financial Corp.		86,400
	10,612	Discover Financial Services		725,755
				812,155
	Containers & Packaging (0.1%):
	1,028	Crown Holdings, Inc.*		54,433
	1,425	International Paper Co.		72,362
	893	Packaging Corp. of America		81,816
	12,250	WestRock Co.		637,367
				845,978
	Distributors (0.0%):
	3,700	Canon Marketing Japan, Inc.		73,683
	Diversified Consumer Services (0.1%):
	20,656	H&R Block, Inc.^		480,252
	Diversified Financial Services (0.3%):
	5	Berkshire Hathaway, Inc., Class A*		1,249,250
	8,913	Berkshire Hathaway, Inc., Class B*		1,485,619
	62,000	Fubon Financial Holdings Co., Ltd.		101,110
				2,835,979
	Diversified Telecommunication Services (0.6%):
	61,643	Cellnex Telecom SAU^		1,014,843
	38,000	Chunghwa Telecom Co., Ltd.		129,116
	55,642	Deutsche Telekom AG, Registered Shares		974,879
	13,338	El Towers SpA		749,797
	75,000	HKT Trust & HKT, Ltd.		96,706
	3,500	Nippon Telegraph & Telephone Corp.		149,531
	58,800	Singapore Telecommunications, Ltd.		164,895
	1,112,486	Telecom Italia SpA*^		1,000,394
	32,883	Telecom Italia SpA		24,021
	31,890	Verizon Communications, Inc.		1,554,638
				5,858,820
	Electric Utilities (0.3%):
	4,927	CEZ		84,869
	12,000	Cheung Kong Infrastructure Holdings, Ltd.		94,178
	18,500	Chubu Electric Power Co., Inc.		248,648
	12,500	CLP Holdings, Ltd.		130,768
	160,796	Enel SpA		757,102
	11,000	Hongkong Electric Holdings, Ltd.		94,883
	14,288	NextEra Energy, Inc.		1,834,151
				3,244,599
	Electrical Equipment (0.2%):
	41,000	GS Yuasa Corp.		191,602
	2,300	Mabuchi Motor Co., Ltd.		129,938
	101,500	Mitsubishi Electric Corp.		1,460,373
	364	Rockwell Automation, Inc.		56,678
				1,838,591
	Electronic Equipment, Instruments & Components (0.3%):
	800	Hirose Electric Co., Ltd.		110,986

Shares			Fair Value
	Common Stocks, continued
	Electronic Equipment, Instruments & Components, continued
	43,400	Hon Hai Precision Industry Co., Ltd.	$	130,281
	800	Keyence Corp.		320,950
	3,700	Kyocera Corp.		206,701
	7,200	Murata Manufacturing Co., Ltd.		1,027,390
	29,178	VeriFone Systems, Inc.*^		546,504
				2,342,812
	Energy Equipment & Services (0.1%):
	788	Helmerich & Payne, Inc.^		52,457
	7,589	Schlumberger, Ltd.		592,701
				645,158
	Equity Real Estate Investment Trusts (0.2%):
	1,237	American Tower Corp.		150,345
	483	Crown Castle International Corp.		45,619
	185,629	Fibra UNO Amdinistracion SA		317,422
	15,500	Link REIT (The)		108,582
	4,805	Simon Property Group, Inc.		826,605
	2,268	Unibail-Rodamco SE^		529,182
				1,977,755
	Food & Staples Retailing (0.2%):
	1,400	Seven & I Holdings Co., Ltd.		55,046
	5,984	Walgreens Boots Alliance, Inc.		496,971
	30,560	Whole Foods Market, Inc.^		908,243
				1,460,260
	Food Products (0.6%):
	39,000	Ajinomoto Co., Inc.		770,799
	33,001	Danone SA		2,245,516
	3,776	Mondelez International, Inc., Class A		162,670
	37,666	Nestle SA, Registered Shares		2,890,194
	690	Tyson Foods, Inc., Class A		42,580
	71,000	Uni-President Enterprises Corp.		133,116
	104,000	Want Want China Holdings, Ltd.		71,987
				6,316,862
	Gas Utilities (0.1%):
	13,556	Gas Natural SDG SA		296,588
	207,000	Tokyo Gas Co., Ltd.		943,568
				1,240,156
	Health Care Equipment & Supplies (0.5%):
	14,787	Abbott Laboratories		656,691
	9,322	Baxter International, Inc.		483,439
	29,000	HOYA Corp.		1,399,233
	2,310	Medtronic plc		186,094
	276	Stryker Corp.		36,335
	10,826	Zimmer Holdings, Inc.		1,321,962
				4,083,754
	Health Care Providers & Services (1.0%):
	10,398	Acadia Healthcare Co., Inc.*^		453,353
	14,130	Aetna, Inc.		1,802,282
	4,600	Alfresa Holdings Corp.		79,868
	5,955	Anthem, Inc.		984,838
	44,663	Brookdale Senior Living, Inc.*^		599,824
	1,042	Cardinal Health, Inc.		84,975
	9,177	Centene Corp.*		653,953
	11,916	HCA Holdings, Inc.*		1,060,405
	330	McKesson Corp.		48,926
	5,300	Medipal Holdings Corp.		83,293
	38,221	NMC Health plc		847,005
	466,098	PT Siloam International Hospital Tbk*		490,509
	101,128	Spire Healthcare Group plc		409,629
	2,200	Suzuken Co., Ltd.		72,352
	43,285	Tenet Healthcare Corp.*^		766,577
	449	UnitedHealth Group, Inc.		73,640
				8,511,429

Continued

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

Shares			Fair Value
	Common Stocks, continued
	Hotels, Restaurants & Leisure (0.4%):
	13,544	Accor SA	$	564,211
	3,256	Chipotle Mexican Grill, Inc.*^		1,450,613
	665	McDonald’s Corp.		86,191
	2,630	Sodexo SA		309,319
	9,686	Starbucks Corp.		565,566
	877	Wyndham Worldwide Corp.		73,922
				3,049,822
	Household Durables (0.2%):
	3,000	Alpine Electronics, Inc.		43,282
	11,496	Berkeley Group Holdings plc (The)		462,065
	1,379	Coway Co., Ltd.		118,647
	2,398	Mohawk Industries, Inc.*		550,317
	2,800	Rinnai Corp.		223,261
				1,397,572
	Household Products (0.0%):
	1,801	Colgate-Palmolive Co.		131,815
	Independent Power & Renewable Electricity Producers (0.1%):
	13,090	NextEra Energy Partners LP^		433,671
	4,895	Vistra Energy Corp.^		79,789
				513,460
	Industrial Conglomerates (0.7%):
	308	3M Co., Class C		58,930
	1,700	Jardine Matheson Holdings, Ltd.		109,228
	51,892	Koninklijke Philips Electronics NV		1,667,899
	5,794	Roper Industries, Inc.^		1,196,403
	4,000	Siemens AG, Registered Shares		547,890
	27,999	Smiths Group plc		568,425
				4,148,775
	Insurance (0.9%):
	11,437	Allstate Corp. (The)		932,001
	615	American International Group, Inc.		38,394
	23,276	AXA SA		602,277
	1,057	Axis Capital Holdings, Ltd.		70,851
	65,289	Cathay Financial Holding Co., Ltd.		104,492
	6,959	Chubb, Ltd.		948,164
	727	Fairfax Financial Holdings, Ltd.		330,887
	2,372	Hartford Financial Services Group, Inc. (The)		114,022
	11,474	Marsh & McLennan Cos., Inc.		847,814
	17,479	MetLife, Inc.		923,241
	11,100	MS&AD Insurance Group Holdings, Inc.		354,323
	22,500	NKSJ Holdings, Inc.		827,487
	719	Prudential Financial, Inc.		76,703
	612	Reinsurance Group of America, Inc.		77,712
	21,700	Sony Financial Holdings, Inc.		350,237
	21,200	Tokio Marine Holdings, Inc.		897,746
	1,187	Travelers Cos., Inc. (The)		143,081
	9,591	UnumProvident Corp.		449,722
				8,089,154
	Internet & Direct Marketing Retail (0.5%):
	3,941	Amazon.com, Inc.*		3,493,854
	4,456	Expedia, Inc.		562,214
				4,056,068
	Internet Software & Services (0.7%):
	13,320	Alibaba Group Holding, Ltd., ADR*^		1,436,295
	839	Alphabet, Inc., Class C*		696,001
	95,700	Dropbox, Inc.*(a)(b)		1,078,539
	16,527	Facebook, Inc., Class A*		2,347,660
	5,547	Lookout, Inc.*(a)(b)		2,829
	982	VeriSign, Inc.*^		85,542
				5,646,866

Shares			Fair Value
	Common Stocks, continued
	IT Services (0.6%):
	678	Accenture plc, Class C	$	81,279
	196	Alliance Data Systems Corp.		48,804
	1,418	Amdocs, Ltd.		86,484
	13,253	Cognizant Technology Solutions Corp., Class A*		788,818
	1,326	Computer Sciences Corp.		91,507
	6,882	Global Payments, Inc.		555,240
	63,128	Infosys, Ltd.		994,954
	6,575	MasterCard, Inc., Class A		739,490
	29,636	Sabre Corp.^		627,987
	16,770	Square, Inc., Class A*		289,786
	7,714	Visa, Inc., Class A		685,543
				4,989,892
	Leisure Products (0.0%):
	3,100	Yamaha Corp.		85,342
	Life Sciences Tools & Services (0.0%):
	11,787	Patheon NV*^		310,470
	904	Thermo Fisher Scientific, Inc.		138,854
				449,324
	Machinery (0.6%):
	21,659	Doosan Bobcat, Inc.		710,718
	11,184	GEA Group AG		474,845
	90,090	Haitian International Holdings, Ltd.		209,599
	8,100	Hino Motors, Ltd.		98,355
	417	Illinois Tool Works, Inc.		55,240
	30,600	Komatsu, Ltd.		800,655
	32,200	Kubota Corp.		484,763
	3,300	Kurita Water Industries, Ltd.		79,992
	2,600	Makita Corp.		91,242
	85,518	SKF AB, Class B^		1,693,554
	444	WABCO Holdings, Inc.*^		52,134
				4,751,097
	Media (0.7%):
	2,492	Charter Communications, Inc., Class A*		815,681
	55,575	Comcast Corp., Class A		2,089,064
	9,302	DISH Network Corp., Class A*		590,584
	2,846	Liberty Broadband Corp., Class A*		242,166
	5,521	Liberty Broadband Corp., Class C*		477,014
	6,648	Liberty Global plc, Class A*		238,464
	10,058	Liberty Media Group, Class C*(a)		343,481
	10,241	Liberty SiriusXM Group, Class A*		398,580
	19,202	Liberty SiriusXM Group, Class C*		744,654
	7,600	Nippon Television Holdings, Inc.		131,308
	432	Omnicom Group, Inc.^		37,243
	40,363	Pearson plc		344,240
	66,466	RAI Way SpA^		345,989
	724	Scripps Networks Interactive, Class C		56,740
	8,600	SKY Perfect JSAT Holdings, Inc.		36,375
	3,500	Toho Co., Ltd.		92,996
	5,200	TV Asahi Holdings Corp.		98,492
	37,077	Zon Multimedia Servicos de Telecommunicacoes e Multimedia SGPS SA		202,114
				7,285,185
	Metals & Mining (0.0%):
	17,183	Platinum Group Metals, Ltd.*^		28,300
	78,543	Platinum Group Metals, Ltd.*		128,026
	444	POSCO		115,046
	10,300	Tokyo Steel Manufacturing Co., Ltd.		86,615
	2,300	Yamato Kogyo Co., Ltd.		59,500
				417,487

Continued

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

Shares			Fair Value
	Common Stocks, continued
	Multiline Retail (0.1%):
	18,741	Target Corp.	$	1,034,316
	Multi-Utilities (0.3%):
	48,863	Innogy Se*		1,844,343
	4,211	National Grid plc		53,400
	7,534	Sempra Energy		832,507
				2,730,250
	Oil, Gas & Consumable Fuels (2.2%):
	34,198	Anadarko Petroleum Corp.		2,120,276
	37,667	BP plc, ADR^		1,300,265
	57,206	BP plc		328,453
	284	Chevron Corp.		30,493
	117,353	Coal India, Ltd.		528,918
	110,280	EnCana Corp.^		1,291,378
	7,495	EQT Corp.		457,945
	19,000	Formosa Petrochemical Corp.		66,356
	79,900	INPEX Corp.		788,376
	72,508	Marathon Oil Corp.		1,145,626
	59,171	Marathon Petroleum Corp.		2,990,502
	32,131	Oil & Natural Gas Corp., Ltd.		91,619
	778	Phillips 66		61,633
	86,298	Reliance Industries, Ltd.*		1,757,269
	38,484	Royal Dutch Shell plc, Class A, ADR		2,029,261
	41,253	Royal Dutch Shell plc, Class A		1,086,519
	14,022	Snam SpA		60,638
	27,800	Thai Oil Public Co., Ltd.		61,111
	862	Total SA, ADR		43,462
	18,138	Total SA		916,227
	1,620	Valero Energy Corp.		107,390
	33,322	Williams Cos., Inc. (The)		985,998
				18,249,715
	Personal Products (0.2%):
	20,554	Edgewell Personal Care Co.*^		1,503,320
	1,724	Unilever NV		85,640
				1,588,960
	Pharmaceuticals (1.2%):
	5,500	Astellas Pharma, Inc.		72,591
	19,070	AstraZeneca plc		1,171,827
	14,778	Bayer AG, Registered Shares		1,703,296
	15,815	Catalent, Inc.*		447,881
	52,042	GlaxoSmithKline plc		1,082,388
	1,251	Johnson & Johnson Co.		155,812
	5,604	Merck & Co., Inc.		356,078
	17,211	Mylan NV*		671,057
	3,100	Otsuka Holdings Co., Ltd.		140,143
	16,953	Perrigo Co. plc		1,125,509
	78,927	Pfizer, Inc.		2,700,093
	13,088	Sanofi-Aventis SA		1,184,047
	1,500	Sawai Pharmaceutical Co., Ltd.		81,210
				10,891,932
	Professional Services (0.1%):
	374	Manpower, Inc.		38,361
	9,054	Randstad Holding NV		522,356
				560,717
	Real Estate Management & Development (0.9%):
	410,200	CapitaLand, Ltd.		1,064,760
	25,000	Hang Lung Properties, Ltd.		65,112
	82,000	Mitsubishi Estate Co., Ltd.		1,499,800
	46,000	Sino Land Co., Ltd.		80,606
	76,666	Sun Hung Kai Properties, Ltd.		1,126,360
	10,000	Swire Pacific, Ltd., Class A		100,090
	49,034	The St. Joe Co.*^		836,030
	15,874	Vonovia SE		559,367
	16,000	Wharf Holdings, Ltd. (The)		137,296
				5,469,421

