ALLIANZ Variable Insurance Products Fund of Funds Trust Semi Annual Report

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

AZL Balanced Index Strategy Fund

Expense Examples

(Unaudited)

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

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

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

Beginning

Account Value

1/1/18

Ending

Account Value

6/30/18

Expenses Paid

During Period

1/1/18 - 6/30/18*

Annualized Expense
Ratio During Period

1/1/18 - 6/30/18

AZL Balanced Index Strategy Fund

1,000.00

0.40

0.08

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

Beginning
Account Value
1/1/18

Ending
Account Value
6/30/18

Expenses Paid
During Period
1/1/18 - 6/30/18*

Annualized Expense
Ratio During Period

1/1/18 - 6/30/18

AZL Balanced Index Strategy Fund

1,000.00

1,024.42

0.40

0.08

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Fixed Income		50.1	%
Domestic Equities		37.6
International Equities		12.3

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

Net Assets		100.0	%

^	Represents less than 0.05%.

AZL Balanced Index Strategy Fund

Schedule of Portfolio Investments

June 30, 2018 (Unaudited)


Shares			Fair Value
Affiliated Investment Companies (100.0%):
	19,940,481	AZL Enhanced Bond Index Fund	$	213,163,746
	3,116,245	AZL International Index Fund, Class 2		52,415,235
	1,320,779	AZL Mid Cap Index Fund, Class 2		32,094,931
	6,655,831	AZL S&P 500 Index Fund, Class 2		109,887,765
	1,067,812	AZL Small Cap Stock Index Fund, Class 2		17,341,263

	Total Affiliated Investment Companies (Cost $327,094,491)			424,902,940

	Total Investment Securities (Cost $327,094,491) — 100.0%(a)			424,902,940
	Net other assets (liabilities) — 0.0%			76,143

	Net Assets — 100.0%		$	424,979,083

Percentages indicated are based on net assets as of June 30, 2018.

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

See accompanying notes to the financial statements.

AZL Balanced Index Strategy Fund

Statement of Assets and Liabilities

June 30, 2018

(Unaudited)


Assets:
Investments in affiliates, at cost	$	327,094,491

Investments in affiliates, at value	$	424,902,940
Interest and dividends receivable		67
Receivable for capital shares issued		105,063
Receivable for affiliated investments sold		251,154
Prepaid expenses		2,588

Total Assets		425,261,812

Liabilities:
Cash overdraft		251,154
Payable for capital shares redeemed		2,126
Manager fees payable		17,555
Administration fees payable		62
Custodian fees payable		286
Administrative and compliance services fees payable		414
Transfer agent fees payable		361
Trustee fees payable		1,872
Other accrued liabilities		8,899

Total Liabilities		282,729

Net Assets	$	424,979,083

Net Assets Consist of:
Capital	$	306,365,193
Accumulated net investment income/(loss)		3,794,121
Accumulated net realized gains/(losses) from investment transactions		17,011,320
Net unrealized appreciation/(depreciation) on investments		97,808,449

Net Assets	$	424,979,083

Shares of beneficial interest (unlimited number of shares authorized, no par value)		26,014,243
Net Asset Value (offering and redemption price per share)	$	16.34

Statement of Operations

For the Six Months Ended June 30, 2018

(Unaudited)


Investment Income:
Dividends	$	95

Total Investment Income		95

Expenses:
Manager fees		107,752
Administration fees		25,944
Custodian fees		1,541
Administrative and compliance services fees		2,819
Transfer agent fees		2,370
Trustee fees		9,225
Professional fees		8,027
Shareholder reports		4,511
Other expenses		1,490

Total expenses		163,679

Net Investment Income/(Loss)		(163,584	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		3,224,115
Net realized gains/(losses) on securities transactions		382
Change in net unrealized appreciation/depreciation on affiliated transactions		(3,231,983	)

Net Realized/Unrealized Gains/(Losses) on Investments		(7,486	)

Change in Net Assets Resulting From Operations	$	(171,070	)

See accompanying notes to the financial statements.

AZL Balanced Index Strategy Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2018				For the Year Ended December 31, 2017
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(163,584	)		$	3,459,020
Net realized gains/(losses) on investment transactions			3,224,497				16,237,892
Change in unrealized appreciation/depreciation on investments			(3,231,983	)			28,523,288

Change in net assets resulting from operations			(171,070	)			48,220,200

Distributions to Shareholders:
From net investment income			—				(9,832,388	)
From net realized gains			—				(20,732,059	)

Change in net assets resulting from distributions to shareholders			—				(30,564,447	)

Capital Transactions:
Proceeds from shares issued			3,029,375				15,459,952
Proceeds from dividends reinvested			—				30,564,447
Value of shares redeemed			(26,260,712	)			(53,598,790	)

Change in net assets resulting from capital transactions			(23,231,337	)			(7,574,391	)

Change in net assets			(23,402,407	)			10,081,362
Net Assets:
Beginning of period			448,381,490				438,300,128

End of period		$	424,979,083			$	448,381,490

Accumulated net investment income/(loss)		$	3,794,121			$	3,957,705

Share Transactions:
Shares issued			185,721				950,921
Dividends reinvested			—				1,932,013
Shares redeemed			(1,613,777	)			(3,277,297	)

Change in shares			(1,428,056	)			(394,363	)

See accompanying notes to the financial statements.

AZL Balanced Index Strategy Fund

Financial Highlights

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


	Six Months Ended June 30, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016				Year Ended December 31, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013
	(Unaudited)
Net Asset Value, Beginning of Period		$	16.34			$	15.75			$	15.44			$	15.91			$	15.40			$	13.91

Investment Activities:
Net Investment Income/(Loss)			—	(a)			0.15				0.30				0.34				0.16				0.15
Net Realized and Unrealized Gains/(Losses) on Investments			—				1.62				0.73				(0.34	)			0.78				1.63

Total from Investment Activities			—	(a)			1.77				1.03				—	(a)			0.94				1.78

Dividends to Shareholders From:
Net Investment Income			—				(0.38	)			(0.43	)			(0.17	)			(0.23	)			(0.25	)
Net Realized Gains			—				(0.80	)			(0.29	)			(0.30	)			(0.20	)			(0.04	)

Total Dividends			—				(1.18	)			(0.72	)			(0.47	)			(0.43	)			(0.29	)

Net Asset Value, End of Period		$	16.34			$	16.34			$	15.75			$	15.44			$	15.91			$	15.40

Total Return(b)			—	(c)			11.50	%			6.75	%			0.01	%			6.11	%			12.93	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	424,979			$	448,381			$	438,300			$	432,536			$	438,651			$	413,982
Net Investment Income/(Loss)(d)			(0.08	)%			0.78	%			1.83	%			2.14	%			1.02	%			1.10	%
Expenses Before Reductions*(d)(e)			0.08	%			0.08	%			0.08	%			0.08	%			0.08	%			0.08	%
Expenses Net of Reductions*(d)			0.08	%			0.08	%			0.08	%			0.08	%			0.08	%			0.08	%
Portfolio Turnover Rate			1	%(c)			6	%			12	%			11	%			9	%			8	%

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

(a)	Represents less than $0.005.

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

(c)	Not annualized for periods less than one year.

(d)	Annualized for periods less than one year.

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

See accompanying notes to the financial statements.

AZL Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL Balanced Index Strategy Fund (the “Fund”), and 11 are presented in separate reports.

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

The Trust is authorized to issue an unlimited number of shares of the Fund without par value. Shares of the Fund are available through the variable annuity contracts offered through the separate accounts of participating insurance companies. Currently, the Fund only offers its shares to separate accounts of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, affiliates of the Trust and the Manager, as defined below.

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

2. Significant Accounting Policies

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

Security Valuation

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

Investment Transactions and Investment Income

Dividends to Shareholders

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

Expense Allocation

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

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2019. Expenses incurred for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.”

For the period ended June 30, 2018, the annual rate due to the Manager and the annual expense limit were as follows:


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

AZL Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the period are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2018, there were no remaining contractual reimbursements that are subject to repayment by the Fund in subsequent years.

In addition, the Manager may voluntarily waive or reimburse additional fees in order to maintain more competitive expense ratios. Any voluntary waivers or reimbursements are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the period can be found on the Statement of Operations. During the period ended June 30, 2018, there were no voluntary waivers.

The Manager or an affiliate of the Manager serves as the investment adviser of certain underlying funds in which the Fund invests. At June 30, 2018, these underlying funds are noted as Affiliated Investment Companies in the Fund’s Schedule of Portfolio Investments. Additional information, including financial statements, about these Funds is available at www.allianzlife.com. The Manager or an affiliate of the Manager is paid a separate fee from the underlying funds for such services. A summary of the Fund’s investments in affiliated investment companies for the period ended June 30, 2018 is as follows:


	Fair Value 12/31/2017			Purchases at Cost			Proceeds from Sales				Net Realized Gains/(Losses)				Net Change in Unrealized Appreciation/ Depreciation				Fair Value 6/30/2018			Shares as of 6/30/2018
AZL Enhanced Bond Index Fund		$	224,376,218		$	808,965		$	(7,892,082	)		$	(246,084	)		$	(3,883,271	)		$	213,163,746		19,940,481
AZL International Index Fund, Class 2			56,347,640			1,093,291			(3,610,679	)			701,643				(2,116,660	)			52,415,235		3,116,245
AZL Mid Cap Index Fund, Class 2			33,670,676			—			(2,729,185	)			480,822				672,618				32,094,931		1,320,779
AZL S&P 500 Index Fund, Class 2			116,180,562			386,568			(9,517,559	)			1,853,017				985,177				109,887,765		6,655,831
AZL Small Cap Stock Index Fund, Class 2			18,001,081			—			(2,204,688	)			434,717				1,110,153				17,341,263		1,067,812

		$	448,576,177		$	2,288,824		$	(25,954,193	)		$	3,224,115			$	(3,231,983	)		$	424,902,940		32,101,148

Pursuant to separate agreements between the Funds and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the Securities and Exchange Commission (“SEC” or the “Commission”). The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a fee, accrued daily and paid monthly. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair values services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

FIS Investor Services LLC (“FIS”) serves as the Fund’s transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

The Bank of New York Mellon (“BNY Mellon” or the “Custodian”) serves as the Trust’s custodian and securities lending agent. For these services as custodian, the Funds pay BNY Mellon a fee based on a percentage of assets held on behalf of the Funds, plus certain out-of-pocket charges.

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

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2018, $2,106 was paid from the Fund relating to these fees and expenses.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles. For their service to the Trust and to the Allianz Variable Insurance Products Trust, each non-interested Trustee receives a $174,000 annual Board retainer, the Lead Director receives an additional $43,500 annually and the Chair of the Nominating and Corporate Governance Committee receives an additional $26,100 annually. In addition, the Trustees are reimbursed for certain expenses associated with attending Board meetings. Compensation to the Trustees is allocated between the Trust and the Allianz Variable Insurance Products Trust in proportion to the assets under management of each trust. During the period ended June 30, 2018, actual Trustee compensation was $515,040 in total for both trusts.

4. Investment Valuation Summary

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

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

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

AZL Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

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

For the period ended June 30, 2018, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value. There were no significant transfers between Levels 1 and 2 as of June 30, 2018, based on levels assigned to securities on December 31, 2017.

The following is a summary of the valuation inputs used as of June 30, 2018 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Total

Affiliated Investment Company		$	424,902,940		$	—		$	424,902,940

Total Investment Securities		$	424,902,940		$	—		$	424,902,940

5. Security Purchases and Sales

For the period ended June 30, 2018, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL Balanced Index Strategy Fund		$	2,288,824		$	25,954,193

6. Investment Risks

Derivatives Risk: The Fund may invest directly or through affiliated or unaffiliated mutual funds or unregistered investment pools in derivative instruments such as futures, options, and options on futures. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The other party to a derivatives contract could default. During the year ended June 30, 2018, the Fund did not directly invest in derivatives.

Fund of Fund Risk: The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any futures and cash held in the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and income distributions of the underlying funds.

7. Federal Tax Information

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

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

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at June 30, 2018 is $328,394,664. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	96,508,276
Unrealized (depreciation)		—

Net unrealized appreciation/(depreciation)	$	96,508,276

As of the latest tax year end, December 31, 2017, the tax character of dividends paid to shareholders was as follows:

Ordinary

Income

Net

Long-Term

Capital Gains

Total

Distributions(a)

AZL Balanced Index Strategy Fund

9,834,481

20,729,966

30,564,447

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

AZL Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

As of the latest tax year end, December 31, 2017, the components of accumulated earnings on a tax basis were as follows:

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital Gains

Accumulated

Capital and

Other Losses

Unrealized

Appreciation/
Depreciation(a)

Total
Accumulated

Earnings/
(Deficit)

AZL Balanced Index Strategy Fund

3,957,704

15,425,645

—

99,401,611

118,784,960

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

8. Ownership and Principal Holders

9. Investment Company Reporting Modernization

In October 2016, the SEC released its Final Rule on Investment Company Reporting Modernization (the “Rules”). The Rules which introduce two new regulatory reporting forms for investment companies — Form N-PORT and Form N-CEN — also contain amendments to Regulation S-X which require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X became effective for filings made with the SEC after August 1, 2017. The compliance date for form N-PORT and Form N-CEN will vary based on the reporting entity’s size and, in the case of the Fund, is expected to be April 30, 2019. The Fund’s adoption of these amendments, as applicable for the financial statements prepared as of June 30, 2018, had no effect on the Fund’s net assets or results of operations.

10. Subsequent Events

Management of the Fund has evaluated the need for additional disclosures or adjustments resulting from events through the date the financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have material impact on the Fund’s financial statements.

Other Information (Unaudited)

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

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

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

Change in Independent Registered Public Accounting Firm

On June 6, 2018, KPMG LLP (“KPMG”) resigned as the Fund’s independent registered public accounting firm. During the Fund’s two most recent fiscal years ended December 31, 2017 and 2016, KPMG’s reports on the Fund’s financial statements contained no adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. During the Fund’s two most recent fiscal years ended December 31, 2017 and 2016 and the interim period commencing January 1, 2018 and ending June 6, 2018, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of KPMG, would have caused it to make reference to the subject matter of the disagreement in connection with its report on the financial statements for such years.

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The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0618 08/18

AZL^® DFA Multi-Strategy Fund

Semi-Annual Report

June 30, 2018

(Unaudited)

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AZL DFA Multi-Strategy Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 1/1/18			Ending Account Value 6/30/18			Expenses Paid During Period 1/1/18 - 6/30/18*			Annualized Expense Ratio During Period 1/1/18 - 6/30/18
AZL DFA Multi-Strategy Fund		$	1,000.00		$	1,009.20		$	0.35		0.07	%


	Beginning Account Value 1/1/18			Ending Account Value 6/30/18			Expenses Paid During Period 1/1/18 - 6/30/18*			Annualized Expense Ratio During Period 1/1/18 - 6/30/18
AZL DFA Multi-Strategy Fund		$	1,000.00		$	1,024.46		$	0.35		0.07	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Domestic Equities		48.2	%
Fixed Income		40.3
International Equities		11.5

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

Net Assets		100.0	%

^	Represents less than 0.05%.

AZL DFA Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2018 (Unaudited)


Shares			Fair Value
Affiliated Investment Companies (100.0%):
	5,108,477	AZL DFA Emerging Markets Core Equity Fund	$	52,208,638
	45,522,107	AZL DFA Five-Year Global Fixed Income Fund		454,765,854
	6,957,396	AZL DFA International Core Equity Fund		77,366,249
	32,647,202	AZL DFA U.S. Core Equity Fund		428,331,293
	8,694,471	AZL DFA U.S. Small Cap Fund		113,375,905

	Total Affiliated Investment Companies (Cost $988,967,829)			1,126,047,939

	Total Investment Securities (Cost $988,967,829) — 100.0%(a)			1,126,047,939
	Net other assets (liabilities) — 0.0%			(456,820	)

	Net Assets — 100.0%		$	1,125,591,119

Percentages indicated are based on net assets as of June 30, 2018.

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

See accompanying notes to the financial statements.

AZL DFA Multi-Strategy Fund

Statement of Assets and Liabilities

June 30, 2018

(Unaudited)


Assets:
Investments in affiliates, at cost	$	988,967,829

Investments in affiliates, at value	$	1,126,047,939
Receivable for affiliated investments sold		162,868
Prepaid expenses		6,724

Total Assets		1,126,217,531

Liabilities:
Cash overdraft		162,868
Payable for capital shares redeemed		384,229
Manager fees payable		47,035
Administration fees payable		174
Custodian fees payable		934
Administrative and compliance services fees payable		1,151
Transfer agent fees payable		412
Trustee fees payable		5,214
Other accrued liabilities		24,395

Total Liabilities		626,412

Net Assets	$	1,125,591,119

Net Assets Consist of:
Capital	$	944,733,109
Accumulated net investment income/(loss)		12,636,263
Accumulated net realized gains/(losses) from investment transactions		31,141,637
Net unrealized appreciation/(depreciation) on investments		137,080,110

Net Assets	$	1,125,591,119

Shares of beneficial interest (unlimited number of shares authorized, no par value)		78,607,261
Net Asset Value (offering and redemption price per share)	$	14.32

Statement of Operations

For the Six Months Ended June 30, 2018

(Unaudited)


Investment Income:
Dividends	$	82

Total Investment Income		82

Expenses:
Manager fees		289,921
Administration fees		28,638
Custodian fees		3,444
Administrative and compliance services fees		7,766
Transfer agent fees		2,656
Trustee fees		25,417
Professional fees		22,098
Shareholder reports		11,392
Other expenses		4,726

Total expenses		396,058

Net Investment Income/(Loss)		(395,976	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		15,553,009
Net realized gains/(losses) on securities transactions		1,818
Change in net unrealized appreciation/depreciation on affiliated transactions		(4,408,480	)

Net Realized/Unrealized Gains/(Losses) on Investments		11,146,347

Change in Net Assets Resulting From Operations	$	10,750,371

See accompanying notes to the financial statements.

AZL DFA Multi-Strategy Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2018				For the Year Ended December 31, 2017
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(395,976	)		$	12,266,632
Net realized gains/(losses) on investment transactions			15,554,827				20,143,905
Change in unrealized appreciation/depreciation on investments			(4,408,480	)			110,992,500

Change in net assets resulting from operations			10,750,371				143,403,037

Distributions to Shareholders:
From net investment income			—				(9,184,174	)

Change in net assets resulting from distributions to shareholders			—				(9,184,174	)

Capital Transactions:
Proceeds from shares issued			2,182,407				11,253,458
Proceeds from dividends reinvested			—				9,184,174
Value of shares redeemed			(91,538,170	)			(144,629,334	)

Change in net assets resulting from capital transactions			(89,355,763	)			(124,191,702	)

Change in net assets			(78,605,392	)			10,027,161
Net Assets:
Beginning of period			1,204,196,511				1,194,169,350

End of period		$	1,125,591,119			$	1,204,196,511

Accumulated net investment income/(loss)		$	12,636,263			$	13,032,239

Share Transactions:
Shares issued			152,918				845,577
Dividends reinvested			—				674,811
Shares redeemed			(6,401,401	)			(10,743,935	)

Change in shares			(6,248,483	)			(9,223,547	)

See accompanying notes to the financial statements.

AZL DFA Multi-Strategy Fund

Financial Highlights

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


	Six Months Ended June 30, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016				Year Ended December 31, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013
	(Unaudited)
Net Asset Value, Beginning of Period		$	14.19			$	12.69			$	18.08			$	18.71			$	17.86			$	14.96

Investment Activities:
Net Investment Income/(Loss)			0.00				0.15				0.10				0.01				0.20				0.16
Net Realized and Unrealized Gains/(Losses) on Investments			0.13				1.46				1.32				(0.14	)			0.96				2.97

Total from Investment Activities			0.13				1.61				1.42				(0.13	)			1.16				3.13

Dividends to Shareholders From:
Net Investment Income			—				(0.11	)			—				(0.24	)			(0.22	)			(0.20	)
Net Realized Gains			—				—				(6.81	)			(0.26	)			(0.09	)			(0.03	)

Total Dividends			—				(0.11	)			(6.81	)			(0.50	)			(0.31	)			(0.23	)

Net Asset Value, End of Period		$	14.32			$	14.19			$	12.69			$	18.08			$	18.71			$	17.86

Total Return(a)			0.92	%(b)			12.69	%			9.32	%			(0.67	)%			6.53	%			21.07	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	1,125,591			$	1,204,197			$	1,194,169			$	1,257,794			$	1,439,548			$	1,347,836
Net Investment Income/(Loss)(c)			(0.07	)%			1.02	%			0.75	%			(0.07	)%			1.09	%			1.20	%
Expenses Before Reductions*(c)(d)			0.07	%			0.07	%			0.07	%			0.07	%			0.07	%			0.07	%
Expenses Net of Reductions*(c)			0.07	%			0.07	%			0.07	%			0.07	%			0.07	%			0.07	%
Portfolio Turnover Rate			—	(b)(f)			2	%			2	%			114	%(e)			7	%			3	%

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

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

(b)	Not annualized for periods less than one year.

(c)	Annualized for periods less than one year.

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

(e)

Effective April 27, 2015, the investment strategy of the Fund changed. Costs of purchases and proceeds from sales of portfolio securities associated with the changes in investment strategy contributed to higher portfolio turnover rate for the period ended December 31, 2015 as compared to prior years.

(f)	Represents less than 0.5%.

See accompanying notes to the financial statements.

AZL DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL DFA Multi-Strategy Fund (the “Fund”), and 11 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Dividends to Shareholders

Expense Allocation

3. Fees and Transactions with Affiliates and Other Parties

For the period ended June 30, 2018, the annual rate due to the Manager and the annual expense limit were as follows:


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

AZL DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)


	Fair Value 12/31/2017			Purchases at Cost			Proceeds from Sales				Net Realized Gains/(Losses)				Net Change in Unrealized Appreciation/ Depreciation				Fair Value 6/30/2018			Shares as of 6/30/2018
AZL DFA Emerging Markets Core Equity Fund		$	63,140,016		$	66,214		$	(5,995,339	)		$	744,108			$	(5,746,361	)		$	52,208,638		5,108,477
AZL DFA Five-Year Global Fixed Income Fund			472,920,612			940,672			(18,534,804	)			(173,307	)			(387,319	)			454,765,854		45,522,107
AZL DFA International Core Equity Fund			87,201,630			—			(7,495,908	)			977,700				(3,317,173	)			77,366,249		6,957,396
AZL DFA U.S. Core Equity Fund			459,210,202			608,126			(44,681,271	)			10,782,869				2,411,367				428,331,293		32,647,202
AZL DFA U.S. Small Cap Fund			122,556,147			—			(15,032,887	)			3,221,639				2,631,006				113,375,905		8,694,471

		$	1,205,028,607		$	1,615,012		$	(91,740,209	)		$	15,553,009			$	(4,408,480	)		$	1,126,047,939		98,929,653

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2018, $5,674 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

AZL DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2018 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Total

Affiliated Investment Company		$	1,126,047,939		$	—		$	1,126,047,939

Total Investment Securities		$	1,126,047,939		$	—		$	1,126,047,939

5. Security Purchases and Sales

For the period ended June 30, 2018, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL DFA Multi-Strategy Fund		$	1,615,012		$	91,740,209

6. Investment Risks

7. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at June 30, 2018 is $989,353,490. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	137,148,316
Unrealized (depreciation)		(453,867	)

Net unrealized appreciation/(depreciation)	$	136,694,449

CLCFs subject to expiration are applied as short-term capital loss regardless of whether the originating capital loss was short-term or long-term. CLCFs that are not subject to expiration must be utilized before those that are subject to expiration. The Board does not intend to authorize a distribution of any realized gain for the Fund until any applicable CLCF has been offset or expires.

As of the latest tax year end, December 31, 2017, the Fund utilized $3,423,112 in CLCFs to offset capital gains.

As of the latest tax year end, December 31, 2017, the tax character of dividends paid to shareholders was as follows:

Ordinary
Income

Net

Long-Term
Capital Gains

Total
Distributions(a)

AZL DFA Multi-Strategy Fund

9,184,174

—

9,184,174

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

AZL DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

As of the latest tax year end, December 31, 2017, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ Depreciation(a)			Total Accumulated Earnings/ (Deficit)
AZL DFA Multi-Strategy Fund		$	13,032,239		$	15,955,134		$	—		$	141,120,266		$	170,107,639

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

8. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2(a)(9) of the 1940 Act. As of June 30, 2018, the Fund had an individual shareholder account which is affiliated with the Investment Adviser representing ownership in excess of 90% of the Fund. As of June 30, 2018, the Fund had a controlling interest (in excess of 50%) in the AZL DFA Emerging Markets Core Equity Fund, AZL DFA Five-Year Global Fixed Income Fund, AZL DFA U.S. Core Equity Fund, and AZL DFA U.S. Small Cap Fund, which are affiliated with the Investment Adviser.

9. Investment Company Reporting Modernization

10. Subsequent Events

Other Information (Unaudited)

Change in Independent Registered Public Accounting Firm

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The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0618 08/18

AZL^® MVP Balanced Index Strategy Fund

Semi-Annual Report

June 30, 2018

(Unaudited)

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AZL MVP Balanced Index Strategy Fund

Expense Examples

(Unaudited)

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

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

Beginning

Account Value

1/1/18

Ending

Account Value
6/30/18

Expenses Paid
During Period
1/1/18 - 6/30/18*

Annualized Expense

Ratio During Period

1/1/18 - 6/30/18

AZL MVP Balanced Index Strategy Fund

1,000.00

999.30

0.64

0.13

Beginning
Account Value
1/1/18

Ending
Account Value
6/30/18

Expenses Paid
During Period
1/1/18 - 6/30/18*

Annualized Expense

Ratio During Period
1/1/18 - 6/30/18

AZL MVP Balanced Index Strategy Fund

1,000.00

1,024.15

0.65

0.13

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Fixed Income		47.9	%
Domestic Equities		35.0
International Equities		12.3

Total Investment Securities		95.2
Net other assets (liabilities)		4.8

Net Assets		100.0	%

AZL MVP Balanced Index Strategy Fund

Schedule of Portfolio Investments

June 30, 2018 (Unaudited)


Shares			Fair Value
Affiliated Investment Companies (95.2%):
	14,453,034	AZL Enhanced Bond Index Fund	$	154,502,934
	2,355,337	AZL International Index Fund, Class 2		39,616,769
	1,000,195	AZL Mid Cap Index Fund, Class 2		24,304,742
	4,565,967	AZL S&P 500 Index Fund, Class 2		75,384,111
	805,963	AZL Small Cap Stock Index Fund, Class 2		13,088,846

	Total Affiliated Investment Companies (Cost $272,146,781)			306,897,402

	Total Investment Securities (Cost $272,146,781) — 95.2%(a)			306,897,402
	Net other assets (liabilities) — 4.8%			15,415,062

	Net Assets — 100.0%		$	322,312,464

Percentages indicated are based on net assets as of June 30, 2018.

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

Futures Contracts

Cash of $16,132,073 has been segregated to cover margin requirements for the following open contracts as of June 30, 2018:

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini September Futures (U.S. Dollar)		9/21/18		59	$	8,028,720	$	(157,247	)
U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		9/19/18		67		8,052,563		42,493

							$	(114,754	)

See accompanying notes to the financial statements.

AZL MVP Balanced Index Strategy Fund

Statement of Assets and Liabilities

June 30, 2018

(Unaudited)


Assets:
Investments in affiliates, at cost	$	272,146,781

Investments in affiliates, at value	$	306,897,402
Segregated cash for collateral		16,132,073
Interest and dividends receivable		21,746
Receivable for affiliated investments sold		97,840
Prepaid expenses		1,869

Total Assets		323,150,930

Liabilities:
Cash overdraft		97,840
Payable for capital shares redeemed		704,421
Payable for variation margin on futures contracts		1
Manager fees payable		26,701
Administration fees payable		51
Custodian fees payable		226
Administrative and compliance services fees payable		331
Transfer agent fees payable		351
Trustee fees payable		1,480
Other accrued liabilities		7,064

Total Liabilities		838,466

Net Assets	$	322,312,464

Net Assets Consist of:
Capital	$	279,422,297
Accumulated net investment income/(loss)		2,527,549
Accumulated net realized gains/(losses) from investment transactions		5,726,751
Net unrealized appreciation/(depreciation) on investments		34,635,867

Net Assets	$	322,312,464

Shares of beneficial interest (unlimited number of shares authorized, no par value)		24,100,434
Net Asset Value (offering and redemption price per share)	$	13.37

Statement of Operations

For the Six Months Ended June 30, 2018

(Unaudited)


Investment Income:
Interest	$	120,178
Dividends		672

Total Investment Income		120,850

Expenses:
Manager fees		160,361
Administration fees		25,271
Custodian fees		1,320
Administrative and compliance services fees		2,079
Transfer agent fees		2,301
Trustee fees		6,793
Professional fees		5,963
Shareholder reports		3,798
Other expenses		1,114

Total expenses		209,000

Net Investment Income/(Loss)		(88,150	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		701,342
Net realized gains/(losses) on futures contracts		130,585
Change in net unrealized appreciation/depreciation on affiliated transactions		(791,082	)
Change in net unrealized appreciation/depreciation on futures contracts		(201,582	)

Net Realized/Unrealized Gains/(Losses) on Investments		(160,737	)

Change in Net Assets Resulting From Operations	$	(248,887	)

See accompanying notes to the financial statements.

AZL MVP Balanced Index Strategy Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2018				For the Year Ended December 31, 2017
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(88,150	)		$	2,278,329
Net realized gains/(losses) on investment transactions			831,927				7,645,879
Change in unrealized appreciation/depreciation on investments			(992,664	)			24,224,785

Change in net assets resulting from operations			(248,887	)			34,148,993

Distributions to Shareholders:
From net investment income			—				(5,886,420	)
From net realized gains			—				(11,984,093	)

Change in net assets resulting from distributions to shareholders			—				(17,870,513	)

Capital Transactions:
Proceeds from shares issued			13,516,448				21,993,018
Proceeds from dividends reinvested			—				17,870,513
Value of shares redeemed			(13,185,727	)			(46,656,347	)

Change in net assets resulting from capital transactions			330,721				(6,792,816	)

Change in net assets			81,834				9,485,664
Net Assets:
Beginning of period			322,230,630				312,744,966

End of period		$	322,312,464			$	322,230,630

Accumulated net investment income/(loss)		$	2,527,549			$	2,615,699

Share Transactions:
Shares issued			1,005,500				1,662,006
Dividends reinvested			—				1,378,898
Shares redeemed			(989,639	)			(3,503,941	)

Change in shares			15,861				(463,037	)

See accompanying notes to the financial statements.

