N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-09491

Allianz Variable Insurance Products Trust

(Exact name of registrant as specified in charter)

5701 Golden Hills Drive, Minneapolis, MN	55416-1297
(Address of principal executive offices)	(Zip code)

Citi Fund Services Ohio, Inc., 3435 Stelzer Road, Columbus, OH 43219-8006

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: March 31, 2009

TABLE OF CONTENTS

	Item 1. Schedule of Investments
	Item 2. Controls and Procedures
	Item 3. Exhibits
SIGNATURES
EX-99.CERT

Item 1. Schedule of Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL AIM International Equity Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks (84.2%):
Aerospace & Defense (2.2%):
	210,061	Finmeccanica SpA	$	2,613,098
	684,000	Singapore Technologies Engineering, Ltd.		1,107,469
				3,720,567
Air Freight & Logistics (0.7%):
	68,204	TNT NV		1,166,585
Auto Components (0.7%):
	58,600	Denso Corp.		1,184,106
Automobiles (2.3%):
	30,200	Porsche AG		1,449,555
	74,400	Toyota Motor Corp.		2,386,577
				3,836,132
Beverages (3.4%):
	148,325	Anheuser-Busch Inbev NV		4,095,112
	63,939	Heineken Holding NV		1,556,840
				5,651,952
Capital Markets (0.5%):
	12,967	Deutsche Boerse AG		785,356
Chemicals (3.7%):
	62,552	Bayer AG		3,046,105
	15,724	Syngenta AG, Registered Shares		3,162,212
				6,208,317
Commercial Banks (2.6%):
	292,974	Akbank T.A.S.		863,438
	36,903	BNP Paribas, Inc.		1,520,777
	306,000	United Overseas Bank, Ltd.		1,957,942
				4,342,157
Commercial Services & Supplies (0.9%):
	156,110	Capita Group plc		1,517,236
Communications Equipment (0.6%):
	82,287	Nokia OYJ		963,202
Construction Materials (0.8%):
	61,007	CRH plc		1,311,983
Distributors (0.8%):
	544,000	Li & Fung, Ltd.		1,277,836
Diversified Telecommunication Services (5.4%):
	124,390	Koninklijke KPN NV		1,663,243
	41,100	Philippine Long Distance Telephone Co.		1,841,171
	2,041,000	PT Telekomunikasi Indonesia		1,337,286
	208,109	Telefonica SA		4,155,705
				8,997,405
Electronic Equipment & Instruments (4.6%):
	100,200	HOYA Corp.		1,983,749
	15,787	Keyence Corp.		2,969,177
	59,000	Nidec Corp.		2,676,535
				7,629,461
Energy Equipment & Services (0.3%):
	121,842	Petroleum Geo-Services*		512,547
Food & Staples Retailing (1.8%):
	618,233	Tesco plc		2,958,326
Food Products (2.8%):
	138,438	SFR Nestle SA, Class B		4,687,702
Health Care Equipment & Supplies (2.6%):
	55,814	Cochlear, Ltd.		1,947,264
	39,188	Sonova Holding AG		2,370,620
				4,317,884
Hotels, Restaurants & Leisure (2.2%):
	562,157	Compass Group plc		2,568,308
	39,607	OPAP SA		1,046,484
				3,614,792
Household Products (1.8%):
	79,536	Reckitt Benckiser Group plc		2,992,810
Independent Power Producers & Energy Traders (1.0%):
	538,174	International Power plc		1,612,699
Industrial Conglomerates (2.1%):
	471,000	Hutchison Whampoa, Ltd.		2,310,090
	377,000	Keppel Corp., Ltd.		1,256,084
				3,566,174
Insurance (0.9%):
	143,563	Aviva plc		443,780
	42,079	Axa		510,853
	45,845	QBE Insurance Group, Ltd.		616,212
				1,570,845
IT Services (2.5%):
	22,841	Cap Gemini SA		735,661
	131,921	Infosys Technologies, Ltd., SP ADR		3,513,056
				4,248,717
Machinery (1.9%):
	49,710	Bharat Heavy Electricals, Ltd.		1,489,608
	25,500	Fanuc, Ltd.		1,747,915
				3,237,523
Media (3.7%):
	137,808	Grupo Televisa SA, ADR		1,879,701
	299,259	Informa Group Co., plc		1,125,311
	240,933	Reed Elsevier plc		1,728,569
	252,910	WPP plc		1,421,886
				6,155,467
Metals & Mining (1.8%):
	132,024	BHP Billiton, Ltd.		2,941,602
Oil, Gas & Consumable Fuels (6.9%):
	88,589	BG Group plc		1,342,524
	32,097	Canadian Natural Resources, Ltd.		1,245,430
	136,319	Eni SpA		2,624,200
	57,652	Petroleo Brasileiro SA, ADR, Class A		1,412,474
	74,879	Suncor Energy, Inc.		1,671,634
	64,347	Total SA		3,190,844
				11,487,106
Pharmaceuticals (11.7%):
	31,200	Merck KGaA*		2,746,236
	58,475	Novo Nordisk A/S, Class B		2,805,254
	42,243	Roche Holding AG		5,801,770
	220,574	Shire, Ltd.		2,690,211
	123,971	Teva Pharmaceutical Industries, Ltd., ADR		5,584,894
				19,628,365

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL AIM International Equity Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Road & Rail (0.8%):
	36,560	Canadian National Railway Co.	$	1,310,997
Semiconductors & Semiconductor Equipment (1.3%):
	241,310	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		2,159,725
Software (0.7%):
	4,300	Nintendo Co., Ltd.		1,261,531
Specialty Retail (0.8%):
	255,300	Esprit Holdings, Ltd.		1,317,962
Textiles, Apparel & Luxury Goods (1.0%):
	10,532	Puma AG		1,604,369
Tobacco (3.0%):
	28,915	British American Tobacco plc		669,412
	196,148	Imperial Tobacco Group plc		4,404,406
				5,073,818
Wireless Telecommunication Services (3.4%):
	101,182	America Movil, SAB de C.V., ADR, Series L		2,740,008
	1,684,068	Vodafone Group plc		2,941,553
				5,681,561
Total Common Stocks (Cost $185,270,974)				140,534,817
Rights (0.2%):
Beverages (0.0%):
	87,552	Anheuser-Busch InBev NV*		350
Construction Materials (0.2%):
	16,927	CRH plc*		368,765
Total Rights (Cost $191,810)				369,115
Investment Company (11.7%):
	19,498,382	Dreyfus Treasury Prime Cash Management, 0.09%(a)		19,498,382
Total Investment Company (Cost $19,498,382)				19,498,382
Total Investment Securities (Cost $204,961,166)(b)—96.1%				160,402,314
Net other assets (liabilities) — 3.9%				6,596,205
NET ASSETS — 100.0%			$	166,998,519

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
ADR	American Depository Receipt
PLC	Public Liability Co.
SPA	Standby Purchase Agreement
(a)	The rate represents the effective yield at March 31, 2009.
(b)	Cost for federal income tax purposes is $210,463,491. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	5,109,839
Unrealized depreciation		(55,171,016	)
Net unrealized depreciation	$	(50,061,177	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of March 31, 2009:

Country	Percentage
United Kingdom		16.1	%
United States		12.2	%
Switzerland		10.0	%
Japan		8.9	%
Germany		6.0	%
France		3.7	%
Israel		3.5	%
Australia		3.4	%
Italy		3.3	%
Hong Kong		3.1	%
India		3.1	%
Mexico		2.9	%
Netherlands		2.7	%
Singapore		2.7	%
Belgium		2.6	%
Canada		2.6	%
Spain		2.6	%
Denmark		1.7	%
Jersey		1.7	%
Taiwan		1.3	%
Philippine		1.1	%
Ireland		1.0	%
Brazil		0.9	%
Indonesia		0.8	%
Greece		0.7	%
Finland		0.6	%
Turkey		0.5	%
Norway		0.3	%
Total		100.0	%

     As of March 31, 2009 the Fund’s open foreign currency exchange contracts were as follows:

	Delivery		Contract				Unrealized Appreciation/
Long Contracts	Date		Amount		Fair Value		(Depreciation)
Receive 62,669 Canadian Dollars in exchange for U.S. Dollars		4/1/09	$	50,004	$	49,718	$	(286	)
Receive 221,428 Hungarian Forint in exchange for U.S. Dollars		4/2/09		194,576		194,593		17
Receive 236,918 British Sterling Pounds in exchange for U.S. Dollars		4/2/09		338,935		339,882		947
Receive 464,438 Hong Kong Dollar in exchange for U.S. Dollars		4/2/09		59,931		59,924		(7	)
Receive 46,183 Norwegian Krone in exchange for U.S. Dollars		4/2/09		6,909		6,875		(34	)
							$	637

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL BlackRock Capital Appreciation Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks (97.7%):
Aerospace & Defense (2.1%):
	20,100	General Dynamics Corp.	$	835,959
	57,700	Honeywell International, Inc.		1,607,522
				2,443,481
Air Freight & Logistics (0.7%):
	16,800	United Parcel Service, Inc., Class B		826,896
Airline (0.9%):
	181,500	Delta Air Lines, Inc.*		1,021,845
Beverages (3.7%):
	70,000	Coca-Cola Co. (The)		3,076,500
	23,300	PepsiCo, Inc.		1,199,484
				4,275,984
Biotechnology (3.8%):
	27,700	Celgene Corp.*		1,229,880
	19,200	Genzyme Corp.*		1,140,288
	44,400	Gilead Sciences, Inc.*		2,056,608
				4,426,776
Capital Markets (0.8%):
	9,200	Goldman Sachs Group, Inc.		975,384
Chemicals (0.8%):
	27,300	Ecolab, Inc.		948,129
Commercial Services & Supplies (0.8%):
	38,200	Waste Management, Inc.		977,920
Communications Equipment (7.0%):
	207,100	Cisco Systems, Inc.*		3,473,067
	118,700	QUALCOMM, Inc.		4,618,617
				8,091,684
Computers & Peripherals (6.2%):
	27,900	Apple, Inc.*		2,932,848
	59,300	Hewlett-Packard Co.		1,901,158
	23,900	International Business Machines Corp.		2,315,671
				7,149,677
Construction & Engineering (0.7%):
	23,600	Fluor Corp.		815,380
Diversified Consumer Services (1.4%):
	21,400	Apollo Group, Inc., Class A*		1,676,262
Diversified Financial Services (1.9%):
	4,900	CME Group, Inc.		1,207,311
	35,400	JPMorgan Chase & Co.		940,932
				2,148,243
Diversified Telecommunication Services (0.5%):
	24,600	AT&T, Inc.		619,920
Energy Equipment & Services (2.0%):
	25,800	Schlumberger, Ltd.		1,047,996
	22,500	Transocean, Ltd.*		1,323,900
				2,371,896
Food & Staples Retailing (4.1%):
	30,700	Kroger Co.		651,454
	39,100	Safeway, Inc.		789,429
	63,600	Wal-Mart Stores, Inc.		3,313,560
				4,754,443
Health Care Equipment & Supplies (1.5%):
	9,800	Bard (C.R.), Inc.		781,256
	24,900	Henry Schein, Inc.*		996,249
				1,777,505
Health Care Providers & Services (2.2%):
	42,400	Medco Health Solutions, Inc.*		1,752,816
	38,100	UnitedHealth Group, Inc.		797,433
				2,550,249
Hotels, Restaurants & Leisure (2.8%):
	73,200	Burger King Holdings, Inc.		1,679,940
	29,700	McDonald’s Corp.		1,620,729
				3,300,669
Household Durables (0.8%):
	92,600	D. R. Horton, Inc.		898,220
Household Products (1.1%):
	15,300	Clorox Co. (The)		787,644
	9,400	Procter & Gamble Co. (The)		442,646
				1,230,290
Industrial Conglomerate (1.1%):
	25,300	3M Co.		1,257,916
Insurance (1.0%):
	29,300	Travelers Cos., Inc. (The)		1,190,752
Internet & Catalog Retail (1.7%):
	26,200	Amazon.com, Inc.*		1,924,128
Internet Software & Services (2.7%):
	9,100	Google, Inc., Class A*		3,167,346
IT Services (0.4%):
	17,200	Accenture, Ltd., Class A		472,828
Life Sciences Tools & Services (0.9%):
	29,600	Thermo Fisher Scientific, Inc.*		1,055,832
Machinery (4.4%):
	44,300	Cummins, Inc.		1,127,435
	53,700	Danaher Corp.		2,911,614
	31,600	Deere & Co.		1,038,692
				5,077,741
Metals & Mining (2.2%):
	22,600	Agnico-Eagle Mines, Ltd.		1,286,392
	33,000	Freeport-McMoRan Copper & Gold, Inc., Class B		1,257,630
				2,544,022
Multiline Retail (2.3%):
	63,700	Kohl’s Corp.*		2,695,784
Oil, Gas & Consumable Fuels (6.0%):
	7,200	Apache Corp.		461,448
	11,900	EOG Resources, Inc.		651,644
	26,600	Exxon Mobil Corp.		1,811,460
	48,400	Massey Energy Co.		489,808
	36,600	Petrohawk Energy Corp.*		703,818
	39,100	Petroleo Brasileiro SA, ADR		1,191,377
	22,000	Range Resources Corp.		905,520
	39,200	Valero Energy Corp.		701,680
				6,916,755
Pharmaceuticals (6.8%):
	63,300	Abbott Laboratories		3,019,410
	29,500	Johnson & Johnson Co.		1,551,700
	70,100	Schering Plough Corp.		1,650,855
	38,500	Teva Pharmaceutical Industries, Ltd., ADR		1,734,425

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL BlackRock Capital Appreciation Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Pharmaceuticals, continued
			$	7,956,390
Semiconductors & Semiconductor Equipment (5.1%):
	90,000	Broadcom Corp., Class A*		1,798,200
	56,600	Lam Research Corp.*		1,288,782
	112,300	NVIDIA Corp.*		1,107,278
	279,700	PMC-Sierra, Inc.*		1,784,486
				5,978,746
Software (9.3%):
	187,100	Activision Blizzard, Inc.*		1,957,066
	29,000	Adobe Systems, Inc.*		620,310
	70,700	Check Point Software Technologies, Ltd.*		1,570,247
	138,600	Microsoft Corp.		2,546,082
	142,600	Oracle Corp.*		2,576,782
	46,200	Salesforce.com, Inc.*		1,512,126
				10,782,613
Specialty Retail (3.5%):
	92,300	CarMax, Inc.*		1,148,212
	53,600	Home Depot, Inc.		1,262,816
	47,200	Ross Stores, Inc.		1,693,536
				4,104,564
Tobacco (1.7%):
	55,100	Philip Morris International, Inc.		1,960,458
Wireless Telecommunication Services (2.8%):
	86,900	American Tower Corp., Class A*		2,644,367
	33,200	MetroPCS Communications, Inc.*		567,056
				3,211,423
Total Common Stocks (Cost $108,572,791)				113,578,151
Investment Company (3.7%):
	4,313,697	Dreyfus Treasury Prime Cash Management, 0.09%(a)		4,313,697
Total Investment Company (Cost $4,313,697)				4,313,697
Total Investment Securities (Cost $112,886,488)(b)—101.4%				117,891,848
Net other assets (liabilities) — (1.4)%				(1,654,187	)
NET ASSETS — 100.0%			$	116,237,661

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
ADR	American Depository Receipt
(a)	The rate represents the effective yield at March 31, 2009.
(b)	Cost for federal income tax purposes is $117,083,281. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	9,575,429
Unrealized depreciation		(8,766,862	)
Net unrealized appreciation	$	808,567

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of March 31, 2009:

Country	Percentage
United States		92.7	%
Israel		2.8	%
Canada		1.1	%
Switzerland		1.1	%
Brazil		1.0	%
Netherlands		0.9	%
Bermuda		0.4	%
Total		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL BlackRock Growth Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks (99.9%):
Aerospace & Defense (2.1%):
	21,800	General Dynamics Corp.	$	906,662
	63,000	Honeywell International, Inc.		1,755,180
				2,661,842
Air Freight & Logistics (0.7%):
	18,400	United Parcel Service, Inc., Class B		905,648
Airline (0.9%):
	198,300	Delta Air Lines, Inc.*		1,116,429
Beverages (3.8%):
	76,500	Coca-Cola Co. (The)		3,362,175
	25,500	PepsiCo, Inc.		1,312,740
				4,674,915
Biotechnology (3.9%):
	30,300	Celgene Corp.*		1,345,320
	21,000	Genzyme Corp.*		1,247,190
	48,500	Gilead Sciences, Inc.*		2,246,520
				4,839,030
Capital Markets (0.9%):
	10,000	Goldman Sachs Group, Inc.		1,060,200
Chemicals (0.8%):
	29,900	Ecolab, Inc.		1,038,427
Commercial Services & Supplies (0.9%):
	41,700	Waste Management, Inc.		1,067,520
Communications Equipment (7.1%):
	225,600	Cisco Systems, Inc.*		3,783,312
	129,200	QUALCOMM, Inc.		5,027,172
				8,810,484
Computers & Peripherals (6.3%):
	30,500	Apple, Inc.*		3,206,160
	64,700	Hewlett-Packard Co.		2,074,282
	26,100	International Business Machines Corp.		2,528,829
				7,809,271
Construction & Engineering (0.7%):
	25,400	Fluor Corp.		877,570
Diversified Consumer Services (1.5%):
	23,300	Apollo Group, Inc., Class A*		1,825,089
Diversified Financial Services (1.9%):
	5,300	CME Group, Inc.		1,305,867
	37,900	JPMorgan Chase & Co.		1,007,382
				2,313,249
Diversified Telecommunication Services (0.5%):
	26,900	AT&T, Inc.		677,880
Energy Equipment & Services (2.0%):
	26,400	Schlumberger, Ltd.		1,072,368
	24,600	Transocean, Ltd.*		1,447,464
				2,519,832
Food & Staples Retailing (4.2%):
	33,500	Kroger Co.		710,870
	42,700	Safeway, Inc.		862,113
	69,500	Wal-Mart Stores, Inc.		3,620,950
				5,193,933
Health Care Equipment & Supplies (1.6%):
	10,700	Bard (C.R.), Inc.		853,004
	27,200	Henry Schein, Inc.*		1,088,272
				1,941,276
Health Care Providers & Services (2.2%):
	46,300	Medco Health Solutions, Inc.*		1,914,042
	41,500	UnitedHealth Group, Inc.		868,595
				2,782,637
Hotels, Restaurants & Leisure (2.9%):
	80,000	Burger King Holdings, Inc.		1,836,000
	32,400	McDonald’s Corp.		1,768,068
				3,604,068
Household Durables (0.8%):
	101,100	D. R. Horton, Inc.		980,670
Household Products (1.1%):
	16,700	Clorox Co. (The)		859,716
	10,300	Procter & Gamble Co. (The)		485,027
				1,344,743
Industrial Conglomerate (1.1%):
	27,700	3M Co.		1,377,244
Insurance (1.1%):
	33,200	Travelers Cos., Inc. (The)		1,349,248
Internet & Catalog Retail (1.7%):
	28,600	Amazon.com, Inc.*		2,100,384
Internet Software & Services (2.8%):
	9,900	Google, Inc., Class A*		3,445,794
IT Services (0.4%):
	18,800	Accenture, Ltd., Class A		516,812
Life Sciences Tools & Services (0.9%):
	32,400	Thermo Fisher Scientific, Inc.*		1,155,708
Machinery (4.5%):
	48,400	Cummins, Inc.		1,231,780
	58,700	Danaher Corp.		3,182,714
	34,600	Deere & Co.		1,137,302
				5,551,796
Metals & Mining (2.2%):
	24,600	Agnico-Eagle Mines, Ltd.		1,400,232
	36,100	Freeport-McMoRan Copper & Gold, Inc., Class B		1,375,771
				2,776,003
Multiline Retail (2.4%):
	69,600	Kohl’s Corp.*		2,945,472
Oil, Gas & Consumable Fuels (6.1%):
	7,700	Apache Corp.		493,493
	13,000	EOG Resources, Inc.		711,880
	29,100	Exxon Mobil Corp.		1,981,710
	52,100	Massey Energy Co.		527,252
	40,000	Petrohawk Energy Corp.*		769,200
	42,600	Petroleo Brasileiro SA, ADR		1,298,022
	24,000	Range Resources Corp.		987,840
	41,600	Valero Energy Corp.		744,640
				7,514,037
Pharmaceuticals (7.0%):
	69,200	Abbott Laboratories		3,300,840
	32,200	Johnson & Johnson Co.		1,693,720
	76,300	Schering Plough Corp.		1,796,865
	42,000	Teva Pharmaceutical Industries, Ltd., ADR		1,892,100

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL BlackRock Growth Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Pharmaceuticals, continued
			$	8,683,525
Semiconductors & Semiconductor Equipment (5.3%):
	98,500	Broadcom Corp., Class A*		1,968,030
	61,900	Lam Research Corp.*		1,409,463
	123,100	NVIDIA Corp.*		1,213,766
	304,600	PMC-Sierra, Inc.*		1,943,348
				6,534,607
Software (9.5%):
	204,300	Activision Blizzard, Inc.*		2,136,978
	31,700	Adobe Systems, Inc.*		678,063
	76,900	Check Point Software Technologies, Ltd.*		1,707,949
	151,400	Microsoft Corp.		2,781,218
	155,400	Oracle Corp.*		2,808,078
	50,500	Salesforce.com, Inc.*		1,652,865
				11,765,151
Specialty Retail (3.6%):
	100,900	CarMax, Inc.*		1,255,196
	58,600	Home Depot, Inc.		1,380,616
	51,600	Ross Stores, Inc.		1,851,408
				4,487,220
Tobacco (1.7%):
	60,200	Philip Morris International, Inc.		2,141,916
Wireless Telecommunication Services (2.8%):
	94,900	American Tower Corp., Class A*		2,887,807
	36,200	MetroPCS Communications, Inc.*		618,296
				3,506,103
Total Common Stocks (Cost $125,201,489)				123,895,733
Investment Company (0.4%):
	446,946	Dreyfus Treasury Prime Cash Management, 0.09%(a)		446,946
Total Investment Company (Cost $446,946)				446,946
Total Investment Securities (Cost $125,648,435)(b)—100.3%				124,342,679
Net other assets (liabilities) — (0.3)%				(361,792	)
NET ASSETS — 100.0%			$	123,980,887

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
ADR	American Depository Receipt
(a)	The rate represents the effective yield at March 31, 2009.
(b)	Cost for federal income tax purposes is $128,067,728. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	5,962,133
Unrealized depreciation		(9,687,182	)
Net unrealized depreciation	$	(3,725,049	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of March 31, 2009:

Country	Percentage
United States		92.5	%
Israel		2.9	%
Switzerland		1.2	%
Canada		1.1	%
Brazil		1.0	%
Netherlands		0.9	%
Bermuda		0.4	%
Total		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Columbia Mid Cap Value Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks (95.8%):
Aerospace & Defense (2.0%):
	5,000	Alliant Techsystems, Inc.*	$	334,900
	7,500	L-3 Communications Holdings, Inc.		508,500
	31,000	Spirit Aerosystems Holdings, Inc.*		309,070
				1,152,470
Airline (0.5%):
	48,000	Delta Air Lines, Inc.*		270,240
Auto Components (0.9%):
	25,900	BorgWarner, Inc.		525,770
Beverages (2.5%):
	27,000	Fomento Economico Mexicano, SA de CV, ADR		680,670
	33,300	Pepsi Bottling Group, Inc. (The)		737,262
				1,417,932
Capital Markets (2.8%):
	61,900	Ameriprise Financial, Inc.		1,268,331
	11,900	T. Rowe Price Group, Inc.		343,434
				1,611,765
Chemicals (3.0%):
	11,700	Air Products & Chemicals, Inc.		658,125
	21,600	Albemarle Corp.		470,232
	15,600	PPG Industries, Inc.		575,640
				1,703,997
Commercial Banks (9.6%):
	21,800	Bank of Hawaii Corp.		718,964
	18,400	City National Corp.		621,368
	43,300	Comerica, Inc.		792,823
	22,300	Cullen/Frost Bankers, Inc.		1,046,762
	38,800	KeyCorp		305,356
	41,400	Marshall & Ilsley Corp.		233,082
	28,500	SVB Financial Group*		570,285
	86,100	TCF Financial Corp.		1,012,536
	21,800	Zions Bancorp		214,294
				5,515,470
Commercial Services & Supplies (0.7%):
	33,200	AerCap Holdings NV*		107,900
	10,600	Canadian Pacific Railway, Ltd.		314,078
				421,978
Computers & Peripherals (1.5%):
	18,200	Diebold, Inc.		388,570
	59,100	NCR Corp.*		469,845
				858,415
Construction & Engineering (0.8%):
	9,400	Jacobs Engineering Group, Inc.*		363,404
	3,642	Navistar International Corp.*		121,861
				485,265
Containers & Packaging (2.1%):
	23,600	Crown Holdings, Inc.*		536,428
	51,300	Packaging Corp. of America		667,926
				1,204,354
Distributors (0.8%):
	14,900	Genuine Parts Co.		444,914
Diversified Financial Services (0.7%):
	5,700	Greenhill & Co., Inc.		420,945
Electric Utilities (3.4%):
	12,300	American Electric Power Co., Inc.		310,698
	5,400	Entergy Corp.		367,686
	15,800	FPL Group, Inc.		801,534
	23,200	Northeast Utilities		500,888
				1,980,806
Electrical Equipment (1.1%):
	24,700	Cooper Industries, Ltd., Class A		638,742
Electronic Equipment & Instruments (2.1%):
	18,100	Agilent Technologies, Inc.*		278,197
	28,700	Arrow Electronics, Inc.*		547,022
	7,800	Mettler-Toledo International, Inc.*		400,374
				1,225,593
Energy Equipment & Services (1.9%):
	23,754	Complete Production Services, Inc.*		73,162
	14,800	National-Oilwell Varco, Inc.*		424,908
	24,100	Noble Corp.		580,569
				1,078,639
Food & Staples Retailing (0.6%):
	16,600	Kroger Co.		352,252
Food Products (3.6%):
	28,100	ConAgra Foods, Inc.		474,047
	31,300	Dean Foods Co.*		565,904
	14,600	Hershey Co.		507,350
	10,800	J.M. Smucker Co. (The)		402,516
	13,000	Smithfield Foods, Inc.*		122,980
				2,072,797
Gas Utilities (0.8%):
	17,100	AGL Resources, Inc.		453,663
Health Care Equipment & Supplies (2.8%):
	11,400	Beckman Coulter, Inc.		581,514
	13,500	Cooper Companies, Inc.		356,940
	22,100	Hospira, Inc.*		682,006
				1,620,460
Health Care Providers & Services (2.4%):
	16,800	Amerisource Bergen Corp.		548,688
	24,300	Community Health Systems, Inc.*		372,762
	11,574	Universal Health Services, Inc., Class B		443,747
				1,365,197
Hotels, Restaurants & Leisure (2.5%):
	46,400	Regal Entertainment Group, Class A		622,224
	41,900	Royal Caribbean Cruises, Ltd.		335,619
	37,300	Starwood Hotels & Resorts Worldwide, Inc.		473,710
				1,431,553
Household Durables (1.0%):
	20,100	Stanley Works (The)		585,312
Household Products (1.1%):
	12,100	Clorox Co. (The)		622,908
Industrial Conglomerates (2.1%):
	19,800	Harsco Corp.		438,966

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Columbia Mid Cap Value Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Industrial Conglomerates, continued
	16,100	Teleflex, Inc.	$	629,349
	28,100	Textron, Inc.		161,294
				1,229,609
Insurance (7.7%):
	20,600	ACE, Ltd.		832,240
	15,600	Aon Corp.		636,792
	24,700	Axis Capital Holdings, Ltd.		556,738
	54,500	Marsh & McLennan Cos., Inc.		1,103,625
	39,900	Reinsurance Group of America, Inc.		1,292,361
				4,421,756
Internet Software & Services (0.6%):
	18,000	VeriSign, Inc.*		339,660
Leisure Equipment & Products (1.3%):
	29,900	Hasbro, Inc.		749,593
Machinery (1.8%):
	26,100	Kennametal, Inc.		423,081
	17,400	Parker Hannifin Corp.		591,252
				1,014,333
Marine (0.6%):
	17,400	Alexander & Baldwin, Inc.		331,122
Metals & Mining (0.4%):
	11,900	Allegheny Technologies, Inc.		260,967
Multi-Utilities (8.0%):
	31,600	PG&E Corp.		1,207,752
	20,600	Public Service Enterprise Group, Inc.		607,082
	24,300	Sempra Energy		1,123,632
	16,900	Wisconsin Energy Corp.		695,773
	51,100	Xcel Energy, Inc.		951,993
				4,586,232
Oil, Gas & Consumable Fuels (6.0%):
	23,800	Cabot Oil & Gas Corp., Class A		560,966
	62,000	El Paso Corp.		387,500
	15,600	Forest Oil Corp.*		205,140
	7,800	Hess Corp.		422,760
	26,100	Newfield Exploration Co.*		592,470
	21,600	Peabody Energy Corp.		540,864
	66,400	Williams Cos., Inc. (The)		755,632
				3,465,332
Paper & Forest Products (1.3%):
	27,600	Weyerhaeuser Co.		760,932
Personal Products (1.5%):
	25,600	Avon Products, Inc.		492,288
	15,700	Estee Lauder Co., Inc. (The), Class A		387,005
				879,293
Real Estate Investment Trusts (REITs) (5.4%):
	14,000	Alexandria Real Estate Equities, Inc.		509,600
	10,400	Boston Properties, Inc.		364,312
	14,400	Equity Residential Property Trust		264,240
	27,400	Plum Creek Timber Co., Inc.		796,518
	30,300	ProLogis Trust		196,950
	32,900	Rayonier, Inc.		994,238
				3,125,858
Semiconductors & Semiconductor Equipment (0.9%):
	12,400	Intersil Corp., Class A		142,600
	18,234	Marvell Technology Group, Ltd.*		167,024
	23,400	Verigy, Ltd.*		193,050
				502,674
Software (2.3%):
	24,700	Activision Blizzard, Inc.*		258,362
	16,300	Citrix Systems, Inc.*		369,032
	43,200	Sun Microsystems, Inc.*		316,224
	18,600	Synopsys, Inc.*		385,578
				1,329,196
Specialty Retail (3.4%):
	15,800	Bed Bath & Beyond, Inc.*		391,050
	56,300	Foot Locker, Inc.		590,024
	15,700	GameStop Corp., Class A*		439,914
	15,900	Ross Stores, Inc.		570,492
				1,991,480
Textiles, Apparel & Luxury Goods (1.3%):
	18,300	Polo Ralph Lauren Corp.		773,175
Total Common Stocks (Cost $56,148,184)				55,222,649
Convertible Preferred Stocks (1.6%):
	6,200	Freeport-McMoran Copper & Gold, Inc.		400,334
	8,000	Johnson Controls, Inc.		509,520
Total Convertible Preferred Stocks (Cost $667,716)				909,854
Convertible Bonds (0.2%):
	157,000	Vornado Realty Trust, 3.63%, 11/15/26		122,460
Total Convertible Bonds (Cost $126,870)				122,460
Investment Company (4.1%):
	2,375,548	Dreyfus Treasury Prime Cash Management, 0.09%(a)		2,375,548
Total Investment Company (Cost $2,375,548)				2,375,548
Total Investment Securities (Cost $59,318,318)(b)—101.7%				58,630,511
Net other assets (liabilities) — (1.7)%				(982,791	)
NET ASSETS — 100.0%			$	57,647,720

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
ADR	American Depository Receipt
(a)	The rate represents the effective yield at March 31, 2009.
(b)	Cost for federal income tax purposes is $60,355,640. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	3,270,829
Unrealized depreciation		(4,995,958	)
Net unrealized depreciation	$	(1,725,129	)

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Columbia Mid Cap Value Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(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 investment securities as of March 31, 2009:

Country	Percentage
United States		92.5	%
Switzerland		2.4	%
Bermuda		2.3	%
Mexico		1.2	%
Liberia		0.6	%
Canada		0.5	%
Singapore		0.3	%
Netherlands		0.2	%
Total		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Columbia Small Cap Value Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks (98.9%):
Aerospace & Defense (0.6%):
	7,410	AAR Corp.*	$	92,921
	3,150	Esterline Technologies Corp.*		63,599
	7,930	Ladish Co., Inc.*		57,572
				214,092
Air Freight & Logistics (0.2%):
	23,269	Pacer International, Inc.		81,442
Airlines (0.7%):
	8,732	Republic Airways Holdings, Inc.*		56,583
	13,360	SkyWest, Inc.		166,199
				222,782
Auto Components (0.4%):
	6,690	BorgWarner, Inc.		135,807
Building Products (1.4%):
	25,000	Builders FirstSource, Inc.*		50,500
	4,780	Cavco Industries, Inc.*		112,808
	6,540	Lennox International, Inc.		173,049
	8,740	NCI Building Systems, Inc.*		19,403
	4,340	Universal Forest Products, Inc.		115,487
				471,247
Capital Markets (1.2%):
	5,590	Federated Investors, Inc.		124,433
	20,490	Janus Capital Group, Inc.		136,259
	5,876	Piper Jaffray Cos., Inc.*		151,542
				412,234
Chemicals (1.6%):
	6,150	Cytec Industries, Inc.		92,373
	17,400	H.B. Fuller Co.		226,200
	10,900	OM Group, Inc.*		210,588
				529,161
Commercial Banks (10.5%):
	5,260	BancFirst Corp.		191,464
	17,170	BancTrust Financial Group, Inc.		108,686
	10,597	Bank of Granite Corp.		18,121
	18,320	BankFinancial Corp.		182,650
	21,270	Beneficial Mutual Bancorp, Inc.*		209,509
	10,370	Bryn Mawr Bank Corp.		174,735
	12,811	Capitol Bancorp, Ltd.		53,166
	14,220	Chemical Financial Corp.		295,918
	10,830	Columbia Banking System, Inc.		69,312
	6,660	Community Trust Bancorp, Inc.		178,155
	2,030	First Citizens BancShares, Inc., Class A		267,554
	8,750	First Financial Corp.		322,875
	100	First National Bank Alaska		161,500
	9,960	Merchants Bancshares, Inc.		184,260
	13,080	Northfield Bancorp. Inc.		142,964
	11,380	Northrim BanCorp, Inc.		113,459
	30,530	South Financial Group, Inc. (The)		33,583
	15,510	Sterling Bancorp		153,549
	11,780	Taylor Capital Group, Inc.*		52,421
	14,230	United Financial Bancorp, Inc.		186,271
	14,790	West Coast Bancorp		32,834
	25,520	Westfield Financial, Inc.		224,576
	13,140	Whitney Holding Corp.		150,453
				3,508,015
Commercial Services & Supplies (3.3%):
	7,580	ABM Industries, Inc.		124,312
	11,340	CDI Corp.		110,225
	7,800	Consolidated Graphics, Inc.*		99,216
	10,789	Kforce, Inc.*		75,847
	11,780	Korn/Ferry International*		106,727
	4,440	Layne Christensen Co.*		71,351
	21,197	LECG Corp.*		53,840
	36,240	MPS Group, Inc.*		215,628
	11,449	TeleTech Holdings, Inc.*		124,679
	4,660	United Stationers, Inc.*		130,853
				1,112,678
Communications Equipment (3.3%):
	19,090	ADC Telecommunications, Inc.*		83,805
	12,540	Anaren, Inc.*		137,188
	4,000	Bel Fuse, Inc., Class B		53,760
	6,690	Black Box Corp.		157,951
	14,540	Ciena Corp.*		113,121
	3,910	Comtech Telecommunications Corp.*		96,851
	13,530	Dycom Industries, Inc.*		78,339
	6,850	Plantronics, Inc.		82,679
	8,130	Tekelec*		107,560
	38,870	Tellabs, Inc.*		178,024
				1,089,278
Computers & Peripherals (1.0%):
	12,010	Electronics For Imaging, Inc.*		117,698
	17,250	Emulex Corp.*		86,767
	10,390	QLogic Corp.*		115,537
				320,002
Construction & Engineering (1.3%):
	12,320	Emcor Group, Inc.*		211,534
	11,160	KBR, Inc.		154,120
	11,110	KHD Humboldt Wedag International, Ltd.*		76,770
				442,424
Construction Materials (0.4%):
	6,094	Eagle Materials, Inc.		147,780
Consumer Finance (0.6%):
	13,340	Cash America International, Inc.		208,904
Containers & Packaging (1.6%):
	3,650	Greif, Inc., Class A		121,509
	8,740	Greif, Inc., Class B		285,448
	9,970	Packaging Corp. of America		129,809
				536,766
Diversified Consumer Services (0.9%):
	6,960	CSS Industries, Inc.		118,320
	7,210	Regis Corp.		104,185
	8,410	Sotheby’s		75,690
				298,195
Diversified Financial Services (1.4%):
	11,440	ESSA Bancorp, Inc.		152,266
	24,350	Medallion Financial Corp.		180,434
	4,360	PICO Holdings, Inc.*		131,105
				463,805
Diversified Telecommunication Services (0.4%):
	11,420	Warwick Valley Telephone Co.		125,506

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Columbia Small Cap Value Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Electric Utilities (2.5%):
	7,820	ALLETE, Inc.	$	208,716
	12,870	El Paso Electric Co.*		181,338
	8,780	Great Plains Energy, Inc.		118,267
	5,890	Hawaiian Electric Industries, Inc.		80,929
	2,434	Maine & Maritimes Corp.		85,190
	7,870	UIL Holdings Corp.		175,658
				850,098
Electrical Equipment (0.8%):
	7,400	Belden CDT, Inc.		92,574
	26,840	GrafTech International, Ltd.*		165,334
				257,908
Electronic Equipment & Instruments (2.9%):
	6,160	Anixter International, Inc.*		195,149
	19,670	Benchmark Electronics, Inc.*		220,304
	25,620	Brightpoint, Inc.*		109,653
	12,340	CPI International, Inc.*		115,996
	30	Electro Scientific Industries, Inc.*		178
	6,260	MTS Systems Corp.		142,415
	28,985	Nam Tai Electronics, Inc.		107,824
	5,790	Plexus Corp.*		80,018
				971,537
Energy Equipment & Services (1.4%):
	5,050	Lufkin Industries, Inc.		191,294
	4,900	Patterson-UTI Energy, Inc.		43,904
	3,821	Superior Well Services, Inc.*		19,602
	15,147	TGC Industries, Inc.*		33,172
	4,770	Tidewater, Inc.		177,110
				465,082
Food & Staples Retailing (3.5%):
	3,890	BJ’s Wholesale Club, Inc.*		124,441
	6,560	Casey’s General Stores, Inc.		174,890
	10,200	Fresh Del Monte Produce, Inc.*		167,484
	6,790	Ruddick Corp.		152,435
	5,500	Spartan Stores, Inc.		84,755
	10,920	Weis Markets, Inc.		338,957
	8,650	Whole Foods Market, Inc.		145,320
				1,188,282
Food Products (1.3%):
	4,260	Flowers Foods, Inc.		100,025
	3,440	J & J Snack Foods Corp.		118,989
	3,120	Lancaster Colony Corp.		129,417
	7,620	Maui Land & Pineapple Co., Inc.*		64,694
	278	Ralcorp Holdings, Inc.*		14,979
				428,104
Health Care Equipment & Supplies (1.5%):
	3,900	Analogic Corp.		124,878
	13,260	Omnicell, Inc.*		103,693
	8,640	STERIS Corp.		201,139
	4,272	ZOLL Medical Corp.*		61,346
				491,056
Health Care Providers & Services (5.3%):
	4,310	AmSurg Corp.*		68,313
	21,447	Cross Country Healthcare, Inc.*		140,478
	11,900	Healthspring, Inc.*		99,603
	13,260	Kindred Healthcare, Inc.*		198,237
	2,900	Magellan Health Services, Inc.*		105,676
	4,870	MEDNAX, Inc.*		143,519
	9,010	National Health Investors, Inc. REIT		242,099
	31,610	NovaMed, Inc.*		71,755
	3,440	Owens & Minor, Inc.		113,967
	14,306	RehabCare Group, Inc.*		249,497
	17,750	Res-Care, Inc.*		258,440
	6,940	U.S. Physical Therapy, Inc.*		67,179
				1,758,763
Hotels, Restaurants & Leisure (2.1%):
	27,390	Benihana, Inc., Class A*		70,940
	7,520	Bob Evans Farms, Inc.		168,598
	6,120	CEC Entertainment, Inc.*		158,386
	5,530	Jack in the Box, Inc.*		128,794
	10,050	Landry’s Restaurants, Inc.		52,461
	7,170	Red Robin Gourmet Burgers*		126,407
				705,586
Household Durables (0.8%):
	20,340	American Greetings Corp., Class A		102,920
	4,441	Avatar Holdings, Inc.*		66,526
	9,630	Ethan Allen Interiors, Inc.		108,434
				277,880
Industrial Conglomerates (0.8%):
	3,090	Ameron International Corp.		162,720
	4,030	Harsco Corp.		89,345
				252,065
Insurance (8.1%):
	9,430	Baldwin & Lyons, Inc., Class B		178,416
	16,180	CNA Surety Corp.*		298,359
	8,990	eHealth, Inc.*		143,930
	10,306	EMC Insurance Group, Inc.		217,147
	14,056	FBL Financial Group, Inc., Class A		58,332
	3,198	First Mercury Financial Corp.*		46,179
	17,750	Genworth Financial, Inc.		33,725
	5,380	Harleysville Group, Inc.		171,138
	20,640	Horace Mann Educators Corp.		172,757
	1,030	National Western Life Insurance Co., Class A		116,390
	4,850	Navigators Group, Inc.*		228,823
	44,503	RAM Holdings, Ltd.*		11,126
	3,570	RLI Corp.		179,214
	7,500	Safety Insurance Group, Inc.		233,100
	10,390	Selective Insurance Group, Inc.		126,342
	10,690	Stewart Information Services Corp.		208,455
	33,974	United America Indemnity, Ltd., Class A*		136,575
	6,361	United Fire & Casualty Co.		139,688
				2,699,696
Internet Software & Services (0.2%):
	14,450	InfoSpace, Inc.*		75,140
IT Services (1.7%):
	7,750	Acxiom Corp.		57,350
	4,674	CACI International, Inc., Class A*		170,554

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Columbia Small Cap Value Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
IT Services, continued
	8,680	CSG Systems International, Inc.*	$	123,950
	5,160	Maximus, Inc.		205,678
				557,532
Leisure Equipment & Products (0.2%):
	23,750	Brunswick Corp.		81,938
Life Sciences Tools & Services (0.5%):
	10,100	PAREXEL International Corp.*		98,273
	3,410	Varian, Inc.*		80,953
				179,226
Machinery (1.7%):
	4,900	Astec Industries, Inc.*		128,527
	9,380	Enpro Industries, Inc.*		160,398
	6,292	Freightcar America, Inc.		110,299
	7,180	Kadant, Inc.*		82,714
	6,190	Robbins & Myers, Inc.		93,902
				575,840
Marine (0.4%):
	4,220	Nordic American Tanker Shipping, Ltd.		123,646
Metals & Mining (2.2%):
	6,220	Carpenter Technology Corp.		87,826
	30,010	Harry Winston Diamond Corp.		86,429
	6,689	Haynes International, Inc.*		119,198
	4,150	L.B. Foster Co., Class A*		103,044
	7,911	Olympic Steel, Inc.		120,010
	11,830	RTI International Metals, Inc.*		138,411
	3,040	Schnitzer Steel Industries, Inc.		95,426
				750,344
Multi-Utilities (3.2%):
	14,040	Avista Corp.		193,471
	11,290	Black Hills Corp.		201,978
	4,540	CH Energy Group, Inc.		212,926
	7,410	MGE Energy, Inc.		232,452
	10,680	NorthWestern Corp.		229,406
				1,070,233
Multiline Retail (0.6%):
	15,672	America’s Car-Mart, Inc.*		212,983
Oil, Gas & Consumable Fuels (1.6%):
	2,660	Comstock Resources, Inc.*		79,268
	11,200	Holly Corp.		237,440
	11,990	Mariner Energy, Inc.*		92,923
	17,100	Stone Energy Corp.*		56,943
	8,170	Swift Energy Co.*		59,641
				526,215
Paper & Forest Products (1.2%):
	16,305	Clearwater Paper Corp.*		130,929
	14,022	Mercer International, Inc.*		9,255
	11,660	Potlatch Corp.		270,395
				410,579
Personal Products (0.4%):
	10,260	NBTY, Inc.*		144,461
Real Estate Investment Trusts (REITs) (4.9%):
	37,960	DCT Industrial Trust, Inc.		120,333
	13,380	Duke Realty Corp.		73,590
	11,630	DuPont Fabros Technology, Inc.		80,014
	20,670	Franklin Street Properties Corp.		254,241
	6,990	Getty Realty Corp.		128,266
	3,870	Mack-Cali Realty Corp.		76,665
	15,340	National Retail Properties, Inc.		242,986
	15,260	Sun Communities, Inc.		180,526
	25,616	Sunstone Hotel Investors, Inc.		67,370
	7,600	Universal Health Realty Income Trust		222,148
	14,040	Urstadt Biddle Properties, Inc., Class A		188,417
				1,634,556
Road & Rail (2.0%):
	6,070	Genesee & Wyoming, Inc., Class A*		128,987
	11,510	Heartland Express, Inc.		170,463
	2,150	Ryder System, Inc.		60,867
	20,840	Werner Enterprises, Inc.		315,101
				675,418
Semiconductors & Semiconductor Equipment (3.7%):
	10,130	Actel Corp.*		102,515
	5,530	ATMI, Inc.*		85,328
	22,920	Fairchild Semiconductor International, Inc.*		85,492
	26,550	Kulicke & Soffa Industries, Inc.*		69,561
	9,070	MKS Instruments, Inc.*		133,057
	15,372	OmniVision Technologies, Inc.*		103,300
	19,320	Skyworks Solutions, Inc.*		155,719
	7,040	Standard Microsystems Corp.*		130,944
	4,570	Varian Semiconductor Equipment Associates, Inc.*		98,986
	13,201	Verigy, Ltd.*		108,908
	17,391	Zoran Corp.*		153,041
				1,226,851
Software (2.1%):
	6,030	Jack Henry & Associates, Inc.		98,410
	10,150	Lawson Software, Inc.*		43,137
	19,590	Mentor Graphics Corp.*		86,980
	19,890	MSC. Software Corp.*		112,180
	9,530	Parametric Technology Corp.*		95,109
	5,190	Progress Software Corp.*		90,098
	4,000	SPSS, Inc.*		113,720
	2,414	Sybase, Inc.*		73,120
				712,754
Specialized REITs (0.7%):
	36,340	DiamondRock Hospitality, Co.		145,723
	15,681	LaSalle Hotel Properties		91,577
				237,300
Specialty Retail (3.2%):
	3,870	Abercrombie & Fitch Co., Class A		92,106
	24,089	AnnTaylor Stores Corp.*		125,263
	13,100	Foot Locker, Inc.		137,288
	6,240	Men’s Wearhouse, Inc. (The)		94,474
	6,050	Nutri/System, Inc.		86,333
	25,130	OfficeMax, Inc.		78,406
	79,087	Pacific Sunwear of California, Inc.*		131,284
	16,060	Rent-A-Center, Inc.*		311,082
				1,056,236

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Columbia Small Cap Value Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Textiles, Apparel & Luxury Goods (1.3%):
	15,470	Movado Group, Inc.	$	116,644
	4,630	Phillips-Van Heusen Corp.		105,008
	10,509	Shoe Carnival, Inc.*		108,768
	6,310	Wolverine World Wide, Inc.		98,310
				428,730
Thrifts & Mortgage Finance (3.6%):
	25,190	Bank Mutual Corp.		228,221
	28,447	Brookline Bancorp, Inc.		270,247
	17,267	Clifton Savings Bancorp, Inc.		172,670
	22,072	Home Federal Bancorp, Inc.		192,689
	20,220	TrustCo Bank Corp.		121,724
	16,200	Washington Federal, Inc.		215,298
				1,200,849
Trading Companies & Distributors (1.1%):
	8,700	Kaman Corp., Class A		109,098
	7,940	Watsco, Inc.		270,198
				379,296
Wireless Telecommunication Services (0.6%):
	12,570	Syniverse Holdings, Inc.*		198,103
Total Common Stocks (Cost $45,591,307)				33,124,405
Investment Company (1.3%):
	447,681	Dreyfus Treasury Prime Cash Management, 0.09%(a)		447,681
Total Investment Company (Cost $447,681)				447,681
Rights (0.0%):
Diversified Financial Services (0.0%):
	34,874	United America Indemnity, Ltd., Class A		0
Total Rights (Cost $92,096)				0
Total Investment Securities (Cost $46,131,084)(b)—100.2%				33,572,086
Net other assets (liabilities) — (0.2)%				(74,097	)
NET ASSETS — 100.0%			$	33,497,989

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
REIT	Real Estate Investment Trust
(a)	The rate represents the effective yield at March 31, 2009.
(b)	Cost for federal income tax purposes is $50,918,820. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	709,179
Unrealized depreciation		(18,055,913	)
Net unrealized depreciation	$	(17,346,734	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of March 31, 2009:

Country	Percentage
United States		98.3	%
Cayman Islands		0.5	%
Bermuda		0.4	%
Singapore		0.3	%
Virgin Islands		0.3	%
Canada		0.2	%
Total		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Columbia Technology Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks (91.4%):
Aerospace & Defense (0.5%):
	11,313	Aerovironment, Inc.*	$	236,442
Chemicals (0.4%):
	9,560	Intrepid Potash, Inc.*		176,382
Communications Equipment (12.7%):
	75,020	Corning, Inc.		995,515
	12,560	Neutral Tandem, Inc.*		309,102
	63,110	Nokia Corp., ADR		736,494
	68,050	QUALCOMM, Inc.		2,647,826
	15,117	Research In Motion, Ltd.*		651,089
	22,000	Tandberg ASA		324,362
				5,664,388
Computers & Peripherals (12.2%):
	33,928	Apple, Inc.*		3,566,511
	56,660	EMC Corp.*		645,924
	56,230	SanDisk Corp.*		711,310
	88,040	Seagate Technology		529,120
				5,452,865
Diversified Consumer Services (0.9%):
	2,250	Strayer Education, Inc.		404,708
Electrical Equipment (1.1%):
	3,650	First Solar, Inc.*		484,355
Electronic Equipment & Instruments (1.4%):
	13,520	Agilent Technologies, Inc.*		207,802
	26,250	AU Optronics Corp., ADR		220,238
	21,670	LG Display Co., Ltd., ADR*		221,467
				649,507
Health Care Equipment & Supplies (0.3%):
	17,670	Omnicell, Inc.*		138,179
Household Durables (1.0%):
	21,030	Garmin, Ltd.		446,046
Internet & Catalog Retail (2.0%):
	9,280	Amazon.com, Inc.*		681,523
	5,270	Netflix, Inc.*		226,189
				907,712
Internet Software & Services (6.9%):
	17,390	Akamai Technologies, Inc.*		337,366
	3,300	Baidu, Inc., ADR*		582,780
	8,391	Equinix, Inc.*		471,155
	3,260	Google, Inc., Class A*		1,134,675
	21,070	VeriSign, Inc.*		397,591
	12,652	Vocus, Inc.*		168,145
				3,091,712
IT Services (5.8%):
	27,350	Accenture, Ltd., Class A		751,852
	23,810	Affiliated Computer Services, Inc., Class A*		1,140,261
	18,620	Fiserv, Inc.*		678,885
				2,570,998
Life Sciences Tools & Services (1.2%):
	14,240	Illumina, Inc.*		530,298
Professional Services (1.5%):
	13,360	FTI Consulting, Inc.*		661,053
Semiconductors & Semiconductor Equipment (14.2%):
	35,460	Altera Corp.		622,323
	64,260	Analog Devices, Inc.		1,238,290
	25,200	ASML Holding NV		441,252
	13,910	Atheros Communications*		203,921
	13,050	Broadcom Corp., Class A*		260,739
	15,010	FEI Co.*		231,604
	15,780	International Rectifier Corp.*		213,188
	44,040	Intersil Corp., Class A		506,460
	20,890	KLA-Tencor Corp.		417,800
	46,860	Marvell Technology Group, Ltd.*		429,238
	32,560	Maxim Integrated Products, Inc.		430,117
	30,730	MEMC Electronic Materials, Inc.*		506,738
	55,400	Microsemi Corp.*		642,640
	14,480	Sigma Designs, Inc.*		180,131
				6,324,441
Software (22.5%):
	44,092	Activision Blizzard, Inc.*		461,202
	20,210	Adobe Systems, Inc.*		432,292
	14,853	Blackboard, Inc.*		471,434
	24,260	BMC Software, Inc.*		800,580
	14,740	Check Point Software Technologies, Ltd.*		327,375
	9,450	Concur Technologies, Inc.*		181,346
	28,170	Intuit, Inc.*		760,590
	29,200	McAfee, Inc.*		978,200
	81,850	Microsoft Corp.		1,503,584
	1,040	Nintendo Co., Ltd.		305,115
	60,470	Nuance Communications, Inc.*		656,704
	15,350	Salesforce.com, Inc.*		502,406
	20,520	Sybase, Inc.*		621,551
	105,330	Symantec Corp.*		1,573,630
	23,700	Synopsys, Inc.*		491,301
				10,067,310
Wireless Telecommunication Services (6.8%):
	52,776	American Tower Corp., Class A*		1,605,973
	12,210	Leap Wireless International, Inc.*		425,763
	43,000	SBA Communications Corp., Class A*		1,001,900
				3,033,636
Total Common Stocks (Cost $40,620,308)				40,840,032
Investment Company (9.4%):
	4,198,930	Dreyfus Treasury Prime Cash Management, 0.09%(a)		4,198,930
Total Investment Company (Cost $4,198,930)				4,198,930
Total Investment Securities (Cost $44,819,238)(b)—100.8%				45,038,962
Net other assets (liabilities) — (0.8)%				(378,172	)
NET ASSETS — 100.0%			$	44,660,790

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
ADR	American Depository Receipt
(a)	The rate represents the effective yield at March 31, 2009.
(b)	Cost for federal income tax purposes is $50,230,941. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	2,340,004
Unrealized depreciation		(7,531,983	)
Net unrealized depreciation	$	(5,191,979	)