Shares			Fair Value
	Common Stocks, continued
	Road & Rail (0.5%):
	67,300	ComfortDelGro Corp., Ltd.	$	123,198
	18,200	East Japan Railway Co.		1,588,078
	15,184	Kansas City Southern		1,302,180
	10,000	Kyushu Railway Co.		307,949
	5,700	Seino Holdings Co., Ltd.		64,149
	7,300	West Japan Railway Co.		475,567
				3,861,121
	Semiconductors & Semiconductor Equipment (0.4%):
	1,835	Intel Corp.		66,188
	734	KLA-Tencor Corp.		69,781
	27,735	QUALCOMM, Inc.		1,590,326
	10,400	ROHM Co., Ltd.		693,695
	10,660	SK Hynix, Inc.		481,327
	29,100	SUMCO Corp.		487,322
				3,388,639
	Software (1.1%):
	685	Adobe Systems, Inc.*		89,139
	7,086	Electronic Arts, Inc.*		634,339
	5,100	Intuit, Inc.		591,549
	10,540	Microsoft Corp.		694,164
	3,900	Nintendo Co., Ltd.		907,250
	37,067	Nuance Communications, Inc.*		641,630
	26,866	Snap, Inc., Class A*^		605,291
	3,100	Trend Micro, Inc.		138,169
	68,532	Uber Technologies, Inc.*(a)(b)		3,573,258
	14,870	UbiSoft Entertainment SA*		634,971
	6,086	VMware, Inc., Class A*^		560,764
				9,070,524
	Specialty Retail (0.6%):
	12,660	Bed Bath & Beyond, Inc.^		499,564
	4,393	Home Depot, Inc. (The)		645,024
	24,162	Lowe’s Cos., Inc.		1,986,358
	800	Shimamura Co., Ltd.		105,829
	15,077	Urban Outfitters, Inc.*^		358,230
	12,752	Williams-Sonoma, Inc.^		683,762
	68,300	Yamada Denki Co., Ltd.^		341,663
				4,620,430
	Technology Hardware, Storage & Peripherals (0.5%):
	27,776	Apple, Inc.(c)		3,990,301
	2,800	Fujifilm Holdings Corp.		109,661
	48,668	Pure Storage, Inc., Class A*^		478,406
	499	Western Digital Corp.		41,182
				4,619,550
	Textiles, Apparel & Luxury Goods (0.4%):
	11,361	Luxottica Group SpA		627,097
	3,195	LVMH Moet Hennessy Louis Vuitton SA		702,449
	19,923	Michael Kors Holdings, Ltd.*		759,266
	7,791	Nike, Inc., Class C		434,192
	406	PVH Corp.		42,009
	4,929	Ralph Lauren Corp.^		402,305
				2,967,318
	Tobacco (0.0%):
	1,451	Altria Group, Inc.		103,630
	3,300	Japan Tobacco, Inc.		107,443
	2,011	KT&G Corp.		175,345
				386,418
	Trading Companies & Distributors (0.0%):
	574	United Rentals, Inc.*^		71,779
	Transportation Infrastructure (0.0%):
	8,000	Kamigumi Co., Ltd.		69,262

Continued

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

Shares		Fair Value
Common Stocks, continued
Wireless Telecommunication Services (0.6%):
27,800	Advanced Information Service plc	$	144,026
2,383	China Mobile, Ltd., ADR		131,613
44,000	Far EasTone Telecommunications Co., Ltd.		108,044
82,600	Intouch Holdings Public Co., Ltd.		134,017
14,500	KDDI Corp.		381,055
9,900	NTT DoCoMo, Inc.		230,768
517	SK Telecom Co., Ltd.		116,704
47,000	Taiwan Mobile Co., Ltd.		172,695
21,839	Vodafone Group plc, ADR		577,205
628,489	Vodafone Group plc		1,634,305
			3,630,432
Total Common Stocks (Cost $191,234,290)			225,915,094
Preferred Stocks (0.8%):
Automobiles (0.0%):
2,595	Volkswagen AG, 0.12%		378,004
Banks (0.1%):
15,051	Citigroup Capital XIII, Series A, 1.99%		401,109
2,611	U.S. Bancorp, Series G, 0.96%		65,275
7,094	U.S. Bancorp, Series F, 0.91%		203,314
84,000	USB Capital IX, 3.50%		71,400
			741,098
Commercial Services & Supplies (0.0%):
3,136	Stericycle, Inc., 7.34%^		224,381
Consumer Finance (0.1%):
16,911	GMAC Capital Trust I, Series 2, 0.94%		430,047
Equity Real Estate Investment Trusts (0.1%):
1,639	American Tower Corp., Series A, 4.92%		186,846
6,282	Welltower, Inc., Series I, 5.15%		396,520
			583,366
Health Care Providers & Services (0.1%):
16,596	Anthem, Inc., 5.20%^		829,633
143,925	Grand Rounds, Inc., Series C*(a)(b)		413,065
			1,242,698
Internet Software & Services (0.1%):
63,925	Lookout, Inc.*(a)(b)		632,858
Multi-Utilities (0.1%):
13,401	Dominion Resources, Inc., 3.32%^		681,843
Pharmaceuticals (0.1%):
686	Allergan plc, Series A, 0.08%		582,949
Software (0.1%):
116,157	Palantir Technologies, Inc., Series I*(a)(b)		922,286
Total Preferred Stocks (Cost $6,085,499)			6,419,530
Warrant (0.0%):
Paper & Forest Products (0.0%):
157,250	TFS Corp., Ltd.		16,386
Total Warrant (Cost $–)			16,386
Convertible Preferred Stocks (0.2%):
Banks (0.0%):
131	Wells Fargo & Co., Series L, Class A, 6.05%		162,276
Internet Software & Services (0.2%):
144,482	Domo, Inc., Series E*(a)(b)		1,203,535
Total Convertible Preferred Stocks (Cost $1,361,004)			1,365,811

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)(d)	$	161,525
23,389	Jawbone, 0.00%*(a)(b)		63,852
			225,377
Oil, Gas & Consumable Fuels (0.0%):
268,000	Project Samson BND Corp., 12.00%, 4/1/20(a)(b)(d)		14,124
Total Private Placements (Cost $3,333,000)			239,501
Convertible Bonds (0.5%):
Diversified Telecommunication Services (0.1%):
300,000	Telefonica SA, Series TIT, 6.00%, 7/24/17+(e)		304,170
500,000	Telefonica SA, Series TEF, 4.90%, 9/25/17+		523,803
			827,973
Electrical Equipment (0.1%):
370,000	Suzlon Energy, Ltd., Series SUEL, 5.75%, 7/16/19(d)(e)		418,100
Food Products (0.0%):
400,000	REI Agro, Ltd., Registered Shares, 5.50%, 11/13/14(a)(b)(f)		2,000
Multi-Utilities (0.0%):
3,561	Dominion Resources, Inc., 6.75%, 7/1/17		179,118
Oil, Gas & Consumable Fuels (0.1%):
486,000	Cobalt International Energy, Inc., 2.63%, 12/1/19		155,520
596,000	Cobalt International Energy, Inc., 3.13%, 5/15/24		149,000
631,620	Dana Gas Sukuk, Ltd., 7.00%, 10/31/17(e)		549,509
			854,029
Pharmaceuticals (0.1%):
700,000	Bayer Capital Corp. BV, 5.63%, 11/22/19+(e)		868,476
Real Estate Management & Development (0.0%):
250,000	CapitaLand, Ltd., 1.95%, 10/17/23+(e)		183,679
Semiconductors & Semiconductor Equipment (0.0%):
113,000	Intel Corp., 3.25%, 8/1/39		197,397
Wireless Telecommunication Services (0.1%):
6,388	Mandatory Exchange Trust, 5.75%, 6/1/19		826,927
Total Convertible Bonds (Cost $5,469,800)			4,357,699
Bank Loans (0.2%):
Capital Markets (0.1%):
102,487	Sheridan Production Partners, 4.25%, 12/2/20(d)(g)		84,039
38,233	Sheridan Production Partners, 4.25%, 12/16/20(d)(g)		31,351
736,585	Sheridan Production Partners, 4.25%, 12/16/20(d)(g)		604,000
			719,390

Continued

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Bank Loans, continued
Energy Equipment & Services (0.0%):
$  178,464	Drillships Financing Holdings, Inc., 5.50%, 3/31/21(d)		$127,334
374,634	Seadrill, Ltd., 4.00%, 2/21/21(d)		253,189
			380,523
Hotels, Restaurants & Leisure (0.1%):
525,310	Hilton Worldwide Finance LLC, 3.50%, 10/25/20(d)		528,951
Oil, Gas & Consumable Fuels (0.0%):
405,533	Fieldwood Energy LLC, 8.38%, 9/20/20(d)		288,942
111,961	Fieldwood Holdings LLC, 0.00%, 8/31/20(d)		105,454
			394,396
Total Bank Loans (Cost $2,450,092)			2,023,260
Collateralized Mortgage Obligations (0.1%):
459,000	Logistics UK, Class F, Series 2015-1A, 4.05%, 8/20/25(a)(b)(d)		552,102
Total Collateralized Mortgage Obligations (Cost $690,066)			552,102
Corporate Bonds (2.1%):
Banks (0.4%):
168,000	Bank of America Corp., 2.00%, 1/11/18, MTN		168,429
163,000	Bank of America Corp., 2.60%, 1/15/19		164,697
473,000	Citigroup, Inc., 1.80%, 2/5/18		473,243
389,000	Citigroup, Inc., Series O, 5.87%, 12/29/49, Callable 3/27/20 @ 100^(d)		402,372
451,000	JPMorgan Chase & Co., 2.30%, 8/15/21, Callable 8/15/20 @ 100^		446,317
137,000	JPMorgan Chase & Co., 4.35%, 8/15/21		146,619
378,000	JPMorgan Chase & Co., 1.94%, 1/15/23, Callable 1/15/22 @ 100(d)		380,868
162,000	Merrill Lynch & Co., 6.88%, 4/25/18, MTN		170,462
			2,353,007
Biotechnology (0.1%):
353,000	AbbVie, Inc., 2.50%, 5/14/20, Callable 4/14/20 @ 100		355,407
286,000	AbbVie, Inc., 2.30%, 5/14/21, Callable 4/14/21 @ 100		282,409
			637,816
Capital Markets (0.2%):
1,060,000	Goldman Sachs Group, Inc., 2.60%, 12/27/20, Callable 12/27/19 @ 100		1,060,164
321,000	Goldman Sachs Group, Inc. (The), Series L, 5.70%, 12/29/49, Callable 5/10/19 @ 100^(d)		331,882
337,000	Goldman Sachs Group, Inc. (The), Series M, 5.38%, 12/31/49, Callable 5/10/20 @ 100(d)		344,583

Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Capital Markets, continued
	$    238,000	Morgan Stanley, Series H, 5.45%, 7/29/49, Callable 7/15/19 @ 100(d)	$	242,308
				1,978,937
	Communications Equipment (0.0%):
	229,000	Cisco Systems, Inc., 2.20%, 2/28/21		229,098
	53,000	Hughes Satellite Systems Corp., 7.63%, 6/15/21		58,433
				287,531
	Consumer Finance (0.4%):
	203,000	Ally Financial, Inc., 3.50%, 1/27/19		204,523
	209,000	American Express Co., Series C, 5.01%, 12/29/49, Callable 3/15/20 @ 100^(d)		208,739
	655,000	American Express Credit, 2.70%, 3/3/22, Callable 1/31/22 @ 100		654,213
	264,000	Ford Motor Credit Co. LLC, 5.00%, 5/15/18		272,758
	200,000	Ford Motor Credit Co. LLC, 2.26%, 3/28/19		200,496
	250,000	General Motors Financial Co., 3.50%, 7/10/19		256,845
	132,000	General Motors Financial Co., Inc., 3.45%, 4/10/22, Callable 2/10/22 @ 100		133,010
	122,000	Hyundai Capital America, 2.00%, 3/19/18(e)		122,110
	87,000	Synchrony Financial, 3.75%, 8/15/21, Callable 6/15/21 @ 100		89,641
				2,142,335
	Diversified Financial Services (0.0%):
	231,000	Berkshire Hathaway, Inc., 2.75%, 3/15/23, Callable 1/15/23 @ 100		231,057
	Diversified Telecommunication Services (0.5%):
	412,000	AT&T, Inc., 2.38%, 11/27/18^		414,855
	660,000	AT&T, Inc., 3.00%, 6/30/22, Callable 4/30/22 @ 100		656,565
	2,119,000	Verizon Communications, 3.13%, 3/16/22		2,130,399
	80,000	Verizon Communications, Inc., 2.45%, 11/1/22, Callable 8/1/22 @ 100		77,167
	156,000	Verizon Communications, Inc., 2.63%, 8/15/26^		142,450
				3,421,436
	Equity Real Estate Investment Trusts (0.0%):
	140,000	American Tower Corp., 3.40%, 2/15/19		143,130
	Health Care Equipment & Supplies (0.0%):
	370,000	Medtronic, Inc., 3.15%, 3/15/22		380,803
	Hotels, Restaurants & Leisure (0.0%):
	240,000	Hilton Worldwide Finance LLC, 4.63%, 4/1/25, Callable 4/1/20 @ 102.31(e)		242,928
	Industrial Conglomerates (0.1%):
	38,000	General Electric Capital Corp., Series A, 5.55%, 5/4/20, MTN		41,996

Continued

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Industrial Conglomerates, continued
	$196,000	General Electric Capital Corp., 6.38%, 11/15/67, Callable 11/15/17 @ 100(d)	$	198,940
	332,000	General Electric Co., Series D, 5.00%, 12/31/49, Callable 1/21/21 @ 100(d)		350,260
				591,196
	Insurance (0.0%):
	184,000	Prudential Financial, Inc., 5.87%, 9/15/42, Callable 9/15/22 @ 100(d)		199,962
	122,000	Prudential Financial, Inc., 5.63%, 6/15/43, Callable 6/15/23 @ 100(d)		130,723
				330,685
	Internet Software & Services (0.0%):
	163,000	eBay, Inc., 3.80%, 3/9/22, Callable 2/9/22 @ 100		169,629
	Media (0.1%):
	114,000	Cablevision Systems Corp., 5.88%, 9/15/22^		114,998
	265,000	CCO Holdings LLC/Capital Corp., 5.13%, 5/1/27, Callable 5/1/22 @ 102.56(e)		266,325
	47,150	Delta Topco, Ltd., 2.00%, 7/23/19(a)(b)		68,318
	300,000	NBCUniversal Enterprise, Inc., 5.25%, 12/31/99, Callable 3/19/21 @ 100		314,999
				764,640
	Multiline Retail (0.0%):
	156,598	Neiman Marcus Group, Ltd., Inc., 0.00%, 10/25/20(d)		125,614
	Oil, Gas & Consumable Fuels (0.0%):
	136,000	Sabine Pass Liquefaction LLC, 5.63%, 4/15/23, Callable 1/15/23 @ 100		147,547
	Personal Products (0.0%):
	179,000	Edgewell Personal Care Co., 4.70%, 5/19/21		187,503
	167,000	Edgewell Personal Care Co., 4.70%, 5/24/22		173,680
				361,183
	Pharmaceuticals (0.0%):
	149,000	Forest Laboratories, Inc., 5.00%, 12/15/21, Callable 9/16/21 @ 100(e)		161,461
	228,000	Mylan, Inc., 2.55%, 3/28/19		228,873
				390,334
	Real Estate Management & Development (0.1%):
	473,000	Global Logistic Properties, Ltd., 3.88%, 6/4/25(b)(e)		443,889
	Semiconductors & Semiconductor Equipment (0.0%):
	388,000	QUALCOMM, Inc., 3.00%, 5/20/22		392,649
	Software (0.1%):
	80,000	Activision Blizzard, 2.30%, 9/15/21, Callable 8/15/21 @ 100(e)		78,328