AZL MVP Balanced Index Strategy Fund

Financial Highlights

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


	Six Months Ended June 30, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016				Year Ended December 31, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013
	(Unaudited)
Net Asset Value, Beginning of Period		$	13.38			$	12.74			$	12.30			$	12.56			$	12.03			$	10.69

Investment Activities:
Net Investment Income/(Loss)			—	(a)			0.11				0.17				0.22				0.08				0.10
Net Realized and Unrealized Gains/(Losses) on Investments			(0.01	)			1.32				0.64				(0.25	)			0.65				1.24

Total from Investment Activities			(0.01	)			1.43				0.81				(0.03	)			0.73				1.34

Dividends to Shareholders From:
Net Investment Income			—				(0.26	)			(0.28	)			(0.10	)			(0.12	)			—
Net Realized Gains			—				(0.53	)			(0.09	)			(0.13	)			(0.08	)			—	(a)

Total Dividends			—				(0.79	)			(0.37	)			(0.23	)			(0.20	)			—	(a)

Net Asset Value, End of Period		$	13.37			$	13.38			$	12.74			$	12.30			$	12.56			$	12.03

Total Return(b)			(0.07	)%(c)			11.40	%			6.61	%			(0.22	)%			6.09	%			12.56	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	322,312			$	322,231			$	312,745			$	255,129			$	208,618			$	155,547
Net Investment Income/(Loss)(d)			(0.05	)%			0.72	%			1.69	%			2.08	%			0.97	%			1.09	%
Expenses Before Reductions*(d)(e)			0.13	%			0.13	%			0.14	%			0.14	%			0.15	%			0.17	%
Expenses Net of Reductions*(d)			0.13	%			0.13	%			0.14	%			0.14	%			0.15	%			0.17	%
Portfolio Turnover Rate			3	%(c)			9	%			11	%			5	%			6	%			4	%

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

(a)	Represents less than $0.005.

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

(c)	Not annualized for periods less than one year.

(d)	Annualized for periods less than one year.

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

See accompanying notes to the financial statements.

AZL MVP Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Balanced Index Strategy Fund (the “Fund”), and 11 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Dividends to Shareholders

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

Expense Allocation

Derivative Instruments

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

Futures Contracts

AZL MVP Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The monthly average notional amount for these contracts was $16.0 million for the period ended June 30, 2018. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2018:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair

Value*

Equity Risk

Equity Contracts

Receivable for variation margin on futures contracts

—

Payable for variation margin on futures contracts

157,247

Interest Rate Risk

Interest Rate Contracts

42,493

—

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

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2018:


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

Equity Risk
Equity Contracts	Net Realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts	$	413,421			$(287,266)

Interest Rate Risk
Interest Rate Contracts			(282,836	)		85,684

3. Fees and Transactions with Affiliates and Other Parties

For the period ended June 30, 2018, the annual rate due to the Manager and the annual expense limit were as follows:


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

AZL MVP Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)


	Fair Value 12/31/2017			Purchases at Cost			Proceeds from Sales				Net Realized Gains/(Losses)				Net Change in Unrealized Appreciation/ Depreciation				Fair Value 6/30/2018			Shares as of 6/30/2018
AZL Enhanced Bond Index Fund		$	153,072,168		$	8,370,517		$	(4,097,111	)		$	(191,748	)		$	(2,650,892	)		$	154,502,934		14,453,034
AZL International Index Fund, Class 2			40,510,932			1,082,145			(864,903	)			104,879				(1,216,284	)			39,616,769		2,355,337
AZL Mid Cap Index Fund, Class 2			24,205,200			104,742			(871,203	)			79,171				786,832				24,304,742		1,000,195
AZL S&P 500 Index Fund, Class 2			75,637,309			1,578,630			(3,679,736	)			594,131				1,253,777				75,384,111		4,565,967
AZL Small Cap Stock Index Fund, Class 2			12,940,281			—			(1,001,829	)			114,909				1,035,485				13,088,846		805,963

		$	306,365,890		$	11,136,034		$	(10,514,782	)		$	701,342			$	(791,082	)		$	306,897,402		23,180,496

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2018, $1,556 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

AZL MVP Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2018 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Total

Affiliated Investment Company		$	306,897,402			$	—		$	306,897,402

Total Investment Securities			306,897,402				—			306,897,402

Other Financial Instruments:*
Futures Contracts			(114,754	)			—			(114,754	)

Total Investments		$	306,782,648			$	—		$	306,782,648

*	Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally presented in the financial statements at variation margin.

5. Security Purchases and Sales

For the period ended June 30, 2018, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL MVP Balanced Index Strategy Fund		$	11,136,034		$	10,514,782

6. Investment Risks

7. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at June 30, 2018 is $274,822,025. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	35,232,155
Unrealized (depreciation)		(3,156,778	)

Net unrealized appreciation/(depreciation)	$	32,075,377

As of the latest tax year end, December 31, 2017, the tax character of dividends paid to shareholders was as follows:

Ordinary
Income

Net

Long-Term

Capital Gains

Total
Distributions(a)

AZL MVP Balanced Index Strategy Fund

6,083,704

11,786,809

17,870,513

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

AZL MVP Balanced Index Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

As of the latest tax year end, December 31, 2017, the components of accumulated earnings on a tax basis were as follows:

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital Gains

Accumulated

Capital and

Other Losses

Unrealized

Appreciation/

Depreciation(a)

Total

Accumulated

Earnings/
(Deficit)

AZL MVP Balanced Index Strategy Fund

3,233,531

7,042,296

—

32,895,034

43,170,861

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

8. Ownership and Principal Holders

9. Investment Company Reporting Modernization

10. Subsequent Events

Other Information (Unaudited)

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

Change in Independent Registered Public Accounting Firm

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0618 08/18

AZL^® MVP BlackRock Global Strategy Plus Fund

Semi-Annual Report

June 30, 2018

(Unaudited)

LOGO

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AZL MVP BlackRock Global Strategy Plus Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 1/1/18			Ending Account Value 6/30/18			Expenses Paid During Period 1/1/18 - 6/30/18*			Annualized Expense Ratio During Period 1/1/18 - 6/30/18
AZL MVP BlackRock Global Strategy Plus Fund		$	1,000.00		$	986.50		$	3.45		0.70	%


	Beginning Account Value 1/1/18			Ending Account Value 6/30/18			Expenses Paid During Period 1/1/18 - 6/30/18*			Annualized Expense Ratio During Period 1/1/18 - 6/30/18
AZL MVP BlackRock Global Strategy Plus Fund		$	1,000.00		$	1,021.32		$	3.51		0.70	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Affiliated Investment Companies		45.1	%
Common Stocks		29.2
U.S. Treasury Obligations		14.5
Foreign Bonds		3.2
Securities Held as Collateral for Securities on Loan		1.8
Exchange Traded Funds		1.3
Corporate Bonds		0.9
Yankee Dollars		0.6
Money Markets		0.5
Preferred Stocks		0.3
Convertible Preferred Stocks		0.2
Convertible Bonds		0.2
Bank Loans		0.1
Purchased Options		—	^
Rights		—	^
Warrants		—	^
Private Placements		—	^

Total Investment Securities		97.9
Net other assets (liabilities)		2.1

Net Assets		100.0	%

^	Represents less than 0.05%


Investments	Percent of Net Assets
United States		80.7	%
Japan		5.0
Germany		2.0
France		1.3
United Kingdom		1.3
Netherlands		0.8
Canada		0.8
India		0.7
Switzerland		0.7
China		0.7
All other countries		3.9

Total Investment Securities		97.9
Net other assets (liabilities)		2.1

Net Assets		100.0	%

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

June 30, 2018 (Unaudited)


Shares			Fair Value
Common Stocks (29.2%):
Aerospace & Defense (0.5%):
	324	Boeing Co. (The)(a)	$	108,705
	434	Dassault Aviation SA(a)		825,771
	169	General Dynamics Corp.(a)		31,503
	12	Lockheed Martin Corp.(a)		3,545
	448	Northrop Grumman Corp.(a)		137,850
	677	Raytheon Co.(a)		130,783
	21,360	Safran SA(a)		2,590,921

				3,829,078

Air Freight & Logistics (0.0%):
	194	Deutsche Post AG(a)		6,334

Airlines (0.5%):
	71,722	Azul SA, ADR*^(a)		1,173,371
	659	Delta Air Lines, Inc.(a)		32,647
	49,900	Japan Airlines Co., Ltd.(a)		1,768,559
	1,022	Turk Hava Yollari Anonim Ortakligi*(a)		3,011
	24,893	United Continental Holdings, Inc.*(a)		1,735,789

				4,713,377

Auto Components (0.6%):
	8,900	Aisin Sieki Co., Ltd.(a)		405,228
	27,600	Bridgestone Corp.(a)		1,078,519
	51,683	Cheng Shin Rubber Industry Co., Ltd.(a)		77,690
	30	Compagnie Generale des Establissements Michelin SCA, Class B(a)		3,648
	21,400	Denso Corp.(a)		1,041,175
	2,400	Exedy Corp.(a)		74,243
	3	Hyundai Mobis Co., Ltd.(a)		570
	8,400	Koito Manufacturing Co., Ltd.(a)		554,240
	315	Lear Corp.(a)		58,530
	2,400	Stanley Electric Co., Ltd.(a)		81,626
	20,700	Toyota Industries Corp.(a)		1,158,941

				4,534,410

Automobiles (0.6%):
	4,500	Baic Motor Corp., Ltd.(a)		4,284
	4,000	Dongfeng Motor Corp., Series H(a)		4,224
	166	Ford Motor Co.(a)		1,838
	64,400	Fuji Heavy Industries, Ltd.(a)		1,873,833
	146	General Motors Co.(a)		5,752
	2,800	Guangzhou Automobile Group Co., Ltd.(a)		2,718
	3,269	Hero MotoCorp, Ltd.(a)		165,642
	4,184	Maruti Suzuki India, Ltd.(a)		538,611
	36,000	Suzuki Motor Corp.(a)		1,985,592
	87	Tata Motors, Ltd.*(a)		341

				4,582,835

Banks (1.9%):
	35,323	ABN AMRO Group NV^(a)		914,129
	8,000	Agricultural Bank of China, Ltd.(a)		3,716
	540	Banco Bilbao Vizcaya Argentaria SA(a)		3,814
	476	Banco do Brasil SA(a)		3,495
	246	Banco Santander Brasil SA(a)		1,857
	120,765	Bank of America Corp.(a)		3,404,366
	7,000	Bank of China, Ltd.(a)		3,449


Shares			Fair Value
Common Stocks, continued
Banks, continued
	67	Bank of Nova Scotia(a)	$	3,794
	487	Barclays plc(a)		1,214
	8	BB&T Corp.(a)		404
	122	BNP Paribas SA(a)		7,561
	8,000	China Construction Bank(a)		7,336
	1,000	Chinatrust Financial Holding Co., Ltd.(a)		720
	30,936	Citigroup, Inc.(a)		2,070,238
	199	Credit Agricole SA(a)		2,653
	1,475	Criteria Caixacorp SA(a)		6,371
	162	Danske Bank A/S(a)		5,064
	140	DnB NOR ASA(a)		2,732
	21,201	Fifth Third Bancorp(a)		608,469
	441	Grupo Financiero Banorte SAB de C.V.(a)		2,594
	107	Hana Financial Holdings Group, Inc.(a)		4,109
	187,796	HSBC Holdings plc(a)		1,760,578
	8,000	Industrial & Commercial Bank of China(a)		5,943
	296	Industrial Bank of Korea (IBK)(a)		4,086
	108,484	ING Groep NV(a)		1,556,548
	604	Intesa Sanpaolo SpA(a)		1,748
	9,621	JPMorgan Chase & Co.(a)		1,002,508
	46,416	Kotak Mahindra Bank, Ltd.(a)		908,495
	14,698	Lloyds Banking Group plc(a)		12,225
	14	M&T Bank Corp.(a)		2,382
	800	Mitsubishi UFJ Financial Group, Inc.(a)		4,538
	1,000	Resona Holdings, Inc.(a)		5,344
	202	Royal Bank of Canada(a)		15,212
	11	Shinhan Financial Group Co., Ltd.(a)		426
	674	Skandinaviska Enskilda Banken AB, Class A(a)		6,401
	123	Societe Generale(a)		5,179
	93,399	State Bank of India*(a)		353,152
	21,911	SunTrust Banks, Inc.(a)		1,446,564
	2,000	Taiwan Cooperative Financial Holding Co., Ltd.(a)		1,170
	65	Toronto-Dominion Bank (The)(a)		3,763
	233	Unicredit SpA(a)		3,875
	18,701	Wells Fargo & Co.(a)		1,036,783
	154	Woori Bank(a)		2,250
	87,348	Yes Bank, Ltd.(a)		432,571

				15,629,826

Beverages (0.2%):
	16,572	Anheuser-Busch InBev NV(a)		1,671,633
	24	Carlsberg A/S, Class B(a)		2,826
	139	Coca-Cola Co. (The)(a)		6,097
	351	Constellation Brands, Inc., Class C(a)		76,823
	59	Diageo plc(a)		2,117
	100	Kirin Holdings Co., Ltd.(a)		2,673
	1,467	PepsiCo, Inc.(a)		159,712

				1,921,881

Biotechnology (0.4%):
	829	AbbVie, Inc.(a)		76,807
	483	Amgen, Inc.(a)		89,157
	1,889	Biogen Idec, Inc.*(a)		548,263
	70	Celgene Corp.*(a)		5,559

Continued

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

June 30, 2018 (Unaudited)


Shares			Fair Value
Common Stocks, continued
Biotechnology, continued
	31,123	Gilead Sciences, Inc.(a)	$	2,204,754
	5,787	Tesaro, Inc.*^(a)		257,348

				3,181,888

Building Products (0.1%):
	255	Compagnie de Saint-Gobain SA(a)		11,371
	5,300	Daikin Industries, Ltd.(a)		633,977
	1,565	Fortune Brands Home & Security, Inc.^(a)		84,025
	1,923	Masco Corp.(a)		71,959
	5,000	Nichias Corp.(a)		62,559

				863,891

Capital Markets (0.9%):
	321	Ameriprise Financial, Inc.(a)		44,901
	631	Bank of New York Mellon Corp. (The)(a)		34,030
	46,284	Charles Schwab Corp. (The)(a)		2,365,112
	23	CME Group, Inc.(a)		3,770
	37	Franklin Resources, Inc.^(a)		1,186
	275	Goldman Sachs Group, Inc. (The)(a)		60,657
	100	Hong Kong Exchanges & Clearing, Ltd.(a)		2,996
	52,144	Morgan Stanley(a)		2,471,626
	500	Nomura Holdings, Inc.(a)		2,421
	338	State Street Corp.(a)		31,464
	136,710	UBS Group AG(a)		2,104,143

				7,122,306

Chemicals (1.7%):
	16,562	Air Products & Chemicals, Inc.(a)		2,579,200
	50,400	Asahi Kasei Corp.(a)		639,799
	45	BASF SE(a)		4,302
	14,800	Daicel Chemical Industries, Ltd.(a)		163,586
	56,043	DowDuPont, Inc.(a)		3,694,354
	9	Evonik Industries AG(a)		308
	37,000	Formosa Chemicals & Fibre Corp.(a)		147,302
	38,000	Formosa Plastics Corp.(a)		140,127
	5,200	Hitachi Chemical Co., Ltd.(a)		104,768
	893	Huntsman Corp.(a)		26,076
	46	Koninklijke DSM NV(a)		4,619
	5,200	Kuraray Co., Ltd.(a)		71,536
	582	LG Chem, Ltd.(a)		173,949
	5	Lotte Chemical Corp.(a)		1,559
	300	Mitsubishi Chemical Holdings Corp.(a)		2,508
	48,000	Nan Ya Plastics Corp.(a)		137,161
	27,500	Nitto Denko Corp.(a)		2,077,924
	73,900	PTT Global Chemical Public Co., Ltd.(a)		162,680
	18,500	Shin-Etsu Chemical Co., Ltd.(a)		1,641,354
	5,000	Toagosei Co., Ltd.(a)		57,725
	54,400	Toray Industries, Inc.(a)		428,288
	27,300	Ube Industries, Ltd.(a)		708,956

				12,968,081

Commercial Services & Supplies (0.0%):
	229	Country Garden Services Holdings Co., Ltd.*^(a)		294
	10	Republic Services, Inc., Class A(a)		684
	116	Waste Management, Inc.(a)		9,435

				10,413


Shares			Fair Value
Common Stocks, continued
Communications Equipment (0.0%):
	407	Cisco Systems, Inc.(a)	$	17,513
	1,829	Nokia OYJ(a)		10,492

				28,005

Construction & Engineering (0.1%):
	4,100	ComSys Holdings Corp.(a)		108,651
	802	Eiffage SA(a)		87,174
	12,100	Kinden Corp.(a)		197,557
	2,000	Kyudenko Corp.(a)		96,494
	5,000	Maeda Road Construction Co., Ltd.(a)		95,022
	4,700	Nippo Corp.(a)		85,597
	4,400	Okumura Corp.(a)		143,485
	100	TAISEI Corp.(a)		5,510
	22,000	Toda Corp.(a)		191,269

				1,010,759

Construction Materials (0.0%):
	14,836	Cemex SAB de C.V.*(a)		9,766
	2,000	China National Buildings Material Co., Ltd.(a)		1,970
	11,000	Siam Cement PCL(a)		136,755

				148,491

Consumer Finance (0.0%):
	1,079	Ally Financial, Inc.(a)		28,345
	4	American Express Co.(a)		392
	562	Capital One Financial Corp.(a)		51,648
	848	Discover Financial Services(a)		59,708

				140,093

Containers & Packaging (0.0%):
	776	Crown Holdings, Inc.*(a)		34,734
	769	International Paper Co.(a)		40,050
	499	Packaging Corp. of America(a)		55,782

				130,566

Distributors (0.0%):
	3,400	Canon Marketing Japan, Inc.(a)		70,780

Diversified Consumer Services (0.0%):
	77	New Oriental Education & Technology Group, Inc., ADR(a)		7,289

Diversified Financial Services (0.0%):
	1,028	AMP, Ltd.(a)		2,706
	968	Berkshire Hathaway, Inc., Class B*(a)		180,677
	101,000	Fubon Financial Holdings Co., Ltd.(a)		169,158

				352,541

Diversified Telecommunication Services (0.5%):
	221	AT&T, Inc.(a)		7,096
	49,535	Cellnex Telecom SAU(a)		1,246,390
	8,000	China Communications Services Corp., Ltd.(a)		5,063
	218,000	Chunghwa Telecom Co., Ltd.(a)		786,358
	11,851	El Towers SpA(a)		654,563
	80,000	HKT Trust & HKT, Ltd.(a)		102,010
	2,800	Nippon Telegraph & Telephone Corp.(a)		127,248
	63,500	Singapore Telecommunications, Ltd.(a)		143,381
	31,368	Telecom Italia SpA(a)		20,439

Continued

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

June 30, 2018 (Unaudited)


Shares			Fair Value
Common Stocks, continued
Diversified Telecommunication Services, continued
	587,676	Telecom Italia SpA*(a)	$	436,078
	2,384	Verizon Communications, Inc.(a)		119,939

				3,648,565

Electric Utilities (0.4%):
	200	Centrais Eletricas Brasileiras SA*(a)		708
	7,494	CEZ(a)		177,854
	14,000	CK Infrastructure Holdings, Ltd.(a)		103,631
	16,500	CLP Holdings, Ltd.(a)		177,035
	164,118	Enel SpA(a)		909,162
	32	Entergy Corp.^(a)		2,585
	12,500	Hongkong Electric Holdings, Ltd.(a)		87,383
	100	Kansai Electric Power Co., Inc. (The)(a)		1,457
	12,731	NextEra Energy, Inc.(a)		2,126,460
	74	PG&E Corp.(a)		3,149
	2,099	PGE SA*(a)		5,231
	45	Scottish & Southern Energy plc(a)		804

				3,595,459

Electrical Equipment (0.3%):
	15	Eaton Corp. plc(a)		1,121
	17	Emerson Electric Co.(a)		1,175
	16,000	GS Yuasa Corp.(a)		72,858
	2,900	Mabuchi Motor Co., Ltd.(a)		137,789
	144,400	Mitsubishi Electric Corp.(a)		1,918,878
	148	Rockwell Automation, Inc.(a)		24,602

				2,156,423

Electronic Equipment, Instruments & Components (0.3%):
	235	Corning, Inc.^(a)		6,465
	2,000	Hitachi, Ltd.(a)		14,090
	59,400	Hon Hai Precision Industry Co., Ltd.(a)		162,457
	5,000	Japan Aviation Electronics Industry, Ltd.(a)		78,631
	300	Keyence Corp.(a)		169,219
	25	LG Display Co., Ltd.(a)		410
	15,000	Murata Manufacturing Co., Ltd.(a)		2,518,552

				2,949,824

Energy Equipment & Services (0.1%):
	102	Halliburton Co.(a)		4,596
	595	Helmerich & Payne, Inc.^(a)		37,937
	8,668	Schlumberger, Ltd.(a)		581,016

				623,549

Equity Real Estate Investment Trusts (0.2%):
	621	American Tower Corp.(a)		89,529
	75	Equity Residential Property Trust(a)		4,777
	18,000	Link REIT (The)(a)		163,652
	105	ProLogis, Inc.(a)		6,897
	852	Stockland Trust Group(a)		2,511
	5,923	Unibail-Rodamco-Westfield(a)		1,304,073
	67	Vornado Realty Trust(a)		4,953
	202	Weyerhaeuser Co.(a)		7,365

				1,583,757


Shares			Fair Value
Common Stocks, continued
Food & Staples Retailing (0.4%):
	126	BIM Birlesik Magazalar AS(a)	$	1,843
	158	Costco Wholesale Corp.(a)		33,019
	41,550	CVS Health Corp.(a)		2,673,742
	3,909	Jeronimo Martins SGPS SA(a)		56,242
	116	Koninklijke Ahold Delhaize NV(a)		2,775
	1,400	Seven & I Holdings Co., Ltd.(a)		61,030
	238	Sysco Corp.(a)		16,253
	110	Walgreens Boots Alliance, Inc.(a)		6,602
	2,797	Wal-Mart Stores, Inc.(a)		239,563
	276	Wesfarmers, Ltd.(a)		10,120
	350	Woolworths, Ltd.(a)		7,927

				3,109,116

Food Products (0.7%):
	52,000	Ajinomoto Co., Inc.(a)		982,085
	320	ConAgra Foods, Inc.^(a)		11,434
	37,068	Danone SA(a)		2,717,118
	118	General Mills, Inc.^(a)		5,223
	1,913	JBS SA(a)		4,542
	2,815	Mondelez International, Inc., Class A(a)		115,414
	30,669	Nestle SA, Registered Shares(a)		2,375,256
	257	Tiger Brands, Ltd.(a)		6,217
	90,000	Uni-President Enterprises Corp.(a)		228,285
	154,000	Want Want China Holdings, Ltd.(a)		136,061
	7,500	WH Group, Ltd.(a)		6,064

				6,587,699

Gas Utilities (0.2%):
	397	GAIL India, Ltd.(a)		1,973
	51,600	Tokyo Gas Co., Ltd.(a)		1,369,439

				1,371,412

Health Care Equipment & Supplies (0.3%):
	2,342	Baxter International, Inc.(a)		172,934
	106	Boston Scientific Corp.*(a)		3,466
	37	Danaher Corp.(a)		3,651
	133	Edwards Lifesciences Corp.*(a)		19,361
	24,800	HOYA Corp.(a)		1,408,670
	13	Intuitive Surgical, Inc.*(a)		6,220
	1,518	Medtronic plc(a)		129,956
	100	Olympus Co., Ltd.(a)		3,736
	83	Siemens Healthineers AG*(a)		3,426
	883	Stryker Corp.(a)		149,103

				1,900,523

Health Care Providers & Services (1.6%):
	17,432	Acadia Healthcare Co., Inc.*^(a)		713,143
	464	Aetna, Inc.(a)		85,144
	3,900	Alfresa Holdings Corp.(a)		91,592
	8	AmerisourceBergen Corp.(a)		682
	12,669	Anthem, Inc.(a)		3,015,602
	32	Cardinal Health, Inc.(a)		1,563
	64	Cigna Corp.(a)		10,877
	137	Express Scripts Holding Co.*(a)		10,578
	52	Fresenius Medical Care AG & Co., KGaA(a)		5,248

Continued

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

June 30, 2018 (Unaudited)


Shares			Fair Value
Common Stocks, continued
Health Care Providers & Services, continued
	37,131	Fresenius SE & Co. KGaA(a)	$	2,981,243
	29,245	Hapvida Participacoes e Investimentos SA*(a)		223,017
	18,123	HCA Holdings, Inc.(a)		1,859,420
	15	Humana, Inc.(a)		4,464
	229	McKesson Corp.(a)		30,549
	4,500	Medipal Holdings Corp.(a)		90,416
	40,827	NMC Health plc(a)		1,926,300
	70,072	Notre Dame Intermedica Participacoes SA*(a)		391,499
	582,322	PT Siloam International Hospital Tbk*(a)		212,397
	41	Ramsay Health Care, Ltd.(a)		1,640
	2,000	Suzuken Co., Ltd.(a)		84,627
	30,082	Tenet Healthcare Corp.*(a)		1,009,853
	967	UnitedHealth Group, Inc.(a)		237,244

				12,987,098

Health Care Technology (0.1%):
	67,300	Ping An Healthcare and Technology Co., Ltd.*(a)		428,914

Hotels, Restaurants & Leisure (0.4%):
	140	Carnival Corp., Class A(a)		8,023
	7,996	Dave & Buster’s Entertainment, Inc.*^(a)		380,609
	1,000	Galaxy Entertainment Group, Ltd.(a)		7,675
	11,200	Genting Singapore, Ltd.(a)		10,062
	22	Hilton Worldwide Holdings, Inc.(a)		1,742
	150	Hyatt Hotels Corp., Class A(a)		11,573
	180	Las Vegas Sands Corp.(a)		13,745
	296	McDonald’s Corp.(a)		46,380
	45,458	MGM Resorts International(a)		1,319,645
	317	Royal Caribbean Cruises, Ltd.(a)		32,841
	400	Sands China, Ltd.(a)		2,132
	14,814	Sodexo SA^(a)		1,479,871
	467	Wyndham Hotels & Resorts, Inc.(a)		27,474
	662	Wyndham Worldwide Corp.(a)		29,307
	50	Yum China Holdings, Inc.(a)		1,923
	156	Yum! Brands, Inc.(a)		12,202

				3,385,204

Household Durables (0.2%):
	2,800	Alpine Electronics, Inc.(a)		57,715
	1,376	Berkeley Group Holdings plc (The)(a)		68,709
	1,573	Coway Co., Ltd.(a)		122,205
	9,094	Mohawk Industries, Inc.*(a)		1,948,571
	300	Panasonic Corp.(a)		4,031
	200	Sony Corp.(a)		10,263

				2,211,494

Household Products (0.3%):
	1,548	Colgate-Palmolive Co.(a)		100,326
	257	Essity AB, Class B(a)		6,341
	335	Hindustan Unilever, Ltd.(a)		8,021
	46	Kimberly-Clark Corp.^(a)		4,846
	29,776	Procter & Gamble Co. (The)(a)		2,324,314
	100	Unicharm Corp.(a)		3,010

				2,446,858


Shares			Fair Value
Common Stocks, continued
Independent Power & Renewable Electricity Producers (0.1%):
	2,000	China Resources Power Holdings Co.(a)	$	3,506
	13,515	NextEra Energy Partners LP^(a)		630,745
	8,233	Vistra Energy Corp.*(a)		194,793

				829,044

Industrial Conglomerates (0.5%):
	1,000	Citic, Ltd.(a)		1,402
	1,000	Fosun International, Ltd.(a)		1,868
	48,461	General Electric Co.(a)		659,554
	3,000	Jardine Matheson Holdings, Ltd.(a)		189,057
	81,822	Koninklijke Philips Electronics NV(a)		3,467,854
	1,000	Toshiba Corp.*(a)		3,003

				4,322,738

Insurance (0.5%):
	64	Allstate Corp. (The)(a)		5,841
	6	American International Group, Inc.(a)		318
	24	Aon plc(a)		3,292
	278	Aviva plc(a)		1,848
	31,767	AXA SA(a)		778,204
	91,000	Cathay Financial Holding Co., Ltd.(a)		160,440
	6,959	Chubb, Ltd.(a)		883,932
	2,186	Hartford Financial Services Group, Inc. (The)(a)		111,770
	300	Japan Post Holdings Co., Ltd.(a)		3,285
	1,727	Legal & General Group plc(a)		6,060
	168	Manulife Financial Corp.(a)		3,019
	12,850	Marsh & McLennan Cos., Inc.(a)		1,053,315
	4,034	MetLife, Inc.(a)		175,882
	100	MS&AD Insurance Group Holdings, Inc.(a)		3,107
	9	Muenchener Rueckversicherungs-Gesellschaft AG(a)		1,907
	7	Progressive Corp. (The)(a)		414
	464	Prudential Financial, Inc.(a)		43,389
	53	Prudential plc(a)		1,211
	364	Reinsurance Group of America, Inc.(a)		48,587
	14,300	Tokio Marine Holdings, Inc.(a)		669,692
	1,229	Travelers Cos., Inc. (The)(a)		150,356

				4,105,869

Internet & Direct Marketing Retail (0.6%):
	2,649	Amazon.com, Inc.*(a)(b)		4,502,770
	3	Booking Holdings, Inc.*(a)		6,081
	121	Expedia, Inc.^(a)		14,543
	700	Rakuten, Inc.(a)		4,727

				4,528,121

Internet Software & Services (2.5%):
	12,151	Alibaba Group Holding, Ltd., ADR*^(a)		2,254,375
	20	Alphabet, Inc., Class A*(a)		22,584
	3,868	Alphabet, Inc., Class C*(a)		4,315,334
	2	Autohome, Inc., ADR^(a)		202
	62,580	Cloudera, Inc.*(a)		853,591
	63,800	Dropbox, Inc.*(a)		2,021,283
	503	eBay, Inc.*(a)		18,239
	35,132	Facebook, Inc., Class A*(a)		6,826,851
	5,547	Lookout, Inc.*(a)(c)		1,109

Continued

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

June 30, 2018 (Unaudited)


Shares			Fair Value
Common Stocks, continued
Internet Software & Services, continued
	29	Momo, Inc., ADR*(a)	$	1,262
	96	SINA Corp.*(a)		8,130
	48,400	Tencent Holdings, Ltd.(a)		2,410,292
	660	VeriSign, Inc.*(a)		90,697

				18,823,949

IT Services (0.5%):
	514	Accenture plc, Class C(a)		84,085
	89	Alliance Data Systems Corp.(a)		20,755
	16	Amadeus IT Holding SA(a)		1,261
	1,070	Amdocs, Ltd.(a)		70,823
	48	Automatic Data Processing, Inc.(a)		6,439
	110	Cognizant Technology Solutions Corp., Class A^(a)		8,689
	41	DXC Technology Co.(a)		3,305
	9,108	FleetCor Technologies, Inc.*(a)		1,918,600
	1,000	Fujitsu, Ltd.(a)		6,058
	1,724	Global Payments, Inc.(a)		192,209
	227	HCL Technologies, Ltd.(a)		3,062
	19	Infosys, Ltd.(a)		365
	9,472	International Business Machines Corp.(a)		1,323,238
	1,146	MasterCard, Inc., Class A(a)		225,212
	18	Paychex, Inc.^(a)		1,230
	19	Perspecta, Inc.(a)		390
	1,615	Visa, Inc., Class A(a)		213,907

				4,079,628

Life Sciences Tools & Services (0.0%):
	62	Agilent Technologies, Inc.(a)		3,834
	487	Thermo Fisher Scientific, Inc.(a)		100,877

				104,711

Machinery (0.1%):
	206	Caterpillar, Inc.(a)		27,948
	32	Cummins, Inc.(a)		4,256
	19,463	Doosan Bobcat, Inc.(a)		558,424
	4,582	GEA Group AG(a)		154,435
	6,900	Hino Motors, Ltd.(a)		73,477
	155	Illinois Tool Works, Inc.(a)		21,474
	72	Ingersoll-Rand plc(a)		6,461
	24	PACCAR, Inc.(a)		1,487
	294	Sandvik AB(a)		5,212
	726	Volvo AB, Class B(a)		11,569