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Columbia Technology Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(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 investment securities as of March 31, 2009:

Country	Percentage
United States		86.8	%
Cayman Islands		3.5	%
Bermuda		2.6	%
Finland		1.6	%
Canada		1.4	%
Netherlands		1.0	%
Israel		0.7	%
Japan		0.7	%
Norway		0.7	%
Korea		0.5	%
Taiwan		0.5	%
Total		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Davis NY Venture Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks (91.5%):
Air Freight & Logistics (0.6%):
	50,310	United Parcel Service, Inc., Class B	$	2,476,258
Automobiles (0.5%):
	170,900	Harley-Davidson, Inc.		2,288,351
Beverages (2.3%):
	137,300	Diageo plc, ADR		6,144,175
	149,476	Heineken Holding NV		3,639,567
				9,783,742
Capital Markets (5.3%):
	102,800	Ameriprise Financial, Inc.		2,106,372
	495,100	Bank of New York Mellon Corp.		13,986,575
	20,020	Goldman Sachs Group, Inc.		2,122,520
	126,400	Julius Baer Holding AG		3,101,934
	24,400	Morgan Stanley		555,588
	15,700	State Street Corp.		483,246
				22,356,235
Chemicals (0.7%):
	35,700	Monsanto Co.		2,966,670
Commercial Banks (2.8%):
	837,646	Wells Fargo & Co.		11,928,079
Commercial Services & Supplies (1.8%):
	344,500	Iron Mountain, Inc.*		7,637,565
Communications Equipment (0.7%):
	173,200	Cisco Systems, Inc.*		2,904,564
Computers & Peripherals (1.6%):
	208,800	Hewlett-Packard Co.		6,694,128
Construction Materials (1.6%):
	42,900	Martin Marietta Materials, Inc.		3,401,970
	79,300	Vulcan Materials Co.		3,512,197
				6,914,167
Consumer Finance (2.3%):
	634,400	American Express Co.		8,646,872
	20,230	Visa, Inc., Class A		1,124,788
				9,771,660
Containers & Packaging (1.5%):
	469,200	Sealed Air Corp.		6,474,960
Diversified Consumer Services (1.3%):
	311,800	H&R Block, Inc.		5,671,642
Diversified Financial Services (4.7%):
	30,264	Bank of America Corp.		206,401
	598,936	JPMorgan Chase & Co.		15,919,719
	157,200	Moody’s Corp.		3,603,024
				19,729,144
Electrical Equipment (0.2%):
	47,850	ABB, Ltd., ADR		667,029
Electronic Equipment & Instruments (1.2%):
	237,300	Agilent Technologies, Inc.*		3,647,301
	112,800	Tyco Electronics, Ltd.		1,245,312
				4,892,613
Energy Equipment & Services (0.7%):
	52,879	Transocean, Ltd.*		3,111,400
Food & Staples Retailing (5.9%):
	360,500	Costco Wholesale Corp.		16,698,360
	300,149	CVS Caremark Corp.		8,251,096
				24,949,456
Food Products (0.3%):
	41,900	Hershey Co.		1,456,025
Health Care Equipment & Supplies (0.5%):
	16,400	Becton Dickinson & Co.		1,102,736
	36,000	Medtronic, Inc.		1,060,920
				2,163,656
Health Care Providers & Services (3.5%):
	89,700	Cardinal Health, Inc.		2,823,756
	110,400	Express Scripts, Inc.*		5,097,168
	19,100	Laboratory Corp. of America Holdings*		1,117,159
	279,700	UnitedHealth Group, Inc.		5,854,121
				14,892,204
Household Durables (0.3%):
	31,000	Garmin, Ltd.		657,510
	19,992	Hunter Douglas NV		467,431
				1,124,941
Household Products (1.7%):
	157,600	Procter & Gamble Co. (The)		7,421,384
Independent Power Producers & Energy Traders (0.3%):
	222,100	AES Corp. (The)*		1,290,401
Industrial Conglomerates (1.5%):
	1,714,689	China Merchants Holdings International Co., Ltd.		4,021,220
	111,100	Tyco International, Ltd.		2,173,116
				6,194,336
Insurance (10.9%):
	285,450	American International Group, Inc.		285,450
	212	Berkshire Hathaway, Inc., Class A*		18,380,400
	507	Berkshire Hathaway, Inc., Class B*		1,429,740
	11,100	Everest Re Group, Ltd.		785,880
	402,200	Loews Corp.		8,888,620
	1,470	Markel Corp.*		417,304
	353,600	NIPPONKOA Insurance Co., Ltd.		2,039,037
	39,800	Principal Financial Group, Inc.		325,564
	683,460	Progressive Corp. (The)*		9,185,702
	26,100	Sun Life Financial, Inc.		466,146
	110,798	Transatlantic Holdings, Inc.		3,952,165
				46,156,008
Internet & Catalog Retail (0.8%):
	43,500	Amazon.com, Inc.*		3,194,640
	109,050	Liberty Media Corp. — Interactive, Series A*		316,245
				3,510,885
Internet Software & Services (1.9%):
	64,100	eBay, Inc.*		805,096
	21,200	Google, Inc., Class A*		7,378,872
				8,183,968
Machinery (0.1%):
	24,300	PACCAR, Inc.		625,968

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Davis NY Venture Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Shares or Principal			Fair
Amount			Value
Common Stocks, continued
Marine (0.8%):
	1,446,000	China Shipping Development Co., Ltd., Share H	$	1,370,293
	32,800	Kuehne & Nagel International AG		1,916,942
				3,287,235
Media (4.9%):
	642,100	Comcast Corp., Class A		8,263,827
	270,100	Grupo Televisa SA, ADR		3,684,164
	23,900	Lagardere S.C.A.		669,678
	86,860	Liberty Media Corp. — Entertainment, Series A*		1,732,857
	558,900	News Corp.		3,699,918
	144,600	Walt Disney Co. (The)		2,625,936
				20,676,380
Metals & Mining (0.6%):
	79,600	BHP Billiton plc		1,575,729
	33,800	Rio Tinto plc		1,131,575
				2,707,304
Oil, Gas & Consumable Fuels (14.1%):
	207,600	Canadian Natural Resources, Ltd.		8,005,056
	3,114,400	China Coal Energy Co., Share H		2,300,031
	305,700	ConocoPhillips		11,971,212
	258,900	Devon Energy Corp.		11,570,241
	206,800	EOG Resources, Inc.		11,324,368
	244,000	Occidental Petroleum Corp.		13,578,600
	2,600	OGX Petroleo e Gas Participacoes SA*		808,377
				59,557,885
Paper & Forest Products (0.5%):
	302,700	Sino-Forest Corp., Class A		2,110,855
Pharmaceuticals (4.7%):
	90,000	Johnson & Johnson Co.		4,734,000
	93,900	Merck & Co., Inc.		2,511,825
	280,900	Pfizer, Inc.		3,825,858
	367,100	Schering Plough Corp.		8,645,205
				19,716,888
Real Estate Management & Development (0.8%):
	76,300	Brookfield Asset Management, Inc., Class A		1,051,414
	749,000	Hang Lung Group, Ltd.		2,274,037
				3,325,451
Semiconductors & Semiconductor Equipment (2.0%):
	509,100	Texas Instruments, Inc.		8,405,241
Software (2.5%):
	236,300	Activision Blizzard, Inc.*		2,471,698
	441,500	Microsoft Corp.		8,110,355
				10,582,053
Specialty Retail (2.0%):
	214,800	Bed Bath & Beyond, Inc.*		5,316,300
	184,400	CarMax, Inc.*		2,293,936
	38,000	Staples, Inc.		688,180
				8,298,416
Tobacco (0.9%):
	106,600	Philip Morris International, Inc.		3,792,828
Transportation Infrastructure (0.2%):
	961,320	Cosco Pacific, Ltd.		949,294
Total Common Stocks (Cost $497,644,276)				387,647,269
Corporate Bonds (0.7%):
Automobiles (0.7%):
	$3,000,000	Harley-Davidson, Inc., 15.00%, 2/1/14(a)		3,023,826
Total Corporate Bonds (Cost $3,000,000)				3,023,826
Convertible Bonds (0.1%):
Paper & Forest Products (0.1%):
	$688,000	Sino-Forest Corp., 5.00%, 8/1/13(a)		458,380
Total Convertible Bonds (Cost $688,000)				458,380
Investment Company (7.9%):
	33,713,347	Dreyfus Treasury Prime Cash Management, 0.09%(b)		33,713,347
Total Investment Company (Cost $33,713,347)				33,713,347
Total Investment Securities (Cost $535,045,623)(c)—100.2%				424,842,822
Net other assets (liabilities) — (0.2)%				(1,046,529	)
NET ASSETS — 100.0%			$	423,796,293

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
ADR	American Depository Receipt
PLC	Public Liability Co.
(a)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-adviser has deemed these securities to be illiquid based on procedures approved by the Board of Trustees. As of March 31, 2009, these securities represent 0.8% of the net assets of the Fund.
(b)	The rate represents the effective yield at March 31, 2009.
(c)	Cost for federal income tax purposes is $538,616,788. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	12,615,232
Unrealized depreciation		(126,389,198	)
Net unrealized depreciation	$	(113,773,966	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of March 31, 2009:

Country	Percentage
United States		86.6	%
Canada		2.6	%
Switzerland		2.6	%
United Kingdom		2.1	%
Hong Kong		1.7	%
Netherlands		1.0	%
China		0.9	%
Mexico		0.9	%
Bermuda		0.5	%
Japan		0.5	%
Brazil		0.2	%
Cayman Islands		0.2	%
France		0.2	%
Total		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Dreyfus Founders Equity Growth Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks (97.8%):
Aerospace & Defense (2.4%):
	14,540	Goodrich Corp.	$	550,921
	35,610	Honeywell International, Inc.		992,094
	18,090	Lockheed Martin Corp.		1,248,753
				2,791,768
Beverages (3.5%):
	78,730	PepsiCo, Inc.		4,053,020
Biotechnology (6.7%):
	17,250	Alexion Pharmaceuticals, Inc.*		649,635
	10,490	Amgen, Inc.*		519,465
	19,790	Biogen, Inc.*		1,037,392
	26,160	Celgene Corp.*		1,161,504
	7,950	Cephalon, Inc.*		541,395
	18,260	Genzyme Corp.*		1,084,461
	44,891	Gilead Sciences, Inc.*		2,079,351
	25,920	Vertex Pharmaceuticals, Inc.*		744,682
				7,817,885
Capital Markets (2.7%):
	14,360	Franklin Resources, Inc.		773,573
	53,530	Invesco, Ltd.		741,926
	13,880	Northern Trust Corp.		830,301
	25,820	State Street Corp.		794,740
				3,140,540
Chemicals (3.0%):
	18,729	Monsanto Co.		1,556,380
	8,110	Potash Corp. of Saskatchewan, Inc.		655,369
	19,388	Praxair, Inc.		1,304,619
				3,516,368
Communications Equipment (4.1%):
	40,391	Juniper Networks, Inc.*		608,288
	164,030	Motorola, Inc.		693,847
	90,517	QUALCOMM, Inc.		3,522,017
				4,824,152
Computers & Peripherals (9.8%):
	35,628	Apple, Inc.*		3,745,216
	96,418	Hewlett-Packard Co.		3,091,161
	47,680	International Business Machines Corp.		4,619,715
				11,456,092
Consumer Finance (1.7%):
	36,052	Visa, Inc., Class A		2,004,491
Diversified Financial Services (1.1%):
	34,200	Moody’s Corp.		783,864
	6,292	Standard & Poors Depositary Receipt Trust Series 1		499,836
				1,283,700
Electronic Equipment & Instruments (1.4%):
	25,070	Amphenol Corp., Class A		714,244
	25,740	Dolby Laboratories, Inc., Class A*		877,992
				1,592,236
Energy Equipment & Services (2.5%):
	28,110	Cameron International Corp.*		616,452
	44,400	Halliburton Co.		686,868
	33,330	National-Oilwell Varco, Inc.*		956,905
	11,750	Transocean, Ltd.*		691,370
				2,951,595
Food & Staples Retailing (4.3%):
	37,634	CVS Caremark Corp.		1,034,559
	57,305	Wal-Mart Stores, Inc.		2,985,591
	37,740	Walgreen Co.		979,730
				4,999,880
Food Products (0.8%):
	40,686	Kraft Foods, Inc., Class A		906,891
Gas Utilities (1.4%):
	16,770	Noble Energy, Inc.		903,568
	23,250	Questar Corp.		684,247
				1,587,815
Health Care Equipment & Supplies (3.8%):
	28,090	Baxter International, Inc.		1,438,770
	100,690	Boston Scientific Corp.*		800,486
	15,810	Covidien, Ltd.		525,524
	32,730	St. Jude Medical, Inc.*		1,189,081
	13,920	Zimmer Holdings, Inc.*		508,080
				4,461,941
Health Care Providers & Services (2.0%):
	18,040	McKesson HBOC, Inc.		632,122
	26,610	Medco Health Solutions, Inc.*		1,100,057
	17,350	Owens & Minor, Inc.		574,806
				2,306,985
Hotels, Restaurants & Leisure (1.7%):
	58,274	Carnival Corp.		1,258,719
	20,120	Darden Restaurants, Inc.		689,311
				1,948,030
Household Products (2.5%):
	30,164	Colgate-Palmolive Co.		1,779,073
	21,780	Energizer Holdings, Inc.*		1,082,248
				2,861,321
Internet Software & Services (3.5%):
	60,164	Akamai Technologies, Inc.*		1,167,181
	8,327	Google, Inc., Class A*		2,898,296
				4,065,477
IT Services (0.9%):
	39,080	Accenture, Ltd., Class A		1,074,309
Life Sciences Tools & Services (0.6%):
	22,435	Life Technologies Corp.*		728,689
Machinery (5.3%):
	41,030	Cummins, Inc.		1,044,214
	21,620	Danaher Corp.		1,172,236
	36,362	Dover Corp.		959,230
	34,270	Illinois Tool Works, Inc.		1,057,229
	43,380	PACCAR, Inc.		1,117,469
	22,540	Parker Hannifin Corp.		765,909
				6,116,287
Media (1.6%):
	30,930	Omnicom Group, Inc.		723,762
	11,224	Time Warner Cable, Inc.		278,363
	44,717	Time Warner, Inc.		863,031
				1,865,156

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Dreyfus Founders Equity Growth Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Metals & Mining (0.5%):
	15,090	Freeport-McMoRan Copper & Gold, Inc., Class B	$	575,080
Multi-Utilities (0.6%):
	17,170	PG&E Corp.		656,237
Multiline Retail (1.0%):
	16,800	Kohl’s Corp.*		710,976
	54,210	Macy’s, Inc.		482,469
				1,193,445
Oil, Gas & Consumable Fuels (5.7%):
	20,630	ChevronTexaco Corp.		1,387,161
	26,170	Hess Corp.		1,418,414
	32,240	Occidental Petroleum Corp.		1,794,156
	45,700	Southwestern Energy Co.*		1,356,833
	23,910	XTO Energy, Inc.		732,124
				6,688,688
Pharmaceuticals (3.0%):
	38,900	Merck & Co., Inc.		1,040,575
	72,784	Pfizer, Inc.		991,318
	60,800	Schering Plough Corp.		1,431,840
				3,463,733
Road & Rail (1.4%):
	23,890	Norfolk Southern Corp.		806,287
	21,316	Union Pacific Corp.		876,301
				1,682,588
Semiconductors & Semiconductor Equipment (4.2%):
	53,531	Altera Corp.		939,469
	70,299	Broadcom Corp., Class A*		1,404,574
	44,900	Lam Research Corp.*		1,022,373
	166,910	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		1,493,845
				4,860,261
Software (5.9%):
	30,370	BMC Software, Inc.*		1,002,210
	50,853	Electronic Arts, Inc.*		925,016
	43,780	Intuit, Inc.*		1,182,060
	161,330	Oracle Corp.*		2,915,233
	58,830	Symantec Corp.*		878,920
				6,903,439
Specialty Retail (3.7%):
	50,610	American Eagle Outfitters, Inc.		619,466
	28,130	Best Buy Co., Inc.		1,067,815
	30,445	Home Depot, Inc.		717,284
	16,220	O’Reilly Automotive, Inc.*		567,862
	16,770	Ross Stores, Inc.		601,708
	43,200	Staples, Inc.		782,352
				4,356,487
Tobacco (3.7%):
	17,050	Lorillard, Inc.		1,052,667
	90,899	Philip Morris International, Inc.		3,234,186
				4,286,853
Wireless Telecommunication Services (0.8%):
	52,430	MetroPCS Communications, Inc.*		895,504
Total Common Stocks (Cost $120,483,924)				113,916,943
Investment Company (1.4%):
	1,590,664	Dreyfus Treasury Prime Cash Management, 0.09%(a)		1,590,664
Total Investment Company (Cost $1,590,664)				1,590,664
Total Investment Securities (Cost $122,074,588)(b)—99.2%				115,507,607
Net other assets (liabilities) — 0.8%				964,510
NET ASSETS — 100.0%			$	116,472,117

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
ADR	American Depository Receipt
(a)	The rate represents the effective yield at March 31, 2009.
(b)	Cost for federal income tax purposes is $126,772,385. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	3,642,530
Unrealized depreciation		(14,907,308	)
Net unrealized depreciation	$	(11,264,778	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of March 31, 2009:

Country	Percentage
United States		95.0	%
Bermuda		1.4	%
Taiwan		1.3	%
Panama		1.1	%
Canada		0.6	%
Switzerland		0.6	%
Total		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL First Trust Target Double Play Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks (98.5%):
Aerospace & Defense (0.5%):
	6,481	Axsys Technologies, Inc.*	$	272,461
Auto Components (2.9%):
	138,824	Superior Industries International, Inc.		1,645,064
Biotechnology (8.1%):
	42,542	Amgen, Inc.*		2,106,680
	55,504	Myriad Genetics, Inc.*		2,523,767
				4,630,447
Chemicals (5.0%):
	47,997	Eastman Chemical Co.		1,286,320
	66,085	Sensient Technologies Corp.		1,552,997
				2,839,317
Commercial Banks (7.7%):
	148,028	First Bancorp		630,599
	138,098	FNB Corp.		1,059,212
	204,303	Huntington Bancshares, Inc.		339,143
	158,537	Regions Financial Corp.		675,367
	52,393	SunTrust Banks, Inc.		615,094
	115,384	Umpqua Holdings Corp.		1,045,379
				4,364,794
Commercial Services & Supplies (1.6%):
	126,125	R.R. Donnelley & Sons Co.		924,496
Containers & Packaging (1.0%):
	21,968	Rock-Tenn Co., Class A		594,234
Diversified Consumer Services (11.7%):
	30,943	Apollo Group, Inc., Class A*		2,423,765
	22,743	ITT Educational Services, Inc.*		2,761,455
	8,391	Strayer Education, Inc.		1,509,289
				6,694,509
Electric Utilities (2.5%):
	53,776	Pinnacle West Capital Corp.		1,428,291
Food & Staples Retailing (4.6%):
	7,418	Nash Finch Co.		208,371
	13,441	Spartan Stores, Inc.		207,126
	41,948	Wal-Mart Stores, Inc.		2,185,491
				2,600,988
Food Products (3.3%):
	56,602	Flowers Foods, Inc.		1,329,015
	18,348	TreeHouse Foods, Inc.*		528,239
				1,857,254
Health Care Equipment & Supplies (2.1%):
	33,805	CryoLife, Inc.*		175,110
	13,224	Greatbatch, Inc.*		255,884
	34,699	STERIS Corp.		807,793
				1,238,787
Health Care Technology (0.7%):
	11,316	Computer Programs & Systems, Inc.		376,483
Hotels, Restaurants & Leisure (5.6%):
	41,071	McDonald’s Corp.		2,241,245
	17,226	Panera Bread Co., Class A*		962,933
				3,204,178
Industrial Conglomerate (1.0%):
	101,823	Textron, Inc.		584,464
IT Services (0.9%):
	12,605	ManTech International Corp., Class A*		528,150
Machinery (3.3%):
	113,242	Briggs & Stratton Corp.		1,868,493
Media (1.7%):
	218,675	New York Times Co., Class A		988,411
Metals & Mining (1.8%):
	17,848	Compass Minerals International, Inc.		1,006,092
Multi-Utilities (4.8%):
	134,014	NiSource, Inc.		1,313,337
	46,696	SCANA Corp.		1,442,440
				2,755,777
Multiline Retail (9.1%):
	54,629	Dollar Tree, Inc.*		2,433,722
	82,316	Family Dollar Stores, Inc.		2,746,885
				5,180,607
Paper & Forest Products (2.9%):
	136,553	MeadWestvaco Corp.		1,637,271
Specialty Retail (9.0%):
	21,866	AutoZone, Inc.*		3,555,849
	25,871	Buckle, Inc. (The)		826,061
	21,070	Tractor Supply Co.*		759,784
				5,141,694
Thrifts & Mortgage Finance (4.2%):
	101,690	First Niagara Financial Group, Inc.		1,108,421
	94,877	Washington Federal, Inc.		1,260,915
				2,369,336
Tobacco (2.5%):
	48,617	Universal Corp.		1,454,621
Total Common Stocks (Cost $64,929,847)				56,186,219
Investment Company (1.4%):
	795,299	Dreyfus Treasury Prime Cash Management, 0.09%(a)		795,299
Total Investment Company (Cost $795,299)				795,299
Total Investment Securities (Cost $65,725,146)(b)—99.9%				56,981,518
Net other assets (liabilities) — 0.1%				79,806
NET ASSETS — 100.0%			$	57,061,324

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
(a)	The rate represents the effective yield at March 31, 2009.
(b)	Cost for federal income tax purposes is $66,855,414. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	4,148,509
Unrealized depreciation		(14,022,405	)
Net unrealized depreciation	$	(9,873,896	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of March 31, 2009:

Country	Percentage
United States		98.9	%
Puerto Rico		1.1	%
Total		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Franklin Small Cap Value Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks (94.5%):
Airline (1.4%):
	180,000	SkyWest, Inc.	$	2,239,200
Auto Components (2.1%):
	85,600	Autoliv, Inc.		1,589,592
	181,500	Gentex Corp.		1,807,740
				3,397,332
Automobiles (2.1%):
	170,500	Thor Industries, Inc.		2,663,210
	130,000	Winnebago Industries, Inc.		690,300
				3,353,510
Building Products (5.6%):
	85,000	American Woodmark Corp.		1,492,600
	222,000	Apogee Enterprises, Inc.		2,437,560
	91,600	Simpson Manufacturing Co., Inc.		1,650,632
	130,000	Universal Forest Products, Inc.		3,459,300
				9,040,092
Chemicals (4.9%):
	60,000	Airgas, Inc.		2,028,600
	82,000	Cabot Corp.		861,820
	188,900	RPM International, Inc.		2,404,697
	180,000	Westlake Chemical Corp.		2,633,400
				7,928,517
Commercial Banks (1.4%):
	100,000	Chemical Financial Corp.		2,081,000
	14,700	Peoples Bancorp, Inc.		190,806
				2,271,806
Commercial Services & Supplies (2.7%):
	141,000	ABM Industries, Inc.		2,312,400
	100,000	Mine Safety Appliances Co.		2,002,000
				4,314,400
Computers & Peripherals (0.3%):
	25,000	Diebold, Inc.		533,750
Construction & Engineering (0.6%):
	57,000	Emcor Group, Inc.*		978,690
Containers & Packaging (0.8%):
	40,000	AptarGroup, Inc.		1,245,600
Diversified Consumer Services (0.6%):
	70,000	Regis Corp.		1,011,500
Electric Utilities (1.9%):
	336,000	NV Energy, Inc.		3,155,040
Electrical Equipment (2.8%):
	28,800	A.O. Smith Corp.		725,184
	121,000	Brady Corp., Class A		2,133,230
	60,000	Franklin Electric Co., Inc.		1,327,800
	9,900	Powell Industries, Inc.*		349,569
				4,535,783
Electronic Equipment & Instruments (4.6%):
	260,000	Benchmark Electronics, Inc.*		2,912,000
	30,000	Mettler-Toledo International, Inc.*		1,539,900
	69,000	Rofin-Sinar Technologies, Inc.*		1,112,280
	45,000	Roper Industries, Inc.		1,910,250
				7,474,430
Energy Equipment & Services (5.5%):
	52,000	Atwood Oceanics, Inc.*		862,680
	83,100	Bristow Group, Inc.*		1,780,833
	6,500	CARBO Ceramics, Inc.		184,860
	250,000	Global Industries, Ltd.*		960,000
	72,700	Oil States International, Inc.*		975,634
	165,000	Rowan Cos., Inc.		1,975,050
	24,400	Tidewater, Inc.		905,972
	61,000	Unit Corp.*		1,276,120
				8,921,149
Food & Staples Retailing (1.6%):
	95,000	Casey’s General Stores, Inc.		2,532,700
Gas Utilities (1.5%):
	35,000	Atmos Energy Corp.		809,200
	56,500	Energen Corp.		1,645,845
				2,455,045
Health Care Equipment & Supplies (1.8%):
	55,000	STERIS Corp.		1,280,400
	50,500	West Pharmaceutical Services, Inc.		1,656,905
				2,937,305
Household Durables (5.0%):
	1,000	Bassett Furniture Industries, Inc.		1,940
	202,300	D. R. Horton, Inc.		1,962,310
	103,000	Ethan Allen Interiors, Inc.		1,159,780
	180,000	Hooker Furniture Corp.		1,519,200
	238,920	La-Z-Boy, Inc.		298,650
	70,000	M.D.C. Holdings, Inc.		2,179,800
	153,800	M/I Homes, Inc.		1,075,062
				8,196,742
Industrial Conglomerates (2.3%):
	95,000	Carlisle Cos., Inc.		1,864,850
	46,000	Teleflex, Inc.		1,798,140
				3,662,990
Insurance (13.8%):
	21,400	American National Insurance Co.		1,121,574
	70,400	Arthur J. Gallagher & Co.		1,196,800
	135,000	Aspen Insurance Holdings, Ltd.		3,032,100
	50,100	Erie Indemnity Co., Class A		1,712,418
	125,000	IPC Holdings, Ltd.		3,380,000
	195,000	Montpelier Re Holdings, Ltd.		2,527,200
	450,000	Old Republic International Corp.		4,869,000
	201,065	Protective Life Corp.		1,055,591
	32,000	RLI Corp.		1,606,400
	45,000	StanCorp Financial Group, Inc.		1,025,100
	333,800	Syncora Holdings, Ltd.*		83,450
	33,800	Zenith National Insurance Corp.		814,918
				22,424,551
Leisure Equipment & Products (0.5%):
	232,100	Brunswick Corp.		800,745
Machinery (10.5%):
	25,300	Actuant Corp., Inc.		569,756
	23,000	Astec Industries, Inc.*		603,290
	103,000	Briggs & Stratton Corp.		1,699,500
	18,000	CNH Global NV		186,840
	68,000	Gardner Denver, Inc.*		1,478,320
	88,600	Graco, Inc.		1,512,402
	107,000	Kennametal, Inc.		1,734,470
	46,700	Lincoln Electric Holdings, Inc.		1,479,923
	124,800	Mueller Industries, Inc.		2,706,912

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Franklin Small Cap Value Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Machinery, continued
	62,900	Nordson Corp.	$	1,788,247
	26,000	Timken Co.		362,960
	135,000	Trinity Industries, Inc.		1,233,900
	260,000	Wabash National Corp.		319,800
	70,000	Watts Water Technologies, Inc., Class A		1,369,200
				17,045,520
Marine (0.5%):
	60,000	Teekay Shipping Corp.		853,800
Metals & Mining (4.5%):
	337,600	Gerdau Ameristeel Corp.		1,036,432
	225,000	Gibraltar Industries, Inc.		1,062,000
	100,000	Reliance Steel & Aluminum Co.		2,633,000
	273,000	Steel Dynamics, Inc.		2,405,130
	10,000	United States Steel Corp.		211,300
				7,347,862
Multiline Retail (2.8%):
	135,000	Fred’s, Inc.		1,522,800
	115,000	J.C. Penney Co., Inc.		2,308,050
	208,200	Saks, Inc.*		389,334
	274,000	Tuesday Morning Corp.*		347,980
				4,568,164
Oil, Gas & Consumable Fuels (1.3%):
	42,400	Arch Coal, Inc.		566,888
	159,000	Helix Energy Solutions Group, Inc.*		817,260
	32,500	Overseas Shipholding Group, Inc.		736,775
				2,120,923
Paper & Forest Products (0.6%):
	160,000	Glatfelter		998,400
Road & Rail (1.4%):
	82,200	Genesee & Wyoming, Inc., Class A*		1,746,750
	41,900	Kansas City Southern Industries, Inc.*		532,549
				2,279,299
Semiconductors & Semiconductor Equipment (1.1%):
	180,000	Cohu, Inc.		1,296,000
	69,300	OmniVision Technologies, Inc.*		465,696
				1,761,696
Specialty Retail (4.0%):
	286,000	Christopher & Banks Corp.		1,169,740
	98,109	Group 1 Automotive, Inc.		1,370,583
	38,300	Gymboree Corp.*		817,705
	139,600	Men’s Wearhouse, Inc. (The)		2,113,544
	167,000	Pier 1 Imports, Inc.*		93,520
	118,600	West Marine, Inc.*		634,510
	182,000	Zale Corp.*		354,900
				6,554,502
Textiles, Apparel & Luxury Goods (2.0%):
	200,000	Brown Shoe Co., Inc.		750,000
	61,600	Timberland Co., Class A*		735,504
	74,000	Warnaco Group, Inc. (The)*		1,776,000
				3,261,504
Thrifts & Mortgage Finance (1.4%):
	285,000	Corus Bankshares, Inc.*		76,950
	373,500	TrustCo Bank Corp.		2,248,470
				2,325,420
Trading Companies & Distributors (0.6%):
	56,100	Applied Industrial Technologies, Inc.		946,407
Total Common Stocks (Cost $255,776,603)				153,474,374
Investment Company (5.4%):
	8,767,899	Dreyfus Treasury Prime Cash Management, 0.09%(a)		8,767,899
Total Investment Company (Cost $8,767,899)				8,767,899
Total Investment Securities (Cost $264,544,502)(b)—99.9%				162,242,273
Net other assets (liabilities) — 0.1%				178,325
NET ASSETS — 100.0%			$	162,420,598

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
(a)	The rate represents the effective yield at March 31, 2009.
(b)	Cost for federal income tax purposes is $264,793,242. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	5,191,485
Unrealized depreciation		(107,742,454	)
Net unrealized depreciation	$	(102,550,969	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of March 31, 2009:

Country	Percentage
United States		93.2	%
Bermuda		5.6	%
Canada		0.6	%
Marshall Islands		0.5	%
Netherlands		0.1	%
Total		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Jennison 20/20 Focus Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks (95.4%):
Biotechnology (4.9%):
	131,000	Celgene Corp.*	$	5,816,400
	174,500	Gilead Sciences, Inc.*		8,082,840
				13,899,240
Capital Markets (5.5%):
	308,800	Charles Schwab Corp.		4,786,400
	103,200	Goldman Sachs Group, Inc.		10,941,264
				15,727,664
Chemicals (2.7%):
	92,300	Monsanto Co.		7,670,130
Commercial Services & Supplies (2.5%):
	279,100	Waste Management, Inc.		7,144,960
Communications Equipment (5.5%):
	243,500	QUALCOMM, Inc.		9,474,585
	148,500	Research In Motion, Ltd.*		6,395,895
				15,870,480
Computers & Peripherals (2.7%):
	74,717	Apple, Inc.*		7,854,251
Consumer Finance (1.6%):
	945,700	SLM Corp.*		4,681,215
Diversified Consumer Services (4.5%):
	215,100	Career Education Corp.*		5,153,796
	421,300	H&R Block, Inc.		7,663,447
				12,817,243
Food & Staples Retailing (2.4%):
	330,700	Kroger Co.		7,017,454
Food Products (5.1%):
	226,908	Cadbury plc, ADR		6,875,312
	463,200	ConAgra Foods, Inc.		7,814,184
				14,689,496
Health Care Equipment & Supplies (4.6%):
	65,600	Alcon, Inc.		5,963,696
	139,700	Baxter International, Inc.		7,155,434
				13,119,130
Health Care Providers & Services (4.8%):
	303,100	Aetna, Inc.		7,374,423
	153,800	Medco Health Solutions, Inc.*		6,358,092
				13,732,515
Household Products (2.1%):
	102,100	Colgate-Palmolive Co.		6,021,858
Internet & Catalog Retail (3.3%):
	127,400	Amazon.com, Inc.*		9,356,256
Internet Software & Services (5.7%):
	26,800	Google, Inc., Class A*		9,328,008
	464,500	IAC/InterActive Corp.*		7,074,335
				16,402,343
IT Services (5.1%):
	43,500	MasterCard, Inc., Class A		7,285,380
	134,200	Visa, Inc., Class A		7,461,520
				14,746,900
Media (1.6%):
	13,280,960	Sirius XM Radio, Inc.*		4,648,336
Metals & Mining (4.1%):
	1,250,000	Century Aluminum Co.*		2,637,500
	235,700	Freeport-McMoRan Copper & Gold, Inc., Class B		8,982,527
				11,620,027
Multi-Utilities (2.7%):
	166,100	Sempra Energy		7,680,464
Oil, Gas & Consumable Fuels (14.0%):
	118,900	Occidental Petroleum Corp.		6,616,785
	273,600	Petroleo Brasileiro SA, ADR		8,336,592
	234,100	Southwestern Energy Co.*		6,950,429
	323,300	Suncor Energy, Inc.		7,180,493
	598,600	Williams Cos., Inc. (The)		6,812,068
	136,200	XTO Energy, Inc.		4,170,444
				40,066,811
Pharmaceuticals (2.7%):
	173,000	Teva Pharmaceutical Industries, Ltd., ADR		7,793,650
Software (4.3%):
	240,400	Adobe Systems, Inc.*		5,142,156
	482,200	Symantec Corp.*		7,204,068
				12,346,224
Wireless Telecommunication Services (3.0%):
	565,700	NII Holdings, Inc.*		8,485,500
Total Common Stocks (Cost $329,439,108)				273,392,147
Investment Company (6.0%):
	17,318,064	Dreyfus Treasury Prime Cash Management, 0.09%(a)		17,318,064
Total Investment Company (Cost $17,318,064)				17,318,064
Total Investments Securities (Cost $346,757,172)(b)—101.4%				290,710,211
Net other assets (liabilities) — (1.4)%				(4,141,004	)
NET ASSETS — 100.0%			$	286,569,207

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
ADR	American Depository Receipt
(a)	The rate represents the effective yield at March 31, 2009.
(b)	Cost for federal income tax purposes is $359,623,603. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	13,924,430
Unrealized depreciation		(82,837,822	)
Net unrealized depreciation	$	(68,913,392	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of March 31, 2009:

Country	Percentage
United States		85.3	%
Canada		4.6	%
Brazil		2.9	%
Israel		2.7	%
United Kingdom		2.4	%
Switzerland		2.1	%
Total		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL JPMorgan Large Cap Equity Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks (99.0%):
Aerospace & Defense (2.3%):
	5,085	Boeing Co. (The)	$	180,924
	3,987	Honeywell International, Inc.		111,078
	2,571	Northrop Grumman Corp.		112,198
	18,420	United Technologies Corp.		791,692
				1,195,892
Auto Components (0.9%):
	38,241	Johnson Controls, Inc.		458,892
Beverages (3.0%):
	22,178	Coca-Cola Co. (The)		974,723
	11,788	PepsiCo, Inc.		606,846
				1,581,569
Biotechnology (2.1%):
	814	Alexion Pharmaceuticals, Inc.*		30,655
	3,076	Amgen, Inc.*		152,324
	7,663	Celgene Corp.*		340,237
	12,104	Gilead Sciences, Inc.*		560,657
				1,083,873
Capital Markets (4.0%):
	1,678	Ameriprise Financial, Inc.		34,382
	15,835	Bank of New York Mellon Corp.		447,339
	8,103	Goldman Sachs Group, Inc.		859,080
	16,000	Morgan Stanley		364,320
	5,803	State Street Corp.		178,616
	15,708	TD AMERITRADE Holding Corp.*		216,928
				2,100,665
Chemicals (2.4%):
	8,645	E.I. du Pont de Nemours & Co.		193,043
	1,995	Monsanto Co.		165,784
	13,448	Praxair, Inc.		904,916
				1,263,743
Commercial Banks (2.4%):
	3,532	BB&T Corp.		59,761
	1,136	Comerica, Inc.		20,800
	11,809	KeyCorp		92,937
	3,102	PNC Financial Services Group, Inc.		90,858
	21,514	U.S. Bancorp		314,319
	47,791	Wells Fargo & Co.		680,544
				1,259,219
Communications Equipment (6.5%):
	90,495	Cisco Systems, Inc.*		1,517,601
	58,807	Corning, Inc.		780,369
	20,953	Juniper Networks, Inc.*		315,552
	20,687	QUALCOMM, Inc.		804,931
				3,418,453
Computers & Peripherals (6.9%):
	6,447	Apple, Inc.*		677,709
	57,510	Hewlett-Packard Co.		1,843,771
	7,736	International Business Machines Corp.		749,541
	12,549	NetApp, Inc.*		186,227
	7,391	SanDisk Corp.*		93,496
	3,060	Western Digital Corp.*		59,180
				3,609,924
Construction & Engineering (0.1%):
	1,215	Fluor Corp.		41,978
Consumer Finance (0.3%):
	11,829	American Express Co.		161,229
Diversified Financial Services (1.2%):
	62,976	Bank of America Corp.		429,496
	5,728	Capital One Financial Corp.		70,111
	475	CME Group, Inc.		117,035
				616,642
Diversified Telecommunication Services (3.0%):
	36,762	AT&T, Inc.		926,402
	21,895	Verizon Communications, Inc.		661,229
				1,587,631
Electric Utilities (2.6%):
	9,370	American Electric Power Co., Inc.		236,686
	5,763	Edison International		166,032
	11,188	Exelon Corp.		507,823
	2,936	FirstEnergy Corp.		113,330
	2,543	FPL Group, Inc.		129,006
	20,143	NV Energy, Inc.		189,143
				1,342,020
Electrical Equipment (0.4%):
	4,587	Emerson Electric Co.		131,097
	3,760	Rockwell International Corp.		82,118
				213,215
Energy Equipment & Services (2.5%):
	27,115	Halliburton Co.		419,469
	18,035	Schlumberger, Ltd.		732,582
	1,593	Smith International, Inc.		34,217
	944	Transocean, Ltd.*		55,545
	7,295	Weatherford International, Ltd.*		80,756
				1,322,569
Food & Staples Retailing (5.2%):
	17,210	CVS Caremark Corp.		473,103
	36,269	Safeway, Inc.		732,271
	33,701	SYSCO Corp.		768,383
	14,408	Wal-Mart Stores, Inc.		750,657
				2,724,414
Food Products (1.2%):
	9,684	General Mills, Inc.		483,038
	7,198	Kraft Foods, Inc., Class A		160,443
				643,481
Health Care Equipment & Supplies (1.4%):
	678	Bard (C.R.), Inc.		54,050
	3,656	Boston Scientific Corp.*		29,065
	6,419	Covidien, Ltd.		213,368
	6,498	Medtronic, Inc.		191,496
	6,288	Zimmer Holdings, Inc.*		229,512
				717,491
Health Care Providers & Services (1.7%):
	7,283	Aetna, Inc.		177,195
	8,110	Cardinal Health, Inc.		255,303
	2,904	McKesson HBOC, Inc.		101,756
	3,334	UnitedHealth Group, Inc.		69,781
	7,425	WellPoint, Inc.*		281,927
				885,962

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL JPMorgan Large Cap Equity Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Hotels, Restaurants & Leisure (1.0%):
	11,493	Carnival Corp.	$	248,249
	30,229	International Game Technology		278,711
	2,915	Royal Caribbean Cruises, Ltd.		23,349
				550,309
Household Durables (0.5%):
	10,515	D. R. Horton, Inc.		101,996
	13,417	KB Home		176,836
				278,832
Household Products (2.1%):
	23,206	Procter & Gamble Co. (The)		1,092,771
Industrial Conglomerate (0.5%):
	25,639	General Electric Co.		259,210
Insurance (2.7%):
	8,560	ACE, Ltd.		345,824
	2,095	AFLAC, Inc.		40,559
	463	Arch Capital Group, Ltd.*		24,937
	2,130	Axis Capital Holdings, Ltd.		48,010
	7,843	MetLife, Inc.		178,585
	6,219	Prudential Financial, Inc.		118,286
	9,941	RenaissanceRe Holdings, Ltd.		491,483
	4,317	Travelers Cos., Inc. (The)		175,443
				1,423,127
Internet & Catalog Retail (0.3%):
	2,266	Amazon.com, Inc.*		166,415
Internet Software & Services (2.0%):
	2,724	Google, Inc., Class A*		948,115
	9,154	Yahoo!, Inc.*		117,263
				1,065,378
IT Services (0.2%):
	3,364	Paychex, Inc.		86,354
Machinery (1.6%):
	11,538	Caterpillar, Inc.		322,603
	8,384	Deere & Co.		275,582
	9,978	PACCAR, Inc.		257,033
				855,218
Media (3.3%):
	10,458	Time Warner Cable, Inc.		259,350
	44,588	Time Warner, Inc.		860,554
	33,736	Walt Disney Co. (The)		612,646
				1,732,550
Metals & Mining (0.5%):
	7,568	Freeport-McMoRan Copper & Gold, Inc., Class B		288,417
Multi-Utilities (1.1%):
	3,400	Consolidated Edison, Inc.		134,674
	4,972	PG&E Corp.		190,030
	7,774	Public Service Enterprise Group, Inc.		229,100
				553,804
Multiline Retail (0.4%):
	5,424	Kohl’s Corp.*		229,544
Oil, Gas & Consumable Fuels (10.0%):
	3,164	Anadarko Petroleum Corp.		123,048
	9,278	Apache Corp.		594,627
	5,899	Chesapeake Energy Corp.		100,637
	11,754	ChevronTexaco Corp.		790,339
	10,878	ConocoPhillips		425,982
	4,833	Devon Energy Corp.		215,987
	944	EOG Resources, Inc.		51,693
	31,585	Exxon Mobil Corp.		2,150,939
	3,452	Hess Corp.		187,098
	10,432	Occidental Petroleum Corp.		580,541
				5,220,891
Pharmaceuticals (9.9%):
	23,041	Abbott Laboratories		1,099,056
	10,210	Bristol-Myers Squibb Co.		223,803
	2,899	Johnson & Johnson Co.		152,488
	44,553	Merck & Co., Inc.		1,191,793
	87,302	Pfizer, Inc.		1,189,053
	39,909	Schering Plough Corp.		939,857
	9,356	Wyeth		402,682
				5,198,732
Road & Rail (2.8%):
	12,322	CSX Corp.		318,524
	34,084	Norfolk Southern Corp.		1,150,335
				1,468,859
Semiconductors & Semiconductor Equipment (1.7%):
	9,418	Broadcom Corp., Class A*		188,171
	7,769	KLA-Tencor Corp.		155,380
	7,514	Lam Research Corp.*		171,094
	25,145	LSI Logic Corp.*		76,441
	2,611	National Semiconductor Corp.		26,815
	3,390	Novellus Systems, Inc.*		56,376
	10,946	Xilinx, Inc.		209,725
				884,002
Software (3.8%):
	2,637	Adobe Systems, Inc.*		56,405
	89,008	Microsoft Corp.		1,635,077
	16,623	Oracle Corp.*		300,378
				1,991,860
Specialty Retail (2.0%):
	3,042	Advance Auto Parts		124,965
	3,108	CarMax, Inc.*		38,664
	49,294	Staples, Inc.		892,714
				1,056,343
Textiles, Apparel & Luxury Goods (0.8%):
	3,955	Nike, Inc., Class B		185,450
	576	Polo Ralph Lauren Corp.		24,336
	3,277	V.F. Corp.		187,150
				396,936
Tobacco (1.5%):
	29,439	Altria Group, Inc.		471,613
	9,374	Philip Morris International, Inc.		333,527
				805,140
Wireless Telecommunication Services (0.2%):
	25,200	Sprint Nextel Corp.*		89,964
Total Common Stocks (Cost $55,292,149)				51,923,518
Exchange Traded Funds (0.2%):
	5,074	iShares Dow Jones U.S. Real Estate Index Fund		129,184

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL JPMorgan Large Cap Equity Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Exchange Traded Funds, continued
Total Exchange Traded Funds (Cost $150,217)			$	129,184
Investment Company (1.2%):
	629,285	Dreyfus Treasury Prime Cash Management, 0.09%(a)		629,285
Total Investment Company (Cost $629,285)				629,285
Total Investment Securities (Cost $56,071,651)(b)—100.4%				52,681,987
Net other assets (liabilities) — (0.4)%				(227,378	)
NET ASSETS — 100.0%			$	52,454,609

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
(a)	The rate represents the effective yield at March 31, 2009.
(b)	Cost for federal income tax purposes is $60,792,821. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	1,934,206
Unrealized depreciation		(10,045,040	)
Net unrealized depreciation	$	(8,110,834	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of March 31, 2009:

Country	Percentage
United States		95.7	%
Bermuda		1.5	%
Netherlands		1.4	%
Switzerland		0.9	%
Panama		0.5	%
Liberia		0.0	%
Total		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL JPMorgan U.S. Equity Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks (97.1%):
Aerospace & Defense (2.2%):
	5,475	Boeing Co. (The)	$	194,801
	4,290	Honeywell International, Inc.		119,519
	2,768	Northrop Grumman Corp.		120,796
	19,833	United Technologies Corp.		852,422
				1,287,538
Auto Components (0.9%):
	41,150	Johnson Controls, Inc.		493,800
Beverages (3.0%):
	23,879	Coca-Cola Co. (The)		1,049,482
	12,685	PepsiCo, Inc.		653,024
				1,702,506
Biotechnology (2.0%):
	876	Alexion Pharmaceuticals, Inc.*		32,990
	3,311	Amgen, Inc.*		163,961
	8,245	Celgene Corp.*		366,078
	13,025	Gilead Sciences, Inc.*		603,318
				1,166,347
Capital Markets (3.9%):
	1,807	Ameriprise Financial, Inc.		37,025
	17,041	Bank of New York Mellon Corp.		481,408
	8,723	Goldman Sachs Group, Inc.		924,813
	17,107	Morgan Stanley		389,526
	6,248	State Street Corp.		192,313
	16,913	TD AMERITRADE Holding Corp.*		233,569
				2,258,654
Chemicals (2.4%):
	9,308	E.I. du Pont de Nemours & Co.		207,848
	2,148	Monsanto Co.		178,499
	14,470	Praxair, Inc.		973,686
				1,360,033
Commercial Banks (2.4%):
	3,802	BB&T Corp.		64,330
	1,223	Comerica, Inc.		22,393
	12,715	KeyCorp		100,067
	3,340	PNC Financial Services Group, Inc.		97,829
	23,148	U.S. Bancorp		338,192
	51,421	Wells Fargo & Co.		732,235
				1,355,046
Communications Equipment (6.4%):
	97,371	Cisco Systems, Inc.*		1,632,911
	63,277	Corning, Inc.		839,686
	22,545	Juniper Networks, Inc.*		339,528
	22,258	QUALCOMM, Inc.		866,059
				3,678,184
Computers & Peripherals (6.7%):
	6,942	Apple, Inc.*		729,743
	61,483	Hewlett-Packard Co.		1,971,145
	8,324	International Business Machines Corp.		806,512
	13,512	NetApp, Inc.*		200,518
	7,958	SanDisk Corp.*		100,669
	3,291	Western Digital Corp.*		63,648
				3,872,235
Construction & Engineering (0.1%):
	1,308	Fluor Corp.		45,191
Consumer Finance (0.3%):
	12,646	American Express Co.		172,365
Diversified Financial Services (1.2%):
	67,776	Bank of America Corp.		462,232
	6,124	Capital One Financial Corp.		74,958
	511	CME Group, Inc.		125,905
				663,095
Diversified Telecommunication Services (3.0%):
	39,583	AT&T, Inc.		997,492
	23,575	Verizon Communications, Inc.		711,965
				1,709,457
Electric Utilities (2.5%):
	10,107	American Electric Power Co., Inc.		255,303
	6,205	Edison International		178,766
	12,046	Exelon Corp.		546,768
	3,053	FirstEnergy Corp.		117,846
	2,738	FPL Group, Inc.		138,899
	21,689	NV Energy, Inc.		203,659
				1,441,241
Electrical Equipment (0.4%):
	4,936	Emerson Electric Co.		141,071
	4,046	Rockwell International Corp.		88,364
				229,435
Energy Equipment & Services (2.5%):
	30,338	Halliburton Co.		469,329
	19,403	Schlumberger, Ltd.		788,150
	1,716	Smith International, Inc.		36,860
	1,016	Transocean, Ltd.*		59,781
	7,854	Weatherford International, Ltd.*		86,944
				1,441,064
Food & Staples Retailing (5.1%):
	18,518	CVS Caremark Corp.		509,060
	39,052	Safeway, Inc.		788,460
	36,287	SYSCO Corp.		827,344
	15,514	Wal-Mart Stores, Inc.		808,279
				2,933,143
Food Products (1.2%):
	10,355	General Mills, Inc.		516,507
	7,696	Kraft Foods, Inc., Class A		171,544
				688,051
Health Care Equipment & Supplies (1.4%):
	730	Bard (C.R.), Inc.		58,196
	3,936	Boston Scientific Corp.*		31,291
	6,911	Covidien, Ltd.		229,722
	6,996	Medtronic, Inc.		206,172
	7,036	Zimmer Holdings, Inc.*		256,814
				782,195
Health Care Providers & Services (1.7%):
	7,842	Aetna, Inc.		190,796
	8,726	Cardinal Health, Inc.		274,694
	3,127	McKesson HBOC, Inc.		109,570
	3,589	UnitedHealth Group, Inc.		75,118
	7,994	WellPoint, Inc.*		303,532
				953,710

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL JPMorgan U.S. Equity Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Hotels, Restaurants & Leisure (1.0%):
	12,366	Carnival Corp.	$	267,106
	32,548	International Game Technology		300,092
	3,137	Royal Caribbean Cruises, Ltd.		25,127
				592,325
Household Durables (0.5%):
	11,322	D. R. Horton, Inc.		109,823
	14,437	KB Home		190,280
				300,103
Household Products (2.0%):
	24,986	Procter & Gamble Co. (The)		1,176,591
Industrial Conglomerate (0.5%):
	27,414	General Electric Co.		277,156
Insurance (2.7%):
	9,152	ACE, Ltd.		369,741
	2,254	AFLAC, Inc.		43,637
	499	Arch Capital Group, Ltd.*		26,876
	2,294	Axis Capital Holdings, Ltd.		51,707
	8,444	MetLife, Inc.		192,270
	6,691	Prudential Financial, Inc.		127,263
	10,703	RenaissanceRe Holdings, Ltd.		529,156
	4,648	Travelers Cos., Inc. (The)		188,895
				1,529,545
Internet & Catalog Retail (0.3%):
	2,440	Amazon.com, Inc.*		179,194
Internet Software & Services (2.0%):
	2,931	Google, Inc., Class A*		1,020,164
	9,856	Yahoo!, Inc.*		126,255
				1,146,419
IT Services (0.2%):
	3,620	Paychex, Inc.		92,925
Machinery (1.6%):
	12,423	Caterpillar, Inc.		347,347
	9,022	Deere & Co.		296,553
	10,744	PACCAR, Inc.		276,766
				920,666
Media (3.2%):
	11,252	Time Warner Cable, Inc.		279,042
	47,975	Time Warner, Inc.		925,910
	36,293	Walt Disney Co. (The)		659,081
				1,864,033
Metals & Mining (0.5%):
	8,143	Freeport-McMoRan Copper & Gold, Inc., Class B		310,330
Multi-Utilities (1.0%):
	3,400	Consolidated Edison, Inc.		134,674
	5,354	PG&E Corp.		204,630
	8,312	Public Service Enterprise Group, Inc.		244,954
				584,258
Multiline Retail (0.4%):
	5,840	Kohl’s Corp.*		247,149
Oil, Gas & Consumable Fuels (9.7%):
	3,407	Anadarko Petroleum Corp.		132,498
	9,990	Apache Corp.		640,259
	6,352	Chesapeake Energy Corp.		108,365
	12,568	ChevronTexaco Corp.		845,072
	11,703	ConocoPhillips		458,290
	5,168	Devon Energy Corp.		230,958
	1,016	EOG Resources, Inc.		55,636
	34,009	Exxon Mobil Corp.		2,316,013
	3,717	Hess Corp.		201,462
	11,203	Occidental Petroleum Corp.		623,447
				5,612,000
Pharmaceuticals (9.7%):
	24,792	Abbott Laboratories		1,182,578
	10,993	Bristol-Myers Squibb Co.		240,967
	3,119	Johnson & Johnson Co.		164,059
	47,947	Merck & Co., Inc.		1,282,582
	93,341	Pfizer, Inc.		1,271,305
	42,946	Schering Plough Corp.		1,011,378
	10,069	Wyeth		433,370
				5,586,239
Road & Rail (2.7%):
	13,259	CSX Corp.		342,745
	36,674	Norfolk Southern Corp.		1,237,748
				1,580,493
Semiconductors & Semiconductor Equipment (1.7%):
	10,136	Broadcom Corp., Class A*		202,517
	8,365	KLA-Tencor Corp.		167,300
	8,085	Lam Research Corp.*		184,095
	26,882	LSI Logic Corp.*		81,721
	2,809	National Semiconductor Corp.		28,848
	3,650	Novellus Systems, Inc.*		60,700
	11,778	Xilinx, Inc.		225,667
				950,848
Software (3.7%):
	2,817	Adobe Systems, Inc.*		60,255
	95,772	Microsoft Corp.		1,759,332
	17,889	Oracle Corp.*		323,254
				2,142,841
Specialty Retail (2.0%):
	3,273	Advance Auto Parts		134,455
	3,346	CarMax, Inc.*		41,624
	53,042	Staples, Inc.		960,591
				1,136,670
Textiles, Apparel & Luxury Goods (0.7%):
	4,259	Nike, Inc., Class B		199,705
	621	Polo Ralph Lauren Corp.		26,237
	3,529	V.F. Corp.		201,541
				427,483
Tobacco (1.5%):
	31,697	Altria Group, Inc.		507,786
	10,093	Philip Morris International, Inc.		359,109
				866,895
Wireless Telecommunication Services (0.2%):
	27,134	Sprint Nextel Corp.*		96,868
Total Common Stocks (Cost $59,972,848)				55,854,321
Exchange Traded Funds (0.2%):
	5,463	iShares Dow Jones U.S. Real Estate Index Fund		139,088