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Corporate Bonds, continued
Software, continued
$    511,000	Oracle Corp., 1.90%, 9/15/21, Callable 8/15/21 @ 100	$	502,119
			580,447
Technology Hardware, Storage & Peripherals (0.1%):
570,000	Apple, Inc., 3.35%, 2/9/27, Callable 11/9/26 @ 100		576,819
Wireless Telecommunication Services (0.0%):
53,000	T-Mobile USA, Inc., 4.00%, 4/15/22^		53,861
210,000	T-Mobile USA, Inc., 6.00%, 4/15/24, Callable 4/15/19 @ 104.5		223,913
			277,774
Total Corporate Bonds (Cost $16,794,370)			16,971,386
Foreign Bonds (6.1%):
Banks (0.1%):
330,000	Lloyds TSB Bank plc, Series E, 13.00%, 1/29/49, Callable 1/21/29 @ 126+(d)		750,611
Metals & Mining (0.0%):
139,000	Constellium NV, 7.00%, 1/15/23+(e)		151,610
Sovereign Bonds (6.0%):
2,036,000	Australian Government, Series 124, 5.75%, 5/15/21+		1,778,524
3,655,000	Australian Government, Series 128, 5.75%, 7/15/22+		3,275,784
609,000	Australian Government, Series 133, 5.50%, 4/21/23+		547,352
2,485,000	Brazil Nota do Tesouro Nacional, Series NTNF, 10.00%, 1/1/18+(h)		814,315
1,256,000	Brazil Nota do Tesouro Nacional, Series NTNB, 0.00%, 8/15/22+(h)		1,245,946
6,680,000	Brazil Nota do Tesouro Nacional, Series NTNF, 10.00%, 1/1/23+(h)		2,194,320
1,804,831	Bundesrepub. Deutshland, 0.26%, 8/15/26+		1,879,318
1,120,000	Canada Housing Trust, 1.25%, 6/15/21+(e)		836,517
1,717,000	Canadian Government, 0.25%, 5/1/18+		1,285,445
4,374,000	Canadian Government, 0.50%, 8/1/18+		3,280,747
1,097,000	Canadian Government, 0.75%, 3/1/21+		816,319
490,000,000	Japan Treasury Discount Bill, Series 655, 0.00%, 4/10/17+(i)		4,402,204
280,000,000	Japan Treasury Discount Bill, Series 659, 0.00%, 4/24/17+(i)		2,515,764
520,000,000	Japan Treasury Discount Bill, Serries 650, -0.15%, 6/12/17+(i)		4,673,087
218,500,000	Japan Treasury Discount Bill, Series 362, 0.10%, 3/15/18+		1,969,935
273,450,000	Japan Treasury Discount Bill, Series 369, 0.10%, 10/15/18+		2,469,476
31,399,800	Mexican Bonos Desarr, 8.50%, 12/13/18+(d)(j)		1,724,486
61,705,100	Mexican Bonos Desarr, Series M, 6.50%, 6/10/21+(d)(j)		3,254,932
2,481,000	New Zealand Government, Series 0521, 6.00%, 5/15/21+		1,975,496

Continued

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Foreign Bonds, continued
Sovereign Bonds, continued
$  696,548	Obrigacoes Do Tesouro, 3.85%, 4/15/21+	$	810,198
4,087,000	Poland Government Bond, Series 0725, 3.25%, 7/25/25+		1,028,478
4,125,000	Poland Government Bond, Series 0726, 2.50%, 7/25/26+		967,999
4,904,000	Poland Government Bond, 2.50%, 7/25/27+		1,131,378
217,000	Republic of Argentina, 3.88%, 1/15/22+(e)		229,470
488,000	Republic of Indonesia, 2.63%, 6/14/23+(e)		545,276
1,520,000	Romania Government Bond, 4.75%, 2/24/25+		383,784
1,150,700	United Kingdom Treasury, 1.25%, 7/22/18+		1,462,706
523,990	United Kingdom Treasury, 1.75%, 7/22/19+		681,084
1,054,749	United Kingdom Treasury, 0.50%, 7/22/22+(e)		1,317,975
			49,498,315
Total Foreign Bonds (Cost $50,280,189)			50,400,536
Yankee Dollars (1.4%):
Banks (0.3%):
494,000	BNP Paribas SA, 2.40%, 12/12/18		496,883
273,000	Export-Import Bank of Korea, 2.63%, 12/30/20		273,679
614,000	HSBC Holdings plc, 6.38%, 12/29/49, Callable 9/17/24 @ 100(d)		617,838
403,000	Intesa Sanpaolo SpA, 3.88%, 1/15/19		412,559
			1,800,959
Capital Markets (0.0%):
207,000	UBS Group AG, 4.13%, 9/24/25(e)		210,502
Diversified Telecommunication Services (0.1%):
272,000	Intelsat Jackson Holdings SA, 7.50%, 4/1/21, Callable 5/8/17 @ 102.5		244,460
89,000	Intelsat Jackson Holdings SA, 8.00%, 2/15/24, Callable 2/15/19 @ 104^(e)		94,340
289,000	Telecom Italia SpA, 5.30%, 5/30/24^(e)		292,251
			631,051
Industrial Conglomerates (0.0%):
200,000	Odebrecht Finance, Ltd., 4.38%, 4/25/25(e)		72,000
Internet Software & Services (0.0%):
314,000	Alibaba Group Holding, Ltd., 3.13%, 11/28/21, Callable 9/28/21 @ 100		317,128
Oil, Gas & Consumable Fuels (0.2%):
509,000	Petrobras Global Finance, 6.13%, 1/17/22^		534,196
355,000	Petroleos Mexicanos, 4.77%, 3/11/22(d)(e)		381,625
368,000	Petroleos Mexicanos, 4.63%, 9/21/23^		370,116

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
Yankee Dollars, continued
Oil, Gas & Consumable Fuels, continued
$      58,000	YPF SA, 8.50%, 7/28/25(e)	$	62,913
			1,348,850
Paper & Forest Products (0.1%):
1,018,000	TFS Corp., Ltd., 8.75%, 8/1/23, Callable 8/1/19 @ 106.56(e)		1,007,820
Pharmaceuticals (0.0%):
287,000	Actavis Funding SCS, 3.00%, 3/12/20, Callable 2/12/20 @ 100		291,899
Real Estate Management & Development (0.0%):
150,500	IRSA Propiedades Comerciales SA, 8.75%, 3/23/23, Callable 3/23/20 @ 104.38(e)		165,637
Road & Rail (0.0%):
527,380	Inversiones Alsacia SA, 8.00%, 12/31/18, Callable 4/24/17 @ 100(a)		26,369
Sovereign Bonds (0.7%):
234,000	Federal Republic of Brazil, 4.88%, 1/22/21^		246,577
257,000	Federal Republic of Brazil, 2.63%, 1/5/23		238,368
279,000	Republic of Argentina, 6.88%, 4/22/21(e)		299,646
367,000	Republic of Argentina, 5.63%, 1/26/22(e)		375,808
662,000	Republic of Argentina, 7.50%, 4/22/26(e)		703,705
677,000	Republic of Argentina, 6.88%, 1/26/27(e)		686,478
513,000	Republic of Argentina, 7.13%, 7/6/36(e)		496,584
338,000	Republic of Hungary, 6.25%, 1/29/20		370,269
934,000	Republic of Hungary, 6.38%, 3/29/21		1,051,917
233,000	Republic of Indonesia, 6.88%, 1/17/18(e)		242,304
200,000	Republic of Indonesia, 3.70%, 1/8/22(e)		203,943
154,000	Republic of Poland, 5.00%, 3/23/22		169,021
209,000	Republic of Turkey, 6.75%, 4/3/18		217,124
461,000	Saudi International Bond, 2.38%, 10/26/21(e)		452,933
			5,754,677
Total Yankee Dollars (Cost $12,019,784)			11,626,892
U.S. Treasury Obligations (9.4%):
U.S. Treasury Bills (4.6%)
5,000,000	0.56%, 4/13/17(i)		4,998,995
13,657,000	0.62%, 4/20/17(i)		13,652,302
2,000,000	0.65%, 4/27/17(i)		1,999,026
2,000,000	0.63%, 5/4/17(i)		1,998,812
5,000,000	0.67%, 5/11/17(i)		4,996,205
4,000,000	0.68%, 5/18/17(i)		3,996,388
2,000,000	0.68%, 5/25/17(i)		1,997,930
4,000,000	0.73%, 6/22/17(i)		3,993,312
			37,632,970
U.S. Treasury Inflation Index Notes (0.4%)
2,761,200	0.13%, 7/15/26		2,729,156

Continued

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

Contracts, Shares, Notional Amount or Principal Amount		Fair Value
U.S. Treasury Obligations, continued
$  1,166,800	0.38%, 1/15/27(c)	$	1,167,891
			3,897,047
U.S. Treasury Notes (4.4%)
1,000,000	0.75%, 12/31/17(k)		997,969
938,500	1.13%, 7/31/21		910,199
20,294,400	1.88%, 1/31/22		20,249,995
5,292,800	1.88%, 2/28/22		5,281,431
8,483,000	2.25%, 2/15/27		8,374,647
			35,814,241
Total U.S. Treasury Obligations (Cost $77,340,655)			77,344,258
Purchased Swaptions (0.0%):
Total Purchased Swaptions (Cost $328,905)			127,955
Purchased Options (0.3%):
Total Purchased Options (Cost $2,193,699)			3,209,805
Exchange Traded Funds (1.7%):
2,334	ETFS Platinum Trust(k)		212,184
2,764	ETFS Physical Palladium Shares(k)		211,253
61,700	iShares Gold Trust(k)		741,017
104,833	SPDR Gold Trust(c)(k)		12,445,773
Total Exchange Traded Fund (Cost $13,769,833)			13,610,227
Securities Held as Collateral for Securities on Loan (3.3%):
$27,361,067	AZL MVP BlackRock Global Strategy Plus Fund Securities Lending Collateral Account(l)		27,361,067
Total Securities Held as Collateral for Securities on Loan (Cost $27,361,067)			27,361,067
Unaffiliated Investment Company (0.2%):
1,789,622	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.50%(i)		1,789,622
Total Unaffiliated Investment Company (Cost $1,789,622)			1,789,622
Affiliated Investment Companies (44.7%):
20,728,758	AZL Enhanced Bond Index Fund		222,626,863
14,631,827	AZL Global Equity Index Fund		146,025,637
Total Affiliated Investment Company (Cost $356,691,763)			368,652,500
Total Investment Securities (Cost $769,193,639)(m)—98.6%			811,983,631
Net other assets (liabilities)—1.4%			11,844,981
Net Assets—100.0%		$	823,828,612

Percentages indicated are based on net assets as of March 31, 2017.

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 March 31, 2017. The total value of securities on loan as of March 31, 2017, was $25,884,266.

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

(a) Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-adviser has deemed these securities to be illiquid based on procedures approved by the Board of Trustees. As of March 31, 2017, these securities represent 1.10% of the net assets of the fund.

(b) Security was valued in good faith pursuant to procedures approved by the Board of Trustees as of March 31, 2017. The total of all such securities represent 1.11% of the net assets of the fund.

(c) All or a portion of this security has been pledged as collateral for open derivative positions.

(d) Variable rate security. The rate presented represents the rate in effect at March 31, 2017. The date presented represents the final maturity date.

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

(f) Defaulted bond.

(g) The sub-adviser has deemed these securities to be illiquid based on procedures approved by the Board of Trustees. As of March 31, 2017, these securities represent 0.09% of the net assets of the Fund.

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

(i) The rate represents the effective yield at March 31, 2017.

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

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

(l) Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2017.

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

Continued

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of March 31, 2017:

Country	Percentage
Argentina		0.2	%
Australia		0.8	%
Belgium		0.2	%
Bermuda		—	%NM
Brazil		0.6	%
Canada		0.9	%
Cayman Islands		—	%NM
Chile		—	%NM
China		0.2	%
Czech Republic		—	%NM
European Community		—	%NM
Finland		0.2	%
France		1.6	%
Germany		1.2	%
Guernsey		—	%NM
Hong Kong		0.4	%
Hungary		0.2	%
India		0.6	%
Indonesia		0.3	%
Ireland (Republic of)		0.2	%
Italy		0.5	%
Japan		7.0	%
Jersey		0.1	%
Luxembourg		0.1	%
Mexico		0.7	%
Netherlands		0.8	%
New Zealand		0.2	%
Poland		0.4	%
Portugal		0.1	%
Republic of Korea (South)		0.3	%
Romania		—	%NM
Saudi Arabia		0.1	%
Singapore		0.2	%
Spain		0.3	%
Sweden		0.3	%
Switzerland		0.5	%
Taiwan, Province Of China		0.2	%
Thailand		0.1	%
Turkey		—	%NM
United Arab Emirates		0.1	%
United Kingdom		2.6	%
United States		77.8	%
		100.0	%

NM Not meaningful, amount is less than 0.05%.