				864,743

Media (1.4%):
	9,918	Charter Communications, Inc., Class A*(a)		2,908,057
	133,790	Comcast Corp., Class A(a)		4,389,650
	3,483	DISH Network Corp., Class A*(a)		117,064
	15,329	I-Cable Communications, Ltd.*(a)		240
	2,520	Liberty Broadband Corp., Class A*^(a)		190,613
	10,833	Liberty Broadband Corp., Class C*^(a)		820,275
	24,465	Liberty Global plc, Class A*^(a)		673,766
	9,038	Liberty SiriusXM Group, Class A*(a)		407,162
	15,145	Liberty SiriusXM Group, Class C*(a)		686,977
	9,000	Nippon Television Holdings, Inc.(a)		151,785


Shares			Fair Value
Common Stocks, continued
Media, continued
	81,093	RAI Way SpA(a)	$	379,690
	3,100	Toho Co., Ltd.(a)		103,874
	6,600	TV Asahi Holdings Corp.^(a)		144,607
	309	Walt Disney Co. (The)(a)		32,386
	51,957	Zon Multimedia Servicos de Telecommunicacoes e Multimedia SGPS SA(a)		284,595

				11,290,741

Metals & Mining (0.0%):
	132	Anglo American plc^(a)		2,931
	35	ArcelorMittal(a)		1,022
	1,900	DOWA Mining Co.(a)		58,505
	319	Eregli Demir ve Celik Fabrikalari T.A.S.(a)		708
	154	Freeport-McMoRan Copper & Gold, Inc.(a)		2,658
	314	Glencore International plc(a)		1,488
	100	JFE Holdings, Inc.(a)		1,887
	19	Kumba Iron Ore, Ltd.(a)		405
	33	Newcrest Mining, Ltd.(a)		535
	632	POSCO(a)		186,738
	144	Rio Tinto plc(a)		7,940
	76	Rio Tinto, Ltd.(a)		4,717
	549	South32, Ltd.(a)		1,478
	322	Teck Cominco, Ltd., Class B(a)		8,204
	13,700	Tokyo Steel Manufacturing Co., Ltd.(a)		121,547
	214	Vale SA(a)		2,727
	450	Vedanta, Ltd.(a)		1,541
	2,900	Yamato Kogyo Co., Ltd.(a)		87,586

				492,617

Multiline Retail (0.0%):
	2,073	Dollar General Corp.(a)		204,398
	531	Kohl’s Corp.^(a)		38,710
	161	Target Corp.(a)		12,255

				255,363

Multi-Utilities (0.1%):
	426	Engie Group(a)		6,519
	7,284	Sempra Energy(a)		845,745

				852,264

Oil, Gas & Consumable Fuels (2.2%):
	49,025	Anadarko Petroleum Corp.(a)		3,591,081
	1,099	BP plc(a)		8,366
	148	Canadian Natural Resources, Ltd.(a)		5,342
	357	Chevron Corp.(a)		45,136
	6,000	CNOOC, Ltd.(a)		10,280
	32,030	Coal India, Ltd.(a)		123,518
	224	ConocoPhillips Co.(a)		15,595
	17,329	Enbridge, Inc.(a)		619,599
	114,340	EnCana Corp.^(a)		1,492,137
	242	ENI SpA(a)		4,493
	10,489	Exxon Mobil Corp.(a)		867,755
	941	Fieldwood Energy LLC*(a)(c)		34,347
	3,485	Fieldwood Energy LLC*(a)(c)		127,203
	26,000	Formosa Petrochemical Corp.(a)		104,281

Continued

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

June 30, 2018 (Unaudited)


Shares			Fair Value
Common Stocks, continued
Oil, Gas & Consumable Fuels, continued
	2,045	Hindustan Petroleum Corp., Ltd.(a)	$	7,734
	395	Husky Energy, Inc.(a)		6,157
	72	Imperial Oil, Ltd.(a)		2,394
	1,115	Indian Oil Corp., Ltd.(a)		2,537
	200	INPEX Corp.(a)		2,067
	299	Kinder Morgan, Inc.(a)		5,283
	1,398	Marathon Petroleum Corp.(a)		98,084
	50	Occidental Petroleum Corp.(a)		4,184
	42,815	Oil & Natural Gas Corp., Ltd.(a)		98,778
	100	Petroleo Brasileiro SA(a)		501
	1,049	Petroleo Brasileiro SA*(a)		4,648
	587	Phillips 66(a)		65,926
	2,826	Pioneer Natural Resources Co.(a)		534,792
	145	Polski Koncern Naftowy Orlen SA(a)		3,252
	133,813	Reliance Industries, Ltd.(a)		1,897,532
	217	Repsol SA(a)		4,237
	58,001	Royal Dutch Shell plc, Class A(a)		2,012,476
	23,496	Royal Dutch Shell plc, Class A, ADR(a)		1,626,628
	170	Royal Dutch Shell plc, Class A(a)		5,890
	429	Royal Dutch Shell plc, Class B(a)		15,342
	15	SK Energy Co., Ltd.(a)		2,716
	13,649	Snam SpA(a)		56,855
	165	Suncor Energy, Inc.(a)		6,715
	39,600	Thai Oil Public Co., Ltd.(a)		92,857
	48	Total SA(a)		2,919
	650	Total SA, ADR(a)		39,364
	15,189	TransCanada Corp.(a)		657,246
	1,092	Valero Energy Corp.(a)		121,026
	128,075	Williams Cos., Inc. (The)(a)		3,472,113

				17,899,386

Paper & Forest Products (0.0%):
	100	Suzano Papel e Celulose SA(a)		1,154

Personal Products (0.1%):
	18,645	Edgewell Personal Care Co.*^(a)		940,826
	2	L’Oreal SA(a)		493
	108	Unilever NV(a)		6,020
	74	Unilever plc(a)		4,093

				951,432

Pharmaceuticals (1.2%):
	47	Allergan plc(a)		7,836
	108,900	Astellas Pharma, Inc.(a)		1,659,275
	232	Aurobindo Pharma, Ltd.(a)		2,056
	26,556	Bayer AG, Registered Shares(a)		2,925,612
	196	Bristol-Myers Squibb Co.(a)		10,847
	526	GlaxoSmithKline plc(a)		10,611
	1,829	Gw Pharmaceuticals, ADR*(a)		255,218
	14,516	Johnson & Johnson Co.(a)		1,761,371
	2,106	Merck & Co., Inc.(a)		127,834
	200	Mitsubishi Tanabe Pharma Corp.(a)		3,454
	74	Novartis AG, Registered Shares(a)		5,607
	11	Novo Nordisk A/S, Class B(a)		508


Shares			Fair Value
Common Stocks, continued
Pharmaceuticals, continued
	1,600	Otsuka Holdings Co., Ltd.(a)	$	77,492
	79,514	Pfizer, Inc.(a)		2,884,768
	82	Roche Holding AG(a)		18,254
	116	Sanofi-Aventis SA(a)		9,288
	200	Shionogi & Co., Ltd.(a)		10,265
	100	Takeda Pharmacuetical Co., Ltd.(a)		4,224

				9,774,520

Professional Services (0.0%):
	29	Experian plc(a)		717
	24	Reed Elsevier plc(a)		514
	1	SGS SA, Registered Shares(a)		2,665

				3,896

Real Estate Management & Development (0.6%):
	290,500	CapitaLand, Ltd.(a)		672,689
	1,000	Country Garden Holdings Co., Ltd.(a)		1,745
	200	Daiwa House Industry Co., Ltd.(a)		6,811
	54,000	Hang Lung Properties, Ltd.(a)		110,907
	56,000	Sino Land Co., Ltd.(a)		90,829
	115,666	Sun Hung Kai Properties, Ltd.(a)		1,735,452
	12,500	Swire Pacific, Ltd., Class A(a)		132,078
	26,579	The St. Joe Co.*^(a)		477,093
	23,000	Wharf Holdings, Ltd. (The)(a)		73,673
	18,000	Wharf Real Estate Investment Co., Ltd.(a)		127,826

				3,429,103

Road & Rail (0.3%):
	63,800	ComfortDelGro Corp., Ltd.(a)		109,905
	289	CSX Corp.(a)		18,432
	21,900	East Japan Railway Co.(a)		2,097,712
	100	Kintetsu Corp.(a)		4,080
	16	Norfolk Southern Corp.(a)		2,414
	5,300	Seino Holdings Co., Ltd.(a)		93,842
	32	Union Pacific Corp.^(a)		4,534

				2,330,919

Semiconductors & Semiconductor Equipment (0.5%):
	135	Applied Materials, Inc.(a)		6,236
	6	Broadcom, Inc.(a)		1,456
	1,649	Intel Corp.(a)		81,971
	554	KLA-Tencor Corp.(a)		56,802
	40	Lam Research Corp.(a)		6,914
	824	Micron Technology, Inc.*(a)		43,211
	1,000	Nanya Technology Corp.(a)		2,723
	24	NVIDIA Corp.(a)		5,686
	46,463	QUALCOMM, Inc.(a)		2,607,503
	11,200	ROHM Co., Ltd.(a)		938,074
	72	SK Hynix, Inc.(a)		5,520
	24,000	Taiwan Semiconductor Manufacturing Co., Ltd.(a)		170,788
	84	Texas Instruments, Inc.(a)		9,261

				3,936,145

Software (1.6%):
	21	Activision Blizzard, Inc.(a)		1,603
	460	Adobe Systems, Inc.*(a)		112,153

Continued

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

June 30, 2018 (Unaudited)


Shares			Fair Value
Common Stocks, continued
Software, continued
	158	CA, Inc.(a)	$	5,633
	43	Check Point Software Technologies, Ltd.*(a)		4,200
	82	Dell Technologies, Inc., Class V*(a)		6,936
	9,631	Domo, Inc.*(a)		249,780
	17,481	Domo, Inc., Class B*(a)		477,231
	543	Electronic Arts, Inc.*(a)		76,574
	465	Intuit, Inc.(a)		95,002
	73,883	Microsoft Corp.(a)		7,285,602
	3,081	Oracle Corp.(a)		135,749
	100	Oracle Corp.(a)		8,154
	6	Red Hat, Inc.*(a)		806
	125	SAP AG(a)		14,440
	53,836	Snap, Inc., Class A*^(a)		704,713
	78	Symantec Corp.(a)		1,611
	68,532	Uber Technologies, Inc.*(a)(c)		2,741,280
	73	VMware, Inc., Class A*^(a)		10,729
	149,952	Zynga, Inc.*(a)		610,305

				12,542,501

Specialty Retail (0.2%):
	5	AutoZone, Inc.*^(a)		3,355
	586	Home Depot, Inc. (The)(a)		114,329
	2,130	Lowe’s Cos., Inc.(a)		203,564
	3,757	O’Reilly Automotive, Inc.*(a)		1,027,801
	470	Ross Stores, Inc.(a)		39,833
	700	Shimamura Co., Ltd.(a)		61,619

				1,450,501

Technology Hardware, Storage & Peripherals (1.4%):
	45,494	Apple, Inc.(a)		8,421,394
	391	Hewlett Packard Enterprise Co.(a)		5,713
	523	HP, Inc.(a)		11,867
	44,967	Pure Storage, Inc., Class A*^(a)		1,073,812
	21,943	Samsung Electronics Co., Ltd.(a)		916,332
	5,719	Western Digital Corp.^(a)		442,708

				10,871,826

Textiles, Apparel & Luxury Goods (0.2%):
	25	Adidas AG(a)		5,459
	18	Compagnie Financiere Richemont SA(a)		1,526
	17,312	Luxottica Group SpA(a)		1,116,166
	21	Nike, Inc., Class C(a)		1,673
	239	PVH Corp.(a)		35,783
	1	Swatch Group AG (The), Class B(a)		475
	87	Swatch Group AG (The), Registered Shares(a)		7,536
	78	Titan Co., Ltd.(a)		999
	134	VF Corp.(a)		10,924

				1,180,541

Thrifts & Mortgage Finance (0.2%):
	43,394	Housing Development Finance Corp., Ltd.(a)		1,207,917

Tobacco (0.3%):
	28,919	Altria Group, Inc.(a)		1,642,310
	121	Imperial Tobacco Group plc, Class A(a)		4,505
	8,835	KT&G Corp.(a)		847,307


Shares			Fair Value
Common Stocks, continued
Tobacco, continued
	115	Philip Morris International, Inc.(a)	$	9,285

				2,503,407

Trading Companies & Distributors (0.0%):
	433	United Rentals, Inc.*(a)		63,919

Transportation Infrastructure (0.0%):
	68	Aena SA(a)		12,334
	24	Atlantia SpA(a)		709
	6,000	Beijing Capital International Airport Co., Ltd.(a)		6,310
	3,600	Kamigumi Co., Ltd.(a)		74,640
	26,100	Malaysia Airports Holdings Berhad(a)		56,887
	4,000	Zhejiang Expressway Co., Ltd.(a)		3,564

				154,444

Wireless Telecommunication Services (0.6%):
	35,100	Advanced Information Service plc(a)		196,102
	1,000	China Mobile, Ltd.(a)		8,870
	133,000	Far EasTone Telecommunications Co., Ltd.(a)		343,711
	88,100	Intouch Holdings Public Co., Ltd.(a)		141,582
	5,400	KDDI Corp.(a)		147,659
	161	MTN Group, Ltd.(a)		1,266
	638	SK Telecom Co., Ltd.(a)		133,609
	112,000	Taiwan Mobile Co., Ltd.(a)		405,940
	1,080,171	Vodafone Group plc(a)		2,616,959
	19,338	Vodafone Group plc, ADR^(a)		470,107

				4,465,805

	Total Common Stocks (Cost $200,099,241)			233,555,943

Preferred Stocks (0.3%):
Banks (0.1%):
	13,274	Citigroup Capital XIII, Series A, 4.72%^(a)		359,725
	84,000	USB Capital IX, 3.50%(US0003M+102bps)(a)		76,125

				435,850

Consumer Finance (0.0%):
	14,582	GMAC Capital Trust I, Series 2, 1.90%(a)		383,507

Health Care Providers & Services (0.0%):
	143,925	Grand Rounds, Inc., Series C*(a)(c)		361,252

Internet Software & Services (0.1%):
	63,925	Project Lighthouse, Series F*(a)(c)		533,774

Software (0.1%):
	116,157	Palantir Technologies, Inc., Series I*(a)(c)		671,387

Technology Hardware, Storage & Peripherals (0.0%):
	150	Samsung Electronics Co., Ltd., 2.46%(a)		5,059

	Total Preferred Stocks (Cost $2,575,576)			2,390,829

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

	Total Warrant (Cost $—)			—

Convertible Preferred Stocks (0.2%):
Banks (0.0%):
	125	Wells Fargo & Co., Series L, Class A, 7.50%(a)		157,433

Continued

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

June 30, 2018 (Unaudited)


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Convertible Preferred Stocks, continued
Equity Real Estate Investment Trusts (0.0%):
	5,481	Welltower, Inc., Series I, 6.50%^(a)	$	325,845

Wireless Telecommunication Services (0.2%):
	5,747	Mandatory Exchange Trust, 5.75%(a)(d)		1,199,003

	Total Convertible Preferred Stocks (Cost $957,313)			1,682,281

Rights (0.0%):
Banks (0.0%):
	604	Intesa Sanpaolo SpA, Expires on 12/31/49*(a)		—

Oil, Gas & Consumable Fuels (0.0%):
	217	Repsol SA, Expires on 7/09/18*^(a)		123

	Total Rights (Cost $—)			123

Private Placements (0.0%):
Household Durables (0.0%):
$	3,065,000	AliphCom, Inc., 12.00%, 4/1/20(a)(c)(e)		—
	23,389	Jawbone, 0.00%*(a)(c)		—

				—

Oil, Gas & Consumable Fuels (0.0%):
	268,000	AliphCom, Inc., 12.00%, 4/1/20(a)(c)(e)		—

	Total Private Placements (Cost $3,333,000)			—

Convertible Bonds (0.2%):
Food Products (0.0%):
	400,000	REI Agro, Ltd., Registered Shares, 5.50%, 11/13/14(a)(e)(f)		—

Oil, Gas & Consumable Fuels (0.1%):
	631,620	Dana Gas Sukuk, Ltd., 7.00%, 10/31/18(a)(e)		571,616

Pharmaceuticals (0.1%):
	600,000	Bayer Capital Corp. BV, 5.63%, 11/22/19+(a)(d)		749,667

Real Estate Management & Development (0.0%):
	250,000	CapitaLand, Ltd., 1.95%, 10/17/23+(a)(d)		181,921

	Total Convertible Bonds (Cost $1,852,142)			1,503,204

Bank Loans (0.1%):
Hotels, Restaurants & Leisure (0.1%):
	453,711	Hilton Worldwide Finance LLC, 3.33%, 10/25/20(a)		453,520

Oil, Gas & Consumable Fuels (0.0%):
	111,961	Fieldwood Energy LLC, 0.00%, 4/11/22(a)		112,017
	151,147	Fieldwood Energy LLC, 0.00%, 4/11/23(a)		145,983

				258,000

	Total Bank Loans (Cost $706,386)			711,520

Corporate Bonds (0.9%):
Banks (0.3%):
	124,000	Bank of America Corp., Series G, 2.37% (US0003M+66 bps), 7/21/21, Callable 7/21/20 @ 100(a)		121,556
	162,000	Bank of America Corp., 4.00%, 1/22/25, MTN(a)		159,919
	276,000	Citigroup, Inc., 2.45%, 1/10/20, Callable 12/10/19 @ 100^(a)		272,900
	646,000	Citigroup, Inc., Series O, 5.87% (US0003M+406 bps), 12/29/49, Callable 3/27/20 @ 100(a)		661,731
	260,000	Citigroup, Inc., Series Q, 5.95% (US0003M+410 bps), 12/29/49, Callable 8/15/20 @ 100^(a)		267,800


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Banks, continued
$	85,000	Santander Holdings USA, Inc., 3.70%, 3/28/22, Callable 2/28/22 @ 100(a)	$	83,749

				1,567,655

Beverages (0.1%):
	175,000	Anheuser-Busch InBev Worldwide, Inc., 3.50%, 1/12/24, Callable 12/12/23 @ 100(a)		173,919
	285,000	Anheuser-Busch InBev Worldwide, Inc., 4.00%, 4/13/28, Callable 1/13/28 @ 100^(a)		284,338

				458,257

Biotechnology (0.0%):
	270,000	AbbVie, Inc., 2.90%, 11/6/22(a)		262,000
	54,000	Amgen, Inc., 1.85%, 8/19/21, Callable 7/19/21 @ 100(a)		51,721

				313,721

Capital Markets (0.1%):
	303,000	Goldman Sachs Group, Inc. (The), Series M, 5.38% (US0003M+392 bps), 12/31/49, Callable 5/10/20 @ 100(a)		308,302
	228,000	Morgan Stanley, Series H, 5.45% (US0003M+361 bps), 7/29/49, Callable 7/15/19 @ 100(a)		230,994

				539,296

Chemicals (0.0%):
	54,000	Sherwin-Williams, 2.25%, 5/15/20(a)		53,103

Communications Equipment (0.0%):
	53,000	Hughes Satellite Systems Corp., 7.63%, 6/15/21(a)		56,379

Consumer Finance (0.1%):
	191,000	Ally Financial, Inc., 3.50%, 1/27/19^(a)		190,761
	200,000	American Express Co., Series C, 4.90% (US0003M+329 bps), 12/29/49, Callable 3/15/20 @ 100^(a)		200,600
	125,000	General Motors Financial Co., Inc., 3.45%, 4/10/22, Callable 2/10/22 @ 100(a)		122,828
	87,000	Synchrony Financial, 3.75%, 8/15/21, Callable 6/15/21 @ 100(a)		86,910

				601,099

Food & Staples Retailing (0.1%):
	1,125,000	CVS Health Corp., 3.70%, 3/9/23, Callable 2/9/23 @ 100(a)		1,119,295

Health Care Equipment & Supplies (0.1%):
	135,000	Becton Dickinson & Co., 3.36%, 6/6/24, Callable 4/6/24 @ 100(a)		129,679
	276,000	Becton, Dickinson & Co., 3.13%, 11/8/21(a)		271,996
	228,000	Becton, Dickinson & Co., 2.89%, 6/6/22, Callable 5/6/22 @ 100(a)		220,529

				622,204

Insurance (0.0%):
	173,000	Prudential Financial, Inc., 5.87% (US0003M+418 bps), 9/15/42, Callable 9/15/22 @ 100^(a)		182,731

Continued

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

June 30, 2018 (Unaudited)


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Corporate Bonds, continued
Insurance, continued
$	115,000	Prudential Financial, Inc., 5.62% (US0003M+392 bps), 6/15/43, Callable 6/15/23 @ 100(a)	$	118,594

				301,325

Internet Software & Services (0.0%):
	159,000	eBay, Inc., 2.75%, 1/30/23, Callable 12/30/22 @ 100(a)		153,181

Media (0.0%):
	200,000	NBCUniversal Enterprise, Inc., 5.25%, 12/31/99, Callable 3/19/21 @ 100(a)(d)		202,000

Personal Products (0.0%):
	144,000	Edgewell Personal Care Co., 4.70%, 5/19/21^(a)		143,640
	149,000	Edgewell Personal Care Co., 4.70%, 5/24/22^(a)		145,648

				289,288

Pharmaceuticals (0.0%):
	149,000	Forest Laboratories, Inc., 5.00%, 12/15/21, Callable 9/16/21 @ 100(a)(d)		154,162

Technology Hardware, Storage & Peripherals (0.1%):
	498,000	Apple, Inc., 3.35%, 2/9/27, Callable 11/9/26 @ 100(a)		486,296
	478,000	Apple, Inc., 3.20%, 5/11/27, Callable 2/11/27 @ 100^(a)		461,018

				947,314

	Total Corporate Bonds (Cost $7,440,343)			7,378,279

Foreign Bonds (3.2%):
Banks (0.1%):
	330,000	Lloyds TSB Bank plc, Series E, 13.00%(GUKG5+1,340bps), 1/29/49, Callable 1/21/29 @ 126+(a)		768,281

Sovereign Bond (3.1%):
	1,218,000	Australian Government, 3.00%, 3/21/47+(a)(d)		883,080
	2,397,000	Brazil Nota do Tesouro Nacional, Series NTNF, 0.52%, 1/1/23+(a)(g)		604,300
	1,778,707	Bundesrepub. Deutshland, 0.13%, 8/15/26+(a)(d)		2,055,456
	5,571,000	Bundesrepublik Deutschland Bundesanleihe, 0.50%, 2/15/28+(a)(d)		6,623,087
	3,894,000	Canadian Government, 0.50%, 8/1/18+(a)		2,960,714
	957,000	Canadian Government, 0.75%, 3/1/21+(a)		704,889
	267,600,000	Japan Treasury Discount Bill, 0.00%, 9/10/18+(a)		2,417,934
	168,600,000	Japan Treasury Discount Bill, 0.00%, 10/1/18+(a)		1,528,366
	273,450,000	Japan Treasury Discount Bill, Series 369, 0.10%, 10/15/18+(a)		2,471,820
	27,409,300	Mexican Bonos Desarr, 8.50%, 12/13/18+(a)(h)		1,383,062
	19,300,000	Mexican Bonos Desarr, Series M, 6.50%, 6/10/21+(a)(h)		941,015
	310,000	Republic of Argentina, 3.38%, 1/15/23+(a)		327,600
	100,000	Republic of Argentina, 5.25%, 1/15/28+(a)		99,839
	690,083	Republic of Argentina, 7.82%, 12/31/33+(a)		802,043
	27,103,100	United Mexican States, 6.50%, 6/9/22+(a)(h)		1,309,352

				25,112,557

	Total Foreign Bonds (Cost $26,234,476)			25,880,838


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Yankee Dollars (0.6%):
Banks (0.1%):
$	614,000	HSBC Holdings plc, 6.38% (USISDA05+371 bps), 12/29/49, Callable 9/17/24 @ 100(a)	$	607,363

Capital Markets (0.0%):
	207,000	UBS Group AG, 4.13%, 9/24/25(a)(d)		205,553

Diversified Telecommunication Services (0.1%):
	260,000	Intelsat Jackson Holdings SA, 7.50%, 4/1/21, Callable 8/3/18 @ 101.25^(a)		258,050
	89,000	Intelsat Jackson Holdings SA, 8.00%, 2/15/24, Callable 2/15/19 @ 104(a)(d)		93,450
	289,000	Telecom Italia SpA, 5.30%, 5/30/24(a)(d)		285,026

				636,526

Food Products (0.0%):
	408,000	Danone SA, 2.59%, 11/2/23, Callable 9/2/23 @ 100(a)(d)		384,253

Industrial Conglomerates (0.0%):
	200,000	Odebrecht Finance, Ltd., 4.38%, 4/25/25(a)(d)		69,000

Multi-Utilities (0.0%):
	178,000	Petroleos Mexicanos, 5.98% (US0003M+365 bps), 3/11/22^(a)		190,015

Paper & Forest Products (0.1%):
	1,018,000	TFS Corp., Ltd., 8.75%, 8/1/23, Callable 8/1/19 @ 106.56(a)(e)		685,241

Pharmaceuticals (0.0%):
	271,000	Actavis Funding SCS, 3.45%, 3/15/22, Callable 1/15/22 @ 100(a)		266,661

Road & Rail (0.0%):
	519,907	Inversiones Alsacia SA, 8.00%, 12/31/18, Callable 7/19/18 @ 100(a)(e)		12,998

Sovereign Bond (0.3%):
	729,000	Republic of Argentina, 7.50%, 4/22/26(a)		672,503
	527,000	Republic of Argentina, 6.88%, 1/26/27^(a)		463,760
	905,000	Republic of Argentina, 5.88%, 1/11/28^(a)		735,312

				1,871,575

	Total Yankee Dollars (Cost $6,125,937)			4,929,185

U.S. Treasury Obligations (14.5%):
U.S. Treasury Bills (5.5%)
	14,000,000	1.00%, 7/5/18(a)		13,998,063
	15,000,000	1.64%, 7/19/18(a)		14,987,693
	14,000,000	1.60%, 7/26/18(a)		13,983,877

				42,969,633

U.S. Treasury Notes (9.0%)
	1,000,000	1.25%, 12/15/18(i)		996,094
	820,100	1.13%, 7/31/21(a)		783,644
	9,694,100	2.63%, 2/28/23(a)		9,655,096
	12,358,600	2.75%, 4/30/23(a)		12,370,669
	9,723,100	2.75%, 5/31/23(a)		9,735,254
	20,371,700	2.88%, 5/31/25(a)(b)		20,449,684
	15,527,200	2.75%, 2/15/28(a)(b)		15,394,370

Continued

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

June 30, 2018 (Unaudited)


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
U.S. Treasury Obligations, continued
U.S. Treasury Notes, continued
$	3,320,400	2.88%, 5/15/28(a)	$	3,327,015

				72,711,826

	Total U.S. Treasury Obligations (Cost $115,423,869)			115,681,459

Purchased Options (0.0%):
	Total Purchased Options (Cost $1,294,158)			930,028

Purchased Swaptions (0.0%):
	Total Purchased Swaptions (Cost $91,520)			54

Purchased Interest Rate Cap (0.0%):
	Total Purchased Interest Rate Cap (Cost $25,545)			36

Exchange Traded Funds (1.3%):
	191,469	iShares Gold Trust(i)		2,301,457
	68,336	SPDR Gold Trust(i)		8,108,067

	Total Exchange Traded Funds (Cost $10,595,632)			10,409,524

Securities Held as Collateral for Securities on Loan (1.8%):
	14,188,875	AZL MVP BlackRock Global Strategy Plus Fund Securities Lending Collateral Account(j)		14,188,875

	Total Securities Held as Collateral for Securities on Loan (Cost $14,188,875)			14,188,875


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
Affiliated Investment Companies (45.1%):
$	12,347,285	AZL MSCI Global Equity Index Fund	$	139,030,432
	20,710,403	AZL Enhanced Bond Index Fund		221,394,205

	Total Affiliated Investment Companies (Cost $336,052,669)			360,424,637

Unaffiliated Investment Company (0.5%):
	3,842,898	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 1.68%(i)(k)		3,842,898

	Total Unaffiliated Investment Company (Cost $3,842,898)			3,842,898

	Total Investment Securities (Cost $730,839,580) — 97.9%(l)			783,509,713
	Net other assets (liabilities) — 2.1%			15,372,258

	Net Assets — 100.0%		$	798,881,971

Percentages indicated are based on net assets as of June 30, 2018.

ADR—American Depositary Receipt

GUKG5—UK Govt Bonds 5 Year Note Generic Bid Yield

MTN—Medium Term Note

SPDR—Standard & Poor’s Depository Receipts

US0003M—3 Month US Dollar LIBOR

USISDA05—5 Year ICE Swap Rate

*	Non-income producing security.

^	This security or a partial position of this security was on loan as of June 30, 2018. The total value of securities on loan as of June 30, 2018, was $13,562,572.

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

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

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

(c)	Security was valued using unobservable inputs in good faith pursuant to procedures approved by the Board of Trustees as of June 30, 2018. The total of all such securities represent 0.56% of the net assets of the fund.

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

(e)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-adviser has deemed these securities to be illiquid based on procedures approved by the Board of Trustees. As of June 30, 2018, these securities represent 0.16% of the net assets of the fund.

(f)	Defaulted bond.

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

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

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

(j)	Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before June 30, 2018.

(k)	The rate represents the effective yield at June 30, 2018.

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

Continued

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

June 30, 2018 (Unaudited)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2018:


Country	Percentage
Argentina		0.5	%
Australia		0.2	%
Belgium		0.2	%
Bermuda		—	%^
Brazil		0.3	%
Canada		0.9	%
Cayman Islands		—	%^
Chile		—	%^
China		0.7	%
Czech Republic		—	%^
Denmark		—	%^
European Community		(0.1	)%
Finland		—	%^
France		1.2	%
Germany		1.9	%
Guernsey		—	%^
Hong Kong		0.4	%
India		0.7	%
Indonesia		—	%^
Ireland (Republic of)		—	%^
Israel		—	%^
Italy		0.5	%
Japan		5.2	%


Country	Percentage
Jersey		0.1	%
Liberia		—	%^
Luxembourg		0.1	%
Malaysia		—	%^
Mexico		0.5	%
Netherlands		0.7	%
Norway		—	%^
Panama		—	%^
Poland		—	%^
Portugal		—	%^
Republic of Korea (South)		0.4	%
Singapore		0.1	%
South Africa		—	%^
Spain		0.2	%
Sweden		—	%^
Switzerland		0.7	%
Taiwan, Province Of China		0.4	%
Thailand		0.1	%
Turkey		—	%^
United Arab Emirates		0.2	%
United Kingdom		1.3	%
United States		82.6	%

		100.0	%

^	Represents less than 0.05%.