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL JPMorgan U.S. Equity Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Exchange Traded Funds, continued
Total Exchange Traded Funds (Cost $158,982)			$	139,088
Investment Company (3.0%):
	1,729,273	Dreyfus Treasury Prime Cash Management, 0.09%(a)		1,729,273
Total Investment Company (Cost $1,729,273)				1,729,273
Total Investment Securities (Cost $61,861,103)(b)—100.3%				57,722,682
Net other assets (liabilities) — (0.3)%				(171,209	)
NET ASSETS — 100.0%			$	57,551,473

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
(a)	The rate represents the effective yield at March 31, 2009.
(b)	Cost for federal income tax purposes is $68,526,174. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	2,038,668
Unrealized depreciation		(12,842,160	)
Net unrealized depreciation	$	(10,803,492	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of March 31, 2009:

Country	Percentage
United States		95.7	%
Bermuda		1.5	%
Netherlands		1.4	%
Switzerland		0.9	%
Panama		0.5	%
Liberia		0.0	%
Total		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Money Market Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

Principal			Fair
Amount			Value
Certificates of Deposit (29.6%):
Yankee Dollar Certificate of Deposit (29.6%):
$	10,000,000	Banco Bilbao Vizcaya Agentaria SA, NY, 2.71%, 4/14/09	$	10,000,036
	8,000,000	Banco Bilbao Vizcaya Agentaria SA, NY, 2.77%, 5/12/09		8,000,090
	11,900,000	Banco Bilbao Vizcaya Argentaria SA, NY, 0.97%, 7/1/09		11,900,300
	4,500,000	Banco Bilbao Vizcaya Argentaria SA, NY, 0.80%, 7/16/09		4,500,000
	12,000,000	Banco Bilbao Vizcaya Argentaria SA, NY, 1.16%, 8/3/09		12,000,411
	8,000,000	Banco Santander Central Hispano SA, NY, 2.78%, 5/12/09		8,000,000
	5,000,000	Bank of Montreal, Chicago, 0.88%, 6/11/09		5,000,000
	23,957,000	Bank of Nova Scotia, Houston, 0.54%, 5/6/09		23,957,000
	5,000,000	Barclays Bank PLC, NY, 0.95%, 4/14/09		5,000,000
	6,500,000	Barclays Bank PLC, NY, 0.93%, 4/23/09		6,500,000
	15,000,000	BNP Paribas, NY, 1.02%, 5/26/09		15,000,000
	7,000,000	BNP Paribas, NY, 0.87%, 6/2/09		7,000,000
	9,800,000	BNP Paribas, NY, 2.29%, 6/8/09		9,800,000
	5,000,000	BNP Paribas, NY, 0.87%, 6/12/09		5,000,000
	8,000,000	BNP Paribas, NY, 1.17%, 7/8/09		8,000,000
	25,000,000	DnB NOR Bank ASA, NY, 0.84%, 6/8/09		25,000,000
	5,000,000	DnB NOR Bank ASA, NY, 0.87%, 6/9/09		5,000,000
	12,000,000	DnB NOR Bank ASA, NY, 0.87%, 6/15/09		12,000,000
	5,000,000	Rabobank Nederland NV, 0.75%, 6/9/09		5,000,000
	15,000,000	Rabobank Nederland NV, 0.85%, 8/3/09		15,000,000
	8,450,000	Royal Bank of Scotland PLC, 1.32%, 6/30/09		8,450,000
	10,000,000	SanPaolo IMI SPA, NY, 2.85%, 5/12/09		10,000,000
	5,000,000	Societe Generale, NY, 1.00%, 5/11/09		5,000,000
	10,000,000	Societe Generale, NY, 0.97%, 6/9/09		10,000,000
	8,000,000	Societe Generale, NY, 1.00%, 6/11/09		8,000,000
	5,000,000	Societe Generale, NY, 1.60%, 6/17/09		5,000,000
	10,000,000	Societe Generale, NY, 1.05%, 7/13/09		10,000,000
	10,000,000	Sumitomo Mitsui Bank, NY, 1.22%, 4/28/09		10,000,000
	15,000,000	Svenska Handelsbanken AB, NY, 0.90%, 5/11/09		15,000,000
	30,000,000	Svenska Handelsbanken AB, NY, 0.92%, 5/26/09		29,999,999
	6,600,000	Svenska Handelsbanken AB, NY, 1.00%, 6/11/09		6,600,000
	3,650,000	Toronto-Dominion Bank, NY, 2.50%, 6/9/09		3,650,000
	6,000,000	Toronto-Dominion Bank, NY, 2.42%, 6/11/09		6,000,000
	10,000,000	UBS AG, NY, 1.30%, 4/30/09		10,000,000
Total Certificates of Deposit (Cost $339,357,836)				339,357,836
Commercial Paper (48.4%):
Asset Backed Securities (34.3%):
	10,000,000	Apreco LLC, 0.90%, 4/24/09(a)(b)		9,994,250
	12,000,000	Atlantis One Funding Corp., 0.37%, 4/7/09(a)(b)		11,999,260
	20,000,000	Atlantis One Funding Corp., 0.73%, 5/5/09(a)(b)		19,986,211
	10,000,000	Atlantis One Funding Corp., 0.75%, 6/10/09(a)(b)		9,985,417
	15,000,000	Atlantis One Funding Corp., 0.75%, 6/16/09(a)(b)		14,976,250
	12,000,000	CAFCO LLC, 0.72%, 4/3/09(a)(b)		11,999,520
	9,400,000	CAFCO LLC, 0.42%, 4/13/09(a)(b)		9,398,684
	15,000,000	CAFCO LLC, 0.78%, 4/21/09(a)(b)		14,993,500
	15,000,000	CAFCO LLC, 0.70%, 5/5/09(a)(b)		14,990,083
	13,179,000	Charta LLC, 0.30%, 4/1/09(a)(b)		13,179,000
	9,367,000	Charta LLC, 0.67%, 4/7/09(a)(b)		9,365,954
	15,000,000	Ciesco LLC, 0.80%, 5/5/09(a)(b)		14,988,667
	10,000,000	Clipper Receivables Co. LLC, 0.50%, 4/1/09(a)(b)		10,000,000
	9,000,000	Clipper Receivables Co. LLC, 1.10%, 4/2/09(a)(b)		8,999,725
	10,000,000	Clipper Receivables Co. LLC, 0.75%, 4/3/09(a)(b)		9,999,583
	6,000,000	CRC Funding LLC, 0.85%, 4/16/09(a)		5,997,875
	10,000,000	CRC Funding LLC, 0.98%, 5/14/09(a)		9,988,294
	15,000,000	Dexia Delaware LLC, 0.40%, 4/1/09(a)		15,000,000
	3,991,000	Erasmus Capital Corp, 0.82%, 4/15/09(a)(b)		3,989,727
	15,000,000	Erasmus Capital Corp., 0.70%, 4/1/09(a)(b)		15,000,000
	4,000,000	Erasmus Capital Corp., 0.75%, 5/20/09(a)(b)		3,995,917
	12,000,000	Galleon Capital LLC, 1.10%, 4/3/09(a)(b)		11,999,267
	12,000,000	Galleon Capital LLC, 1.10%, 4/7/09(a)(b)		11,997,800
	5,000,000	Govco, Inc. LLC, 0.60%, 4/6/09(a)(b)		4,999,583
	9,829,000	Intesa Funding LLC, 0.94%, 5/4/09(a)		9,820,531

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Money Market Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Principal			Fair
Amount			Value
Commercial Paper, continued
Asset Backed Securities, continued
$	4,000,000	Liberty Street Funding LLC, 0.45%, 4/13/09(a)(b)	$	3,999,400
	2,000,000	Mont Blanc Capital Corp., 0.74%, 5/5/09(a)(b)		1,998,602
	18,637,000	Nieuw Amsterdam Receivables Corp., 0.85%, 4/6/09(a)(b)		18,634,800
	15,000,000	Nieuw Amsterdam Receivables Corp., 1.05%, 5/11/09(a)(b)		14,982,500
	10,000,000	Nieuw Amsterdam Receivables Corp., 1.00%, 5/18/09(a)(b)		9,986,944
	6,904,000	Nieuw Amsterdam Receivables Corp., 1.10%, 6/4/09(a)(b)		6,890,499
	11,153,000	Nordea Bank AB, 0.90%, 6/19/09(a)		11,130,973
	19,685,000	Old Line Funding LLC, 0.65%, 6/2/09(a)(b)		19,662,964
	6,000,000	Societe Generale, NA, 0.98%, 5/4/09(a)		5,994,610
	5,500,000	Societe Generale, NA, 1.40%, 7/7/09(a)		5,479,401
	12,000,000	Solitaire Funding LLC, 0.56%, 4/28/09(a)(b)		11,994,960
	5,000,000	Tulip Funding Corp., 0.62%, 4/6/09(a)(b)		4,999,569
				393,400,320
Commercial Banks (1.3%):
	3,000,000	Banco Santander Central Hispano, 1.66%, 8/3/09(a)		2,982,950
	8,314,000	Bank of Nova Scotia, 0.58%, 6/25/09(a)		8,302,713
	4,000,000	San Paolo IMI U.S. Financial Co., 0.60%, 4/1/09(a)		4,000,000
				15,285,663
Diversified Financial Services (11.9%):
	15,000,000	Danske Corp., 1.05%, 6/10/09(a)(b)		14,969,375
	10,000,000	ING US Funding LLC, 1.32%, 4/2/09(a)		9,999,633
	10,000,000	ING US Funding LLC, 0.92%, 5/18/09(a)		9,987,989
	18,000,000	ING US Funding LLC, 0.70%, 5/28/09(a)		17,980,050
	10,000,000	Lloyds TSB Bank PLC, 1.32%, 4/1/09(a)		10,000,000
	10,000,000	Tempo Finance Corp., 0.80%, 4/8/09(a)(b)		9,998,445
	5,000,000	Tempo Finance Corp., 0.70%, 5/11/09(a)(b)		4,996,111
	10,000,000	Tempo Finance Corp., 0.70%, 5/21/09(a)(b)		9,990,278
	10,000,000	Toyota Motor Credit Corp., 1.15%, 4/14/09(a)		9,995,847
	15,000,000	Toyota Motor Credit Corp., 1.15%, 4/15/09(a)		14,993,292
	7,000,000	UBS Finance Delaware LLC, 1.27%, 4/8/09(a)		6,998,271
	2,000,000	UBS Finance Delaware LLC, 1.05%, 5/6/09(a)		1,997,958
	15,000,000	UBS Finance Delaware LLC, 1.13%, 5/22/09(a)		14,976,413
				136,883,662
Yankee Dollar Certificate of Deposit (0.9%):
	10,000,000	DnB NOR Bank ASA, NY, 1.46%, 7/22/09(a)		9,954,889
Total Commercial Paper (Cost $555,524,534)				555,524,534
Corporate Bonds (2.1%):
Commercial Banks (2.0%):
	5,600,000	Bank of Montreal, Chicago, 1.01%, 10/5/09(b)(c)		5,600,000
	3,700,000	ING Bank NV, 1.57%, 8/24/09(b)(c)		3,700,000
	5,050,000	Lloyds TSB Group PLC, 1.54%, 12/7/09(b)(c)		5,050,000
	4,650,000	Nordea Bank AB, 1.51%, 10/23/09(b)(c)		4,650,000
	3,450,000	Wachovia Bank NA, 1.83%, 8/4/09(c)		3,450,000
				22,450,000
Insurance (0.1%):
	1,360,000	ING USA Global Funding Trust VI, 1.75%, 9/18/09, MTN(c)		1,360,000
Total Corporate Bonds (Cost $23,810,000)				23,810,000
U.S. Government Agency Mortgages (12.6%):
Federal Home Loan Bank (4.8%)
	4,600,000	0.60%, 8/12/09(a)		4,589,973
	5,395,000	0.46%, 8/14/09(c)		5,394,800
	4,500,000	0.61%, 8/14/09(a)		4,489,875
	8,200,000	0.60%, 8/25/09(a)		8,180,379
	7,000,000	0.63%, 9/1/09(a)		6,981,555
	3,349,000	0.65%, 9/17/09(a)		3,338,938
	5,805,000	0.72%, 2/5/10(c)		5,805,000
	6,270,000	0.81%, 2/26/10(c)		6,270,000
	10,600,000	1.00%, 7/9/10(c)		10,597,295
				55,647,815
Federal Home Loan Mortgage Corporation (6.0%)
	11,130,000	0.56%, 8/11/09(a)		11,107,351
	9,635,000	0.40%, 8/17/09(a)		9,613,195
	6,000,000	0.61%, 9/1/09(a)		5,984,700
	6,095,000	0.45%, 9/28/09(c)		6,094,255
	20,000,000	0.55%, 9/30/09(a)		19,945,400
	6,000,000	1.06%, 7/14/10(c)		5,997,308
	5,030,000	1.23%, 8/24/10(c)		5,030,302
	5,160,000	1.24%, 9/3/10(c)		5,158,527
				68,931,038
Federal National Mortgage Association (1.8%)
	4,000,000	2.02%, 5/14/09(a)		3,990,445
	6,000,000	1.31%, 6/22/09(a)		5,982,233
	4,700,000	0.61%, 8/19/09(a)		4,689,033
	5,745,000	1.18%, 8/5/10(c)		5,742,185

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Money Market Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Shares or
Principal			Fair
Amount			Value
U.S. Government Agency Mortgages, continued
	14		$	20,403,896
Total U.S. Government Agency Mortgages (Cost $144,982,749)				144,982,749
U.S. Treasury Obligations (7.3%):
U.S. Treasury Bills (1.7%)
$	19,067,000	0.34%, 5/14/09(a)		19,059,371
	6,300,000	0.30%, 5/28/09(a)		6,297,007
	6,200,000	0.39%, 8/6/09(a)		6,191,470
	5,500,000	0.45%, 8/13/09(a)		5,490,890
	12,000,000	0.36%, 9/3/09(a)		11,981,658
	10,000,000	0.40%, 9/10/09(a)		9,981,910
	25,000,000	0.61%, 11/19/09(a)		24,901,722
Total U.S. Treasury Obligations (Cost $83,904,028)				83,904,028
Investment Company (0.0%):
	400	Dreyfus Treasury Prime Cash Management, 0.09%(d)		400
Total Investment Company (Cost $400)				400
Total Investment Securities (Cost $1,147,579,547)(e)—100.0%				1,147,579,547
Net other assets (liabilities) — 0.0%				192,032
NET ASSETS — 100.0%			$	1,147,771,579

	Percentages indicated are based on net assets as of March 31, 2009.
LLC	Limited Liability Co.
MTN	Medium Term Note
PLC	Public Liability Co.
SPA	Standby Purchase Agreement
(a)	The rate represents the effective yield at time of purchase.
(b)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investor. The sub adviser has deemed these securities to be liquid based on procedures approved by the board of Trustees.
(c)	Variable rate security. The rate presented represents the rate in effect at March 31, 2009. The date presented represents the final maturity date.
(d)	The rate represents the effective yield at March 31, 2009.
(e)	Represents cost for federal income tax purposes.

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL NACM International Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks (94.0%):
Aerospace & Defense (1.8%):
	132,035	BAE Systems plc	$	633,412
	27,589	Finmeccanica SpA		343,199
				976,611
Airlines (0.5%):
	12,135	Deutsche Lufthansa AG, Registered Shares		132,600
	34,173	Ryanair Holdings plc*		131,488
				264,088
Automobiles (2.1%):
	16,082	Bayerische Motoren Werke AG (BMW)		464,649
	5,183	DaimlerChrysler AG, Registered Shares		134,007
	17,300	Toyota Motor Corp.		554,943
				1,153,599
Beverages (1.6%):
	45,374	Diageo plc		512,249
	43,393	Foster’s Group, Ltd.		152,775
	3,465	Pernod-Ricard SA		193,639
				858,663
Biotechnology (1.6%):
	37,594	CSL, Ltd.		850,326
Capital Markets (1.4%):
	5,738	Credit Suisse Group, Registered Shares		174,101
	10,729	Deutsche Bank AG, Registered Shares		445,264
	47,789	Man Group plc		149,981
				769,346
Chemicals (1.6%):
	3,555	Syngenta AG, Registered Shares		714,937
	5,800	Yara International ASA		127,797
				842,734
Commercial Banks (9.1%):
	15,025	Australia & New Zealand Banking Group, Ltd.		165,018
	51,976	Banco Bilbao Vizcaya Argentaria SA		422,363
	138,747	Banco Santander Central Hispano SA		953,828
	214,932	Barclays plc		458,431
	25,812	Commonwealth Bank of Australia		625,017
	13,123	Credit Agricole SA		144,399
	77,200	Mitsubishi Tokyo Financial Group, Inc.		379,315
	189,100	Mizuho Financial Group, Inc.		368,166
	16,526	National Australia Bank, Ltd.		231,588
	56,100	Nordea AB		280,230
	23,915	Skandinaviska Enskilda Banken AB, Class A		75,057
	19,650	Standard Chartered plc		240,080
	67,000	Sumitomo Trust & Banking Co., Ltd. (The)		259,828
	25,238	Westpac Banking Corp.		335,833
				4,939,153
Commercial Services & Supplies (1.7%):
	190,000	Eniro AB		145,298
	51,255	Experian plc		321,035
	60,675	Securitas AB, B Shares		442,415
				908,748
Communications Equipment (1.6%):
	31,400	Tandberg ASA		462,953
	52,915	Telefonaktiebolaget LM Ericsson, Class B		430,171
				893,124
Construction & Engineering (1.6%):
	7,102	ACS, Actividades de Construccion y Servicios SA		294,215
	10,504	Bilfinger Berger AG		399,880
	4,210	Vinci SA		155,912
				850,007
Construction Materials (0.6%):
	77,000	Sumitomo Osaka Cement Co., Ltd.		179,059
	104,000	Taiheiyo Cement Corp.		154,044
				333,103
Diversified REIT (0.8%):
	3,001	Unibail		426,921
Diversified Telecommunication Services (6.2%):
	129,200	Cable & Wireless plc		258,156
	27,163	Deutsche Telekom AG, Registered Shares		338,586
	23,942	France Telecom SA		544,379
	39,727	Koninklijke KPN NV		531,198
	28,500	SOFTBANK Corp.		364,050
	663	Swisscom AG, Registered Shares		186,080
	149,207	Telecom Italia SpA		191,491
	47,211	Telefonica SA		942,751
				3,356,691
Electric Utilities (3.1%):
	17,661	AGL Energy, Ltd.		183,963
	19,499	E.On AG		546,309
	7,400	Electric Power Development Co., Ltd.		219,845
	32,309	Enel SpA		154,938
	23,000	Tokyo Electric Power Co., Inc. (The)		574,230
				1,679,285
Electrical Equipment (0.3%):
	3,373	Alstom SA		174,598
Electronic Equipment & Instruments (0.1%):
	28,000	Hitachi, Ltd.		76,910
Energy Equipment & Services (1.1%):
	38,100	SeaDrill, Ltd.		374,500
	27,800	TGS Nopec Geophysical Company ASA*		217,229
				591,729
Food & Staples Retailing (2.1%):
	4,800	FamilyMart Co., Ltd.		146,432
	37,881	Koninklijke Ahold NV		414,653
	13,700	Seven & I Holdings, Ltd.		302,524
	37,000	UNY Co., Ltd.		292,821

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL NACM International Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Food & Staples Retailing, continued
			$	1,156,430
Food Products (4.7%):
	1,563,800	Golden Agri-Resources, Ltd.		286,194
	41,000	Meiji Seika Kaisha, Ltd.		143,336
	29,316	SFR Nestle SA, Class B		992,681
	22,000	Toyo Suisan Kaisha, Ltd.		450,528
	22,267	Unilever plc		421,957
	125,000	Wilmar International, Ltd.		260,891
				2,555,587
Gas Utilities (0.9%):
	74,000	Osaka Gas Co., Ltd.		230,857
	72,000	TOKYO GAS CO., Ltd.		251,497
				482,354
Health Care Equipment & Supplies (0.1%):
	47,148	Agfa Gevaert NV*		79,506
Hotels, Restaurants & Leisure (0.8%):
	99,356	Compass Group plc		453,924
Household Durables (0.3%):
	5,100	Rinnai Corp.		179,230
Household Products (0.4%):
	6,151	Reckitt Benckiser Group plc		231,452
Industrial Conglomerate (0.5%):
	1,056,095	Cookson Group plc		245,658
Insurance (5.9%):
	10,865	Admiral Group plc		132,468
	266,365	Corporacion Mapfre SA		584,238
	7,600	Mitsui Sumitomo Insurance Group Holdings, Inc.		178,397
	110,167	Prudential plc		530,762
	43,821	QBE Insurance Group, Ltd.		589,007
	170,854	RSA Insurance Group plc		319,064
	12,871	SCOR SE		265,088
	3,816	Zurich Financial Services AG		602,403
				3,201,427
Internet & Catalog Retail (0.6%):
	40	DeNA Co., Ltd.		130,454
	437	Rakuten, Inc.		208,987
				339,441
IT Services (0.4%):
	82	NTT Data Corp.		224,856
Machinery (1.6%):
	173,000	Mitsubishi Heavy Industries, Ltd.		523,726
	105,000	Mitsui Engineering & Shipbuilding Co., Ltd.		177,621
	2,445	OC Oerlikon Corp. AG*		78,072
	25,600	Trelleborg AB, B Shares		97,480
				876,899
Marine (0.4%):
	39,000	Mitsui O.S.K. Lines, Ltd.		193,533
Media (2.1%):
	15,945	Pearson plc		160,065
	43,237	United Business Media, Ltd.		264,270
	6,681	Vivendi Universal SA		176,502
	96,228	WPP plc		541,004
				1,141,841
Metals & Mining (5.4%):
	48,516	BHP Billiton, Ltd.		1,080,976
	111,000	Boliden AB		571,262
	15,096	Energy Resources of Australia, Ltd.		223,097
	62,815	Lihir Gold, Ltd.*		142,709
	16,664	Newcrest Mining, Ltd.		377,784
	8,696	Rio Tinto plc		291,130
	15,650	ThyssenKrupp AG		276,802
				2,963,760
Multi-Utilities (1.2%):
	8,178	GDF Suez		281,134
	5,320	RWE AG		376,091
				657,225
Office Electronics (0.3%):
	15,000	Ricoh Co., Ltd.		180,551
Oil, Gas & Consumable Fuels (8.8%):
	38,218	BG Group plc		579,176
	56,000	Cosmo Oil Co., Ltd.		168,254
	13,866	Eni SpA		266,927
	2,500	Idemitsu Kosan Co., Ltd.		185,936
	169,500	NIPPON MINING HOLDINGS, Inc.		684,007
	57,643	Royal Dutch Shell plc, B Shares		1,263,272
	22,367	Total SA		1,109,137
	23,435	Tullow Oil plc		269,338
	10,219	Woodside Petroleum, Ltd.		268,926
				4,794,973
Paper & Forest Products (0.8%):
	5,800	Nippon Paper Group, Inc.		140,469
	76,000	Oji Paper Co., Ltd.		310,481
				450,950
Pharmaceuticals (9.2%):
	35,302	AstraZeneca plc		1,251,966
	12,000	Chugai Pharmaceutical Company, Ltd.		203,939
	81,160	GlaxoSmithKline plc		1,263,487
	16,475	Novartis AG, Registered Shares		622,048
	2,859	Roche Holding AG		392,663
	18,908	Sanofi-Aventis SA, ADR		1,060,908
	5,300	Takeda Chemical Industries, Ltd.		183,825
				4,978,836
Real Estate Investment Trusts (REITs) (0.1%):
	124,110	Brixton plc		31,550
Real Estate Management & Development (1.1%):
	440,000	Shun Tak Holdings, Ltd.		136,857
	31,000	Sun Hung Kai Properties, Ltd.		277,697
	27,500	Swire Pacific, Ltd., Class A		183,501
				598,055
Road & Rail (0.7%):
	7,400	East Japan Railway Co.		385,066
Software (1.3%):
	9,361	Autonomy Corp. plc*		175,363
	8,600	Konami Corp.		129,236
	800	Nintendo Co., Ltd.		234,704
	4,855	SAP AG		173,678
				712,981

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL NACM International Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Specialty Retail (2.0%):
	7,900	Alpen Co., Ltd.	$	131,679
	4,600	Fast Retailing Co., Ltd.		526,360
	8,350	Hennes & Mauritz AB, B Shares		313,547
	2,200	Nitori Co., Ltd.		122,908
				1,094,494
Tobacco (2.2%):
	39,498	British American Tobacco plc		914,419
	12,980	Imperial Tobacco Group plc		291,459
				1,205,878
Trading Companies & Distributors (1.2%):
	204,000	Marubeni Corp.		633,348
Wireless Telecommunication Services (2.1%):
	89	KDDI Corp.		420,036
	4,150	Millicom International Cellular SA, SDR		155,810
	330,677	Vodafone Group plc		577,592
				1,153,438
Total Common Stocks (Cost $60,446,018)				51,148,879
Rights (0.2%):
Commercial Banks (0.1%):
	568,700	Nordea Bank AB*		65,065
Diversified Financial Services (0.1%):
	31,000	HSBC Holdings plc*		57,997
Insurance (0.0%):
	244,809	Corporacion Mapfre SA*		3,252
Total Rights (Cost $115,725)				126,314
Investment Company (7.7%):
	4,160,363	Dreyfus Treasury Prime Cash Management, 0.09%(a)		4,160,363
Total Investment Company (Cost $4,160,363)				4,160,363
Total Investment Securities (Cost $64,722,106)(b)—101.9%				55,435,556
Net other assets (liabilities) — (1.9)%				(1,039,570	)
NET ASSETS — 100.0%			$	54,395,986

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
ADR	American Depository Receipt
PLC	Public Liability Co.
SPA	Standby Purchase Agreement
(a)	The rate represents the effective yield at March 31, 2009.
(b)	Cost for federal income tax purposes is $66,435,093. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	1,270,584
Unrealized depreciation		(12,270,121	)
Net unrealized depreciation	$	(10,999,537	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of March 31, 2009:

Country	Percentage
United Kingdom		22.5	%
Japan		20.6	%
Australia		9.4	%
France		8.2	%
United States		7.5	%
Switzerland		6.8	%
Germany		5.9	%
Spain		5.8	%
Sweden		4.4	%
Italy		1.7	%
Netherlands		1.7	%
Norway		1.5	%
Hong Kong		1.1	%
Singapore		1.0	%
Ireland		0.8	%
Bermuda		0.7	%
Luxemburg		0.3	%
Belgium		0.1	%
Total		100.0	%

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL NACM International Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

     As of March 31, 2009 the Fund’s open foreign currency exchange contracts were as follows:

	Delivery		Contract				Unrealized Appreciation/
Long Contracts	Date		Amount		Fair Value		(Depreciation)
Receive 197,154 Australian Dollars in exchange for U.S. Dollars		4/1/09	$	136,382	$	137,042	$	660
Receive 209,978 Australian Dollars in exchange for U.S. Dollars		4/2/09		142,712		145,956		3,244
Receive 115,215 Swiss Franc in exchange for U.S. Dollars		4/2/09		99,971		101,252		1,281
Receive 67,891 European Euros in exchange for U.S. Dollars		4/1/09		89,209		90,186		977
Receive 203,148 European Euros in exchange for U.S. Dollars		4/2/09		266,891		269,860		2,969
Receive 234,532 British Sterling Pounds in exchange for U.S. Dollars		4/2/09		332,660		336,460		3,800
Receive 52,999,947 Japanese Yen in exchange for U.S. Dollars		4/1/09		540,006		535,515		(4,491	)
Receive 30,986,707 Japanese Yen in exchange for U.S. Dollars		4/2/09		318,075		313,092		(4,983	)
Receive 219,274 Norwegian Krone in exchange for U.S. Dollars		4/2/09		32,016		32,643		627
Receive 476,149 Swedish Krone in exchange for U.S. Dollars		4/2/09		57,062		57,953		891
Receive 203,181 Singapore Dollars in exchange for U.S. Dollars		4/1/09		134,197		133,619		(578	)
Receive 22,150 Singapore Dollars in exchange for U.S. Dollars		4/2/09		14,557		14,567		10
							$	4,407

	Delivery		Contract				Unrealized Appreciation/
Short Contracts	Date		Amount		Fair Value		(Depreciation)
Deliver 54,743,908 Japanese Yen in exchange for U.S. Dollars		4/1/09	$	557,775	$	553,136	$	4,639
							$	4,639

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL OCC Opportunity Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks (96.1%):
Aerospace & Defense (1.6%):
	34,125	Aerovironment, Inc.*	$	713,212
	53,073	Orbital Sciences Corp.*		631,038
				1,344,250
Airlines (4.1%):
	165,025	AirTran Holdings, Inc.*		750,864
	60,895	Copa Holdings SA, Class A		1,745,860
	215,047	UAL Corp.*		963,410
				3,460,134
Auto Components (1.2%):
	51,161	BorgWarner, Inc.		1,038,568
Biotechnology (2.1%):
	53,792	Cubist Pharmaceuticals, Inc.*		880,037
	60,125	Isis Pharmaceuticals, Inc.*		902,476
				1,782,513
Chemicals (1.9%):
	89,019	Intrepid Potash, Inc.*		1,642,401
Commercial Services & Supplies (7.8%):
	401,069	AerCap Holdings NV*		1,303,474
	23,523	CoStar Group, Inc.*		711,571
	80,571	EnergySolutions, Inc.		696,939
	31,950	FTI Consulting, Inc.*		1,580,886
	29,800	Huron Consulting Group, Inc.*		1,264,414
	234,340	Innerworkings, Inc.*		1,000,632
				6,557,916
Communications Equipment (0.5%):
	18,100	Neutral Tandem, Inc.*		445,441
Diversified Consumer Services (2.0%):
	21,439	American Public Education*		901,724
	15,575	Capella Education Co.*		825,475
				1,727,199
Diversified Financial Services (3.5%):
	82,575	Evercore Partners, Inc.		1,275,784
	23,225	Greenhill & Co., Inc.		1,715,166
				2,990,950
Diversified Telecommunication Services (1.6%):
	151,443	Switch & Data Facilities Co., Inc.*		1,328,155
Food Products (2.8%):
	266,688	Smart Balance, Inc.*		1,610,796
	429,332	SunOpta, Inc.*		742,744
				2,353,540
Health Care Equipment & Supplies (4.6%):
	90,827	Ev3, Inc.*		644,872
	26,360	Immucor, Inc.*		662,954
	17,939	Intuitive Surgical, Inc.*		1,710,663
	28,325	NuVasive, Inc.*		888,838
				3,907,327
Health Care Providers & Services (4.1%):
	98,786	Alliance HealthCare Services, Inc.*		671,745
	80,889	IPC Hospitalist Co. (The)*		1,539,317
	80,727	Psychiatric Solutions, Inc.*		1,269,836
				3,480,898
Health Care Technology (1.2%):
	81,720	Phase Forward, Inc.*		1,045,199
Hotels, Restaurants & Leisure (6.8%):
	75,023	BJ’s Restaurants, Inc.* $		1,043,570
	18,528	Buffalo Wild Wings, Inc.*		677,754
	118,476	Life Time Finess, Inc.*		1,488,059
	215,895	Pinnacle Entertainment, Inc.*		1,519,901
	112,050	Texas Roadhouse, Inc., Class A*		1,067,836
				5,797,120
Internet Software & Services (6.6%):
	156,550	Ariba, Inc.*		1,366,681
	98,387	Omniture, Inc.*		1,297,725
	69,820	VistaPrint, Ltd.*		1,919,352
	83,250	Websense, Inc.*		999,000
				5,582,758
IT Services (4.2%):
	224,727	Bluephoenix Solutions, Ltd.*		431,476
	78,342	Integral Systems, Inc.*		673,741
	549,030	Sapient Corp.*		2,454,164
				3,559,381
Oil, Gas & Consumable Fuels (11.6%):
	214,759	Carrizo Oil & Gas, Inc.*		1,907,060
	132,172	EXCO Resources, Inc.*		1,321,720
	86,227	GMX Resources, Inc.*		560,475
	35,954	Goodrich Petroleum Corp.*		696,069
	141,426	Petrohawk Energy Corp.*		2,719,622
	475,788	Quicksilver Resources, Inc.*		2,635,866
				9,840,812
Pharmaceuticals (10.0%):
	28,675	AMAG Pharmaceuticals, Inc.*		1,054,380
	206,793	BioMarin Pharmaceutical, Inc.*		2,553,894
	375,353	Cardiome Pharma Corp.*		1,099,784
	600,245	Durect Corp.*		1,338,546
	290,400	POZEN, Inc.*		1,777,248
	10,425	United Therapeutics Corp.*		688,988
				8,512,840
Real Estate Investment Trusts (REITs) (1.3%):
	72,950	Redwood Trust, Inc.		1,119,783
Road & Rail (4.0%):
	112,146	Celadon Group, Inc.*		622,410
	86,430	Knight Transportation, Inc.		1,310,279
	41,068	Old Dominion Freight Line, Inc.*		964,688
	95,951	Vitran Corp., Inc.*		504,702
				3,402,079
Semiconductors & Semiconductor Equipment (3.0%):
	35,975	FormFactor, Inc.*		648,270
	289,864	Teradyne, Inc.*		1,269,604
	74,285	Verigy, Ltd.*		612,851
				2,530,725
Software (4.6%):
	33,759	Concur Technologies, Inc.*		647,835
	71,304	Taleo Corp., Class A, Class A*		842,814
	54,739	Ultimate Software Group, Inc.*		944,795
	223,660	Wind River Systems, Inc.*		1,431,424
				3,866,868
Specialty Retail (1.0%):
	92,160	Titan Machinery, Inc.*		828,518

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL OCC Opportunity Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Trading Companies & Distributors (0.9%):
	23,950	MSC Industrial Direct Co., Inc., Class A	$	744,127
Transportation Infrastructure (3.1%):
	154,190	Aegean Marine Petroleum Network, Inc.		2,582,683
Total Common Stocks (Cost $105,222,514)				81,472,185
Investment Company (4.7%):
	3,984,200	Dreyfus Treasury Prime Cash Management, 0.09%(a)		3,984,200
Total Investment Company (Cost $3,984,200)				3,984,200
Total Investment Securities (Cost $109,206,714)(b)—100.8%				85,456,385
Net other assets (liabilities) — (0.8)%				(674,600	)
NET ASSETS — 100.0%			$	84,781,785

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
(a)	The rate presented represents the effective yield at March 31, 2009.
(b)	Cost for federal income tax purposes is $121,530,200. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	4,900,306
Unrealized depreciation		(40,974,121	)
Net unrealized depreciation	$	(36,073,815	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of March 31, 2009:

Country	Percentage
United States		87.8	%
Greece		3.1	%
Canada		2.7	%
Bermuda		2.2	%
Panama		2.0	%
Netherlands		1.5	%
Singapore		0.7	%
Total		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Oppenheimer Global Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks (96.8%):
Aerospace & Defense (3.6%):
	12,340	Boeing Co. (The)	$	439,057
	43,900	Empresa Brasileira de Aeronautica SA, ADR		582,553
	68,310	European Aeronautic Defence and Space Co.		794,624
	9,110	Lockheed Martin Corp.		628,863
	21,100	Raytheon Co.		821,634
				3,266,731
Air Freight & Logistics (0.8%):
	43,700	TNT NV		747,460
Automobiles (2.0%):
	20,813	Bayerische Motoren Werke AG (BMW)		601,340
	23,128	Bayerische Motoren Werke Pfd (BMW)		402,076
	24,000	Toyota Motor Corp.		769,864
				1,773,280
Beverages (3.3%):
	18,490	Companhia de Bebidas das Americas, ADR, Preferred Shares		882,898
	46,954	Diageo plc		530,087
	387,000	Fomento Economico Mexicano, SAB de CV		982,895
	188,790	Grupo Modelo, SA de CV, Series C		572,022
				2,967,902
Biotechnology (1.4%):
	16,800	InterMune, Inc.*		276,192
	10,400	Regeneron Pharmaceuticals, Inc.*		144,144
	36,800	Seattle Genetics, Inc.*		362,848
	26,000	Theravance, Inc.*		442,000
				1,225,184
Building Products (1.3%):
	123,800	Assa Abloy AB, Class B		1,158,896
Capital Markets (2.6%):
	52,299	Credit Suisse Group, Registered Shares		1,586,840
	2,900	State Street Corp.		89,262
	74,120	UBS AG, Registered Shares*		704,373
				2,380,475
Commercial Banks (2.4%):
	128,790	HSBC Holdings plc		719,473
	12,362	Societe Generale		485,353
	26,250	Sumitomo Mitsui Financial Group, Inc.		926,126
				2,130,952
Commercial Services & Supplies (0.8%):
	19,600	Secom Co, Ltd.		725,643
Communications Equipment (8.3%):
	89,170	Corning, Inc.		1,183,286
	111,870	Juniper Networks, Inc.*		1,684,762
	31,380	Tandberg ASA		462,659
	502,370	Telefonaktiebolaget LM Ericsson, Class B		4,084,001
	135,200	Wire and Wireless India, Ltd.*		33,089
				7,447,797
Consumer Finance (1.0%):
	139,600	SLM Corp.*		691,020
	72	Sony Financial Holdings, Inc.		192,828
				883,848
Diversified Financial Services (1.5%):
	54,960	3I Group plc		213,092
	5,000	Housing Development Finance, Ltd.		140,440
	75,353	Investor AB, B Shares		954,339
				1,307,871
Electric Utilities (0.9%):
	44,700	Fortum OYJ		850,717
Electrical Equipment (1.2%):
	23,500	Emerson Electric Co.		671,630
	84,000	Mitsubishi Electric Corp.		382,392
				1,054,022
Electronic Equipment & Instruments (4.2%):
	48,900	HOYA Corp.		968,117
	4,533	Keyence Corp.		852,555
	7,700	KYOCERA Corp.		515,115
	27,600	Murata Manufacturing Co., Ltd.		1,067,234
	8,300	Nidec Corp.		376,529
				3,779,550
Energy Equipment & Services (2.3%):
	28,340	Technip SA		998,631
	18,972	Transocean, Ltd.*		1,116,313
				2,114,944
Food & Staples Retailing (3.7%):
	20,985	Seven & I Holdings, Ltd.		463,392
	224,833	Tesco plc		1,075,855
	34,500	Wal-Mart Stores, Inc.		1,797,450
				3,336,697
Food Products (1.1%):
	103,205	Cadbury plc		779,321
	13,330	Unilever plc		252,602
				1,031,923
Health Care Equipment & Supplies (0.1%):
	3,200	Zimmer Holdings, Inc.*		116,800
Health Care Providers & Services (1.8%):
	44,400	Aetna, Inc.		1,080,252
	14,800	WellPoint, Inc.*		561,956
				1,642,208
Hotels, Restaurants & Leisure (3.6%):
	25,265	Aristocrat Leisure, Ltd.		59,775
	59,700	Carnival Corp.		1,289,520
	20,650	International Game Technology		190,393
	29,100	McDonald’s Corp.		1,587,987
	30,400	Shuffle Master, Inc.*		87,248
				3,214,923
Household Durables (2.5%):
	57,300	Koninklijke Philips Electronics NV		845,634
	69,100	Sony Corp.		1,417,061
				2,262,695

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Oppenheimer Global Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Shares or Principal			Fair
Amount			Value
Common Stocks, continued
Household Products (2.5%):
	20,000	Colgate-Palmolive Co.	$	1,179,600
	29,383	Reckitt Benckiser Group plc		1,105,634
				2,285,234
Industrial Conglomerates (3.6%):
	24,300	3M Co.		1,208,196
	35,839	Siemens AG		2,063,045
				3,271,241
Insurance (1.8%):
	30,500	AFLAC, Inc.		590,480
	137,650	Prudential plc		663,170
	74,800	XL Capital, Ltd., Class A		408,408
				1,662,058
Internet Software & Services (1.5%):
	109,700	eBay, Inc.*		1,377,832
IT Services (1.7%):
	42,300	Automatic Data Processing, Inc.		1,487,268
Machinery (0.5%):
	6,300	Fanuc, Ltd.		431,838
Media (3.3%):
	148,470	Dish TV India, Ltd.*		71,030
	83,800	Grupo Televisa SA, ADR		1,143,032
	644,500	Sirius XM Radio, Inc.*		225,575
	66,100	Walt Disney Co. (The)		1,200,376
	158,200	Zee Telefilms, Ltd.		330,717
				2,970,730
Oil, Gas & Consumable Fuels (2.8%):
	18,370	BP plc, SP ADR		736,637
	42,520	Husky Energy, Inc.		902,348
	17,960	Total SA		890,602
				2,529,587
Pharmaceuticals (4.4%):
	1,492	Basilea Pharmaceutica AG*		93,172
	13,682	NicOx SA*		159,372
	18,375	Roche Holding AG		2,523,673
	16,635	Sanofi-Aventis SA, ADR		933,372
	3,800	Schering Plough Corp.		89,490
	12,000	Shionogi & Co., Ltd.		206,341
				4,005,420
Semiconductors & Semiconductor Equipment (5.0%):
	64,900	Altera Corp.		1,138,995
	18,300	Linear Technology Corp.		420,534
	66,000	Maxim Integrated Products, Inc.		871,860
	112,429	MediaTek, Inc.		1,064,698
	674,173	Taiwan Semiconductor Manufacturing Co., Ltd.		1,026,780
				4,522,867
Software (10.2%):
	63,700	Adobe Systems, Inc.*		1,362,543
	60,586	Infosys Technologies, Ltd.		1,583,917
	73,700	Intuit, Inc.*		1,989,900
	94,300	Microsoft Corp.		1,732,291
	2,800	Nintendo Co., Ltd.		821,462
	48,200	SAP AG		1,724,263
				9,214,376
Specialty Retail (2.7%):
	5,640	Hennes & Mauritz AB, B Shares		211,785
	32,800	Industria de Diseno Textil SA		1,275,581
	44,800	Tiffany & Co.		965,888
				2,453,254
Textiles, Apparel & Luxury Goods (3.4%):
	92,900	Bulgari SPA		408,596
	77,954	Burberry Group plc		312,417
	27,380	LVMH Moet Hennessy Louis Vuitton SA		1,716,125
	14,100	Tod’s SPA		600,780
				3,037,918
Wireless Telecommunication Services (3.0%):
	267	KDDI Corp.		1,260,109
	40,500	Turkcell Iletisim Hizmetleri AS, ADR		497,745
	519,485	Vodafone Group plc		907,382
				2,665,236
Total Common Stocks (Cost $118,361,433)				87,335,377
Convertible Bonds (0.1%):
Pharmaceuticals (0.1%):
	$155,000	Theravance, Inc., 3.00%, 1/15/15		120,706
Total Convertible Bonds (Cost $155,000)				120,706
Right (0.1%):
	52,829	HSBC Holdings plc*		98,837
Total Right (Cost $—)				98,837
Investment Company (4.4%):
	4,015,151	Dreyfus Treasury Prime Cash Management, 0.09%(a)		4,015,151
Total Investment Company (Cost $4,015,151)				4,015,151
Total Investment Securities (Cost $122,531,584)(b)—101.4%				91,570,071
Net other assets (liabilities) — (1.4)%				(1,305,781	)
NET ASSETS — 100.0%			$	90,264,290

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
ADR	American Depository Receipt
PLC	Public Liability Co.
SPA	Standby Purchase Agreement
(a)	The rate represents the effective yield at March 31, 2009.
(b)	Cost for federal income tax purposes is $130,924,834. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	2,678,211
Unrealized depreciation		(42,032,974	)
Net unrealized depreciation	$	(39,354,763	)

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Oppenheimer Global Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(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 investment securities as of March 31, 2009:

Country	Percentage
United States		35.9	%
Japan		12.4	%
United Kingdom		8.1	%
Sweden		7.0	%
Switzerland		6.6	%
France		5.7	%
Germany		5.2	%
Mexico		2.9	%
Netherlands		2.6	%
India		2.4	%
Taiwan		2.3	%
Brazil		1.6	%
Panama		1.4	%
Spain		1.4	%
Italy		1.1	%
Canada		1.0	%
Finland		0.9	%
Norway		0.5	%
Turkey		0.5	%
Cayman Islands		0.4	%
Australia		0.1	%
Total		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Oppenheimer International Growth Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks (93.6%):
Aerospace & Defense (0.7%):
	205,000	Empresa Brasileira de Aeronautica SA, ADR	$	683,333
Automobiles (2.4%):
	8,722	Bayerische Motoren Werke AG (BMW)		252,001
	38,974	Honda Motor Co.		932,658
	7,016	Porsche AG		336,758
	29,700	Toyota Motor Corp.		952,706
				2,474,123
Beverages (1.6%):
	187,926	C&C Group plc		324,476
	15,750	Heineken NV		448,451
	16,216	Pernod-Ricard SA		906,218
				1,679,145
Biotechnology (1.2%):
	54,300	CSL, Ltd.		1,228,194
	2,547,200	Proteome Systems, Ltd.*		37,182
				1,265,376
Capital Markets (3.1%):
	673,030	Collins Stewart plc		655,253
	16,310	Credit Suisse Group, Registered Shares		494,873
	242,560	ICAP plc		1,056,469
	336,420	Tullet Prebon plc		1,014,876
				3,221,471
Chemicals (1.6%):
	292,860	Filtrona plc		542,234
	83,718	Nufarm, Ltd.		662,671
	575	Sika AG-BEARER		427,181
				1,632,086
Commercial Banks (0.2%):
	18,700	ICICI Bank, Ltd., ADR		248,523
Commercial Services & Supplies (5.8%):
	131,560	Aggreko plc		927,809
	205,760	BTG plc*		365,708
	279,500	Capita Group plc		2,716,467
	143,727	Experian plc		900,231
	41,200	Prosegur Compania de Seguridad SA		1,110,675
				6,020,890
Communications Equipment (4.8%):
	21,200	Nokia OYJ		248,154
	169,500	Tandberg ASA		2,499,065
	266,580	Telefonaktiebolaget LM Ericsson, Class B		2,167,154
				4,914,373
Computers & Peripherals (0.0%):
	3,990	Logitech International SA*		41,253
Construction & Engineering (1.1%):
	10,825	Koninklijke Boskalis Westminster NV, CVA		217,189
	19,769	Leighton Holdings, Ltd.		266,043
	49,600	TREVI — Finanziaria Industriale SPA		329,862
	8,699	Vinci SA		322,155
				1,135,249
Diversified Consumer Services (0.4%):
	53,120	Dignity plc		408,551
Diversified Financial Services (0.7%):
	78,475	3I Group plc		304,265
	7,000	Housing Development Finance, Ltd.		196,616
	336,652	Paragon Group of Cos., plc (The)		216,579
	6,212	Reinet Investments SCA*		57,408
				774,868
Electric Utilities (0.4%):
	19,500	Fortum OYJ		371,118
Electrical Equipment (4.6%):
	173,861	ABB, Ltd.		2,426,644
	29,190	Alstom SA		1,510,973
	55,800	Ushio, Inc.		784,447
				4,722,064
Electronic Equipment & Instruments (5.8%):
	64,200	HOYA Corp.		1,271,025
	21,161	IBIDEN Co., Ltd.		518,199
	8,382	Keyence Corp.		1,576,464
	43,900	Nidec Corp.		1,991,523
	34,500	Nippon Electric Glass Co., Ltd.		245,056
	30,000	Omron Corp.		356,082
				5,958,349
Energy Equipment & Services (2.0%):
	348,410	Ceres Power Holdings plc*		538,810
	17,000	Saipem SpA		303,251
	35,030	Technip SA		1,234,370
				2,076,431
Food & Staples Retailing (0.6%):
	36,909	Woolworths, Ltd.		644,083
Food Products (2.1%):
	3,187	Barry Callebaut AG, Registered Shares		1,456,829
	20,249	SFR Nestle SA, Class B		685,659
				2,142,488
Health Care Equipment & Supplies (9.7%):
	957,913	Art Advanced Research Technologies, Inc.*(a)		34,198
	42,200	DiaSorin SPA		942,344
	18,810	Essilor International SA		727,234
	10,025	Nobel Biocare Holding AG		171,254
	149,800	Ortivus AB, Class B*		73,890
	100,177	Smith & Nephew plc		619,138
	272,618	Sonic Healthcare, Ltd.		2,104,342
	10,598	Sonova Holding AG		641,110
	4,725	Straumann Holding AG, Registered Shares		731,447
	23,196	Synthes, Inc.		2,581,841
	21,900	Terumo Corp.		814,009
	12,900	William Demant Holding A\S*		521,145
				9,961,952
Hotels, Restaurants & Leisure (1.1%):
	32,200	Carnival Corp.		695,520
	164,410	Enterprise Inns plc		159,810
	121,441	William Hill plc		295,378
				1,150,708
Household Durables (0.9%):

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Oppenheimer International Growth Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Household Durables, continued
	31,200	Koninklijke Philips Electronics NV	$	460,450
	17,676	SEB SA		479,026
				939,476
Household Products (0.6%):
	16,938	Reckitt Benckiser Group plc		637,349
Industrial Conglomerates (1.3%):
	2,317	Phoenix Mecano AG		498,895
	14,273	Siemens AG		821,615
				1,320,510
Insurance (2.6%):
	106,761	AMP, Ltd.		349,745
	165,492	Prudential plc		797,307
	115,964	QBE Insurance Group, Ltd.		1,558,696
				2,705,748
Internet Software & Services (2.3%):
	56,835	United Internet AG, Registered Shares		482,008
	7,132	Yahoo! Japan Corp.		1,885,505
				2,367,513
IT Services (0.3%):
	48,062	Compugroup Holding AG*		275,759
Machinery (1.4%):
	156,699	Aalberts Industries NV		844,829
	12,923	Demag Cranes AG		227,123
	15,400	Outotec OYJ		264,630
	20,513	Takeuchi Manufacturing Co., Ltd.		131,964
				1,468,546
Marine (0.4%):
	28,800	Tsakos Energy Navigation, Ltd.		405,792
Media (2.0%):
	73,381	British Sky Broadcasting Group plc		455,413
	36,600	Grupo Televisa SA, ADR		499,224
	31,010	Vivendi Universal SA		819,238
	152,600	Zee Telefilms, Ltd.		319,010
				2,092,885
Metals & Mining (3.2%):
	95,700	Companhia Vale do Rio Doce, ADR, Preferred Shares		1,079,496
	84,200	Impala Platinum Holdings, Ltd.		1,414,599
	23,972	Rio Tinto plc		802,548
				3,296,643
Multiline Retail (0.3%):
	4,100	Pinault Printemps Redoute		262,297
Office Electronics (1.1%):
	37,450	Canon, Inc.		1,092,570
Oil, Gas & Consumable Fuels (4.3%):
	132,530	BG Group plc		2,008,428
	19,500	BP plc, SP ADR		781,950
	210,400	MaireTecnimont SpA		434,015
	23,770	Total SA		1,178,709
				4,403,102
Personal Products (0.3%):
	5,220	L’Oreal SA		359,899
Pharmaceuticals (6.2%):
	10,200	Astella Pharma, Inc.		314,192
	13,205	GlaxoSmithKline plc		205,573
	60,300	Grifols SA		869,658
	176,800	Marshall Edwards, Inc.*(b)		70,720
	238,700	Marshall Edwards, Inc., Private Equity*(c)		79,487
	46,561	NeuroSearch A/S*		577,680
	21,719	NicOx SA*		252,989
	667,032	Novogen, Ltd.*		227,237
	12,996	Roche Holding AG		1,784,906
	13,376	Sanofi-Aventis SA, ADR		750,513
	6,438	Santhera Pharmaceuticals*		265,961
	31,000	Shionogi & Co., Ltd.		533,047
	14,600	Takeda Chemical Industries, Ltd.		506,387
				6,438,350
Real Estate Management & Development (1.1%):
	72,400	Solidere, GDR		1,093,240
Road & Rail (0.2%):
	52,340	Toll Holdings, Ltd.		227,357
Software (8.1%):
	167,483	Autonomy Corp. plc*		3,137,525
	41,968	Infosys Technologies, Ltd.		1,097,182
	6,900	Nintendo Co., Ltd.		2,024,318
	160,870	Sage Group plc		389,768
	24,447	SAP AG		874,544
	11,400	SQUARE ENIX Co., Ltd.		216,722
	55,292	Temenos Group AG*		597,958
				8,338,017
Specialty Retail (2.0%):
	27,107	Compagnie Financiere Richemont SA, Class A		422,303
	16,500	Hennes & Mauritz AB, B Shares		619,584
	26,000	Industria de Diseno Textil SA		1,011,131
				2,053,018
Textiles, Apparel & Luxury Goods (2.4%):
	175,834	Burberry Group plc		704,691
	35,200	Luxottica Group SPA		546,348
	10,280	LVMH Moet Hennessy Louis Vuitton SA		644,330
	4,429	Swatch Group AG, B Shares		533,969
				2,429,338
Trading Companies & Distributors (1.3%):
	157,420	Bunzl plc		1,233,883
	39,660	Wolseley plc*		131,235
				1,365,118
Wireless Telecommunication Services (1.4%):
	158	KDDI Corp.		745,682
	405,836	Vodafone Group plc		708,872
				1,454,554
Total Common Stocks (Cost $134,761,230)				96,553,515
Warrants (0.0%):
Pharmaceuticals (0.0%):
	48,545	Marshall Edwards, Inc., Private Equity*		11,652

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Oppenheimer International Growth Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Warrants, continued
Pharmaceuticals, continued
	10,000	Marshall Edwards, Inc., Private Equity*	$	15,125
Total Warrants (Cost $—)				26,777
Right (0.1%):
Diversified Consumer Services (0.1%):
	121,441	William Hill plc*		111,500
Total Right (Cost $261,624)				111,500
Investment Company (5.0%):
	5,214,515	Dreyfus Treasury Prime Cash Management, 0.09%(d)		5,214,515
Total Investment Company (Cost $5,214,515)				5,214,515
Total Investment Securities (Cost $140,237,369)(e)—98.7%				101,906,307
Net other assets (liabilities) — 1.3%				1,292,334
NET ASSETS — 100.0%			$	103,198,641