Continued

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

Securities Sold Short (-0.6%):(a)

Security Description	Proceeds Received			Fair Value			Unrealized Appreciation/ Deprecation
Bank of Montreal	$	(493,793	)	$	(573,779	)	$	(79,986	)
Caterpillar, Inc.		(578,141	)		(549,231	)		28,910
First Quantum Minerals, Ltd.		(28,597	)		(22,964	)		5,633
Lyondellbasell Industries NV		(454,992	)		(449,202	)		5,790
Procter & Gamble Co. (The)		(599,100	)		(605,948	)		(6,848	)
ProLogis, Inc.		(787,708	)		(820,638	)		(32,930	)
Royal Bank of Canada		(621,331	)		(698,421	)		(77,090	)
	$	(3,563,662	)	$	(3,720,183	)	$	(156,521	)

Futures Contracts

Cash of $41,754,400 has been segregated to cover margin requirements for the following open contracts as of March 31, 2017:

Description	Type		Expiration Date		Number of Contracts			Notional Value			Unrealized Appreciation/ (Depreciation)
DJ EURO STOXX 50 June Futures (Euro)(a)		Short		6/16/17		(9	)	$	(328,907	)	$	(4,106	)
NASDAQ 100 E-Mini June Futures (U.S. Dollar) (a)		Short		6/16/17		(35	)		(3,806,950	)		(31,759	)
Nikkei 225 Index June Futures (Japanese Yen) (a)		Short		6/8/17		(8	)		(681,340	)		11,169
S&P 500 Index E-Mini June Futures (U.S. Dollar)		Short		6/16/17		119			14,037,240			(54,172	)
ASX SPI 200 Index June Futures (Australian Dollar) (a)		Long		6/15/17		1			111,668			2,208
SGX Nifty 50 Index April Futures (U.S. Dollar) (a)		Long		4/27/17		36			662,256			4,580
U.S. Treasury 10-Year Note June Futures		Long		6/21/17		165			20,552,813			(46,806	)
Total											$	(118,886	)

Option Contracts(a)

Over-the-counter options purchased as of March 31, 2017 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		7,320	$	4,283
Allstate Corp.	Goldman Sachs	Call		80.00    USD		1/19/18		4,662		26,334
Apple, Inc.	UBS Warburg	Call		110.00    USD		9/15/17		13,425		460,348
BB&T Corp.	Goldman Sachs	Call		40.00    USD		1/19/18		10,179		63,262
Capital One Financial Corp.	Goldman Sachs	Call		80.00    USD		1/19/18		10,419		119,833
Citigroup,Inc.	Goldman Sachs	Call		42.00    USD		1/19/18		6,262		29,587
Citigroup,Inc.	Goldman Sachs	Call		55.00    USD		1/19/18		14,279		111,954
CME Group Inc.	Goldman Sachs	Call		115.00    USD		1/19/18		5,010		50,469
Comerica Inc.	Goldman Sachs	Call		55.00    USD		1/19/18		8,756		138,057
E*Trade Financial Corp.	Goldman Sachs	Call		35.00    USD		1/19/18		12,968		50,619
Euro Stoxx 50 Index	Citigroup Global Markets	Call		3150.00    EUR		6/16/17		256		84,991
Euro Stoxx 50 Index	Deutsche Bank	Call		3426.55    EUR		9/21/18		106		26,105
Fifth Third Bancorp	Goldman Sachs	Call		25.00    USD		1/19/18		14,279		36,715
Franklin Resources, Inc.	Goldman Sachs	Call		45.00    USD		1/19/18		12,892		33,422
JPMorgan Chase & Co.	Goldman Sachs	Call		70.00    USD		1/19/18		14,279		270,310
Keycorp	Goldman Sachs	Call		15.00    USD		1/19/18		14,279		49,686
Lincoln Natl Corp.	Goldman Sachs	Call		55.00    USD		1/19/18		8,673		112,567
MetLife, Inc.	Goldman Sachs	Call		52.50    USD		1/19/18		14,279		64,433
Morgan Stanley	Goldman Sachs	Call		35.00    USD		1/19/18		14,279		128,203
Munulife Financial Corp.	Goldman Sachs	Call		22.00    CAD		1/19/18		14,279		24,905

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

QUALCOMM, Inc.	Deutsche Bank	Call	52.50	USD	5/19/17	12,183	$	66,349
Regions Financial Corp.	Goldman Sachs	Call	12.00	USD	1/19/18	14,279		43,525
SPDR Gold Shares(b)	Societe Generale	Call	120.00	USD	5/19/17	10,509		17,373
SPDR Gold Shares(b)	Morgan Stanley	Call	120.00	USD	6/30/17	15,756		39,936
SPDR Gold Shares(b)	Morgan Stanley	Call	121.00	USD	7/21/17	11,905		29,889
SPDR Gold Shares(b)	Morgan Stanley	Call	121.00	USD	8/18/17	11,249		34,213
SPDR Gold Shares(b)	JPMorgan Chase	Call	122.00	USD	10/20/17	9,269		34,818
SPDR Gold Shares(b)	JPMorgan Chase	Call	120.00	USD	11/17/17	11,386		57,738
SPDR Gold Trust(b)	Morgan Stanley	Call	122.00	USD	9/29/17	14,970		50,793
State Street Corp.	Goldman Sachs	Call	72.50	USD	1/19/18	9,661		109,711
SunTrust Banks, Inc.	Goldman Sachs	Call	55.00	USD	1/19/18	14,279		71,327
Synchrony Financial	Goldman Sachs	Call	35.00	USD	1/19/18	14,279		41,782
TD Ameritrade Holding Corp.	Goldman Sachs	Call	40.00	USD	1/19/18	12,170		36,500
The Charles Schwab Corp.	Goldman Sachs	Call	40.00	USD	1/19/18	14,279		66,485
Tokyo Stock Exchange Price Index	Morgan Stanley	Call	1550.00	JPY	4/14/17	77,427		3,112
Tokyo Stock Exchange Price Index	BNP Paribas	Call	1575.00	JPY	4/14/17	97,201		1,104
Tokyo Stock Exchange Price Index	Societe Generale	Call	1575.00	JPY	5/12/17	129,265		9,702
Tokyo Stock Exchange Price Index	BNP Paribas	Call	1550.00	JPY	6/9/17	77,573		16,555
Tokyo Stock Exchange Price Index	Goldman Sachs	Call	1600.00	JPY	7/14/17	130,490		18,803
Tokyo Stock Exchange Price Index	UBS Warburg	Call	1600.00	JPY	9/8/17	88,751		20,786
Travelers Companies, Inc.	Goldman Sachs	Call	135.00	USD	1/19/18	4,416		8,549
Wells Fargo & Co.	Goldman Sachs	Call	55.00	USD	1/19/18	15,995		67,671
Zions Bancorporation	Goldman Sachs	Call	35.00	USD	1/19/18	11,707		100,599
Ibovespa Brasil Sao Paulo Index	Bank of America	Put	59177.00	BRL	4/12/17	68		495
Russell 2000 Index	Morgan Stanley	Put	1350.00	USD	4/21/17	1,940		12,729
Russell 2000 Index	Morgan Stanley	Put	1335.00	USD	5/19/17	1,296		18,437
Russell 2000 Index	UBS Warburg	Put	1360.00	USD	5/19/17	1,173		24,108
S&P 500 Index	Deutsche Bank	Put	2325.00	USD	4/21/17	1,177		9,060
S&P 500 Index	Citigroup	Put	2325.00	USD	5/19/17	1,565		34,725
S&P 500 Index	BNP Paribas	Put	2330.00	USD	5/19/17	653		15,318
S&P 500 Index	Bank of America	Put	2300.00	USD	6/16/17	1,554		43,462
Total							$	2,991,737

Over-the-counter options written as of March 31, 2017 were as follows:

Description	Counterparty	Put/ Call	Strike Price			Expiration Date		Contracts		Fair Value
Apple, Inc.	UBS Warburg	Call		130.00	USD		9/15/17		13,425	$	(225,886	)
Ibovespa Brasil Sao Paulo Index	Bank of America	Call		64946.76	BRL		4/12/17		68		(25,530	)
Russell 2000 Index	Morgan Stanley	Call		1435.00	USD		5/19/17		1,296		(13,915	)
Russell 2000 Index	UBS Warburg	Call		1460.00	USD		5/19/17		1,173		(6,796	)
S&P 500 Index	Bank of America	Call		2390.00	USD		6/16/17		1,554		(46,077	)
SPDR Gold Shares(b)	Morgan Stanley	Call		140.00	USD		6/30/17		15,756		(1,714	)
SPDR Gold Shares(b)	JPMorgan Chase	Call		146.00	USD		10/20/17		93		(3,714	)

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

SPDR Gold Shares(b)	JPMorgan Chase	Call	137.00	USD	11/17/17	113	$	(12,204	)
SPDR Gold Trust(b)	Morgan Stanley	Call	143.00	USD	7/21/17	11,905		(1,493	)
SPDR Gold Trust(b)	Morgan Stanley	Call	145.00	USD	9/29/17	14,970		(4,960	)
Tokyo Stock Exchange Price Index	UBS Warburg	Call	1750.00	JPY	9/8/17	88,751		(3,271	)
Apple, Inc.	UBS Warburg	Put	100.00	USD	9/15/17	13,425		(3,626	)
Euro Stoxx 50 Index	Deutsche Bank	Put	2586.07	EUR	9/21/18	106		(9,453	)
Ibovespa Brasil Sao Paulo Index	Bank of America	Put	50300.45	BRL	4/12/17	68		—
QUALCOMM, Inc.	Deutsche Bank	Put	40.00	USD	5/19/17	12,183		(165	)
Russell 2000 Index	Morgan Stanley	Put	1250.00	USD	4/21/17	1,940		(1,564	)
Russell 2000 Index	Morgan Stanley	Put	1215.00	USD	5/19/17	1,296		(3,492	)
Russell 2000 Index	UBS Warburg	Put	1260.00	USD	5/19/17	1,173		(5,762	)
S&P 500 Index	Deutsche Bank	Put	2175.00	USD	4/21/17	1,177		(1,176	)
S&P 500 Index	BNP Paribas	Put	2160.00	USD	5/19/17	653		(3,208	)
S&P 500 Index	Citigroup	Put	2175.00	USD	5/19/17	1,565		(8,772	)
S&P 500 Index	Bank of America	Put	2150.00	USD	6/16/17	1,554		(14,820	)
SPDR Gold Shares(a)	JPMorgan Chase	Put	105.00	USD	10/20/17	93		(6,575	)
SPDR Gold Shares(a)	JPMorgan Chase	Put	103.00	USD	11/17/17	113		(7,797	)
SPDR Gold Trust(a)	Morgan Stanley	Put	105.00	USD	9/29/17	14,970		(8,585	)
Tokyo Stock Exchange Price Index	Goldman Sachs	Put	1475.00	JPY	7/14/17	65,245		(21,248	)
Total (Premiums $573,926)							$	(441,803	)

Over-the-counter currency options purchased as of March 31, 2017 were as follows:

Description	Counterparty	Strike Price			Expiration Date		Notional Amount		Fair Value
European Dollar Call Currency Option (USD/EUR)	UBS Warburg		1.20	EUR		3/27/18		10,512,802	$	56,326
European Dollar Call Currency Option (USD/EUR)	Morgan Stanley		1.12	EUR		4/6/17		25,604		56
European Dollar Call Currency Option (USD/EUR)	Goldman Sachs		1.10	EUR		4/20/17		17,270		533
European Dollar Call Currency Option (USD/EUR)	Deutsche Bank		1.11	EUR		5/4/17		18,194		1,744
European Dollar Call Currency Option (USD/EUR)	UBS Warburg		1.10	EUR		5/12/17		26,101		13,417
European Dollar Call Currency Option (USD/EUR)	JPMorgan Chase		1.10	EUR		5/25/17		26,160		15,170
European Dollar Call Currency Option (USD/EUR)	BNP Paribas		1.13	EUR		6/21/17		26,278		7,094
European Dollar Call Currency Option (USD/EUR)	UBS Warburg		1.13	EUR		7/20/17		26,278		12,265
Great Britain Pound Call Currency Option (USD/GBP)	JPMorgan Chase		1.28	GBP		8/21/17		26,159		47,165
Japanese Yen Call Currency Option (USD/JPY)	JPMorgan Chase		114.50	USD		5/18/17		26,022		8,753
Japanese Yen Call Currency Option (USD/JPY)	UBS Warburg		116.00	USD		5/18/17		26,123		4,351
Japanese Yen Call Currency Option (USD/JPY)	Morgan Stanley		113.50	USD		6/23/17		26,287		22,942
Maxican Call Currency Option (USD/MXN)	UBS Warburg		19.40	USD		6/20/17		1,314,803		21,113
Norwegian Put Currency Option (USD/NOK)	BNP Paribas		8.30	USD		6/16/17		1,312,252		7,140
Total									$	218,069

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

Over-the-counter currency options written as of March 31, 2017 were as follows:

Description	Counterparty	Strike Price			Expiration Date		Notional Amount			Fair Value
Great Britain Pound Call Currency Option (USD/GBP)	JPMorgan Chase		1.34	GBP		8/21/17		(52,318	)	$	(24,652	)
Japanese Yen Call Currency Option (USD/JPY)	Barclays Bank		121.75	USD		4/6/17		(25,810	)		(44	)
Japanese Yen Call Currency Option (USD/JPY)	Goldman Sachs		119.00	USD		4/14/17		(25,403	)		(293	)
Japanese Yen Call Currency Option (USD/JPY)	JPMorgan Chase		120.00	USD		5/18/17		(26,022	)		(747	)
Maxican Call Currency Option (USD/MXN)	Morgan Stanley		26.00	USD		1/22/18		(12,989	)		(3,368	)
Maxican Call Currency Option (USD/MXN)	Goldman Sachs		21.75	USD		4/5/17		(12,910	)		(56	)
Maxican Call Currency Option (USD/MXN)	UBS Warburg		20.40	USD		6/20/17		(2,629,606	)		(14,433	)
New Zealand Call Currency Option (USD/NZD)	Goldman Sachs		0.73	NZD		5/4/17		(18,074	)		(524	)
Norwegian Call Currency Option (USD/NOK)	UBS Warburg		9.05	USD		4/5/17		(12,896	)		(45	)
Norwegian Call Currency Option (USD/NOK)	BNP Paribas		8.85	USD		6/16/17		(1,312,252	)		(9,843	)
European Dollar Put Currency Option (USD/EUR)	Morgan Stanley		1.05	EUR		4/6/17		(25,604	)		(477	)
European Dollar Put Currency Option (USD/EUR)	Goldman Sachs		1.03	EUR		4/20/17		(17,270	)		(745	)
European Dollar Put Currency Option (USD/EUR)	BNP Paribas		1.04	EUR		6/21/17		(26,278	)		(21,795	)
European Dollar Put Currency Option (USD/EUR)	UBS Warburg		1.05	EUR		7/20/17		(26,278	)		(28,791	)
Japanese Yen Put Currency Option (USD/JPY)	Barclays Bank		109.00	USD		4/6/17		(25,810	)		(1,246	)
Japanese Yen Put Currency Option (USD/JPY)	Goldman Sachs		108.00	USD		4/14/17		(25,403	)		(1,728	)
Japanese Yen Put Currency Option (USD/JPY)	JPMorgan Chase		108.00	USD		5/18/17		(26,022	)		(12,797	)
Japanese Yen Put Currency Option (USD/JPY)	UBS Warburg		108.50	USD		5/18/17		(26,123	)		(15,240	)
Japanese Yen Put Currency Option (USD/JPY)	Morgan Stanley		105.25	USD		6/23/17		(26,287	)		(11,663	)
New Zealand Put Currency Option (USD/NZD)	Goldman Sachs		0.66	NZD		5/4/17		(18,075	)		(340	)
Total (Premiums $417,541)										$	(148,827	)