Securities Sold Short (-0.1%):(a)

At June 30, 2018, the Fund’s securities sold short were as follows:


Security Description	Proceeds Received			Fair Value			Unrealized Appreciation/ (Depreciation)
Estee Lauder Co., Inc. (The)	$	(304,579	)	$	(287,520	)	$	17,059
Lyondellbasell Industries NV		(689,214	)		(694,691	)		(5,477	)
Pernod Ricard SA		(199,683	)		(194,537	)		5,146
Yaskawa Electric Corp.		(196,382	)		(197,477	)		(1,095	)

	$	(1,389,858	)	$	(1,374,225	)	$	15,633

Futures Contracts

Cash of $39,616,558 has been segregated to cover margin requirements for the following open contracts as of June 30, 2018:

Short Futures


Description	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
DJ EURO STOXX 50 September Futures (Euro)(a)		9/21/18		3	$	(118,791	)	$	2,857
NASDAQ 100 E-Mini September Futures (U.S. Dollar)(a)		9/21/18		24		(3,392,040	)		55,791
Nikkei 225 Index September Futures (Japanese Yen)(a)		9/13/18		3		(301,152	)		6,841
S&P 500 Index E-Mini September Futures (U.S. Dollar)(a)		9/21/18		6		(816,480	)		18,302

								$	83,791

Continued

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

June 30, 2018 (Unaudited)

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini September Futures (U.S. Dollar)		9/21/18		146	$	19,867,680	$	(387,163	)
U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		9/19/18		165		19,830,938		105,790

							$	(281,373	)

Total Net Futures Contracts							$	(197,582	)

Option Contracts(a)

At June 30, 2018, the Fund’s over-the-counter options purchased were as follows:


Description	Counterparty	Put/ Call		Strike Price			Expiration Date		Contracts		Notional Amount(b)		Fair Value
BP plc	UBS Warburg		Call		52.00	USD		6/21/19		34,666	$	1,802,632	$	43,151
Chevron Corp.	UBS Warburg		Call		125.00	USD		1/18/19		10,746		1,343,250		87,936
ConocoPhillips	UBS Warburg		Call		75.00	USD		6/21/19		18,108		1,358,100		89,764
EURO STOXX 50 Index	Deutsche Bank		Call		3426.55	EUR		9/21/18		106		363,214		9,476
EURO STOXX 50 Index	UBS Warburg		Call		134.92	EUR		6/18/21		6,489		875,496		26,709
EURO STOXX Bank Index	Societe Generale		Call		117.57	EUR		3/20/20		4,977		585,146		37,268
EURO STOXX Bank Index	Barclays Bank		Call		136.97	EUR		3/19/21		6,300		862,911		25,446
EURO STOXX Bank Index	Deutsche Bank		Call		136.56	EUR		4/16/21		5,988		817,721		25,248
EURO STOXX Bank Index	Citigroup		Call		131.88	EUR		6/17/22		8,162		1,076,405		26,807
Exxon Mobil Corp.	UBS Warburg		Call		95.00	USD		1/18/19		7,306		694,070		6,005
Occidental Petroleum Corp.	UBS Warburg		Call		75.00	USD		1/18/19		6,847		513,525		75,698
Occidental Petroleum Corp.	UBS Warburg		Call		92.50	USD		6/21/19		9,106		842,305		33,390
Royal Dutch Shell plc	UBS Warburg		Call		77.00	USD		6/21/19		19,788		1,523,676		33,796
Russell 2000 Index	Bank of America		Call		1700.00	USD		12/21/18		816		1,387,200		41,391
Russell 2000 Index	Bank of America		Call		1700.00	USD		3/15/19		1,085		1,844,500		76,161
Schlumberger, Ltd.	UBS Warburg		Call		90.00	USD		1/18/19		10,576		951,840		2,518
SPDR Gold Shares(c)	JPMorgan Chase		Call		129.00	USD		7/20/18		4,848		625,392		83
SPDR Gold Shares(c)	JPMorgan Chase		Call		130.00	USD		7/20/18		4,846		629,980		60
SPDR Gold Shares(c)	Societe Generale		Call		129.00	USD		8/17/18		16,232		2,093,928		2,037
Sumitomo Mitsui Financial Group, Inc.	Morgan Stanley		Call		4756.33	JPY		3/13/20		14,063		66,888,269		21,528
Sumitomo Mitsui Financial Group, Inc.	Morgan Stanley		Call		4816.24	JPY		9/11/20		11,381		54,813,627		18,686
Sumitomo Mitsui Financial Group, Inc.	Morgan Stanley		Call		4894.87	JPY		12/11/20		11,358		55,595,933		17,246
Suncor Energy Inc.	UBS Warburg		Call		45.00	USD		6/21/19		23,428		1,054,260		50,419
Tokyo Stock Exchange Price Index	Bank of America		Call		191.28	JPY		12/13/19		269,219		51,496,210		17,113
Tokyo Stock Exchange Price Index	Morgan Stanley		Call		191.28	JPY		12/13/19		509,036		97,368,406		32,356
Tokyo Stock Exchange Price Index	BNP Paribas SA		Call		194.04	JPY		3/13/20		363,317		70,498,031		25,034
Tokyo Stock Exchange Price Index	Morgan Stanley		Call		192.04	JPY		4/10/20		323,621		62,148,177		22,348
Total SA	UBS Warburg		Call		60.00	USD		1/18/19		23,303		1,398,180		82,151

Total (Cost $1,271,216)													$	929,825

At June 30, 2018, the Fund’s over-the-counter options written were as follows:


Description	Counterparty	Put/ Call		Strike Price			Expiration Date		Contracts		Notional Amount(b)			Fair Value
Apple, Inc.	Barclays Bank		Call		160.00	USD		1/18/19		2,690		$	430,400		$	(80,561	)
BP plc	UBS Warburg		Call		59.00	USD		6/21/19		34,666			2,045,294			(14,373	)
Charter Communications, Inc.	Citigroup		Call		305.00	USD		12/21/18		1,078			328,790			(25,747	)
Charter Communications, Inc.	Citigroup		Call		315.00	USD		12/21/18		2,119			667,485			(42,236	)
Comcast Corp.	Citigroup		Call		36.25	USD		1/18/19		11,466			415,643			(15,707	)
ConocoPhillips	UBS Warburg		Call		85.00	USD		6/21/19		18,108			1,539,180			(39,990	)
DowDuPont, Inc.	Barclays Bank		Call		70.00	USD		1/18/19		5,957			416,990			(17,650	)
EURO STOXX 50 Index	Citigroup		Call		161.62	EUR		6/19/20		8,162			1,319,142			(5,838	)
EURO STOXX Bank Index	Societe Generale		Call		159.00	EUR		3/20/20		4,977			791,343			(3,959	)

Continued

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

June 30, 2018 (Unaudited)


Description	Counterparty	Put/ Call		Strike Price			Expiration Date		Contracts		Notional Amount(b)			Fair Value
Fifth Third Bancorp	Morgan Stanley		Call		34.00	USD		11/16/18		19,699		$	669,766		$	(5,463	)
FleetCor Technologies, Inc.	Barclays Bank		Call		180.00	USD		1/18/19		1,321			237,780			(50,255	)
Microsoft Corp.	Barclays Bank		Call		90.00	USD		1/18/19		4,767			429,030			(58,466	)
Occidental Petroleum Corp.	UBS Warburg		Call		105.00	USD		6/21/19		9,106			956,130			(11,829	)
Pioneer Natural Resources Co.	UBS Warburg		Call		165.00	USD		1/18/19		2,826			466,290			(97,126	)
Royal Dutch Shell plc	UBS Warburg		Call		87.50	USD		6/21/19		19,788			1,731,450			(9,206	)
Russell 2000 Index	Bank of America		Call		1875.00	USD		12/21/18		816			1,530,000			(5,196	)
Russell 2000 Index	Bank of America		Call		1900.00	USD		3/15/19		1,085			2,061,500			(12,639	)
SPDR Gold Shares(c)	Societe Generale		Call		142.00	USD		8/17/18		162			23,004			(187	)
Sumitomo Mitsui Financial Group, Inc.	Morgan Stanley		Call		5679.90	JPY		3/13/20		14,063			79,876,434			(6,332	)
Suncor Energy Inc.	UBS Warburg		Call		50.00	USD		6/21/19		23,428			1,171,400			(23,409	)
Tokyo Stock Exchange Price Index	Bank of America		Call		221.29	JPY		12/13/19		269,219			59,575,473			(6,416	)
Tokyo Stock Exchange Price Index	Morgan Stanley		Call		221.29	JPY		12/13/19		509,036			112,644,576			(12,133	)
Tokyo Stock Exchange Price Index	BNP Paribas SA		Call		237.47	JPY		3/13/20		363,317			86,276,888			(7,404	)
Tokyo Stock Exchange Price Index	Morgan Stanley		Call		233.87	JPY		4/10/20		323,621			75,685,243			(7,046	)
United Continental Holdings, Inc.	Deutsche Bank		Call		75.00	USD		1/18/19		3,469			260,175			(16,175	)
EURO STOXX 50 Index	Citigroup		Put		106.02	EUR		6/19/20		5,441			576,855			(97,809	)
EURO STOXX 50 Index	UBS Warburg		Put		106.38	EUR		6/18/21		4,268			454,030			(101,904	)
EURO STOXX Bank Index	Societe Generale		Put		100.77	EUR		3/20/20		3,318			334,355			(39,787	)
EURO STOXX Bank Index	Barclays Bank		Put		110.23	EUR		3/19/21		4,201			463,076			(100,733	)
EURO STOXX Bank Index	Deutsche Bank		Put		99.04	EUR		4/16/21		1,996			197,684			(33,763	)
EURO STOXX Bank Index	Deutsche Bank		Put		118.81	EUR		4/16/21		1,996			237,145			(62,267	)
Exxon Mobil Corp.	UBS Warburg		Put		60.00	USD		1/18/19		7,306			438,360			(2,315	)
Russell 2000 Index	Bank of America		Put		1600.00	USD		12/21/18		681			1,089,600			(39,298	)
S&P 500 Index	Bank of America		Put		2600.00	USD		3/15/19		624			1,622,400			(60,383	)
Schlumberger, Ltd.	UBS Warburg		Put		60.00	USD		1/18/19		10,576			634,560			(21,457	)
SPDR Gold Shares(c)	Societe Generale		Put		119.00	USD		8/17/18		162			19,278			(26,900	)
Sumitomo Mitsui Financial Group, Inc.	Morgan Stanley		Put		3832.77	JPY		3/13/20		14,063			53,900,245			(37,460	)
Sumitomo Mitsui Financial Group, Inc.	Morgan Stanley		Put		3820.96	JPY		9/11/20		7,587			28,989,624			(25,450	)
Sumitomo Mitsui Financial Group, Inc.	Morgan Stanley		Put		3786.60	JPY		12/11/20		7,573			28,675,922			(27,822	)
Tokyo Stock Exchange Price Index	Bank of America		Put		156.59	JPY		12/13/19		269,219			42,157,003			(28,683	)
Tokyo Stock Exchange Price Index	Morgan Stanley		Put		156.59	JPY		12/13/19		509,036			79,709,947			(54,230	)
Tokyo Stock Exchange Price Index	BNP Paribas SA		Put		155.80	JPY		3/13/20		363,317			56,604,789			(41,189	)
Tokyo Stock Exchange Price Index	Morgan Stanley		Put		157.82	JPY		4/10/20		323,621			51,073,866			(43,006	)

Total (Premiums $1,119,970)															$	(1,419,799	)

At June 30, 2018, the Fund’s exchange traded options purchased were as follows:


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Notional Amount(b)		Fair Value
SPDR Gold Shares(c)		Call		128.00	USD		7/20/18		81	$	10,368	$	203

Total (Cost $22,942)												$	203

At June 30, 2018, the Fund’s open over-the-counter interest rate swaptions purchased were as follows:(a)


Description and terms of payments to be received from another party	Description and terms of payments to be paid to another party	Expiration Date	Counterparty		Notional Amount (Local)			Value		Unrealized Appreciation/ (Depreciation)
Fixed 2.42% Semi-annually	3-Month U.S. Dollar LIBOR BBA Quarterly	7/9/18		Goldman Sachs		1,077	USD	$	54	$	(91,466	)

Total (Cost $91,520)								$	54	$	(91,466	)

Continued

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

June 30, 2018 (Unaudited)

At June 30, 2018, the Fund’s open interest rate cap contracts purchased were as follows:


Description	Exercise Rate	Counterparty	Expiration Date		Notional Amount		Upfront Premiums Paid (Received)		Value		Unrealized Appreciation/ (Depreciation)
5Y – 30Y CMS Index Cap	0.60%	Goldman Sachs		11/6/18	$	8,330,000	$	25,545	$	36	$	(25,509	)

							$	25,545	$	36	$	(25,509	)

Forward Currency Contracts(a)

At June 30, 2018, the Fund’s open forward currency contracts were as follows:


Currency Purchased		Currency Sold			Counterparty		Settlement Date		Net Unrealized Appreciation/ (Depreciation)
Short Contracts:
U.S. Dollar	1,765,583		Japanese Yen	192,015,999		Deutsche Bank		7/12/18	$	29,588
U.S. Dollar	1,355,697		European Euro	1,145,000		UBS Warburg		7/12/18		17,478
U.S. Dollar	2,216,635		European Euro	1,872,000		Deutsche Bank		7/13/18		28,572
U.S. Dollar	1,046,755		Australian Dollar	1,351,000		Deutsche Bank		7/13/18		47,112
U.S. Dollar	1,767,233		Japanese Yen	192,001,000		BNP Paribas SA		7/19/18		30,537
U.S. Dollar	2,217,794		European Euro	1,872,000		Goldman Sachs		7/20/18		28,591
U.S. Dollar	687,863		Australian Dollar	904,000		Goldman Sachs		7/26/18		18,944
U.S. Dollar	2,294,173		European Euro	1,872,000		BNP Paribas SA		7/27/18		103,830
U.S. Dollar	2,295,980		European Euro	1,872,000		UBS Warburg		8/3/18		104,457
U.S. Dollar	441,827		European Euro	372,000		JPMorgan Chase		8/20/18		5,747
U.S. Dollar	1,004,000		Brazilian Real	3,878,854		BNP Paribas SA		9/6/18		10,149
U.S. Dollar	2,444,072		Japanese Yen	267,599,999		Barclays Bank		9/10/18		14,249
U.S. Dollar	1,531,810		Japanese Yen	168,600,000		Bank of America		10/1/18		(1,509	)

									$	437,745

Long Contracts:
Australian Dollar	1,351,000		U.S. Dollar	1,010,555		Deutsche Bank		7/13/18	$	(10,912	)
British Pound	761,000		U.S. Dollar	1,035,231		JPMorgan Chase		8/10/18		(29,192	)
British Pound	760,000		U.S. Dollar	1,030,340		Barclays Bank		8/16/18		(25,349	)
British Pound	789,000		U.S. Dollar	1,064,777		JPMorgan Chase		8/23/18		(21,107	)
British Pound	1,324,000		U.S. Dollar	1,771,462		Deutsche Bank		9/14/18		(18,416	)
British Pound	1,324,000		U.S. Dollar	1,766,912		Deutsche Bank		9/21/18		(13,336	)
British Pound	1,324,000		U.S. Dollar	1,767,186		Goldman Sachs		9/28/18		(13,079	)
British Pound	1,320,000		U.S. Dollar	1,762,861		JPMorgan Chase		10/5/18		(13,443	)
European Euro	1,145,000		U.S. Dollar	1,421,392		UBS Warburg		7/12/18		(83,173	)
European Euro	1,872,000		U.S. Dollar	2,342,209		Deutsche Bank		7/13/18		(154,146	)
European Euro	1,872,000		U.S. Dollar	2,343,360		Goldman Sachs		7/20/18		(154,157	)
European Euro	1,872,000		U.S. Dollar	2,345,185		BNP Paribas SA		7/27/18		(154,842	)
European Euro	1,872,000		U.S. Dollar	2,346,135		UBS Warburg		8/3/18		(154,611	)
European Euro	273,076		U.S. Dollar	323,601		JPMorgan Chase		8/20/18		(3,486	)
Japanese Yen	192,016,000		U.S. Dollar	1,799,959		Deutsche Bank		7/12/18		(63,964	)
Japanese Yen	192,001,000		U.S. Dollar	1,802,437		BNP Paribas SA		7/19/18		(65,742	)
Norwegian Krone	6,357,000		U.S. Dollar	799,794		Morgan Stanley		7/27/18		(18,041	)
Polish Zloty	3,525,000		U.S. Dollar	1,013,747		Goldman Sachs		8/2/18		(71,705	)
South African Rand	16,642,363		U.S. Dollar	1,246,236		Barclays Bank		7/20/18		(35,453	)
Swedish Krona	8,750,206		European Euro	847,000		Goldman Sachs		9/21/18		(11,726	)
Swedish Krona	8,666,455		European Euro	839,000		Barclays Bank		9/28/18		(11,742	)

									$	(1,127,622	)

Total Net Forward Currency Contracts									$	(689,877	)

Continued

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

June 30, 2018 (Unaudited)

Swap Agreements

At June 30, 2018, the Fund’s open centrally cleared credit default swap agreements (buy protection) were as follows:(d)


Description	Clearing Agent	Payment Frequency	Implied Credit Spread at June 30, 2018(e)			Expiration Date		Notional Amount(f)		Fixed Rate			Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
CDX North America High Yield Index Swap Agreement with Series 29	Bank of America	Quarterly		3.42	%		12/20/22	$	187,682		5.00	%	$	(11,648	)	$	(13,520	)	$	1,872

													$	(11,648	)	$	(13,520	)	$	1,872

At June 30, 2018, the Fund’s open over-the-counter currency swap agreements were as follows:(a)


Paid by the Fund			Received by the Fund					Notional Amount			Counterparty		Upfront Premiums Paid (Received)			Value			Unrealized Appreciation/ (Depreciation)
Rate	Frequency		Rate			Frequency		Notional Amount			Counterparty		Upfront Premiums Paid (Received)			Value			Unrealized Appreciation/ (Depreciation)
0.10% JPY		Semi-annually		2.01	%		Semi-annually		273,450,000	JPY		Bank of America		$	—		$	171,840		$	171,840

														$	—		$	171,840		$	171,840

At June 30, 2018, the Fund’s open centrally cleared interest rate swap agreements were as follows:(a)


Paid by the Fund		Received by the Fund		Expiration Date		Clearing Agent	Notional Amount			Upfront Premiums Paid/ (Received)		Value			Unrealized Appreciation/ (Depreciation)
Rate	Frequency	Rate	Frequency	Expiration Date		Clearing Agent	Notional Amount			Upfront Premiums Paid/ (Received)		Value			Unrealized Appreciation/ (Depreciation)
3-Month LIBOR	Quarterly	2.40%	Semi-annually		3/7/23	Bank of America		5,293,612	USD	$	58	$	(114,639	)	$	(114,697	)
0.42%	Annually	6-Month EURIBOR	Semi-annually		3/7/23	Bank of America		4,684,846	EUR		52		(50,112	)		(50,164	)
0.34%	Annually	6-Month EURIBOR	Semi-annually		6/14/23	Bank of America		4,569,918	EUR		58		(21,099	)		(21,157	)
3-Month LIBOR	Quarterly	2.33%	Semi-annually		6/14/23	Bank of America		5,698,956	USD		63		(150,089	)		(150,152	)
0.37%	Annually	6-Month EURIBOR	Semi-annually		8/15/26	Bank of America		1,778,707	EUR		27		50,958			50,931
0.84%	Annually	6-Month EURIBOR	Semi-annually		2/15/28	Bank of America		3,059,000	EUR		69		—			(69	)
0.84%	Annually	6-Month EURIBOR	Semi-annually		2/15/28	Bank of America		3,070,000	EUR		69		—			(69	)
1.08%	Annually	6-Month EURIBOR	Semi-annually		7/25/28	Bank of America		2,156,000	EUR		45		(46,278	)		(46,323	)
3-Month LIBOR	Quarterly	2.73%	Semi-annually		7/25/28	Bank of America		3,072,000	USD		52		(64,686	)		(64,738	)

												$	(395,945	)	$	(396,438	)

At June 30, 2018, the Fund’s open over-the-counter total return swap agreements were as follows:


Reference Entity	Fixed Amount Paid (Received) by the Fund(f)			Financing Rate			Counterparty		Expiration Date		Notional Amount			Upfront Premiums Paid/ (Received)		Value		Unrealized Appreciation/ (Depreciation)
EURO STOXX 50 Index Dividends December Futures		92,430	EUR		0.00	%		BNP Paribas SA		12/20/19		92,430	EUR	$	—	$	21,439	$	21,439
EURO STOXX 50 Index Dividends December Futures		131,430	EUR		0.00	%		BNP Paribas SA		12/20/19		131,430	EUR		—		33,396		33,396
EURO STOXX 50 Index Dividends December Futures		122,040	EUR		0.00	%		BNP Paribas SA		12/20/19		122,040	EUR		—		29,987		29,987
EURO STOXX 50 Index Dividends December Futures		51,650	EUR		0.00	%		BNP Paribas SA		12/17/20		51,650	EUR		—		10,685		10,685
EURO STOXX 50 Index Dividends December Futures		28,920	EUR		0.00	%		BNP Paribas SA		12/18/20		28,920	EUR		—		9,984		9,984
EURO STOXX 50 Index Dividends December Futures		28,860	EUR		0.00	%		BNP Paribas SA		12/18/20		28,860	EUR		—		10,054		10,054
EURO STOXX 50 Index Dividends December Futures		67,410	EUR		0.00	%		BNP Paribas SA		12/18/20		67,410	EUR		—		23,377		23,377
EURO STOXX 50 Index Dividends December Futures		29,100	EUR		0.00	%		BNP Paribas SA		12/18/20		29,100	EUR		—		9,774		9,774
EURO STOXX 50 Index Dividends December Futures		28,800	EUR		0.00	%		BNP Paribas SA		12/18/20		28,800	EUR		—		10,124		10,124
EURO STOXX 50 Index Dividends December Futures		106,700	EUR		0.00	%		BNP Paribas SA		12/18/20		106,700	EUR		—		35,837		35,837
EURO STOXX 50 Index Dividends December Futures		106,900	EUR		0.00	%		BNP Paribas SA		12/18/20		106,900	EUR		—		21,019		21,019
EURO STOXX 50 Index Dividends December Futures		36,240	EUR		0.00	%		BNP Paribas SA		12/17/21		36,240	EUR		—		280		280
EURO STOXX 50 Index Dividends December Futures		56,450	EUR		0.00	%		BNP Paribas SA		12/17/21		56,450	EUR		—		5,079		5,079
EURO STOXX 50 Index Dividends December Futures		53,400	EUR		0.00	%		BNP Paribas SA		12/17/21		53,400	EUR		—		8,641		8,641
EURO STOXX 50 Index Dividends December Futures		59,750	EUR		0.00	%		BNP Paribas SA		12/17/21		59,750	EUR		—		1,226		1,226

Continued

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Schedule of Portfolio Investments

June 30, 2018 (Unaudited)


Reference Entity	Fixed Amount Paid (Received) by the Fund(f)			Financing Rate			Counterparty		Expiration Date		Notional Amount			Upfront Premiums Paid/ (Received)		Value		Unrealized Appreciation/ (Depreciation)
EURO STOXX 50 Index Dividends December Futures		55,400	EUR		0.00	%		BNP Paribas SA		12/16/22		55,400	EUR	$	—	$	4,321	$	4,321
EURO STOXX 50 Index Dividends December Futures		126,610	EUR		0.00	%		BNP Paribas SA		12/16/22		126,610	EUR		—		3,982		3,982
EURO STOXX 50 Index Dividends December Futures		32,850	EUR		0.00	%		BNP Paribas SA		12/16/22		32,850	EUR		—		3,048		3,048
EURO STOXX 50 Index Dividends December Futures		54,450	EUR		0.00	%		BNP Paribas SA		12/21/22		54,450	EUR		—		5,430		5,430
EURO STOXX 50 Index Dividends December Futures		80,745	EUR		0.00	%		BNP Paribas SA		12/15/23		80,745	EUR		—		(123		(123	)
EURO STOXX 50 Index Dividends December Futures		79,520	EUR		0.00	%		BNP Paribas SA		12/15/23		79,520	EUR		—		1,308		1,308
NIKKEI 225 Dividend Index E-Mini March Futures		3,880,000	JPY		0.00	%		BNP Paribas SA		3/31/21		3,880,000	JPY		—		6,197		6,197
NIKKEI 225 Dividend Index E-Mini March Futures		15,520,000	JPY		0.00	%		BNP Paribas SA		3/31/21		15,520,000	JPY		—		24,788		24,788
NIKKEI 225 Dividend Index E-Mini March Futures		3,855,000	JPY		0.00	%		BNP Paribas SA		3/31/21		3,855,000	JPY		—		6,423		6,423
NIKKEI 225 Dividend Index E-Mini March Futures		4,215,000	JPY		0.00	%		BNP Paribas SA		3/31/21		4,215,000	JPY		—		3,171		3,171
NIKKEI 225 Dividend Index E-Mini March Futures		7,655,000	JPY		0.00	%		BNP Paribas SA		3/31/21		7,655,000	JPY		—		13,342		13,342
NIKKEI 225 Dividend Index E-Mini March Futures		7,950,000	JPY		0.00	%		BNP Paribas SA		3/31/22		7,950,000	JPY		—		11,707		11,707
NIKKEI 225 Dividend Index E-Mini March Futures		7,970,000	JPY		0.00	%		BNP Paribas SA		3/31/22		7,970,000	JPY		—		11,527		11,527
NIKKEI 225 Dividend Index E-Mini March Futures		4,260,000	JPY		0.00	%		BNP Paribas SA		3/31/22		4,260,000	JPY		—		3,279		3,279
NIKKEI 225 Dividend Index E-Mini March Futures		15,720,000	JPY		0.00	%		BNP Paribas SA		3/31/22		15,720,000	JPY		—		25,040		25,040
NIKKEI 225 Dividend Index E-Mini March Futures		4,230,000	JPY		0.00	%		BNP Paribas SA		3/31/23		4,230,000	JPY		—		3,803		3,803
NIKKEI 225 Dividend Index E-Mini April Futures		4,280,000	JPY		0.00	%		JPMorgan Chase		4/3/23		4,280,000	JPY		—		3,351		3,351
S&P 500 Index Dividends December Futures		257,125	USD		0.00	%		BNP Paribas SA		12/21/18		257,125	USD		—		39,600		39,600
S&P 500 Index Dividends December Futures		107,944	USD		0.00	%		Goldman Sachs		12/18/20		107,944	USD		—		25,031		25,031
S&P 500 Index Dividends December Futures		133,513	USD		0.00	%		BNP Paribas SA		12/17/21		133,513	USD		—		34,925		34,925

																		$	461,052

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

(b)	Notional amount is expressed as the number of contracts multiplied by the strike price of the underlying asset.

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

(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.

(f)	At termination date, the fixed amount paid (received) will be exchanged for the total return of the reference entity.

Balances Reported in the Consolidated Statement of Assets and Liabilities for Options Written, Forward Currency Contracts and Swap Agreements


	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation			Value
Options written	$	—	$	—		$	—	$	—		$	(1,419,799	)
Forward currency contracts		—		—			439,254		(1,129,131	)		—
Centrally cleared swap agreements(a)		493		(13,520	)		52,803		(447,369	)		—
Over-the-counter swap agreements		—		—			633,015		(123	)		—

(a)

Includes cumulative cumulative unrealized appreciation (depreciation) on these swap agreements as reported in the Consolidated Schedule of Portfolio Investments. Only current day’s variation margin for centrally cleared swap agreements is reported within the Consolidated Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

See accompanying notes to the consolidated financial statements.

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Statement of Assets and Liabilities

June 30, 2018


Assets:
Investments in non-affiliates, at cost	$	394,786,911
Investments in affiliates, at cost		336,052,669

Total Investment securities, at cost		730,839,580

Investments in non-affiliates, at value*	$	423,085,076
Investments in affiliates, at value		360,424,637

Total Investment securities, at value	$	783,509,713

Segregated cash for collateral		40,599,988
Deposits with brokers for securities sold short		1,258,163
Interest and dividends receivable		1,090,970
Foreign currency, at value (cost $167,371)		170,509
Unrealized appreciation on forward currency contracts		439,254
Unrealized appreciation on swap agreements		633,015
Receivable for investments sold		1,478,791
Receivable for variation margin on swap agreements		6,027
Receivable for variation margin on futures contracts		3,600
Reclaims receivable		277,586
Prepaid expenses		2,182

Total Assets		829,469,798

Liabilities:
Cash overdraft		98,078
Cash received as collateral for derivatives		960,000
Written options (Proceeds received $1,119,970)		1,419,799
Unrealized depreciation on swap agreements		123
Unrealized depreciation on forward currency contracts		1,129,131
Payable for investments purchased		10,473,274
Payable for collateral received on loaned securities		14,188,875
Payable for capital shares redeemed		241,102
Securities sold short (cost $1,389,858)		1,374,225
Payable for variation margin on futures contracts		7,064
Payable for variation margin on swap agreements		16,573
Interest payable on securities sold short		579
Accrued foreign taxes		27,049
Manager fees payable		316,983
Administration fees payable		10,764
Distribution fees payable		82,954
Custodian fees payable		27,721
Administrative and compliance services fees payable		16,856
Transfer agent fees payable		1,231
Trustee fees payable		7,922
Other accrued liabilities		187,524

Total Liabilities		30,587,827

Net Assets	$	798,881,971

Net Assets Consist of:
Capital	$	684,383,408
Accumulated net investment income/(loss)		(299,083	)
Accumulated net realized gains/(losses) from investment transactions		63,206,353
Net unrealized appreciation/(depreciation) on investments		51,591,293

Net Assets	$	798,881,971

Shares of beneficial interest (unlimited number of shares authorized, no par value)		64,313,674
Net Asset Value (offering and redemption price per share)		12.42

*	Includes securities on loan of $13,562,572.

Consolidated Statement of Operations

For the Period Ended June 30, 2018


Investment Income:
Dividends	2,949,986
Interest	2,229,945
Income from securities lending	38,637
Foreign withholding tax	(186,441	)

Total Investment Income	5,032,127

Expenses:
Manager fees	1,937,031
Administration fees	126,282
Distribution fees — Class 2	510,049
Custodian fees	124,148
Administrative and compliance services fees	9,638
Transfer agent fees	6,257
Trustee fees	31,529
Professional fees	29,359
Shareholder reports	13,859
Dividends on securities sold short	7,427
Other expenses	50,416

Total expenses	2,845,995

Net Investment Income/(Loss)	2,186,132

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions and foreign currencies	9,370,827
Net realized gains/(losses) on affiliated transactions	1,676,570
Net realized gains/(losses) on futures contracts	(688,010	)
Net realized gains/(losses) on written options contracts	1,722,760
Net realized gains (losses) on securities transactions sold short	(2,678	)
Net realized gains/(losses) on swap agreements	232,501
Net realized gains/(losses) on forward currency contracts	115,809
Change in net unrealized appreciation/depreciation on securities transactions	(17,092,862	)
Change in net unrealized appreciation/depreciation on affiliated transactions	(5,221,485	)
Change in net unrealized appreciation/depreciation on futures contracts	(399,403	)
Change in net unrealized appreciation/depreciation on written option contracts	(761,281	)
Change in net unrealized appreciation/depreciation on securities transactions sold short	15,633
Change in net unrealized appreciation/depreciation on swap agreements	(839,388	)
Change in net unrealized appreciation/depreciation on forward currency contracts	(944,889	)
Change in accrued foreign tax liability	18,785

Net Realized/Unrealized Gains/(Losses) on Investments	(12,797,111	)

Change in Net Assets Resulting From Operations	(10,610,979	)

See accompanying notes to the consolidated financial statements.