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
ADR	American Depository Receipt
GDR	Global Depository Receipt
PLC	Public Liability Co.
SPA	Standby Purchase Agreement
(a)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-adviser has deemed these securities to be illiquid based on procedures approved by the Board of Trustees. As of March 31, 2009, these securities represent 0.0% of the net assets of the Fund.
(b)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investor. The sub adviser has deemed these securities to be liquid based on procedures approved by the board of Trustees.
(c)	Security was fair valued as of March 31, 2009. Represents 0.1% of the net assets of the Fund.
(d)	The rate represents the effective yield at March 31, 2009.
(e)	Cost for federal income tax purposes is $143,052,097. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	6,828,676
Unrealized depreciation		(47,974,466	)
Net unrealized depreciation	$	(41,145,790	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of March 31, 2009:

Country	Percentage
United Kingdom		21.4	%
Japan		16.6	%
Switzerland		11.0	%
France		9.3	%
United States		7.8	%
Australia		7.2	%
Germany		3.2	%
Spain		2.9	%
Sweden		2.8	%
Norway		2.5	%
Netherlands		1.9	%
India		1.8	%
Brazil		1.7	%
Italy		1.6	%
South Africa		1.4	%
Ireland		1.2	%
Denmark		1.1	%
Lebanon		1.1	%
European Community		0.9	%
Finland		0.9	%
Panama		0.7	%
Mexico		0.5	%
Bermuda		0.4	%
Luxemburg		0.1	%
Canada		0.0	%
Total		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL PIMCO Fundamental IndexPLUS Total Return Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

Principal			Fair
Amount			Value
Asset Backed Securities (10.0%):
$	592,423	Access Group, Inc., Series 2008-1, Class A, 4.84%, 10/27/25(a)+	$	544,955
	4,695	Accredited Mortgage Loan Trust, Series 06-2, Class A1, 0.56%, 9/25/36(a)+		4,637
	48,724	ACE Securities Corp Home Equity Loan Trust, Series 06-HE4, Class A2A, 0.58%, 10/25/36(a)+		35,461
	11,851	ACE Securities Corp Home Equity Loan Trust, Series 06-ASP5, Class A2A, 0.60%, 10/25/36(a)+		11,160
	179,111	Amortizing Residential Collateral Trust, Series 01-BC6, Class A, 1.22%, 10/25/31(a)+		103,198
	733	Argent Securities, Inc., Series 06-M2, Class A2A, 0.57%, 9/25/36(a)+		725
	14,235	Asset Backed Funding Certificates, Series 06-OPT2, Class A3A, 0.58%, 10/25/36(a)+		13,792
	28,328	Asset Backed Funding Certificates, Series 06-HE1, Class A2A, 0.58%, 1/25/37(a)+		24,070
	21,014	Asset Backed Securities Corp. Home Equity Loan Trust, Series 04-HE6, Class A1, 0.80%, 9/25/34(a)+		14,056
	700,000	Bank of America Credit Card Trust, Series 2007-A9, Class A9, 0.60%, 11/17/14(a)+		615,975
	233,820	Carrington Mortgage Loan Trust, Series 06-NC5, Class A1, 0.57%, 1/25/37(a)+		215,160
	200,000	Chase Issuance Trust, Series 06-A3, Class A3, 0.55%, 7/15/11(a)+		199,495
	600,000	Chase Issuance Trust, Series 2008-A10, Class A10, 1.31%, 8/17/15(a)+		529,341
	1,000,000	Chase Issuance Trust, Series 2008-A13, Class A13, 2.82%, 9/15/15(a)+		914,595
	408,728	Citigroup Mortgage Loan Trust, Inc., Series 06-WFH3, Class A2, 0.62%, 10/25/36(a)+		361,557
	435,363	Countrywide Asset-Backed Certificates, Series 2006-06, Class 2A2, 0.70%, 9/25/36(a)+		302,110
	23,814	Countrywide Asset-Backed Certificates, Series 06-19, Class 2A1, 0.58%, 3/25/37(a)+		22,909
	57,343	Countrywide Asset-Backed Certificates, Series 06-21, Class 2A1, 0.57%, 5/25/37(a)+		51,243
	222,554	Countrywide Asset-Backed Certificates, Series 06-23, Class 2A1, 0.57%, 11/25/37(a)+		201,708
	21,202	Countrywide Asset-Backed Certificates, Series 06-15, Class A1, 0.63%, 10/25/46(a)+		19,052
	6,554	Countrywide Asset-Backed Certificates, Series 06-16, Class 2A1, 0.57%, 12/25/46(a)+		6,350
	28,036	Countrywide Asset-Backed Certificates, Series 06-17, Class 2A1, 0.57%, 3/25/47(a)+		26,973
	36,143	Countrywide Asset-Backed Certificates, Series 06-22, Class 2A1, 0.57%, 5/25/47(a)+		32,768
	261,401	Countrywide Asset-Backed Certificates, Series 06-24, Class 2A1, 0.57%, 6/25/47(a)+		231,983
	36,994	Credit-Based Asset Servicing and Securitization, Series 06-CB9, Class A1, 0.58%, 11/25/36(a)+		32,643
	19,343	First Franklin Mortgage Loan Asset Backed Certificates, Series 06-FF9, Class 2A1, 0.58%, 6/25/36(a)+		19,014
	41,705	Fremont Home Loan Trust, Series 06-E, Class 2A1, 0.58%, 1/25/37(a)+		35,444
	99,966	GE-WMC Mortgage Securities, LLC, Series 06-1, Class A2A, 0.56%, 8/25/36(a)+		78,531
	25,087	GSAMP Trust, Series 06-FM2, Class A2A, 0.59%, 9/25/36(a)+		23,500
	25,873	Household Home Equity Loan Trust, Series 06-4, Class A1V, 0.62%, 3/20/36(a)+		24,110
	32,936	HSI Asset Securitization Corp. Trust, Series 06-HE2, Class 2A1, 0.57%, 12/25/36(a)+		19,093
	19,802	Indymac Residential Asset Backed Trust, Series 06-E, Class 2A1, 0.58%, 4/25/37(a)+		18,702
	13,301	J.P. Morgan Mortgage Acquisition Corp., Series 06-WMC3, Class A2, 0.57%, 8/25/36(a)+		11,975
	228,809	J.P. Morgan Mortgage Acquisition Corp., Series 06-CH2, Class AV2, 0.57%, 10/25/36(a)+		200,974
	43,529	Lehman XS Trust, Series 06-17, Class WF11, 0.64%, 11/25/36(a)+		41,497
	4,834	Lehman XS Trust, Series 06-9, Class A1A, 0.54%, 5/25/46(a)+		4,716
	22,268	Lehman XS Trust, Series 06-11, Class 1A1, 0.60%, 6/25/46(a)+		21,801
	67,481	Lehman XS Trust, Series 06-16N, Class A1A, 0.60%, 11/25/46(a)+		57,933
	3,092	Long Beach Mortgage Loan Trust, Series 04-4, Class 1A1, 0.80%, 10/25/34(a)+		1,260
	100,271	Long Beach Mortgage Loan Trust, Series 06-9, Class 2A1, 0.58%, 10/25/36(a)+		96,021

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL PIMCO Fundamental IndexPLUS Total Return Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Principal			Fair
Amount			Value
Asset Backed Securities, continued
$	473,176	Massachusetts Educational Financing Authority, Series 2008-1, Class A1, 2.11%, 4/25/38(a)+	$	399,760
	45,586	Master Asset Backed Securities Trust, Series 06-HE5, Class A1, 0.58%, 11/25/36(a)+		42,024
	54,969	Merrill Lynch Mortgage Investors Trust, Series 06-FF1, Class A2A, 0.59%, 8/25/36(a)+		53,251
	99,521	Park Place Securities, Inc., Series 04-MCW1, Class A1, 0.83%, 10/25/34(a)+		75,027
	30,393	Residential Asset Mortgage Products, Inc., Series 06-RZ4, Class A1A, 0.60%, 10/25/36(a)+		28,134
	420	Residential Asset Securities Corp., Series 06-KS8, Class A1, 0.58%, 10/25/36(a)+		416
	25,114	Residential Asset Securities Corp., Series 06-KS9, Class AI1, 0.59%, 11/25/36(a)+		24,129
	11,815	Saxon Asset Securities Trust, Series 06-3, Class A1, 0.58%, 10/25/46(a)+		11,347
	26,941	SBI Heloc Trust, Series 06-A1, Class 1A2A, 0.69%, 8/25/36(a)(b)+		23,756
	3,972	SLM Student Loan Trust, Series 05-5, Class A1, 1.16%, 1/25/18(a)+		3,970
	997,074	SLM Student Loan Trust, Series 2008-9, Class A, 2.66%, 4/25/23(a)+		978,777
	88,874	Soundview Home Equity Loan Trust, Series 06-EQ2, Class A1, 0.60%, 1/25/37(a)+		84,958
	8,756	Wells Fargo Home Equity Trust, Series 06-3, Class A1, 0.57%, 1/25/37(a)+		8,534
Total Asset Backed Securities  (Cost $7,752,384)				6,904,570
Collateralized Mortgage Obligations (5.7%):
	100,000	Banc of America Commercial Mortgage, Inc., Series 2006-2, Class A4, 5.74%, 5/10/45(a)+		74,129
	156,445	Banc of America Funding Corp., 6.11%, 1/20/47(a)+		73,611
	39,611	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-9 Class 22A1, 4.79%, 11/25/34(a)+		28,955
	163,309	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-8, Class 2A1, 5.11%, 11/25/34(a)+		156,512
	45,781	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-10, Class 22A1, 4.97%, 1/25/35(a)+		38,244
	323,680	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-2, Class A2, 2.47%, 3/25/35(a)+		223,331
	48,488	Bear Stearns Alt-A Trust, 5.49%, 9/25/35(a)+		23,902
	89,877	Bear Stearns Mortgage Funding Trust, Series 07-AR1, Class 2A1, 0.59%, 2/25/37(a)+		78,831
	99,401	Countrywide Home Loans, Series 2004-22, Class A3, 4.79%, 11/25/34(a)+		60,514
	172,914	Countrywide Home Loans, Series 2004-HYB9, Class 1A1, 4.73%, 2/20/35(a)+		121,752
	400,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A4, 5.70%, 9/15/40(a)+		261,277
	67,428	Fannie Mae, Series 06-118, Class A1, 0.58%, 12/25/36(a)+		60,260
	107,917	First Horizon Mortgage Pass-Through Trust, Series 2005-AR3, Class 2A1, 5.36%, 8/25/35(a)+		76,456
	137,212	Freddie Mac, Series 3335, Class BF, 0.71%, 7/15/19(a)+		132,941
	82,785	Freddie Mac, Series 3149, Class LF, 0.86%, 5/15/36(a)+		80,254
	65,255	Greenpoint Mortgage Funding Trust, Series 06-AR8, Class 1A1A, 0.60%, 1/25/47(a)+		55,793
	68,106	Greenpoint Mortgage Pass-Through Certificates, Series 2003-1, Class A1, 4.88%, 10/25/33(a)+		46,420
	152,272	GS Mortgage Securities Corp. II, Series 2007-EOP Class A1, 0.61%, 3/6/20(a)(b)+		106,288
	78,451	GSR Mortgage Loan Trust, Series 2005-AR7, Class 6A1, 5.24%, 11/25/35(a)+		50,335
	24,312	Harborview Mortgage Loan Trust, Series 05-2, Class 2A1A, 0.78%, 5/19/35(a)+		8,921
	103,956	Harborview Mortgage Loan Trust, Series 2005-4, Class 3A1, 5.14%, 7/19/35(a)+		56,621
	62,339	Indymac Index Mortgage Loan Trust, Series 2004-AR5, Class B1, 5.01%, 12/25/34(a)+		43,063
	12,835	Indymac Index Mortgage Loan Trust, Series 06-AR35, Class 2A2, 0.62%, 1/25/37(a)+		11,913
	300,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-LDPX, Class A3, 5.42%, 1/15/49+		202,747
	100,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-LD12, Class A4, 5.88%, 2/15/51(a)+		70,701
	117,131	JP Morgan Mortgage Trust, Series 2005-A1, Class 6T1, 5.02%, 2/25/35(a)+		92,877

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL PIMCO Fundamental IndexPLUS Total Return Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Principal			Fair
Amount			Value
Collateralized Mortgage Obligations, continued
$	11,008	Lehman Brothers Commercial Mortgage Trust, Series 06-LLFA, Class A1, 0.64%, 9/15/21(a)(b)+	$	8,146
	19,602	MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A4, 3.79%, 11/21/34(a)+		19,096
	166,403	Merrill Lynch Floating Trust, Series 06-1, Class A1, 0.63%, 6/15/22(a)(b)+		116,482
	59,846	Merrill Lynch Mortgage Investors Trust, Series 2005-A10, Class A, 0.73%, 2/25/36(a)+		33,063
	100,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-6, Class A4, 5.49%, 3/12/51+		57,320
	26,271	MLCC Mortgage Investors, Inc., Series 2005-2, Class 3A, 1.52%, 10/25/35(a)+		17,650
	18,919	MLCC Mortgage Investors, Inc., Series 2005-3, Class 4A, 0.77%, 11/25/35(a)+		11,352
	900,000	Morgan Stanley Capital I Trust, Series 2007-IQ15, Class A4, 5.88%, 6/11/49(a)+		647,809
	55,682	Structured Asset Mortgage Investments, Inc., Series 2005-AR5, Class A2, 0.81%, 7/19/35(a)+		38,012
	193,630	Thornburg Mortgage Securities Trust, Series 06-5, Class A1, 0.64%, 9/25/46(a)+		166,351
	58,480	Thornburg Mortgage Securities Trust, Series 06-6, Class A1, 0.63%, 11/25/46(a)+		50,156
	149,851	Wachovia Bank Commercial Mortgage Trust, 0.64%, 6/15/20(a)(b)+		103,152
	265,955	Wachovia Bank Commercial Mortgage Trust, Series 06-WL7A, Class A1, 0.65%, 9/15/21(a)(b)+		182,818
	67,957	Washington Mutual Mortgage Pass-Through Certificates, Series 06-AR11, Class 2A, 4.26%, 9/25/46(a)+		21,683
	209,880	Washington Mutual Mortgage Pass-Through Certificates, Series 06-AR13, Class 2A, 4.26%, 10/25/46(a)+		106,424
	72,821	Washington Mutual Mortgage Pass-Through Certificates, Series 06-AR19, Class 1A1A, 2.55%, 1/25/47(a)+		33,928
	110,655	Wells Fargo Mortgage Back Securities Trust, Series 2004-CC, Class A1, 4.95%, 1/25/35(a)+		75,563
Total Collateralized Mortgage Obligations (Cost $5,405,229)				3,925,653
Corporate Bonds (37.0%):
Automobiles (0.1%):
	100,000	DaimlerChrysler NA Holding Corp., 3.64%, 8/3/09(a)+		99,253
Biotechnology (0.5%):
	300,000	Amgen, Inc., 6.90%, 6/1/38+		307,998
Chemicals (0.1%):
	100,000	Rohm & Haas Co., 6.00%, 9/15/17+		83,074
Commercial Banks (10.5%):
	300,000	American Express Centurion Bank, 0.58%, 6/12/09(a)+		296,002
	400,000	American Express Centurion Bank, 5.55%, 10/17/12+		356,003
	100,000	ANZ National Bank, Ltd., 6.20%, 7/19/13(b)+		96,427
	500,000	Banc of America Corp., 1.60%, 6/15/16(a)+		317,122
	100,000	Bank of America Corp., 1.36%, 11/6/09(a)+		98,674
	1,200,000	Bank of America Corp., 8.13%, 12/31/49+		480,588
	100,000	Barclays Bank plc, 6.05%, 12/4/17(b)+		78,641
	300,000	BNP Paribas, 5.19%, 6/29/49(b)+		123,129
	900,000	Chase Manhattan Corp., 7.00%, 11/15/09+		911,081
	100,000	Citigroup, Inc., 1.26%, 12/28/09(a)+		92,327
	200,000	Citigroup, Inc., 1.40%, 5/18/10(a)+		179,688
	300,000	Citigroup, Inc., 5.50%, 4/11/13+		263,572
	200,000	Citigroup, Inc., 6.00%, 8/15/17+		172,607
	100,000	Citigroup, Inc., 6.13%, 8/25/36+		53,736
	100,000	Credit Agricole, 1.26%, 5/28/09(a)(b)+		99,817
	300,000	Deutsche Bank AG, 1.54%, 2/17/15, Callable 2/17/10 @ 100, EMTN(a)+		210,000
	100,000	DnB NOR Bank ASA, 1.33%, 10/13/09(a)(b)+		98,789
	300,000	HBOS Treasury Services PLC, 1.18%, 7/17/09(a)(b)+		298,301
	200,000	ICICI Bank, Ltd., 1.89%, 1/12/10(a)(b)+		180,000
	100,000	J.P. Morgan Chase & Co., 0.57%, 6/26/09(a)+		99,754
	200,000	Key Bank NA, Series BKNT, 3.51%, 6/2/10(a)(b)+		192,796
	200,000	KeyCorp, Series E, 4.28%, 11/22/10, MTN(a)+		226,995
	1,000,000	SunTrust Bank, 1.36%, 5/21/12(a)+		917,020
	100,000	UBS AG Stamford CT, 5.88%, 12/20/17+		86,009

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL PIMCO Fundamental IndexPLUS Total Return Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Principal			Fair
Amount			Value
Corporate Bonds, continued
Commercial Banks, continued
$	100,000	Wachovia Corp., 1.31%, 12/1/09(a)+	$	98,545
	100,000	Wachovia Corp., 1.41%, 6/1/10(a)+		95,047
	300,000	Wells Fargo & Co., 5.63%, 12/11/17+		273,723
	1,700,000	Wells Fargo & Co., Series K, 7.98%, 2/28/49, Callable 3/15/18 @ 100+		799,000
				7,195,393
Commercial Services & Supplies (1.0%):
	100,000	The President & Fellows of Harvard College, 6.00%, 1/15/19(b)+		107,574
	500,000	The President & Fellows of Harvard College, 6.50%, 1/15/39(b)+		558,515
				666,089
Computers & Peripherals (1.8%):
	200,000	Dell, Inc., 5.65%, 4/15/18+		188,646
	1,000,000	IBM Corp., 5.70%, 9/14/17+		1,035,872
				1,224,518
Diversified Consumer Services (8.8%):
	100,000	Allstate Life Global Funding Trust, 5.38%, 4/30/13, MTN+		96,727
	200,000	American Express Credit Co., 0.59%, 11/9/09(a)+		194,077
	100,000	American Express Credit Co., Series C, 5.88%, 5/2/13+		87,798
	100,000	American General Finance, 6.90%, 12/15/17, MTN+		35,049
	400,000	American Honda Finance Corp., 1.28%, 5/12/09(a)(b)+		399,819
	200,000	American International Group, 5.85%, 1/16/18, MTN+		78,301
	1,000,000	Appalachian Power Co., 6.60%, 5/1/09+		1,001,684
	50,000	Bear Stearns Cos., Inc., 1.55%, 9/9/09(a)+		49,844
	100,000	C10 Capital SPV, Ltd., 6.72%, 12/31/49(b)+		35,024
	100,000	Caterpillar Financial Services Corp., 4.85%, 12/7/12, MTN+		98,563
	100,000	CIT Group, Inc., 1.39%, 6/8/09(a)+		96,751
	100,000	CIT Group, Inc., 1.36%, 8/17/09(a)+		89,353
	30,000	Citigroup Funding, Inc., 0.52%, 4/23/09(a)+		29,929
	1,200,000	Countrywide Home Loans, Inc., Series M, 4.13%, 9/15/09, MTN+		1,185,815
	300,000	ENEL Finance International, 6.80%, 9/15/37(b)+		246,415
	600,000	Ford Motor Credit Corp., 7.25%, 10/25/11+		427,173
	200,000	General Electric Capital Corp., 1.21%, 1/20/10(a)+		193,970
	100,000	General Electric Capital Corp., 1.30%, 5/10/10(a)+		93,910
	300,000	General Electric Capital Corp., 1.31%, 8/15/11(a)+		256,577
	50,000	General Electric Capital Corp., 1.61%, 5/5/26(a)+		23,597
	300,000	General Electric Capital Corp., 6.38%, 11/15/67+		145,675
	100,000	HSBC Finance Corp., 1.19%, 10/21/09(a)+		94,521
	50,000	HSBC Finance Corp., 1.49%, 5/10/10(a)+		42,530
	400,000	International Lease Financial Corp., 1.47%, 5/24/10(a)+		286,137
	100,000	NGPL PipeCo LLC, 6.51%, 12/15/12(b)+		95,526
	100,000	Santander, 6.67%, 10/29/49(b)+		55,000
	450,000	SLM Corp., 1.30%, 7/27/09(a)+		433,561
	100,000	SMFG Preferred Capital, 6.08%, 1/29/49(b)+		61,187
	200,000	UBS Preferred Funding Trust V, 6.24%, 5/29/49+		54,626
	100,000	Westfield Group, 5.70%, 10/1/16(b)+		74,514
				6,063,653
Diversified Financial Services (6.0%):
	1,000,000	Citigroup Capital XXI, 8.30%, 12/21/57, Callable 12/21/37 @ 100+		481,496
	300,000	General Electric Capital Corp., 5.50%, 9/15/67(b)+		155,422
	300,000	GMAC LLC, 6.88%, 8/28/12+		165,641
	50,000	Goldman Sachs Group, Inc., 1.32%, 6/23/09(a)+		49,669
	100,000	Goldman Sachs Group, Inc., 1.32%, 11/16/09(a)+		97,688
	300,000	Goldman Sachs Group, Inc., 5.63%, 1/15/17+		233,690
	300,000	Goldman Sachs Group, Inc., 5.95%, 1/18/18+		272,352
	100,000	Goldman Sachs Group, Inc., 6.15%, 4/1/18+		91,342
	40,000	JPMorgan Chase & Co., 6.00%, 1/15/18+		40,403
	100,000	Lehman Brothers Holdings, 0.00%, 11/24/08(d)		12,000
	100,000	Lehman Brothers Holdings, 0.00%, 4/3/09(d)		12,000
	200,000	Lehman Brothers Holdings, 0.00%, 9/26/14(d)		25,500
	1,000,000	Merrill Lynch & Co., Series C, 3.05%, 5/20/09, MTN(a)+		994,447
	100,000	Merrill Lynch & Co., 1.35%, 12/4/09(a)+		96,049
	200,000	Merrill Lynch & Co., 6.88%, 4/25/18+		156,419
	100,000	Morgan Stanley, 1.29%, 5/7/09(a)+		99,848
	100,000	Morgan Stanley, Series F, 1.18%, 1/15/10(a)+		96,210

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL PIMCO Fundamental IndexPLUS Total Return Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Shares or Principal			Fair
Amount			Value
Corporate Bonds, continued
Diversified Financial Services, continued
$	400,000	Morgan Stanley, 1.37%, 1/15/10(a)+	$	382,591
	200,000	Morgan Stanley, Series F, 3.34%, 5/14/10, MTN(a)+		194,817
	100,000	Transcapital Ltd., 8.70%, 8/7/18(b)+		87,000
	400,000	Wachovia Corp., 5.75%, 2/1/18+		354,350
				4,098,934
Food & Staples Retailing (0.6%):
	200,000	Kraft Foods, Inc., 6.13%, 2/1/18+		200,452
	200,000	McDonald’s Corp., Series I, 5.00%, 2/1/19, MTN+		208,015
				408,467
Health Care Providers & Services (0.1%):
	100,000	UnitedHealth Group, Inc., 4.88%, 2/15/13+		97,398
Insurance (2.3%):
	500,000	Marsh & McLennan Cos., Inc., 7.13%, 6/15/09+		499,891
	300,000	Met Life Global Funding, 1.28%, 5/17/10(a)(b)+		283,219
	100,000	Monumental Global Funding II, 5.50%, 4/22/13(b)+		90,912
	100,000	Principal Life Income Funding Trust, 5.55%, 4/27/15, MTN+		94,620
	700,000	Sun Life Financial, Inc., 1.50%, 7/6/11(a)(b)+		621,599
				1,590,241
Media (0.4%):
	100,000	Comcast Corp., 1.46%, 7/14/09(a)+		99,475
	200,000	Time Warner, Inc., 5.88%, 11/15/16+		189,284
				288,759
Multiline Retail (0.9%):
	600,000	Home Depot, Inc. (The), 3.75%, 9/15/09+		600,200
Oil, Gas & Consumable Fuels (2.5%):
	600,000	Anadarko Petroleum Corp., 1.72%, 9/15/09(a)+		597,852
	400,000	Gaz Capital SA, Series 2, 8.63%, 4/28/34, Puttable 4/28/14 @ 100+		356,000
	200,000	Gazprom, 9.63%, 3/1/13+		190,760
	40,000	Gazprom OAO, 10.50%, 10/21/09+		41,000
	300,000	Kinder Morgan Energy Partners LP, 5.95%, 2/15/18+		273,139
	300,000	Suncor Energy, Inc., 6.10%, 6/1/18+		255,854
				1,714,605
Pharmaceuticals (1.0%):
	100,000	AstraZeneca plc, 5.90%, 9/15/17+		105,884
	600,000	Roche Holdings, Inc., 3.25%, 2/25/11(a)(b)+		598,935
				704,819
Road & Rail (0.3%):
	200,000	Union Pacific Corp., 5.70%, 8/15/18+		190,368
Tobacco (0.1%):
	100,000	Philip Morris International, Inc., 6.38%, 5/16/38+		96,845
Total Corporate Bonds (Cost $29,913,238)				25,430,614
Yankee Dollars (0.8%):
Commercial Banks (0.4%):
	100,000	Credit Agricole, 1.31%, 5/28/10(a)(b)+		97,809
	100,000	HSBC Holdings PLC, 6.50%, 9/15/37+		81,835
	100,000	National Australia Bank, Ltd., 1.35%, 9/11/09(a)(b)+		99,993
				279,637
Diversified Consumer Services (0.4%):
	100,000	Siemens Financieringsmaatschappij NV, 1.29%, 8/14/09(a)(b)+		99,570
	200,000	Telefonica Emisiones Sau, 1.59%, 6/19/09(a)+		199,294
				298,864
Total Yankee Dollars (Cost $599,837)				578,501
Preferred Stocks (0.8%):
Diversified Financial Services (0.8%):
	1,800	American International Group+		9,720
	300	Bank of America Corp., Series L+		127,350
	34	DG Funding Trust(c)		339,681
	200	Wells Fargo & Co., Series L, Class A+		95,798
				572,549
Total Preferred Stocks (Cost $812,345)				572,549
Municipal Bonds (3.9%):
Arizona (0.4%):
	300,000	Salt River Project Arizona Agriculture Improvement & Power District Electricity System Revenue, Series A, 5.00%, 1/1/37, Callable 1/1/16 @ 100+		292,938
California (0.9%):
	200,000	Los Angeles California United School District, Series A-1, 4.50%, 7/1/23, Callable 7/1/17 @ 100 +		195,056

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL PIMCO Fundamental IndexPLUS Total Return Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Principal			Fair
Amount			Value
Municipal Bonds, continued
California, continued
$	400,000	University of California Revenue, Series O, 5.25%, 5/15/39, Callable 5/15/19 @ 100+	$	387,052
				582,108
District of Columbia (0.2%):
	100,000	District of Columbia Income Tax Secured Revenue, Series A, 5.25%, 12/1/34, Callable 12/1/19 @ 100+		100,398
Illinois (0.4%):
	200,000	Chicago Illinois Transit Authority Sales & Transfer Tax Receipts Revenue, Series A, 6.90%, 12/1/40+		199,622
	100,000	Chicago Illinois Transit Authority Sales & Transfer Tax Receipts Revenue, Series B, 6.90%, 12/1/40+		99,811
				299,433
Massachusetts (0.5%):
	300,000	Massachusetts State, Series D, 5.50%, 11/1/14+		347,256
New York (1.1%):
	800,000	New York City Municipal Water Finance Authority, Water & Sewer System Revenue, Series AA, 4.75%, 6/15/37, Callable 6/15/16 @ 100+		735,152
Tennessee (0.4%):
	300,000	Metropolitan Government Nashville & Davidson County, Tennessee Health & Educational Facilities Board, Vanderbilt University Revenue, Series B, 5.00%, 10/1/39, Callable 10/1/19 @ 100		294,474
Total Municipal Bonds (Cost $2,628,826)				2,651,759
U.S. Government Agency Mortgages (80.1%):
Federal Home Loan Mortgage Corporation (16.1%)
	654,310	0.79%, 2/15/19, Series 3346 FA(a)+		633,061
	601,115	6.00%, 9/1/27+		630,489
	403,358	6.00%, 3/1/38, Pool #A74291+		422,137
	400,040	5.50%, 5/1/38+		415,538
	144,956	5.50%, 7/1/38, Pool #A79018+		150,572
	784,560	5.50%, 7/1/38, Pool #A79021+		814,955
	460,141	5.50%, 8/1/38, Pool #G04588+		477,968
	162,909	6.00%, 8/1/38, Pool #A81114+		170,493
	4,000,000	5.50%, 4/13/39, TBA		4,150,000
	3,000,000	6.00%, 4/13/39, TBA		3,135,936
	83,108	3.02%, 2/25/45(a)+		71,310
				11,072,459
Federal National Mortgage Association (64.0%)
	41,903	5.50%, 3/1/22, Pool #910081+		43,737
	759,945	5.50%, 7/1/23, Pool #964571+		793,205
	277,641	6.00%, 3/1/27+		290,948
	243,603	6.00%, 5/1/27+		255,279
	604,890	6.00%, 9/1/27+		633,882
	585,493	6.00%, 10/1/27+		613,555
	603,009	6.00%, 11/1/27+		631,911
	860,670	6.00%, 6/1/36, Pool #891800+		900,518
	2,000,000	6.00%, 5/12/39, TBA		2,083,750
	500,000	6.00%, 9/1/37, Pool #256883+		522,809
	900,756	6.00%, 9/1/37, Pool #928729+		941,846
	1,905,168	6.00%, 11/1/37, Pool #950345+		1,992,077
	905,162	5.50%, 6/1/38, Pool #889996+		940,398
	2,196,067	6.00%, 10/1/38, Pool #889983+		2,296,247
	11,900,000	5.50%, 4/13/39, TBA		12,349,963
	15,000,000	6.00%, 4/13/39, TBA		15,665,625
	400,000	6.50%, 4/13/39, TBA		421,250
	2,000,000	5.50%, 5/12/39, TBA		2,070,624
	500,000	6.50%, 5/12/39, TBA		524,687
				43,972,311
Total U.S. Government Agency Mortgages (Cost $54,257,375)				55,044,770
U.S. Treasury Obligations (28.3%):
U.S. Treasury Bond (5.9%)
	2,800,000	8.13%, 8/15/19 +		4,060,000
U.S. Treasury Inflation Index Bond (10.2%)
	3,800,000	2.38%, 1/15/25		4,422,801
	800,000	2.00%, 1/15/26		841,474
	1,800,000	1.75%, 1/15/28		1,737,047
				7,001,322
U.S. Treasury Inflation Index Notes (11.7%)
	500,000	3.50%, 1/15/11		633,292
	1,100,000	2.00%, 4/15/12		1,177,478
	800,000	3.00%, 7/15/12+		999,639
	1,000,000	1.88%, 7/15/13+		1,178,350
	300,000	2.00%, 1/15/14		353,204
	600,000	2.00%, 7/15/14		693,927
	1,900,000	1.88%, 7/15/15		2,115,965
	800,000	2.38%, 1/15/17		889,427

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL PIMCO Fundamental IndexPLUS Total Return Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Principal			Fair
Amount			Value
U.S. Treasury Obligations, continued
			$	8,041,282
U.S. Treasury Inflation Protected Bonds (0.5%)
$	300,000	0.88%, 4/15/10		332,687
Total U.S. Treasury Obligations (Cost $19,600,978)				19,435,291
Repurchase Agreements (22.5%):
	1,100,000	Credit Suisse Securities (USA) LLC, Dated 3/31/09, 0.20%, due 4/2/09, proceeds $1,100,006; fully collateralized by U.S. Treasury Notes, 4.00%, 2/15/15, value at $1,120,019+		1,100,000
	1,100,000	JPMorgan Securities, Inc., Dated 3/30/09, 0.12%, due 4/1/09, proceeds $1,100,004; fully collateralized by U.S. Treasury Bills, Discount Note, 11/19/09, value at $1,107,489+		1,100,000
	6,800,000	JPMorgan Securities, Inc., Dated 3/30/09, 0.14%, due 4/1/09, proceeds $6,800,026; fully collateralized by FNMA, Discount Note, 11/2/09, value at $6,933,059+		6,800,000
	6,500,000	JPMorgan Securities, Inc., Dated 3/31/09, 0.20%, due 4/2/09, proceeds $6,500,036; fully collateralized by U.S. Treasury Bills, Discount Note, 11/19/09, value at $6,570,172+		6,500,000
Total Repurchase Agreements (Cost $15,500,000)				15,500,000
Foreign Bond (0.4%):
	300,000	Providence of Ontario, 6.50%, 3/8/29+		283,599
Total Foreign Bond (Cost $270,217)				283,599
Put Options Purchased (0.0%):
	6,000	Federal National Mortgage Association 5.50%, Strike @ 86.00 Exp. 4/6/09		0
	8,900	Federal National Mortgage Association 5.50%, Strike @ 87.00 Exp. 6/4/09		0
Total Put Options Purchased (Cost $1,746)				0
Purchased Call Options (0.9%):
	60	10 Year U.S. Treasury Future Option, Strike @ 86.00 Exp. 5/26/09		938
	140	Receive 3-Month USD-LIBOR Floating Rate Index, Strike @ 3.45 Exp. 8/3/09(e)		52,599
	590	Receive 3-Month USD-LIBOR Floating Rate Index, Strike @ 3.45 Exp. 8/3/09(e)		221,668
	770	Receive 3-Month USD-LIBOR Floating Rate Index, Strike @ 3.45 Exp. 8/3/09(c)(e)		289,295
Total Purchased Call Options (Cost $165,319)				564,500
Investment Company (4.9%):
	3,358,875	Dreyfus Treasury Prime Cash Management, 0.09%(f)		3,358,875
Total Investment Company (Cost $3,358,875)				3,358,875
Total Investment Securities (Cost $140,266,369)(g)—195.3%				134,250,681
Net other assets (liabilities) — (95.3)%				(65,496,282	)
NET ASSETS — 100.0%			$	68,754,399

	Percentages indicated are based on net assets as of March 31, 2009.
+	Investment securities are segregated as collateral, the aggregate fair value of these securities is $76,318,781.
FNMA	Federal National Mortgage Association
FSA	Insured by Federal Financial Security Assurance
GO	General Obligation
LIBOR	Represents the London InterBank Offered Rate
LLC	Limited Liability Co.
LP	Limited Partnership
PLC	Public Liability Co.
TBA	To be announced. Represents 58.8% of the Fund’s net assets.
(a)	Variable rate security. The rate presented represents the rate in effect at March 31, 2009. The date presented represents the final maturity date.
(b)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investor. The sub adviser has deemed these securities to be liquid based on procedures approved by the board of Trustees.
(c)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-adviser has deemed these securities to be illiquid based on procedures approved by the Board of Trustees. As of March 31, 2009, these securities represent 0.9% of the net assets of the Fund.
(d)	Defaulted Bond. In connection with the Lehman Brothers Holdings, Inc. bankruptcy filing announcement on September 15, 2008, the fund stopped accruing prospective interest amounts on that date.
(e)	Security was fair valued as of March 31, 2009. Represents 0.8% of the net assets of the Fund.
(f)	The rate represents the effective yield at March 31, 2009.
(g)	Cost for federal income tax purposes is $140,725,613. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	2,537,400
Unrealized depreciation		(9,012,332	)
Net unrealized depreciation	$	(6,474,932	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of March 31, 2009:

Country	Percentage
United States		98.8	%
United Kingdom		0.3	%
Canada		0.2	%

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL PIMCO Fundamental IndexPLUS Total Return Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Country	Percentage
Germany		0.2	%
Australia		0.1	%
France		0.1	%
India		0.1	%
Netherlands		0.1	%
Spain		0.1	%
Japan		0.0	%
Virgin Islands		0.0	%
Total		100.0	%

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL PIMCO Fundamental IndexPLUS Total Return Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

     As of March 31, 2009 the Fund’s open foreign currency exchange contracts were as follows:

	Delivery		Contract		Fair		Unrealized Appreciation/
Long Contracts	Date		Amount		Value		(Depreciation)
Receive 54,000 United Arab Emirates Dirham in exchange for U.S. Dollars		4/16/09	$	14,975	$	14,702	$	(273	)
Receive 67,000 Australia Dollars in exchange for U.S. Dollars		5/7/09		46,934	$	46,437		(497	)
Receive 612,213 Brazilian Real in exchange for U.S. Dollars		6/2/09		312,245		260,018		(52,227	)
Receive 69,812 Brazilian Real in exchange for U.S. Dollars		4/2/09		31,000		30,104		(896	)
Receive 38,015 Canadian Dollars in exchange for U.S. Dollars		4/27/09		30,955		30,161		(794	)
Receive 5,515,337 Chinese Renminbi in exchange for U.S. Dollars		7/15/09		850,000		808,138		(41,862	)
Receive 1,274,552 Chinese Renminbi in exchange for U.S. Dollars		9/8/09		183,977		187,022		3,045
Receive 858,788 Chinese Renminbi in exchange for U.S. Dollars		3/29/10		127,000		126,215		(785	)
Receive 59,000 European Euro in exchange for U.S. Dollars		4/14/09		79,940		78,372		(1,568	)
Receive 116,000 British Sterling Pounds in exchange for U.S. Dollars		4/9/09		171,109		166,416		(4,693	)
Receive 52,000 British Sterling Pounds in exchange for U.S. Dollars		4/27/09		75,901		74,603		(1,298	)
Receive 14,879,339 Indian Rupee in exchange for U.S. Dollars		4/9/09		296,621		293,038		(3,583	)
Receive 2,821,000 Japanese Yen in exchange for U.S. Dollars		5/7/09		28,635		28,520		(115	)
Receive 4,000 Kuwaiti Dinar in exchange for U.S. Dollars		4/16/09		15,323		13,735		(1,588	)
Receive 247,570 Malaysian Ringgit in exchange for U.S. Dollars		4/14/09		70,000		67,928		(2,072	)
Receive 3,871,300 Philippine Peso in exchange for U.S. Dollars		5/6/09		80,000		79,894		(106	)
Receive 3,521,000 Russian Ruble in exchange for U.S. Dollars		5/6/09		146,224		102,752		(43,472	)
Receive 55,600 Saudi Arabian Riyal in exchange for U.S. Dollars		4/16/09		15,029		14,826		(203	)
Receive 449,169 Singapore Dollars in exchange for U.S. Dollars		4/14/09		306,212		295,289		(10,923	)
Receive 57,856 Singapore Dollars in exchange for U.S. Dollars		7/30/09		40,000		38,020		(1,980	)
							$	(165,890	)

	Delivery		Contract		Fair		Unrealized Appreciation/
Short Contracts	Date		Amount		Value		(Depreciation)
Deliver 54,000 United Arab Emirates Dirham in exchange for U.S. Dollars		4/16/09	$	14,615	$	14,702	$	(87	)
Deliver 518,865 Brazilian Real in exchange for U.S. Dollars		6/2/09		216,635		220,371		(3,736	)
Deliver 69,812 Brazilian Real in exchange for U.S. Dollars		4/2/09		31,117		30,104		1,013
Deliver 348,000 Canadian Dollars in exchange for U.S. Dollars		4/27/09		270,921		276,103		(5,182	)
Deliver 5,515,337 Chinese Renminbi in exchange for U.S. Dollars		7/15/09		782,475		808,137		(25,662	)
Deliver 1,274,552 Chinese Renminbi in exchange for U.S. Dollars		9/8/09		182,147		187,023		(4,876	)
Deliver 397,000 European Euro in exchange for U.S. Dollars		4/14/09		501,341		527,352		(26,011	)
Deliver 592,000 British Sterling Pounds in exchange for U.S. Dollars		4/9/09		856,378		849,296		7,082
Deliver 14,879,339 Indian Rupee in exchange for U.S. Dollars		4/9/09		289,705		293,038		(3,333	)
Deliver 4,000 Kuwaiti Dinar in exchange for U.S. Dollars		4/16/09		14,000		13,734		266
Deliver 247,570 Malaysian Ringgit in exchange for U.S. Dollars		4/14/09		67,347		67,928		(581	)
Deliver 3,871,300 Philippine Peso in exchange for U.S. Dollars		5/6/09		76,690		79,894		(3,204	)
Deliver 3,521,000 Russian Ruble in exchange for U.S. Dollars		5/6/09		144,966		102,752		42,214
Deliver 55,600 Saudi Arabian Riyal in exchange for U.S. Dollars		4/16/09		14,740		14,825		(85	)
Deliver 449,169 Singapore Dollars in exchange for U.S. Dollars		4/14/09		300,940		295,290		5,650
Deliver 57,856 Singapore Dollars in exchange for U.S. Dollars		7/30/09		38,041		38,020		21
							$	(16,511	)

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL PIMCO Fundamental IndexPLUS Total Return Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

As of March 31, 2009 the Fund’s open future contracts were as follows:

				Number of		Unrealized Appreciation/
Description	Type	Expiration Date		Contracts		(Depreciation)
Euro Euribor June Futures	Long		6/09		2	$	27,268
90-Day British Sterling Pound June Futures	Long		6/09		24		217,023
90-Day British Sterling Pound December Futures	Long		12/09		1		6,325
90-Day Eurodollar March Futures	Long		3/10		29		231,275
90-Day Eurodollar June Futures	Long		6/10		1		6,250
90-Day Eurodollar June Futures	Long		6/09		57		317,275
90-Day Eurodollar September Futures	Long		9/10		1		6,488
90-Day Eurodollar September Futures	Long		9/09		62		472,513
90-Day Eurodollar December Futures	Long		12/09		35		261,800
U.S. Treasury 5-Year Note June Futures	Long		6/09		42		73,640
						$	1,619,857

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL PIMCO Fundamental IndexPLUS Total Return Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Credit Default Swaps agreements outstanding on March 31, 2009:

Credit Default Swaps on Corporate and Sovereign Issues

										Unrealized			Implied
		Buy/Sell	(Pay)/Receive	Expiration	Notional		Market			Appreciation/			Credit
Counterparty	Reference Equity	Protection (1)	Fixed Rate	Date	Amount (2)		Value (4)			(Depreciation)			Spread (3)
Citibank	General Electric Corp.	Sell	1.10%	6/20/10	$	100,000	$	(9,636	)	$	(9,605	)	9.76	%
Barclays Capital	General Electric Corp.	Sell	0.85	6/20/10		100,000		(9,915	)		(9,891	)	9.76	%
BNP Paribas	General Electric Corp.	Sell	1.10	12/20/09		200,000		(12,290	)		(12,229	)	10.02	%
Deutsche Bank Group	General Electric Corp.	Sell	1.02	6/20/10		100,000		(9,725	)		(9,697	)	9.76	%
Goldman Sachs	General Motors Corp.	Sell	8.90	3/20/13		100,000		(78,501	)		(78,205	)	102.37	%
Deutsche Bank Group	Berkshire Hathaway Finance Corp.	Sell	0.88	3/20/13		3,000,000		(304,169	)		(303,289	)	3.84	%
Goldman Sachs	General Motors Corp.	Sell	9.05	3/20/13		100,000		(78,375	)		(78,073	)	102.37	%
Goldman Sachs	General Motors Corp.	Sell	5.00	6/20/13		800,000		(656,883	)		(513,550	)	100.47	%
Merrill Lynch	General Electric Corp.	Sell	1.08	12/20/09		200,000		(12,318	)		(12,258	)	10.02	%
					$	4,700,000	$	(1,171,812	)	$	(1,026,797	)

Credit Default Swaps on Credit Indices

													Unrealized
		Buy/Sell	(Pay)/Receive			Expiration		Notional		Market			Appreciation/
Counterparty	Reference Equity	Protection (1)	Fixed Rate			Date		Amount (2)		Value (4)			(Depreciation)
Citibank	HY 8 Year 100 25-35% Future	Sell		2.14	%		6/20/12	$	500,000	$	(193,917	)	$	(193,560	)
Deutsche Bank Group	IG9 5 Year 30-100% Future	Sell		0.71			12/20/12		388,914		239			331
Goldman Sachs	IG9 10 Year 30-100% Future	Sell		0.55			12/20/17		97,228		(1,112	)		(1,096	)
								$	986,142	$	(194,790	)	$	(194,325	)

(1)	If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the related defaulted reference entities and take delivery of the reference entities or (ii) pay a net amount equal to the notional amount of the related defaulted reference entities less their recovery value. If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the related defaulted reference entities and deliver the reference entities or (ii) receive a net amount equal to the notional amount of the related defaulted reference entities less their recovery value.
(2)	The notional amount represents the maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(3)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues and sovereign issues of an emerging country as of period end 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 payments required to be made to enter into the agreement. Wider credit spreads represent a 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 agreement.
(4)	The market value of credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk for the credit derivative as of the period end. Increasing values, in absolute terms when compared to the notional amount of the swap, represent a 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 agreement.

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL PIMCO Fundamental IndexPLUS Total Return Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Total Return Swaps at March 31, 2009:

						Unrealized
			Expiration	Notional		Appreciation/
Counterparty	Receive Total Return	Pay	Date	Amount		(Depreciation)
Merrill Lynch & Co., Inc.	Enhanced RAFI 1000 Total Return Index	1-month USD LIBOR plus 0.23%	8/18/09	$	52,381	$	(2,294,804	)
Merrill Lynch & Co., Inc.	Enhanced RAFI 1000 Total Return Index	1-month USD LIBOR plus 0.20%	10/15/09		559,864		2,144,652
Credit Suisse First Boston	Enhanced RAFI 1000 Total Return Index	1-month USD LIBOR plus 0.20%	10/15/09		207,618		959,836
Credit Suisse First Boston	Enhanced RAFI 1000 Total Return Index	1-month USD LIBOR plus 0.29%	3/12/10		160,497		219,290
						$	1,028,974

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL PIMCO Fundamental IndexPLUS Total Return Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Interest Rate Swaps at March 31, 2009:

										Unrealized
		(Pay)/Receive	Fixed			Expiration		Notional		Appreciation/
Counterparty	Floating Rate Index	Floating Rate	Rate			Date		Amount		(Depreciation)
Morgan Stanley	Brazil Cetip Interbank Deposit Rate	Pay		12.78	%		1/4/10	$	300,000	$	910
Union Bank of Switzerland	Brazil Cetip Interbank Deposit Rate	Pay		12.41			1/4/10		200,000		1,922
Credit Suisse First Boston	6-Month GBP LIBOR	Pay		5.00			6/15/09		100,000		3,602
Merrill Lynch & Co.	Brazil Cetip Interbank Deposit Rate	Pay		12.95			1/4/10		100,000		9,041
Goldman Sachs Group	6-Month GBP LIBOR	Pay		5.00			6/15/09		600,000		21,106
Barclays Capital	6-Month GBP LIBOR	Pay		5.00			6/15/09		300,000		10,614
Barclays Capital	Brazil Cetip Interbank Deposit Rate	Pay		11.36			1/4/10		300,000		3,158
Goldman Sachs Group	Brazil Cetip Interbank Deposit Rate	Pay		11.47			1/4/10		100,000		2,236
Merrill Lynch & Co.	Brazil Cetip Interbank Deposit Rate	Pay		11.43			1/4/10		200,000		4,428
Morgan Stanley	Brazil Cetip Interbank Deposit Rate	Pay		12.67			1/4/10		200,000		2,220
Union Bank of Switzerland	Brazil Cetip Interbank Deposit Rate	Pay		10.58			1/2/12		400,000		7,595
Merrill Lynch & Co.	Brazil Cetip Interbank Deposit Rate	Pay		11.98			1/2/12		400,000		5,413
Citibank	3-Month USD LIBOR	Receive		3.00			6/17/29		500,000		61,384
Barclays Capital	Brazil Cetip Interbank Deposit Rate	Pay		12.54			1/2/12		200,000		3,418
Union Bank of Switzerland	Brazil Cetip Interbank Deposit Rate	Pay		12.54			1/2/12		200,000		2,660
Merrill Lynch & Co.	Brazil Cetip Interbank Deposit Rate	Pay		12.54			1/2/12		400,000		7,309
Credit Suisse First Boston	3-Month USD LIBOR	Receive		3.00			6/17/29		1,700,000		95,470
Deutsche Bank AG	3-Month USD LIBOR	Receive		3.00			6/17/29		2,700,000		115,353
Union Bank of Switzerland	3-Month Australian Bank Bill Rate	Pay		7.50			3/15/10		100,000		3,532
Union Bank of Switzerland	3-Month Australian Bank Bill Rate	Pay		7.00			6/15/10		2,400,000		57,764
Merrill Lynch & Co.	3-Month USD LIBOR	Receive		5.00			12/17/38		800,000		(198,441	)
Morgan Stanley	3-Month USD LIBOR	Receive		5.00			12/17/38		1,700,000		(621,598	)
Merrill Lynch & Co.	3-Month USD LIBOR	Pay		4.00			6/17/11		600,000		16,317
Union Bank of Switzerland	6-Month Australian Bank Bill Rate	Pay		4.25			9/15/11		700,000		(2,707	)
Morgan Stanley	3-Month USD LIBOR	Receive		5.00			12/17/28		100,000		(26,326	)
Royal Bank of Scotland	3-Month USD LIBOR	Receive		5.00			12/17/28		90,000		(25,229	)
Royal Bank of Scotland	3-Month USD LIBOR	Receive		5.00			12/17/38		1,200,000		(309,933	)
HSBC Bank USA	6-Month GBP LIBOR	Pay		5.00			9/17/13		200,000		23,368
Goldman Sachs Group	6-Month GBP LIBOR	Pay		6.00			6/19/09		1,500,000		35,642
BNP Paribas	6-Month EUR LIBOR	Pay		4.50			3/18/14		200,000		26,124
Royal Bank of Scotland	3-Month USD LIBOR	Pay		4.00			6/17/10		1,100,000		33,013
Royal Bank of Scotland	3-Month USD LIBOR	Pay		3.00			2/4/11		4,400,000		164,760
Barclays Capital	3-Month USD LIBOR	Pay		3.00			2/4/11		5,500,000		244,141
Barclays Capital	3-Month USD LIBOR	Pay		4.00			12/16/10		200,000		4,831
Royal Bank of Scotland	6-Month GBP LIBOR	Pay		5.25			3/18/14		100,000		15,160
Goldman Sachs Group	6-Month GBP LIBOR	Pay		5.25			3/18/14		100,000		15,102
Morgan Stanley	3-Month USD LIBOR	Pay		4.00			6/17/10		800,000		24,281
										$	(162,360	)

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL PIMCO Fundamental IndexPLUS Total Return Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Written Swap Options outstanding on March 31, 2009:

		Pay/Receive	Exercise			Expiration		Number of
Description	Counterparty	Floating Index	Rate			Date		Contracts			Premium			Fair Value
Put—OTC 5-Year Interest Rate Swap	Barclay’s Capital	Rec—3-month USD-LIBOR		2.75	%		5/22/09		(50	)	$	(3,612	)	$	(826	)
Put—OTC 7-Year Interest Rate Swap	Royal Bank of Scotland	Rec—3-month USD-LIBOR		4.40			8/3/09		(50	)		(1,800	)		(194	)
Put—OTC 5-Year Interest Rate Swap	BNP Paribas	Rec—3-month USD-LIBOR		2.75			5/22/09		(50	)		(4,600	)		(826	)
Put—OTC 7-Year Interest Rate Swap	Barclay’s Capital	Rec—3-month USD-LIBOR		4.55			8/3/09		(50	)		(1,950	)		(130	)
											$	(11,962	)	$	(1,976	)

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL PIMCO Fundamental IndexPLUS Total Return Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Written Options outstanding on March 31, 2009:

					Number
	Exercise		Expiration		of
Security Description	Price		Date		Contracts			Premium			Fair Value
Put — IMM Eurodollar Time Deposit June Future	$	99		6/15/09		(2	)	$	(695	)	$	(200	)
Put — CBOT US 10 Year Treasury Note June Future		119		5/22/09		(2	)		(651	)		(438	)
Put — CBOT US 10 Year Treasury Note June Future		122		5/22/09		(2	)		(1,308	)		(1,406	)
Call — CBOT US 10 Year Treasury Note June Future		128		5/22/09		(4	)		(1,115	)		(937	)
								$	(3,769	)	$	(2,981	)