Over-the-counter interest rate swaptions purchased as of March 31, 2017 were as follows:

Description

Counterparty

Put/ Call

Exercise Rate

Expiration Date

Notional Amount

Market Value

RTR 10Y Call 2.037 04/11/17

Bank of America

Call

2.04

USD

4/11/17

1,041

$

219

RTR 5Y USD Call 1.90 05/23/17

Deutsche Bank

Call

1.90

USD

5/23/17

2,641

36,317

RTR USD 10Y C2.23 4/20/17

Bank of America

Call

2.23

USD

4/20/17

530

5,672

RTR USD 5Y C2 5/12/17

Goldman Sachs

Call

2.00

USD

5/12/17

1,059

24,495

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

Deutsche Bank

Put

1.07

JPY

4/4/18

1,006,980

428

MC USD 2Y P2.25 6/2/17

Goldman Sachs

Put

2.25

USD

6/2/17

2,117

43,348

RTP EUR 30Y P1.5 06/09/17

Goldman Sachs

Put

1.50

EUR

6/9/17

95

17,476

Total

$

127,955

Over-the-counter interest rate swaptions written as of March 31, 2017 were as follows:

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

Description	Counterparty	Put/ Call	Exercise Rate			Expiration Date		Notional Amount			Market Value
MC USD 2Y C2.0 06/02/17	Goldman Sachs	Call		2.00	USD		6/2/17		(2,120	)	$	(13,885	)
RTR 5Y USD Call 1.65 05/23/17	Deutsche Bank	Call		1.65	USD		5/23/17		(3,962	)		(7,047	)
RTR USD 10Y C2.13 4/20/17	Bank of America	Call		2.13	USD		4/20/17		(530	)		(1,712	)
RTR USD 5Y C1.8 5/12/17	Goldman Sachs	Call		1.80	USD		5/12/17		(1,059	)		(4,450	)
Total (Premiums $83,288)											$	(27,094	)

Forward Currency Contracts

At March 31, 2017, the Fund’s open forward currency contracts were as follows:

Type of Contract	Counterparty	Delivery Date		Contract Amount (Local Currency)		Contract Value		Value		Net Unrealized Appreciation/ (Depreciation)
Short Contracts:
Australian Dollar	Deutsche Bank		4/28/17		507,000	$	384,590	$	387,049	$	(2,459	)
Australian Dollar	Citigroup Global Markets		5/10/17		1,315,000		1,012,938		1,003,653		9,285
Australian Dollar	Goldman Sachs		5/10/17		1,296,000		997,881		989,152		8,729
Brazilian Real	Goldman Sachs		6/19/17		3,267,956		1,011,000		1,024,962		(13,962	)
Japanese Yen	Credit Suisse First Boston		4/7/17		116,412,660		1,030,000		1,046,146		(16,146	)
Japanese Yen	Goldman Sachs		4/7/17		117,520,597		1,031,000		1,056,103		(25,103	)
Japanese Yen	Deutsche Bank		4/10/17		490,000,000		4,242,865		4,403,951		(161,086	)
Japanese Yen	Barclays Bank		4/24/17		280,000,000		2,440,810		2,518,007		(77,197	)
Japanese Yen	Deutsche Bank		5/11/17		71,301,000		627,042		641,606		(14,564	)
Japanese Yen	Credit Suisse First Boston		6/12/17		520,000,000		4,609,888		4,685,285		(75,397	)
Mexican Peso	Goldman Sachs		6/8/17		20,514,667		1,022,000		1,084,154		(62,154	)
New Zealand Dollar	UBS Warburg		5/4/17		1,421,000		1,040,740		994,936		45,804
New Zealand Dollar	JPMorgan Chase		5/10/17		1,430,000		1,045,674		1,001,057		44,617
South African Rand	UBS Warburg		5/19/17		16,526,000		1,245,375		1,222,596		22,779
						$	21,741,803	$	22,058,657	$	(316,854	)
Long Contracts:
Japanese Yen	Credit Suisse First Boston		4/7/17		116,412,660	$	1,029,012	$	1,046,146	$	17,134
Japanese Yen	Goldman Sachs		4/7/17		117,520,597		1,037,311		1,056,103		18,792
Norwegian Krone	Morgan Stanley		4/27/17		3,339,000		390,618		389,169		(1,449	)
						$	2,456,941	$	2,491,418	$	34,477

At March 31, 2017, 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/Polish Zloty	Deutsche Bank		382,000 EUR		1,644,777 PLN	$	414,389	$	408,856	$	(5,533	)
European Euro/Polish Zloty	Deutsche Bank		572,000 EUR		2,456,025 PLN		619,742		613,214		(6,528	)
						$	1,034,131	$	1,022,070	$	(12,061	)

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

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

At March 31, 2017, the Fund’s open centrally cleared credit default swap agreements were as follows:

Underlying Instrument	Clearing Agent	Expiration Date		Implied Credit Spread at March 31, 2017 (%)(c)		Notional Amount ($)(d)		Fixed Rate (%)		Value ($)			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		3.11		256,445		5.00		(20,163	)		(20,471	)		308
CDX North America Investment Grade Index Swap Agreement with JPMorgan Chase Bank, N.A., Series 27	JPMorgan Chase		12/20/21		0.59		314,006		1.00		(5,814	)		(4,985	)		(829	)
											(25,977	)		(25,456	)		(521	)

Over-the-Counter Currency Swap Agreements(a)

At March 31, 2017, the Fund’s open over-the-counter currency swap agreements were as follows:

Pay/ Receive Floating Rate	Fixed Rate (%)		Expiration Date		Counterparty	Notional Amount (Local)			Value ($)			Unrealized Appreciation/ (Depreciation) ($)
Pay		1.963		3/15/18	Bank of America		131,550,000	JPY		(21,691	)		(21,691	)
Pay		1.838		3/15/18	Bank of America		86,950,000	JPY		(9,660	)		(9,660	)
Receive		2.012		10/15/18	Bank of America		273,450,000	JPY		183,122			183,122
										151,771			151,771

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

Centrally Cleared Interest Rate Swap Agreements(a)

At March 31, 2017, the Fund’s open centrally cleared interest rate swap agreements were as follows:

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate (%)		Expiration Date		Clearing Agent		Notional Amount (Local)			Upfront Premiums Paid/ (Received) ($)		Value ($)			Unrealized Appreciation/ (Depreciation) ($)
Receive	3-Month U.S. Dollar LIBOR BBA		1.058		7/5/20		JPMorgan Chase		2,910,347	USD		32		(59,220	)		(59,252	)
Receive	3-Month U.S. Dollar LIBOR BBA		1.018		7/5/20		JPMorgan Chase		2,860,125	USD		31		(60,434	)		(60,465	)
Receive	3-Month U.S. Dollar LIBOR BBA		1.015		7/5/20		JPMorgan Chase		2,860,266	USD		—		(60,574	)		(60,574	)
Receive	3-Month U.S. Dollar LIBOR BBA		0.989		7/5/20		JPMorgan Chase		2,860,162	USD		—		(62,007	)		(62,007	)
Receive	3-Month U.S. Dollar LIBOR BBA		1.219		7/19/20		JPMorgan Chase		2,933,552	USD		—		(51,187	)		(51,187	)
Receive	3-Month U.S. Dollar LIBOR BBA		1.183		7/19/20		JPMorgan Chase		2,933,279	USD		—		(53,219	)		(53,219	)
Receive	3-Month U.S. Dollar LIBOR BBA		1.208		7/19/20		JPMorgan Chase		2,933,432	USD		—		(51,835	)		(51,835	)
Pay	6-Month Euro Interbank Offer Rate (EURIBOR)		0.415		3/7/23		JPMorgan Chase		4,684,846	EUR		69		(4,455	)		(4,524	)
Receive	3-Month U.S. Dollar LIBOR BBA		2.403		3/7/23		JPMorgan Chase		5,293,612	USD		74		23,975			23,901
Pay	6-Month Euro Interbank Offer Rate (EURIBOR)		0.373		8/15/26		JPMorgan Chase		1,804,831	EUR		31		55,534			55,503
Pay	3-Month U.S. Dollar LIBOR BBA		3.027		4/19/27		JPMorgan Chase		7,040,414	USD		—		(67,392	)		(67,392	)
Pay	6-Month Euro Interbank Offer Rate (EURIBOR)		0.938		7/31/27		JPMorgan Chase		2,464,500	EUR		40		(26,617	)		(26,657	)
Receive	3-Month U.S. Dollar LIBOR BBA		2.564		7/31/27		JPMorgan Chase		2,883,900	USD		44		23,941			23,897
														(393,490	)		(393,811	)

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

Over-the-counterTotal Return Swaps at March 31, 2017

Pay/ Receive	Reference Entity	Expiration Date		Counterparty		Notional Amount (Local)			Unrealized Appreciation/ (Depreciation)
Pay	EURO Stoxx 50 Index Dividends December Futures		12/21/18		BNP Paribas SA		89,520	EUR	$	6,144
Pay	EURO Stoxx 50 Index Dividends December Futures		12/21/18		BNP Paribas SA		101,700	EUR		5,856
Pay	EURO Stoxx 50 Index Dividends December Futures		12/21/18		BNP Paribas SA		181,560	EUR		9,600
Pay	EURO Stoxx 50 Index Dividends December Futures		12/20/19		BNP Paribas SA		122,040	EUR		18,561
Pay	EURO Stoxx 50 Index Dividends December Futures		12/20/19		BNP Paribas SA		60,300	EUR		10,048
Pay	EURO Stoxx 50 Index Dividends December Futures		12/20/19		BNP Paribas SA		131,430	EUR		20,939
Pay	EURO Stoxx 50 Index Dividends December Futures		12/27/19		BNP Paribas SA		92,430	EUR		12,960
Pay	EURO Stoxx 50 Index Dividends December Futures		12/17/20		BNP Paribas SA		51,650	EUR		3,573
Pay	EURO Stoxx 50 Index Dividends December Futures		12/18/20		BNP Paribas SA		67,410	EUR		12,470
Pay	EURO Stoxx 50 Index Dividends December Futures		12/18/20		BNP Paribas SA		106,900	EUR		6,507
Pay	EURO Stoxx 50 Index Dividends December Futures		12/18/20		BNP Paribas SA		109,300	EUR		10,454
Pay	EURO Stoxx 50 Index Dividends December Futures		12/18/20		BNP Paribas SA		106,700	EUR		18,774
Pay	EURO Stoxx 50 Index Dividends December Futures		12/18/20		BNP Paribas SA		29,100	EUR		5,120
Pay	EURO Stoxx 50 Index Dividends December Futures		12/18/20		BNP Paribas SA		28,920	EUR		5,312
Pay	EURO Stoxx 50 Index Dividends December Futures		12/18/20		BNP Paribas SA		28,860	EUR		5,376
Pay	EURO Stoxx 50 Index Dividends December Futures		12/23/20		BNP Paribas SA		28,800	EUR		5,440
Pay	EURO Stoxx 50 Index Dividends December Futures		12/17/21		BNP Paribas SA		53,400	EUR		1,707
Pay	NIKKEI 225 Dividend Index E-Mini March Futures		3/31/17		BNP Paribas SA		13,925,000	JPY		22,056
Pay	NIKKEI 225 Dividend Index E-Mini March Futures		3/31/17		BNP Paribas SA		11,340,000	JPY		15,848
Pay	NIKKEI 225 Dividend Index E-Mini March Futures		3/30/18		BNP Paribas SA		19,830,600	JPY		12,069
Pay	NIKKEI 225 Dividend Index E-Mini March Futures		3/30/18		BNP Paribas SA		20,025,000	JPY		10,323
Pay	NIKKEI 225 Dividend Index E-Mini March Futures		3/29/19		BNP Paribas SA		10,312,500	JPY		9,447
Pay	NIKKEI 225 Dividend Index E-Mini March Futures		3/29/19		BNP Paribas SA		20,514,000	JPY		19,890
Pay	NIKKEI 225 Dividend Index E-Mini March Futures		3/29/19		BNP Paribas SA		10,560,000	JPY		7,223
Pay	NIKKEI 225 Dividend Index E-Mini March Futures		3/31/20		BNP Paribas SA		17,000,000	JPY		22,190
Pay	NIKKEI 225 Dividend Index E-Mini March Futures		3/31/20		BNP Paribas SA		10,488,000	JPY		10,727
Pay	NIKKEI 225 Dividend Index E-Mini March Futures		3/31/20		BNP Paribas SA		13,960,000	JPY		14,518
Pay	NIKKEI 225 Dividend Index E-Mini March Futures		3/31/21		BNP Paribas SA		3,855,000	JPY		844
Pay	NIKKEI 225 Dividend Index E-Mini March Futures		3/31/21		BNP Paribas SA		15,520,000	JPY		2,480
Pay	NIKKEI 225 Dividend Index E-Mini March Futures		3/31/21		BNP Paribas SA		7,655,000	JPY		2,183
Pay	NIKKEI 225 Dividend Index E-Mini March Futures		3/31/21		BNP Paribas SA		3,880,000	JPY		620

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

Pay	NIKKEI 225 Dividend Index E-Mini March Futures	3/31/22	BNP Paribas SA	15,720,000	JPY	$	2,372
Pay	NIKKEI 225 Dividend Index E-Mini March Futures	3/31/22	BNP Paribas SA	7,950,000	JPY		377
Pay	S&P 500 Index Dividends December Futures	12/21/18	BNP Paribas SA	257,125	USD		29,150
Pay	S&P 500 Index Dividends December Futures	12/17/20	Goldman Sachs	107,944	USD		21,656
Pay	S&P 500 Index Dividends December Futures	12/17/21	BNP Paribas SA	133,513	USD		31,075
						$	393,889

(a) All or a portion of 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 I, Ltd. (the “Subsidiary”).

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

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

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

See accompanying notes to the schedules of portfolio investments.

AZL MVP DFA Multi-Strategy Fund

Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

Shares		Fair Value
Affiliated Investment Companies (95.0%):
323,306	AZL DFA Emerging Markets Core Equity Fund	$	3,074,637
2,354,868	AZL DFA Five-Year Global Fixed Income Fund		23,619,330
438,043	AZL DFA International Core Equity Fund		4,327,865
1,924,909	AZL DFA U.S. Core Equity Fund		21,712,976
546,442	AZL DFA U.S. Small Cap Fund		6,273,159
Total Affiliated Investment Companies (Cost $54,732,775)			59,007,967
Unaffiliated Investment Company (0.0%):
2,001	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.50%(a)		2,001
Total Unaffiliated Investment Company (Cost $2,001)			2,001
Total Investment Securities (Cost $54,734,776)(b)—95.0%			59,009,968
Net other assets (liabilities)—5.0%			3,128,609
Net Assets—100.0%		$	62,138,577

Percentages indicated are based on net assets as of March 31, 2017.