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Statements of Changes in Net Assets


	For the Period Ended June 30, 2018				For the Year Ended December 31, 2017
Change In Net Assets:
Operations:
Net investment income/(loss)		$	2,186,132			$	7,996,110
Net realized gains/(losses) on investment transactions			12,427,779				25,099,254
Change in unrealized appreciation/depreciation on investments			(25,224,890	)			57,180,746

Change in net assets resulting from operations			(10,610,979	)			90,276,110

Distributions to Shareholders:
From net investment income			—				(3,178,036	)
From net realized gains			—				—

Change in net assets resulting from distributions to shareholders			—				(3,178,036	)

Capital Transactions:
Proceeds from shares issued			5,422,991				8,651,752
Proceeds from dividends reinvested			—				3,178,036
Value of shares redeemed			(30,094,388	)			(79,282,868	)

Change in net assets resulting from capital transactions			(24,671,397	)			(67,453,080	)

Change in net assets			(35,282,376	)			19,644,994
Net Assets:
Beginning of period			834,164,347				814,519,353

End of period		$	798,881,971			$	834,164,347

Accumulated net investment income/(loss)		$	(299,083	)		$	(2,485,215	)

Share Transactions:
Shares issued			429,909				710,754
Dividends reinvested			—				258,587
Shares redeemed			(2,387,531	)			(6,584,146	)

Change in shares			(1,957,622	)			(5,614,805	)

See accompanying notes to the consolidated financial statements.

AZL MVP BlackRock Global Strategy Plus Fund

Consolidated Financial Highlights

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


	Six Months Ended June 30, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016				Year Ended December 31, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013
	(Unaudited)
Net Asset Value, Beginning of Period		$	12.59			$	11.33			$	11.69			$	12.22			$	12.02			$	10.54

Investment Activities:
Net Investment Income/(Loss)			—				0.11				0.10				0.07				0.10				0.05
Net Realized and Unrealized Gains/(Losses) on Investments			(0.17	)			1.20				0.27				(0.26	)			0.16				1.43

Total from Investment Activities			(0.17	)			1.31				0.37				(0.19	)			0.26				1.48

Dividends to Shareholders From:
Net Investment Income			—				(0.05	)			(0.31	)			(0.14	)			—	%(a)			—
Net Realized Gains			—				—				(0.42	)			(0.20	)			(0.06	)			—	%(a)

Total Dividends			—				(0.05	)			(0.73	)			(0.34	)			(0.06	)			—	%(a)

Net Asset Value, End of Period		$	12.42			$	12.59			$	11.33			$	11.69			$	12.22			$	12.02

Total Return(b)			(1.35	)%			11.54	%			3.34	%			(1.57	)%			2.18	%			14.08	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	798,882			$	834,164			$	814,519			$	830,363			$	818,435			$	681,691
Net Investment Income/(Loss)(c)			0.54	%			0.97	%			0.85	%			0.67	%			0.96	%			0.55	%
Expenses Before Reductions*(c)(d)			0.70	%			0.71	%			1.11	%			1.18	%			1.18	%			1.21	%
Expenses Net of Reductions*(c)			0.70	%			0.71	%			1.11	%			1.18	%			1.18	%			1.21	%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly*			0.70	%			0.71	%			1.11	%			1.18	%			1.18	%(e)			1.21	%(e)
Portfolio Turnover Rate(f)			23	%			40	%			91	%			64	%			61	%			40	%

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

(a)	Represents less than $0.005.

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

(c)	Annualized for periods less than one year.

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

(e)	Expenses net of reductions excludes expenses paid indirectly, pursuant to a “commission recapture” program, under which brokers remitted a portion of the brokerage commission which were used to pay certain Fund expenses. The Fund ceased participation in the program in June 2014.

(f)	Portfolio turnover rate can be volatile due to the amount and timing of purchases and sales of fund shares during the period. Not annualized for periods less than one year.

See accompanying notes to the consolidated financial statements.

AZL MVP BlackRock Global Strategy Plus Fund

Notes to the Consolidated Financial Statements

June 30, 2018 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP BlackRock Global Strategy Plus Fund (the “Fund”), and 11 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available. Income received by the Fund from sources within foreign countries may be subject to withholding or similar taxes imposed by such countries. The Fund accrues such taxes, as applicable, based on their current interpretation of tax rules in the foreign markets in which they invest.

Consolidation of Subsidiaries

During the period ended June 30, 2018, the Fund primarily invested in shares of another mutual fund managed by the Manager, the AZL BlackRock Global Allocation Fund (the “VIP Subsidiary”), a wholly-owned and controlled subsidiary of the Fund. As of June 30, 2018, the Fund’s aggregate investment in the VIP Subsidiary was $398,991,056, representing 49.94% of the Fund’s net assets.

The VIP Subsidiary’s primary vehicle for gaining exposure to the commodities markets is through investment in the AZL Cayman Global Allocation Fund I, Ltd. (the “Cayman Subsidiary”), a wholly-owned and controlled subsidiary of the VIP Subsidiary formed in the Cayman Islands, which invests primarily in commodity-related instruments. The Subsidiaries’ financial statements, including its investments, and its operating results have been consolidated with those of the Fund which includes the consolidation of the Cayman Subsidiary. All intercompany transactions have been eliminated.

Real Estate Investment Trusts

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

Foreign Currency Translation and Withholding Taxes

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments, or from other assets and liabilities, 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. Income received by the Fund from sources within foreign countries may be subject to withholding and other income or similar taxes imposed by such countries. The Funds accrue such taxes, as applicable, based on their current interpretation of tax rules in the foreign markets in which they invest.

AZL MVP BlackRock Global Strategy Plus Fund

Notes to the Consolidated Financial Statements

June 30, 2018 (Unaudited)

Floating Rate Loans

The Fund may invest in floating rate loans, which usually take the form of loan participations and assignments. These loans are made by banks and other large financial institutions to various companies and are typically senior in the borrowing companies’ capital structure. Coupon rates are variable and are tied to a benchmark lending rate. Loans involve a risk of loss in case of default or insolvency of the financial intermediaries who are parties to the transactions. A Fund records an investment when the borrower withdraws money and records the interest as earned.

Short Sales

The Funds may engage in short sales against the box (i.e., where the Funds 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 Funds sells a borrowed security and has a corresponding obligation to the lender to return the identical security. The Funds may also incur an interest expense if a security that has been sold short has an interest payment. When the Funds engages in a short sale, the Funds 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, the Funds also may be required to pay a premium, which would increase the cost of the security sold.

Dividends to Shareholders

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

Expense Allocation

Bank Loans

The Fund 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 Consolidated Schedule of 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 Fund may lend up to 33 1/3% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2018 are presented on the Fund’s Consolidated Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $11 million for the period ended June 30, 2018.

Cash collateral received in connection with securities lending is invested in a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $3,799 during the period ended June 30, 2018. These fees have been netted against “Income from securities lending” on the Consolidated Statement of Operations.

The fund had securities lending transactions of $14,188,875 accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of June 30, 2018.

AZL MVP BlackRock Global Strategy Plus Fund

Notes to the Consolidated Financial Statements

June 30, 2018 (Unaudited)

TBA Purchase and Sale Commitments

The Fund 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 June 30, 2018, no collateral had been posted by the Fund to counterparties for TBAs.

Affiliated Securities Transactions

Pursuant to Rule 17a-7 under the 1940 Act (the “Rule”), the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and Subadviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period ended June 30, 2018, the Fund did not engage in any such transactions under the Rule.

Derivative Instruments

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

Forward Currency Contracts

During the period ended June 30, 2018, the Fund entered into forward currency contracts as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to foreign currencies. In addition to the foreign currency risk related to the use of these contracts, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. For the period ended June 30, 2018, the monthly average notional amount for long contracts was $28.5 million and the monthly average notional amount for short contracts was $13.9 million. Realized gains and losses are reported as “Net realized gains/(losses) on forward currency contracts” on the Consolidated Statement of Operations.

Futures Contracts

During the period ended June 30, 2018, the Fund used 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 Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Consolidated Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. For the period ended June 30, 2018, the monthly average notional amount for long contracts was $42.0 million and the monthly average notional amount for short contracts was $6.6 million. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts on the Consolidated Statement of Operations.

Options Contracts

The Fund may purchase or write put and call options on a security or an index of securities. During the period ended June 30, 2018, the Fund purchased and wrote call and put options to increase or decrease its exposure to underlying instruments (including equity risk, interest rate risk and/or foreign currency exchange rate risk) and/or, in the case of options written, to generate gains from options premiums.

Purchased Options Contracts — The Fund pays a premium which is included in “Investments, at value” on the Consolidated Statement of Assets and Liabilities and marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. When a put option is exercised or closed, premiums paid for purchasing 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.

AZL MVP BlackRock Global Strategy Plus Fund

Notes to the Consolidated Financial Statements

June 30, 2018 (Unaudited)

For the period ended June 30, 2018, the monthly average notional amount for written options contracts was $0.9 million. Realized gains and losses are reported as “Net realized gains/(losses) on options contracts” on the Consolidated Statement of Operations.

Swap Agreements

The Fund may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are privately negotiated in the over-the-counter (“OTC”) market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). The Fund may enter into swap agreements to manage its exposure to market, interest rate, foreign currencies and credit risk. The value of swap agreements are equal to the Fund’s obligations (or rights) under swap agreements, which will generally be equal to the net amounts to be paid or received under the agreements based upon the relative values of the positions held by each party to the agreements. In connection with these arrangements, securities may be 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 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 a party to International Swap Dealers Association, Inc. Master Agreements (“ISDA Master Agreements”) with select counterparties that govern transactions, such as OTC swap contracts, entered into by the Fund, through the VIP Subsidiary or Cayman Subsidiary, and those counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding OTC swap transactions under the applicable ISDA Master Agreement.

Interest rate swaps involve the exchange of commitments to pay and receive interest based on a notional amount and are subject to interest rate risk exposure. Interest rate swaps do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that a Fund is contractually obligated to make. If the other party to an interest rate swap defaults, a Fund’s risk of loss consists of the net amount of interest payments that the Fund is contractually entitled to receive. As of June 30, 2018, the Fund entered into OTC interest rate swap agreements to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed rate bonds which may decrease when interest rates rise (interest rate risk). The monthly average gross notional amount for interest rate swaps was $27.3 million for the period ended June 30, 2018.

Currency swaps are interest rate swaps in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Currency swaps may also involve an exchange of notional amounts at the start, during and/or at expiration of the contract, either at the current spot rate or another specified rate. The monthly average gross notional amount for currency swaps was $3.2 million for the period ended June 30, 2018.

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. The monthly average gross notional amount for total return swaps was $5.0 million for the period ended June 30, 2018.

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

Credit default swap agreements involve greater risks than if a Fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk. A Fund will enter into credit default swap agreements only with counterparties that meet certain standards of creditworthiness. A buyer generally also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront, periodic, or daily payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller. The Fund’s obligations under a credit default swap agreement will be accrued daily (offset against any amounts

AZL MVP BlackRock Global Strategy Plus Fund

Notes to the Consolidated Financial Statements

June 30, 2018 (Unaudited)

owed to the Fund). In connection with credit default swaps in which a Fund is the buyer, the Fund will segregate or “earmark” cash or assets determined to be liquid, or enter into certain offsetting positions, with a value at least equal to the Fund’s exposure (any accrued but unpaid net amounts owed by the Fund to any counterparty), on a marked-to-market basis. In connection with credit default swaps in which a Fund is the seller, the Fund will segregate or “earmark” cash or assets determined to be liquid, or enter into offsetting positions, with a value at least equal to the full notional amount of the swap (minus any amounts owed to the Fund). Such segregation or “earmarking” will ensure that the Fund has assets available to satisfy its obligations with respect to the transaction and will limit any potential leveraging of the Fund’s portfolio. Such segregation or “earmarking” will not limit the Fund’s exposure to loss.

As of June 30, 2018, the Fund entered into 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). The monthly average gross notional amount for credit default swaps was $0.4 million for the period ended June 30, 2018.

Variance swaps involve the agreement of two parties to exchange cash flows based on the measured variance (or square of the volatility) of a specified underlying asset. One party agrees to exchange a “fixed rate” or strike price payment for the “floating rate” or realized price variance on the underlying asset with respect to the notional amount. At inception, the strike price is generally chosen such that the fair value of the swaps is zero. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price variance of the underlying asset and the strike price multiplied by the notional amount. As a receiver of the realized price variance, a Portfolio would receive the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would owe the payoff amount when the variance is less than the strike price. As a payer of the realized price variance, a Portfolio would owe the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would receive the payoff amount when the variance is less than the strike price. This type of swap is essentially a forward contract on the future realized price variance of the underlying asset. The monthly average gross notional amount for variance swaps was $1.4 million for the period ended June 30, 2018.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Consolidated Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2018:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value

Statement of Assets and Liabilities Location

Total Fair
Value

Equity Risk

Futures Contracts

Receivable for variation margin on futures contracts*

83,791

Payable for variation margin on futures contracts*

387,163

Written Option Contracts

Written options contracts

1,419,799

Total Return Swap Agreements

Unrealized appreciation on swap agreements

461,175

Unrealized depreciation on swap agreements

123

Credit Risk

Centrally Cleared Credit Default Swap

Agreements

Unrealized appreciation on swap agreements*

1,872

Unrealized depreciation on swap agreements*

—

Interest Rate Risk

Futures Contracts

Receivable for variation margin on futures contracts*

105,790

Payable for variation margin on futures contracts*

—

Interest Rate Swap

Agreements

Unrealized appreciation on swap agreements*

50,931

Unrealized depreciation on swap agreements*

447,369

Foreign Exchange Risk

Currency Swap Agreements

Unrealized appreciation on swap agreements

171,840

Unrealized depreciation on swap agreements

—

Forward Currency Contracts

Unrealized appreciation on forward currency contracts

439,254

Unrealized depreciation on forward currency contracts

1,129,131

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

The following is a summary of the effect of derivative instruments on the Consolidated Statement of Operations, categorized by risk exposure, for the period ended June 30, 2018:


	Realized Gain/(Loss) on Derivatives Recognized as a Result from Operations
	Net Realized Gains/(Losses) on Futures Contracts				Net Realized Gains/(Losses) on Swap Agreements				Net Realized Gains/(Losses) on Written Options Contracts				Net Realized Gains/(Losses) on Forward Currency Contracts
Equity Risk		$	44,540			$	260,130			$	1,742,483			$	—
Credit Risk			—				(27,629	)			—				—
Interest Rate Risk			(732,549	)			—				(193,679	)			—
Foreign Exchange Rate Risk			—				—				173,956				115,809

AZL MVP BlackRock Global Strategy Plus Fund

Notes to the Consolidated Financial Statements

June 30, 2018 (Unaudited)


	Change in Net Unrealized Appreciation/Depreciation on Derivatives Recognized as a Result from Operations
	Change in Net Unrealized Appreciation/Depreciation on Futures Contracts				Change in Net Unrealized Appreciation/Depreciation on Swap Agreements				Change in Net Unrealized Appreciation/Depreciation on Written Option Contracts				Change in Net Unrealized Appreciation/Depreciation on Forward Currency Contracts
Equity Risk		$	(618,530	)		$	(359,468	)		$	(551,796	)		$	—
Credit Risk			—				24,805				—				—
Interest Rate Risk			219,127				(476,142	)			(117,077	)			—
Foreign Exchange Rate Risk			—				(28,583	)			(92,408	)			(944,889	)

The Fund is generally subject to master netting agreements that allow for amounts owed between the Fund and the counterparty to be netted. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements do not apply to amounts owed to/from different counterparties. The amounts shown in the Consolidated Statement of Assets and Liabilities do not take into consideration the effects of legally enforceable master netting agreements. The table below presents the gross and net amounts of these assets and liabilities with any offsets to reflect the Fund’s ability to transact net amounts in accordance with the master netting agreements at June 30, 2018. For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to master netting arrangements in the Consolidated Statement of Assets and Liabilities. This table also summarizes the fair values of derivative instruments on the Fund’s Consolidated Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2018. As of June 30, 2018, the Fund’s derivative assets and liabilities by type are as follows:


	Assets				Liabilities
Derivative Financial Instruments:
Futures contracts		$	3,600			$	7,064
Written option contracts			—				1,419,799
Forward currency contracts			439,254				1,129,131
Swap agreements			639,042				16,696

Total derivative assets and liabilities in the Consolidated Statement of Assets and Liabilities			1,081,896				2,572,690
Derivatives not subject to a master netting agreement or similar agreement (“MNA”)			(9,627	)			(23,637	)

Total assets and liabilities subject to a MNA		$	1,072,269			$	2,549,053

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under a MNA and net of the related collateral received by the Fund as of June 30, 2018:


Counterparty	Derivative Assets Subject to a MNA by Counterparty			Derivatives Available for Offset				Non-cash Collateral Received*			Cash Collateral Received*				Net Amount of Derivative Assets
Bank of America		$	171,840		$	(154,125	)		$	—		$	(17,715	)		$	—
Barclays Bank			14,249			(14,249	)			—			—				—
BNP Paribas SA			577,309			(269,301	)			—			(308,008	)			—
Deutsche Bank			76,700			(76,700	)			—			—				—
Goldman Sachs			101,138			(101,138	)			—			—				—
JPMorgan Chase			9,098			(9,098	)			—			—				—
UBS Warburg			121,935			(121,935	)			—			—				—

Total		$	1,072,269		$	(746,546	)		$	—		$	(325,723	)		$	—

The following table presents the Fund’s derivative liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral pledged by the Fund as of June 30, 2018:


Counterparty	Derivative Liabilities Subject to a MNA by Counterparty			Derivatives Available for Offset				Non-cash Collateral Pledged*			Cash Collateral Pledged*			Net Amount of Derivative Liabilities
Bank of America		$	154,125		$	(154,125	)		$	—		$	—		$	—
Barclays Bank			380,207			(14,249	)			—			—			365,958
BNP Paribas SA			269,301			(269,301	)			—			—			—
Citigroup			187,336			—				—			—			187,336
Deutsche Bank			372,979			(76,700	)			—			—			296,279
Goldman Sachs			250,667			(101,138	)			—			—			149,529
JPMorgan Chase			67,228			(9,098	)			—			—			58,130
Morgan Stanley			236,984			—				—			—			236,984
Societe Generale			70,834			—				—			—			70,834

AZL MVP BlackRock Global Strategy Plus Fund

Notes to the Consolidated Financial Statements

June 30, 2018 (Unaudited)


Counterparty	Derivative Liabilities Subject to a MNA by Counterparty			Derivatives Available for Offset				Non-cash Collateral Pledged*			Cash Collateral Pledged*			Net Amount of Derivative Liabilities
UBS Warburg		$	559,392		$	(121,935	)		$	—		$	—		$	437,457

Total		$	2,549,053		$	(746,546	)		$	—		$	—		$	1,802,507

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

3. Fees and Transactions with Affiliates and Other Parties

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the VIP Subsidiary. Pursuant to a portfolio management agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the VIP Subsidiary subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Consolidated Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund and the VIP Subsidiary to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s and the VIP Subsidiary’s business, based on the daily net assets of the Fund and the VIP Subsidiary, through April 30, 2019.

For the period ended June 30, 2018, the annual rate due to the Manager and the annual expense limit were as follows:


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

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the period are reflected on the Consolidated Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2018, there were no remaining contractual reimbursements that are subject to repayment by the Fund in subsequent years.

In addition, the Manager may voluntarily waive or reimburse additional fees in order to maintain more competitive expense ratios. Any voluntary waivers or reimbursements are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the period can be found on the Consolidated Statement of Operations. During the period ended June 30, 2018, there were no voluntary waivers.


	Fair Value 12/31/2017			Purchases at Cost			Proceeds from Sales				Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)				Fair Value 6/30/2018			Shares as of 6/30/2018
AZL Enhanced Bond Index Fund		$	228,562,361		$	2,884,304		$	(5,840,313	)		$	(146,855	)		$	(4,065,292	)		$	221,394,205		20,710,403
AZL MSCI Global Equity Index Fund			146,445,694			101,399			(8,183,894	)			1,823,425				(1,156,192	)			139,030,432		12,347,285

		$	375,008,055		$	2,985,703		$	(14,024,207	)		$	1,676,570			$	(5,221,484	)		$	360,424,637		33,057,688

Pursuant to separate agreements between the Funds and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the Securities and Exchange Commission (“SEC” or the “Commission”). The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Consolidated Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.047% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair values services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Consolidated Statement of Operations as “Administration fees.”

AZL MVP BlackRock Global Strategy Plus Fund

Notes to the Consolidated Financial Statements

June 30, 2018 (Unaudited)

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2018, $3,975 was paid from the Fund relating to these fees and expenses.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles. For their service to the Trust and to the Allianz Variable Insurance Products Fund of Funds Trust, each non-interested Trustee receives a $174,000 annual Board retainer, the Lead Director receives an additional $43,500 annually and the Chair of the Nominating and Corporate Governance Committee receives an additional $26,100 annually. In addition, the Trustees are reimbursed for certain expenses associated with attending Board meetings. Compensation to the Trustees is allocated between the Trust and the Allianz Variable Insurance Products Fund of Funds Trust in proportion to the assets under management of each trust. During the period ended June 30, 2018, actual Trustee compensation was $515,040 in total for both trusts.

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

Security prices are generally provided by an independent third party pricing service approved by the Trust’s Board of Trustees (the “Board” or “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. The Fund generally values index options at the average of the closing bid and ask quotations on the principal exchange on which the option is traded and are typically categorized as Level 1 in the fair value hierarchy. For options where market quotations are not readily available, fair value procedures as described below may be applied.

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. For options where market quotations are not readily available, fair value procedures as described below may be applied.

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

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

AZL MVP BlackRock Global Strategy Plus Fund

Notes to the Consolidated Financial Statements

June 30, 2018 (Unaudited)

There were no significant transfers between Levels 1 and 2 as of June 30, 2018, based on levels assigned to securities on December 31, 2017. The following is a summary of the valuation inputs used as of June 30, 2018 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1			Level 2			Level 3			Other^			Total

Bank Loans		$	—		$	711,520		$	—		$	—		$	711,520
Common Stocks
Aerospace & Defense			412,386			3,416,692			—			—			3,829,078
Air Freight & Logistics			—			6,334			—			—			6,334
Airlines			2,941,807			1,771,570			—			—			4,713,377
Auto Components			58,530			4,475,880			—			—			4,534,410
Automobiles			7,590			4,575,245			—			—			4,582,835
Banks			9,602,429			6,027,397			—			—			15,629,826
Beverages			242,632			1,679,249			—			—			1,921,881
Building Products			155,984			707,907			—			—			863,891
Capital Markets			5,012,746			2,109,560			—			—			7,122,306
Chemicals			6,299,630			6,668,451			—			—			12,968,081
Communications Equipment			17,513			10,492			—			—			28,005
Construction & Engineering			—			1,010,759			—			—			1,010,759
Construction Materials			9,766			138,725			—			—			148,491
Distributors			—			70,780			—			—			70,780
Diversified Financial Services			180,677			171,864			—			—			352,541
Diversified Telecommunication Services			127,035			3,521,530			—			—			3,648,565
Electric Utilities			2,132,902			1,462,557			—			—			3,595,459
Electrical Equipment			26,898			2,129,525			—			—			2,156,423
Electronic Equipment, Instruments & Components			6,465			2,943,359			—			—			2,949,824
Equity Real Estate Investment Trusts			113,521			1,470,236			—			—			1,583,757
Food & Staples Retailing			2,969,179			139,937			—			—			3,109,116
Food Products			136,613			6,451,086			—			—			6,587,699
Gas Utilities			—			1,371,412			—			—			1,371,412
Health Care Equipment & Supplies			484,691			1,415,832			—			—			1,900,523
Health Care Providers & Services			7,593,635			5,393,463			—			—			12,987,098
Hotels, Restaurants & Leisure			1,885,464			1,499,740			—			—			3,385,204
Household Durables			1,948,571			262,923			—			—			2,211,494
Household Products			2,429,486			17,372			—			—			2,446,858
Independent Power & Renewable Electricity Producers			825,538			3,506			—			—			829,044
Industrial Conglomerates			659,554			3,663,184			—			—			4,322,738
Insurance			2,480,115			1,625,754			—			—			4,105,869
Internet & Direct Marketing Retail			4,523,394			4,727			—			—			4,528,121
Internet Software & Services			14,391,265			4,431,575			1,109			—			18,823,949
IT Services			4,068,882			10,746			—			—			4,079,628
Machinery			61,626			803,117			—			—			864,743
Media			10,225,950			1,064,791			—			—			11,290,741
Metals & Mining			13,589			479,028			—			—			492,617
Multi-Utilities			845,745			6,519			—			—			852,264
Oil, Gas & Consumable Fuels			13,281,706			4,456,130			161,550			—			17,899,386
Personal Products			940,826			10,606			—			—			951,432
Pharmaceuticals			5,047,874			4,726,646			—			—			9,774,520
Professional Services			—			3,896			—			—			3,896
Real Estate Management & Development			477,093			2,952,010			—			—			3,429,103
Road & Rail			25,380			2,305,539			—			—			2,330,919
Semiconductors & Semiconductor Equipment			2,819,040			1,117,105			—			—			3,936,145
Software			9,528,847			272,374			2,741,280			—			12,542,501
Specialty Retail			1,388,882			61,619			—			—			1,450,501
Technology Hardware, Storage & Peripherals			9,955,494			916,332			—			—			10,871,826
Textiles, Apparel & Luxury Goods			48,380			1,132,161			—			—			1,180,541
Thrifts & Mortgage Finance			—			1,207,917			—			—			1,207,917
Tobacco			1,651,595			851,812			—			—			2,503,407
Transportation Infrastructure			—			154,444			—			—			154,444
Wireless Telecommunication Services			470,107			3,995,698			—			—			4,465,805
Other Common Stocks+			4,947,859			—			—			—			4,947,859

AZL MVP BlackRock Global Strategy Plus Fund

Notes to the Consolidated Financial Statements

June 30, 2018 (Unaudited)


Investment Securities:	Level 1				Level 2				Level 3				Other^			Total

Convertible Bonds		$	—			$	1,503,204			$	—			$	—		$	1,503,204
Convertible Preferred Stocks
Banks			157,433				—				—				—			157,433
Equity Real Estate Investment Trusts			325,845				—				—				—			325,845
Wireless Telecommunication Services			—				1,199,003				—				—			1,199,003
Corporate Bonds+			—				7,378,279				—				—			7,378,279
Foreign Bonds+			—				25,880,838				—				—			25,880,838
Preferred Stocks
Banks			359,725				76,125				—				—			435,850
Consumer Finance			383,507				—				—				—			383,507
Health Care Providers & Services			—				—				361,252				—			361,252
Internet Software & Services			—				—				533,774				—			533,774
Software			—				—				671,387				—			671,387
Technology Hardware, Storage & Peripherals			—				5,059				—				—			5,059
Private Placements			—				—				—	#			—			—
Rights			123				—	#			—				—			123
U.S. Treasury Obligations			—				115,681,459				—				—			115,681,459
Warrant			—				—	#			—				—			—
Yankee Dollars+			—				4,929,185				—				—			4,929,185
Exchange Traded Fund			10,409,524				—				—				—			10,409,524
Securities Held as Collateral for Securities on Loan			—				—				—				14,188,875			14,188,875
Affiliated Investment Company			360,424,637				—				—				—			360,424,637
Unaffiliated Investment Company			3,842,898				—				—				—			3,842,898
Purchased Options			203				929,825				—				—			930,028
Purchased Swaptions			—				54				—				—			54
Purchased Interest Rate Cap			—				36				—				—			36

Total Investment Securities			509,378,786				255,471,700				4,470,352				14,188,875			783,509,713

Securities Sold Short			(982,211	)			(392,014	)			—				—			(1,374,225	)
Other Financial Instruments:*
Futures Contracts			(197,582	)			—				—				—			(197,582	)
Written Options			—				(1,419,799	)			—				—			(1,419,799	)
Forward Currency Contracts			—				(689,877	)			—				—			(689,877	)
Centrally Cleared Credit Default Swaps			—				1,872				—				—			1,872
Over-the-Counter Currency Swaps			—				171,840				—				—			171,840
Centrally Cleared Interest Rate Swaps			—				(396,438	)			—				—			(396,438	)
Over-the-Counter Total Return Swaps			—				461,052				—				—			461,052

Total Investments		$	508,198,993			$	253,208,336			$	4,470,352			$	14,188,875		$	780,066,556

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

#	Represents the interest in securities that were determined to have a value of zero at June 30, 2018.

Other Financial Instruments would include any derivative instruments, such as futures contracts, written options, forward currency contracts and swaps. These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment except futures contracts and centrally cleared interest rate swaps which are presented at variation margin.

Investments categorized as Securities Held as Collateral for Securities on Loan in the Consolidated Schedule of Portfolio Investments, are measured at fair value using the NAV per share practical expedient. These investments are not classified within the fair value hierarchy, and are reflected as “Other” in the above table. Although there can be no assurance, in general, the fair value of investments measured using the NAV per share practical expedient represents the amount the owner of such investments might reasonably expect to receive in an orderly sale.

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

5. Security Purchases and Sales

For the period ended June 30, 2018, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL MVP BlackRock Global Strategy Plus Fund		$	260,665,078		$	304,487,302

AZL MVP BlackRock Global Strategy Plus Fund

Notes to the Consolidated Financial Statements

June 30, 2018 (Unaudited)

For the period ended June 30, 2018, purchases and sales of long-term U.S. government securities were as follows:


	Purchases			Sales
AZL MVP BlackRock Global Strategy Plus Fund		$	167,007,494		$	155,222,439

6. Restricted Securities

A restricted security is a security which has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (the “1933 Act”) or pursuant to the resale limitations provided by Rule 144A under the 1933 Act, or an exemption from the registration requirements of the 1933 Act. Whether a restricted security is illiquid is determined pursuant to guidelines established by the Trustees. Not all restricted securities are considered illiquid. The illiquid restricted securities held as of June 30, 2018 are identified below.


Security	Acquisition Date(a)		Acquisition Cost			Shares or Principal Amount			Fair Value			Percentage of Net Assets
AliphCom, Inc., 12.00%, 4/1/20		4/27/15		$	3,065,000		$	3,065,000		$	—		—	%
Dana Gas Sukuk, Ltd., 7.00%, 10/31/18		5/8/13			650,390			631,620			571,616		0.07	%
Inversiones Alsacia SA, 8.00%, 12/31/18, Callable 7/19/18 @ 100.00		12/22/14			312,032			519,907			12,998		—	%
AliphCom, Inc., 12.00%, 4/1/20		11/11/15			268,000			268,000			—		—	%
REI Agro, Ltd., Registered Shares, 5.50%, 11/13/14		2/7/12			300,000			400,000			—		—	%
TFS Corp., Ltd., 8.75%, 8/1/23, Callable 8/1/19 @ 106.56		7/20/16			2,106,000			1,018,000			685,241		0.09	%

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

7. 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 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”) and may be subject to greater levels of credit and liquidity risk than funds that do not invest in such securities. These securities are considered predominately speculative with respect to the issuer’s continuing ability to make principal and interest payments. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce the Fund’s ability to sell these securities (liquidity risk). If the issuer of a security is in default with respect to interest or principal payments, the Fund may lose the value of its entire investment.