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL S&P 500 Index Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks (94.8%):
Aerospace & Defense (2.5%):
	25,625	Boeing Co. (The)	$	911,737
	13,650	General Dynamics Corp.		567,704
	4,345	Goodrich Corp.		164,632
	25,708	Honeywell International, Inc.		716,225
	4,196	L-3 Communications Holdings, Inc.		284,489
	11,645	Lockheed Martin Corp.		803,854
	11,456	Northrop Grumman Corp.		499,940
	4,898	Precision Castparts Corp.		293,390
	14,196	Raytheon Co.		552,792
	5,583	Rockwell Collins, Inc.		182,229
	33,215	United Technologies Corp.		1,427,581
				6,404,573
Air Freight & Logistics (1.0%):
	5,946	C.H. Robinson Worldwide, Inc.		271,197
	7,466	Expeditors International of Washington, Inc.		211,213
	10,906	FedEx Corp.		485,208
	34,766	United Parcel Service, Inc., Class B		1,711,183
				2,678,801
Airline (0.1%):
	26,143	Southwest Airlines Co.		165,485
Auto Components (0.1%):
	8,672	Goodyear Tire & Rubber Co.*		54,287
	20,923	Johnson Controls, Inc.		251,076
				305,363
Automobiles (0.1%):
	80,945	Ford Motor Co.*		212,885
	20,339	General Motors Corp.		39,458
	8,288	Harley-Davidson, Inc.		110,976
				363,319
Beverages (2.6%):
	3,325	Brown-Forman Corp., Class B		129,110
	69,470	Coca-Cola Co. (The)		3,053,206
	10,779	Coca-Cola Enterprises, Inc.		142,175
	6,639	Constellation Brands, Inc.*		79,004
	8,625	Dr Pepper Snapple Group, Inc.*		145,849
	5,251	Molson Coors Brewing Co.		180,004
	4,611	Pepsi Bottling Group, Inc. (The)		102,088
	54,436	PepsiCo, Inc.		2,802,365
				6,633,801
Biotechnology (2.0%):
	35,632	Amgen, Inc.*		1,764,497
	10,393	Biogen, Inc.*		544,801
	16,027	Celgene Corp.*		711,599
	2,417	Cephalon, Inc.*		164,598
	9,472	Genzyme Corp.*		562,542
	32,026	Gilead Sciences, Inc.*		1,483,444
				5,231,481
Building Products (0.1%):
	4,575	Fastenal Co.		147,109
	12,536	Masco Corp.		87,501
				234,610
Capital Markets (2.4%):
	7,363	Ameriprise Financial, Inc.		150,868
	40,124	Bank of New York Mellon Corp. (a)		1,133,503
	32,783	Charles Schwab Corp.		508,136
	11,750	E*TRADE Financial Corp.*		15,040
	3,181	Federated Investors, Inc.		70,809
	5,318	Franklin Resources, Inc.		286,481
	16,152	Goldman Sachs Group, Inc.		1,712,435
	13,590	Invesco, Ltd.		188,357
	4,920	Janus Capital Group, Inc.		32,718
	5,085	Legg Mason, Inc.		80,852
	37,577	Morgan Stanley		855,628
	7,815	Northern Trust Corp.		467,493
	15,151	State Street Corp.		466,348
	9,089	T. Rowe Price Group, Inc.		262,309
				6,230,977
Chemicals (1.9%):
	7,346	Air Products & Chemicals, Inc.		413,213
	1,798	CF Industries Holdings, Inc.		127,892
	32,466	Dow Chemical Co. (The)		273,688
	31,576	E.I. du Pont de Nemours & Co.		705,092
	2,594	Eastman Chemical Co.		69,519
	5,907	Ecolab, Inc.		205,150
	2,624	International Flavor & Fragrances, Inc.		79,927
	19,141	Monsanto Co.		1,590,617
	5,786	PPG Industries, Inc.		213,503
	10,790	Praxair, Inc.		726,059
	4,382	Rohm & Haas Co.		345,477
	4,250	Sigma Aldrich Corp.		160,608
				4,910,745
Commercial Banks (1.8%):
	19,386	BB&T Corp.		328,011
	5,355	Comerica, Inc.		98,050
	18,035	Fifth Third Bancorp		52,662
	7,534	First Horizon National Corp.		80,912
	12,198	Huntington Bancshares, Inc.		20,249
	16,849	KeyCorp		132,601
	2,633	M&T Bank Corp.		119,117
	8,105	Marshall & Ilsley Corp.		45,631
	15,000	PNC Financial Services Group, Inc.		439,350
	23,641	Regions Financial Corp.		100,711
	12,022	SunTrust Banks, Inc.		141,138
	61,356	U.S. Bancorp		896,411
	148,228	Wells Fargo & Co.		2,110,767
	3,843	Zions Bancorp		37,777
				4,603,387
Commercial Services & Supplies (0.6%):
	3,801	Avery Dennison Corp.		84,914
	4,480	Cintas Corp.		110,746
	4,303	Equifax, Inc.		105,208
	6,099	Iron Mountain, Inc.*		135,215
	4,425	Monster Worldwide, Inc.*		36,064
	7,280	Pitney Bowes, Inc.		169,988
	7,312	R.R. Donnelley & Sons Co.		53,597
	11,309	Republic Services, Inc., Class A		193,949
	5,296	Robert Half International, Inc.		94,428
	2,901	Stericycle, Inc.*		138,465
	17,194	Waste Management, Inc.		440,166
				1,562,740
Communications Equipment (2.8%):

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL S&P 500 Index Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Communications Equipment, continued
	3,068	Ciena Corp.*	$	23,869
	204,423	Cisco Systems, Inc.*		3,428,174
	54,397	Corning, Inc.		721,848
	4,754	Harris Corp.		137,581
	7,412	JDS Uniphase Corp.*		24,089
	18,547	Juniper Networks, Inc.*		279,318
	79,582	Motorola, Inc.		336,632
	57,816	QUALCOMM, Inc.		2,249,620
	14,273	Tellabs, Inc.*		65,370
				7,266,501
Computers & Peripherals (4.8%):
	31,150	Apple, Inc.*		3,274,488
	60,591	Dell, Inc.*		574,403
	71,382	EMC Corp.*		813,755
	84,086	Hewlett-Packard Co.		2,695,797
	46,898	International Business Machines Corp.		4,543,947
	2,616	Lexmark International, Inc.*		44,132
	11,648	NetApp, Inc.*		172,856
	4,589	QLogic Corp.*		51,030
	7,542	SanDisk Corp.*		95,406
				12,265,814
Construction & Engineering (0.2%):
	4,470	Centex Corp.		33,525
	6,383	Fluor Corp.		220,532
	4,333	Jacobs Engineering Group, Inc.*		167,514
	7,128	Pulte Homes, Inc.		77,909
				499,480
Construction Materials (0.1%):
	3,889	Vulcan Materials Co.		172,244
Consumer Finance (0.2%):
	40,618	American Express Co.		553,623
	16,745	SLM Corp.*		82,888
				636,511
Containers & Packaging (0.2%):
	3,210	Ball Corp.		139,314
	3,322	Bemis Co., Inc.		69,662
	5,976	Owens-Illinois, Inc.*		86,294
	4,088	Pactiv Corp.*		59,644
	5,265	Sealed Air Corp.		72,657
				427,571
Distributors (0.1%):
	5,629	Genuine Parts Co.		168,082
Diversified Consumer Services (0.2%):
	3,746	Apollo Group, Inc., Class A*		293,424
	11,924	H&R Block, Inc.		216,898
				510,322
Diversified Financial Services (2.8%):
	223,397	Bank of America Corp.		1,523,567
	13,295	Capital One Financial Corp.		162,731
	13,036	CIT Group, Inc.		37,152
	190,939	Citigroup, Inc.		483,076
	2,346	CME Group, Inc.		578,031
	16,373	Discover Financial Services		103,314
	8,921	HCP, Inc.		159,240
	2,449	Intercontinental Exchange, Inc.*		182,377
	131,447	JPMorgan Chase & Co.		3,493,861
	6,054	Leucadia National Corp.*		90,144
	6,879	Moody’s Corp.		157,667
	4,639	NASDAQ OMX Group, Inc. (The)*		90,831
	9,353	NYSE Euronext		167,419
				7,229,410
Diversified Telecommunication Services (3.5%):
	206,145	AT&T, Inc.		5,194,854
	3,338	CenturyTel, Inc.		93,864
	5,014	Embarq Corp.		189,780
	11,103	Frontier Communications Corp.		79,719
	51,661	Qwest Communications International, Inc.		176,681
	99,178	Verizon Communications, Inc.		2,995,176
	14,949	Windstream Corp.		120,489
				8,850,563
Electric Utilities (2.3%):
	5,980	Allegheny Energy, Inc.		138,557
	14,151	American Electric Power Co., Inc.		357,454
	44,289	Duke Energy Corp.		634,218
	15,797	Dynegy, Inc.*		22,274
	11,433	Edison International		329,385
	6,635	Entergy Corp.		451,777
	22,999	Exelon Corp.		1,043,925
	10,686	FirstEnergy Corp.		412,479
	14,301	FPL Group, Inc.		725,490
	6,013	Northeast Utilities		129,821
	7,374	Pepco Holdings, Inc.		92,027
	3,439	Pinnacle West Capital Corp.		91,340
	13,154	PPL Corp.		377,651
	9,737	Progress Energy, Inc.		353,064
	27,093	Southern Co.		829,588
				5,989,050
Electrical Equipment (0.4%):
	5,886	Cooper Industries, Ltd., Class A		152,212
	26,834	Emerson Electric Co.		766,916
	4,823	Rockwell International Corp.		105,334
				1,024,462
Electronic Equipment & Instruments (0.3%):
	12,346	Agilent Technologies, Inc.*		189,758
	6,202	Amphenol Corp., Class A		176,695
	5,264	FLIR Systems, Inc.*		107,807
	7,577	Jabil Circuit, Inc.		42,128
	5,040	Molex, Inc.		69,250
	16,164	Tyco Electronics, Ltd.		178,450
				764,088
Energy Equipment & Services (1.5%):
	10,792	Baker Hughes, Inc.		308,112
	9,942	BJ Services Co.		98,923
	7,747	Cameron International Corp.*		169,892
	2,455	Diamond Offshore Drilling, Inc.		154,321
	4,818	ENSCO International, Inc.		127,195
	31,297	Halliburton Co.		484,165
	9,703	Nabors Industries, Ltd.*		96,933
	14,624	National-Oilwell Varco, Inc.*		419,855
	4,051	Rowan Cos., Inc.		48,490
	41,782	Schlumberger, Ltd.		1,697,185

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL S&P 500 Index Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Energy Equipment & Services, continued
	7,717	Smith International, Inc.	$	165,761
				3,770,832
Food & Staples Retailing (3.3%):
	15,106	Costco Wholesale Corp.		699,710
	50,906	CVS Caremark Corp.		1,399,406
	22,854	Kroger Co.		484,962
	15,053	Safeway, Inc.		303,920
	7,196	Supervalu, Inc.		102,759
	20,990	SYSCO Corp.		478,572
	78,207	Wal-Mart Stores, Inc.		4,074,585
	34,618	Walgreen Co.		898,683
	5,047	Whole Foods Market, Inc.		84,789
				8,527,386
Food Products (1.7%):
	22,448	Archer-Daniels Midland Co.		623,605
	7,246	Campbell Soup Co.		198,251
	15,723	ConAgra Foods, Inc.		265,247
	5,131	Dean Foods Co.*		92,768
	11,693	General Mills, Inc.		583,247
	11,027	H.J. Heinz Co.		364,553
	5,842	Hershey Co.		203,010
	2,397	Hormel Foods Corp.		76,009
	4,182	J.M. Smucker Co. (The)		155,863
	8,838	Kellogg Co.		323,736
	51,343	Kraft Foods, Inc., Class A		1,144,435
	4,409	McCormick & Co.		130,374
	24,898	Sara Lee Corp.		201,176
	10,072	Tyson Foods, Inc., Class A		94,576
				4,456,850
Gas Utilities (0.3%):
	4,440	EQT Corp.		139,105
	1,621	NICOR, Inc.		53,866
	6,065	Noble Energy, Inc.		326,782
	6,117	Questar Corp.		180,024
				699,777
Health Care Equipment & Supplies (2.2%):
	3,486	Bard (C.R.), Inc.		277,904
	21,676	Baxter International, Inc.		1,110,245
	8,511	Becton Dickinson & Co.		572,280
	52,634	Boston Scientific Corp.*		418,440
	17,630	Covidien, Ltd.		586,021
	5,059	DENTSPLY International, Inc.		135,834
	5,419	Hospira, Inc.*		167,230
	1,328	Intuitive Surgical, Inc.*		126,638
	39,084	Medtronic, Inc.		1,151,806
	12,060	St. Jude Medical, Inc.*		438,140
	8,508	Stryker Corp.		289,612
	4,394	Varian Medical Systems, Inc.*		133,753
	7,886	Zimmer Holdings, Inc.*		287,839
				5,695,742
Health Care Providers & Services (2.0%):
	16,169	Aetna, Inc.		393,392
	5,511	Amerisource Bergen Corp.		179,989
	12,607	Cardinal Health, Inc.		396,868
	9,701	CIGNA Corp.		170,641
	5,330	Coventry Health Care, Inc.*		68,970
	3,662	DaVita, Inc.*		160,945
	8,673	Express Scripts, Inc.*		400,433
	5,963	Humana, Inc.*		155,515
	3,800	Laboratory Corp. of America Holdings*		222,262
	9,679	McKesson HBOC, Inc.		339,152
	17,423	Medco Health Solutions, Inc.*		720,267
	3,269	Patterson Companies, Inc.*		61,653
	5,569	Quest Diagnostics, Inc.		264,416
	9,154	Tenet Healthcare Corp.*		10,619
	42,234	UnitedHealth Group, Inc.		883,958
	17,624	WellPoint, Inc.*		669,183
				5,098,263
Health Care Technology (0.0%):
	6,060	IMS Health, Inc.		75,568
Hotels, Restaurants & Leisure (1.5%):
	15,338	Carnival Corp.		331,301
	4,710	Darden Restaurants, Inc.		161,365
	10,058	International Game Technology		92,735
	9,947	Marriott International, Inc., Class A		162,733
	38,925	McDonald’s Corp.		2,124,137
	25,834	Starbucks Corp.*		287,016
	6,538	Starwood Hotels & Resorts Worldwide, Inc.		83,033
	5,532	Wyndham Worldwide Corp.		23,234
	2,053	Wynn Resorts, Ltd.*		40,998
	16,209	Yum! Brands, Inc.		445,423
				3,751,975
Household Durables (0.3%):
	2,002	Black & Decker Corp.		63,183
	9,857	D. R. Horton, Inc.		95,613
	5,097	Fortune Brands, Inc.		125,131
	1,832	Harman International Industries, Inc.		24,787
	2,349	KB Home		30,960
	5,210	Leggett & Platt, Inc.		67,678
	4,396	Lennar Corp.		33,014
	9,884	Newell Rubbermaid, Inc.		63,060
	1,916	Snap-On, Inc.		48,092
	2,627	Stanley Works (The)		76,498
	2,638	Whirlpool Corp.		78,058
				706,074
Household Products (2.7%):
	4,876	Clorox Co. (The)		251,017
	17,643	Colgate-Palmolive Co.		1,040,584
	14,477	Kimberly-Clark Corp.		667,534
	102,674	Procter & Gamble Co. (The)		4,834,919
				6,794,054
Independent Power Producers & Energy Traders (0.1%):
	23,753	AES Corp. (The)*		138,005
	7,052	Constellation Energy Group, Inc.		145,694
				283,699
Industrial Conglomerates (1.9%):
	24,219	3M Co.		1,204,169
	369,391	General Electric Co.		3,734,543
	7,498	Textron, Inc.		43,038
				4,981,750

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL S&P 500 Index Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Insurance (2.0%):
	16,387	AFLAC, Inc.	$	317,252
	18,812	Allstate Corp. (The)		360,250
	77,510	American International Group, Inc.		77,510
	9,463	Aon Corp.		386,280
	4,194	Assurant, Inc.		91,345
	12,461	Chubb Corp. (The)		527,349
	5,522	Cincinnati Financial Corp.		126,288
	15,582	Genworth Financial, Inc.		29,606
	10,620	Hartford Financial Services Group, Inc.		83,367
	9,153	Lincoln National Corp.		61,234
	12,721	Loews Corp.		281,134
	18,035	Marsh & McLennan Cos., Inc.		365,209
	6,343	MBIA, Inc.*		29,051
	28,608	MetLife, Inc.		651,404
	9,053	Principal Financial Group, Inc.		74,054
	23,728	Progressive Corp. (The)*		318,904
	14,891	Prudential Financial, Inc.		283,227
	3,045	Torchmark Corp.		79,870
	20,444	Travelers Cos., Inc. (The)		830,844
	11,278	UnumProvident Corp.		140,975
	11,924	XL Capital, Ltd., Class A		65,105
				5,180,258
Internet & Catalog Retail (0.4%):
	11,250	Amazon.com, Inc.*		826,200
	7,512	Expedia, Inc.*		68,209
				894,409
Internet Software & Services (1.7%):
	5,636	Akamai Technologies, Inc.*		109,338
	37,586	eBay, Inc.*		472,080
	8,381	Google, Inc., Class A*		2,917,091
	6,582	VeriSign, Inc.*		124,202
	48,561	Yahoo!, Inc.*		622,067
				4,244,778
IT Services (1.1%):
	3,305	Affiliated Computer Services, Inc., Class A*		158,276
	17,774	Automatic Data Processing, Inc.		624,934
	10,249	Cognizant Technology Solutions Corp., Class A*		213,077
	5,339	Computer Sciences Corp.*		196,689
	4,122	Convergys Corp.*		33,306
	1,829	Dun & Bradstreet Corp.		140,833
	6,458	Fidelity National Information Services, Inc.		117,536
	5,644	Fiserv, Inc.*		205,780
	2,537	MasterCard, Inc., Class A		424,897
	11,287	Paychex, Inc.		289,737
	7,019	Total System Services, Inc.		96,932
	25,122	Western Union Co.		315,783
				2,817,780
Leisure Equipment & Products (0.1%):
	9,628	Eastman Kodak Co.		36,587
	4,218	Hasbro, Inc.		105,745
	12,161	Mattel, Inc.		140,216
				282,548
Life Sciences Tools & Services (0.4%):
	6,084	Life Technologies Corp.*		197,608
	1,970	Millipore Corp.*		113,098
	4,237	PerkinElmer, Inc.		54,106
	14,716	Thermo Fisher Scientific, Inc.*		524,920
	3,340	Waters Corp.*		123,413
				1,013,145
Machinery (1.4%):
	21,118	Caterpillar, Inc.		590,459
	7,107	Cummins, Inc.		180,873
	8,956	Danaher Corp.		485,594
	14,961	Deere & Co.		491,768
	6,562	Dover Corp.		173,106
	5,809	Eaton Corp.		214,120
	1,927	Flowserve Corp.		108,143
	13,802	Illinois Tool Works, Inc.		425,792
	11,137	Ingersoll Rand Co., Class A		153,691
	6,385	ITT Industries, Inc.		245,631
	4,067	Manitowoc Co.		13,299
	12,732	PACCAR, Inc.		327,976
	4,022	Pall Corp.		82,170
	5,683	Parker Hannifin Corp.		193,108
				3,685,730
Media (2.3%):
	23,200	CBS Corp.		89,088
	100,631	Comcast Corp., Class A		1,372,607
	18,832	DIRECTV Group, Inc. (The)*		429,181
	8,173	Gannett Co., Inc.		17,981
	17,065	Interpublic Group of Cos., Inc. (The)*		70,308
	11,068	McGraw-Hill Cos., Inc. (The)		253,125
	1,227	Meredith Corp.		20,417
	3,936	New York Times Co., Class A		17,791
	80,557	News Corp.		533,287
	10,923	Omnicom Group, Inc.		255,598
	3,224	Scripps Networks Interactive, Class A		72,572
	12,310	Time Warner Cable, Inc.		305,277
	41,801	Time Warner, Inc.		806,765
	21,529	Viacom, Inc., Class B*		374,174
	64,695	Walt Disney Co. (The)		1,174,861
	200	Washington Post Co. (The), Class B		71,420
				5,864,452
Metals & Mining (0.8%):
	3,496	AK Steel Holding Corp.		24,892
	33,199	Alcoa, Inc.		243,681
	3,211	Allegheny Technologies, Inc.		70,417
	14,398	Freeport-McMoRan Copper & Gold, Inc., Class B		548,708
	16,948	Newmont Mining Corp.		758,592
	11,005	Nucor Corp.		420,061
	2,879	Titanium Metals Corp.		15,748
	4,157	United States Steel Corp.		87,837
				2,169,936
Multi-Utilities (1.5%):
	7,467	Ameren Corp.		173,160
	12,190	Centerpoint Energy, Inc.		127,142
	7,548	CMS Energy Corp.		89,368
	9,599	Consolidated Edison, Inc.		380,216

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL S&P 500 Index Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Multi-Utilities, continued
	20,346	Dominion Resources, Inc.	$	630,522
	5,758	DTE Energy Co.		159,497
	2,743	Integrys Energy Group, Inc.		71,428
	9,370	NiSource, Inc.		91,826
	12,646	PG&E Corp.		483,330
	17,731	Public Service Enterprise Group, Inc.		522,532
	3,992	SCANA Corp.		123,313
	8,545	Sempra Energy		395,121
	7,093	TECO Energy, Inc.		79,087
	4,128	Wisconsin Energy Corp.		169,950
	15,776	Xcel Energy, Inc.		293,907
				3,790,399
Multiline Retail (0.8%):
	2,558	Big Lots, Inc.*		53,155
	4,735	Family Dollar Stores, Inc.		158,007
	7,550	J.C. Penney Co., Inc.		151,529
	10,682	Kohl’s Corp.*		452,062
	14,316	Macy’s, Inc.		127,412
	5,704	Nordstrom, Inc.		95,542
	1,857	Sears Holdings Corp.*		84,884
	26,331	Target Corp.		905,523
				2,028,114
Office Electronics (0.1%):
	30,561	Xerox Corp.		139,053
Oil, Gas & Consumable Fuels (10.8%):
	16,067	Anadarko Petroleum Corp.		624,846
	11,707	Apache Corp.		750,302
	3,444	Cabot Oil & Gas Corp., Class A		81,175
	19,646	Chesapeake Energy Corp.		335,161
	70,230	ChevronTexaco Corp.		4,722,265
	52,071	ConocoPhillips		2,039,100
	6,389	Consol Energy, Inc.		161,258
	15,456	Devon Energy Corp.		690,729
	24,756	El Paso Corp.		154,725
	8,739	EOG Resources, Inc.		478,548
	173,168	Exxon Mobil Corp.		11,792,741
	9,930	Hess Corp.		538,206
	24,695	Marathon Oil Corp.		649,232
	2,655	Massey Energy Co.		26,869
	6,686	Murphy Oil Corp.		299,332
	28,293	Occidental Petroleum Corp.		1,574,505
	9,377	Peabody Energy Corp.		234,800
	4,215	Pioneer Natural Resources Co.		69,421
	5,466	Range Resources Corp.		224,981
	12,044	Southwestern Energy Co.*		357,586
	22,487	Spectra Energy Corp.		317,966
	3,969	Sunoco, Inc.		105,099
	4,973	Tesoro Corp.		66,986
	18,108	Valero Energy Corp.		324,133
	20,356	Williams Cos., Inc. (The)		231,651
	20,187	XTO Energy, Inc.		618,126
				27,469,743
Paper & Forest Products (0.2%):
	15,208	International Paper Co.		107,064
	6,113	MeadWestvaco Corp.		73,295
	7,446	Weyerhaeuser Co.		205,286
				385,645
Personal Products (0.2%):
	14,978	Avon Products, Inc.		288,027
	3,952	Estee Lauder Co., Inc. (The), Class A		97,417
				385,444
Pharmaceuticals (7.8%):
	54,178	Abbott Laboratories		2,584,291
	10,775	Allergan, Inc.		514,614
	69,165	Bristol-Myers Squibb Co.		1,516,097
	35,363	Eli Lilly & Co.		1,181,478
	10,604	Forest Laboratories, Inc.*		232,864
	96,850	Johnson & Johnson Co.		5,094,310
	8,216	King Pharmaceuticals, Inc.*		58,087
	73,841	Merck & Co., Inc.		1,975,247
	10,339	Mylan, Inc.*		138,646
	235,939	Pfizer, Inc.		3,213,489
	56,802	Schering Plough Corp.		1,337,687
	3,487	Watson Pharmaceuticals, Inc.*		108,480
	46,503	Wyeth		2,001,489
				19,956,779
Real Estate Investment Trusts (REITs) (0.7%):
	4,494	Apartment Investment & Management Co., Class A		24,627
	2,731	Avalonbay Communities, Inc.		128,521
	4,267	Boston Properties, Inc.		149,473
	9,591	Equity Residential Property Trust		175,995
	3,867	Health Care REIT, Inc.		118,291
	18,683	Host Hotels & Resorts, Inc.		73,237
	8,129	Kimco Realty Corp.		61,943
	5,895	Plum Creek Timber Co., Inc.		171,368
	8,857	ProLogis Trust		57,570
	4,409	Public Storage, Inc.		243,597
	8,104	Simon Property Group, Inc.		280,723
	5,080	Ventas, Inc.		114,859
	4,933	Vornado Realty Trust		163,973
				1,764,177
Real Estate Management & Development (0.0%):
	7,517	CB Richard Ellis Group, Inc.*		30,294
Road & Rail (0.9%):
	9,827	Burlington Northern Santa Fe Corp.		591,094
	13,838	CSX Corp.		357,712
	12,979	Norfolk Southern Corp.		438,041
	1,990	Ryder System, Inc.		56,337
	17,718	Union Pacific Corp.		728,387
				2,171,571
Semiconductors & Semiconductor Equipment (2.4%):
	18,944	Advanced Micro Devices, Inc.*		57,779
	10,070	Altera Corp.		176,728
	10,255	Analog Devices, Inc.		197,614
	46,991	Applied Materials, Inc.		505,153
	15,245	Broadcom Corp., Class A*		304,595
	194,207	Intel Corp.		2,922,815
	5,749	KLA-Tencor Corp.		114,980
	7,820	Linear Technology Corp.		179,704
	21,505	LSI Logic Corp.*		65,375
	7,628	MEMC Electronic Materials, Inc.*		125,786
	6,179	Microchip Technology, Inc.		130,933
	25,476	Micron Technology, Inc.*		103,433

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL S&P 500 Index Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
	6,981	National Semiconductor Corp.	$	71,695
	3,044	Novellus Systems, Inc.*		50,622
	18,934	NVIDIA Corp.*		186,689
	5,727	Teradyne, Inc.*		25,084
	45,354	Texas Instruments, Inc.		748,795
	9,657	Xilinx, Inc.		185,028
				6,152,808
Software (3.9%):
	18,626	Adobe Systems, Inc.*		398,410
	7,705	Autodesk, Inc.*		129,521
	6,606	BMC Software, Inc.*		217,998
	13,852	CA, Inc.		243,934
	6,161	Citrix Systems, Inc.*		139,485
	8,841	Compuware Corp.*		58,262
	11,303	Electronic Arts, Inc.*		205,602
	11,241	Intuit, Inc.*		303,507
	5,171	McAfee, Inc.*		173,229
	267,055	Microsoft Corp.		4,905,800
	10,761	Novell, Inc.*		45,842
	131,735	Oracle Corp.*		2,380,452
	3,566	Salesforce.com, Inc.*		116,715
	26,023	Sun Microsystems, Inc.*		190,488
	29,310	Symantec Corp.*		437,891
	5,865	Teradata Corp.*		95,130
				10,042,266
Specialty Retail (2.0%):
	3,115	Abercrombie & Fitch Co., Class A		74,137
	3,370	AutoNation, Inc.*		46,776
	1,347	AutoZone, Inc.*		219,049
	9,146	Bed Bath & Beyond, Inc.*		226,364
	11,849	Best Buy Co., Inc.		449,788
	5,555	GameStop Corp., Class A*		155,651
	16,426	Gap, Inc. (The)		213,374
	59,251	Home Depot, Inc.		1,395,954
	9,019	Limited Brands, Inc.		78,465
	51,262	Lowe’s Cos., Inc.		935,531
	4,720	O’Reilly Automotive, Inc.*		165,247
	9,287	Office Depot, Inc.*		12,166
	4,490	RadioShack Corp.		38,479
	3,327	Sherwin Williams Co.		172,904
	25,009	Staples, Inc.		452,913
	4,207	Tiffany & Co.		90,703
	14,603	TJX Cos., Inc.		374,421
				5,101,922
Textiles, Apparel & Luxury Goods (0.4%):
	11,085	Coach, Inc.*		185,120
	13,732	Nike, Inc., Class B		643,893
	1,875	Polo Ralph Lauren Corp.		79,219
	3,108	V.F. Corp.		177,498
				1,085,730
Thrifts & Mortgage Finance (0.2%):
	18,365	Hudson City Bancorp, Inc.		214,687
	12,243	People’s United Financial, Inc.		220,007
				434,694
Tobacco (1.7%):
	72,002	Altria Group, Inc.		1,153,472
	5,895	Lorillard, Inc.		363,957
	70,289	Philip Morris International, Inc.		2,500,883
	5,949	Reynolds American, Inc.		213,212
				4,231,524
Trading Companies & Distributors (0.1%):
	2,192	W.W. Grainger, Inc.		153,835
Wireless Telecommunication Services (0.3%):
	13,905	American Tower Corp., Class A*		423,129
	100,196	Sprint Nextel Corp.*		357,700
				780,829
Total Common Stocks (Cost $318,225,349)				242,229,213
U.S. Treasury Obligations (0.5%):
$	1,335,000	U.S. Treasury Bills, 0.11%, 6/18/09(b)		1,334,537
Total U.S. Treasury Obligations (Cost $1,334,602)				1,334,537
Investment Company (4.3%):
	10,822,578	Dreyfus Treasury Prime Cash Management, 0.09%(c)		10,822,578
Total Investment Company (Cost $10,822,578)				10,822,578
Total Investment Securities (Cost $330,382,529)(d)—99.6%				254,386,328
Net other assets (liabilities) — 0.4%				1,111,816
NET ASSETS — 100.0%			$	255,498,144

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
REIT	Real Estate Investment Trust
(a)	Affiliated Company.
(b)	The rate represents the effective yield at time of purchase.
(c)	The rate represents the yield at March 31, 2009.
(d)	Cost for federal income tax purposes is $356,416,329. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	1,371,984
Unrealized depreciation		(103,401,985	)
Net unrealized depreciation	$	(102,030,001	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of March 31, 2009:

Country	Percentage
United States		98.7	%
Netherlands		0.7	%
Bermuda		0.5	%
Panama		0.1	%
Cayman Islands		0.0	%
Total		100.0	%

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL S&P 500 Index Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Futures Contracts

Securities with an aggregate fair value of $1,334,537 have been segregated with the broker to cover margin requirements for the following open contracts as of March 31, 2009.

				Number		Unrealized
		Expiration		of		Appreciation/
Description	Type	Date		Contracts		(Depreciation)
S&P 500 Index E-Mini June Futures	Long		6/09		316	$	492,137

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Schroder Emerging Markets Equity Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks (96.1%):
Auto Components (0.9%):
	33,241	Hyundai Mobis Co., Ltd.	$	1,943,427
Automobiles (1.9%):
	3,300,000	Denway Motors, Ltd.		1,277,732
	16,247	Hyundai Motor Co.		657,206
	98,272	Maruti Suzuki India, Ltd.		1,522,563
	560,000	PT Astra International Tbk		698,001
				4,155,502
Beverages (0.4%):
	18,500	Comphania de Bebidas das Americas (AmBev), Preferred Shares		883,197
Building Products (1.4%):
	5,502,600	China Construction Bank		3,124,998
Capital Markets (0.4%):
	88,700	Bradespar SA, Preferred Shares		867,875
Chemicals (3.0%):
	79,005	Israel Chemicals, Ltd.		649,831
	20,910	LG Chem, Ltd.(a)		1,370,830
	117,887	Reliance Industries, Ltd.		3,531,687
	23,900	Sociedad Quimica y Minera de Chile SA, SP ADR		634,784
	20,400	Ultrapar Participacoes SA, SP ADR		480,624
				6,667,756
Commercial Banks (11.6%):
	297,585	Banco Bradesco SA, ADR		2,946,091
	8,165	Banco Itau Holding Financeira SA, Preferred Shares		90,135
	259,900	Bangkok Bank Public Co., Ltd.		554,825
	13,068,000	Bank of China, Ltd., Class H		4,334,776
	1,235,200	Bumiputra-Commerce Holdings Berhad		2,332,754
	84,885	Commercial International Bank		486,668
	70,362	ICICI Bank, Ltd.		466,359
	8,219,000	Industrial & Commercial Bank of China		4,275,429
	276,360	Itau Unibanco Banco Multiplo SA, ADR		3,006,800
	2,287,000	PT Bank Rakyat Indonesia		833,630
	56,900	Shinhan Financial Group Co., Ltd.*		1,021,686
	548,400	Siam Commercial Bank Public Co., Ltd.		841,462
	194,398	Standard Bank Group, Ltd.		1,639,419
	1,157,347	Turkiye Garanti Bankasi AG*		1,650,144
	627,607	Turkiye Is Bankasi, Class C		1,417,954
				25,898,132
Computers & Peripherals (0.8%):
	424,218	Hon Hai Precision Industry Co., Ltd., GDR, Registered Shares		1,886,989
Construction & Engineering (2.8%):
	1,650,000	China Communications Construction Co., Ltd., Class H		1,810,518
	31,720	Hyundai Development Co.		778,197
	6,811	Hyundai Engineering & Construction Co., Ltd.		292,812
	402,600	IJM Corp. Berhad		462,217
	100,188	Orascom Construction Industries		2,413,072
	232,017	Raubex Group, Ltd.		441,950
				6,198,766
Construction Materials (1.9%):
	1,924,000	China National Building Material Co., Ltd., Class H		2,851,135
	48,100	Intergenerasiya Holding Co.*(a)		0
	1,679,280	Taiwan Cement Corp.		1,388,559
				4,239,694
Diversified Consumer Services (0.9%):
	476,500	Beijing Enterprises Holdings, Ltd.		2,002,472
Diversified Financial Services (3.7%):
	3,672,825	Chinatrust Financial Holding Co., Ltd.		1,350,154
	282,766	Egyptian Financial Group-Hermes Holding		767,012
	1,704,665	FirstRand, Ltd.		2,174,352
	63,013	Housing Development Finance, Ltd.		1,769,912
	33,699	KB Financial Group, Inc.*		813,607
	24,686	Redecard SA		299,234
	982,909	Sberbank		614,839
	13,200	Sibenergoholding*(a)		0
	2,047,800	SinoPac Financial Holdings Co., Ltd.		409,341
				8,198,451
Diversified Telecommunication Services (7.2%):
	492,191	Bezeq The Israeli Telecommunication Corp., Ltd.		770,985
	128,905	Bharti Airtel, Ltd.*		1,600,767
	43,200	Brasil Telecom Participacoes SA		1,145,107
	2,972,000	China Communication Services Corp., Ltd., Class H		1,779,804
	1,080,857	Chunghwa Telecom Co., Ltd.		1,971,896
	32,060	Chunghwa Telecom Co., Ltd., ADR		584,453
	125,790	Orascom Telecom Holdings SAE		583,334
	3,104,200	PT Telekomunikasi Indonesia		2,033,906
	73,100	Tele Norte Leste Participacoes SA, ADR		1,011,704
	16,900	Tele Norte Leste Participacoes SA, Preferred Shares		234,297
	515,585	Telecom Egypt		1,363,257
	26,892	Telefonica 02 Czech Republic AS		533,978
	1,425,100	Telekom Malaysia Berhad		1,382,876
	445,263	Turk Telekomunikasyon AS*		1,034,118
				16,030,482
Electric Utilities (1.6%):
	25,064	CEZ AS		896,123
	42,692	Companhia Energetica de Minas Gerais — Preferred Shares		632,372
	41,000	Companhia Energetica de Minas Gerais SA, SP ADR		605,980
	88,900	Enersis SA, SP ADR		1,342,390
				3,476,865
Electronic Equipment & Instruments (1.8%):
	102,400	AU Optronics Corp., ADR		859,136

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Schroder Emerging Markets Equity Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Electronic Equipment & Instruments, continued
	942,100	Hon Hai Precision Industry Co., Ltd.	$	2,137,679
	44,680	LG Display Co., Ltd.		912,024
				3,908,839
Energy Equipment & Services (0.4%):
	61,297	Electropaulo Metropolitana SA, Prefered B, Class B (“PNA”)		865,136
Food & Staples Retailing (1.5%):
	803,600	Cencosud SA		1,339,103
	22,657	Companhia Brasileira de Distribuicao Grupo Pao De Acucar, ADR		613,552
	287,616	Supersol, Ltd.		799,842
	241,639	Wal-Mart de Mexico SAB de C.V., Series V		564,559
				3,317,056
Food Products (1.0%):
	9,460	BIM Birlesik Magazalar AS		201,998
	517,000	China Mengniu Dairy Co., Ltd.		730,683
	460,600	Kuala Lumpur Kepong Berhad		1,341,232
				2,273,913
Gas Utilities (0.5%):
	6,336,400	PT Perusahaan Gas Negara		1,190,831
Household Durables (0.5%):
	1,759,800	Land & Houses Public Co., Ltd.		150,257
	3,970	Samsung Electronics Co., Ltd., GDR		812,306
	242,849	Urbi, Desarrolloas Urbanos, SA de CV*		213,885
				1,176,448
Insurance (3.9%):
	1,410,500	Cathay Financial Holding Co., Ltd.		1,218,257
	932,000	China Life Insurance Co., Ltd., Class H		3,066,370
	667,000	Ping An Insurance Group Co. of China		3,982,261
	4,035	Samsung Fire & Marine Insurance Co., Ltd.		469,021
				8,735,909
IT Services (0.1%):
	8,300	Infosys Technologies, Ltd., SP ADR		221,029
Machinery (1.8%):
	69,410	Bharat Heavy Electricals, Ltd.		2,079,937
	33,490	Samsung Heavy Industries Co., Ltd.		625,109
	253,751	Weg SA		1,258,360
				3,963,406
Media (1.1%):
	33,620	Grupo Televisa SA, ADR		458,577
	114,689	Naspers, Ltd.		1,944,120
				2,402,697
Metals & Mining (6.2%):
	103,509	AngloGold Ashanti, Ltd.		3,796,226
	44,348	Companhia Siderurgica Nacional SA, SP ADR		658,124
	104,600	Companhia Vale do Rio Doce, ADR		1,391,180
	304,200	Companhia Vale do Rio Doce, ADR, Preferred Shares		3,431,376
	118,819	Impala Platinum Holdings, Ltd.		1,996,215
	3	Mechel, ADR		12
	149,574	Mining & Metallurgical Co. Norilsk Nickel, ADR		912,401
	6,106	POSCO		1,622,674
	7,010	Usinas Siderurgicas de Minas Gerais SA		88,963
				13,897,171
Multiline Retail (1.7%):
	1,241,000	Golden Eagle Retail Group, Ltd.		818,969
	7,257	Hyundai Dept. Store		376,735
	1,107,500	Parkson Retail Group, Ltd.		1,134,888
	4,594	Shinsegae Co., Ltd.		1,436,059
				3,766,651
Oil, Gas & Consumable Fuels (15.3%):
	4,022,000	China Petroleum & Chemical Corp. (Sinopec)		2,580,313
	5,036,000	CNOOC, Ltd.		4,993,175
	90,200	LUKOIL, ADR		3,400,540
	324,200	OAO Gazprom, Registered shares, ADR		4,762,712
	131,900	OAO Gazprom, SP ADR		1,965,310
	328,188	Petroleo Brasileiro SA, ADR, Class A		8,040,606
	27,100	Petroleo Brasiliero SA - Petrobras		415,206
	47,900	Petroleo Brasiliero SA - Petrobras, Preferred Shares		591,159
	1,163,500	PT Tambang Batubara Bukit Asam Tbk		681,539
	333,500	PTT Exploration & Production Public Co., Ltd.		925,074
	393,700	Rosneft Oil Co., GDR		1,691,785
	79,426	Sasol, Ltd.		2,310,491
	77,767	Turkish Petroleum Refineries Corp.		784,393
	37,900	Ultrapar Participacoes SA, Prefered Shares		905,416
				34,047,719
Pharmaceuticals (2.8%):
	7,561	Richter Gedeon Nyrt.		825,472
	121,026	Teva Pharmaceutical Industries, Ltd., ADR		5,452,221
				6,277,693
Real Estate Investment Trusts (REITs) (0.6%):
	4,986,420	Franshion Properties China, Ltd.		1,245,256
Real Estate Management & Development (1.0%):
	204,000	China Overseas Land & Investment, Ltd.		319,236
	3,052,000	Sino-Ocean Land Holdings, Ltd.		2,001,218
				2,320,454
Road & Rail (0.5%):
	1,447,800	PLUS Expressways Berhad		1,169,948
Semiconductors & Semiconductor Equipment (5.9%):

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Schroder Emerging Markets Equity Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
	15,136	Samsung Electronics Co., Ltd.	$	6,252,920
	187,537	Siliconware Precision Industries Co., ADR		1,087,715
	2,294,200	Taiwan Semiconductor Manufacturing Co., Ltd.		3,494,115
	256,039	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		2,291,549
				13,126,299
Software (0.6%):
	49,996	Infosys Technologies, Ltd.		1,307,060
Tobacco (1.2%):
	373,223	ITC, Ltd.		1,360,885
	25,662	KT&G Corp.		1,413,583
				2,774,468
Transportation Infrastructure (0.4%):
	106,453	Companhia de Concessoes Rodoviarias		971,803
Wireless Telecommunication Services (8.8%):
	273,100	Advanced Information Service Public Co., Ltd.		618,405
	41,201	America Movil, SAB de C.V., ADR, Series L		1,115,723
	822,000	China Mobile, Ltd.		7,155,935
	235,690	LG Telecom, Ltd.		1,439,238
	93,500	Mobile TeleSystems, SP ADR		2,797,520
	297,984	MTN Group, Ltd.		3,309,127
	14,122	SK Telecom Co., Ltd.		1,961,831
	245,867	Turkcell Iletisim Hizmetleri A/S		1,205,784
				19,603,563
Total Common Stocks
(Cost $223,338,330)				214,137,955
Warrant (0.2%):
Diversified Financial Services (0.2%):
	603,540	Sberbank*(b)		368,159
Total Warrant
(Cost $1,263,959)				368,159
Investment Company (2.9%):
	6,543,203	Dreyfus Treasury Prime Cash Management, 0.09%(c)		6,543,203
Total Investment Company (Cost $6,543,203)				6,543,203
Total Investment Securities (Cost $231,145,492)(d)—99.2%				221,049,317
Net other assets (liabilities) — 0.8%				1,876,461
NET ASSETS — 100.0%			$	222,925,778

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
ADR	American Depository Receipt
GDR	Global Depository Receipt
MTN	Medium Term Note
(a)	Security was fair valued at March 31, 2009. Represents 0.3% of the Fund’s net assets.
(b)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investor. The sub adviser has deemed these securities to be liquid based on procedures approved by the board of Trustees.
(c)	The rate represents the effective yield at March 31, 2009.
(d)	Cost for federal income tax purposes is $250,452,037. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	13,740,997
Unrealized depreciation		(43,143,717	)
Net unrealized depreciation	$	(29,402,720	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of March 31, 2009:

Country	Percentage
Brazil		13.9	%
Hong Kong		13.0	%
Korea		10.9	%
China		9.1	%
Taiwan		8.5	%
South Africa		8.0	%
Russia		7.3	%
India		6.3	%
Israel		3.5	%
United States		3.2	%
Malaysia		3.0	%
Turkey		2.8	%
Egypt		2.5	%
Indonesia		2.5	%
Chile		1.5	%
Thailand		1.4	%
Mexico		1.1	%
Czech Republic		0.6	%
Hungary		0.4	%
Cayman Islands		0.3	%
United Kingdom		0.2	%
Total		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Schroder International Small Cap Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks (91.5%):
Aerospace & Defense (1.5%):
	18,500	MTU Aero Engines Holding AG	$	430,342
	50,000	Saab AB		307,255
	20,000	VT Group plc		135,517
				873,114
Auto Components (2.2%):
	6,261	Elringklinger AG		64,356
	23,000	Exedy Corp.		293,439
	14,000	Koito Manufacturing Co., Ltd.		101,347
	47,900	Musashi Seimitsu Industry Co., Ltd.		489,347
	34,400	Nifco, Inc.		375,813
				1,324,302
Automobiles (1.9%):
	10,000	Accell Group NV		244,583
	20,000	Rosenbauer International AG		626,866
	128,000	ShinMaywa Industries, Ltd.		270,238
				1,141,687
Beverages (1.3%):
	15,000	A.G. Barr plc		267,798
	812	Baron de Ley SA*		31,218
	11,000	Hawesko Holding AG		243,931
	2,432	Hite Brewery Co., Ltd.		241,611
				784,558
Building Products (1.5%):
	86,000	Alumasc Group plc (The)		83,278
	60,000	BSS Group plc		247,846
	2,700	Geberit International AG		242,353
	119,664	James Hardie Industries NV		350,786
				924,263
Capital Markets (0.1%):
	787	Partners Group Holding AG		47,309
Chemicals (5.4%):
	47,400	Aica Kogyo Co., Ltd.		412,999
	118,000	Chugoku Marine Paints, Ltd.		710,060
	350,000	Elementis plc		137,245
	29,400	Fujikura Kasei Co., Ltd.		109,706
	28,000	Koninklijke Ten Cate NV		483,343
	23,900	Lintec Corp.		297,218
	48,000	Nihon Parkerizing Co., Ltd.		419,513
	620	Sika AG-BEARER		460,612
	11,000	Symrise AG		130,976
	13,000	Takasago International Corp.		64,207
				3,225,879
Commercial Banks (1.6%):
	19,800	Bank Sarasin & CIE-REG B		416,975
	109,200	Dah Sing Banking Group, Ltd.		60,173
	326,300	Eon Capital Bhd.		240,017
	17,300	Tokyo Tomin Bank, Ltd.		267,098
				984,263
Commercial Services & Supplies (2.7%):
	22,000	Arcadis NV		265,383
	200,000	Ashtead Group plc		113,234
	22,500	Babcock International Group plc		138,605
	35,000	BPP Holdings plc		180,768
	1,070	Eurokai Kgaa		27,925
	22,000	Kapsch Trafficcom AG		432,668
	12,000	Nishio Rent All Co., Ltd.		73,845
	138,095	Scott Wilson Group plc		88,161
	35,000	Speedy Hire plc		63,185
	81,982	Transpacific Industries Group, Ltd.		102,574
	3,000	Xing AG*		112,363
				1,598,711
Communications Equipment (0.7%):
	6,300	EVS Broadcast Equipment SA		206,828
	7,500	Icom, Inc.		159,507
	2,191	Tandberg ASA		32,304
				398,639
Computers & Peripherals (0.3%):
	27,300	Nidec Copal Corp.		179,928
Construction & Engineering (2.5%):
	11,500	Bilfinger Berger AG		437,797
	94,508	Downer EDII, Ltd.		293,431
	30,000	Keller Group plc		211,708
	20,000	Kier Group plc		253,017
	22,000	Morgan Sindall plc		179,762
	70,000	Redrow plc*		139,484
				1,515,199
Construction Materials (1.7%):
	282,000	China National Building Material Co., Ltd., Class H		417,890
	54,500	DC Co., Ltd.		195,085
	124,356	Fletcher Building, Ltd.		426,546
				1,039,521
Containers & Packaging (1.9%):
	855,000	Goodpack, Ltd.		371,239
	44,400	Jsp Corp.		242,725
	35,500	Nitta Corp.		367,940
	30,000	Zignago Vetro SpA		131,620
				1,113,524
Distributors (1.6%):
	110,248	Inchcape plc		118,764
	56,000	Jardine Cycle & Carriage, Ltd.		434,662
	36,300	Trusco Nakayama Corp.		430,673
				984,099
Diversified Consumer Services (0.3%):
	10,000	Homeserve plc		167,591
	6,200	InnoConcepts NV		17,075
				184,666
Diversified Financial Services (6.4%):
	4,700	Acino Holding AG		632,080
	130,000	Albemarle & Bond Holdings plc		371,206
	1,185,000	ARA Asset Management, Ltd.(a)		327,601
	120,000	Azimut Holding SpA		641,417
	286,000	China Everbright, Ltd.		444,459
	4,000	Compagnie Financiere Tradition		303,845
	136,665	Evolution Group plc		189,321
	19,087	Grenkeleasing AG		507,100
	840,000	Yuanta Financial Holding Co., Ltd.		385,655
				3,802,684
Diversified REIT (0.2%):
	32,500	Shaftesbury plc		135,869

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Schroder International Small Cap Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Electric Utilities (1.0%):
	15,000	Red Electrica Corporacion	$	585,459
Electrical Equipment (0.5%):
	60,000	E2V Technologies plc		35,502
	4,135	Newave Energy Holdings SA*		114,509
	36,700	Sumida Corp.		165,401
				315,412
Electronic Equipment & Instruments (0.5%):
	16,000	Rotork plc		195,523
	5,900	Ryosan Co., Ltd.		122,604
				318,127
Energy Equipment & Services (3.2%):
	80,000	Chloride Group plc		142,211
	18,000	FuGro NV		571,491
	22,000	Groupe Bourbon SA		713,738
	11,000	Schoeller-Blackman Oilfield Equipment AG		317,258
	25,000	Wellstream Holdings plc		154,488
				1,899,186
Food & Staples Retailing (0.9%):
	5,500	Greggs plc		271,635
	10,100	Tsuruha Holdings Co.		256,254
				527,889
Food Products (2.6%):
	3,295	Aryzta AG*		78,789
	697,000	Beijing Jingkelong Co., Ltd.		250,661
	298,000	China Mengniu Dairy Co., Ltd.		421,167
	36,000	Cranswick plc		299,474
	649,228	Futuris Corp., Ltd.		160,649
	44	Lindt & Spruengli AG		58,877
	569,000	Want Want China Holdings, Ltd.		264,246
				1,533,863
Gas Utilities (0.4%):
	18,000	Enagas		255,275
Health Care Equipment & Supplies (2.4%):
	46,204	Consort Medical plc		224,515
	22,000	Elekta AB, Class B		221,247
	175,380	Fisher & Paykel Healthcare Corp., Ltd.		316,035
	48,000	Oridion Systems, Ltd.*		227,067
	58,516	Sonic Healthcare, Ltd.		451,686
				1,440,550
Health Care Providers & Services (0.5%):
	6,300	MorphoSys AG*		107,478
	263,000	Parkway Holdings, Ltd.		200,841
				308,319
Hotels, Restaurants & Leisure (1.4%):
	18,200	His Co., Ltd.		361,036
	40,000	Holidaybreak plc		114,714
	58,412	Homair SA*		168,395
	129	Kuoni Reisen Holding		31,276
	14,000	Tipp24 AG		182,269
				857,690
Household Durables (0.4%):
	12,000	Babis Vovos International Construction SA*		33,533
	35,000	Persimmon plc		173,925
				207,458
Household Products (0.1%):
	43,559	Alapis Holding Industrial and Commercial SA		30,553
Industrial Conglomerates (2.3%):
	2,400	Bel Sofina		168,284
	3,200	Compagnie Nationale A Portefeuille		148,585
	8,000	DCC plc		121,187
	10,000	DCC plc		151,034
	50,000	Mitie Group plc		134,114
	100,000	Oxford Instruments plc		157,482
	14,000	Rheinmetall AG		478,291
				1,358,977
Insurance (2.4%):
	261,000	China Insurance International Holdings Co., Ltd.		419,701
	2,400	Helvetia Patria Holding		511,770
	10,000	TrygVesta AS		507,678
				1,439,149
Internet & Catalog Retail (0.5%):
	75,000	Findel plc		81,621
	11,000	Meetic*		224,601
				306,222
Internet Software & Services (0.5%):
	1,259	NHN Corp.*		138,397
	22,000	United Internet AG, Registered Shares		186,578
				324,975
IT Services (3.5%):
	22,000	Alten*		318,847
	78,033	Computershare, Ltd.		476,896
	6,000	Easydentic*		50,235
	23,000	NEC Networks & System Integration Corp.		197,352
	3,630	Obic Co., Ltd.		455,029
	23,000	Sword Group		378,455
	33,000	Wirecard AG*		220,412
				2,097,226
Leisure Equipment & Products (0.2%):
	50,000	Vitec Group plc		111,722
Machinery (5.8%):
	12,000	Andritz AG		369,031
	180,000	Assetco plc		73,535
	90,315	Bodycote plc		161,070
	1,000	Bucher Industries AG		71,159
	80,000	Daihatsu Diesel Manufacturing Co., Ltd.		466,446
	1,556	Demag Cranes AG		27,347
	3,000	Frigoglass SA		12,126
	30,000	FURUKAWA-SKY Aluminum Corp.		46,789
	14,200	Glory, Ltd.		253,127
	45,000	Hamworthy plc		128,758
	29,000	Hisaka Works, Ltd.		245,798
	350	Hyunjin Materials Co., Ltd.*		8,432
	9,600	Miura Co., Ltd.		215,413
	72,000	Nabtesco Corp.		504,361

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Schroder International Small Cap Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Machinery, continued
	108,000	NIPPON THOMPSON Co., Ltd.	$	363,733
	24,200	Union Tools Co.		512,421
				3,459,546
Marine (0.7%):
	29,459	Store Electronic*		429,311
Media (1.8%):
	460,000	C.I.R. SpA		476,717
	58,000	Daily Mail & General Trust plc NV, Class A		194,348
	449,584	Fairfax Media, Ltd.		314,855
	3,445	Seloger.com*		66,863
				1,052,783
Metals & Mining (2.0%):
	104,000	DAIDO STELL Co., Ltd.		261,232
	84,000	Dowa Holdings Co., Ltd.		318,176
	145,763	Iluka Resources, Ltd.*		409,346
	616,000	Maanshan Iron & Steel Co., Ltd., Class H		221,508
	674	TK Corp.*		14,427
				1,224,689
Multi-Utilities (1.8%):
	43,000	Acea SpA		514,164
	8,100	BKW FMB Energie AG		583,312
				1,097,476
Multiline Retail (0.6%):
	4,563	Hyundai Dept. Store		236,881
	128,000	Parkson Retail Group, Ltd.		131,165
				368,046
Oil, Gas & Consumable Fuels (2.9%):
	40,000	Hunting plc		227,902
	60,000	John Wood Group plc		193,158
	19,400	MODEC, Inc.		263,453
	10,000	Premier Oil plc*		151,688
	9,200	Rubis		533,690
	24,000	SBM Offshore NV		319,102
	10,000	SFC Smart Fuel Cell AG*		74,018
				1,763,011
Pharmaceuticals (4.7%):
	40,000	Dechra Pharmaceuticals plc		239,736
	8,000	Gerresheimer AG		146,871
	13,000	Ipsen SA		499,694
	7,428	Laboratorios Farmaceuticos Rovi SA*		41,406
	23,600	Nichi-iko Pharmaceutical Co., Ltd.		662,024
	55,000	Pronova BioPharma AS*		146,973
	10,200	Tsumura & Co.		263,357
	7,000	Virbac SA		495,122
	2,411	Yuhan Corp.		322,637
				2,817,820
Real Estate Management & Development (0.6%):
	100,000	Grainger Trust plc		146,801
	85,000	Kerry Properties, Ltd.		204,518
				351,319
Retail REIT (0.7%):
	452,200	CapitaMall Trust		393,282
Semiconductors & Semiconductor Equipment (0.4%):
	65,000	CSR plc*		228,019
Software (2.1%):
	15,079	Exact Holding NV		302,052
	161,000	F-Secure OYJ		438,155
	24,000	Smartrac NV*		300,047
	20,000	Temenos Group AG*		216,291
				1,256,545
Specialty Retail (6.0%):
	49,100	Arcs Co., Ltd.		684,141
	898,000	Belle International Holdings, Ltd.		456,778
	100,000	HMV Group Plc		185,612
	36,000	Jumbo SA		273,194
	130,000	Mobilezone Holding AG		782,457
	19,000	Nishimatsuya Chain Co., Ltd.		134,656
	31,000	Saft Groupe SA		836,214
	14,800	Tsutsumi Jewelry Co., Ltd.		256,891
				3,609,943
Textiles, Apparel & Luxury Goods (0.4%):
	868,000	Prime Success International Group, Ltd.		188,680
	10,000	Ted Baker plc		49,314
				237,994
Tobacco (1.3%):
	54,000	Swedish Match AB		780,968
Trading Companies & Distributors (0.1%):
	35,000	Sig plc		52,709
Transportation Infrastructure (1.9%):
	538,000	Beijing Capital International Airport Co., Ltd., Class H		239,569
	20,000	Forth Ports plc		260,176
	6,300	Hopewell Highway Infrastructure, Ltd.		3,552
	63,000	Hopewell Holdings, Ltd.		165,479
	4,000	Oesterreichische Post AG		118,820
	343,000	Smrt Corp., Ltd.		345,112
				1,132,708
Wireless Telecommunication Services (0.6%):
	25,000	Elisa Oyj		363,872
Total Common Stocks (Cost $91,608,428)				54,796,308
Investment Company (7.5%):
	4,459,547	Dreyfus Treasury Prime Cash Management, 0.09%(b)		4,459,547
Total Investment Company (Cost $4,459,547)				4,459,547
Warrants (0.0%):
Containers & Packaging (0.0%):
	74,500	Goodpack, Ltd.(c)		490
Total Warrants (Cost $—)				490
Right (0.0%):
Trading Companies & Distributors (0.0%):
	55,000	SIG plc		23,671
Total Right (Cost $189,638)				23,671