(a) The rate represents the effective yield at March 31, 2017.

(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

March 31, 2017 (Unaudited)

Futures Contracts

Cash of $3,083,741 has been segregated to cover margin requirements for the following open contracts as of March 31, 2017:

Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini June Futures		Long		6/16/17		15	$	1,769,400	$	(8,102	)
U.S. Treasury 10-Year Note June Futures		Long		6/21/17		9		1,121,063		(2,805	)
Total									$	(10,907	)

See accompanying notes to the schedules of portfolio investments.

AZL MVP Fusion Dynamic Balanced Fund

Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

Shares		Fair Value
Affiliated Investment Companies (95.0%):
3,956,247	AZL DFA International Core Equity Fund	$	39,087,716
2,991,015	AZL DFA U.S. Core Equity Fund		33,738,652
1,496,299	AZL DFA U.S. Small Cap Fund		17,177,513
4,511,304	AZL Emerging Markets Equity Index Fund, Class 2		33,338,540
7,578,681	AZL Enhanced Bond Index Fund		81,395,029
1,794,926	AZL Gateway Fund		22,651,964
6,197,341	AZL International Index Fund, Class 2		94,137,615
10,793,391	AZL MetWest Total Return Bond Fund		109,444,982
2,014,803	AZL Mid Cap Index Fund, Class 2		44,869,652
10,815,094	AZL Pyramis Total Bond Fund, Class 2		110,205,812
8,081,047	AZL Russell 1000 Growth Index Fund, Class 2		114,023,573
8,176,199	AZL Russell 1000 Value Index Fund, Class 2		112,913,310
1,196,622	AZL Small Cap Stock Index Fund, Class 2		17,183,490
5,398,973	PIMCO VIT Income Portfolio		56,041,345
5,446,728	PIMCO VIT Low Duration Portfolio		55,720,032
10,305,929	PIMCO VIT Total Return Portfolio		110,788,740
Total Affiliated Investment Companies (Cost $982,637,318)			1,052,717,965
Total Investment Securities (Cost $982,637,318)(a)—95.0%			1,052,717,965
Net other assets (liabilities)—5.0%			54,892,155
Net Assets—100.0%		$	1,107,610,120

Percentages indicated are based on net assets as of March 31, 2017.

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

Continued

AZL MVP Fusion Dynamic Balanced Fund

Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

Futures Contracts

Cash of $55,423,600 has been segregated to cover margin requirements for the following open contracts as of March 31, 2017:

Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini June Futures		Long		6/16/17		234	$	27,602,640	$	(120,029	)
U.S. Treasury 10-Year Note June Futures		Long		6/21/17		222		27,652,875		(63,963	)
Total									$	(183,992	)

See accompanying notes to the schedules of portfolio investments.

AZL MVP Fusion Dynamic Conservative Fund

Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

Shares		Fair Value
Affiliated Investment Companies (95.0%):
700,777	AZL DFA International Core Equity Fund	$	6,923,681
367,753	AZL DFA U.S. Core Equity Fund		4,148,258
240,656	AZL DFA U.S. Small Cap Fund		2,762,731
559,977	AZL Emerging Markets Equity Index Fund, Class 2		4,138,232
2,514,409	AZL Enhanced Bond Index Fund		27,004,753
330,649	AZL Gateway Fund		4,172,794
998,929	AZL International Index Fund, Class 2,		15,173,728
3,549,399	AZL MetWest Total Return Bond Fund		35,990,906
371,349	AZL Mid Cap Index Fund, Class 2		8,269,939
3,531,978	AZL Pyramis Total Bond Fund, Class 2		35,990,860
1,494,760	AZL Russell 1000 Growth Index Fund, Class 2		21,091,057
1,509,020	AZL Russell 1000 Value Index Fund, Class 2		20,839,570
289,212	AZL Small Cap Stock Index Fund, Class 2		4,153,082
1,604,493	PIMCO VIT Income Portfolio		16,654,637
1,897,749	PIMCO VIT Low Duration Portfolio		19,413,973
3,358,066	PIMCO VIT Total Return Portfolio		36,099,209
Total Affiliated Investment Companies (Cost $252,326,671)			262,827,410
Total Investment Securities (Cost $252,326,671)(a)—95.0%			262,827,410
Net other assets (liabilities)—5.0%			13,822,565
Net Assets—100.0%		$	276,649,975

Percentages indicated are based on net assets as of March 31, 2017.

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

Continued

AZL MVP Fusion Dynamic Conservative Fund

Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

Futures Contracts

Cash of $13,828,208 has been segregated to cover margin requirements for the following open contracts as of March 31, 2017:

Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini June Futures		Long		6/16/17		40	$	4,718,400	$	(20,758	)
U.S. Treasury 10-Year Note June Futures		Long		6/21/17		72		8,968,500		(21,068	)
Total									$	(41,826	)

See accompanying notes to the schedules of portfolio investments.

AZL MVP Fusion Dynamic Moderate Fund

Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

Shares		Fair Value
Affiliated Investment Companies (96.0%):
12,255,367	AZL DFA International Core Equity Fund	$	121,083,022
5,497,299	AZL DFA U.S. Core Equity Fund		62,009,536
4,375,801	AZL DFA U.S. Small Cap Fund		50,234,198
13,082,911	AZL Emerging Markets Equity Index Fund, Class 2		96,682,713
13,301,598	AZL Enhanced Bond Index Fund		142,859,166
4,876,633	AZL Gateway Fund		61,543,104
15,773,685	AZL International Index Fund, Class 2		239,602,270
18,860,351	AZL MetWest Total Return Bond Fund		191,243,961
5,457,763	AZL Mid Cap Index Fund, Class 2		121,544,376
18,727,325	AZL Pyramis Total Bond Fund, Class 2		190,831,444
20,432,898	AZL Russell 1000 Growth Index Fund, Class 2		288,308,197
20,663,964	AZL Russell 1000 Value Index Fund, Class 2		285,369,341
3,499,419	AZL Small Cap Stock Index Fund, Class 2		50,251,655
9,442,487	PIMCO VIT Income Portfolio		98,013,018
6,887,955	PIMCO VIT Low Duration Portfolio		70,463,777
18,008,022	PIMCO VIT Total Return Portfolio		193,586,236
Total Affiliated Investment Companies (Cost $2,094,481,024)			2,263,626,014
Total Investment Securities (Cost $2,094,481,024)(a)—96.0%			2,263,626,014
Net other assets (liabilities)—4.0%			94,041,725
Net Assets—100.0%		$	2,357,667,739

Percentages indicated are based on net assets as of March 31, 2017.

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

Continued

AZL MVP Fusion Dynamic Moderate Fund

Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

Futures Contracts

Cash of $95,099,742 has been segregated to cover margin requirements for the following open contracts as of March 31, 2017:

Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini June Futures		Long		6/16/17		483	$	56,974,680	$	(244,752	)
U.S. Treasury 10-Year Note June Futures		Long		6/21/17		306		38,116,125		(86,291	)
Total									$	(331,043	)

See accompanying notes to the schedules of portfolio investments.

AZL MVP Growth Index Strategy Fund

Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

Shares		Fair Value
Affiliated Investment Companies (95.0%):
50,772,742	AZL Enhanced Bond Index Fund	$	545,299,246
29,249,324	AZL International Index Fund, Class 2		444,297,230
11,799,936	AZL Mid Cap Index Fund, Class 2		262,784,580
57,009,382	AZL S&P 500 Index Fund, Class 2		849,439,796
9,329,214	AZL Small Cap Stock Index Fund, Class 2		133,967,517
Total Affiliated Investment Companies (Cost $2,047,169,060)			2,235,788,369
Unaffiliated Investment Company (0.0%):
157,570	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.50%(a)		157,570
Total Unaffiliated Investment Company (Cost $157,570)			157,570
Total Investment Securities (Cost $2,047,326,630)(b)—95.0%			2,235,945,939
Net other assets (liabilities)—5.0%			117,278,394
Net Assets—100.0%		$	2,353,224,333

Percentages indicated are based on net assets as of March 31, 2017.

(a) The rate represents the effective yield at March 31, 2017.

(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

March 31, 2017 (Unaudited)

Futures Contracts

Cash of $117,677,598 has been segregated to cover margin requirements for the following open contracts as of March 31, 2017:

Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini June Futures		Long		6/16/17		748	$	88,234,080	$	(378,417	)
U.S. Treasury 10-Year Note June Futures		Long		6/21/17		236		29,396,750		(65,319	)
Total									$	(443,736	)

See accompanying notes to the schedules of portfolio investments.

AZL MVP Moderate Index Strategy Fund

Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

Shares		Fair Value
Affiliated Investment Companies (95.0%):
18,224,406	AZL Enhanced Bond Index Fund	$	195,730,120
5,262,133	AZL International Index Fund, Class 2		79,931,795
2,200,523	AZL Mid Cap Index Fund, Class 2		49,005,636
10,174,973	AZL S&P 500 Index Fund, Class 2		151,607,098
1,733,162	AZL Small Cap Stock Index Fund, Class 2		24,888,202
Total Affiliated Investment Companies (Cost $471,827,092)			501,162,851
Total Investment Securities (Cost $471,827,092)(a)—95.0%			501,162,851
Net other assets (liabilities)—5.0%			26,272,369
Net Assets—100.0%		$	527,435,220

Percentages indicated are based on net assets as of March 31, 2017.

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

Continued

AZL MVP Moderate Index Strategy Fund

Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

Futures Contracts

Cash of $26,382,719 has been segregated to cover margin requirements for the following open contracts as of March 31, 2017:

Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini June Futures		Long		6/16/17		134	$	15,806,640	$	(69,098	)
U.S. Treasury 10-Year Note June Futures		Long		6/21/17		84		10,463,250		(24,853	)
Total									$	(93,951	)

See accompanying notes to the schedules of portfolio investments.

AZL MVP Pyramis Multi-Strategy Fund

Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

Shares		Fair Value
Affiliated Investment Company (95.1%):
21,082,180	AZL Pyramis Multi-Strategy Fund	$	270,062,720
Total Affiliated Investment Company (Cost $270,514,711)			270,062,720
Total Investment Securities (Cost $270,514,711)(a)—95.1%			270,062,720
Net other assets (liabilities)—4.9%			13,863,191
Net Assets—100.0%		$	283,925,911

Percentages indicated are based on net assets as of March 31, 2017.

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

Continued

AZL MVP Pyramis Multi-Strategy Fund

Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

Futures Contracts

Cash of $14,226,420 has been segregated to cover margin requirements for the following open contracts as of March 31, 2017:

Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini June Futures		Long		6/16/17		48	$	5,662,080	$	(23,592	)
U.S. Treasury 10-Year Note June Futures		Long		6/21/17		68		8,470,250		(18,196	)
Total									$	(41,788	)

See accompanying notes to the schedules of portfolio investments.

AZL MVP T. Rowe Price Capital Appreciation Plus Fund

Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

Shares		Fair Value
Affiliated Investment Companies (94.9%):
16,164,240	AZL Enhanced Bond Index Fund	$	173,603,943
17,347,703	AZL S&P 500 Index Fund, Class 2		258,480,776
27,597,691	AZL T. Rowe Price Capital Appreciation Fund		478,543,964
Total Affiliated Investment Companies (Cost $847,957,805)			910,628,683
Unaffiliated Investment Company (0.1%):
570,108	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.50%(a)		570,108
Total Unaffiliated Investment Company (Cost $570,108)			570,108
Total Investment Securities (Cost $848,527,913)(b)—95.0%			911,198,791
Net other assets (liabilities)—5.0%			47,591,303
Net Assets—100.0%		$	958,790,094

Percentages indicated are based on net assets as of March 31, 2017.

(a) The rate represents the effective yield at March 31, 2017.

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

Continued

AZL MVP T. Rowe Price Capital Appreciation Plus Fund

Schedule of Portfolio Investments

March 31, 2017 (Unaudited)

Futures Contracts

Cash of $47,982,277 has been segregated to cover margin requirements for the following open contracts as of March 31, 2017:

Description	Type		Expiration Date		Number of Contracts		Notional Value		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini June Futures		Long		6/16/17		244	$	28,782,240	$	(124,260	)
U.S. Treasury 10-Year Note June Futures		Long		6/21/17		154		19,182,625		(40,043	)
Total									$	(164,303	)

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, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services—Investment Companies.” The Trust consists of 12 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), each of which is a series of the Trust, as follows:

• AZL Balanced Index Strategy Fund

• AZL DFA Multi-Strategy Fund

• AZL MVP Balanced Index Strategy Fund

• AZL MVP BlackRock Global Strategy Plus Fund

• AZL MVP DFA Multi-Strategy Fund

• AZL MVP Fusion Dynamic Balanced Fund

• AZL MVP Fusion Dynamic Conservative Fund

• AZL MVP Fusion Dynamic Moderate Fund

• AZL MVP Growth Index Strategy Fund

• AZL MVP Moderate Index Strategy Fund

• AZL MVP Pyramis Multi-Strategy Fund

• AZL MVP T. Rowe Price Capital Appreciation Plus 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 March 31, 2017, the AZL MVP BlackRock Global Strategy Plus 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 Strategy Plus Fund.

As of March 31, 2017, the AZL MVP BlackRock Global Strategy Plus Fund’s aggregate investment in the VIP Subsidiary was $413,727,308, representing 50.22% of the AZL MVP BlackRock Global Strategy Plus 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 I, Ltd. I (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 Strategy Plus Fund’s investments have been consolidated with the investments of the VIP Subsidiary and the Cayman Subsidiary.

Real Estate Investment Trusts

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

Bank Loans

The AZL MVP BlackRock Global Strategy Plus Fund, through the VIP Subsidiary, may invest in bank loans, which generally have interest rates which are reset periodically by reference to a base lending rate plus a premium. These base rates are primarily the London-Interbank Offered Rate and, secondarily, the prime rate offered by one or more major U. S. banks and the certificate of deposit rate or other base lending rates used by commercial lenders. Bank loans often require prepayments from excess cash flows or allow the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. Therefore, the anticipated or actual maturity may be considerably earlier than the stated maturity shown in the Portfolio of Investments.

All or a portion of any bank loans may be unfunded. The Portfolio is obligated to fund any commitments at the borrower’s discretion. Therefore, the Portfolio must have funds sufficient to cover its contractual obligation.

Securities Lending

To generate additional income, the AZL MVP BlackRock Global Strategy Plus 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 Allianz Investment Management LLC (the “Manager”) to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at March 31, 2017 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 Funds 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%.