AZL MVP BlackRock Global Strategy Plus Fund

Notes to the Consolidated Financial Statements

June 30, 2018 (Unaudited)

8. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at June 30, 2018 is $734,012,960. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	66,410,229
Unrealized (depreciation)		(19,482,201	)

Net unrealized appreciation/(depreciation)	$	46,928,028

Capital loss carry forwards (“CLCFs”) subject to expiration are applied as short-term capital loss regardless of whether the originating capital loss was short-term or long-term. CLCFs that are not subject to expiration must be utilized before those that are subject to expiration. The Board does not intend to authorize a distribution of any realized gain for the Fund until any applicable CLCF has been offset or expires. During the year ended December 31, 2017, the Fund utilized $439,156 in CLCFs to offset capital gains.

As of the latest tax year end, December 31, 2017, the tax character of dividends paid to shareholders was as follows:

Ordinary
Income

Net

Long-Term
Capital Gains

Total
Distributions(a)

AZL MVP BlackRock Global Strategy Plus Fund

3,178,036

—

3,178,036

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

As of the latest tax year end, December 31, 2017, the components of accumulated earnings on a tax basis were as follows:

Undistributed
Ordinary
Income

Undistributed
Long-Term
Capital Gains

Accumulated
Capital and
Other Losses

Unrealized

Appreciation/
Depreciation(a)

Total
Accumulated

Earnings/
(Deficit)

AZL MVP BlackRock Global Strategy Plus Fund

21,405,114

32,289,849

—

71,694,659

125,389,622

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

The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings and any net capital loss carry forwards will be determined at the end of the current tax year ending December 31, 2018.

9. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2(a)(9) of the 1940 Act. As of June 30, 2018, the Fund had an individual shareholder account which is affiliated with the Investment Adviser representing ownership in excess of 85% of the Fund. As of June 30, 2018, the Fund had a controlling interest (in excess of 50%) in the AZL MSCI Global Equity Index Fund, which is affiliated with the Investment Adviser.

10. Investment Company Reporting Modernization

11. Subsequent Events

Other Information (Unaudited)

Change in Independent Registered Public Accounting Firm

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0618 08/18

AZL^® MVP DFA Multi-Strategy Fund

Semi-Annual Report

June 30, 2018

(Unaudited)

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AZL MVP DFA Multi-Strategy Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 1/1/18			Ending Account Value 6/30/18			Expenses Paid During Period 1/1/18 - 6/30/18*			Annualized Expense Ratio During Period 1/1/18 - 6/30/18
AZL MVP DFA Multi-Strategy Fund		$	1,000.00		$	1,008.60		$	0.75		0.15	%


	Beginning Account Value 1/1/18			Ending Account Value 6/30/18			Expenses Paid During Period 1/1/18 - 6/30/18*			Annualized Expense Ratio During Period 1/1/18 - 6/30/18
AZL MVP DFA Multi-Strategy Fund		$	1,000.00		$	1,024.04		$	0.75		0.15	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Domestic Equities		44.8	%
Fixed Income		37.9
International Equities		12.0

Total Investment Securities		94.7
Net other assets (liabilities)		5.3

Net Assets		100.0	%

AZL MVP DFA Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2018 (Unaudited)


Shares			Fair Value
Affiliated Investment Companies (94.7%):
	424,494	AZL DFA Emerging Markets Core Equity Fund	$	4,338,326
	3,324,789	AZL DFA Five-Year Global Fixed Income Fund		33,214,641
	550,195	AZL DFA International Core Equity Fund		6,118,168
	2,323,440	AZL DFA U.S. Core Equity Fund		30,483,529
	662,656	AZL DFA U.S. Small Cap Fund		8,641,035

	Total Affiliated Investment Companies (Cost $73,983,362)			82,795,699

	Total Investment Securities (Cost $73,983,362) — 94.7%(a)			82,795,699
	Net other assets (liabilities) — 5.3%			4,664,374

	Net Assets — 100.0%		$	87,460,073

Percentages indicated are based on net assets as of June 30, 2018.

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

Futures Contracts

Cash of $4,352,503 has been segregated to cover margin requirements for the following open contracts as of June 30, 2018:

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini September Futures (U.S. Dollar)		9/21/18		19	$	2,585,520	$	(49,615	)
U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		9/19/18		14		1,682,625		8,951

							$	(40,664	)

See accompanying notes to the financial statements.

AZL MVP DFA Multi-Strategy Fund

Statement of Assets and Liabilities

June 30, 2018

(Unaudited)


Assets:
Investments in affiliates, at cost	$	73,983,362

Investments in affiliates, at value	$	82,795,699
Segregated cash for collateral		4,352,503
Interest and dividends receivable		6,004
Receivable for capital shares issued		323,076
Receivable for affiliated investments sold		17,710
Prepaid expenses		437

Total Assets		87,495,429

Liabilities:
Cash overdraft		17,710
Payable for capital shares redeemed		10,778
Manager fees payable		3,622
Administration fees payable		20
Custodian fees payable		204
Administrative and compliance services fees payable		108
Transfer agent fees payable		375
Trustee fees payable		469
Other accrued liabilities		2,070

Total Liabilities		35,356

Net Assets	$	87,460,073

Net Assets Consist of:
Capital	$	76,712,788
Accumulated net investment income/(loss)		640,179
Accumulated net realized gains/(losses) from investment transactions		1,335,433
Net unrealized appreciation/(depreciation) on investments		8,771,673

Net Assets	$	87,460,073

Shares of beneficial interest (unlimited number of shares authorized, no par value)		7,476,232
Net Asset Value (offering and redemption price per share)	$	11.70

Statement of Operations

For the Six Months Ended June 30, 2018

(Unaudited)


Investment Income:
Interest	$	30,431
Dividends		780

Total Investment Income		31,211

Expenses:
Manager fees		81,380
Administration fees		24,389
Custodian fees		1,164
Administrative and compliance services fees		527
Transfer agent fees		2,208
Trustee fees		1,721
Professional fees		1,535
Shareholder reports		1,004
Other expenses		315

Total expenses before reductions		114,243
Less expenses voluntarily waived/reimbursed by the Manager		(40,689	)
Less expense contractually waived/reimbursed by the Manager		(11,574	)

Net expenses		61,980

Net Investment Income/(Loss)		(30,769	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		287,076
Net realized gains/(losses) on futures contracts		72,124
Change in net unrealized appreciation/depreciation on affiliated transactions		398,458
Change in net unrealized appreciation/depreciation on futures contracts		(69,862	)

Net Realized/Unrealized Gains/(Losses) on Investments		687,796

Change in Net Assets Resulting From Operations	$	657,027

See accompanying notes to the financial statements.

AZL MVP DFA Multi-Strategy Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2018				For the Year Ended December 31, 2017
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(30,769	)		$	628,282
Net realized gains/(losses) on investment transactions			359,200				1,251,994
Change in unrealized appreciation/depreciation on investments			328,596				5,892,528

Change in net assets resulting from operations			657,027				7,772,804

Distributions to Shareholders:
From net investment income			—				(277,996	)
From net realized gains			—				(69,214	)

Change in net assets resulting from distributions to shareholders			—				(347,210	)

Capital Transactions:
Proceeds from shares issued			14,094,807				26,450,692
Proceeds from dividends reinvested			—				347,210
Value of shares redeemed			(5,048,330	)			(9,792,574	)

Change in net assets resulting from capital transactions			9,046,477				17,005,328

Change in net assets			9,703,504				24,430,922
Net Assets:
Beginning of period			77,756,569				53,325,647

End of period		$	87,460,073			$	77,756,569

Accumulated net investment income/(loss)		$	640,179			$	670,948

Share Transactions:
Shares issued			1,203,148				2,416,058
Dividends reinvested			—				31,168
Shares redeemed			(431,614	)			(891,700	)

Change in shares			771,534				1,555,526

See accompanying notes to the financial statements.

AZL MVP DFA Multi-Strategy Fund

Financial Highlights

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


	Six Months Ended June 30, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016				April 27, 2015 to December 31, 2015(a)
	(Unaudited)
Net Asset Value, Beginning of Period		$	11.60			$	10.36			$	9.50			$	10.00

Investment Activities:
Net Investment Income/(Loss)			(0.01	)			0.09				0.05				(0.01	)
Net Realized and Unrealized Gains/(Losses) on Investments			0.11				1.21				0.81				(0.49	)

Total from Investment Activities			0.10				1.30				0.86				(0.50	)

Dividends to Shareholders From:
Net Investment Income			—				(0.05	)			—				—
Net Realized Gains			—				(0.01	)			—				—

Total Dividends			—				(0.06	)			—				—

Net Asset Value, End of Period		$	11.70			$	11.60			$	10.36			$	9.50

Total Return(b)			0.86	%(c)			12.55	%			9.05	%			(5.00	)%(c)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	87,460			$	77,757			$	53,326			$	26,087
Net Investment Income/(Loss)(d)			(0.08	)%			0.96	%			0.71	%			(0.14	)%
Expenses Before Reductions*(d)(e)			0.28	%			0.30	%			0.36	%			0.52	%
Expenses Net of Reductions*(d)			0.15	%			0.15	%			0.15	%			0.14	%
Portfolio Turnover Rate			6	%(c)			15	%			15	%			2	%(c)

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

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

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

(c)	Not annualized for periods less than one year.

(d)	Annualized for periods less than one year.

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

See accompanying notes to the financial statements.

AZL MVP DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP DFA Multi-Strategy Fund (the “Fund”), and 11 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Dividends to Shareholders

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

Expense Allocation

Derivative Instruments

Futures Contracts

AZL MVP DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The monthly average notional amount for these contracts was $4.1 million for the period ended June 30, 2018. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2018:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Risk

Equity Contracts

Receivable for variation margin on futures contracts

—

Payable for variation margin on futures contracts

49,615

Interest Rate Risk

Interest Rate Contracts

8,951

—

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2018:


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

Equity Risk

Equity Contracts	Net Realized gains/(losses) on futures contracts/Change in net unrealized appreciation/depreciation on futures contracts	$	125,367		$	(87,078	)

Interest Rate Risk

Interest Rate Contracts			(53,243	)		17,216

3. Fees and Transactions with Affiliates and Other Parties

For the period ended June 30, 2018, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate*			Annual Expense Limit
AZL MVP DFA Multi-Strategy Fund		0.20	%		0.15	%

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

At June 30, 2018, the contractual reimbursements subject to repayment by the Fund in subsequent years were as follows:


	Expires 12/31/2018			Expires 12/31/2019			Expires 12/31/2020			Expires 12/31/2021			Total
AZL MVP DFA Multi-Strategy Fund		$	32,620		$	31,356		$	30,855		$	40,689		$	135,520

AZL MVP DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)


	Fair Value 12/31/2017			Purchases at Cost			Proceeds from Sales				Net Realized Gains/(Losses)				Net Change in Unrealized Appreciation/ Depreciation				Fair Value 6/30/2018			Shares as of 6/30/2018
AZL DFA Emerging Markets Core Equity Fund		$	3,914,946		$	909,028		$	(94,446	)		$	24,139			$	(415,341	)		$	4,338,326		424,494
AZL DFA Five-Year Global Fixed Income Fund			29,516,665			5,586,608			(1,875,496	)			(36,819	)			23,683				33,214,641		3,324,789
AZL DFA International Core Equity Fund			5,452,804			920,014			(76,854	)			12,371				(190,167	)			6,118,168		550,195
AZL DFA U.S. Core Equity Fund			27,079,624			4,313,851			(1,746,359	)			240,209				596,204				30,483,529		2,323,440
AZL DFA U.S. Small Cap Fund			7,729,721			974,218			(494,158	)			47,175				384,079				8,641,035		662,656

		$	73,693,760		$	12,703,719		$	(4,287,313	)		$	287,075			$	398,458			$	82,795,699		7,285,574

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2018, $389 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

AZL MVP DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2018 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Total

Affiliated Investment Company		$	82,795,699			$	—		$	82,795,699

Total Investment Securities			82,795,699				—			82,795,699

Other Financial Instruments:*
Futures Contracts			(40,664	)			—			(40,664	)

Total Investments		$	82,755,035			$	—		$	82,755,035

*	Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally presented in the financial statements at variation margin.

5. Security Purchases and Sales

For the period ended June 30, 2018, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL MVP DFA Multi-Strategy Fund		$	12,703,719		$	4,287,313

6. Investment Risks

7. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at June 30, 2018 is $74,266,573. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	8,540,610
Unrealized (depreciation)		(11,484	)

Net unrealized appreciation/(depreciation)	$	8,529,126

As of the latest tax year end, December 31, 2017, the tax character of dividends paid to shareholders was as follows:

Ordinary
Income

Net

Long-Term
Capital Gains

Total
Distributions(a)

AZL MVP DFA Multi-Strategy Fund

307,441

39,769

347,210

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

As of the latest tax year end, December 31, 2017, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ Depreciation(a)			Total Accumulated Earnings/ (Deficit)
AZL MVP DFA Multi-Strategy Fund		$	817,564		$	1,114,360		$	—		$	8,158,334		$	10,090,258

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

AZL MVP DFA Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

8. Ownership and Principal Holders

9. Investment Company Reporting Modernization

10. Subsequent Events

Other Information (Unaudited)

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

Change in Independent Registered Public Accounting Firm

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0618 08/18

AZL^® MVP FIAM Multi-Strategy Fund

(formerly AZL^® MVP Pyramis Multi-Strategy Fund)

Semi-Annual Report

June 30, 2018

(Unaudited)

LOGO

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AZL MVP FIAM Multi-Strategy Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 1/1/18			Ending Account Value 6/30/18			Expenses Paid During Period 1/1/18 - 6/30/18*			Annualized Expense Ratio During Period 1/1/18 - 6/30/18
AZL MVP FIAM Multi-Strategy Fund		$	1,000.00		$	1,001.70		$	0.70		0.14	%


	Beginning Account Value 1/1/18			Ending Account Value 6/30/18			Expenses Paid During Period 1/1/18 - 6/30/18*			Annualized Expense Ratio During Period 1/1/18 - 6/30/18
AZL MVP FIAM Multi-Strategy Fund		$	1,000.00		$	1,024.12		$	0.70		0.14	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Balanced		95.0	%

Total Investment Securities		95.0
Net other assets (liabilities)		5.0

Net Assets		100.0	%

AZL MVP FIAM Multi-Strategy Fund

Schedule of Portfolio Investments

June 30, 2018 (Unaudited)


Shares			Fair Value

Affiliated Investment Company (95.0%):
	18,612,289	AZL FIAM Multi-Strategy Fund	$	249,218,554

	Total Affiliated Investment Company (Cost $235,540,742)			249,218,554

	Total Investment Securities (Cost $235,540,742) — 95.0%(a)			249,218,554
	Net other assets (liabilities) — 5.0%			13,142,077

	Net Assets — 100.0%		$	262,360,631

Percentages indicated are based on net assets as of June 30, 2018.

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

Futures Contracts

Cash of $13,108,248 has been segregated to cover margin requirements for the following open contracts as of June 30, 2018:

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini September Futures (U.S. Dollar)		9/21/18		38	$	5,171,040	$	(103,294	)
U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		9/19/18		65		7,812,188		41,667

							$	(61,627	)

See accompanying notes to the financial statements.

AZL MVP FIAM Multi-Strategy Fund

Statement of Assets and Liabilities

June 30, 2018

(Unaudited)


Assets:
Investments in affiliates, at cost	$	235,540,742

Investments in affiliates, at value	$	249,218,554
Segregated cash for collateral		13,108,248
Interest and dividends receivable		17,503
Receivable for capital shares issued		224,119
Receivable for investments sold		44,658

Total Assets		262,613,082

Liabilities:
Cash overdraft		44,658
Payable for capital shares redeemed		171,861
Manager fees payable		26,644
Administration fees payable		40
Custodian fees payable		256
Administrative and compliance services fees payable		271
Transfer agent fees payable		370
Trustee fees payable		1,212
Other accrued liabilities		7,139

Total Liabilities		252,451

Net Assets	$	262,360,631

Net Assets Consist of:
Capital	$	260,407,186
Accumulated net investment income/(loss)		8,532,375
Accumulated net realized gains/(losses) from investment transactions		(20,195,115	)
Net unrealized appreciation/(depreciation) on investments		13,616,185

Net Assets	$	262,360,631

Shares of beneficial interest (unlimited number of shares authorized, no par value)		22,186,187
Net Asset Value (offering and redemption price per share)	$	11.83

Statement of Operations

For the Six Months Ended June 30, 2018

(Unaudited)


Investment Income:
Interest	$	98,937
Dividends		29

Total Investment Income		98,966

Expenses:
Manager fees		132,722
Administration fees		25,290
Custodian fees		1,338
Administrative and compliance services fees		1,723
Transfer agent fees		2,300
Trustee fees		5,647
Professional fees		4,913
Shareholder reports		3,790
Other expenses		2,951

Total expenses		180,674

Net Investment Income/(Loss)		(81,708	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		(361,589	)
Net realized gains/(losses) on futures contracts		(244,690	)
Change in net unrealized appreciation/depreciation on affiliated transactions		1,124,507
Change in net unrealized appreciation/depreciation on futures contracts		(104,848	)

Net Realized/Unrealized Gains/(Losses) on Investments		413,380

Change in Net Assets Resulting From Operations	$	331,672

See accompanying notes to the financial statements.

AZL MVP FIAM Multi-Strategy Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2018				For the Year Ended December 31, 2017
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(81,708	)		$	(250,864	)
Net realized gains/(losses) on investment transactions			(606,279	)			6,690,645
Change in unrealized appreciation/depreciation on investments			1,019,659				22,568,686

Change in net assets resulting from operations			331,672				29,008,467

Distributions to Shareholders:
From net investment income			—				(3,716,488	)

Change in net assets resulting from distributions to shareholders			—				(3,716,488	)

Capital Transactions:
Proceeds from shares issued			1,505,654				2,016,003
Proceeds from dividends reinvested			—				3,716,488
Value of shares redeemed			(14,319,746	)			(43,337,091	)

Change in net assets resulting from capital transactions			(12,814,092	)			(37,604,600	)

Change in net assets			(12,482,420	)			(12,312,621	)
Net Assets:
Beginning of period			274,843,051				287,155,672

End of period		$	262,360,631			$	274,843,051

Accumulated net investment income/(loss)		$	8,532,375			$	8,614,083

Share Transactions:
Shares issued			127,721				175,168
Dividends reinvested			—				325,722
Shares redeemed			(1,212,983	)			(3,831,782	)

Change in shares			(1,085,262	)			(3,330,892	)

See accompanying notes to the financial statements.

AZL MVP FIAM Multi-Strategy Fund

Financial Highlights

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


	Six Months Ended June 30, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016				Year Ended December 31, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013
	(Unaudited)
Net Asset Value, Beginning of Period		$	11.81			$	10.79			$	11.33			$	12.49			$	12.39			$	10.52

Investment Activities:
Net Investment Income/(Loss)			—	(a)			—	(a)			0.15				0.43				0.12				0.12
Net Realized and Unrealized Gains/(Losses) on Investments			0.02				1.17				(0.07	)			(1.20	)			0.17				1.75

Total from Investment Activities			0.02				1.17				0.08				(0.77	)			0.29				1.87

Dividends to Shareholders From:
Net Investment Income			—				(0.15	)			(0.45	)			(0.18	)			(0.11	)			—
Net Realized Gains			—				—				(0.17	)			(0.21	)			(0.08	)			—	(a)

Total Dividends			—				(0.15	)			(0.62	)			(0.39	)			(0.19	)			—	(a)

Net Asset Value, End of Period		$	11.83			$	11.81			$	10.79			$	11.33			$	12.49			$	12.39

Total Return(b)			0.17	%(c)			10.93	%			0.82	%			(6.21	)%			2.33	%			17.79	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	262,361			$	274,843			$	287,156			$	307,668			$	297,191			$	204,518
Net Investment Income/(Loss)(d)			(0.06	)%			(0.09	)%			1.25	%			3.85	%			1.42	%			1.75	%
Expenses Before Reductions*(d)(e)			0.14	%			0.13	%			0.13	%			0.15	%			0.15	%			0.17	%
Expenses Net of Reductions*(d)			0.14	%			0.13	%			0.13	%			0.15	%			0.15	%			0.15	%
Portfolio Turnover Rate			—	(c)(f)			4	%			4	%			4	%			4	%			9	%

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

(a)	Represents less than $0.005.

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

(c)	Not annualized for periods less than one year.

(d)	Annualized for periods less than one year.

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

(f)	Represents less than 0.5%.

See accompanying notes to the financial statements.

AZL MVP FIAM Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP FIAM Multi-Strategy Fund (formerly, AZL MVP Pyramis Multi-Strategy Fund) (the “Fund”), and 11 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Dividends to Shareholders

Expense Allocation

Derivative Instruments

Futures Contracts

During the period ended June 30, 2018, the Fund invested in futures contracts to reduce volatility and limit the need to decrease or increase allocations to underlying funds. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is

AZL MVP FIAM Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The monthly average notional amount for these contracts was $12.3 million for the period ended June 30, 2018. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2018:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Risk

Equity Contracts

Receivable for variation margin on futures contracts

—

Payable for variation margin on futures contracts

103,294

Interest Rate Risk

Interest Rate Contracts

41,667

—

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2018:


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

Equity Risk

Equity Contracts	Net Realized gains/(losses) on futures contracts/Change in net unrealized appreciation/depreciation on futures contracts	$	43,615		$	(191,442	)

Interest Rate Risk

Interest Rate Contracts			(288,305	)		86,594

3. Fees and Transactions with Affiliates and Other Parties

For the period ended June 30, 2018, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit
AZL MVP FIAM Multi-Strategy Fund		0.10	%		0.15	%


	Fair Value 12/31/2017			Purchases at Cost			Proceeds from Sales				Net Realized Gains/(Losses)				Net Change in Unrealized Appreciation/ Depreciation			Fair Value 6/30/2018			Shares as of 6/30/2018
AZL FIAM Multi-Strategy Fund		$	260,858,132		$	759,423		$	(13,161,919	)		$	(361,589	)		$	1,124,507		$	249,218,554		18,612,289

		$	260,858,132		$	759,423		$	(13,161,919	)		$	(361,589	)		$	1,124,507		$	249,218,554		18,612,289

AZL MVP FIAM Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the Securities and Exchange Commission (“SEC” or the “Commission”). The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2018, $1,296 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

The following is a summary of the valuation inputs used as of June 30, 2018 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Total
Affiliated Investment Company		$	249,218,554			$	—		$	249,218,554

Total Investment Securities			249,218,554				—			249,218,554

Other Financial Instruments:*
Futures Contracts			(61,627	)			—			(61,627	)

Total Investments		$	249,156,927			$	—		$	249,156,927

*	Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally presented in the financial statements at variation margin.

5. Security Purchases and Sales

For the period ended June 30, 2018, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL MVP FIAM Multi-Strategy Fund		$	759,423		$	13,161,919

AZL MVP FIAM Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

6. Investment Risks

7. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at June 30, 2018 is $238,321,701. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	10,896,853
Unrealized (depreciation)		—

Net unrealized appreciation/(depreciation)	$	10,896,853

As of the end of its tax year end December 31, 2017, the Fund had capital loss carry forwards (“CLCFs”).

CLCFs not subject to expiration:


	Short-Term Amount			Long-Term Amount			Total Amount
AZL MVP FIAM Multi-Strategy Fund		$	5,681,446		$	11,085,796		$	16,767,242

As of the latest tax year end, December 31, 2017, the tax character of dividends paid to shareholders was as follows:

Ordinary
Income

Net

Long-Term
Capital Gains

Total
Distributions(a)

AZL MVP FIAM Multi-Strategy Fund

3,716,488

—

3,716,488

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

As of the latest tax year end, December 31, 2017, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses				Unrealized Appreciation/ Depreciation(a)			Total Accumulated Earnings/ (Deficit)
AZL MVP FIAM Multi-Strategy Fund		$	8,614,083		$	—		$	(16,767,242	)		$	9,774,932		$	1,621,773

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

8. Ownership and Principal Holders

AZL MVP FIAM Multi-Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

9. Investment Company Reporting Modernization

10. Subsequent Events

Other Information (Unaudited)

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

Change in Independent Registered Public Accounting Firm

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0618 08/18

AZL^® MVP Fusion Dynamic Balanced Fund

Semi-Annual Report

June 30, 2018

(Unaudited)

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AZL MVP Fusion Dynamic Balanced Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 1/1/18			Ending Account Value 6/30/18			Expenses Paid During Period 1/1/18 - 6/30/18*			Annualized Expense Ratio During Period 1/1/18 - 6/30/18
AZL MVP Fusion Dynamic Balanced Fund		$	1,000.00		$	993.30		$	1.09		0.22	%


	Beginning Account Value 1/1/18			Ending Account Value 6/30/18			Expenses Paid During Period 1/1/18 - 6/30/18*			Annualized Expense Ratio During Period 1/1/18 - 6/30/18
AZL MVP Fusion Dynamic Balanced Fund		$	1,000.00		$	1,023.71		$	1.10		0.22	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Fixed Income		47.8
Domestic Equities		30.1
International Equities		17.1

Total Investment Securities		95.0
Net other assets (liabilities)		5.0

Net Assets		100.0	%

AZL MVP Fusion Dynamic Balanced Fund

Schedule of Portfolio Investments

June 30, 2018 (Unaudited)


Shares			Fair Value
Affiliated Investment Companies (95.0%):
	3,189,271	AZL DFA International Core Equity Fund	$	35,464,692
	2,364,433	AZL DFA U.S. Core Equity Fund		31,021,365
	1,205,196	AZL DFA U.S. Small Cap Fund		15,715,762
	2,480,777	AZL Enhanced Bond Index Fund		26,519,506
	10,313,587	AZL FIAM Total Bond Fund, Class 2		103,857,820
	1,592,951	AZL Gateway Fund		21,154,383
	5,829,823	AZL International Index Fund, Class 2		98,057,620
	10,334,130	AZL MetWest Total Return Bond Fund		103,754,661
	1,481,799	AZL Mid Cap Index Fund, Class 2		36,007,717
	5,000,841	AZL MSCI Emerging Markets Equity Index Fund, Class 2		40,656,833
	4,850,095	AZL Russell 1000 Growth Index Fund, Class 2		78,862,540
	8,689,658	AZL Russell 1000 Value Index Fund, Class 2		115,572,457
	658,487	AZL Small Cap Stock Index Fund, Class 2		10,693,826
	4,656,473	PIMCO VIT Income Portfolio		49,032,665
	10,267,969	PIMCO VIT Low Duration Portfolio		103,911,845
	9,782,171	PIMCO VIT Total Return Portfolio		103,984,480

	Total Affiliated Investment Companies (Cost $905,631,123)			974,268,172

	Total Investment Securities (Cost $905,631,123) — 95.0%(a)			974,268,172
	Net other assets (liabilities) — 5.0%			50,955,831

	Net Assets — 100.0%		$	1,025,224,003

Percentages indicated are based on net assets as of June 30, 2018.

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

Futures Contracts

Cash of $51,161,226 has been segregated to cover margin requirements for the following open contracts as of June 30, 2018:

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini September Futures (U.S. Dollar)		9/21/18		187	$	25,446,960	$	(495,937	)
U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		9/19/18		212		25,479,750		136,090

							$	(359,847	)

See accompanying notes to the financial statements.

AZL MVP Fusion Dynamic Balanced Fund

Statement of Assets and Liabilities

June 30, 2018

(Unaudited)


Assets:
Investments in affiliates, at cost	$	905,631,123

Investments in affiliates, at value	$	974,268,172
Segregated cash for collateral		51,161,226
Interest and dividends receivable		596,372
Receivable for capital shares issued		1,911
Receivable for investments sold		424,504
Receivable for variation margin on futures contracts		1,547
Prepaid expenses		6,193

Total Assets		1,026,459,925

Liabilities:
Cash overdraft		424,504
Payable for investments purchased		527,637
Payable for capital shares redeemed		84,146
Payable for variation margin on futures contracts		210
Manager fees payable		170,584
Administration fees payable		154
Custodian fees payable		641
Administrative and compliance services fees payable		1,011
Transfer agent fees payable		399
Trustee fees payable		4,567
Other accrued liabilities		22,069

Total Liabilities		1,235,922

Net Assets	$	1,025,224,003

Net Assets Consist of:
Capital	$	868,369,852
Accumulated net investment income/(loss)		14,500,380
Accumulated net realized gains/(losses) from investment transactions		74,076,569
Net unrealized appreciation/(depreciation) on investments		68,277,202

Net Assets	$	1,025,224,003

Shares of beneficial interest (unlimited number of shares authorized, no par value)		86,644,248
Net Asset Value (offering and redemption price per share)	$	11.83

Statement of Operations

For the Six Months Ended June 30, 2018

(Unaudited)


Investment Income:
Dividends from affiliates	$	2,730,848
Interest		394,037
Dividends		28

Total Investment Income		3,124,913

Expenses:
Manager fees		1,054,093
Administration fees		28,554
Custodian fees		3,136
Administrative and compliance services fees		7,101
Transfer agent fees		2,643
Trustee fees		23,276
Professional fees		20,186
Shareholder reports		10,861
Other expenses		4,321

Total expenses		1,154,171

Net Investment Income/(Loss)		1,970,742

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		16,740,777
Net realized gains/(losses) on securities transactions		3,094
Net realized gains/(losses) on futures contracts		461,072
Change in net unrealized appreciation/depreciation on affiliated transactions		(24,985,281	)
Change in net unrealized appreciation/depreciation on futures contracts		(658,859	)

Net Realized/Unrealized Gains/(Losses) on Investments		(8,439,197	)

Change in Net Assets Resulting From Operations	$	(6,468,455	)

See accompanying notes to the financial statements.

AZL MVP Fusion Dynamic Balanced Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2018				For the Year Ended December 31, 2017
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	1,970,742			$	11,085,118
Net realized gains/(losses) on investment transactions			17,204,943				61,823,722
Change in unrealized appreciation/depreciation on investments			(25,644,140	)			54,090,371

Change in net assets resulting from operations			(6,468,455	)			126,999,211

Distributions to Shareholders:
From net investment income			—				(18,503,054	)
From net realized gains			—				(99,533,664	)

Change in net assets resulting from distributions to shareholders			—				(118,036,718	)

Capital Transactions:
Proceeds from shares issued			1,608,215				8,943,045
Proceeds from dividends reinvested			—				118,036,718
Value of shares redeemed			(69,410,142	)			(138,571,442	)

Change in net assets resulting from capital transactions			(67,801,927	)			(11,591,679	)

Change in net assets			(74,270,382	)			(2,629,186	)
Net Assets:
Beginning of period			1,099,494,385				1,102,123,571

End of period		$	1,025,224,003			$	1,099,494,385

Accumulated net investment income/(loss)		$	14,500,380			$	12,529,638

Share Transactions:
Shares issued			133,747				713,387
Dividends reinvested			—				10,210,789
Shares redeemed			(5,829,335	)			(11,323,719	)

Change in shares			(5,695,588	)			(399,543	)

See accompanying notes to the financial statements.