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Schroder International Small Cap Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

	Fair
Shares	Value
Total Investment Securities (Cost $96,257,613)(d)—99.0%	$	59,280,016
Net other assets (liabilities) — 1.0%		583,827
NET ASSETS — 100.0%	$	59,863,843

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
PLC	Public Liability Co.
SPA	Standby Purchase Agreement
(a)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investor. The sub adviser has deemed these securities to be liquid based on procedures approved by the board of Trustees.
(b)	The rate represents the effective yield at March 31, 2009.
(c)	Security was fair valued as of March 31, 2009. Represents 0.0% of the net assets of the Fund.
(d)	Cost for federal income tax purposes is $96,587,599. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	841,747
Unrealized depreciation		(38,149,330	)
Net unrealized depreciation	$	(37,307,583	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of March 31, 2009:

Country	Percentage
Japan		20.9	%
United Kingdom		12.8	%
United States		8.3	%
France		8.0	%
Switzerland		7.7	%
Germany		5.6	%
Australia		4.3	%
Hong Kong		4.3	%
Netherlands		4.2	%
Austria		3.1	%
Italy		3.0	%
Singapore		2.2	%
Sweden		2.2	%
Korea		1.6	%
China		1.5	%
Spain		1.5	%
Finland		1.4	%
New Zealand		1.3	%
Belgium		0.9	%
Denmark		0.9	%
Cayman Islands		0.7	%
Taiwan		0.7	%
Bermuda		0.6	%
Greece		0.6	%
Ireland		0.5	%
Israel		0.4	%
Malaysia		0.4	%
Norway		0.3	%
Georgia		0.1	%
Total		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Small Cap Stock Index Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks (98.8%):
Aerospace & Defense (2.9%):
	13,917	AAR Corp.*	$	174,519
	5,442	Aerovironment, Inc.*		113,738
	3,270	American Science & Engineering, Inc.		182,466
	3,270	Axsys Technologies, Inc.*		137,471
	10,467	Ceradyne, Inc.*		189,767
	6,070	Cubic Corp.		153,753
	16,735	Curtiss-Wright Corp.		469,417
	11,134	Esterline Technologies Corp.*		224,795
	16,600	Gencorp, Inc.*		35,192
	15,920	Moog, Inc., Class A*		364,090
	22,223	Orbital Sciences Corp.*		264,232
	13,132	Teledyne Technologies, Inc.*		350,362
	6,082	Triumph Group, Inc.		232,332
				2,892,134
Air Freight & Logistics (0.4%):
	11,288	Forward Air Corp.		183,204
	14,071	HUB Group, Inc., Class A*		239,207
				422,411
Airline (0.3%):
	21,304	SkyWest, Inc.		265,022
Auto Components (0.3%):
	8,524	ATC Technology Corp.*		95,469
	6,523	Drew Industries, Inc.*		56,619
	10,801	Spartan Motors, Inc.		43,420
	8,482	Superior Industries International, Inc.		100,512
				296,020
Automobiles (0.1%):
	9,493	Winnebago Industries, Inc.		50,408
Beverages (0.1%):
	3,429	Boston Beer Company, Inc. (The), Class A*		71,529
Biotechnology (1.0%):
	10,271	ArQule, Inc.*		42,522
	21,344	Cubist Pharmaceuticals, Inc.*		349,188
	12,484	Martek Biosciences Corp.		227,833
	23,451	Regeneron Pharmaceuticals, Inc.*		325,031
	17,136	Savient Pharmaceuticals, Inc.*		84,823
				1,029,397
Building Products (0.8%):
	11,547	Apogee Enterprises, Inc.		126,786
	17,941	Griffon Corp.*		134,558
	6,429	NCI Building Systems, Inc.*		14,272
	14,729	Quanex Building Products Corp.		111,940
	13,756	Simpson Manufacturing Co., Inc.		247,883
	6,655	Universal Forest Products, Inc.		177,090
				812,529
Capital Markets (1.5%):
	16,240	Investment Technology Group, Inc.*		414,445
	20,653	Labranche & Co., Inc.*		77,242
	16,191	OptionsXpress Holdings, Inc.		184,092
	5,916	Piper Jaffray Cos., Inc.*		152,574
	9,866	Stifel Financial Corp.*		427,296
	10,225	SWS Group, Inc.		158,794
	11,814	Tradestation Group, Inc.*		77,972
				1,492,415
Chemicals (1.6%):
	6,725	American Vanguard Corp.		86,752
	9,051	Arch Chemicals, Inc.		171,607
	19,686	Calgon Carbon Corp.*		278,951
	17,529	H.B. Fuller Co.		227,877
	4,329	NewMarket Corp.		191,775
	11,994	OM Group, Inc.*		231,724
	3,100	Penford Corp.		11,253
	32,696	PolyOne Corp.*		75,528
	4,414	Quaker Chemical Corp.		35,047
	11,639	Schulman, Inc.		157,708
	2,385	Stepan Co.		65,111
	8,299	Zep, Inc.		84,899
				1,618,232
Commercial Banks (6.6%):
	22,986	Boston Private Financial Holdings, Inc.		80,681
	10,268	Cascade Bancorp		16,737
	11,553	Central Pacific Financial Corp.		64,697
	6,630	Columbia Banking System, Inc.		42,432
	12,455	Community Bank System, Inc.		208,621
	24,367	East West Bancorp, Inc.		111,357
	28,357	First Bancorp		120,801
	27,273	First Commonwealth Financial Corp.		241,911
	12,292	First Financial Bancorp		117,143
	7,645	First Financial Bankshares, Inc.		368,260
	17,256	First Midwest Bancorp, Inc.		148,229
	17,191	Frontier Financial Corp.		18,910
	22,654	Glacier Bancorp, Inc.		355,894
	8,613	Hancock Holding Co.		269,415
	13,750	Hanmi Financial Corp.		17,875
	5,064	Home Bancshares, Inc.		101,128
	6,983	Independent Bank Corp.		16,340
	5,633	Independent Bank Corp.		83,087
	6,100	Irwin Financial Corp.*		11,895
	9,131	Nara Bancorp, Inc.		26,845
	29,508	National Penn Bancshares, Inc.		244,916
	12,046	NBT Bancorp, Inc.		260,675
	25,932	Old National Bancorp		289,660
	9,999	PrivateBancorp, Inc.		144,586
	15,253	Prosperity Bancshares, Inc.		417,170
	11,051	Provident Bankshares Corp.		77,910
	8,790	S & T Bancorp, Inc.		186,436
	13,852	Signature Bank*		391,042
	30,368	South Financial Group, Inc. (The)		33,405
	6,263	Sterling Bancorp		62,004
	25,642	Sterling Bancshares, Inc.		167,699
	18,657	Sterling Financial Corp.		38,620
	31,496	Susquehanna Bancshares, Inc.		293,858
	2,611	Tompkins Financial Corp.		112,273
	48,263	UCBH Holdings, Inc.		72,877
	10,909	UMB Financial Corp.		463,523
	21,918	Umpqua Holdings Corp.		198,577
	14,038	United Bankshares, Inc.		242,015
	17,405	United Community Banks, Inc.		72,407
	23,050	Whitney Holding Corp.		263,922
	9,140	Wilshire Bancorp, Inc.		47,162

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Small Cap Stock Index Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Commercial Banks, continued
	8,489	Wintrust Financial Corp.	$	104,415
				6,607,410
Commercial Services & Supplies (3.4%):
	15,538	ABM Industries, Inc.		254,823
	9,128	Administaff, Inc.		192,875
	5,766	American Public Education*		242,518
	9,923	Bowne & Co., Inc.		31,853
	6,451	CDI Corp.		62,704
	4,606	Consolidated Graphics, Inc.*		58,588
	7,391	G & K Services, Inc., Class A		139,764
	18,373	Geo Group, Inc. (The)*		243,442
	14,844	Healthcare Services Group, Inc.		222,215
	10,097	Heartland Payment Systems, Inc.		66,741
	7,293	Heidrick & Struggles International, Inc.		129,378
	9,207	HMS Holdings Corp.*		302,910
	18,958	Interface, Inc.		56,684
	12,109	Mobile Mini, Inc.*		139,496
	13,050	On Assignment, Inc.*		35,366
	9,820	Rewards Network, Inc.*		34,370
	6,364	School Specialty, Inc.*		111,943
	18,718	Spherion Corp.*		38,933
	7,000	Standard Register Co. (The)		32,060
	21,950	Tetra Tech, Inc.*		447,341
	13,105	Ticketmaster Entertainment, Inc.*		48,358
	18,797	Trueblue, Inc.*		155,075
	8,492	United Stationers, Inc.*		238,455
	7,786	Viad Corp.		109,938
	3,633	Volt Information Sciences, Inc.*		24,159
				3,419,989
Communications Equipment (2.3%):
	45,892	Arris Group, Inc.*		338,224
	4,224	Bel Fuse, Inc., Class B		56,770
	6,830	Black Box Corp.		161,256
	14,363	Blue Coat Systems, Inc.*		172,500
	10,223	Comtech Telecommunications Corp.*		253,224
	10,418	Digi International, Inc.*		79,906
	5,115	EMS Technologies, Inc.*		89,308
	37,454	Harmonic, Inc.*		243,451
	12,824	NETGEAR, Inc.*		154,529
	6,306	Neutral Tandem, Inc.*		155,191
	8,376	PC-Tel, Inc.		36,017
	16,168	Symmetricom, Inc.*		56,588
	25,117	Tekelec*		332,298
	9,618	ViaSat, Inc.*		200,247
				2,329,509
Computers & Peripherals (0.9%):
	49,044	Adaptec, Inc.*		117,706
	12,589	Avid Technology, Inc.*		115,063
	2,115	Catapult Communications Corp.*		14,741
	8,658	Hutchinson Technology, Inc.*		22,511
	18,252	Intermec, Inc.*		189,821
	14,176	Novatel Wireless, Inc.*		79,669
	7,196	Stratasys, Inc.*		59,511
	12,568	Synaptics, Inc.*		336,320
				935,342
Construction & Engineering (0.7%):
	25,907	Emcor Group, Inc.*		444,823
	13,758	Insituform Technologies, Inc.*		215,175
				659,998
Construction Materials (0.7%):
	15,881	Eagle Materials, Inc.		385,114
	15,450	Headwaters, Inc.*		48,513
	10,029	Texas Industries, Inc.		250,725
				684,352
Consumer Finance (0.4%):
	10,572	Cash America International, Inc.		165,558
	10,791	First Cash Financial Services, Inc.*		161,002
	6,034	World Acceptance Corp.*		103,181
				429,741
Containers & Packaging (0.4%):
	11,542	Myers Industries, Inc.		70,868
	13,944	Rock-Tenn Co., Class A		377,185
				448,053
Distributors (0.0%):
	5,654	Audiovox Corp., Class A*		19,393
Diversified Consumer Services (0.9%):
	5,059	Capella Education Co.*		268,127
	10,839	Coinstar, Inc.*		355,086
	14,384	Interval Leisure Group, Inc.*		76,235
	3,231	Pre-paid Legal Services, Inc.*		93,796
	7,947	Universal Technical Institute, Inc.*		95,364
				888,608
Diversified Financial Services (1.0%):
	2,893	CorVel Corp.*		58,496
	9,286	Financial Federal Corp.		196,678
	7,193	Greenhill & Co., Inc.		531,203
	33,130	Guaranty Financial Group, Inc.*		34,787
	5,675	Portfolio Recovery Associates, Inc.*		152,317
				973,481
Diversified REIT (0.1%):
	19,698	Colonial Properties Trust		75,049
Diversified Telecommunication Services (0.3%):
	30,876	FairPoint Communications, Inc.		24,083
	15,847	General Communication, Inc., Class A*		105,858
	10,811	Iowa Telecommunications Services, Inc.		123,894
				253,835
Electric Utilities (1.6%):
	10,961	ALLETE, Inc.		292,549
	21,741	Cleco Corp.		471,562
	15,943	El Paso Electric Co.*		224,637
	9,947	UIL Holdings Corp.		222,017
	12,793	Unisource Energy Corp.		360,635
				1,571,400
Electrical Equipment (2.1%):
	8,756	A.O. Smith Corp.		220,476
	15,724	Acuity Brands, Inc.		354,419
	4,537	Azz, Inc.*		119,731

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Small Cap Stock Index Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Electrical Equipment, continued
	16,702	Baldor Electric Co.	$	242,012
	17,536	Belden CDT, Inc.		219,375
	19,386	Brady Corp., Class A		341,775
	8,162	C&D Technologies, Inc.*		15,100
	8,803	II-VI, Inc.*		151,236
	7,952	Magnetek, Inc.*		14,314
	11,618	Regal-Beloit Corp.		355,976
	7,159	Vicor Corp.		35,007
				2,069,421
Electronic Equipment & Instruments (2.8%):
	8,037	Agilysys, Inc.		34,559
	10,797	Anixter International, Inc.*		342,049
	4,841	Applied Signal Technology, Inc.		97,934
	26,402	Benchmark Electronics, Inc.*		295,702
	22,933	Brightpoint, Inc.*		98,153
	14,791	Checkpoint Systems, Inc.*		132,675
	15,584	Cognex Corp.		208,046
	12,257	CTS Corp.		44,248
	12,542	Daktronics, Inc.		82,150
	10,914	Electro Scientific Industries, Inc.*		64,611
	17,871	Insight Enterprises, Inc.*		54,685
	3,864	Keithley Instruments, Inc.		13,099
	6,966	Littlelfuse, Inc.*		76,556
	10,966	LoJack Corp.*		49,676
	7,388	Mercury Computer Systems, Inc.*		40,856
	16,672	Methode Electronics, Inc.		59,686
	6,206	MTS Systems Corp.		141,187
	8,700	Network Equipment Technologies, Inc.*		30,798
	13,472	Newport Corp.*		59,546
	7,780	Park Electrochemical Corp.		134,438
	14,144	Plexus Corp.*		195,470
	9,237	RadiSys Corp.*		55,976
	7,320	Rogers Corp.*		138,202
	9,671	ScanSource, Inc.*		179,687
	18,163	Technitrol, Inc.		31,059
	5,131	Tollgrade Communications, Inc.*		29,760
	17,451	TTM Technologies, Inc.*		101,216
				2,792,024
Energy Equipment & Services (2.7%):
	20,173	Atwood Oceanics, Inc.*		334,670
	8,001	Basic Energy Services, Inc.*		51,766
	10,471	Bristow Group, Inc.*		224,394
	8,181	CARBO Ceramics, Inc.		232,668
	11,010	Dril-Quip, Inc.*		338,007
	7,313	Gulf Island Fabrication, Inc.		58,577
	8,185	Hornbeck Offshore Services, Inc.*		124,739
	36,509	ION Geophysical Corp.*		56,954
	5,394	Lufkin Industries, Inc.		204,325
	8,988	Matrix Service Co.*		73,881
	7,348	NATCO Group, Inc.*		139,098
	18,401	Oil States International, Inc.*		246,941
	15,890	Pioneer Drilling Co.*		52,119
	7,561	Seacor Holdings, Inc.*		440,882
	6,007	Superior Well Services, Inc.*		30,816
	28,936	TETRA Technologies, Inc.*		94,042
				2,703,879
Food & Staples Retailing (1.7%):
	5,205	Cal-Maine Foods, Inc.		116,540
	18,733	Casey’s General Stores, Inc.		499,422
	8,535	Cracker Barrel Old Country Store, Inc.		244,442
	5,829	Diamond Foods, Inc.		162,804
	11,051	Great Atlantic & Pacific Tea Co., Inc.*		58,681
	5,009	Nash Finch Co.		140,703
	8,598	Spartan Stores, Inc.		132,495
	6,954	The Andersons, Inc.		98,330
	15,723	United Natural Foods, Inc.*		298,265
				1,751,682
Food Products (1.8%):
	6,072	Balchem Corp.		152,589
	29,762	Darling International, Inc.*		110,417
	6,507	Green Mountain Coffee Roasters, Inc.*		312,336
	14,858	Hain Celestial Group, Inc.*		211,578
	4,896	J & J Snack Foods Corp.		169,353
	11,386	Lance, Inc.		237,057
	4,120	Peet’s Coffee & Tea, Inc.*		89,074
	6,359	Sanderson Farms, Inc.		238,781
	11,513	TreeHouse Foods, Inc.*		331,459
				1,852,644
Gas Utilities (3.5%):
	34,096	Atmos Energy Corp.		788,300
	8,886	Laclede Group, Inc. (The)		346,376
	16,386	New Jersey Resources Corp.		556,796
	9,495	Northwest Natural Gas Co.		412,273
	26,766	Piedmont Natural Gas Co., Inc.		692,972
	10,687	South Jersey Industries, Inc.		374,045
	16,006	Southwest Gas Corp.		337,246
				3,508,008
Health Care Equipment & Supplies (4.3%):
	7,715	Abaxis, Inc.*		133,007
	27,404	American Medical Systems Holdings, Inc.*		305,555
	4,753	Analogic Corp.		152,191
	3,466	Computer Programs & Systems, Inc.		115,314
	11,075	CONMED Corp.*		159,591
	16,619	Cooper Companies, Inc.		439,406
	9,918	CryoLife, Inc.*		51,375
	8,308	Cyberonics, Inc.*		110,247
	8,256	Greatbatch, Inc.*		159,754
	9,334	Haemonetics Corp.*		514,117
	4,672	ICU Medical, Inc.*		150,065
	7,367	Integra LifeSciences Holdings*		182,186
	12,283	Invacare Corp.		196,896
	4,578	Kensey Nash Corp.*		97,374
	14,792	Meridian Bioscience, Inc.		268,031
	10,306	Merit Medical Systems, Inc.*		125,836
	4,338	MWI Veterinary Supply, Inc.*		123,546
	9,833	Natus Medical, Inc.*		83,679
	5,266	Neogen Corp.*		114,957
	11,388	Omnicell, Inc.*		89,054
	7,050	Osteotech, Inc.*		24,604
	6,592	Palomar Medical Technologies, Inc.*		47,858

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Small Cap Stock Index Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Health Care Equipment & Supplies, continued
	5,662	Surmodics, Inc.*	$	103,331
	14,131	Symmetry Medical, Inc.*		89,167
	16,025	Theragenics Corp.*		19,550
	12,039	West Pharmaceutical Services, Inc.		395,000
	7,899	ZOLL Medical Corp.*		113,430
				4,365,121
Health Care Providers & Services (5.4%):
	3,904	Air Methods Corp.*		66,017
	2,145	Almost Family, Inc.*		40,948
	10,002	Amedisys, Inc.*		274,955
	19,694	AMERIGROUP Corp.*		542,373
	13,565	AMN Healthcare Services, Inc.*		69,182
	11,472	AmSurg Corp.*		181,831
	3,883	Bio-Reference Laboratories, Inc.*		81,194
	14,210	Catalyst Health Solutions, Inc.*		281,642
	15,936	Centene Corp.*		287,167
	8,160	Chemed Corp.		317,424
	13,321	Cross Country Healthcare, Inc.*		87,253
	10,457	Gentiva Health Services, Inc.*		158,946
	18,310	Healthspring, Inc.*		153,255
	12,289	Healthways, Inc.*		107,775
	22,834	Hillenbrand, Inc.		365,572
	13,265	Inventiv Health, Inc.*		108,242
	3,507	Landauer, Inc.		177,735
	7,418	LCA-Vision, Inc.		21,586
	5,286	LHC Group, Inc.*		117,772
	14,405	Magellan Health Services, Inc.*		524,918
	7,883	MedCath Corp.*		57,309
	16,927	MEDNAX, Inc.*		498,839
	5,008	Molina Heathcare, Inc.*		95,252
	11,686	Odyssey Healthcare, Inc.*		113,354
	9,990	PetMed Express, Inc.*		164,635
	22,205	PSS World Medical, Inc.*		318,642
	6,570	RehabCare Group, Inc.*		114,581
	9,408	Res-Care, Inc.*		136,980
				5,465,379
Health Care Technology (0.4%):
	20,798	Eclipsys Corp.*		210,892
	15,795	Phase Forward, Inc.*		202,018
				412,910
Hotels, Restaurants & Leisure (3.1%):
	6,320	Buffalo Wild Wings, Inc.*		231,186
	10,057	California Pizza Kitchen, Inc.*		131,546
	8,827	CEC Entertainment, Inc.*		228,443
	18,861	CKE Restaurants, Inc.		158,432
	5,429	DineEquity, Inc.		64,388
	20,504	Jack in the Box, Inc.*		477,538
	4,566	Landry’s Restaurants, Inc.		23,835
	7,766	Marcus Corp.		66,011
	3,034	Monarch Casino & Resort, Inc.*		15,655
	6,714	O’Charley’s, Inc.		20,209
	9,057	P.F. Chang’s China Bistro, Inc.*		207,224
	9,102	Papa John’s International, Inc.*		208,163
	21,890	Pinnacle Entertainment, Inc.*		154,106
	5,680	Red Robin Gourmet Burgers*		100,138
	18,210	Ruby Tuesday, Inc.*		53,173
	5,781	Ruth’s Hospitality Group, Inc.*		6,995
	21,899	Shuffle Master, Inc.*		62,850
	22,059	Sonic Corp.*		221,031
	10,402	Steak n Shake Co. (The)*		78,743
	19,270	Texas Roadhouse, Inc., Class A*		183,643
	18,788	WMS Industries, Inc.*		392,857
				3,086,166
Household Durables (0.6%):
	10,593	Ethan Allen Interiors, Inc.		119,277
	17,686	La-Z-Boy, Inc.		22,108
	5,099	M/I Homes, Inc.		35,642
	11,127	Meritage Corp.*		127,070
	1,731	National Presto Industries, Inc.		105,608
	4,649	Russ Berrie & Co., Inc.*		6,137
	2,047	Skyline Corp.		38,913
	33,567	Standard-Pacific Corp.*		29,539
	5,949	Universal Electronics, Inc.*		107,677
				591,971
Household Products (0.3%):
	25,614	Central Garden & Pet Co., Class A*		192,617
	5,679	WD-40 Co.		137,091
				329,708
Industrial Conglomerates (0.2%):
	5,802	Standex International Corp.		53,379
	8,261	Tredegar, Inc.		134,902
				188,281
Insurance (3.4%):
	3,370	American Physicians Capital, Inc.		137,900
	8,381	Amerisafe, Inc.*		128,397
	14,992	Delphi Financial Group, Inc., Class A		201,792
	9,175	eHealth, Inc.*		146,892
	5,820	Infinity Property & Casualty Corp.		197,473
	14,341	National Financial Partners Corp.		45,891
	4,784	Navigators Group, Inc.*		225,709
	8,244	Presidential Life Corp.		64,221
	11,987	ProAssurance Corp.*		558,834
	6,863	RLI Corp.		344,523
	5,659	Safety Insurance Group, Inc.		175,882
	18,955	Selective Insurance Group, Inc.		230,493
	6,405	Stewart Information Services Corp.		124,897
	13,051	Tower Group, Inc.		321,446
	8,017	United Fire & Casualty Co.		176,053
	13,315	Zenith National Insurance Corp.		321,025
				3,401,428
Internet & Catalog Retail (0.3%):
	5,111	Blue Nile, Inc.*		154,097
	14,146	HSN, Inc.*		72,710
	5,639	Stamps.com, Inc.*		54,698
				281,505
Internet Software & Services (1.7%):
	5,058	Bankrate, Inc.*		126,197
	6,557	comScore, Inc.*		79,274
	25,426	CyberSource Corp.*		376,559
	15,090	DealerTrack Holdings, Inc.*		197,679

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Small Cap Stock Index Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Internet Software & Services, continued
	12,064	InfoSpace, Inc.*	$	62,733
	16,471	J2 Global Communications, Inc.*		360,550
	11,780	Perficient, Inc.*		63,612
	10,095	The Knot, Inc.*		82,779
	31,038	United Online, Inc.		138,430
	16,244	Websense, Inc.*		194,928
				1,682,741
IT Services (2.0%):
	10,826	CACI International, Inc., Class A*		395,041
	23,382	CIBER, Inc.*		63,833
	13,304	CSG Systems International, Inc.*		189,981
	15,924	eResearch Technology, Inc.*		83,760
	5,576	Forrester Research, Inc.*		114,643
	10,113	Gevity HR, Inc.		39,946
	5,096	Integral Systems, Inc.*		43,826
	6,132	Maximus, Inc.		244,421
	4,802	Stanley, Inc.*		121,923
	4,194	StarTek, Inc.*		13,001
	11,941	Sykes Enterprises, Inc.*		198,579
	6,594	SYNNEX Corp.*		129,704
	10,140	Tyler Technologies, Inc.*		148,348
	14,400	Wright Express Corp.*		262,368
				2,049,374
Leisure Equipment & Products (0.9%):
	32,132	Brunswick Corp.		110,855
	10,731	JAKKS Pacific, Inc.*		132,528
	450	Nautilus Group, Inc. (The)*		283
	13,024	Polaris Industries, Inc.		279,235
	18,564	Pool Corp.		248,758
	7,493	RC2 Corp.*		39,488
	6,395	Sturm, Ruger & Co., Inc.*		78,850
				889,997
Life Sciences Tools & Services (0.7%):
	12,645	Cambrex Corp.*		28,831
	6,653	Dionex Corp.*		314,354
	12,176	Enzo Biochem, Inc.*		48,948
	4,637	Kendle International, Inc.*		97,191
	20,915	PAREXEL International Corp.*		203,503
				692,827
Machinery (4.5%):
	21,143	Actuant Corp., Class A		218,407
	6,861	Actuant Corp., Inc.		154,510
	9,210	Albany International Corp., Class A		83,351
	7,051	Astec Industries, Inc.*		184,948
	15,426	Barnes Group, Inc.		164,904
	17,995	Briggs & Stratton Corp.		296,917
	3,228	Cascade Corp.		56,910
	19,433	CLARCOR, Inc.		489,517
	7,039	Enpro Industries, Inc.*		120,367
	9,385	ESCO Technologies, Inc.*		363,199
	19,196	Gardner Denver, Inc.*		417,321
	7,885	Gerber Scientific, Inc.*		18,845
	10,776	John Bean Technologies Corp.		112,717
	12,164	Kaydon Corp.		332,442
	4,386	Lindsay Manufacturing Co.		118,422
	6,088	Lydall, Inc.*		18,081
	14,457	Mueller Industries, Inc.		313,572
	12,390	Robbins & Myers, Inc.		187,956
	13,598	Toro Co.		328,800
	6,277	Valmont Industries, Inc.		315,168
	9,647	Wabash National Corp.		11,866
	11,385	Watts Water Technologies, Inc., Class A		222,691
				4,530,911
Marine (0.5%):
	19,760	Kirby Corp.*		526,406
Media (0.2%):
	9,774	Arbitron, Inc.		146,708
	16,009	E.W. Scripps Co. (The), Class A		21,612
	27,191	Live Nation, Inc.*		72,600
				240,920
Metals & Mining (0.5%):
	5,998	A.M. Castle & Co.		53,502
	7,703	AMCOL International Corp.		114,313
	7,993	Brush Engineered Materials, Inc.*		110,863
	20,313	Century Aluminum Co.*		42,860
	10,726	Gibraltar Industries, Inc.		50,627
	2,936	Olympic Steel, Inc.		44,539
	9,147	RTI International Metals, Inc.*		107,020
				523,724
Multi-Utilities (0.6%):
	20,003	Avista Corp.		275,642
	4,271	Central Vermont Public Service Corp.		73,888
	6,468	CH Energy Group, Inc.		303,349
				652,879
Multiline Retail (0.2%):
	14,911	Fred’s, Inc.		168,196
	8,942	Tuesday Morning Corp.*		11,356
				179,552
Oil, Gas & Consumable Fuels (1.4%):
	15,766	Holly Corp.		334,239
	14,731	Penn Virginia Corp.		161,746
	5,583	Petroleum Development Corp.*		65,935
	14,761	PetroQuest Energy, Inc.*		35,427
	22,961	St. Mary Land & Exploration Co.		303,774
	12,682	Stone Energy Corp.*		42,231
	12,394	Swift Energy Co.*		90,476
	11,249	World Fuel Services Corp.		355,806
				1,389,634
Paper & Forest Products (0.4%):
	13,135	Buckeye Technologies, Inc.*		27,977
	4,992	Clearwater Paper Corp.*		40,086
	3,659	Deltic Timber Corp.		144,201
	5,310	Neenah Paper, Inc.		19,275
	5,821	Schweitzer-Mauduit International, Inc.		107,456
	18,746	Wausau Paper Corp.		98,604
				437,599
Personal Products (0.6%):
	7,258	Chattem, Inc.*		406,811
	10,860	Helen of Troy, Ltd.*		149,325
	5,707	Mannatech, Inc.		19,004

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Small Cap Stock Index Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Personal Products, continued
			$	575,140
Pharmaceuticals (0.7%):
	9,378	Noven Pharmaceuticals, Inc.*		88,903
	13,545	Par Pharmaceutical Cos., Inc.*		128,271
	11,296	PharMerica Corp.*		187,966
	17,576	Salix Pharmaceuticals, Inc.*		166,972
	28,155	ViroPharma, Inc.*		147,814
				719,926
Real Estate Investment Trusts (REITs) (4.8%):
	13,119	Acadia Realty Trust		139,193
	31,425	BioMed Realty Trust, Inc.		212,747
	16,175	Cedar Shopping Centers, Inc.		28,145
	8,831	EastGroup Properties, Inc.		247,886
	12,385	Entertainment Properties Trust		195,188
	31,087	Extra Space Storage, Inc.		171,289
	12,990	Forestar Group, Inc.*		99,373
	23,033	Franklin Street Properties Corp.		283,306
	11,971	Home Properties, Inc.		366,911
	20,973	Inland Real Estate Corp.		148,699
	13,301	Kilroy Realty Corp.		228,644
	12,496	Kite Realty Group Trust		30,615
	29,521	Lexington Realty Trust		70,260
	8,387	LTC Properties, Inc.		147,108
	28,656	Medical Properties Trust, Inc.		104,594
	10,192	Mid-America Apartment Communities, Inc.		314,219
	28,738	National Retail Properties, Inc.		455,210
	6,490	Parkway Properties, Inc.		66,847
	14,408	Pennsylvania Real Estate Investment Trust		51,148
	5,683	PS Business Parks, Inc.		209,419
	44,131	Senior Housing Properties Trust		618,717
	7,753	Sovran Self Storage, Inc.		155,680
	11,638	Tanger Factory Outlet Centers, Inc.		359,149
	9,029	Urstadt Biddle Properties, Inc., Class A		121,169
				4,825,516
Residential REIT (0.2%):
	16,065	Post Properties, Inc.		162,899
Road & Rail (1.0%):
	10,817	Arkansas Best Corp.		205,739
	20,417	Heartland Express, Inc.		302,376
	19,927	Knight Transportation, Inc.		302,093
	10,065	Old Dominion Freight Line, Inc.*		236,427
				1,046,635
Semiconductors & Semiconductor Equipment (4.7%):
	8,514	Actel Corp.*		86,162
	13,804	Advanced Energy Industries, Inc.*		103,944
	11,092	ATMI, Inc.*		171,149
	22,367	Brooks Automation, Inc.*		103,112
	8,198	Cabot Microelectronics Corp.*		196,998
	7,893	Cohu, Inc.		56,830
	10,510	Cymer, Inc.*		233,953
	51,987	Cypress Semiconductor Corp.*		351,952
	11,696	Diodes, Inc.*		124,095
	10,604	DSP Group, Inc.*		45,809
	16,442	Exar Corp.*		102,598
	13,606	FEI Co.*		209,941
	7,145	Hittite Microwave Corp.*		222,924
	6,728	Intevac, Inc.*		35,053
	24,849	Kopin Corp.*		57,650
	29,299	Kulicke & Soffa Industries, Inc.*		76,763
	19,433	Micrel, Inc.		136,808
	30,338	Microsemi Corp.*		351,921
	17,780	MKS Instruments, Inc.*		260,833
	9,238	Pericom Semiconductor Corp.*		67,530
	14,573	Rudolph Technologies, Inc.*		44,156
	61,298	Skyworks Solutions, Inc.*		494,062
	8,772	Standard Microsystems Corp.*		163,159
	4,720	Supertex, Inc.*		109,032
	53,716	TriQuint Semiconductor, Inc.*		132,678
	8,433	Ultratech, Inc.*		105,328
	26,500	Varian Semiconductor Equipment Associates, Inc.*		573,990
	12,038	Veeco Instruments, Inc.*		80,293
				4,698,723
Software (3.7%):
	16,643	Blackbaud, Inc.		193,225
	15,712	Commvault Systems, Inc.*		172,361
	15,435	Concur Technologies, Inc.*		296,198
	3,654	Ebix, Inc.*		90,802
	22,503	Epicor Software Corp.*		85,736
	12,950	Epiq Systems, Inc.*		233,489
	6,133	Faro Technologies, Inc.*		82,428
	32,235	Informatica Corp.*		427,436
	9,997	JDA Software Group, Inc.*		115,465
	9,823	Manhattan Associates, Inc.*		170,134
	29,431	Micros Systems, Inc.*		551,831
	9,187	Phoenix Technology, Ltd.*		14,883
	14,972	Progress Software Corp.*		259,914
	6,510	Quality Systems, Inc.		294,577
	10,966	Radiant Systems, Inc.*		48,360
	10,685	Smith Micro Software, Inc.*		55,883
	9,400	Sonic Solutions*		11,280
	6,938	SPSS, Inc.*		197,247
	28,409	Take-Two Interactive Software, Inc.		237,215
	10,925	Taleo Corp., Class A, Class A*		129,134
	24,174	THQ, Inc.*		73,489
				3,741,087
Specialized REITs (0.2%):
	31,590	DiamondRock Hospitality, Co.		126,676
	15,392	LaSalle Hotel Properties		89,889
				216,565
Specialty Retail (4.5%):
	19,477	Aaron Rents, Inc.		519,257
	8,984	Big 5 Sporting Goods Corp.		52,736
	9,468	Buckle, Inc. (The)		302,313
	15,296	Cabela’s, Inc., Class A*		139,347
	11,785	Cato Corp.		215,430
	8,519	Charlotte Russe Holdings, Inc.*		69,430
	9,125	Children’s Place Retail Stores, Inc.*		199,746

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Small Cap Stock Index Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Specialty Retail, continued
	13,066	Christopher & Banks Corp.	$	53,440
	16,963	Dress Barn, Inc.*		208,475
	18,962	Finish Line, Class A		125,528
	7,722	Genesco, Inc.		145,405
	8,723	Group 1 Automotive, Inc.		121,860
	11,047	Gymboree Corp.*		235,854
	5,212	Haverty Furniture Co., Inc.		54,882
	11,303	Hibbett Sports, Inc.*		217,244
	16,549	HOT Topic, Inc.*		185,183
	8,855	Jo-Ann Stores, Inc.*		144,691
	6,348	Jos. A. Bank Clothiers, Inc.*		176,538
	6,416	Lithia Motors, Inc., Class A		14,436
	18,772	Men’s Wearhouse, Inc. (The)		284,208
	5,868	Midas, Inc.*		46,475
	12,015	Nutri/System, Inc.		171,454
	26,916	OfficeMax, Inc.		83,978
	14,408	Pep Boys — Manny, Moe & Jack		63,539
	7,839	Sonic Automotive, Inc.		12,542
	14,598	Stage Store, Inc.		147,148
	12,136	Tractor Supply Co.*		437,624
	8,250	Tween Brands, Inc.*		17,655
	16,134	Zale Corp.*		31,461
	7,388	Zumiez, Inc.*		71,664
				4,549,543
Textiles, Apparel & Luxury Goods (2.3%):
	14,722	Brown Shoe Co., Inc.		55,207
	21,090	Carter’s, Inc.*		396,703
	18,356	Crocs, Inc.*		21,844
	4,732	Deckers Outdoor Corp.*		250,985
	16,850	Fossil, Inc.*		264,545
	20,982	Iconix Brand Group, Inc.*		185,691
	10,201	K-Swiss, Inc., Class A		87,117
	33,695	Liz Claiborne, Inc.		83,227
	7,948	Maidenform Brands, Inc.*		72,804
	6,569	Movado Group, Inc.		49,530
	4,982	Oxford Industries, Inc.		30,739
	5,011	Perry Ellis International, Inc.*		17,338
	43,963	Quiksilver Resources, Inc.*		56,273
	11,615	Skechers U.S.A., Inc., Class A*		77,472
	7,364	True Religion Apparel, Inc.*		86,969
	5,891	UniFirst Corp.		164,005
	6,525	Volcom, Inc.*		63,292
	20,152	Wolverine World Wide, Inc.		313,968
				2,277,709
Thrifts & Mortgage Finance (0.6%):
	17,640	Bank Mutual Corp.		159,818
	20,950	Brookline Bancorp, Inc.		199,025
	9,126	Dime Community Bancshares		85,602
	18,678	Flagstar Bancorp, Inc.*		14,009
	31,793	TrustCo Bank Corp.		191,394
				649,848
Tobacco (0.1%):
	34,797	Alliance One International, Inc.*		133,621
Trading Companies & Distributors (0.7%):
	13,530	Applied Industrial Technologies, Inc.		228,251
	9,008	Kaman Corp., Class A		112,960
	2,647	Lawson Products, Inc.		32,214
	10,944	Watsco, Inc.		372,425
				745,850
Water Utilities (0.2%):
	5,960	American States Water Co.		216,467
Total Common Stocks (Cost $162,263,664)				99,402,477
U.S. Treasury Obligations (0.3%):
$	256,000	U.S. Treasury Bills, 0.20%, 6/18/09(a)		255,911
Total U.S. Treasury Obligations (Cost $255,882)				255,911
Investment Company (2.0%):
	2,017,138	Dreyfus Treasury Prime Cash Management, 0.09%(b)		2,017,138
Total Investment Company (Cost $2,017,138)				2,017,138
Total Investment Securities (Cost $164,536,684)(c)—101.1%				101,675,526
Net other assets (liabilities) — (1.1)%				(1,070,497	)
NET ASSETS — 100.0%			$	100,605,029

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
REIT	Real Estate Investment Trust
(a)	The rate represents the effective yield at time of purchase.
(b)	The rate represents the effective yield at March 31, 2009.
(c)	Cost for federal income tax purposes is $172,256,107. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	997,410
Unrealized depreciation		(71,577,991	)
Net unrealized depreciation	$	(70,580,581	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of March 31, 2009:

Country	Percentage
United States		99.8	%
Bermuda		0.1	%
Puerto Rico		0.1	%
Total		100.0	%

Future Contracts

Securities with an aggregate fair value of $255,911 have been segregated with the custodian to cover margin requirements for the following open contracts as of March 31, 2009.

					Unrealized
		Expiration	Number of		Appreciation/
Description	Type	Date	Contracts		(Depreciation)
Russell 2000 Index Mini June Futures	Long	6/09		38	$	122,294

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Balanced Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

Shares or
Principal			Fair
Amount			Value
Asset Backed Securities (0.2%):
$	199,415	SLM Student Loan Trust, Series 2008-9, Class A, 2.66%, 4/25/23(a)+	$	195,755
Total Asset Backed Securities (Cost $198,629)				195,755
Common Stocks (47.3%):
Aerospace & Defense (0.4%):
	5,589	American Science & Engineering, Inc.		311,866
	2,021	Axsys Technologies, Inc.*		84,963
				396,829
Airline (0.7%):
	654,000	Cathay Pacific Airways, Ltd.		657,787
Auto Components (1.1%):
	509,713	GKN plc		497,895
	43,288	Superior Industries International, Inc.		512,963
				1,010,858
Automobiles (0.8%):
	12,109	DaimlerChrysler AG		309,264
	17,703	Honda Motor Co., Ltd., ADR		419,561
				728,825
Biotechnology (1.6%):
	13,267	Amgen, Inc.*		656,982
	17,304	Myriad Genetics, Inc.*		786,813
				1,443,795
Capital Markets (2.1%):
	14,588	Credit Suisse Group, SP ADR		444,788
	12,106	Deutsche Bank AG		492,109
	15,563	Stifel Financial Corp.*		674,033
	30,609	UBS AG*		288,643
				1,899,573
Chemicals (1.6%):
	26,764	E.I. du Pont de Nemours & Co.		597,640
	14,967	Eastman Chemical Co.		401,116
	20,606	Sensient Technologies Corp.		484,241
				1,482,997
Commercial Banks (4.6%):
	62,674	Allied Irish Banks plc, SP ADR		97,145
	48,643	Banco Santander SA, SP ADR		335,637
	39,003	Barclays plc, ADR		331,525
	46,158	First Bancorp		196,633
	13,315	First Financial Bankshares, Inc.		641,384
	8,464	First Financial Corp.		312,322
	43,062	FNB Corp.		330,285
	12,266	Home Bancshares, Inc.		244,952
	63,703	Huntington Bancshares, Inc.		105,747
	20,270	KB Financial Group, Inc., ADR*		491,547
	37,665	Lloyds TSB Group plc, SP ADR		151,790
	49,437	Regions Financial Corp.		210,602
	23,639	Royal Bank of Scotland Group plc, SP ADR*		167,364
	16,337	SunTrust Banks, Inc.		191,796
	35,977	Umpqua Holdings Corp.		325,952
				4,134,681
Commercial Services & Supplies (0.7%):
	29,548	Navigant Consulting, Inc.*		386,192
	39,327	R.R. Donnelley & Sons Co.		288,267
				674,459
Containers & Packaging (0.2%):
	6,852	Rock-Tenn Co., Class A		185,347
Diversified Consumer Services (2.3%):
	9,649	Apollo Group, Inc., Class A*		755,806
	7,093	ITT Educational Services, Inc.*		861,232
	2,616	Strayer Education, Inc.		470,540
				2,087,578
Diversified Financial Services (0.6%):
	42,718	Bank of America Corp.		291,337
	49,809	ING Groep NV, ADR		270,961
				562,298
Diversified Telecommunication Services (1.5%):
	314,310	BT Group plc		351,633
	27,217	Deutsche Telekom AG, ADR		336,130
	16,707	Nippon Telegraph & Telephone Corp., ADR		317,934
	28,510	Telecom Italia SPA, ADR		364,643
				1,370,340
Electric Utilities (0.9%):
	41,629	Korea Electric Power Corp., ADR*		380,905
	16,769	Pinnacle West Capital Corp.		445,385
				826,290
Electronic Equipment, Instruments & Components (0.3%):
	8,465	Hitachi, Ltd., SP ADR		232,364
Food & Staples Retailing (0.9%):
	2,314	Nash Finch Co.		65,000
	4,190	Spartan Stores, Inc.		64,568
	13,083	Wal-Mart Stores, Inc.		681,624
				811,192
Food Products (0.6%):
	17,650	Flowers Foods, Inc.		414,422
	5,721	TreeHouse Foods, Inc.*		164,708
				579,130
Gas Utilities (2.0%):
	14,884	Laclede Group, Inc. (The)		580,178
	47,557	Piedmont Natural Gas Co., Inc.		1,231,251
				1,811,429
Health Care Equipment & Supplies (0.5%):
	10,541	CryoLife, Inc.*		54,602
	4,122	Greatbatch, Inc.*		79,761
	10,822	STERIS Corp.		251,936
				386,299
Health Care Providers & Services (0.3%):
	17,990	Gentiva Health Services, Inc.*		273,448
Health Care Technology (0.1%):
	3,529	Computer Programs & Systems, Inc.		117,410

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Balanced Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Shares or Principal			Fair
Amount			Value
Hotels, Restaurants & Leisure (1.8%):
	241,405	Ladbrokes plc	$	631,283
	12,807	McDonald’s Corp.		698,878
	5,369	Panera Bread Co., Class A*		300,127
				1,630,288
Household Durables (0.5%):
	19,451	Sony Corp., SP ADR		401,274
Industrial Conglomerates (1.8%):
	914,000	Citic Pacific, Ltd.		1,033,436
	40,710	General Electric Co.		411,578
	31,751	Textron, Inc.		182,251
				1,627,265
Insurance (0.7%):
	85,234	AEGON NV		327,299
	22,691	Axa, ADR		271,838
				599,137
IT Services (1.5%):
	643,441	LogicaCMG plc		587,917
	17,518	ManTech International Corp., Class A*		734,004
				1,321,921
Life Sciences Tools & Services (0.5%):
	25,385	Luminex Corp.*		459,976
Machinery (0.7%):
	35,311	Briggs & Stratton Corp.		582,632
Media (0.7%):
	1,322,066	ITV plc		358,147
	68,187	New York Times Co., Class A		308,205
				666,352
Metals & Mining (2.9%):
	62,893	Alcoa, Inc.		461,634
	15,522	ArcelorMittal, Class A		311,061
	24,799	Compass Minerals International, Inc.		1,397,920
	6,660	POSCO, ADR		445,088
				2,615,703
Multi-Utilities (1.3%):
	41,789	NiSource, Inc.		409,532
	14,563	SCANA Corp.		449,851
	15,322	Veolia Environnement, ADR		320,230
				1,179,613
Multiline Retail (1.8%):
	17,036	Dollar Tree, Inc.*		758,954
	25,670	Family Dollar Stores, Inc.		856,608
				1,615,562
Oil, Gas & Consumable Fuels (1.6%):
	7,067	Clayton Williams Energy, Inc.*		206,639
	22,409	Goodrich Petroleum Corp.*		433,838
	16,659	Petro-Canada		442,796
	20,281	Repsol YPF SA, ADR		346,603
				1,429,876
Paper & Forest Products (0.6%):
	42,579	MeadWestvaco Corp.		510,522
Pharmaceuticals (0.9%):
	41,018	Pfizer, Inc.		558,665
	47,818	ViroPharma, Inc.*		251,045
				809,710
Real Estate Management & Development (2.0%):
	885,000	New World Developments Co., Ltd.		883,032
	920,000	Sino Land Co., Ltd.		920,388
				1,803,420
Specialty Retail (1.8%):
	6,813	AutoZone, Inc.*		1,107,930
	8,064	Buckle, Inc. (The)		257,484
	6,568	Tractor Supply Co.*		236,842
				1,602,256
Thrifts & Mortgage Finance (0.8%):
	31,711	First Niagara Financial Group, Inc.		345,650
	29,583	Washington Federal, Inc.		393,158
				738,808
Tobacco (0.5%):
	15,160	Universal Corp.		453,587
Transportation Infrastructure (1.1%):
	1,027,000	Cosco Pacific, Ltd.		1,014,152
Total Common Stocks (Cost $47,435,500)				42,734,983
Corporate Bonds (3.9%):
Beverages (0.2%):
$	200,000	Fosters Financial Corp., 4.88%, 10/1/14(b)+		178,612
Biotechnology (0.1%):
	100,000	Amgen, Inc., 5.70%, 2/1/19+		101,566
Commercial Banks (0.6%):
	100,000	ANZ National Bank, Ltd., 6.20%, 7/19/13(b)+		96,427
	100,000	Bank of America Corp., Series L, 1.61%, 6/22/12, MTN(a)		100,726
	200,000	Bank of America Corp., 8.13%, 12/31/49+		80,098
	100,000	Barclays Bank plc, 6.05%, 12/4/17(b)+		78,641
	100,000	Barclays Bank plc, 7.43%, 9/29/49(a)(b)+		41,543
	100,000	UBS AG Stamford CT, 5.88%, 12/20/17+		86,009
	100,000	Wachovia Bank NA, 1.65%, 3/15/16(a)+		59,821
	10,000	Wells Fargo Co., 5.25%, 10/23/12+		9,717
				552,982
Commercial Services & Supplies (0.0%):
	25,000	First Data Corp., 9.88%, 9/24/15, Callable 9/30/11 @ 104.94+		14,625
Diversified Consumer Services (0.1%):
	100,000	American Express Credit Co., Series C, 5.88%, 5/2/13+		87,798
	10,000	General Electric Capital Corp., 5.25%, 10/19/12+		9,627
				97,425
Diversified Financial Services (2.2%):
	100,000	American General Finance Corp., Series G, 5.38%, 9/1/09, MTN+		72,868
	300,000	American International Group, Inc., 8.25%, 8/15/18(b)+		128,369

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Balanced Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Shares or
Principal			Fair
Amount			Value
Corporate Bonds, continued
Diversified Financial Services, continued
$	200,000	Citigroup Capital XXI, 8.30%, 12/21/57, Callable 12/21/37 @ 100+	$	96,299
	100,000	Citigroup, Inc., 6.13%, 11/21/17+		86,701
	200,000	Citigroup, Inc., 8.45%, 4/29/49+		113,028
	500,000	General Electric Capital Corp., Series A, 6.88%, 1/10/39, MTN+		407,795
	100,000	GMAC LLC, 2.49%, 5/15/09(a)+		95,000
	100,000	GMAC LLC, 7.25%, 3/2/11+		65,099
	100,000	Goldman Sachs Group, Inc., 1.68%, 3/22/16(a)+		68,047
	100,000	Goldman Sachs Group, Inc., 5.95%, 1/18/18+		90,784
	200,000	Goldman Sachs Group, Inc., 6.15%, 4/1/18+		182,683
	100,000	JPMorgan Chase & Co., 6.00%, 1/15/18+		101,008
	100,000	JPMorgan Chase & Co., Series 1, 7.94%, 4/29/49, Callable 4/30/18 @ 100+		64,264
	100,000	Macquarie Bank, Ltd., Series B, 4.10%, 12/17/13, MTN(b)+		101,292
	200,000	Morgan Stanley, Series F, 5.95%, 12/28/17, MTN+		181,681
	100,000	Morgan Stanley, Series F, 6.63%, 4/1/18, MTN+		95,351
				1,950,269
Electric Utilities (0.1%):
	100,000	Southern Co., Series 08-A, 1.95%, 8/20/10(a)+		99,869
Electronic Equipment & Instruments (0.1%):
	100,000	General Electric Co., 5.25%, 12/6/17+		92,481
Media (0.2%):
	200,000	Time Warner Cable, Inc., 5.40%, 7/2/12+		193,189
Tobacco (0.3%):
	200,000	Altria Group, Inc., 9.25%, 8/6/19+		213,839
Total Corporate Bonds (Cost $4,019,452)				3,494,857
Yankee Dollars (4.9%):
	100,000	British Telecom plc, 5.95%, 1/15/18+		81,388
	100,000	Export-Import Bank of Korea, 8.13%, 1/21/14+		103,363
	1,000,000	Federal Republic of Brazil, 5.88%, 1/15/19+		972,500
	1,000,000	Korea Development Bank, 8.00%, 1/23/14+		1,028,673
	600,000	Lloyds TSB Bank plc, 2.80%, 4/2/12(b)		606,458
	200,000	Petroleos Mexicanos, 8.00%, 5/3/19+		195,000
	100,000	Royal Bank of Scotland Group plc, 6.99%, 10/29/49(b)+		44,000
	980,000	Russian Federation, 7.50%, 3/31/30(c)+		924,072
	500,000	United Mexican States, Series A, 5.95%, 3/19/19, MTN+		487,500
Total Yankee Dollars (Cost $4,459,559)				4,442,954
Preferred Stocks (0.2%):
	200	Bank of America Corp., Series L +		84,900
	200	Wells Fargo & Co., Series L, Class A+		95,798
Total Preferred Stocks (Cost $269,961)				180,698
Municipal Bonds (0.2%):
$	200,000	Illinois State, GO, 4.50%, 6/24/09+		201,510
Total Municipal Bonds (Cost $200,227)				201,510
U.S. Government Agencies (5.5%):
Federal Home Loan Mortgage Corporation (5.4%)
	100,000	5.00%, 4/18/17+		110,766
	200,000	5.50%, 8/23/17+		227,193
	4,000,000	5.50%, 8/23/17		4,543,864
				4,881,823
United Mexican States (0.1%)
	40,000	5.63%, 1/15/17+		39,120
	40,000	8.30%, 8/15/31+		44,340
	20,000	6.75%, 9/27/34+		18,836
				102,296
Total U.S. Government Agencies (Cost $4,950,154)				4,984,119
U.S. Government Agency Mortgages (35.8%):
Federal Home Loan Mortgage Corporation (0.2%)
	200,000	5.25%, 7/10/15		202,147
Federal National Mortgage Association (29.2%)
	449,044	5.00%, 3/1/37+		463,858
	476,602	6.00%, 5/1/37, Pool #888429+		498,668
	3,964,293	6.00%, 9/1/37, Pool #948384+		4,145,134
	1,452,252	5.00%, 2/1/38, Pool #995047+		1,501,833
	446,706	5.50%, 2/1/38, Pool #995021+		464,190
	686,060	5.50%, 4/1/38, Pool #962641+		712,767
	7,945,082	6.00%, 5/1/38, Pool #889579+		8,306,726
	266,716	5.50%, 6/1/38, Pool #889996+		277,099
	178,163	5.50%, 9/1/38, Pool #889995+		185,098
	489,511	5.50%, 9/1/38, Pool #987818+		508,567
	2,424,522	5.00%, 1/1/39, Pool #AA0834+		2,504,508
	4,500,000	5.50%, 4/13/39, TBA		4,670,154