TBA Purchase and Sale Commitments

The AZL MVP BlackRock Global Strategy Plus Fund, through the VIP Subsidiary, may enter into to-be-announced (TBA) purchase or sale commitments, pursuant to which it agrees to purchase or sell, respectively, mortgage-backed securities for a fixed unit price, with payment and delivery at a scheduled future date beyond the customary settlement period for such securities. With TBA transactions, the particular securities to be delivered are not identified at the trade date; however, delivered securities must meet specified terms, including issuer, rate, and mortgage term, and be within industry-accepted “good delivery” standards. The Fund may enter into TBA purchase transactions with the intention of taking possession of the underlying securities, may elect to extend the settlement by “rolling” the transaction, and/or may use TBAs to gain interim exposure to underlying securities. Until settlement, the Fund maintains liquid assets sufficient to settle its TBA commitments.

To mitigate counterparty risk, the Fund has entered into agreements with TBA counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all TBA commitments with a particular counterparty. At any time, the Fund’s risk of loss from a particular counterparty related to its TBA commitments is the aggregate unrealized gain on appreciated TBAs in excess of unrealized loss on depreciated TBAs and collateral held, if any, by such counterparty. As of March 31, 2017, no collateral had been posted by the Fund to counterparties for TBAs.

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

Forward Currency Contracts

During the period ended March 31, 2017, the AZL MVP BlackRock Global Strategy Plus 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 March 31, 2017, 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 Strategy Plus 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 market value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract.

Options Contracts

The AZL MVP BlackRock Global Strategy Plus Fund, through the VIP Subsidiary, may purchase or write put and call options on a security or an index of securities. During the period ended March 31, 2017, 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 Strategy Plus Fund had the following transactions in purchased call and put options during the period ended March 31, 2017:

	Number of			Notional
	Contracts			Amount(a)			Cost
Options outstanding at December 31, 2016		1,007,521		$	1,147,383		$	1,958,948
Options purchased		705,283			13,357,700			2,001,360
Options exercised		—			—			—
Options expired		(201,407	)		—			(254,257	)
Options closed		(492,091	)		(80,287	)		(1,183,448	)
Options outstanding at March 31, 2017		1,019,306		$	14,424,796		$	2,522,603

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

The AZL MVP BlackRock Global Strategy Plus Fund had the following transactions in written call and put options during the period ended March 31, 2017:

	Number of			Notional			Premiums
	Contracts			Amount(a)			Received
Options outstanding at December 31, 2016		(154,919	)	$	(305,789	)	$	(902,304	)
Options written		(459,582	)		(4,356,800	)		(949,060	)
Options exercised		—			—			—
Options expired		100,159			25,397			158,024
Options closed		249,677			258,091			618,584
Options outstanding at March 31, 2017		(264,665	)	$	(4,379,101	)	$	(1,074,756	)

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

Swap Agreements

The AZL MVP BlackRock Global Strategy Plus 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 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 March 31, 2017, 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 March 31, 2017 the AZL MVP BlackRock Global Strategy Plus Fund, through the VIP Subsidiary, entered into OTC and centrally cleared credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed (credit risk).

3. Related Party Transactions

The Manager or an affiliate of the Manager serves as the investment adviser of certain underlying funds in which each Fund invests. At March 31, 2017, 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 March 31, 2017 is as follows:

	Fair Value		Purchases		Proceeds from			Fair Value		Dividend
	12/31/16		at Cost		Sales			3/31/17		Income
AZL Balanced Index Strategy Fund
AZL Enhanced Bond Index Fund	$	213,693,435	$	4,040,693	$	—		$	219,152,382	$	—
AZL International Index Fund, Class 2		55,595,556		—		(4,186,245	)		55,607,753		—
AZL Mid Cap Index Fund, Class 2		34,709,583		—		(1,999,016	)		34,007,972		—
AZL S&P 500 Index Fund, Class 2		114,983,267		—		(6,878,301	)		114,863,219		—
AZL Small Cap Stock Index Fund, Class 2		19,410,475		—		(1,030,921	)		18,552,420		—
	$	438,392,316	$	4,040,693	$	(14,094,483	)	$	442,183,746	$	—
AZL DFA Multi-Strategy Fund
AZL DFA Emerging Markets Core Equity Fund	$	55,318,276	$	—	$	—		$	62,553,722	$	—
AZL DFA Five-Year Global Fixed Income Fund		462,407,497		4,089,043		—			469,766,004		—
AZL DFA International Core Equity Fund		82,866,140		—		(1,389,631	)		87,502,889		—
AZL DFA U.S. Core Equity Fund		462,734,052		—		(22,237,214	)		463,425,143		—
AZL DFA U.S. Small Cap Fund		130,564,710		—		(5,407,111	)		125,815,576		—
	$	1,193,890,675	$	4,089,043	$	(29,033,956	)	$	1,209,063,334	$	—
AZL MVP Balanced Index Strategy Fund
AZL Enhanced Bond Index Fund	$	148,190,890	$	4,764,867	$	(1,354,668	)	$	152,589,640	$	—
AZL International Index Fund, Class 2		38,458,535		324,238		(1,328,750	)		40,409,605		—
AZL Mid Cap Index Fund, Class 2		24,341,674		89,869		(1,432,253	)		23,901,290		—
AZL S&P 500 Index Fund, Class 2		72,271,689		363,074		(1,726,343	)		75,214,163		—
AZL Small Cap Stock Index Fund, Class 2		13,851,238		141,296		(1,275,802	)		12,830,222		—
	$	297,114,026	$	5,683,344	$	(7,117,816	)	$	304,944,920	$	—
AZL MVP BlackRock Global Strategy Plus Fund
AZL Enhanced Bond Index Fund	$	220,670,678	$	505,695	$	—		$	222,626,864	$	—
AZL Global Equity Index Fund		144,706,339		—		(8,080,733	)		146,025,637		—
	$	365,377,017	$	505,695	$	(8,080,733	)	$	368,652,501	$	—
AZL MVP DFA Multi-Strategy Fund
AZL DFA Emerging Markets Core Equity Fund	$	2,696,219	$	214,791	$	(192,090	)	$	3,074,637	$	—
AZL DFA Five-Year Global Fixed Income Fund		20,281,404		3,659,726		(476,465	)		23,619,330		—
AZL DFA International Core Equity Fund		3,733,344		461,475		(148,361	)		4,327,865		—
AZL DFA U.S. Core Equity Fund		18,526,385		2,943,087		(740,168	)		21,712,976		—
AZL DFA U.S. Small Cap Fund		5,264,616		1,178,409		(209,270	)		6,273,159		—
	$	50,501,968	$	8,457,488	$	(1,766,354	)	$	59,007,967	$	—
AZL MVP Fusion Dynamic Balanced Fund
AZL DFA International Core Equity Fund	$	39,543,825	$	—	$	—		$	39,087,716	$	—
AZL DFA U.S. Core Equity Fund		33,830,315		—		—			33,738,652		—
AZL DFA U.S. Small Cap Fund		17,397,011		—		(3,244,498	)		17,177,513		—
AZL Emerging Markets Equity Fund, Class 2		32,163,373		—		(1,764,656	)		33,338,540		—
AZL Enhanced Bond Index Fund		80,864,521		—		(311,836	)		81,395,029		—
AZL Gateway Fund		22,771,561		—		(721,772	)		22,651,964		—
AZL International Index Fund, Class 2		94,928,827		—		(7,892,465	)		94,137,615		—
AZL MetWest Total Return Bond Fund		108,689,445		—		—			109,444,982		—
AZL Mid Cap Index Fund, Class 2		44,835,598		—		—			44,869,652		—
AZL Pyramis Total Bond Fund, Class 2		108,691,698		—		—			110,205,812		—
AZL Russell 1000 Growth Index Fund, Class 2		112,766,586		—		(8,228,270	)		114,023,573		—
AZL Russell 1000 Value Index Fund, Class 2		112,980,337		—		(3,629,907	)		112,913,310		—
AZL Small Cap Stock Index Fund, Class 2		17,436,434		—		(412,811	)		17,183,490		—
PIMCO VIT Income Portfolio		56,097,198		316,361		(1,404,753	)		56,041,345		316,361
PIMCO VIT Low Duration Portfolio		55,631,939		207,188		(64,715	)		55,720,032		207,188
PIMCO VIT Total Return Portfolio		109,124,850		1,070,860		—			110,788,740		1,070,860
	$	1,047,753,518	$	1,594,409	$	(27,675,683	)	$	1,052,717,965	$	1,594,409
AZL MVP Fusion Dynamic Conservative Fund
AZL DFA International Core Equity Fund	$	6,991,694	$	26,875	$	(588,339	)	$	6,923,681	$	—
AZL DFA U.S. Core Equity Fund		4,129,311		—		(187,094	)		4,148,258		—
AZL DFA U.S. Small Cap Fund		2,752,679		18,572		(23,434	)		2,762,731		—
AZL Emerging Markets Equity Fund, Class 2		4,077,330		22,570		(438,266	)		4,138,232		—
AZL Enhanced Bond Index Fund		27,227,225		52,914		(453,036	)		27,004,753		—
AZL Gateway Fund		4,114,793		27,741		(80,319	)		4,172,794		—
AZL International Index Fund, Class 2		15,347,118		183,057		(1,504,453	)		15,173,728		—
AZL MetWest Total Return Bond Fund		36,249,988		114,424		(624,433	)		35,990,906		—
AZL Mid Cap Index Fund, Class 2		8,263,574		—		—			8,269,939		—
AZL Pyramis Total Bond Fund, Class 2		36,250,115		52,764		(812,794	)		35,990,860		—
AZL Russell 1000 Growth Index Fund, Class 2		20,935,518		39,385		(1,645,410	)		21,091,057		—
AZL Russell 1000 Value Index Fund, Class 2		20,974,784		269,732		(1,070,101	)		20,839,570		—
AZL Small Cap Stock Index Fund, Class 2		4,129,057		57,130		(72,228	)		4,153,082		—
PIMCO VIT Income Portfolio		16,764,247		94,497		(512,979	)		16,654,637		94,497
PIMCO VIT Low Duration Portfolio		19,555,728		75,160		(197,719	)		19,413,973		72,424
PIMCO VIT Total Return Portfolio		36,306,623		548,164		(1,706,990	)		36,099,209		351,732
	$	264,069,784	$	1,582,985	$	(9,917,595	)	$	262,827,410	$	518,653
AZL MVP Fusion Dynamic Moderate Fund
AZL DFA International Core Equity Fund	$	119,449,559	$	—	$	(6,920,628	)	$	121,083,022	$	—
AZL DFA U.S. Core Equity Fund		63,025,952		—		(4,094,277	)		62,009,536		—
AZL DFA U.S. Small Cap Fund		51,945,519		—		(1,990,130	)		50,234,198		—
AZL Emerging Markets Equity Fund, Class 2		141,928,054		—		(4,724,932	)		96,682,713		—
AZL Enhanced Bond Index Fund		59,933,815		—		—			142,859,166		—
AZL Gateway Fund		236,276,569		—		—			61,543,104		—
AZL International Index Fund, Class 2		189,923,737		—		(14,612,029	)		239,602,270		—
AZL MetWest Total Return Bond Fund		122,811,070		—		—			191,243,961		—
AZL Mid Cap Index Fund, Class 2		188,174,316		—		—			121,544,376		—
AZL Pyramis Total Bond Fund, Class 2		286,156,605		35,619		—			190,831,444		—
AZL Russell 1000 Growth Index Fund, Class 2		286,698,914		—		(21,826,817	)		288,308,197		—
AZL Russell 1000 Value Index Fund, Class 2		52,063,304		—		(10,347,732	)		285,369,341		—
AZL Small Cap Stock Index Fund, Class 2		90,560,225		—		(2,288,388	)		50,251,655		—
PIMCO VIT Income Portfolio		95,770,673		546,659		(93,401	)		98,013,018		546,659
PIMCO VIT Low Duration Portfolio		70,381,649		151,088		—			70,463,777		262,317
PIMCO VIT Total Return Portfolio		190,678,846		935,582		—			193,586,236		935,582
	$	2,245,778,807	$	1,668,948	$	(66,898,334	)	$	2,263,626,014	$	1,744,558
AZL MVP Growth Index Strategy Fund
AZL Enhanced Bond Index Fund	$	518,310,753	$	23,477,748	$	—		$	545,299,246	$	—
AZL International Index Fund, Class 2		412,415,467		—		—			444,297,230		—
AZL Mid Cap Index Fund, Class 2		254,988,987		—		(1,924,079	)		262,784,580		—
AZL S&P 500 Index Fund, Class 2		814,319,154		—		(13,150,002	)		849,439,796		—
AZL Small Cap Stock Index Fund, Class 2		132,754,720		—		—			133,967,517		—
	$	2,132,789,081	$	23,477,748	$	(15,074,081	)	$	2,235,788,369	$	—
AZL MVP Moderate Index Strategy Fund
AZL Enhanced Bond Index Fund	$	193,101,645	$	1,356,155	$	—		$	195,730,120	$	—
AZL International Index Fund, Class 2		79,204,077		—		(10,554,587	)		79,931,795		—
AZL Mid Cap Index Fund, Class 2		48,078,403		—		(895,323	)		49,005,636		—
AZL S&P 500 Index Fund, Class 2		149,086,758		—		(6,281,739	)		151,607,098		—
AZL Small Cap Stock Index Fund, Class 2		24,769,929		—		(108,471	)		24,888,202		—
	$	494,240,812	$	1,356,155	$	(17,840,120	)	$	501,162,851	$	—
AZL MVP Pyramis Multi-Strategy Fund
AZL Pyramis Multi-Strategy Fund	$	272,986,136	$	45,772	$	(11,213,839	)	$	27,062,720	$	—
	$	272,986,136	$	45,772	$	(11,213,839	)	$	27,062,720	$	—
AZL MVP T. Rowe Price Capital Appreciation Plus Fund
AZL Enhanced Bond Index Fund	$	161,598,910	$	12,055,174	$	(1,180,527	)	$	173,603,943	$	—
AZL S&P 500 Index Fund, Class 2		245,130,882		3,906,139		(5,132,509	)		258,480,776		—
AZL T. Rowe Price Capital Appreciation Fund		447,921,695		9,081,360		(2,001,907	)		478,543,964		—
	$	854,651,487	$	25,042,673	$	(8,314,943	)	$	910,628,683	$	—

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 March 31, 2017 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	$	442,183,746	$	—	$	—	$	442,183,746
Total Investment Securities	$	442,183,746	$	—	$	—	$	442,183,746

AZL DFA Multi-Strategy Fund

Investment Securities:	Level 1		Level 2		Level 3		Total
Affiliated Investment Companies	$	1,209,063,334	$	—	$	—	$	1,209,063,334
Total Investment Securities	$	1,209,063,334	$	—	$	—	$	1,209,063,334