AZL MVP Fusion Dynamic Balanced Fund

Financial Highlights

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


	Six Months Ended June 30, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016				Year Ended December 31, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013
	(Unaudited)
Net Asset Value, Beginning of Period		$	11.91			$	11.88			$	12.15			$	13.03			$	12.62			$	11.52

Investment Activities:
Net Investment Income/(Loss)			0.03				0.14				0.20				0.24				0.15				0.12
Net Realized and Unrealized Gains/(Losses) on Investments			(0.11	)			1.27				0.44				(0.42	)			0.44				1.19

Total from Investment Activities			(0.08	)			1.41				0.64				(0.18	)			0.59				1.31

Dividends to Shareholders From:
Net Investment Income			—				(0.22	)			(0.29	)			(0.17	)			(0.18	)			(0.21	)
Net Realized Gains			—				(1.16	)			(0.62	)			(0.53	)			—				—

Total Dividends			—				(1.38	)			(0.91	)			(0.70	)			(0.18	)			(0.21	)

Net Asset Value, End of Period		$	11.83			$	11.91			$	11.88			$	12.15			$	13.03			$	12.62

Total Return(a)			(0.67	)%(b)			12.23	%			5.40	%			(1.27	)%			4.59	%			11.46	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	1,025,224			$	1,099,494			$	1,102,124			$	1,171,370			$	1,280,573			$	1,282,663
Net Investment Income/(Loss)(c)			0.37	%			1.00	%			1.48	%			1.80	%			1.13	%			1.27	%
Expenses Before Reductions*(c)(d)			0.22	%			0.22	%			0.22	%			0.22	%			0.22	%			0.22	%
Expenses Net of Reductions*(c)			0.22	%			0.22	%			0.22	%			0.22	%			0.22	%			0.21	%
Portfolio Turnover Rate(e)			5	%(b)			17	%			52	%			11	%			23	%			6	%

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

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

(b)	Not annualized for periods less than one year.

(c)	Annualized for periods less than one year.

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

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

See accompanying notes to the financial statements.

AZL MVP Fusion Dynamic Balanced Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Fusion Dynamic Balanced Fund (the “Fund”), and 11 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Dividends to Shareholders

Expense Allocation

Derivative Instruments

Futures Contracts

AZL MVP Fusion Dynamic Balanced Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The monthly average notional amount for these contracts was $52.7 million for the period ended June 30, 2018. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2018:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Risk

Equity Contracts

Receivable for variation margin on futures contracts

—

Payable for variation margin on futures contracts

495,937

Interest Rate Risk

Interest Rate Contracts

136,090

—

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2018:


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

Equity Risk

Equity Contracts	Net Realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts	$	1,419,113		$	(943,290	)

Interest Rate Risk

Interest Rate Contracts			(958,041	)		284,431

3. Fees and Transactions with Affiliates and Other Parties

For the period ended June 30, 2018, the annual rate due to the Manager and the annual expense limit were as follows:


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

AZL MVP Fusion Dynamic Balanced Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

at www.allianzlife.com. The Manager or an affiliate of the Manager is paid a separate fee from the underlying funds for such services. A summary of the Fund’s investments in affiliated investment companies for the period ended June 30, 2018 is as follows:


	Fair Value 12/31/2017			Purchases at Cost			Proceeds from Sales				Net Realized Gains/(Losses)				Net Change in Unrealized Appreciation/ Depreciation				Fair Value 6/30/2018			Shares as of 6/30/2018		Dividend Income
AZL DFA International Core Equity Fund		$	39,248,531		$	—		$	(2,722,019	)		$	366,446			$	(1,428,266	)		$	35,464,692		3,189,271		$	—
AZL DFA U.S. Core Equity Fund			33,559,467			—			(3,465,392	)			809,202				118,088				31,021,365		2,364,433			—
AZL DFA U.S. Small Cap Fund			17,104,974			—			(2,211,147	)			479,893				342,042				15,715,762		1,205,196			—
AZL Enhanced Bond Index Fund			27,573,381			—			(546,169	)			(17,184	)			(490,522	)			26,519,506		2,480,777			—
AZL FIAM Total Bond Fund			110,713,901			—			(5,115,622	)			(66,071	)			(1,674,388	)			103,857,820		10,313,587			—
AZL Gateway Fund			33,620,784			—			(12,507,259	)			2,256,472				(2,215,614	)			21,154,383		1,592,951			—
AZL International Index Fund, Class 2			124,645,530			—			(23,976,520	)			3,385,762				(5,997,152	)			98,057,620		5,829,823			—
AZL MetWest Total Return Bond Fund			110,373,633			—			(4,874,958	)			(52,973	)			(1,691,041	)			103,754,661		10,334,130			—
AZL Mid Cap Index Fund, Class 2			33,557,418			5,593,400			(4,237,059	)			755,477				338,481				36,007,717		1,481,799			—
AZL MSCI Emerging Markets Equity Fund, Class 2			53,193,311			—			(9,531,016	)			1,868,602				(4,874,064	)			40,656,833		5,000,841			—
AZL Russell 1000 Growth Index Fund			91,065,279			10,915,900			(29,892,171	)			6,594,416				179,116				78,862,540		4,850,095			—
AZL Russell 1000 Value Index Fund			91,073,802			32,249,700			(4,858,325	)			307,357				(3,200,077	)			115,572,457		8,689,658			—
AZL Small Cap Stock Index Fund, Class 2			11,360,051			—			(1,649,544	)			336,526				646,793				10,693,826		658,487			—
PIMCO VIT Income Portfolio			48,497,065			1,500,856			—				—				(965,256	)			49,032,665		4,656,473			696,913
PIMCO VIT Low Duration Portfolio			109,839,812			818,299			(5,486,560	)			(298,236	)			(961,470	)			103,911,845		10,267,969			818,299
PIMCO VIT Total Return Portfolio			110,066,916			1,215,637			(4,201,210	)			15,088				(3,111,951	)			103,984,480		9,782,171			1,215,636

		$	1,045,493,855		$	52,293,792		$	(115,274,971	)		$	16,740,777			$	(24,985,281	)		$	974,268,172		82,697,661		$	2,730,848

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2018, $5,169 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

AZL MVP Fusion Dynamic Balanced Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2018 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Total
Affiliated Investment Company		$	974,268,172			$	—		$	974,268,172

Total Investment Securities			974,268,172				—			974,268,172

Other Financial Instruments:*
Futures Contracts			(359,847	)			—			(359,847	)

Total Investments		$	973,908,325			$	—		$	973,908,325

*	Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally presented in the financial statements at variation margin.

5. Security Purchases and Sales

For the period ended June 30, 2018, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL MVP Fusion Dynamic Balanced Fund		$	52,293,792		$	115,274,971

6. Investment Risks

7. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at June 30, 2018 is $908,139,139. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	69,925,744
Unrealized (depreciation)		(3,796,711	)

Net unrealized appreciation/(depreciation)	$	66,129,033

As of the latest tax year end, December 31, 2017, the tax character of dividends paid to shareholders was as follows:


	Ordinary Income			Net Long-Term Capital Gains			Total Distributions(a)
AZL MVP Fusion Dynamic Balanced Fund		$	18,503,054		$	99,533,664		$	118,036,718

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

AZL MVP Fusion Dynamic Balanced Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

As of the latest tax year end, December 31, 2017, the components of accumulated earnings on a tax basis were as follows:

Undistributed
Ordinary
Income

Undistributed
Long-Term
Capital Gains

Accumulated
Capital and
Other Losses

Unrealized

Appreciation/

Depreciation(a)

Total
Accumulated
Earnings/
(Deficit)

AZL MVP Fusion Dynamic Balanced Fund

21,121,862

51,173,234

—

91,027,510

163,322,606

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

8. Ownership and Principal Holders

9. Investment Company Reporting Modernization

10. Subsequent Events

Other Information (Unaudited)

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

Change in Independent Registered Public Accounting Firm

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0618 08/18

AZL^® MVP Fusion Dynamic Conservative Fund

Semi-Annual Report

June 30, 2018

(Unaudited)

LOGO

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AZL MVP Fusion Dynamic Conservative Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 1/1/18			Ending Account Value 6/30/18			Expenses Paid During Period 1/1/18 - 6/30/18*			Annualized Expense Ratio During Period 1/1/18 - 6/30/18
AZL MVP Fusion Dynamic Conservative Fund		$	1,000.00		$	992.60		$	1.14		0.23	%


	Beginning Account Value 1/1/18			Ending Account Value 6/30/18			Expenses Paid During Period 1/1/18 - 6/30/18*			Annualized Expense Ratio During Period 1/1/18 - 6/30/18
AZL MVP Fusion Dynamic Conservative Fund		$	1,000.00		$	1,023.63		$	1.15		0.23	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Fixed Income		62.1	%
Domestic Equities		22.1
International Equities		10.8

Total Investment Securities		95.0
Net other assets (liabilities)		5.0

Net Assets		100.0	%

AZL MVP Fusion Dynamic Conservative Fund

Schedule of Portfolio Investments

June 30, 2018 (Unaudited)


Shares			Fair Value

Affiliated Investment Companies (95.0%):
	559,336	AZL DFA International Core Equity Fund	$	6,219,819
	291,239	AZL DFA U.S. Core Equity Fund		3,821,054
	195,272	AZL DFA U.S. Small Cap Fund		2,546,349
	1,149,175	AZL Enhanced Bond Index Fund		12,284,681
	3,303,397	AZL FIAM Total Bond Fund, Class 2		33,265,212
	292,768	AZL Gateway Fund		3,887,954
	903,472	AZL International Index Fund, Class 2		15,196,400
	3,313,291	AZL MetWest Total Return Bond Fund		33,265,445
	312,253	AZL Mid Cap Index Fund, Class 2		7,587,760
	758,334	AZL MSCI Emerging Markets Equity Index Fund, Class 2		6,165,251
	948,921	AZL Russell 1000 Growth Index Fund, Class 2		15,429,459
	1,552,871	AZL Russell 1000 Value Index Fund, Class 2		20,653,191
	156,661	AZL Small Cap Stock Index Fund, Class 2		2,544,177
	1,471,668	PIMCO VIT Income Portfolio		15,496,667
	3,042,307	PIMCO VIT Low Duration Portfolio		30,788,150
	3,138,550	PIMCO VIT Total Return Portfolio		33,362,791

	Total Affiliated Investment Companies (Cost $232,536,826)			242,514,360

	Total Investment Securities (Cost $232,536,826) — 95.0%(a)			242,514,360
	Net other assets (liabilities) — 5.0%			12,694,932

	Net Assets — 100.0%		$	255,209,292

Percentages indicated are based on net assets as of June 30, 2018.

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

Futures Contracts

Cash of $12,740,792 has been segregated to cover margin requirements for the following open contracts as of June 30, 2018:

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini September Futures (U.S. Dollar)		9/21/18		32	$	4,354,560	$	(83,427	)
U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		9/19/18		68		8,172,750		43,476

							$	(39,951	)

See accompanying notes to the financial statements.

AZL MVP Fusion Dynamic Conservative Fund

Statement of Assets and Liabilities

June 30, 2018

(Unaudited)


Assets:
Investments in affiliates, at cost	$	232,536,826

Investments in affiliates, at value	$	242,514,360
Segregated cash for collateral		12,740,792
Interest and dividends receivable		182,748
Receivable for investments sold		73,121
Receivable for variation margin on futures contracts		773
Prepaid expenses		1,561

Total Assets		255,513,355

Liabilities:
Cash overdraft		73,122
Payable for investments purchased		165,588
Payable for capital shares redeemed		15,597
Payable for variation margin on futures contracts		122
Manager fees payable		42,443
Administration fees payable		36
Custodian fees payable		309
Administrative and compliance services fees payable		245
Transfer agent fees payable		342
Trustee fees payable		1,083
Other accrued liabilities		5,176

Total Liabilities		304,063

Net Assets	$	255,209,292

Net Assets Consist of:
Capital	$	230,140,721
Accumulated net investment income/(loss)		4,076,194
Accumulated net realized gains/(losses) from investment transactions		11,054,794
Net unrealized appreciation/(depreciation) on investments		9,937,583

Net Assets	$	255,209,292

Shares of beneficial interest (unlimited number of shares authorized, no par value)		21,017,196
Net Asset Value (offering and redemption price per share)	$	12.14

Statement of Operations

For the Six Months Ended June 30, 2018

(Unaudited)


Investment Income:
Dividends from affiliates	$	858,683
Interest		98,136
Dividends		363

Total Investment Income		957,182

Expenses:
Manager fees		260,627
Administration fees		25,144
Custodian fees		1,849
Administrative and compliance services fees		1,678
Transfer agent fees		2,288
Trustee fees		5,518
Professional fees		4,790
Shareholder reports		2,666
Other expenses		905

Total expenses		305,465

Net Investment Income/(Loss)		651,717

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		3,253,117
Net realized gains/(losses) on futures contracts		(55,310	)
Change in net unrealized appreciation/depreciation on affiliated transactions		(5,697,828	)
Change in net unrealized appreciation/depreciation on futures contracts		(68,164	)

Net Realized/Unrealized Gains/(Losses) on Investments		(2,568,185	)

Change in Net Assets Resulting From Operations	$	(1,916,468	)

See accompanying notes to the financial statements.

AZL MVP Fusion Dynamic Conservative Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2018				For the Year Ended December 31, 2017
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	651,717			$	3,125,506
Net realized gains/(losses) on investment transactions			3,197,807				9,880,206
Change in unrealized appreciation/depreciation on investments			(5,765,992	)			11,531,737

Change in net assets resulting from operations			(1,916,468	)			24,537,449

Distributions to Shareholders:
From net investment income			—				(4,942,273	)
From net realized gains			—				(11,231,674	)

Change in net assets resulting from distributions to shareholders			—				(16,173,947	)

Capital Transactions:
Proceeds from shares issued			8,933,650				11,558,632
Proceeds from dividends reinvested			—				16,173,947
Value of shares redeemed			(20,379,431	)			(45,413,236	)

Change in net assets resulting from capital transactions			(11,445,781	)			(17,680,657	)

Change in net assets			(13,362,249	)			(9,317,155	)
Net Assets:
Beginning of period			268,571,541				277,888,696

End of period		$	255,209,292			$	268,571,541

Accumulated net investment income/(loss)		$	4,076,194			$	3,424,477

Share Transactions:
Shares issued			733,689				937,909
Dividends reinvested			—				1,348,953
Shares redeemed			(1,672,361	)			(3,701,038	)

Change in shares			(938,672	)			(1,414,176	)

See accompanying notes to the financial statements.

AZL MVP Fusion Dynamic Conservative Fund

Financial Highlights

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


	Six Months Ended June 30, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016				Year Ended December 31, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013
	(Unaudited)
Net Asset Value, Beginning of Period		$	12.23			$	11.89			$	11.93			$	12.63			$	12.53			$	11.99

Investment Activities:
Net Investment Income/(Loss)			0.04				0.16				0.19				0.25				0.16				0.16
Net Realized and Unrealized Gains/(Losses) on Investments			(0.13	)			0.93				0.44				(0.35	)			0.44				0.78

Total from Investment Activities			(0.09	)			1.09				0.63				(0.10	)			0.60				0.94

Dividends to Shareholders From:
Net Investment Income			—				(0.23	)			(0.28	)			(0.17	)			(0.19	)			(0.27	)
Net Realized Gains			—				(0.52	)			(0.39	)			(0.43	)			(0.31	)			(0.13	)

Total Dividends			—				(0.75	)			(0.67	)			(0.60	)			(0.50	)			(0.40	)

Net Asset Value, End of Period		$	12.14			$	12.23			$	11.89			$	11.93			$	12.63			$	12.53

Total Return(a)			(0.74	)%(b)			9.31	%			5.32	%			(0.77	)%			4.81	%			7.96	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	255,209			$	268,572			$	277,889			$	268,335			$	271,443			$	265,232
Net Investment Income/(Loss)(c)			0.50	%			1.14	%			1.63	%			2.09	%			1.25	%			1.29	%
Expenses Before Reductions*(c)(d)			0.23	%			0.23	%			0.24	%			0.24	%			0.24	%			0.24	%
Expenses Net of Reductions*(c)			0.23	%			0.23	%			0.24	%			0.24	%			0.24	%			0.22	%
Portfolio Turnover Rate(e)			6	%(b)			18	%			62	%			16	%			36	%			15	%

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

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

(b)	Not annualized for periods less than one year.

(c)	Annualized for periods less than one year.

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

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

See accompanying notes to the financial statements.

AZL MVP Fusion Dynamic Conservative Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Fusion Dynamic Conservative Fund (the “Fund”), and 11 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Dividends to Shareholders

Expense Allocation

Derivative Instruments

Futures Contracts

AZL MVP Fusion Dynamic Conservative Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The monthly average notional amount for these contracts was $13.0 million for the period ended June 30, 2018. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2018:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Risk

Equity Contracts

Receivable for variation margin on futures contracts

—

Payable for variation margin on futures contracts

83,427

Interest Rate Risk

Interest Rate Contracts

43,476

—

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2018:


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

Equity Risk

Equity Contracts	Net Realized gains/(losses) on futures contracts/ Change in net unrealized appreciation/depreciation on futures contracts	$	247,122		$	(158,353	)

Interest Rate Risk

Interest Rate Contracts			(302,432	)		90,189

3. Fees and Transactions with Affiliates and Other Parties

For the period ended June 30, 2018, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit
AZL MVP Fusion Dynamic Conservative Fund		0.20	%		0.35	%


	Fair Value 12/31/2017			Purchases at Cost			Proceeds from Sales				Net Realized Gains/(Losses)			Net Change in Unrealized Appreciation/ Depreciation				Fair Value 6/30/2018			Shares as of 6/30/2018		Dividend Income
AZL DFA International Core Equity Fund		$	6,998,217		$	21,359		$	(612,271	)		$	129,743		$	(317,229	)		$	6,219,819		559,336		$	—
AZL DFA U.S. Core Equity Fund			4,306,633			—			(605,641	)			138,806			(18,744	)			3,821,054		291,239			—
AZL DFA U.S. Small Cap Fund			2,803,677			—			(391,803	)			86,235			48,240				2,546,349		195,272			—

AZL MVP Fusion Dynamic Conservative Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)


	Fair Value 12/31/2017			Purchases at Cost			Proceeds from Sales				Net Realized Gains/(Losses)				Net Change in Unrealized Appreciation/ Depreciation				Fair Value 6/30/2018			Shares as of 6/30/2018		Dividend Income
AZL Enhanced Bond Index Fund		$	12,949,335		$	—		$	(426,484	)		$	(12,727	)		$	(225,443	)		$	12,284,681		1,149,175		$	—
AZL FIAM Total Bond Fund			31,390,779			3,439,424			(1,064,204	)			1,175				(501,962	)			33,265,212		3,303,397			—
AZL Gateway Fund			6,907,550			31,641			(3,071,240	)			568,225				(548,222	)			3,887,954		292,768			—
AZL International Index Fund, Class 2			20,859,328			300,716			(5,587,886	)			894,069				(1,269,827	)			15,196,400		903,472			—
AZL MetWest Total Return Bond Fund			35,206,826			263,705			(1,650,898	)			(47,407	)			(506,781	)			33,265,445		3,313,291			—
AZL Mid Cap Index Fund, Class 2			7,018,616			1,191,500			(916,361	)			166,142				127,863				7,587,760		312,253			—
AZL MSCI Emerging Markets Equity Fund, Class 2			7,000,327			243,061			(636,776	)			163,528				(604,889	)			6,165,251		758,334			—
AZL Russell 1000 Growth Index Fund			17,333,662			1,462,000			(4,605,675	)			997,899				241,573				15,429,459		948,921			—
AZL Russell 1000 Value Index Fund			17,379,950			5,668,095			(1,884,786	)			92,189				(602,257	)			20,653,191		1,552,871			—
AZL Small Cap Stock Index Fund, Class 2			2,783,265			—			(477,550	)			97,419				141,043				2,544,177		156,661			—
PIMCO VIT Income Portfolio			17,152,980			228,227			(1,565,018	)			85,441				(404,963	)			15,496,667		1,471,668			228,227
PIMCO VIT Low Duration Portfolio			29,371,462			2,516,584			(739,204	)			(42,674	)			(318,018	)			30,788,150		3,042,307			237,747
PIMCO VIT Total Return Portfolio			35,982,856			648,488			(2,265,395	)			(64,946	)			(938,212	)			33,362,791		3,138,550			392,709

		$	255,445,463		$	16,014,800		$	(26,501,192	)		$	3,253,117			$	(5,697,828	)		$	242,514,360		21,389,515		$	858,683

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2018, $1,275 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

AZL MVP Fusion Dynamic Conservative Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2018 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Total

Affiliated Investment Company		$	242,514,360			$	—		$	242,514,360

Total Investment Securities			242,514,360				—			242,514,360

Other Financial Instruments:*
Futures Contracts			(39,951	)			—			(39,951	)

Total Investments		$	242,474,409			$	—		$	242,474,409

*	Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally presented in the financial statements at variation margin.

5. Security Purchases and Sales

For the period ended June 30, 2018, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL MVP Fusion Dynamic Conservative Fund		$	16,014,800		$	26,501,192

6. Investment Risks

7. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at June 30, 2018 is $234,087,791. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	10,258,402
Unrealized (depreciation)		(1,831,833	)

Net unrealized appreciation/(depreciation)	$	8,426,569

As of the latest tax year end, December 31, 2017, the tax character of dividends paid to shareholders was as follows:

Ordinary
Income

Net

Long-Term
Capital Gains

Total
Distributions(a)

AZL MVP Fusion Dynamic Conservative Fund

5,491,981

10,681,966

16,173,947

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

AZL MVP Fusion Dynamic Conservative Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

As of the latest tax year end, December 31, 2017, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ Depreciation(a)			Total Accumulated Earnings/ (Deficit)
AZL MVP Fusion Dynamic Conservative Fund		$	5,422,598		$	7,384,339		$	—		$	14,158,102		$	26,965,039

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

8. Ownership and Principal Holders

9. Investment Company Reporting Modernization

10. Subsequent Events

Other Information (Unaudited)

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

Change in Independent Registered Public Accounting Firm

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0618 08/18

AZL^® MVP Fusion Dynamic Moderate Fund

Semi-Annual Report

June 30, 2018

(Unaudited)

LOGO

Page 1

Page 2

Page 3

Page 3

Page 4

Page 5

Page 6

Page 11

AZL MVP Fusion Dynamic Moderate Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 1/1/18			Ending Account Value 6/30/18			Expenses Paid During Period 1/1/18 - 6/30/18*			Annualized Expense Ratio During Period 1/1/18 - 6/30/18
AZL MVP Fusion Dynamic Moderate Fund		$	1,000.00		$	995.00		$	1.09		0.22	%


	Beginning Account Value 1/1/18			Ending Account Value 6/30/18			Expenses Paid During Period 1/1/18 - 6/30/18*			Annualized Expense Ratio During Period 1/1/18 - 6/30/18
AZL MVP Fusion Dynamic Moderate Fund		$	1,000.00		$	1,023.72		$	1.10		0.22	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Fixed Income		38.8	%
Domestic Equities		35.4
International Equities		20.9

Total Investment Securities		95.1
Net other assets (liabilities)		4.9

Net Assets		100.0	%

AZL MVP Fusion Dynamic Moderate Fund

Schedule of Portfolio Investments

June 30, 2018 (Unaudited)


Shares			Fair Value
Affiliated Investment Companies (95.1%):
	9,788,942	AZL DFA International Core Equity Fund	$	108,853,039
	4,279,414	AZL DFA U.S. Core Equity Fund		56,145,915
	3,440,619	AZL DFA U.S. Small Cap Fund		44,865,666
	5,349,879	AZL Enhanced Bond Index Fund		57,190,211
	18,442,883	AZL FIAM Total Bond Fund, Class 2		185,719,836
	4,292,403	AZL Gateway Fund		57,003,106
	14,231,676	AZL International Index Fund, Class 2		239,376,787
	18,479,604	AZL MetWest Total Return Bond Fund		185,535,225
	4,562,662	AZL Mid Cap Index Fund, Class 2		110,872,694
	14,105,805	AZL MSCI Emerging Markets Equity Index Fund, Class 2		114,680,194
	12,201,081	AZL Russell 1000 Growth Index Fund, Class 2		198,389,581
	21,780,793	AZL Russell 1000 Value Index Fund, Class 2		289,684,540
	2,091,673	AZL Small Cap Stock Index Fund, Class 2		33,968,776
	8,618,926	PIMCO VIT Income Portfolio		90,757,290
	15,071,786	PIMCO VIT Low Duration Portfolio		152,526,479
	17,492,637	PIMCO VIT Total Return Portfolio		185,946,734

	Total Affiliated Investment Companies (Cost $1,933,535,087)			2,111,516,073

	Total Investment Securities (Cost $1,933,535,087) — 95.1%(a)			2,111,516,073
	Net other assets (liabilities) — 4.9%			109,519,654

	Net Assets — 100.0%		$	2,221,035,727

Percentages indicated are based on net assets as of June 30, 2018.

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

Futures Contracts

Cash of $110,851,507 has been segregated to cover margin requirements for the following open contracts as of June 30, 2018:

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini September Futures (U.S. Dollar)		9/21/18		488	$	66,407,040	$	(1,296,260	)
U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		9/19/18		369		44,349,188		235,938

							$	(1,060,322	)

See accompanying notes to the financial statements.

AZL MVP Fusion Dynamic Moderate Fund

Statement of Assets and Liabilities

June 30, 2018

(Unaudited)


Assets:
Investments in affiliates, at cost	$	1,933,535,087

Investments in affiliates, at value	$	2,111,516,073
Segregated cash for collateral		110,851,507
Interest and dividends receivable		1,048,886
Receivable for investments sold		1,171,396
Receivable for variation margin on futures contracts		3,867
Prepaid expenses		12,468

Total Assets		2,224,604,197

Liabilities:
Cash overdraft		1,171,396
Payable for investments purchased		899,662
Payable for capital shares redeemed		1,063,182
Payable for variation margin on futures contracts		526
Manager fees payable		370,247
Administration fees payable		374
Custodian fees payable		1,444
Administrative and compliance services fees payable		2,483
Transfer agent fees payable		513
Trustee fees payable		11,268
Other accrued liabilities		47,375

Total Liabilities		3,568,470

Net Assets	$	2,221,035,727

Net Assets Consist of:
Capital	$	1,834,203,273
Accumulated net investment income/(loss)		27,857,267
Accumulated net realized gains/(losses) from investment transactions		182,054,523
Net unrealized appreciation/(depreciation) on investments		176,920,664

Net Assets	$	2,221,035,727

Shares of beneficial interest (unlimited number of shares authorized, no par value)		186,445,917
Net Asset Value (offering and redemption price per share)	$	11.91

Statement of Operations

For the Six Months Ended June 30, 2018

(Unaudited)


Investment Income:
Dividends from affiliates	$	4,669,229
Interest		830,198
Dividends		192

Total Investment Income		5,499,619

Expenses:
Manager fees		2,285,060
Administration fees		32,784
Custodian fees		5,881
Administrative and compliance services fees		15,719
Transfer agent fees		3,101
Trustee fees		51,428
Professional fees		44,745
Shareholder reports		17,699
Other expenses		10,230

Total expenses		2,466,647

Net Investment Income/(Loss)		3,032,972

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		41,558,303
Net realized gains/(losses) on futures contracts		1,958,580
Change in net unrealized appreciation/depreciation on affiliated transactions		(55,402,634	)
Change in net unrealized appreciation/depreciation on futures contracts		(1,887,445	)

Net Realized/Unrealized Gains/(Losses) on Investments		(13,773,196	)

Change in Net Assets Resulting From Operations	$	(10,740,224	)

See accompanying notes to the financial statements.

AZL MVP Fusion Dynamic Moderate Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2018				For the Year Ended December 31, 2017
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	3,032,972			$	21,228,686
Net realized gains/(losses) on investment transactions			43,516,883				148,291,138
Change in unrealized appreciation/depreciation on investments			(57,290,079	)			140,203,541

Change in net assets resulting from operations			(10,740,224	)			309,723,365

Distributions to Shareholders:
From net investment income			—				(36,719,006	)
From net realized gains			—				(185,608,214	)

Change in net assets resulting from distributions to shareholders			—				(222,327,220	)

Capital Transactions:
Proceeds from shares issued			8,942,232				8,791,608
Proceeds from dividends reinvested			—				222,327,220
Value of shares redeemed			(138,652,657	)			(293,361,499	)

Change in net assets resulting from capital transactions			(129,710,425	)			(62,242,671	)

Change in net assets			(140,450,649	)			25,153,474
Net Assets:
Beginning of period			2,361,486,376				2,336,332,902

End of period		$	2,221,035,727			$	2,361,486,376

Accumulated net investment income/(loss)		$	27,857,267			$	24,824,295

Share Transactions:
Shares issued			743,561				727,313
Dividends reinvested			—				19,249,110
Shares redeemed			(11,545,938	)			(24,205,850	)

Change in shares			(10,802,377	)			(4,229,427	)

See accompanying notes to the financial statements.

AZL MVP Fusion Dynamic Moderate Fund

Financial Highlights

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


	Six Months Ended June 30, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016				Year Ended December 31, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013
	(Unaudited)
Net Asset Value, Beginning of Period		$	11.97			$	11.60			$	12.15			$	13.05			$	12.68			$	11.17

Investment Activities:
Net Investment Income/(Loss)			0.02				0.12				0.18				0.22				0.14				0.11
Net Realized and Unrealized Gains/(Losses) on Investments			(0.08	)			1.46				0.32				(0.45	)			0.40				1.57

Total from Investment Activities			(0.06	)			1.58				0.50				(0.23	)			0.54				1.68

Dividends to Shareholders From:
Net Investment Income			—				(0.20	)			(0.27	)			(0.17	)			(0.17	)			(0.17	)
Net Realized Gains			—				(1.01	)			(0.78	)			(0.50	)			—				—

Total Dividends			—				(1.21	)			(1.05	)			(0.67	)			(0.17	)			(0.17	)

Net Asset Value, End of Period		$	11.91			$	11.97			$	11.60			$	12.15			$	13.05			$	12.68

Total Return(a)			(0.50	)%(b)			13.98	%			4.29	%			(1.71	)%			4.24	%			15.17	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	2,221,036			$	2,361,486			$	2,336,333			$	2,466,434			$	2,724,412			$	2,753,188
Net Investment Income/(Loss)(c)			0.27	%			0.90	%			1.38	%			1.61	%			1.04	%			1.22	%
Expenses Before Reductions*(c)(d)			0.22	%			0.22	%			0.22	%			0.22	%			0.22	%			0.22	%
Expenses Net of Reductions*(c)			0.22	%			0.22	%			0.22	%			0.22	%			0.22	%			0.21	%
Portfolio Turnover Rate(e)			6	%(b)			17	%			58	%			13	%			20	%			5	%

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

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

(b)	Not annualized for periods less than one year.

(c)	Annualized for periods less than one year.

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

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

See accompanying notes to the financial statements.