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Balanced Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Principal			Fair
Amount			Value
U.S. Government Agency Mortgages, continued
$	2,000,000	6.00%, 4/13/39, TBA	$	2,088,750
				26,327,352
Government National Mortgage Association (6.4%)
	363,242	6.00%, 2/15/37, Pool #663819+		380,366
	379,731	6.00%, 5/15/37+		397,276
	530,821	6.00%, 6/15/38, Pool #675493+		555,346
	891,532	6.00%, 7/15/38, Pool #782369+		933,444
	923,724	6.00%, 7/15/38, Pool #687727+		966,402
	963,388	6.00%, 9/15/38, Pool #699104+		1,007,899
	498,893	6.00%, 12/15/38, Pool #668679+		521,943
	1,000,000	6.00%, 4/20/39, TBA		1,044,688
				5,807,364
Total U.S. Government Agency Mortgages
(Cost $31,806,630)				32,336,863
U.S. Treasury Obligations (4.0%):
U.S. Treasury Bonds (2.8%)
	100,000	8.75%, 8/15/20+		152,563
	300,000	7.25%, 8/15/22+		423,750
	300,000	7.13%, 2/15/23+		421,875
	700,000	6.00%, 2/15/26+		922,250
	300,000	5.25%, 2/15/29+		369,422
	200,000	5.00%, 5/15/37+		248,812
				2,538,672
U.S. Treasury Inflation Index Bond (0.4%)
	100,000	2.00%, 1/15/26+		105,184
	200,000	2.50%, 1/15/29+		212,974
				318,158
U.S. Treasury Inflation Index Notes (0.4%)
	300,000	2.38%, 1/15/17 +		333,535
U.S. Treasury Notes (0.4%)
	200,000	8.88%, 8/15/17+		291,812
	100,000	5.25%, 11/15/28+		123,000
				414,812
Total U.S. Treasury Obligations (Cost $3,466,725)				3,605,177
Repurchase Agreements (14.5%):
$	2,200,000	Bank of America NA, Dated 3/30/09, 0.10%, due 4/1/09, proceeds $2,200,006; fully collateralized by Federal Home Loan Mortgage Corporation, 5.00%, 7/1/35, value at $2,263,666+		2,200,000
	2,200,000	Bank of America NA, Dated 3/31/09, 0.20%, due 4/2/09, proceeds $2,200,012; fully collateralized by Federal National Mortgage Association, 5.00%, 3/1/35, value at $2,306,011+		2,200,000
	2,200,000	Barclays Capital, Inc., Dated 3/30/09, 0.15%, due 4/1/09, proceeds $2,200,009; fully collateralized by Federal Home Loan Mortgage Corporation, 1.06%, 7/14/10, value at $2,240,874+		2,200,000
	2,200,000	Barclays Capital, Inc., Dated 3/31/09, 0.21%, due 4/2/09, proceeds $2,200,013; fully collateralized by Federal Home Loan Mortgage Corporation, 1.06%, 7/14/10, value at $2,240,874+		2,200,000
	400,000	Credit Suisse Securities (USA) LLC, Dated 3/31/09, 0.20%, due 4/2/09, proceeds $400,002; fully collateralized by U.S. Treasury Notes, 4.00%, 2/15/15, value at $407,280+		400,000
	2,100,000	JPMorgan Securities, Inc., Dated 3/30/09, 0.14%, due 4/1/09, proceeds $2,100,008; fully collateralized by FNMA, Discount Note, 11/2/09, value at $2,138,605+		2,100,000
	1,800,000	JPMorgan Securities, Inc., Dated 3/31/09, 0.20%, due 4/2/09, proceeds $1,800,010; fully collateralized by U.S. Treasury Bills, Discount Note, 11/19/09, value at $1,819,233+		1,800,000
Total Repurchase Agreements (Cost $13,100,000)				13,100,000
Foreign Bonds (0.5%):
	100,000	American International Group, Inc., 2.40%, 4/26/11, MTN(a)+		58,528
	300,000	Citigroup, Inc., 4.75%, 2/10/19, Callable 2/10/14 @ 100+		193,240
	150,000	Gaz Capital SA, Series 7, 6.21%, 11/22/16+		111,000

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Balanced Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Shares or
Principal			Fair
Amount			Value
Foreign Bonds, continued
	100,000	Merrill Lynch & Co., Series E, 2.15%, 5/30/14, MTN(a)+	$	89,413
Total Foreign Bonds
(Cost $541,844)				452,181
Investment Company (5.1%):
	4,620,864	Dreyfus Treasury Prime Cash Management, 0.09%(d)		4,620,864
Total Investment Company
(Cost $4,620,864)				4,620,864
Purchased Call Options (0.3%):
	310	1-Year Interest Rate SWAP, Receive 3-Month USD-LIBOR Floating Rate Index, Strike @ 4.25 Exp. 7/7/09(e)+		167,541
Total Purchased Call Options (Cost $30,923)				167,541
Total Investment Securities (Cost $115,100,468)(f)—122.4%				110,517,502
Net other assets (liabilities) — (22.4)%				(20,231,459	)
NET ASSETS — 100.0%			$	90,286,043

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
+	Investment securities are segregated as collateral, the aggregate fair value of these securities is $49,776,499.
ADR	American Depository Receipt
FNMA	Federal National Mortgage Association
GO	General Obligation
LIBOR	Represents the London InterBank Offered Rate
LLC	Limited Liability Co.
PLC	Public Liability Co.
SPA	Standby Purchase Agreement
TBA	To be announced. Represents 8.6% of the Fund’s net assets.
(a)	Variable rate security. The rate presented represents the rate in effect at March 31, 2009. The date presented represents the final maturity date.
(b)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investor. The sub adviser has deemed these securities to be liquid based on procedures approved by the board of Trustees.
(c)	Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at March 31, 2009.
(d)	The rate represents the effective yield at March 31, 2009.
(e)	Security was valued in good faith under procedures established by the Board of Directors.
(f)	Cost for federal income tax purposes is $115,555,036. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	2,444,254
Unrealized depreciation		(7,481,788	)
Net unrealized depreciation	$	(5,037,534	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of March 31, 2009:

Country	Percentage
United States		82.0	%
Hong Kong		4.1	%
United Kingdom		3.3	%
Korea		2.2	%
Japan		1.2	%
Germany		1.0	%
Brazil		0.9	%
Russia		0.8	%
Netherlands		0.7	%
Switzerland		0.7	%
Spain		0.6	%
France		0.5	%
Mexico		0.5	%
Canada		0.4	%
Luxemburg		0.4	%
Italy		0.3	%
Puerto Rico		0.2	%
Australia		0.1	%
Ireland		0.1	%
Total		100.0	%

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Balanced Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

As of March 31, 2009 the Fund’s open foreign currency exchange contracts were as follows:

	Delivery	Contract		Fair		Unrealized Appreciation/
Long Contracts	Date	Amount		Value		(Depreciation)
Receive 54,420 Brazilian Real in exchange for U.S. Dollars	6/2/09	$	25,177	$	23,114	$	(2,063	)
Receive 761,369 Chinese Renminbi in exchange for U.S. Dollars	7/15/09		118,000		111,560		(6,440	)
Receive 694,855 Chinese Renminbi in exchange for U.S. Dollars	9/8/09		100,059		101,960		1,901
Receive 37,599 European Euro in exchange for U.S. Dollars	4/14/09		49,825		49,944		119
Receive 6,353 British Sterling in exchange for U.S. Dollars	4/1/09		8,983		9,114		131
Receive 24,973 British Sterling in exchange for U.S. Dollars	4/2/09		35,310		35,827		517
Receive 26,167 British Sterling in exchange for U.S. Dollars	4/3/09		37,382		37,539		157
Receive 21,582 British Sterling in exchange for U.S. Dollars	4/9/09		30,048		30,962		915
Receive 692,042 Hong Kong Dollar in exchange for U.S. Dollars	4/1/09		89,300		89,291		(9	)
Receive 562,840 Hong Kong Dollar in exchange for U.S. Dollars	4/2/09		72,629		72,621		(8	)
Receive 15,802,736 Hungarian Forint in exchange for U.S. Dollars	5/6/09		66,989		67,679		690
Receive 3,579 Mexican Nuevo Peso in exchange for U.S. Dollars	5/19/09		328		251		(77	)
Receive 1,469,670 Philippine Peso in exchange for U.S. Dollars	8/6/09		30,586		30,139		(447	)
Receive 3,959 Polish Zloty in exchange for U.S. Dollars	5/6/09		1,610		1,138		(472	)
Receive 83,585 Singapore Dollars in exchange for U.S. Dollars	7/30/09		56,257		54,927		(1,330	)
Receive 23,087 South African Rand in exchange for U.S. Dollars	5/14/09		2,264		2,415		151
						$	(6,265	)
	Delivery	Contract		Fair		Unrealized Appreciation/
Short Contracts	Date	Amount		Value		(Depreciation)
Deliver 75,887 Brazilian Real in exchange for U.S. Dollars	6/2/09	$	31,782	$	32,230	$	(448	)
Deliver 679,360 Chinese Renminbi in exchange for U.S. Dollars	7/15/09		98,000		99,543		(1,543	)
Deliver 15,781 European Euro in exchange for U.S. Dollars	4/2/09		20,925		20,963		(38	)
Deliver 372,000 European Euro in exchange for U.S. Dollars	4/14/09		483,770		494,143		(10,373	)
Deliver 104,000 British Sterling in exchange for U.S. Dollars	4/9/09		150,540		149,201		1,339
Deliver 15,802,736 Hungarian Forint in exchange for U.S. Dollars	5/6/09		71,055		67,679		3,376
Deliver 3,579 Mexican Nuevo Peso in exchange for U.S. Dollars	5/19/09		259		251		8
Deliver 1,469,670 Philippine Peso in exchange for U.S. Dollars	8/6/09		30,116		30,139		(23	)
Deliver 3,958 Polish Zloty in exchange for U.S. Dollars	5/6/09		1,298		1,138		160
Deliver 83,585 Singapore Dollars in exchange for U.S. Dollars	7/30/09		55,760		54,927		833
Deliver 23,087 South African Rand in exchange for U.S. Dollars	5/14/09		2,095		2,415		(320	)
						$	(7,029	)

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Balanced Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

As of March 31, 2009 the Fund’s open future contracts were as follows:

					Unrealized
		Expiration	Number of		Appreciation/
Description	Type	Date	Contracts		(Depreciation)
Euro Euribor June Futures	Long	6/10		3	$	63
90-Day Euribor September Futures	Long	9/10		5		0
Euro Bobl June Futures	Long	6/09		7		3,481
Euro Bund June Futures	Long	6/09		4		3,677
90-Day British Sterling Pound December Futures	Long	12/09		7		25,866
90-Day Eurodollar June Futures	Long	6/09		5		13,950
90-Day Eurodollar September Futures	Long	9/09		12		20,000
90-Day Eurodollar December Futures	Long	12/10		19		14,475
90-Day Eurodollar December Futures	Long	12/09		5		37,750
U.S. Treasury 10-Year Note June Futures	Long	6/09		36		121,500
					$	240,762

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Balanced Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Credit Default Swaps agreements outstanding on March 31, 2009:

Credit Default Swaps on Corporate and Sovereign Issues:

			(Pay)/Receive										Unrealized			Implied
		Buy/Sell	Fixed			Expiration		Notional					Appreciation/			Credit
Counterparty	Reference Equity	Protection (1)	Rate			Date		Amount (2)		Market Value (4)			(Depreciation)			Spread (3)
Morgan Stanley	British Telecom PLC	Buy		(1.36	)%		3/20/18	$	100,000	$	6,268		$	6,230			2.27	%
Barclays Bank	Fosters Financial Corp	Buy		(2.14	)		12/20/14		200,000		(6,593	)		(6,735	)		1.50	%
								$	300,000	$	(325	)	$	(505	)

Credit Default Swaps on Credit Indices:

													Unrealized
		Buy/Sell	(Pay)/Receive			Expiration		Notional		Market Value			Appreciation/
Counterparty	Reference Equity	Protection (1)	Fixed Rate			Date		Amount (2)		(4)			(Depreciation)
Deutsche Bank	CDX IG11 Future	Sell		1.50	%		12/20/13	$	4,000,000	$	(142,325	)	$	(81,266	)
Merrill Lynch	CDX IG11 Future	Sell		1.50			12/20/13		200,000		(7,116	)		(6,066	)
Deutsche Bank	CDX IG9 Future	Sell		1.29			12/20/12		200,000		(713	)		(627	)
Royal Bank of Scotland	CDX Hy-10 Future	Sell		5.00			6/20/13		194,000		(53,122	)		(39,596	)
Goldman Sachs	CDX IG7 Future	Sell		0.65			12/20/16		97,600		(9,653	)		(1,903	)
Credit Suisse	Market ABX.HE.AA Index	Sell		0.15			8/25/37		100,000		(97,000	)		(26,999	)
Merrill Lynch	CDX Hy-9 Future	Sell		3.75			12/20/12		470,000		(126,054	)		(108,269	)
Barclays Bank	CDX Hy-10 Future	Sell		5.00			6/20/13		194,000		(53,122	)		(40,081	)
Credit Suisse	CDX Hy-10 Future	Sell		5.00			6/20/13		194,000		(53,122	)		(40,159	)
Bank of America	HY-8 Future	Sell		2.75			6/20/12		328,700		(87,442	)		(80,385	)
								$	5,978,300	$	(629,669	)	$	(425,351	)

(1)	If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the related defaulted reference entities and take delivery of the reference entities or (ii) pay a net amount equal to the notional amount of the related defaulted reference entities less their recovery value. If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the related defaulted reference entities and deliver the reference entities or (ii) receive a net amount equal to the notional amount of the related defaulted reference entities less their recovery value.
(2)	The notional amount represents the maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(3)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues and sovereign issues of an emerging country as of period end 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 payments required to be made to enter into the agreement. Wider credit spreads represent a 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 agreement.
(4)	The market value of credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk for the credit derivative as of the period end. Increasing values, in absolute terms when compared to the notional amount of the swap, represent a 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 agreement.

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Balanced Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Interest Rate Swap agreements outstanding on March 31, 2009:

		Pay/Receive								Unrealized
	Floating Rate	Floating	Fixed			Expiration		Notional		Appreciation/
Counterparty	Index	Rate	Rate			Date		Amount		(Depreciation)
Barclays Bank PLC	6-Month EUR LIBOR	Pay		4.00	%		9/19/17	$	100,000	$	16,187
Morgan Stanley Capital Services Inc.	6-Month GBP LIBOR	Pay		6.00			9/18/09		100,000		2,033
UBS AG	Brazil Cetip Interbank	Pay		13.85			1/2/12		500,000		18,224
Goldman Sachs Group	6-Month GBP LIBOR	Pay		4.50			9/17/11		600,000		57,565
Morgan Stanley Capital Services Inc.	3-Month USD LIBOR	Pay		5.00			12/17/18		536,000		100,151
Barclays Bank PLC	3-Month USD LIBOR	Pay		4.00			6/17/19		100,000		3,553
Royal Bank of Scotland	3-Month USD LIBOR	Pay		4.00			6/17/19		200,000		7,071
Royal Bank of Scotland	3-Month USD LIBOR	Pay		4.00			6/17/10		3,400,000		61,970
Goldman Sachs Group	6-Month GBP LIBOR	Receive		4.00			6/15/37		100,000		(2,042	)
Merrill Lynch Capital Services, Inc.	3-Month USD LIBOR	Pay		4.00			12/17/13		400,000		40,325
Goldman Sachs Group	3-Month USD LIBOR	Pay		4.00			6/17/10		5,000,000		128,332
Goldman Sachs Group	6-Month GBP LIBOR	Pay		5.00			3/18/14		100,000		15,627
Bank of America	3-Month USD LIBOR	Receive		5.00			12/17/28		200,000		(45,941	)
Merrill Lynch Capital Services, Inc.	3-Month USD LIBOR	Receive		5.00			12/17/28		100,000		(26,270	)
Goldman Sachs Group	6-Month EUR LIBOR	Pay		4.50			3/18/24		500,000		67,383
Deutsche Bank	6-Month GBP LIBOR	Pay		5.00			3/18/11		100,000		9,709
Royal Bank of Scotland	6-Month GBP LIBOR	Pay		5.00			3/18/14		200,000		31,835
Barclays Bank PLC	3-Month USD LIBOR	Pay		4.00			6/17/10		1,200,000		28,436
Citibank	6-Month GBP LIBOR	Pay		5.00			3/18/11		200,000		19,088
Bank of America	3-Month USD LIBOR	Pay		4.00			12/17/13		400,000		40,850
Citibank	3-Month USD LIBOR	Receive		3.00			6/17/29		500,000		26,617
Royal Bank of Scotland PLC	3-Month USD LIBOR	Pay		4.00			6/17/14		100,000		1,412
Credit Suisse	3-Month USD LIBOR	Receive		4.00			6/17/24		200,000		5,071
Citibank	3-Month USD LIBOR	Pay		4.00			6/17/14		100,000		1,578
										$	608,764

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Balanced Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Written Swap Options outstanding on March 31, 2009:

			Pay/Receive	Exercise			Expiration		Number of						Fair
Description	Counterparty		Floating Index	Rate			Date		Contracts			Premium			Value
Call - OTC 7-Year Interest Rate Swap	Royal Bank of Scotland	Rec—3-month USD-LIBOR			4.90	%		7/7/09		(100	)	$	(28,200	)	$	(143,664	)
Call - OTC 7-Year Interest Rate Swap	Barclays	Rec—3-month USD-LIBOR			1.80			4/27/09		(20	)		(400	)		(13	)
Call - OTC 7-Year Interest Rate Swap	BNP Paribas	Rec—3-month USD-LIBOR			1.80			4/27/09		(30	)		(1,590	)		(19	)
Call - OTC 7-Year Interest Rate Swap	Deutsche Bank	Rec—3-month USD-LIBOR			1.80			4/27/09		(30	)		(510	)		(19	)
Put - OTC 7-Year Interest Rate Swap	Barclays	Pay—3-month USD-LIBOR			3.50			4/27/09		(20	)		(1,040	)		(12	)
Put - OTC 7-Year Interest Rate Swap	BNP paribas	Pay—3-month USD-LIBOR			3.50			4/27/09		(30	)		(1,500	)		(18	)
Put - OTC 7-Year Interest Rate Swap	Deutsche Bank	Pay—3-month USD-LIBOR			3.50			4/27/09		(30	)		(1,530	)		(18	)
Put - OTC 5-Year Interest Rate Swap	BNP Paribas	Pay—3-month USD-LIBOR			2.75			5/22/09		(60	)		(4,785	)		(991	)
Put - OTC 7-Year Interest Rate Swap	Barclays	Pay—3-month USD-LIBOR			3.10			5/22/09		(60	)		(2,500	)		(1,615	)
												$	(42,055	)	$	(146,369	)

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Balanced Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Written options outstanding on March 31, 2009:

Security Description	Exercise Price		Expiration Date		Number of Contracts			Premium			Fair Value
Put — IMM Eurodollar Time Deposit June Future	$	99		6/15/09		(5	)	$	(1,763	)	$	(500	)
Put — IMM Eurodollar Time Deposit September Future		99		9/14/09		(3	)		(930	)		(656	)
								$	(2,693	)	$	(1,156	)

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Balanced Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

At March, 31, 2009 the Fund had the following stock options written:

	Reference					Number of
Call	Equity	Exercise Price		Expiration Date		Contracts			Premium			Fair Value
Citigroup Inc. September 2009	Citigroup Inc.	$	3		9/19/09		(10	)	$	(635	)	$	(650	)
									$	(635	)	$	(650	)

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Balanced Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Securities Sold Short (-3.5)%

	Coupon			Expiration		Number of									Unrealized
Security Description	Rate			Date		Contracts			Premium			Fair Value			Gain/Loss
Federal National Mortgage Association — April TBA		6.00	%		4/13/39		(3,000,000	)	$	(3,130,898	)	$	(3,133,125	)	$	(2,227	)
									$	(3,130,898	)	$	(3,133,125	)	$	(2,227	)

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Equity Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks (97.9%):
Aerospace & Defense (0.9%):
	7,000	American Science & Engineering, Inc.	$	390,600
	2,532	Axsys Technologies, Inc.*		106,445
				497,045
Airline (1.5%):
	829,000	Cathay Pacific Airways, Ltd.		833,800
Auto Components (2.3%):
	643,480	GKN plc		628,561
	54,212	Superior Industries International, Inc.		642,412
				1,270,973
Automobiles (1.7%):
	15,164	DaimlerChrysler AG		387,289
	22,170	Honda Motor Co., Ltd., ADR		525,429
				912,718
Biotechnology (3.3%):
	16,612	Amgen, Inc.*		822,626
	21,672	Myriad Genetics, Inc.*		985,426
				1,808,052
Capital Markets (4.3%):
	18,268	Credit Suisse Group, SP ADR		556,991
	15,160	Deutsche Bank AG		616,254
	19,491	Stifel Financial Corp.*		844,155
	38,334	UBS AG*		361,490
				2,378,890
Chemicals (3.4%):
	33,515	E.I. du Pont de Nemours & Co.		748,390
	18,743	Eastman Chemical Co.		502,312
	25,807	Sensient Technologies Corp.		606,465
				1,857,167
Commercial Banks (9.5%):
	78,489	Allied Irish Banks plc, SP ADR		121,658
	60,920	Banco Santander SA, SP ADR		420,348
	48,844	Barclays plc, ADR		415,174
	57,804	First Bancorp		246,245
	16,675	First Financial Bankshares, Inc.		803,235
	10,602	First Financial Corp.		391,214
	53,927	FNB Corp.		413,620
	15,362	Home Bancshares, Inc.		306,779
	79,782	Huntington Bancshares, Inc.		132,438
	25,386	KB Financial Group, Inc., ADR*		615,611
	47,168	Lloyds TSB Group plc, SP ADR		190,087
	61,910	Regions Financial Corp.		263,737
	29,603	Royal Bank of Scotland Group plc, SP ADR*		209,589
	20,458	SunTrust Banks, Inc.		240,177
	45,058	Umpqua Holdings Corp.		408,225
				5,178,137
Commercial Services & Supplies (1.5%):
	37,001	Navigant Consulting, Inc.*		483,603
	49,253	R.R. Donnelley & Sons Co.		361,025
				844,628
Containers & Packaging (0.4%):
	8,578	Rock-Tenn Co., Class A		232,035
Diversified Consumer Services (4.8%):
	12,083	Apollo Group, Inc., Class A*		946,462
	8,881	ITT Educational Services, Inc.*		1,078,331
	3,276	Strayer Education, Inc.		589,254
				2,614,047
Diversified Financial Services (1.3%):
	53,499	Bank of America Corp.		364,863
	62,379	ING Groep NV, ADR		339,342
				704,205
Diversified Telecommunication Services (3.1%):
	396,797	BT Group plc		443,915
	34,088	Deutsche Telekom AG, ADR		420,987
	20,925	Nippon Telegraph & Telephone Corp., ADR		398,203
	35,709	Telecom Italia SPA, ADR		456,718
				1,719,823
Electric Utilities (1.9%):
	52,134	Korea Electric Power Corp., ADR*		477,026
	21,000	Pinnacle West Capital Corp.		557,760
				1,034,786
Electronic Equipment, Instruments & Components (0.5%):
	10,605	Hitachi, Ltd., SP ADR		291,107
Food & Staples Retailing (1.9%):
	2,896	Nash Finch Co.		81,348
	5,248	Spartan Stores, Inc.		80,872
	16,382	Wal-Mart Stores, Inc.		853,502
				1,015,722
Food Products (1.3%):
	22,103	Flowers Foods, Inc.		518,979
	7,166	TreeHouse Foods, Inc.*		206,309
				725,288
Gas Utilities (4.1%):
	18,639	Laclede Group, Inc. (The)		726,548
	59,558	Piedmont Natural Gas Co., Inc.		1,541,957
				2,268,505
Health Care Equipment & Supplies (0.9%):
	13,200	CryoLife, Inc.*		68,376
	5,165	Greatbatch, Inc.*		99,943
	13,552	STERIS Corp.		315,490
				483,809
Health Care Providers & Services (0.6%):
	22,530	Gentiva Health Services, Inc.*		342,456
Health Care Technology (0.3%):
	4,419	Computer Programs & Systems, Inc.		147,020

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Equity Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Hotels, Restaurants & Leisure (3.7%):
	304,757	Ladbrokes plc	$	796,950
	16,038	McDonald’s Corp.		875,194
	6,728	Panera Bread Co., Class A*		376,095
				2,048,239
Household Durables (0.9%):
	24,363	Sony Corp., SP ADR		502,609
Industrial Conglomerates (3.8%):
	1,156,000	Citic Pacific, Ltd.		1,307,060
	50,985	General Electric Co.		515,458
	39,762	Textron, Inc.		228,234
				2,050,752
Insurance (1.4%):
	106,740	AEGON NV		409,881
	28,414	Axa, ADR		340,400
				750,281
IT Services (3.0%):
	812,300	LogicaCMG plc		742,205
	21,937	ManTech International Corp., Class A*		919,160
				1,661,365
Life Sciences Tools & Services (1.1%):
	31,789	Luminex Corp.*		576,017
Machinery (1.3%):
	44,222	Briggs & Stratton Corp.		729,663
Media (1.5%):
	1,669,024	ITV plc		452,138
	85,392	New York Times Co., Class A		385,972
				838,110
Metals & Mining (6.0%):
	78,766	Alcoa, Inc.		578,142
	19,439	ArcelorMittal, Class A		389,558
	31,057	Compass Minerals International, Inc.		1,750,683
	8,341	POSCO, ADR		557,429
				3,275,812
Multi-Utilities (2.7%):
	52,332	NiSource, Inc.		512,854
	18,236	SCANA Corp.		563,310
	19,191	Veolia Environnement, ADR		401,092
				1,477,256
Multiline Retail (3.7%):
	21,332	Dollar Tree, Inc.*		950,340
	32,143	Family Dollar Stores, Inc.		1,072,612
				2,022,952
Oil, Gas & Consumable Fuels (3.3%):
	8,849	Clayton Williams Energy, Inc.*		258,745
	28,062	Goodrich Petroleum Corp.*		543,280
	20,862	Petro-Canada		554,512
	25,399	Repsol YPF SA, ADR		434,069
				1,790,606
Paper & Forest Products (1.2%):
	53,325	MeadWestvaco Corp.		639,367
Pharmaceuticals (1.9%):
	51,366	Pfizer, Inc.		699,605
	59,887	ViroPharma, Inc.*		314,407
				1,014,012
Real Estate Management & Development (4.2%):
	1,118,000	New World Developments Co., Ltd.		1,115,513
	1,170,000	Sino Land Co., Ltd.		1,170,494
				2,286,007
Specialty Retail (3.7%):
	8,537	AutoZone, Inc.*		1,388,287
	10,104	Buckle, Inc. (The)		322,621
	8,227	Tractor Supply Co.*		296,665
				2,007,573
Thrifts & Mortgage Finance (1.7%):
	39,710	First Niagara Financial Group, Inc.		432,839
	37,050	Washington Federal, Inc.		492,394
				925,233
Tobacco (1.0%):
	18,984	Universal Corp.		568,001
Transportation Infrastructure (2.3%):
	1,295,000	Cosco Pacific, Ltd.		1,278,800
Total Common Stocks (Cost $70,687,225)				53,602,868
Investment Company (2.6%):
	1,448,763	Dreyfus Treasury Prime Cash Management, 0.09%(a)		1,448,763
Total Investment Company (Cost $1,448,763)				1,448,763
Total Investment Securities (Cost $72,135,988)(b)—100.5%				55,051,631
Net other assets (liabilities) — (0.5)%				(279,734	)
NET ASSETS — 100.0%			$	54,771,897

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
ADR	American Depository Receipt
PLC	Public Liability Co.
SPA	Standby Purchase Agreement
(a)	The rate represents the effective yield at March 31, 2009.
(b)	Cost for federal income tax purposes is $76,304,406. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	2,414,189
Unrealized depreciation		(23,666,964	)
Net unrealized depreciation	$	(21,252,775	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of March 31, 2009:

Country	Percentage
United States		64.8	%
Hong Kong		10.4	%
United Kingdom		6.7	%
Japan		3.1	%
Korea		3.0	%
Germany		2.6	%
Netherlands		1.7	%
Switzerland		1.7	%
Spain		1.6	%
France		1.3	%
Canada		1.0	%
Italy		0.8	%
Luxemburg		0.7	%
Puerto Rico		0.4	%
Ireland		0.2	%
Total		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Growth Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Asset Backed Securities (0.2%):
$	99,707	SLM Student Loan Trust, Series 2008-9, Class A, 2.66%, 4/25/23(a)+	$	97,878
Total Asset Backed Securities (Cost $99,315)				97,878
Common Stocks (75.6%):
Aerospace & Defense (0.7%):
	6,563	American Science & Engineering, Inc.		366,215
	2,374	Axsys Technologies, Inc.*		99,803
				466,018
Airline (1.2%):
	784,000	Cathay Pacific Airways, Ltd.		788,540
Auto Components (1.8%):
	608,354	GKN plc		594,249
	50,821	Superior Industries International, Inc.		602,229
				1,196,478
Automobiles (1.3%):
	14,217	DaimlerChrysler AG		363,102
	20,785	Honda Motor Co., Ltd., ADR		492,605
				855,707
Biotechnology (2.5%):
	15,575	Amgen, Inc.*		771,274
	20,324	Myriad Genetics, Inc.*		924,132
				1,695,406
Capital Markets (3.4%):
	17,128	Credit Suisse Group, SP ADR		522,233
	14,212	Deutsche Bank AG		577,718
	18,272	Stifel Financial Corp.*		791,360
	35,937	UBS AG*		338,886
				2,230,197
Chemicals (2.6%):
	31,420	E.I. du Pont de Nemours & Co.		701,608
	17,571	Eastman Chemical Co.		470,903
	24,194	Sensient Technologies Corp.		568,559
				1,741,070
Commercial Banks (7.3%):
	73,583	Allied Irish Banks plc, SP ADR		114,054
	57,112	Banco Santander SA, SP ADR		394,073
	45,789	Barclays plc, ADR		389,207
	54,192	First Bancorp		230,858
	15,632	First Financial Bankshares, Inc.		752,993
	9,938	First Financial Corp.		366,712
	50,557	FNB Corp.		387,772
	14,403	Home Bancshares, Inc.		287,628
	74,793	Huntington Bancshares, Inc.		124,156
	23,798	KB Financial Group, Inc., ADR*		577,102
	44,220	Lloyds TSB Group plc, SP ADR		178,207
	58,041	Regions Financial Corp.		247,255
	27,754	Royal Bank of Scotland Group plc, SP ADR*		196,498
	19,180	SunTrust Banks, Inc.		225,173
	42,241	Umpqua Holdings Corp.		382,703
				4,854,391
Commercial Services & Supplies (1.2%):
	34,688	Navigant Consulting, Inc.*		453,372
	46,174	R.R. Donnelley & Sons Co.		338,456
				791,828
Containers & Packaging (0.3%):
	8,043	Rock-Tenn Co., Class A		217,563
Diversified Consumer Services (3.7%):
	11,328	Apollo Group, Inc., Class A*		887,322
	8,326	ITT Educational Services, Inc.*		1,010,943
	3,070	Strayer Education, Inc.		552,201
				2,450,466
Diversified Financial Services (1.0%):
	50,153	Bank of America Corp.		342,044
	58,478	ING Groep NV, ADR		318,120
				660,164
Diversified Telecommunication Services (2.4%):
	375,136	BT Group plc		419,682
	31,956	Deutsche Telekom AG, ADR		394,657
	19,616	Nippon Telegraph & Telephone Corp., ADR		373,293
	33,479	Telecom Italia SPA, ADR		428,196
				1,615,828
Electric Utilities (1.5%):
	48,874	Korea Electric Power Corp., ADR*		447,197
	19,689	Pinnacle West Capital Corp.		522,940
				970,137
Electronic Equipment, Instruments & Components (0.4%):
	9,940	Hitachi, Ltd., SP ADR		272,853
Food & Staples Retailing (1.4%):
	2,715	Nash Finch Co.		76,264
	4,921	Spartan Stores, Inc.		75,833
	15,358	Wal-Mart Stores, Inc.		800,152
				952,249
Food Products (1.0%):
	20,723	Flowers Foods, Inc.		486,576
	6,717	TreeHouse Foods, Inc.*		193,382
				679,958
Gas Utilities (3.2%):
	17,474	Laclede Group, Inc. (The)		681,137
	55,835	Piedmont Natural Gas Co., Inc.		1,445,568
				2,126,705
Health Care Equipment & Supplies (0.7%):
	12,377	CryoLife, Inc.*		64,113
	4,843	Greatbatch, Inc.*		93,712
	12,702	STERIS Corp.		295,702
				453,527
Health Care Providers & Services (0.5%):
	21,122	Gentiva Health Services, Inc.*		321,054
Health Care Technology (0.2%):
	4,144	Computer Programs & Systems, Inc.		137,871

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Growth Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Hotels, Restaurants & Leisure (2.9%):
	288,122	Ladbrokes plc	$	753,449
	15,036	McDonald’s Corp.		820,515
	6,306	Panera Bread Co., Class A*		352,505
				1,926,469
Household Durables (0.7%):
	22,837	Sony Corp., SP ADR		471,127
Industrial Conglomerates (2.9%):
	1,094,000	Citic Pacific, Ltd.		1,236,958
	47,798	General Electric Co.		483,238
	37,276	Textron, Inc.		213,964
				1,934,160
Insurance (1.1%):
	100,070	AEGON NV		384,269
	26,640	Axa, ADR		319,147
				703,416
IT Services (2.3%):
	767,961	LogicaCMG plc		701,692
	20,566	ManTech International Corp., Class A*		861,715
				1,563,407
Life Sciences Tools & Services (0.8%):
	29,801	Luminex Corp.*		539,994
Machinery (1.0%):
	41,458	Briggs & Stratton Corp.		684,057
Media (1.2%):
	1,577,918	ITV plc		427,457
	80,055	New York Times Co., Class A		361,849
				789,306
Metals & Mining (4.6%):
	73,841	Alcoa, Inc.		541,993
	18,222	ArcelorMittal, Class A		365,169
	29,117	Compass Minerals International, Inc.		1,641,325
	7,818	POSCO, ADR		522,477
				3,070,964
Multi-Utilities (2.1%):
	49,061	NiSource, Inc.		480,798
	17,095	SCANA Corp.		528,065
	17,988	Veolia Environnement, ADR		375,949
				1,384,812
Multiline Retail (2.9%):
	19,999	Dollar Tree, Inc.*		890,955
	30,135	Family Dollar Stores, Inc.		1,005,605
				1,896,560
Oil, Gas & Consumable Fuels (2.5%):
	8,297	Clayton Williams Energy, Inc.*		242,604
	26,309	Goodrich Petroleum Corp.*		509,342
	19,558	Petro-Canada		519,852
	23,811	Repsol YPF SA, ADR		406,930
				1,678,728
Paper & Forest Products (0.9%):
	49,991	MeadWestvaco Corp.		599,392
Pharmaceuticals (1.4%):
	48,157	Pfizer, Inc.		655,898
	56,142	ViroPharma, Inc.*		294,746
				950,644
Real Estate Management & Development (3.3%):
	1,057,000	New World Developments Co., Ltd.		1,054,649
	1,108,000	Sino Land Co., Ltd.		1,108,468
				2,163,117
Specialty Retail (2.8%):
	8,005	AutoZone, Inc.*		1,301,773
	9,471	Buckle, Inc. (The)		302,409
	7,713	Tractor Supply Co.*		278,131
				1,882,313
Thrifts & Mortgage Finance (1.3%):
	37,228	First Niagara Financial Group, Inc.		405,785
	34,733	Washington Federal, Inc.		461,602
				867,387
Tobacco (0.8%):
	17,797	Universal Corp.		532,486
Transportation Infrastructure (1.8%):
	1,224,000	Cosco Pacific, Ltd.		1,208,688
Total Common Stocks (Cost $64,804,829)				50,325,037
Preferred Stocks (0.1%):
	100	Bank of America Corp., Series L		42,450
	100	Wells Fargo & Co., Series L, Class A		47,899
Total Preferred Stocks (Cost $132,827)				90,349
Corporate Bonds (4.7%):
Beverages (0.1%):
$	100,000	Fosters Financial Corp., 4.88%, 10/1/14(b)+		89,306
Biotechnology (0.2%):
	100,000	Amgen, Inc., 5.70%, 2/1/19		101,566
Commercial Banks (1.2%):
	100,000	ANZ National Bank, Ltd., 6.20%, 7/19/13(b)+		96,427
	100,000	Bank of America Corp., Series L, 1.61%, 6/22/12, MTN(a)		100,727
	100,000	Bank of America Corp., 8.13%, 12/31/49+		40,049
	100,000	Barclays Bank plc, 1.35%, 8/10/09(a)		99,778
	100,000	Barclays Bank plc, 7.43%, 9/29/49(a)(b)		41,543
	100,000	Citigroup Funding, Inc., 2.29%, 5/7/10(a)		89,762
	200,000	ING Bank NV, 2.63%, 2/9/12(b)+		200,496
	100,000	UBS AG Stamford CT, 5.88%, 12/20/17+		86,009

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Growth Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Shares or
Principal			Fair
Amount			Value
	20,000	Wells Fargo Co., 5.25%, 10/23/12+	$	19,434
				774,225
Commercial Services & Supplies (0.0%):
	35,000	First Data Corp., 9.88%, 9/24/15, Callable 9/30/11 @ 104.94		20,475
Diversified Consumer Services (0.4%):
	100,000	American Express Credit Co., Series C, 5.88%, 5/2/13+		87,798
	100,000	American International Group, 5.85%, 1/16/18, MTN+		39,151
	25,000	Bear Stearns Co., Inc., 6.40%, 10/2/17+		24,331
	20,000	General Electric Capital Corp., 5.25%, 10/19/12+		19,254
	100,000	National Rural Utilities, 4.75%, 3/1/14+		97,316
	25,000	Petrobras International Finance, Inc., 5.88%, 3/1/18+		23,257
				291,107
Diversified Financial Services (1.4%):
	100,000	Citigroup Capital XXI, 8.30%, 12/21/57, Callable 12/21/37 @ 100+		48,150
	100,000	Citigroup, Inc., 6.13%, 11/21/17+		86,700
	200,000	Citigroup, Inc., 8.45%, 4/29/49+		113,028
	200,000	General Electric Capital Corp., Series A, 6.88%, 1/10/39, MTN+		163,118
	100,000	GMAC LLC, 7.25%, 3/2/11		65,099
	100,000	Goldman Sachs Group, Inc., 5.95%, 1/18/18+		90,784
	100,000	Goldman Sachs Group, Inc., 6.15%, 4/1/18+		91,342
	100,000	JPMorgan Chase & Co., Series 1, 7.94%, 4/29/49, Callable 4/30/18 @ 100+		64,264
	100,000	Macquarie Bank, Ltd., Series B, 4.10%, 12/17/13, MTN(b)+		101,292
	100,000	Morgan Stanley, Series F, 6.63%, 4/1/18, MTN+		95,351
				919,129
Diversified Telecommunication Services (0.1%):
	100,000	AT&T, Inc., 6.30%, 1/15/38+		87,811
Electric Utilities (0.3%):
	100,000	Southern Cal Edison, 5.00%, 1/15/14+		104,850
	100,000	Southern Co., Series 08-A, 1.95%, 8/20/10(a)+		99,869
				204,719
Electronic Equipment & Instruments (0.1%):
	100,000	General Electric Co., 5.25%, 12/6/17+		92,481
Insurance (0.1%):
	100,000	American International Group, 8.18%, 5/15/58(b)+		8,520
	100,000	American International Group, Inc., 8.25%, 8/15/18(b)+		42,790
				51,310
Media (0.4%):
	200,000	Rogers Communications, 6.75%, 3/15/15+		196,772
	100,000	Time Warner Cable, Inc., 5.40%, 7/2/12+		96,595
				293,367
Pharmaceuticals (0.2%):
	100,000	Amgen, Inc., 5.85%, 6/1/17+		102,400
Tobacco (0.2%):
	100,000	Altria Group, Inc., 9.25%, 8/6/19		106,919
Total Corporate Bonds (Cost $3,610,268)				3,134,815
Foreign Bonds (0.4%):
	100,000	Citigroup, Inc., 4.75%, 2/10/19, Callable 2/10/14 @ 100		64,413
	200,000	Merrill Lynch & Co., Series E, 2.15%, 5/30/14, MTN(a)		178,826
Total Foreign Bonds (Cost $260,256)				243,239
Yankee Dollars (0.3%):
	100,000	British Telecom plc, 5.95%, 1/15/18+		81,388
	100,000	Petroleos Mexicanos, 8.00%, 5/3/19(b)		97,500
Total Yankee Dollars (Cost $184,975)				178,888
Municipal Bonds (0.4%):
California (0.1%):
	100,000	Los Angeles Department of Water & Power Revenue, Series A-1, 5.00%, 7/1/37, Callable 7/01/2017 @ 100 +		95,482
Illinois (0.3%):
	100,000	Chicago Illinois Transit Authority Sales & Transfer Tax Receipts Revenue, Series B, 6.90%, 12/1/40+		99,811
	100,000	Illinois State, GO, 4.50%, 6/24/09+		100,755
				200,566
Total Municipal Bonds (Cost $303,385)				296,048
U.S. Government Agency Mortgages (17.7%):
Federal Home Loan Mortgage Corporation (1.5%)
	937,594	5.50%, 9/1/38, Pool #G04764+		973,919
Federal National Mortgage Association (16.0%)
	449,044	5.00%, 3/1/37+		463,858
	592,346	5.00%, 4/1/37, Pool #915284+		611,888

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Growth Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
U.S. Government Agency Mortgages, continued
	467,676	6.00%, 7/1/37, Pool #944544+	$	489,010
	452,967	5.50%, 8/1/37, Pool #995024+		471,545
	446,706	5.50%, 2/1/38, Pool #995021+		464,190
	383,294	6.00%, 2/1/38, Pool #971908		400,779
	1,765,574	6.00%, 5/1/38, Pool #889579		1,845,939
	489,511	5.50%, 9/1/38, Pool #987818		508,567
	424,713	5.50%, 9/1/38, Pool #889995		441,246
	1,958,268	5.00%, 1/1/39, Pool #AA0834		2,022,872
	400,000	5.00%, 4/13/39		412,750
	500,000	5.50%, 4/13/39, TBA		518,906
	2,000,000	5.50%, 5/12/39, TBA		2,070,624
				10,722,174
United Mexican States (0.2%)
	40,000	5.63%, 1/15/17		39,120
	40,000	8.30%, 8/15/31		44,340
	20,000	6.75%, 9/27/34		18,836
				102,296
Total U.S. Government Agency Mortgages (Cost $11,499,463)				11,798,389
U.S. Treasury Obligations (2.2%):
U.S. Treasury Bonds (1.2%)
	300,000	7.25%, 8/15/22+		423,750
	100,000	6.00%, 2/15/26+		131,750
	200,000	5.00%, 5/15/37+		248,813
				804,313
U.S. Treasury Inflation Index Bond (0.1%)
	50,000	2.00%, 1/15/26 +		52,592
U.S. Treasury Inflation Index Notes (0.3%)
	200,000	2.38%, 1/15/17		222,357
U.S. Treasury Notes (0.6%)
	100,000	8.88%, 8/15/17+		145,906
	50,000	8.13%, 8/15/21+		74,320
	150,000	5.25%, 11/15/28+		184,500
				404,726
Total U.S. Treasury Obligations (Cost $1,417,198)				1,483,988
Repurchase Agreements (2.4%):
	800,000	JPMorgan Securities, Inc., Dated 3/30/09, 0.14%, due 4/1/09, proceeds $800,003; fully collateralized by FNMA, Discount Note, 11/2/09, value at $815,654+		800,000
	800,000	JPMorgan Securities, Inc., Dated 3/31/09, 0.20%, due 4/2/09, proceeds $800,004; fully collateralized by U.S. Treasury Bills, Discount Note, 11/19/09, value at $808,437+		800,000
Total Repurchase Agreements (Cost $1,600,000)				1,600,000
Purchased Call Options (0.2%):
	220	1-Year Interest Rate SWAP, Receive 3-Month USD-LIBOR Floating Rate Index, Strike @ 4.25 Exp. 7/7/09+		118,900
	11	10- Year U.S. Treasury Future Option June 09, Strike @ 85.00 Exp. 5/25/09		172
Total Purchased Call Options (Cost $22,050)				119,072
Investment Company (1.9%):
	1,278,525	Dreyfus Treasury Prime Cash Management, 0.09%(c)		1,278,525
Total Investment Company (Cost $1,278,525)				1,278,525
Total Investment Securities (Cost $85,213,091)(d)—106.1%				70,646,227
Net other assets (liabilities) — (6.1)%				(4,092,652	)
NET ASSETS — 100.0%			$	66,553,575

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
+	Investment securities are segregated as collateral, the aggregate fair value of these securities is $7,622,422.
ADR	American Depository Receipt
FNMA	Federal National Mortgage Association
GO	General Obligation
LIBOR	Represents the London InterBank Offered Rate
LLC	Limited Liability Co.
PLC	Public Liability Co.
SPA	Standby Purchase Agreement
TBA	To be announced. Represents 3.9% of the Fund’s net assets.
(a)	Variable rate security. The rate presented represents the rate in effect at March 31, 2009. The date presented represents the final maturity date.
(b)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investor. The sub adviser has deemed these securities to be liquid based on procedures approved by the board of Trustees.
(c)	The rate represents the effective yield at March 31, 2009.

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Growth Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

(d) Cost for federal income tax purposes is $86,743,289. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	2,799,806
Unrealized depreciation		(18,896,868	)
Net unrealized depreciation	$	(16,097,062	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of March 31, 2009:

Country	Percentage
United States		73.9	%
Hong Kong		7.7	%
United Kingdom		5.0	%
Japan		2.3	%
Korea		2.2	%
Germany		1.9	%
Netherlands		1.3	%
Switzerland		1.2	%
Spain		1.1	%
France		1.0	%
Canada		0.7	%
Italy		0.6	%
Luxemburg		0.5	%
Puerto Rico		0.3	%
Ireland		0.2	%
Australia		0.1	%
Mexico		0.1	%
Cayman Islands		0.0	%
Total		100.0	%

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Growth Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

As of March 31, 2009 the Fund’s open foreign currency exchange contracts were as follows:

	Delivery		Contract				Unrealized Appreciation/
Long Contracts	Date		Amount		Fair Value		(Depreciation)
Receive 73,315 Brazilian Real in exchange for U.S. Dollars		6/2/09	$	33,851	$	31,138		$  (2,713	)
Receive 27,303 British Sterling Pounds in exchange for U.S. Dollars		4/9/09		38,277		39,170		893
Receive 657,994 Chinese Renminbi in exchange for U.S. Dollars		7/15/09		102,000		96,413		(5,587	)
Receive 774,295 Chinese Renminbi in exchange for U.S. Dollars		9/8/09		111,473		113,617		2,144
Receive 21,000 European Euro in exchange for U.S. Dollars		4/14/09		28,448		27,895		(553	)
Receive 12,831,158 Hungarian Forint in exchange for U.S. Dollars		5/6/09		54,392		54,952		560
Receive 15,808 Mexican Nuevo Peso in exchange for U.S. Dollars		5/19/09		1,448		1,107		(341	)
Receive 967,100 Philippine Peso in exchange for U.S. Dollars		5/6/09		20,000		19,959		(41	)
Receive 1,126,170 Philippine Peso in exchange for U.S. Dollars		8/6/09		23,412		23,094		(318	)
Receive 5,065 Polish Zloty in exchange for U.S. Dollars		5/6/09		2,244		1,455		(789	)
Receive 5,550 Russian Ruble in exchange for U.S. Dollars		5/6/09		166		162		(4	)
Receive 146,805 Singapore Dollars in exchange for U.S. Dollars		4/14/09		97,818		96,512		(1,306	)
Receive 125,347 Singapore Dollars in exchange for U.S. Dollars		7/30/09		84,493		82,371		(2,122	)
Receive 5,898 South African Rand in exchange for U.S. Dollars		5/14/09		578		617		39
								$(10,138	)

	Delivery		Contract				Unrealized Appreciation/
Short Contracts	Date		Amount		Fair Value		(Depreciation)
Deliver 85,423 Brazilian Real in exchange for U.S. Dollars		6/2/09	$	36,026	$	36,280		$     (254	)
Deliver 107,000 British Sterling Pounds in exchange for U.S. Dollars		4/9/09		154,685		153,504		1,181
Deliver 769,540 Chinese Renminbi in exchange for U.S. Dollars		7/15/09		111,000		112,757		(1,757	)
Deliver 227,000 European Euro in exchange for U.S. Dollars		4/14/09		291,359		301,534		(10,175	)
Deliver 12,831,158 Hungarian Forint in exchange for U.S. Dollars		5/6/09		57,694		54,952		2,742
Deliver 15,808 Mexican Nuevo Peso in exchange for U.S. Dollars		5/19/09		1,142		1,107		35
Deliver 967,100 Philippine Peso in exchange for U.S. Dollars		5/6/09		20,069		19,959		110
Deliver 1,126,170 Philippine Peso in exchange for U.S. Dollars		8/6/09		23,077		23,094		(17	)
Deliver 5,065 Polish Zloty in exchange for U.S. Dollars		5/6/09		1,664		1,456		208
Deliver 5,550 Russian Ruble in exchange for U.S. Dollars		5/6/09		167		162		5
Deliver 146,805 Singapore Dollars in exchange for U.S. Dollars		4/14/09		99,193		96,512		2,681
Deliver 125,347 Singapore Dollars in exchange for U.S. Dollars		7/30/09		83,620		82,371		1,249
Deliver 5,898 South African Rand in exchange for U.S. Dollars		5/14/09		535		618		(83	)
								$  (4,075	)

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Growth Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

As of March 31, 2009 the Fund’s open future contracts were as follows:

					Unrealized
			Number of		Appreciation/
Description	Type	Expiration Date	Contracts		(Depreciation)
Euro Euribor June Futures	Long	6/10		1	$	0
90-Day Euribor September Futures	Long	9/10		2		0
Euro Bobl June Futures	Long	6/09		2		814
Euro Bund June Futures	Long	6/09		3		1,942
90-Day British Sterling Pound June Futures	Long	6/09		1		9,007
90-Day British Sterling Pound September Futures	Long	9/09		1		9,040
90-Day British Sterling Pound December Futures	Long	12/09		3		17,579
90-Day Eurodollar June Futures	Long	6/09		2		950
90-Day Eurodollar September Futures	Long	9/09		13		65,963
90-Day Eurodollar December Futures	Long	12/10		13		10,650
90-Day Eurodollar December Futures	Long	12/09		4		25,350
U.S. Treasury 10-Year Note June Futures	Long	6/09		11		33,172
					$	174,467

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Growth Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Credit Default Swaps at March 31, 2009:

Credit Default Swaps on Corporate and Sovereign Issues:

													Unrealized
		Buy/Sell	(Pay)/Receive			Expiration		Notional		Market			Appreciation/			Implied
Counterparty	Reference Equity	Protection(1)	Fixed Rate			Date		Amount(2)		Value (4)			(Depreciation)			Credit Spread(3)
Morgan Stanley	BRITISH TELECOM PLC	Buy		(1.46	)%		3/20/18	$	100,000	$	6,268		$	6,230			2.27	%
Barclays Bank	UBS AG	Buy		(2.35	)		3/20/14		100,000		(353	)		(457	)		2.29	%
Barclays Bank	GAZPROM	Sell		0.83			6/20/17		75,000		(21,620	)		(21,444	)		6.22	%
Deutsche Bank	FOSTERS FIN CORP	Buy		(2.14	)		12/20/14		100,000		(3,297	)		(3,368	)		1.50	%
								$	375,000	$	(19,002	)	$	(19,039	)

Credit Default Swaps on Credit Indices:

													Unrealized
		Buy/Sell	(Pay)/Receive			Expiration		Notional		Market			Appreciation/
Counterparty	Reference Equity	Protection(1)	Fixed Rate			Date		Amount(2)		Value(4)			(Depreciation)
Deutsche Bank	CDX IG11 Future	Sell		1.50	%		12/20/13	$	1,800,000	$	(64,046	)	$	(35,192	)
Merrill Lynch	CDX IG11 Future	Sell		1.50			12/20/13		200,000		(7,116	)		(6,066	)
Barclays Bank	CDX EM10 Future	Sell		3.35			12/20/13		800,000		(108,536	)		(23,776	)
Deutsche Bank	CDX EM10 Future	Sell		3.35			12/20/13		1,300,000		(176,371	)		(46,318	)
Deutsche Bank	CDX IG9 Future	Sell		1.29			12/20/12		100,000		(357	)		(314	)
Royal Bank of Scotland	CDX Hy-10 Future	Sell		5.00			6/20/13		194,000		(53,122	)		(39,596	)
Morgan Stanley	CDX IG9 Future	Sell		1.34			12/20/12		300,000		(531	)		(397	)
Merrill Lynch	CDX Hy-9 Future	Sell		3.75			12/20/12		470,000		(126,054	)		(87,951	)
Barclays Bank	CDX Hy-10 Future	Sell		5.00			6/20/13		194,000		(53,122	)		(40,081	)
Credit Suisse	CDX Hy-10 Future	Sell		5.00			6/20/13		194,000		(53,122	)		(40,158	)
Bank of America	HY-8 Future	Sell		2.75			6/20/12		456,000		(121,307	)		(107,013	)
								$	6,008,000	$	(763,684	)	$	(426,862	)

(1)	If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the related defaulted reference entities and take delivery of the reference entities or (ii) pay a net amount equal to the notional amount of the related defaulted reference entities less their recovery value. If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the related defaulted reference entities and deliver the reference entities or (ii) receive a net amount equal to the notional amount of the related defaulted reference entities less their recovery value.
(2)	The notional amount represents the maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(3)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues and sovereign issues of an emerging country as of period end 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 payments required to be made to enter into the agreement. Wider credit spreads represent a 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 agreement.
(4)	The market value of credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk for the credit derivative as of the period end. Increasing values, in absolute terms when compared to the notional amount of the swap, represent a 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 agreement.