AZL MVP Balanced Index Strategy Fund

Investment Securities:	Level 1			Level 2		Level 3		Total
Affiliated Investment Company	$	304,944,920		$	—	$	—	$	304,944,920
Unaffiliated Investment Company		118,837			—		—		118,837
Total Investment Securities		305,063,757			—		—		305,063,757
Other Financial Instruments:*
Futures Contracts		(54,098	)		—		—		(54,098	)
Total Investments	$	305,009,659		$	—	$	—	$	305,009,659

AZL MVP BlackRock Global Strategy Plus Fund

Investment Securities:	Level 1			Level 2			Level 3		Total
Bank Loans	$	—		$	2,023,260		$	—	$	2,023,260
Collateralized Mortgage Obligations		—			552,102			—		552,102
Common Stocks+
Aerospace & Defense		303,551			4,147,870			—		4,451,421
Airlines		3,611,088			1,416,373			—		5,027,461
Auto Components		178,798			5,440,001			—		5,618,799
Automobiles		544,554			4,573,400			—		5,117,954
Banks		8,594,814			7,810,232			—		16,405,046
Beverages		743,266			2,129,489			—		2,872,755
Biotechnology		2,901,480			1,066,331			—		3,967,811
Building Products		1,038,747			1,077,899			—		2,116,646
Capital Markets		3,181,060			546,759			—		3,727,819
Chemicals		5,627,650			5,742,462			—		11,370,112
Commercial Services & Supplies		—			114,818			—		114,818
Communications Equipment		1,358,862			1,256,200			—		2,615,062
Construction & Engineering		—			1,581,803			—		1,581,803
Construction Materials		—			136,701			—		136,701
Distributors		—			73,683			—		73,683
Diversified Financial Services		2,734,869			101,110			—		2,835,979
Diversified Telecommunication Services		3,279,314			2,579,506			—		5,858,820
Electric Utilities		1,834,151			1,410,448			—		3,244,599
Electrical Equipment		56,678			1,781,913			—		1,838,591
Electronic Equipment, Instruments & Components		546,504			1,796,308			—		2,342,812
Equity Real Estate Investment Trusts		1,339,991			637,764			—		1,977,755
Food & Staples Retailing		1,405,214			55,046			—		1,460,260
Food Products		205,250			6,111,612			—		6,316,862
Gas Utilities		—			1,240,156			—		1,240,156
Health Care Equipment & Supplies		2,684,521			1,399,233			—		4,083,754
Health Care Providers & Services		6,528,773			1,982,656			—		8,511,429
Hotels, Restaurants & Leisure		2,176,292			873,530			—		3,049,822
Household Durables		550,317			847,255			—		1,397,572
Industrial Conglomerates		1,255,333			2,893,442			—		4,148,775
Insurance		4,952,592			3,136,562			—		8,089,154
Internet Software & Services		4,565,498			1,081,368			—		5,646,866
IT Services		3,994,938			994,954			—		4,989,892
Leisure Products		—			85,342			—		85,342
Machinery		107,374			4,643,723			—		4,751,097
Media		6,379,660			905,525			—		7,285,185
Metals & Mining		156,326			261,161			—		417,487
Multi-Utilities		2,676,850			53,400			—		2,730,250
Oil, Gas & Consumable Fuels		12,564,229			5,685,486			—		18,249,715
Personal Products		1,503,320			85,640			—		1,588,960
Pharmaceuticals		5,456,430			5,435,502			—		10,891,932
Professional Services		38,361			522,356			—		560,717
Real Estate Management & Development		836,030			4,633,391			—		5,469,421
Road & Rail		1,302,180			2,558,941			—		3,861,121
Semiconductors & Semiconductor Equipment		1,726,295			1,662,344			—		3,388,639
Software		3,816,876			5,253,648			—		9,070,524
Specialty Retail		4,172,938			447,492			—		4,620,430
Technology Hardware, Storage & Peripherals		4,509,889			109,661			—		4,619,550
Textiles, Apparel & Luxury Goods		1,637,772			1,329,546			—		2,967,318
Tobacco		103,630			282,788			—		386,418
Transportation Infrastructure		—			69,262			—		69,262
Wireless Telecommunication Services		708,818			2,921,614			—		3,630,432
Other Common Stocks+		9,040,305			—			—		9,040,305
Convertible Bonds		—			4,357,699			—		4,357,699
Convertible Preferred Stocks		—			1,365,811			—		1,365,811
Corporate Bonds
Media		—			696,322			68,318		764,640
Other Corporate Bonds		—			16,206,746			—		16,206,746
Foreign Bonds+		—			50,400,536			—		50,400,536
Preferred Stocks
Automobiles		—			378,004			—		378,004
Banks		669,698			71,400			—		741,098
Equity Real Estate Investment Trusts		396,520			186,846			—		583,366
Health Care Providers & Services		—			1,242,698			—		1,242,698
Internet Software & Services		—			632,858			—		632,858
Software		—			922,286			—		922,286
Other Preferred Stocks+		1,919,220			—			—		1,919,220
Private Placements		—			239,501			—		239,501
U.S. Treasury Obligations		—			77,344,258			—		77,344,258
Warrant		—			16,386			—		16,386
Yankee Dollars+		—			11,626,892			—		11,626,892
Affiliated Investment Company		368,652,501			—			—		368,652,501
Exchange Traded Fund		13,610,227			—			—		13,610,227
Securities Held as Collateral for Securities on Loan		—			27,361,067			—		27,361,067
Unaffiliated Investment Company		1,789,622			—			—		1,789,622
Purchased Options		—			3,209,805			—		3,209,805
Purchased Swaptions		—			127,955			—		127,955
Total Investment Securities		509,969,176			301,946,138			68,318		811,983,632
Securities Sold Short		(3,720,183	)		—			—		(3,720,183	)
Other Financial Instruments:*
Futures Contracts		(118,886	)		—			—		(118,886	)
Written Options		—			(400,837	)		—		(400,837	)
Written Swaptions		—			(56,194	)		—		(56,194	)
Forward Currency Contracts		—			(294,438	)		—		(294,438	)
Centrally Cleared Credit Default Swaps		—			(521	)		—		(521	)
Over-the-Counter Currency Swaps		—			151,771			—		151,771
Centrally Cleared Interest Rate Swaps		—			(393,811	)		—		(393,811	)
Over-the-Counter Total Return Swaps		—			393,889			—		393,889
Total Investments	$	506,130,107		$	301,345,997		$	68,318	$	807,544,422

AZL MVP DFA Multi-Strategy Fund

Investment Securities:	Level 1			Level 2		Level 3		Total
Affiliated Investment Company	$	59,007,967		$	—	$	—	$	59,007,967
Unaffiliated Investment Company		2,001			—		—		2,001
Total Investment Securities		59,009,968			—		—		59,009,968
Other Financial Instruments:*
Futures Contracts		(10,907	)		—		—		(10,907	)
Total Investments	$	58,999,061		$	—	$	—	$	58,999,061

AZL MVP Fusion Dynamic Balanced Fund

Investment Securities:	Level 1			Level 2		Level 3		Total
Affiliated Investment Company	$	1,052,717,965		$	—	$	—	$	1,052,717,965
Total Investment Securities		1,052,717,965			—		—		1,052,717,965
Other Financial Instruments:*
Futures Contracts		(183,992	)		—		—		(183,992	)
Total Investments	$	1,052,533,973		$	—	$	—	$	1,052,533,973

AZL MVP Fusion Dynamic Conservative Fund

Investment Securities:	Level 1			Level 2		Level 3		Total
Affiliated Investment Company	$	262,827,410		$	—	$	—	$	262,827,410
Total Investment Securities		262,827,410			—		—		262,827,410
Other Financial Instruments:*
Futures Contracts		(41,826	)		—		—		(41,826	)
Total Investments	$	262,785,584		$	—	$	—	$	262,785,584

AZL MVP Fusion Dynamic Moderate Fund

Investment Securities:	Level 1			Level 2		Level 3		Total
Affiliated Investment Company	$	2,263,626,014		$	—	$	—	$	2,263,626,014
Total Investment Securities		2,263,626,014			—		—		2,263,626,014
Other Financial Instruments:*
Futures Contracts		(331,043	)		—		—		(331,043	)
Total Investments	$	2,263,294,971		$	—	$	—	$	2,263,294,971

AZL MVP Growth Index Strategy Fund

Investment Securities:	Level 1			Level 2		Level 3		Total
Affiliated Investment Company	$	2,235,788,369		$	—	$	—	$	2,235,788,369
Unaffiliated Investment Company		157,570			—		—		157,570
Total Investment Securities		2,235,945,939			—		—		2,235,945,939
Other Financial Instruments:*
Futures Contracts		(443,736	)		—		—		(443,736	)
Total Investments	$	2,235,502,203		$	—	$	—	$	2,235,502,203

AZL MVP Moderate Index Strategy Fund

Investment Securities:	Level 1			Level 2		Level 3		Total
Affiliated Investment Company	$	501,162,851		$	—	$	—	$	501,162,851
Total Investment Securities		501,162,851			—		—		501,162,851
Other Financial Instruments:*
Futures Contracts		(93,951	)		—		—		(93,951	)
Total Investments	$	501,068,900		$	—	$	—	$	501,068,900

AZL MVP Pyramis Multi-Strategy Fund

Investment Securities:	Level 1			Level 2		Level 3		Total
Affiliated Investment Companies	$	270,062,720		$	—	$	—	$	270,062,720
Total Investment Securities		270,062,720			—		—		270,062,720
Other Financial Instruments:*
Futures Contracts		(41,788	)		—		—		(41,788	)
Total Investments	$	270,020,932		$	—	$	—	$	270,020,932

AZL MVP T. Rowe Price Capital Appreciation Plus Fund

Investment Securities:	Level 1			Level 2		Level 3		Total
Affiliated Investment Company	$	910,628,683		$	—	$	—	$	910,628,683
Unaffiliated Investment Company		570,108			—		—		570,108
Total Investment Securities		911,198,791			—		—		911,198,791
Other Financial Instruments:*
Futures Contracts		(164,303	)		—		—		(164,303	)
Total Investments	$	911,034,488		$	—	$	—	$	911,034,488

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

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

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

For the period ended March 31, 2017, 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 March 31, 2017.

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 March 31, 2017 are identified below.

AZL MVP BlackRock Global Strategy Plus 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	$	161,525		0.02	%
Delta Topco, Ltd., 2.00%, 7/23/19		2/2/17		62,664		47,150		68,318		0.01	%
Domo, Inc., Series E		4/1/15		1,218,214		144,482		1,203,535		0.15	%
Dropbox, Inc.		1/28/14		1,827,985		95,700		1,078,539		0.13	%
Grand Rounds, Inc.		3/31/15		399,608		143,925		413,065		0.05	%
Inversiones Alsacia SA, 8.00%, 12/31/18, Callable 4/24/17 @ 100		12/22/14		420,057		527,380		26,369		0.00	%
Jawbone, 0.00%		1/24/17		—		23,389		63,852		0.01	%
Liberty Media Group, Class C		2/2/17		292,777		10,058		343,481		0.04	%
Logistics UK, Series 2015-1A, Class F, 4.05%, 8/20/25		8/3/15		440,732		459,000		552,102		0.07	%
Lookout, Inc.		3/4/15		63,364		5,547		2,829		0.00	%
Lookout, Inc., Preferred Shares		9/19/14		730,222		63,925		632,858		0.08	%
Palantir Technologies, Inc., Series I		3/27/14		712,042		116,157		922,286		0.11	%
Project Samson BND Corp., 12.00%, 4/1/20		11/11/15		268,000		268,000		14,124		0.00	%
REI Agro, Ltd., Registered Shares, 5.50%, 11/13/14		2/7/12		300,000		400,000		2,000		0.00	%
Uber Technologies, Inc.		3/21/14		1,063,120		68,532		3,573,258		0.43	%

6. Investment Risks

Bank Loan Risk: There are a number of risks associated with an investment in bank loans including credit risk, interest rate risk, liquidity risk and prepayment risk. Lack of an active trading market, restrictions on resale, irregular trading activity, wide bid/ask spreads and extended trade settlement periods may impair the Fund’s ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. The risk of holding bank loans is also directly tied to the risk of insolvency or bankruptcy of the issuing banks. These risks could cause the Fund to lose income or principal on a particular investment, which in turn could affect the Fund’s returns. The value of bank loans can be affected by and sensitive to changes in government regulation and to economic downturns in the United States and abroad. Bank loans generally are floating rate loans, which are subject to interest rate risk as the interest paid on the floating rate loans adjusts periodically based on changes in widely accepted reference rates.

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

Derivatives Risk: The Fund may invest directly or through affiliated or unaffiliated mutual funds or unregistered investment pools in derivative instruments such as futures, options, and options on futures. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using

derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The other party to a derivatives contract could default. During the period ended March 31, 2017, the Fund did not directly invest in derivatives.

Derivatives Risk: The AZL MVP BlackRock Global Strategy Plus 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 March 31, 2017, the cost and aggregate gross unrealized appreciation and depreciation of securities, for federal tax purposes were as follows:

								Net
			Gross Tax		Gross Tax			Unrealized
			Unrealized		Unrealized			Appreciation
Fund	Tax Cost		Appreciation		(Depreciation)			(Depreciation)
AZL Balanced Index Strategy Fund	$	359,329,448	$	84,734,045	$	(1,879,747	)	$	82,854,298
AZL DFA Multi-Strategy Fund		1,141,695,936		70,423,241		(3,055,843	)		67,367,398
AZL MVP Balanced Index Strategy Fund		286,555,396		24,170,715		(5,662,354	)		18,508,361
AZL MVP BlackRock Global Strategy Plus Fund		780,971,203		66,650,682		(51,834,864	)		14,815,818
AZL MVP DFA Multi-Strategy Fund		54,986,912		4,275,192		(252,136	)		4,023,056
AZL MVP Fusion Dynamic Balanced Fund		986,139,935		74,311,636		(7,733,606	)		66,578,030
AZL MVP Fusion Dynamic Conservative Fund		253,953,003		12,277,661		(3,403,254	)		8,874,407
AZL MVP Fusion Dynamic Moderate Fund		2,100,705,568		174,920,395		(11,999,949	)		162,920,446
AZL MVP Growth Index Strategy Fund		2,052,303,885		199,470,931		(15,828,877	)		183,642,054
AZL MVP Moderate Index Strategy Fund		471,827,092		32,376,970		(3,041,211	)		29,335,759
AZL MVP Pyramis Multi-Strategy Fund		272,719,530		—		(2,656,810	)		(2,656,810	)
AZL MVP T. Rowe Price Capital Appreciation Plus Fund		849,294,792		64,907,117		(3,003,118	)		61,903,999

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 May 30, 2017

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 May 30, 2017
By (Signature and Title)	/s/ Bashir C. Asad
	Bashir C. Asad, Principal Financial Officer & Principal Accounting Officer
Date May 30, 2017