AZL MVP Fusion Dynamic Moderate Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Fusion Dynamic Moderate Fund (the “Fund”), and 11 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Dividends to Shareholders

Expense Allocation

Derivative Instruments

Futures Contracts

AZL MVP Fusion Dynamic Moderate Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The monthly average notional amount for these contracts was $111.9 million for the period ended June 30, 2018. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2018:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Risk

Equity Contracts

Receivable for variation margin on futures contracts

—

Payable for variation margin on futures contracts

1,296,260

Interest Rate Risk

Interest Rate Contracts

235,938

—

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2018:


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

Equity Risk

Equity Contracts	Net Realized gains/(losses) on futures contracts/Change in net unrealized appreciation/depreciation on futures contracts	$	3,494,562		$	(2,356,245	)

Interest Rate Risk

Interest Rate Contracts			(1,535,982	)		468,800

3. Fees and Transactions with Affiliates and Other Parties

For the period ended June 30, 2018, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit
AZL MVP Fusion Dynamic Moderate Fund		0.20	%		0.30	%


	Fair Value 12/31/2017			Purchases at Cost			Proceeds from Sales				Net Realized Gains/(Losses)			Net Change in Unrealized Appreciation/ Depreciation				Fair Value 6/30/2018			Shares as of 6/30/2018		Dividend Income
AZL DFA International Core Equity Fund		$	119,970,024		$	—		$	(7,882,506	)		$	1,086,045		$	(4,320,524	)		$	108,853,039		9,788,942		$	—
AZL DFA U.S. Core Equity Fund			60,247,547			—			(5,781,253	)			1,359,450			320,171				56,145,915		4,279,414			—
AZL DFA U.S. Small Cap Fund			48,348,380			—			(5,831,481	)			1,278,456			1,070,311				44,865,666		3,440,619			—

AZL MVP Fusion Dynamic Moderate Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)


	Fair Value 12/31/2017			Purchases at Cost			Proceeds from Sales				Net Realized Gains/(Losses)				Net Change in Unrealized Appreciation/ Depreciation				Fair Value 6/30/2018			Shares as of 6/30/2018		Dividend Income
AZL Enhanced Bond Index Fund		$	59,336,541		$	—		$	(1,053,260	)		$	(28,036	)		$	(1,065,034	)		$	57,190,211		5,349,879		$	—
AZL FIAM Total Bond Fund			195,092,711			—			(6,310,329	)			(156,664	)			(4,777,038	)			185,719,836		18,442,883			—
AZL Gateway Fund			83,822,440			—			(26,864,007	)			4,821,711				(15,903,598	)			57,003,106		4,292,403			—
AZL International Index Fund, Class 2			310,202,260			—			(64,434,826	)			9,512,951				(2,905,081	)			239,376,787		14,231,676			—
AZL MetWest Total Return Bond Fund			194,346,284			—			(5,752,761	)			(153,217	)			1,712,763				185,535,225		18,479,604			—
AZL Mid Cap Index Fund, Class 2			95,682,061			22,251,801			(10,725,690	)			1,951,759				(12,644,905	)			110,872,694		4,562,662			—
AZL MSCI Emerging Markets Equity Fund, Class 2			143,689,713			—			(20,493,135	)			4,128,521				(2,905,882	)			114,680,194		14,105,805			—
AZL Russell 1000 Growth Index Fund, Class 2			231,038,729			23,007,200			(72,744,202	)			16,154,698				933,156				198,389,581		12,201,081			—
AZL Russell 1000 Value Index Fund, Class 2			231,617,334			77,013,600			(11,653,194	)			461,343				(7,754,543	)			289,684,540		21,780,793			—
AZL Small Cap Stock Index Fund, Class 2			36,551,620			—			(5,702,894	)			1,139,839				1,980,211				33,968,776		2,091,673			—
PIMCO VIT Income Portfolio			95,562,194			1,316,956			(4,285,775	)			237,167				(2,073,252	)			90,757,290		8,618,926			1,316,956
PIMCO VIT Low Duration Portfolio			155,302,712			1,187,395			(2,144,730	)			(108,556	)			(1,710,342	)			152,526,479		15,071,786			1,187,395
PIMCO VIT Total Return Portfolio			194,296,831			2,164,878			(5,028,764	)			(127,164	)			(5,359,047	)			185,946,734		17,492,637			2,164,878

		$	2,255,107,381		$	126,941,830		$	(256,688,807	)		$	41,558,303			$	(55,402,634	)		$	2,111,516,073		174,230,783		$	4,669,229

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2018, $11,177 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

AZL MVP Fusion Dynamic Moderate Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2018 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Total

Affiliated Investment Company		$	2,111,516,073			$	—		$	2,111,516,073

Total Investment Securities			2,111,516,073				—			2,111,516,073

Other Financial Instruments:*
Futures Contracts			(1,060,322	)			—			(1,060,322	)

Total Investments		$	2,110,455,751			$	—		$	2,110,455,751

*	Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally presented in the financial statements at variation margin.

5. Security Purchases and Sales

For the period ended June 30, 2018, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL MVP Fusion Dynamic Moderate Fund		$	126,941,830		$	256,688,807

6. Investment Risks

7. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at June 30, 2018 is $1,937,244,323. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	179,859,468
Unrealized (depreciation)		(5,587,718	)

Net unrealized appreciation/(depreciation)	$	174,271,750

As of the latest tax year end, December 31, 2017, the tax character of dividends paid to shareholders was as follows:

Ordinary
Income

Net

Long-Term
Capital Gains

Total
Distributions(a)

AZL MVP Fusion Dynamic Moderate Fund

36,719,006

185,608,214

222,327,220

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

AZL MVP Fusion Dynamic Moderate Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

As of the latest tax year end, December 31, 2017, the components of accumulated earnings on a tax basis were as follows:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Accumulated Capital and Other Losses			Unrealized Appreciation/ Depreciation(a)			Total Accumulated Earnings/ (Deficit)
AZL MVP Fusion Dynamic Moderate Fund		$	47,347,648		$	120,489,010		$	—		$	229,736,020		$	397,572,678

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

8. Ownership and Principal Holders

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2(a)(9) of the 1940 Act. As of June 30, 2018, the Fund had an individual shareholder account which is affiliated with the Investment Adviser representing ownership of 90% of the Fund. As of June 30, 2018, the Fund had a controlling interest (in excess of 50%) in the AZL MetWest Total Return Bond Fund, which is affiliated with the Investment Adviser.

9. Investment Company Reporting Modernization

10. Subsequent Events

Other Information (Unaudited)

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

Change in Independent Registered Public Accounting Firm

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0618 08/18

AZL^® MVP Growth Index Strategy Fund

Semi-Annual Report

June 30, 2018

(Unaudited)

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AZL MVP Growth Index Strategy Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 1/1/18			Ending Account Value 6/30/18			Expenses Paid During Period 1/1/18 - 6/30/18*			Annualized Expense Ratio During Period 1/1/18 - 6/30/18
AZL MVP Growth Index Strategy Fund		$	1,000.00		$	1,007.10		$	0.60		0.12	%


	Beginning Account Value 1/1/18			Ending Account Value 6/30/18			Expenses Paid During Period 1/1/18 - 6/30/18*			Annualized Expense Ratio During Period 1/1/18 - 6/30/18
AZL MVP Growth Index Strategy Fund		$	1,000.00		$	1,024.22		$	0.60		0.12	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Domestic Equities		52.8	%
Fixed Income		23.8
International Equities		18.4

Total Investment Securities		95.0
Net other assets (liabilities)		5.0

Net Assets		100.0	%

AZL MVP Growth Index Strategy Fund

Schedule of Portfolio Investments

June 30, 2018 (Unaudited)


Shares			Fair Value
Affiliated Investment Companies (95.0%):
	58,980,691	AZL Enhanced Bond Index Fund	$	630,503,583
	28,926,970	AZL International Index Fund, Class 2		486,551,633
	12,227,714	AZL Mid Cap Index Fund, Class 2		297,133,450
	57,658,083	AZL S&P 500 Index Fund, Class 2		951,934,951
	9,302,371	AZL Small Cap Stock Index Fund, Class 2		151,070,509

	Total Affiliated Investment Companies (Cost $2,148,677,586)			2,517,194,126

	Total Investment Securities (Cost $2,148,677,586) — 95.0%(a)			2,517,194,126
	Net other assets (liabilities) — 5.0%			131,727,953

	Net Assets — 100.0%		$	2,648,922,079

Percentages indicated are based on net assets as of June 30, 2018.

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

Futures Contracts

Cash of $132,296,593 has been segregated to cover margin requirements for the following open contracts as of June 30, 2018:

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini September Futures (U.S. Dollar)		9/21/18		728	$	99,066,240	$	(1,942,149	)
U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		9/19/18		275		33,051,563		175,885

							$	(1,766,264	)

See accompanying notes to the financial statements.

AZL MVP Growth Index Strategy Fund

Statement of Assets and Liabilities

June 30, 2018

(Unaudited)


Assets:
Investments in affiliates, at cost	$	2,148,677,586

Investments in affiliates, at value	$	2,517,194,126
Segregated cash for collateral		132,296,593
Interest and dividends receivable		177,755
Receivable for capital shares issued		169,377
Receivable for affiliated investments sold		985,859
Receivable for variation margin on futures contracts		4,640
Prepaid expenses		13,659

Total Assets		2,650,842,009

Liabilities:
Cash overdraft		985,859
Payable for capital shares redeemed		643,023
Payable for variation margin on futures contracts		631
Manager fees payable		220,199
Administration fees payable		499
Custodian fees payable		521
Administrative and compliance services fees payable		3,070
Transfer agent fees payable		495
Trustee fees payable		13,539
Other accrued liabilities		52,094

Total Liabilities		1,919,930

Net Assets	$	2,648,922,079

Net Assets Consist of:
Capital	$	2,200,197,442
Accumulated net investment income/(loss)		21,206,700
Accumulated net realized gains/(losses) from investment transactions		60,767,661
Net unrealized appreciation/(depreciation) on investments		366,750,276

Net Assets	$	2,648,922,079

Shares of beneficial interest (unlimited number of shares authorized, no par value)		169,052,541
Net Asset Value (offering and redemption price per share)	$	15.67

Statement of Operations

For the Six Months Ended June 30, 2018

(Unaudited)


Investment Income:
Interest	$	972,975
Dividends		4,116

Total Investment Income		977,091

Expenses:
Manager fees		1,315,300
Administration fees		33,498
Custodian fees		2,597
Administrative and compliance services fees		18,050
Transfer agent fees		3,174
Trustee fees		59,023
Professional fees		52,017
Shareholder reports		20,497
Other expenses		11,389

Total expenses		1,515,545

Net Investment Income/(Loss)		(538,454	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		2,393,071
Net realized gains/(losses) on futures contracts		871,816
Change in net unrealized appreciation/depreciation on affiliated transactions		18,215,434
Change in net unrealized appreciation/depreciation on futures contracts		(3,200,939	)

Net Realized/Unrealized Gains/(Losses) on Investments		18,279,382

Change in Net Assets Resulting From Operations	$	17,740,928

See accompanying notes to the financial statements.

AZL MVP Growth Index Strategy Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2018				For the Year Ended December 31, 2017
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(538,454	)		$	17,933,830
Net realized gains/(losses) on investment transactions			3,264,887				82,582,429
Change in unrealized appreciation/depreciation on investments			15,014,495				258,251,323

Change in net assets resulting from operations			17,740,928				358,767,582

Distributions to Shareholders:
From net investment income			—				(28,019,405	)
From net realized gains			—				(88,021,945	)

Change in net assets resulting from distributions to shareholders			—				(116,041,350	)

Capital Transactions:
Proceeds from shares issued			63,025,538				137,649,163
Proceeds from dividends reinvested			—				116,041,350
Value of shares redeemed			(66,399,370	)			(105,234,549	)

Change in net assets resulting from capital transactions			(3,373,832	)			148,455,964

Change in net assets			14,367,096				391,182,196
Net Assets:
Beginning of period			2,634,554,983				2,243,372,787

End of period		$	2,648,922,079			$	2,634,554,983

Accumulated net investment income/(loss)		$	21,206,700			$	21,745,154

Share Transactions:
Shares issued			4,014,576				9,175,322
Dividends reinvested			—				7,824,771
Shares redeemed			(4,254,721	)			(7,008,917	)

Change in shares			(240,145	)			9,991,176

See accompanying notes to the financial statements.

AZL MVP Growth Index Strategy Fund

Financial Highlights

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


	Six Months Ended June 30, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016				Year Ended December 31, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013
	(Unaudited)
Net Asset Value, Beginning of Period		$	15.56			$	14.08			$	13.55			$	13.90			$	13.23			$	10.95

Investment Activities:
Net Investment Income/(Loss)			—	(a)			0.11				0.14				0.25				0.10				0.10
Net Realized and Unrealized Gains/(Losses) on Investments			0.11				2.10				0.77				(0.36	)			0.75				2.18

Total from Investment Activities			0.11				2.21				0.91				(0.11	)			0.85				2.28

Dividends to Shareholders From:
Net Investment Income			—				(0.18	)			(0.30	)			(0.12	)			(0.10	)			—
Net Realized Gains			—				(0.55	)			(0.08	)			(0.12	)			(0.08	)			—	(a)

Total Dividends			—				(0.73	)			(0.38	)			(0.24	)			(0.18	)			—	(a)

Net Asset Value, End of Period		$	15.67			$	15.56			$	14.08			$	13.55			$	13.90			$	13.23

Total Return(b)			0.71	%(c)			15.96	%			6.80	%			(0.80	)%			6.47	%			20.85	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	2,648,922			$	2,634,555			$	2,243,373			$	1,392,460			$	1,118,257			$	768,606
Net Investment Income/(Loss)(d)			(0.04	)%			0.74	%			1.55	%			2.17	%			1.05	%			1.25	%
Expenses Before Reductions*(d)(e)			0.12	%			0.11	%			0.12	%			0.12	%			0.12	%			0.13	%
Expenses Net of Reductions*(d)			0.12	%			0.11	%			0.12	%			0.12	%			0.12	%			0.13	%
Portfolio Turnover Rate			2	%(c)			4	%			4	%(f)			1	%			1	%			—	(g)

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

(a)	Represents less than $0.005.

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

(c)	Not annualized for periods less than one year.

(d)	Annualized for periods less than one year.

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

(f)	Cost of purchases and proceeds from sales of portfolio securities incurred to realign the Fund’s portfolio after the fund merger are excluded from the portfolio turnover rate. If such amounts had not been excluded, the portfolio turnover rate would have been 4%.

(g)	Represents less than 0.5%.

See accompanying notes to the financial statements.

AZL MVP Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Growth Index Strategy Fund (the “Fund”), and 11 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Dividends to Shareholders

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

Expense Allocation

Derivative Instruments

Futures Contracts

AZL MVP Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The monthly average notional amount for these contracts was $115.9 million for the period ended June 30, 2018. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2018:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Risk

Equity Contracts

Receivable for variation margin on futures contracts

—

Payable for variation margin on futures contracts

1,942,149

Interest Rate Risk

Interest Rate Contracts

175,885

—

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2018:


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

Equity Risk

Equity Contracts	Net Realized gains/(losses) on futures contracts/Change in net unrealized appreciation/depreciation on investments	$	2,034,975		$	(3,551,908	)

Interest Rate Risk

Interest Rate Contracts			(1,163,159	)		350,969

3. Fees and Transactions with Affiliates and Other Parties

For the period ended June 30, 2018, the annual rate due to the Manager and the annual expense limit were as follows:


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


	Fair Value 12/31/2017			Purchases at Cost			Proceeds from Sales				Net Realized Gains/(Losses)				Net Change in Unrealized Appreciation/ Depreciation				Fair Value 6/30/2018			Shares as of 6/30/2018
AZL Enhanced Bond Index Fund		$	620,115,513		$	32,094,631		$	(10,274,932	)		$	(530,316	)		$	(10,901,313	)		$	630,503,583		58,980,691
AZL International Index Fund, Class 2			500,304,956			4,239,387			(4,171,473	)			178,246				(13,999,483	)			486,551,633		28,926,970
AZL Mid Cap Index Fund, Class 2			293,043,151			—			(6,262,453	)			(19,132	)			10,371,884				297,133,450		12,227,714
AZL S&P 500 Index Fund, Class 2			943,860,209			6,550,509			(20,968,464	)			2,660,693				19,832,004				951,934,951		57,658,083
AZL Small Cap Stock Index Fund, Class 2			145,968,711			—			(7,914,124	)			103,580				12,912,342				151,070,509		9,302,371

		$	2,503,292,540		$	42,884,527		$	(49,591,446	)		$	2,393,071			$	18,215,434			$	2,517,194,126		167,095,829

AZL MVP Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2018, $12,721 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

The following is a summary of the valuation inputs used as of June 30, 2018 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Total
Affiliated Investment Company		$	2,517,194,126			$	—		$	2,517,194,126

Total Investment Securities			2,517,194,126				—			2,517,194,126

Other Financial Instruments:*
Futures Contracts			(1,766,264	)			—			(1,766,264	)

Total Investments		$	2,515,427,862			$	—		$	2,515,427,862

*	Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally presented in the financial statements at variation margin.

5. Security Purchases and Sales

For the period ended June 30, 2018, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL MVP Growth Index Strategy Fund		$	42,884,527		$	49,591,446

AZL MVP Growth Index Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

6. Investment Risks

7. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at June 30, 2018 is $2,170,803,647. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	360,443,379
Unrealized (depreciation)		(14,052,900	)

Net unrealized appreciation/(depreciation)	$	346,390,479

As of the latest tax year end, December 31, 2017, the tax character of dividends paid to shareholders was as follows:

Ordinary
Income

Net

Long-Term
Capital Gains

Total

Distributions(a)

AZL MVP Growth Index Strategy Fund

28,362,008

87,679,342

116,041,350

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

As of the latest tax year end, December 31, 2017, the components of accumulated earnings on a tax basis were as follows:

Undistributed
Ordinary
Income

Undistributed
Long-Term
Capital Gains

Accumulated

Capital and

Other Losses

Unrealized

Appreciation/

Depreciation(a)

Total
Accumulated
Earnings/
(Deficit)

AZL MVP Growth Index Strategy Fund

28,652,840

73,631,546

—

344,985,702

447,270,088

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

8. Ownership and Principal Holders

9. Investment Company Reporting Modernization

10. Subsequent Events

Other Information (Unaudited)

Change in Independent Registered Public Accounting Firm

LOGO


The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0618 08/18

AZL^® MVP Moderate Index Strategy Fund

Semi-Annual Report

June 30, 2018

(Unaudited)

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AZL MVP Moderate Index Strategy Fund

Expense Examples

(Unaudited)

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

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


	Beginning Account Value 1/1/18			Ending Account Value 6/30/18			Expenses Paid During Period 1/1/18 - 6/30/18*			Annualized Expense Ratio During Period 1/1/18 - 6/30/18
AZL MVP Moderate Index Strategy Fund		$	1,000.00		$	1,003.40		$	0.65		0.13	%


	Beginning Account Value 1/1/18			Ending Account Value 6/30/18			Expenses Paid During Period 1/1/18 - 6/30/18*			Annualized Expense Ratio During Period 1/1/18 - 6/30/18
AZL MVP Moderate Index Strategy Fund		$	1,000.00		$	1,024.17		$	0.65		0.13	%

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

Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Domestic Equities		42.2	%
Fixed Income		38.2
International Equities		14.7

Total Investment Securities		95.1
Net other assets (liabilities)		4.9

Net Assets		100.0	%

AZL MVP Moderate Index Strategy Fund

Schedule of Portfolio Investments

June 30, 2018 (Unaudited)


Shares			Fair Value
Affiliated Investment Companies (95.1%):
	19,198,388	AZL Enhanced Bond Index Fund	$	205,230,763
	4,676,600	AZL International Index Fund, Class 2		78,660,418
	2,010,217	AZL Mid Cap Index Fund, Class 2		48,848,282
	9,251,440	AZL S&P 500 Index Fund, Class 2		152,741,266
	1,527,084	AZL Small Cap Stock Index Fund, Class 2		24,799,844

	Total Affiliated Investment Companies (Cost $457,123,719)			510,280,573

	Total Investment Securities (Cost $457,123,719) — 95.1%(a)			510,280,573
	Net other assets (liabilities) — 4.9%			26,567,460

	Net Assets — 100.0%		$	536,848,033

Percentages indicated are based on net assets as of June 30, 2018.

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

Futures Contracts

Cash of $26,821,808 has been segregated to cover margin requirements for the following open contracts as of June 30, 2018:

Long Futures


Description	Expiration Date		Number of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini September Futures (U.S. Dollar)		9/21/18		118	$	16,057,440	$	(314,640	)
U.S. Treasury 10-Year Note September Futures (U.S. Dollar)		9/19/18		89		10,696,688		56,559

							$	(258,081	)

See accompanying notes to the financial statements.

AZL MVP Moderate Index Strategy Fund

Statement of Assets and Liabilities

June 30, 2018

(Unaudited)


Assets:
Investments in affiliates, at cost	$	457,123,719

Investments in affiliates, at value	$	510,280,573
Segregated cash for collateral		26,821,808
Interest and dividends receivable		36,065
Receivable for capital shares issued		10,536
Receivable for investments sold		178,335
Receivable for variation margin on futures contracts		773

Total Assets		537,328,090

Liabilities:
Cash overdraft		178,335
Payable for capital shares redeemed		238,206
Payable for variation margins on futures contracts		106
Manager fees payable		47,252
Administration fees payable		75
Custodian fees payable		290
Administrative and compliance services fees payable		522
Transfer agent fees payable		346
Trustee fees payable		2,307
Other accrued liabilities		12,618

Total Liabilities		480,057

Net Assets	$	536,848,033

Net Assets Consist of:
Capital	$	456,357,251
Accumulated net investment income/(loss)		4,466,400
Accumulated net realized gains/(losses) from investment transactions		23,125,609
Net unrealized appreciation/(depreciation) on investments		52,898,773

Net Assets	$	536,848,033

Shares of beneficial interest (unlimited number of shares authorized, no par value)		36,454,395
Net Asset Value (offering and redemption price per share)	$	14.73

Statement of Operations

For the Six Months Ended June 30, 2018

(Unaudited)


Investment Income:
Interest	$	201,541
Dividends		372

Total Investment Income		201,913

Expenses:
Manager fees		270,010
Administration fees		26,139
Custodian fees		1,870
Administrative and compliance services fees		3,520
Transfer agent fees		2,392
Trustee fees		11,544
Professional fees		10,084
Shareholder reports		6,754
Other expenses		6,084

Total expenses		338,397

Net Investment Income/(Loss)		(136,484	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions from affiliates		3,968,132
Net realized gains/(losses) on futures contracts		457,593
Change in net unrealized appreciation/depreciation on affiliated transactions		(2,134,030	)
Change in net unrealized appreciation/depreciation on futures contracts		(467,290	)

Net Realized/Unrealized Gains/(Losses) on Investments		1,824,405

Change in Net Assets Resulting From Operations	$	1,687,921

See accompanying notes to the financial statements.

AZL MVP Moderate Index Strategy Fund

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2018				For the Year Ended December 31, 2017
	(Unaudited)
Change In Net Assets:
Operations:
Net investment income/(loss)		$	(136,484	)		$	3,927,262
Net realized gains/(losses) on investment transactions			4,425,725				19,344,279
Change in unrealized appreciation/depreciation on investments			(2,601,320	)			43,328,822

Change in net assets resulting from operations			1,687,921				66,600,363

Distributions to Shareholders:
From net investment income			—				(8,896,990	)
From net realized gains			—				(12,388,171	)

Change in net assets resulting from distributions to shareholders			—				(21,285,161	)

Capital Transactions:
Proceeds from shares issued			7,416,342				12,154,646
Proceeds from dividends reinvested			—				21,285,161
Value of shares redeemed			(24,123,869	)			(46,999,547	)

Change in net assets resulting from capital transactions			(16,707,527	)			(13,559,740	)

Change in net assets			(15,019,606	)			31,755,462
Net Assets:
Beginning of period			551,867,639				520,112,177

End of period		$	536,848,033			$	551,867,639

Accumulated net investment income/(loss)		$	4,466,400			$	4,602,884

Share Transactions:
Shares issued			504,507				848,360
Dividends reinvested			—				1,506,381
Shares redeemed			(1,637,734	)			(3,305,040	)

Change in shares			(1,133,227	)			(950,299	)

See accompanying notes to the financial statements.

AZL MVP Moderate Index Strategy Fund

Financial Highlights

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


	Six Months Ended June 30, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016				Year Ended December 31, 2015				Year Ended December 31, 2014				Year Ended December 31, 2013
	(Unaudited)
Net Asset Value, Beginning of Period		$	14.68			$	13.50			$	13.49			$	14.37			$	13.34			$	10.77

Investment Activities:
Net Investment Income/(Loss)			—	(a)			0.12				0.23				0.25				0.06				0.07
Net Realized and Unrealized Gains/(Losses) on Investments			0.05				1.64				0.48				(0.71	)			1.06				2.50

Total from Investment Activities			0.05				1.76				0.71				(0.46	)			1.12				2.57

Dividends to Shareholders From:
Net Investment Income			—				(0.24	)			(0.30	)			(0.07	)			(0.05	)			—
Net Realized Gains			—				(0.34	)			(0.40	)			(0.35	)			(0.04	)			—	(a)

Total Dividends			—				(0.58	)			(0.70	)			(0.42	)			(0.09	)			—	(a)

Net Asset Value, End of Period		$	14.73			$	14.68			$	13.50			$	13.49			$	14.37			$	13.34

Total Return(b)			0.34	%(c)			13.21	%			5.43	%			(3.21	)%			8.42	%			23.88	%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)		$	536,848			$	551,868			$	520,112			$	520,844			$	467,457			$	298,836
Net Investment Income/(Loss)(d)			(0.05	)%			0.73	%			1.71	%			1.97	%			0.65	%			0.89	%
Expenses Before Reductions*(d)(e)			0.13	%			0.12	%			0.13	%			0.13	%			0.14	%			0.16	%
Expenses Net of Reductions*(d)			0.13	%			0.12	%			0.13	%			0.13	%			0.14	%			0.15	%
Portfolio Turnover Rate			1	%(c)			5	%			108	%(f)			2	%			1	%			—	(g)

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

(a)	Represents less than $0.005.

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

(c)	Not annualized for periods less than one year.

(d)	Annualized for periods less than one year.

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

(f)

Effective October 14, 2016, the investment strategy of the Fund changed. Costs of purchases and proceeds from sales of portfolio securities associated with the changes in investment strategy contributed to higher portfolio turnover rate for the period ended December 31, 2016 as compared to prior years.

(g)	Represents less than 0.5%.

See accompanying notes to the financial statements.

AZL MVP Moderate Index Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Fund of Funds Trust (the “Trust”) was organized as a Delaware statutory trust on June 16, 2004. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company for accounting purposes. The Trust consists of 12 separate investment portfolios (collectively, the “Funds”), of which one is included in this report, the AZL MVP Moderate Index Strategy Fund (the “Fund”), and 11 are presented in separate reports.

2. Significant Accounting Policies

Security Valuation

Investment Transactions and Investment Income

Dividends to Shareholders

Expense Allocation

Derivative Instruments

Futures Contracts

During the period ended June 30, 2018, the Fund did not enter into any futures contracts. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to

AZL MVP Moderate Index Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The monthly average notional amount for these contracts was $27.0 million for the period ended June 30, 2018. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts on the Statement of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2018:

Asset Derivative

Liability Derivative

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value*

Statement of Assets and Liabilities Location

Total Fair
Value*

Equity Risk

Equity Contracts

Receivable for variation margin on futures contracts

—

Payable for variation margin on futures contracts

314,640

Interest Rate Risk

Interest Rate Contracts

56,559

—

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2018:


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

Equity Risk

Equity Contracts	Net Realized gains/(losses) on futures contracts/Change in net unrealized appreciation/depreciation on futures contracts	$	842,592		$	(583,492	)

Interest Rate Risk

Interest Rate Contracts			(384,999	)		116,202

3. Fees and Transactions with Affiliates and Other Parties

For the period ended June 30, 2018, the annual rate due to the Manager and the annual expense limit were as follows:


	Annual Rate			Annual Expense Limit
AZL MVP Moderate Index Strategy Fund		0.10	%		0.15	%


	Fair Value 12/31/2017			Purchases at Cost			Proceeds from Sales				Net Realized Gains/(Losses)				Net Change in Unrealized Appreciation/ Depreciation				Fair Value 6/30/2018			Shares as of 6/30/2018
AZL Enhanced Bond Index Fund		$	205,949,814		$	4,539,470		$	(1,484,256	)		$	(30,533	)		$	(3,743,732	)		$	205,230,763		19,198,388
AZL International Index Fund, Class 2			84,102,886			471,631			(3,740,730	)			756,926				(2,930,295	)			78,660,418		4,676,600

AZL MVP Moderate Index Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)


	Fair Value 12/31/2017			Purchases at Cost			Proceeds from Sales				Net Realized Gains/(Losses)			Net Change in Unrealized Appreciation/ Depreciation				Fair Value 6/30/2018			Shares as of 6/30/2018
AZL Mid Cap Index Fund, Class 2		$	50,599,678		$	—		$	(3,481,806	)		$	633,941		$	1,096,469			$	48,848,282		2,010,217
AZL S&P 500 Index Fund, Class 2			157,945,419			413,119			(9,486,500	)			1,950,665			1,918,563				152,741,266		9,251,440
AZL Small Cap Stock Index Fund, Class 2			25,801,367			—			(3,183,621	)			657,133			1,524,965				24,799,844		1,527,084

		$	524,399,164		$	5,424,220		$	(21,376,913	)		$	3,968,132		$	(2,134,030	)		$	510,280,573		36,663,729

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2018, $2,627 was paid from the Fund relating to these fees and expenses.

4. Investment Valuation Summary

●

Level 1 — quoted prices in active markets for identical assets

●

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

●

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

The following is a summary of the valuation inputs used as of June 30, 2018 in valuing the Fund’s investments based upon the three levels defined above:


Investment Securities:	Level 1				Level 2			Total
Affiliated Investment Company		$	510,280,573			$	—		$	510,280,573

Total Investment Securities			510,280,573				—			510,280,573

Other Financial Instruments:*
Futures Contracts			(258,081	)			—			(258,081	)

Total Investments		$	510,022,492			$	—		$	510,022,492

*	Other Financial Instruments would include any derivative instruments, such as futures contracts. These investments are generally presented in the financial statements at variation margin.

AZL MVP Moderate Index Strategy Fund

Notes to the Financial Statements

June 30, 2018 (Unaudited)

5. Security Purchases and Sales

For the period ended June 30, 2018, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:


	Purchases			Sales
AZL MVP Moderate Index Strategy Fund		$	5,424,220		$	21,376,913

6. Investment Risks

7. Federal Tax Information

Cost of securities, including derivatives and short positions as applicable, for federal income tax purposes at June 30, 2018 is $457,149,171. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:


Unrealized appreciation	$	57,191,587
Unrealized (depreciation)		(4,060,185	)

Net unrealized appreciation/(depreciation)	$	53,131,402

As of the latest tax year end, December 31, 2017, the tax character of dividends paid to shareholders was as follows:

Ordinary
Income

Net

Long-Term
Capital Gains

Total
Distributions(a)

AZL MVP Moderate Index Strategy Fund

8,896,990

12,388,171

21,285,161

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

As of the latest tax year end, December 31, 2017, the components of accumulated earnings on a tax basis were as follows:

Undistributed
Ordinary
Income

Undistributed
Long-Term
Capital Gains

Accumulated
Capital and
Other Losses

Unrealized

Appreciation/
Depreciation(a)

Total
Accumulated

Earnings/
(Deficit)

AZL MVP Moderate Index Strategy Fund

9,436,216

14,075,761

—

55,290,884

78,802,861

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

8. Ownership and Principal Holders

9. Investment Company Reporting Modernization

10. Subsequent Events

Other Information (Unaudited)

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

Change in Independent Registered Public Accounting Firm

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The Allianz VIP Fund of Funds are distributed by Allianz Life Financial Services, LLC.
These Funds are not FDIC Insured.		SARRPT0618 08/18

AZL^® MVP T. Rowe Price Capital Appreciation Plus Fund

Semi-Annual Report

June 30, 2018

(Unaudited)

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