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Growth Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

     Interest Rate Swaps at March 31, 2009:

										Unrealized
		(Pay)/Receive				Expiration		Notional		Appreciation/
Counterparty	Floating Rate Index	Floating Rate	Fixed Rate			Date		Amount		(Depreciation)
Morgan Stanley Capital Services Inc.	6-Month GBP LIBOR	Pay		6.00	%		9/18/09	$	100,000	$	2,033
Goldman Sachs Group	3-Month USD LIBOR	Pay		4.00			6/17/10		5,000,000		84,699
Citibank	3-Month USD LIBOR	Receive		3.00			6/17/29		500,000		27,993
Morgan Stanley Capital Services Inc.	Brazil Cetip Interbank Deposit Rate	Pay		12.54			1/2/12		300,000		6,949
Barclays Bank PLC	6-Month EUR LIBOR	Pay		4.00			9/19/17		100,000		16,187
UBS AG	Brazil Cetip Interbank Deposit Rate	Pay		13.85			1/2/12		500,000		3,645
Credit Suisse	3-Month USD LIBOR	Pay		4.00			6/17/09		100,000		2,192
Royal Bank of Scotland PLC	3-Month USD LIBOR	Pay		4.00			6/17/14		100,000		1,412
Merrill Lynch Capital Services, Inc.	3-Month USD LIBOR	Pay		4.00			12/17/13		400,000		40,325
Merrill Lynch Capital Services, Inc.	3-Month USD LIBOR	Pay		4.00			12/17/13		400,000		40,850
Goldman Sachs Group	6-Month GBP LIBOR	Pay		5.00			3/18/14		100,000		15,627
Bank of America	3-Month USD LIBOR	Receive		5.00			12/17/28		200,000		(45,941	)
Merrill Lynch Capital Services, Inc.	3-Month USD LIBOR	Receive		5.00			12/17/28		100,000		(26,270	)
Goldman Sachs Group	6-Month EUR LIBOR	Pay		4.50			3/18/24		500,000		26,864
Goldman Sachs Capital Markets	3-Month USD LIBOR	Pay		4.00			12/17/13		100,000		11,178
Goldman Sachs Group	6-Month GBP LIBOR	Pay		4.50			9/17/11		600,000		67,159
Deutsch Bank	6-Month GBP LIBOR	Pay		5.00			3/18/11		100,000		9,709
Morgan Stanley Capital Services Inc.	3-Month USD LIBOR	Pay		5.00			12/17/18		536,000		146,115
Royal Bank of Scotland	6-Month GBP LIBOR	Pay		5.00			3/18/14		200,000		15,917
Credit Suisse	3-Month USD LIBOR	Receive		4.00			6/17/24		200,000		5,071
Citibank	6-Month GBP LIBOR	Pay		5.00			3/18/11		200,000		9,544
Goldman Sachs Group	6-Month GBP LIBOR	Receive		4.00			6/15/37		100,000		(2,042	)
Citibank	3-Month USD LIBOR	Pay		4.00			6/17/14		100,000		1,579
Merrill Lynch Capital Services, Inc.	3-Month USD LIBOR	Pay		4.00			6/17/14		500,000		6,844
Citibank	3-Month USD LIBOR	Receive		4.00			6/17/16		100,000		(756	)
										$	466,883

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Growth Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Written Swap Options outstanding on March 31, 2009:

		Pay/Receive	Exercise			Expiration		Number of
Description	Counterparty	Floating Index	Rate			Date		Contracts			Premium			Fair Value
Call — OTC 7-Year Interest Rate Swap	Royal Bank of Scotland	Rec—3-month USD-LIBOR		4.90	%		7/8/16		(80	)	$	(22,560	)	$	(114,931	)
Put — OTC 7-Year Interest Rate Swap	Barclays	Rec—3-month USD-LIBOR		3.50			4/27/09		(20	)		(1,000	)		(12	)
Put — OTC 7-Year Interest Rate Swap	BNPParibas	Rec—3-month USD-LIBOR		1.80			4/27/09		(20	)		(1,060	)		(13	)
Put — OTC 7-Year Interest Rate Swap	Barclays	Rec—3-month USD-LIBOR		4.90			7/6/09		(60	)		(240	)		(21	)
											$	(24,860	)	$	(114,977	)

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Growth Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Written options outstanding on March 31, 2009:

	Exercise		Expiration		Number of
Security Description	Price		Date		Contracts			Premium			Fair Value
Put — IMM Eurodollar Time Deposit June Future	$	99		6/15/09		(3	)	$	(1,055	)	$	(300	)

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Growth Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

At March, 31, 2009 the Fund had the following stock options written:

	Reference					Number of
Call	Equity	Exercise Price		Expiration Date		Contracts			Premium			Fair Value
Citigroup Inc. September 2009	Citigroup Inc.	$	3		9/19/09		(10	)	$	(635	)	$	(650	)
									$	(635	)	$	(650	)

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Growth Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Securities Sold Short (-3.1)%

	Coupon			Expiration		Number of									Unrealized
Security Description	Rate			Date		Contracts			Premium			Fair Value			Gain/Loss
Federal National Mortgage Association — April TBA		6.00	%		4/13/39		(2,000,000	)	$	(2,087,266	)	$	(2,088,750	)	$	(1,484	)
									$	(2,087,266	)	$	(2,088,750	)	$	(1,484	)

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Moderate Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks (61.2%):
Aerospace & Defense (0.6%):
	4,373	American Science & Engineering, Inc.	$	244,014
	1,581	Axsys Technologies, Inc.*		66,465
				310,479
Airline (1.0%):
	521,000	Cathay Pacific Airways, Ltd.		524,017
Auto Components (1.5%):
	405,351	GKN plc		395,953
	33,863	Superior Industries International, Inc.		401,276
				797,229
Automobiles (1.0%):
	9,474	DaimlerChrysler AG		241,966
	13,848	Honda Motor Co., Ltd., ADR		328,198
				570,164
Biotechnology (2.1%):
	10,378	Amgen, Inc.*		513,918
	13,540	Myriad Genetics, Inc.*		615,664
				1,129,582
Capital Markets (2.7%):
	11,412	Credit Suisse Group, SP ADR		347,952
	9,470	Deutsche Bank AG		384,956
	12,175	Stifel Financial Corp.*		527,299
	23,945	UBS AG*		225,801
				1,486,008
Chemicals (2.1%):
	20,937	E.I. du Pont de Nemours & Co.		467,523
	11,708	Eastman Chemical Co.		313,775
	16,120	Sensient Technologies Corp.		378,820
				1,160,118
Commercial Banks (5.9%):
	49,030	Allied Irish Banks plc, SP ADR		75,997
	38,055	Banco Santander SA, SP ADR		262,580
	30,511	Barclays plc, ADR		259,344
	36,109	First Bancorp		153,824
	10,417	First Financial Bankshares, Inc.		501,787
	6,622	First Financial Corp.		244,352
	33,687	FNB Corp.		258,379
	9,595	Home Bancshares, Inc.		191,612
	49,835	Huntington Bancshares, Inc.		82,726
	15,857	KB Financial Group, Inc., ADR*		384,532
	29,464	Lloyds TSB Group plc, SP ADR		118,740
	38,673	Regions Financial Corp.		164,747
	18,492	Royal Bank of Scotland Group plc, SP ADR*		130,923
	12,780	SunTrust Banks, Inc.		150,037
	28,147	Umpqua Holdings Corp.		255,012
				3,234,592
Commercial Services & Supplies (1.0%):
	23,113	Navigant Consulting, Inc.*		302,087
	30,765	R.R. Donnelley & Sons Co.		225,507
				527,594
Containers & Packaging (0.3%):
	5,358	Rock-Tenn Co., Class A		144,934
Diversified Consumer Services (3.0%):
	7,548	Apollo Group, Inc., Class A*		591,235
	5,546	ITT Educational Services, Inc.*		673,395
	2,045	Strayer Education, Inc.		367,834
				1,632,464
Diversified Financial Services (0.8%):
	33,418	Bank of America Corp.		227,911
	38,965	ING Groep NV, ADR		211,969
				439,880
Diversified Telecommunication Services (2.0%):
	249,955	BT Group plc		279,637
	21,292	Deutsche Telekom AG, ADR		262,956
	13,071	Nippon Telegraph & Telephone Corp., ADR		248,741
	22,305	Telecom Italia SPA, ADR		285,281
				1,076,615
Electric Utilities (1.2%):
	32,567	Korea Electric Power Corp., ADR*		297,988
	13,119	Pinnacle West Capital Corp.		348,441
				646,429
Electronic Equipment, Instruments & Components (0.3%):
	6,624	Hitachi, Ltd., SP ADR		181,829
Food & Staples Retailing (1.2%):
	1,808	Nash Finch Co.		50,787
	3,278	Spartan Stores, Inc.		50,514
	10,231	Wal-Mart Stores, Inc.		533,035
				634,336
Food Products (0.8%):
	13,806	Flowers Foods, Inc.		324,165
	4,474	TreeHouse Foods, Inc.*		128,806
				452,971
Gas Utilities (2.6%):
	11,643	Laclede Group, Inc. (The)		453,844
	37,203	Piedmont Natural Gas Co., Inc.		963,186
				1,417,030
Health Care Equipment & Supplies (0.5%):
	8,246	CryoLife, Inc.*		42,714
	3,227	Greatbatch, Inc.*		62,443
	8,465	STERIS Corp.		197,065
				302,222
Health Care Providers & Services (0.4%):
	14,075	Gentiva Health Services, Inc.*		213,940
Health Care Technology (0.2%):
	2,759	Computer Programs & Systems, Inc.		91,792

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Moderate Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Hotels, Restaurants & Leisure (2.3%):
	191,977	Ladbrokes plc		502,027
	10,019	McDonald’s Corp.		546,737
	4,203	Panera Bread Co., Class A*		234,947
				1,283,711
Household Durables (0.6%):
	15,218	Sony Corp., SP ADR		313,947
Industrial Conglomerates (2.3%):
	727,000	Citic Pacific, Ltd.		822,000
	31,848	General Electric Co.		321,983
	24,836	Textron, Inc.		142,559
				1,286,542
Insurance (0.8%):
	66,675	AEGON NV	$	256,032
	17,750	Axa, ADR		212,645
				468,677
IT Services (1.9%):
	511,698	LogicaCMG plc		467,542
	13,703	ManTech International Corp., Class A*		574,156
				1,041,698
Life Sciences Tools & Services (0.7%):
	19,858	Luminex Corp.*		359,827
Machinery (0.8%):
	27,623	Briggs & Stratton Corp.		455,780
Media (1.0%):
	1,051,378	ITV plc		284,818
	53,340	New York Times Co., Class A		241,097
				525,915
Metals & Mining (3.7%):
	49,200	Alcoa, Inc.		361,128
	12,141	ArcelorMittal, Class A		243,306
	19,401	Compass Minerals International, Inc.		1,093,634
	5,211	POSCO, ADR		348,251
				2,046,319
Multi-Utilities (1.7%):
	32,691	NiSource, Inc.		320,372
	11,391	SCANA Corp.		351,868
	11,987	Veolia Environnement, ADR		250,528
				922,768
Multiline Retail (2.3%):
	13,325	Dollar Tree, Inc.*		593,629
	20,080	Family Dollar Stores, Inc.		670,069
				1,263,698
Oil, Gas & Consumable Fuels (2.0%):
	5,529	Clayton Williams Energy, Inc.*		161,668
	17,531	Goodrich Petroleum Corp.*		339,400
	13,030	Petro-Canada		346,337
	15,865	Repsol YPF SA, ADR		271,133
				1,118,538
Paper & Forest Products (0.7%):
	33,311	MeadWestvaco Corp.		399,399
Pharmaceuticals (1.2%):
	32,086	Pfizer, Inc.		437,011
	37,410	ViroPharma, Inc.*		196,403
				633,414
Real Estate Management & Development (2.6%):
	704,000	New World Developments Co., Ltd.		702,434
	737,000	Sino Land Co., Ltd.		737,311
				1,439,745
Specialty Retail (2.3%):
	5,333	AutoZone, Inc.*		867,253
	6,310	Buckle, Inc. (The)		201,478
	5,140	Tractor Supply Co.*		185,348
				1,254,079
Thrifts & Mortgage Finance (1.0%):
	24,806	First Niagara Financial Group, Inc.	$	270,385
	23,144	Washington Federal, Inc.		307,584
				577,969
Tobacco (0.6%):
	11,860	Universal Corp.		354,851
Transportation Infrastructure (1.5%):
	814,000	Cosco Pacific, Ltd.		803,817
Total Common Stocks (Cost $41,783,041)				33,524,919
U.S. Government Agency Mortgages (33.4%):
Federal Home Loan Mortgage Corporation (0.2%)
$	100,000	0.05%, 4/27/09 (a)+		99,983
Federal National Mortgage Association (25.8%)
	359,234	5.00%, 3/1/37+		371,086
	452,967	5.50%, 8/1/37, Pool #995024+		471,545
	446,706	5.50%, 2/1/38, Pool #995021+		464,190
	465,495	6.00%, 3/1/38, Pool #986288+		487,047
	3,531,148	6.00%, 5/1/38, Pool #889579+		3,691,878
	832,851	5.50%, 9/1/38, Pool #889995+		865,272
	476,322	6.00%, 10/1/38, Pool #889983+		498,051
	2,424,522	5.00%, 1/1/39, Pool #AA0834+		2,504,509
	1,000,000	5.00%, 4/13/39		1,031,875
	2,600,000	5.50%, 4/13/39, TBA		2,698,311
	1,000,000	5.50%, 5/12/39, TBA		1,035,312
				14,119,076
Government National Mortgage Association (7.2%)
	401,384	6.00%, 11/15/37+		420,305
	435,005	6.00%, 7/15/38, Pool #782365+		455,455
	862,152	6.50%, 8/15/38, Pool #691588+		905,595
	60,346	6.50%, 8/15/38, Pool #696529+		63,387
	56,975	6.50%, 8/15/38+		59,846
	980,144	6.00%, 10/15/38, Pool #701197+		1,025,429
	1,000,000	6.00%, 4/20/39		1,044,688
				3,974,705
United Mexican States (0.2%)
	40,000	5.63%, 1/15/17+		39,120
	40,000	8.30%, 8/15/31+		44,340
	20,000	6.75%, 9/27/34+		18,836
				102,296
Total U.S. Government Agency Mortgages (Cost $17,875,187)				18,296,060

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Moderate Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
U.S. Treasury Obligations (1.7%):
U.S. Treasury Bonds (0.7%)
	$100,000	7.25%, 8/15/22+	$	141,250
	200,000	6.00%, 2/15/26+		263,500
				404,750
U.S. Treasury Inflation Index Bond (0.2%)
	100,000	2.50%, 1/15/29 +		106,487
U.S. Treasury Inflation Index Notes (0.4%)
	200,000	2.38%, 1/15/17		222,357
U.S. Treasury Notes (0.4%)
	100,000	8.88%, 8/15/17+		145,906
	20,000	8.13%, 8/15/21+		29,728
				175,634
Total U.S. Treasury Obligations (Cost $895,318)				909,228
Yankee Dollars (1.2%):
Commercial Banks (0.8%):
	100,000	Deutsche Bank AG London, 4.88%, 5/20/13+		98,086
	100,000	Export-Import Bank of Korea, 8.13%, 1/21/14+		103,363
	200,000	Lloyds TSB Bank plc, 2.80%, 4/2/12(b)		202,153
	100,000	Royal Bank of Scotland Group plc, 6.99%, 10/29/49(b)+		44,000
				447,602
Oil, Gas & Consumable Fuels (0.4%):
	200,000	Petroleos Mexicanos, 8.00%, 5/3/19(b)+		195,000
Total Yankee Dollars (Cost $647,471)				642,602
Preferred Stocks (0.3%):
Diversified Financial Services (0.3%):
	100	Bank of America Corp., Series L		42,450
	200	Wells Fargo & Co., Series L, Class A+		95,798
				138,248
Total Preferred Stocks (Cost $202,333)				138,248
Corporate Bonds (5.1%):
Biotechnology (0.2%):
$	100,000	Amgen, Inc., 5.70%, 2/1/19+		101,566
Commercial Banks (1.2%):
	100,000	Bank of America Corp., Series L, 1.61%, 6/22/12, MTN(c)+		100,727
	25,000	Bank of America Corp., 5.75%, 12/1/17+		20,995
	100,000	Bank of America Corp., 8.13%, 12/31/49+		40,049
	100,000	Barclays Bank plc, 1.35%, 8/10/09(c)+		99,778
	250,000	Barclays Bank plc, 6.05%, 12/4/17(b)+		196,602
	100,000	Barclays Bank plc, 7.43%, 9/29/49(b)(c)+		41,543
	100,000	Citigroup Funding, Inc., 2.29%, 5/7/10(c)+		89,761
	100,000	UBS AG Stamford CT, 5.88%, 12/20/17+		86,009
	10,000	Wells Fargo Co., 5.25%, 10/23/12+		9,717
				685,181
Commercial Services & Supplies (0.0%):
	25,000	First Data Corp., 9.88%, 9/24/15, Callable 9/30/11 @ 104.94+		14,625
Diversified Consumer Services (0.1%):
	10,000	General Electric Capital Corp., 5.25%, 10/19/12+		9,627
	25,000	Petrobras International Finance, Inc., 5.88%, 3/1/18+		23,257
				32,884
Diversified Financial Services (2.4%):
	100,000	Citigroup Capital XXI, 8.30%, 12/21/57, Callable 12/21/37 @ 100+		48,150
	100,000	Citigroup, Inc., 6.13%, 11/21/17+		86,701
	200,000	Citigroup, Inc., 8.45%, 4/29/49+		113,028
	300,000	General Electric Capital Corp., Series A, 6.88%, 1/10/39, MTN+		244,677
	100,000	GMAC LLC, 2.49%, 5/15/09(c)+		95,000
	100,000	GMAC LLC, 7.25%, 3/2/11+		65,099
	100,000	Goldman Sachs Group, Inc., 1.68%, 3/22/16(c)+		68,047
	100,000	Goldman Sachs Group, Inc., 5.95%, 1/18/18+		90,784
	100,000	Goldman Sachs Group, Inc., 6.15%, 4/1/18+		91,342
	100,000	JPMorgan Chase & Co., Series 1, 7.94%, 4/29/49, Callable 4/30/18 @ 100+		64,264
	100,000	Macquarie Bank, Ltd., Series B, 4.10%, 12/17/13, MTN(b)+		101,292
	100,000	Merrill Lynch & Co., 6.88%, 4/25/18+		78,209
	200,000	Morgan Stanley, Series F, 6.63%, 4/1/18, MTN+		190,701
				1,337,294
Diversified Telecommunication Services (0.2%):
	100,000	AT&T, Inc., 5.50%, 2/1/18+		96,696
Electronic Equipment & Instruments (0.2%):
	100,000	General Electric Co., 5.25%, 12/6/17+		92,481
Health Care Providers & Services (0.2%):
	100,000	GlaxoSmithKline Capital, Inc., 6.38%, 5/15/38+		100,986
Insurance (0.2%):
	100,000	American International Group, 5.45%, 5/18/17, MTN+		39,558
	100,000	American International Group, 8.18%, 5/15/58(b)+		8,520

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Moderate Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Principal Amount			Fair Value
Corporate Bonds, continued
Insurance, continued
$	200,000	American International Group, Inc., 8.25%, 8/15/18(b)+	$	85,579
				133,657
Media (0.2%):
	100,000	Rogers Communications, 6.75%, 3/15/15+		98,386
Tobacco (0.2%):
	100,000	Altria Group, Inc., 9.25%, 8/6/19+		106,919
Total Corporate Bonds (Cost $3,412,757)				2,800,675
Municipal Bonds (0.5%):
California (0.2%):
	100,000	Los Angeles Department of Water & Power Revenue, Series A-1, 5.00%, 7/1/37, Callable 7/1/2017 @ 100 +		95,482
Illinois (0.3%):
	100,000	Chicago Illinois Transit Authority Sales & Transfer Tax Receipts Revenue, Series B, 6.90%, 12/1/40+		99,811
	100,000	Illinois State, GO, 4.50%, 6/24/09+		100,755
				200,566
Total Municipal Bonds (Cost $303,385)				296,048
Foreign Bonds (0.6%):
	200,000	Citigroup, Inc.		128,827
	200,000	Merrill Lynch & Co., Series E(c)+		178,826
				307,653
Total Foreign Bonds (Cost $328,231)				307,653
Investment Company (1.9%):
	1,026,980	Dreyfus Treasury Prime Cash Management, 0.09%(a)		1,026,980
Total Investment Company (Cost $1,026,980)				1,026,980
Repurchase Agreements (9.1%):
	1,000,000	Barclays Capital, Inc., Dated 3/30/09, 0.15%, due 4/1/09, proceeds $1,000,004; fully collateralized by Federal Home Loan Mortgage Corporation, 1.06%, 7/14/10, value at $1,020,398+		1,000,000
	1,000,000	Barclays Capital, Inc., Dated 3/31/09, 0.21%, due 4/2/09, proceeds $1,000,006; fully collateralized by Federal Home Loan Mortgage Corporation, 1.06%, 7/14/10, value at $1,020,398+		1,000,000
	600,000	JPMorgan Securities, Inc., Dated 3/30/09, 0.12%, due 4/1/09, proceeds $600,002; fully collateralized by U.S. Treasury Bills, Discount Note, 11/19/09, value at $604,085+		600,000
	1,000,000	JPMorgan Securities, Inc., Dated 3/30/09, 0.14%, due 4/1/09, proceeds $1,000,004; fully collateralized by FNMA, Discount Note, 11/2/09, value at $1,014,594+		1,000,000
	1,000,000	JPMorgan Securities, Inc., Dated 3/31/09, 0.20%, due 4/2/09, proceeds $1,000,006; fully collateralized by U.S. Treasury Bills, Discount Note, 11/19/09, value at $1,014,594+		1,000,000
	400,000	JPMorgan Securities, Inc., Dated 3/31/09, 0.21%, due 4/2/09, proceeds $400,002; fully collateralized by FNMA, Discount Note, 12/31/09, value at $2,263,666+		400,000

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Moderate Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Principal Amount			Fair Value
Total Repurchase Agreements (Cost $5,000,000)			$	5,000,000
Purchased Call Options (0.3%):
	290	1-Year Interest Rate SWAP, Receive 3-Month USD-LIBOR Floating Rate Index, Strike @ 4.25 Exp. 7/7/09		156,732
	18	10- Year U.S. Treasury Future Option June 09, Strike @ 85.00 Exp. 5/25/09		281
Total Purchased Call Options (Cost $461)				157,013
Total Investment Securities (Cost $71,475,164)(d)—115.3%				63,099,426
Net other assets (liabilities) — (15.3)%				(8,359,749	)
NET ASSETS — 100.0%			$	54,739,677

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
+	Investment securities are segregated as collateral, the aggregate fair value of these securities is $15,718,116.
ADR	American Depository Receipt
FNMA	Federal National Mortgage Association
GO	General Obligation
LIBOR	Represents the London InterBank Offered Rate
LLC	Limited Liability Co.
PLC	Public Liability Co.
SPA	Standby Purchase Agreement
TBA	To be announced. Represents 6.8% of the Fund’s net assets.
(a)	The rate represents the effective yield at March 31, 2009.
(b)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investor. The sub adviser has deemed these securities to be liquid based on procedures approved by the board of Trustees.
(c)	Variable rate security. The rate presented represents the rate in effect at March 31, 2009. The date presented represents the final maturity date.
(d)	Cost for federal income tax purposes is $72,242,068. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	2,063,790
Unrealized depreciation		(11,206,432	)
Net unrealized depreciation	$	(9,142,642	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of March 31, 2009:

Country	Percentage
United States		79.9	%
Hong Kong		5.8	%
United Kingdom		4.1	%
Korea		1.8	%
Japan		1.7	%
Germany		1.4	%
Netherlands		0.9	%
Switzerland		0.9	%
Spain		0.8	%
France		0.7	%
Canada		0.5	%
Italy		0.5	%
Luxemburg		0.4	%
Australia		0.2	%
Puerto Rico		0.2	%
Ireland		0.1	%
Mexico		0.1	%
Cayman Islands		0.0	%
Total		100.0	%

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Moderate Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

As of March 31, 2009 the Fund’s open foreign currency exchange contracts were as follows:

	Delivery		Contract		Fair		Unrealized Appreciation/
Long Contracts	Date		Amount		Value		(Depreciation)
Receive 60,867 Brazilian Real in exchange for U.S. Dollars		6/2/09	$	27,846	$	25,851	$	(1,995	)
Receive 19,826,000 Chilean Peso in exchange for U.S. Dollars		5/6/09		41,499		34,004		(7,495	)
Receive 15,136,500 Chilean Peso in exchange for U.S. Dollars		5/14/09		24,049		25,952		1,903
Receive 612,800 Chinese Renminbi in exchange for U.S. Dollars		7/15/09		95,000		89,791		(5,209	)
Receive 780,915 Chinese Renminbi in exchange for U.S. Dollars		9/8/09		112,424		114,588		2,164
Receive 21,000 European Euros in exchange for U.S. Dollars		4/14/09		28,447		27,895		(552	)
Receive 28,745 British Sterling in exchange for U.S. Dollars		4/9/09		40,038		41,239		1,201
Receive 15,127,621 Hungarian Forint in exchange for U.S. Dollars		5/6/09		64,127		64,787		660
Receive 41,247 Mexican Nuevo Peso in exchange for U.S. Dollars		5/19/09		3,777		2,887		(890	)
Receive 13,102 Malaysian Ringgit in exchange for U.S. Dollars		8/12/09		3,672		3,593		(79	)
Receive 967,100 Philippine Peso in exchange for U.S. Dollars		5/6/09		20,000		19,959		(41	)
Receive 1,126,170 Philippine Peso in exchange for U.S. Dollars		8/6/09		23,412		23,094		(318	)
Receive 7,841 Polish Zloty in exchange for U.S. Dollars		5/6/09		3,474		2,253		(1,221	)
Receive 1,987,600 Russian Ruble in exchange for U.S. Dollars		5/6/09		81,573		58,003		(23,570	)
Receive 146,805 Singapore Dollars in exchange for U.S. Dollars		4/14/09		97,818		96,512		(1,306	)
Receive 125,347 Singapore Dollars in exchange for U.S. Dollars		7/30/09		84,493		82,371		(2,122	)
Receive 5,955 South African Rand in exchange for U.S. Dollars		5/14/09		584		623		39
							$	(38,831	)

	Delivery		Contract		Fair		Unrealized Appreciation/
Short Contracts	Date		Amount		Value		(Depreciation)
Deliver 68,347 Brazilian Real in exchange for U.S. Dollars		6/2/09	$	28,723	$	29,028	$	(305	)
Deliver 19,826,000 Chilean Peso in exchange for U.S. Dollars		5/6/09		31,520		34,004		(2,484	)
Deliver 15,136,500 Chilean Peso in exchange for U.S. Dollars		5/14/09		23,127		25,952		(2,825	)
Deliver 679,388 Chinese Renminbi in exchange for U.S. Dollars		7/15/09		98,000		99,547		(1,547	)
Deliver 329,000 European Euros in exchange for U.S. Dollars		4/14/09		424,864		437,025		(12,161	)
Deliver 113,000 British Sterling in exchange for U.S. Dollars		4/9/09		163,381		162,113		1,268
Deliver 15,127,621 Hungarian Forint in exchange for U.S. Dollars		5/6/09		68,020		64,788		3,232
Deliver 41,247 Mexican Nuevo Peso in exchange for U.S. Dollars		5/19/09		2,847		2,887		(40	)
Deliver 967,100 Philippine Peso in exchange for U.S. Dollars		5/6/09		20,068		19,958		110
Deliver 1,126,170 Philippine Peso in exchange for U.S. Dollars		8/6/09		23,077		23,094		(17	)
Deliver 7,841 Polish Zloty in exchange for U.S. Dollars		5/6/09		2,585		2,254		331
Deliver 1,987,600 Russian Ruble in exchange for U.S. Dollars		5/6/09		59,042		58,003		1,039
Deliver 146,805 Singapore Dollars in exchange for U.S. Dollars		4/14/09		99,193		96,512		2,681
Deliver 125,347 Singapore Dollars in exchange for U.S. Dollars		7/30/09		83,620		82,371		1,249
Deliver 5,955 South African Rand in exchange for U.S. Dollars		5/14/09		540		623		(83	)
							$	(9,552	)

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Moderate Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

As of March 31, 2009 the Fund’s open future contracts were as follows:

						Unrealized
				Number of		Appreciation/
Description	Type	Expiration Date		Contracts		(Depreciation)
Euro Euribor June Futures	Long		6/10		2	$	31
90-Day Euribor September Futures	Long		9/10		2		0
Euro Bobl June Futures	Long		6/09		2		814
Euro Bund June Futures	Long		6/09		4		2,735
90-Day British Sterling Pound March Futures	Long		3/10		2		13,622
90-Day British Sterling Pound September Futures	Long		9/10		2		519
90-Day British Sterling Pound September Futures	Long		9/09		1		6,759
90-Day British Sterling Pound December Futures	Long		12/09		5		41,647
90-Day Eurodollar March Futures	Long		3/10		5		26,688
90-Day Eurodollar June Futures	Long		6/09		4		1,688
90-Day Eurodollar September Futures	Long		9/09		12		50,425
90-Day Eurodollar December Futures	Long		12/10		16		13,188
90-Day Eurodollar December Futures	Long		12/09		4		28,100
U.S. Treasury 10-Year Note June Futures	Long		6/09		18		54,281
						$	240,497

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Moderate Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Credit Default Swaps at March 31, 2009:

Credit Default Swaps on Corporate and Sovereign Issues:

													Unrealized
		Buy/Sell	(Pay)/Receive			Expiration		Notional		Market			Appreciation/			Implied Credit
Counterparty	Reference Equity	Protection(1)	Fixed Rate			Date		Amount(2)		Value(4)			(Depreciation)			Spread(3)
Barclays Bank	UBS AG Jersey	Buy		(2.40	)%		3/20/14	$	100,000	$	(640	)	$	(746	)	2.29	%
Barclays Bank	Gazprom	Sell		0.83			6/20/17		80,000		(23,062	)		(22,873	)	6.22	%
								$	180,000	$	(23,702	)	$	(23,619	)

Credit Default Swaps on Credit Indices:

													Unrealized
		Buy/Sell	(Pay)/Receive			Expiration		Notional		Market			Appreciation/
Counterparty	Reference Equity	Protection(1)	Fixed Rate			Date		Amount(2)		Value(4)			(Depreciation)
Deutsche Bank	CDX IG11 Future	Sell		1.50	%		12/20/13	$	2,400,000	$	(85,395	)	$	(51,513	)
Merrill Lynch	CDX IG11 Future	Sell		1.50			12/20/13		200,000		(7,116	)		(6,066	)
Barclays Bank	CDX EM10 Future	Sell		3.35			12/20/13		700,000		(94,969	)		10,047
Deutsche Bank	CDX EM10 Future	Sell		3.35			12/20/13		1,200,000		(162,804	)		(49,399	)
Deutsche Bank	CDX IG9 Future	Sell		1.29			12/20/12		100,000		(357	)		(314	)
Royal Bank of Scotland	CDX HY10 Future	Sell		5.00			6/20/13		194,000		(53,122	)		(39,596	)
Merrill Lynch	CDX HY-9 Future	Sell		3.75			12/12/12		658,000		(176,475	)		(151,576	)
Barclays Bank	CDX HY-10 Future	Sell		5.00			6/20/13		388,000		(106,244	)		(80,162	)
Credit Suisse	CDX HY-10 Future	Sell		5.00			6/20/13		194,000		(53,122	)		(40,159	)
Bank of America	CDX HY-8 Future	Sell		2.75			6/20/12		294,500		(78,344	)		(70,006	)
Goldman Sachs	CDX IG10 Future	Buy		(1.50	)		6/20/18		97,600		4,199			5,047
								$	6,426,100	$	(813,749	)	$	(473,697	)

(1)	If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the related defaulted reference entities and take delivery of the reference entities or (ii) pay a net amount equal to the notional amount of the related defaulted reference entities less their recovery value. If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the related defaulted reference entities and deliver the reference entities or (ii) receive a net amount equal to the notional amount of the related defaulted reference entities less their recovery value.
(2)	The notional amount represents the maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(3)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues and sovereign issues of an emerging country as of period end 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 payments required to be made to enter into the agreement. Wider credit spreads represent a 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 agreement.
(4)	The market value of credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk for the credit derivative as of the period end. Increasing values, in absolute terms when compared to the notional amount of the swap, represent a 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 agreement.

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Moderate Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Interest Rate Swaps at March 31, 2009:

										Unrealized
		(Pay)/Receive	Fixed			Expiration		Notional		Appreciation/
Counterparty	Floating Rate Index	Floating Rate	Rate			Date		Amount		(Depreciation)
Morgan Stanley Capital Services Inc.	6-Month GBP LIBOR	Pay		6.00	%		9/18/2009	$	100,000	$	2,033
Goldman Sachs	3-Month USD LIBOR	Pay		4.00			6/17/2010		2,300,000		59,033
Citibank	3-Month USD LIBOR	Receive		3.00			6/17/2029		700,000		27,993
UBS AG	Brazil Cetip Interbank Deposit Rate	Pay		12.54			1/2/2012		100,000		(3,723	)
Morgan Stanley Capital Services Inc.	Brazil Cetip Interbank Deposit Rate	Pay		12.54			1/2/2012		300,000		6,949
Deutsche Bank	3-Month USD LIBOR	Pay		4.00			6/17/2010		2,500,000		57,874
Barclays Bank PLC	6-Month EUR LIBOR	Pay		4.00			9/19/2017		100,000		16,187
Merrill Lynch Capital Services, Inc.	3-Month USD LIBOR	Pay		4.00			12/17/2013		400,000		40,325
Goldman Sachs Group	6-Month GBP LIBOR	Pay		5.00			3/18/2014		100,000		15,627
Bank of America	3-Month USD LIBOR	Receive		5.00			12/17/2028		100,000		(22,971	)
Merrill Lynch Capital Services, Inc.	3-Month USD LIBOR	Receive		5.00			12/17/2028		100,000		(26,270	)
Goldman Sachs Group	6-Month EUR EURIBOR	Pay		4.50			3/18/2024		300,000		40,296
Goldman Sachs Group	3-Month USD LIBOR	Pay		4.00			12/17/2013		100,000		11,178
Goldman Sachs Group	6-Month GBP LIBOR	Pay		4.50			9/17/2011		600,000		57,565
Deutsche Bank	6-Month GBP LIBOR	Pay		5.00			3/18/2011		100,000		9,709
Morgan Stanley Capital Services Inc.	3-Month USD LIBOR	Pay		5.00			12/17/2018		282,000		52,691
Royal Bank of Scotland	6-Month GBP LIBOR	Pay		5.00			3/18/2014		100,000		15,917
Barclays Bank PLC	3-Month USD LIBOR	Pay		4.00			6/17/2010		4,300,000		101,895
Royal Bank of Scotland	3-Month USD LIBOR	Pay		4.00			6/17/2010		1,400,000		25,517
Credit Suisse	3-Month USD LIBOR	Receive		4.00			6/17/2024		200,000		5,071
Citibank	6-Month GBP LIBOR	Pay		5.00			3/18/2011		100,000		9,544
Goldman Sachs Group	6-Month GBP LIBOR	Receive		4.00			6/15/2037		100,000		(2,042	)
Bank of America	3-Month USD LIBOR	Pay		4.00			12/17/2013		400,000		40,850
Citibank	3-Month USD LIBOR	Pay		4.00			6/17/2014		200,000		3,157
Morgan Stanley Capital Services Inc.	3-Month USD LIBOR	Pay		4.00			6/17/2014		900,000		12,319
										$	556,724

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Moderate Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Written Swap Options Outstanding on March 31, 2009:

		Pay/Receive
		Floating	Exercise		Expiration		Notional						Fair
Description	Counterparty	Index	Rate		Date		Amount			Premium			Value
Call — OTC 7-Year Interest Rate Swap	Royal Bank of Scotland	Rec—3-month USD-LIBOR	$	4.90		7/7/2009		(100	)	$	(28,200	)	$	(143,664	)
Put — OTC 7-Year Interest Rate Swap	BNP Paribas	Rec—3-month USD-LIBOR		3.50		4/27/2009		(20	)		(1,000	)		(12	)
Call — OTC 7-Year Interest Rate Swap	BNP Paribas	Rec—3-month USD-LIBOR		1.80		4/27/2009		(20	)		(1,060	)		(13	)
Put — OTC 7-Year Interest Rate Swap	Barclays	Rec—3-month USD-LIBOR		4.90		7/6/2009		(60	)		(240	)		(21	)
										$	(30,500	)	$	(143,710	)

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Moderate Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Written Options outstanding on March 31, 2009:

	Exercise		Expiration		Number of						Fair
Security Description	Price		Date		Contracts			Premium			Value
Put — IMM Eurodollar Time Deposit June Future	$	99		6/15/09		(3	)	$	(1,055	)	$	(300	)
								$	(1,055	)	$	(300	)

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Moderate Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

At March, 31, 2009 the Fund had the following stock options written:

		Exercise		Expiration		Number of						Fair
	Reference Equity	Price		Date		Contracts			Premium			Value
Call
Citigroup Inc. September 2009	Citigroup Inc.	$	3		9/19/09		(10	)	$	(635	)	$	(650	)
									$	(635	)	$	(650	)

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL TargetPLUS Moderate Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Securities Sold Short (-3.8)%

	Coupon			Expiration		Number of									Unrealized
Security Description	Rate			Date		Contracts			Premium			Fair Value			Gain/Loss
Federal National Mortgage Association — April TBA		6.00	%		4/13/39		(2,000,000	)	$	(2,087,266	)	$	(2,088,750	)	$	(1,484	)
									$	(2,087,266	)	$	(2,088,750	)	$	(1,484	)

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Turner Quantitative Small Cap Growth Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks (98.2%):
Aerospace & Defense (3.8%):
	4,640	American Science & Engineering, Inc.	$	258,912
	29,090	BE Aerospace, Inc.*		252,210
	9,670	Cubic Corp.		244,941
	8,690	Curtiss-Wright Corp.		243,754
	18,160	DynCorp International, Inc., Class A*		242,073
	18,280	Spirit Aerosystems Holdings, Inc.*		182,252
				1,424,142
Air Freight & Logistics (0.8%):
	16,630	Atlas Air Worldwide Holdings, Inc.*		288,531
Biotechnology (3.5%):
	2,880	Alexion Pharmaceuticals, Inc.*		108,461
	15,540	Amylin Pharmaceuticals, Inc.*		182,595
	15,730	Isis Pharmaceuticals, Inc.*		236,107
	12,370	Martek Biosciences Corp.		225,753
	6,700	Myriad Genetics, Inc.*		304,649
	14,760	Theravance, Inc.*		250,920
				1,308,485
Capital Markets (1.7%):
	9,300	Investment Technology Group, Inc.*		237,336
	3,020	Stifel Financial Corp.*		130,796
	18,250	SWS Group, Inc.		283,423
				651,555
Chemicals (1.3%):
	12,330	Calgon Carbon Corp.*		174,716
	11,930	Nalco Holding Co.		155,925
	8,790	OM Group, Inc.*		169,823
				500,464
Commercial Banks (0.6%):
	17,570	NewAlliance Bancshares, Inc.		206,272
Commercial Services & Supplies (4.6%):
	6,010	American Public Education*		252,781
	10,760	Athenahealth, Inc.*		259,423
	22,960	Herman Miller, Inc.		244,754
	10,270	HMS Holdings Corp.*		337,883
	13,960	TeleTech Holdings, Inc.*		152,024
	14,510	Tetra Tech, Inc.*		295,714
	3,990	Watson Wyatt Worldwide, Inc.		196,986
				1,739,565
Communications Equipment (3.5%):
	47,480	Arris Group, Inc.*		349,928
	7,800	Comtech Telecommunications Corp.*		193,206
	43,300	Harmonic, Inc.*		281,450
	9,530	Neutral Tandem, Inc.*		234,533
	15,350	Starent Networks Corp.*		242,683
				1,301,800
Construction & Engineering (1.5%):
	18,278	Emcor Group, Inc.*		313,833
	7,910	Navistar International Corp.*		264,669
				578,502
Distributors (0.6%):
	15,530	LKQ Corp.*		221,613
Diversified Financial Services (0.6%):
	3,130	Greenhill & Co., Inc.		231,151
Diversified Telecommunication Services (0.8%):
	25,970	MasTec, Inc.*		313,977
Electric Utilities (0.6%):
	4,730	ITC Holdings Corp.		206,323
Electrical Equipment (1.2%):
	12,990	General Cable Corp.*		257,462
	11,330	II-VI, Inc.*		194,649
				452,111
Electronic Equipment & Instruments (2.3%):
	22,950	AVX Corp.		208,386
	13,170	Bally Technologies, Inc*		242,591
	58,800	Celestica, Inc.*		209,328
	7,780	DTS, Inc.*		187,187
				847,492
Energy Equipment & Services (0.3%):
	2,200	Seacor Holdings, Inc.*		128,282
Food & Staples Retailing (1.3%):
	6,830	Nash Finch Co.		191,855
	17,370	Pantry, Inc. (The)*		305,885
				497,740
Food Products (0.5%):
	24,770	Del Monte Foods Co.		180,573
Health Care Equipment & Supplies (4.6%):
	12,160	Cooper Companies, Inc.		321,510
	3,770	Gen-Probe, Inc.*		171,837
	8,440	Inverness Medical Innovation, Inc.*		224,757
	9,290	Masimo Corp.*		269,224
	13,990	Sirona Dental Systems, Inc.*		200,337
	8,520	STERIS Corp.		198,346
	12,850	Thoratec Corp.*		330,116
				1,716,127
Health Care Providers & Services (8.3%):
	12,370	Albany Molecular Research, Inc.*		116,649
	9,440	Amedisys, Inc.*		259,506
	4,990	AMERIGROUP Corp.*		137,425
	40,230	Brookdale Senior Living, Inc.		203,161
	12,620	Catalyst Health Solutions, Inc.*		250,128
	6,390	Chemed Corp.		248,571
	13,400	Community Health Systems, Inc.*		205,556
	10,250	Gentiva Health Services, Inc.*		155,800
	18,080	HealthSouth Corp.*		160,550
	19,850	Kindred Healthcare, Inc.*		296,757
	19,780	PSS World Medical, Inc.*		283,843
	13,890	Psychiatric Solutions, Inc.*		218,490
	34,640	Sun Healthcare Group, Inc.*		292,362
	3,680	Universal Health Services, Inc., Class B		141,091
	6,750	VCA Antech, Inc.*		152,213
				3,122,102
Health Care Technology (2.5%):
	38,400	Allscripts-Misys Healthcare Solutions, Inc.		395,136
	16,140	MedAssets, Inc.*		229,995

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Turner Quantitative Small Cap Growth Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Health Care Technology, continued
	24,050	Phase Forward, Inc.*	$	307,600
				932,731
Hotels, Restaurants & Leisure (5.6%):
	19,810	Brinker International, Inc.		299,131
	6,900	CEC Entertainment, Inc.*		178,572
	5,270	Chipotle Mexican Grill, Inc., Class A*		349,822
	16,420	CKE Restaurants, Inc.		137,928
	12,360	Jack in the Box, Inc.*		287,864
	6,391	Panera Bread Co., Class A*		357,257
	25,720	Texas Roadhouse, Inc., Class A*		245,112
	12,070	WMS Industries, Inc.*		252,384
				2,108,070
Household Durables (0.3%):
	16,040	Lennar Corp.		120,460
Industrial Conglomerates (1.6%):
	4,170	Ameron International Corp.		219,592
	3,450	Teleflex, Inc.		134,861
	15,780	Tredegar, Inc.		257,687
				612,140
Insurance (1.3%):
	9,610	Tower Group, Inc.		236,694
	13,270	Waddell & Reed Financial, Inc., Class A		239,789
				476,483
Internet Software & Services (6.3%):
	22,540	AsiaInfo Holdings, Inc.*		379,799
	16,760	CyberSource Corp.*		248,216
	6,670	Digital River, Inc.*		198,899
	11,820	Gmarket, Inc. ADR*		193,966
	14,320	J2 Global Communications, Inc.*		313,465
	15,690	MercadoLibre, Inc.*		291,049
	38,860	NIC, Inc.		202,072
	5,910	Sohu.com, Inc.*		244,142
	10,010	VistaPrint, Ltd.*		275,175
				2,346,783
IT Services (6.0%):
	32,420	Acxiom Corp.		239,908
	33,950	Convergys Corp.*		274,316
	13,430	NeuStar, Inc., Class A*		224,953
	21,330	Perot Systems Corp., Class A*		274,730
	17,460	SRA International, Inc., Class A*		256,662
	7,390	Stanley, Inc.*		187,632
	17,250	SYNNEX Corp.*		339,308
	11,540	Syntel, Inc.		237,493
	9,640	WebMD Health Corp., Class A*		214,972
				2,249,974
Life Sciences Tools & Services (1.8%):
	67,250	Bruker Corp.*		414,260
	27,070	PAREXEL International Corp.*		263,391
				677,651
Machinery (2.2%):
	11,590	Briggs & Stratton Corp.		191,235
	14,420	Bucyrus International, Inc., Class A		218,896
	11,380	Enpro Industries, Inc.*		194,598
	5,580	ESCO Technologies, Inc.*		215,946
				820,675
Media (0.6%):
	8,530	Marvel Entertainment, Inc.*		226,472
Metals & Mining (2.2%):
	3,920	Compass Minerals International, Inc.		220,970
	12,880	Natural Resource Partners LP		287,611
	11,200	Reliance Steel & Aluminum Co.		294,896
				803,477
Oil, Gas & Consumable Fuels (5.5%):
	4,880	Alliance Resource Partners LP		142,008
	7,500	AmeriGas Partners LP		212,100
	26,370	Cal Dive International, Inc.*		178,525
	16,420	Calumet Specialty Products Partners LP		178,978
	13,640	EXCO Resources, Inc.*		136,400
	12,470	Frontier Oil Corp.		159,491
	19,940	Genesis Energy LP		203,986
	21,830	Massey Energy Co.		220,920
	8,740	NuStar GP Holdings LLC		180,132
	13,670	Tesoro Corp.		184,135
	23,180	Western Refining, Inc.		276,769
				2,073,444
Pharmaceuticals (2.6%):
	18,280	Medicis Pharmaceutical Corp., Class A		226,123
	4,760	OSI Pharmaceuticals, Inc.*		182,118
	25,560	PDL BioPharma, Inc		180,965
	4,000	United Therapeutics Corp.*		264,360
	7,520	Valeant Pharmaceuticals, Inc.*		133,781
				987,347
Semiconductors & Semiconductor Equipment (2.9%):
	87,710	Amkor Technology, Inc.*		235,063
	47,260	Micrel, Inc.		332,710
	23,430	Semtech Corp.*		312,791
	14,290	Tessera Technologies, Inc.*		191,057
				1,071,621
Software (7.0%):
	9,630	Advent Software, Inc.*		320,775
	17,820	Blackbaud, Inc.		206,890
	7,060	Blackboard, Inc.*		224,085
	28,000	Giant Interactive Group, Inc. ADR		190,400
	12,970	Informatica Corp.*		171,982
	15,730	Micros Systems, Inc.*		294,938
	9,320	Quality Systems, Inc.		421,730
	9,890	Solera Holdings, Inc.*		245,074
	9,370	Sybase, Inc.*		283,817
	46,450	TIBCO Software, Inc.*		272,662
				2,632,353
Specialized REIT (0.4%):
	9,700	Healthcare Realty Trust, Inc.		145,403
Specialty Retail (4.1%):
	8,050	Aeropostale, Inc.*		213,808
	9,570	Children’s Place Retail Stores, Inc.*		209,487
	20,460	Hibbett Sports, Inc.*		393,241
	9,740	Inergy LP		213,501

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Turner Quantitative Small Cap Growth Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Specialty Retail, continued
	15,300	Jo-Ann Stores, Inc.*	$	250,002
	8,760	Jos. A. Bank Clothiers, Inc.*		243,616
				1,523,655
Textiles, Apparel & Luxury Goods (1.2%):
	4,970	Deckers Outdoor Corp.*		263,609
	9,990	Steven Madden, Ltd.*		187,612
				451,221
Thrifts & Mortgage Finance (0.4%):
	16,060	Provident New York Bancorp		137,313
Tobacco (0.4%):
	11,660	Vector Group, Ltd.		151,463
Transportation Infrastructure (0.5%):
	20,620	Seaspan Corp.		169,496
Water Utilities (0.4%):
	3,800	American States Water Co.		138,016
Total Common Stocks (Cost $38,261,130)				36,773,055
Investment Company (3.9%):
	1,469,439	Dreyfus Treasury Prime Cash Management, 0.09%(a)		1,469,439
Total Investment Company (Cost $1,469,439)				1,469,439
Total Investment Securities (Cost $39,730,569)(b)—102.1%				38,242,494
Net other assets (liabilities) — (2.1)%				(788,010	)
NET ASSETS — 100.0%			$	37,454,484

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
ADR	American Depository Receipt
LLC	Limited Liability Co.
LP	Limited Partnership
(a)	The rate represents the effective yield at March 31, 2009.
(b)	Cost for federal income tax purposes is $40,123,482. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	2,685,383
Unrealized depreciation		(4,566,371	)
Net unrealized depreciation	$	(1,880,988	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of March 31, 2009:

Country	Percentage
United States		96.6	%
Argentina		0.8	%
Bermuda		0.7	%
Canada		0.5	%
China		0.5	%
Korea		0.5	%
Greece		0.4	%
Total		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Comstock Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks (93.6%):
Beverages (2.4%):
	127,800	Coca-Cola Co. (The)	$	5,616,810
	125,136	Dr Pepper Snapple Group, Inc.*		2,116,050
				7,732,860
Capital Markets (3.9%):
	374,500	Bank of New York Mellon Corp.		10,579,625
	17,000	Goldman Sachs Group, Inc.		1,802,340
				12,381,965
Chemicals (1.2%):
	171,332	E.I. du Pont de Nemours & Co.		3,825,843
Commercial Banks (2.4%):
	24,500	Barclays plc, ADR		208,250
	84,300	PNC Financial Services Group, Inc.		2,469,147
	109,500	U.S. Bancorp		1,599,795
	226,000	Wells Fargo & Co.		3,218,240
				7,495,432
Communications Equipment (1.8%):
	237,600	Cisco Systems, Inc.*		3,984,552
	206,908	Telefonaktiebolaget LM Ericsson, ADR		1,673,886
				5,658,438
Computers & Peripherals (4.2%):
	565,045	Dell, Inc.*		5,356,627
	97,000	Hewlett-Packard Co.		3,109,820
	50,000	International Business Machines Corp.		4,844,500
				13,310,947
Diversified Financial Services (3.3%):
	486,387	Bank of America Corp.		3,317,159
	272,398	JPMorgan Chase & Co.		7,240,339
				10,557,498
Diversified Telecommunication Services (4.5%):
	215,700	AT&T, Inc.		5,435,640
	295,900	Verizon Communications, Inc.		8,936,180
				14,371,820
Electrical Equipment (0.5%):
	54,600	Emerson Electric Co.		1,560,468
Electronic Equipment & Instruments (0.2%):
	24,340	Cognex Corp.		324,939
	62,875	Flextronics International, Ltd.*		181,709
				506,648
Energy Equipment & Services (1.0%):
	210,000	Halliburton Co.		3,248,700
Food & Staples Retailing (3.7%):
	133,300	CVS Caremark Corp.		3,664,417
	156,900	Wal-Mart Stores, Inc.		8,174,490
				11,838,907
Food Products (7.1%):
	272,348	Cadbury plc, ADR		8,252,144
	302,945	Kraft Foods, Inc., Class A		6,752,644
	200,500	Sara Lee Corp.		1,620,040
	297,800	Unilever NV, New York Shares		5,836,880
				22,461,708
Health Care Equipment & Supplies (1.1%):
	453,300	Boston Scientific Corp.*		3,603,735
Health Care Providers & Services (3.0%):
	193,214	Cardinal Health, Inc.		6,082,377
	75,000	UnitedHealth Group, Inc.		1,569,750
	46,300	WellPoint, Inc.*		1,758,011
				9,410,138
Household Products (0.3%):
	21,200	Kimberly-Clark Corp.		977,532
Industrial Conglomerate (1.0%):
	306,764	General Electric Co.		3,101,384
Insurance (10.1%):
	37,700	AFLAC, Inc.		729,872
	1,140	Berkshire Hathaway, Inc., Class B*		3,214,800
	383,660	Chubb Corp. (The)		16,236,491
	127,500	MetLife, Inc.		2,903,175
	72,650	Torchmark Corp.		1,905,610
	170,900	Travelers Cos., Inc. (The)		6,945,376
				31,935,324
Internet & Catalog Retail (0.3%):
	314,450	Liberty Media Corp. — Capital, Series A*		911,905
Internet Software & Services (2.6%):
	550,100	eBay, Inc.*		6,909,256
	115,800	Yahoo!, Inc.*		1,483,398
				8,392,654
IT Services (0.5%):
	25,800	Computer Sciences Corp.*		950,472
	61,929	Western Union Co.		778,447
				1,728,919
Media (13.6%):
	969,900	Comcast Corp., Class A		13,229,436
	194,680	Liberty Media Corp. - Entertainment, Series A*		3,883,866
	497,100	News Corp., Class B		3,827,670
	100,647	Time Warner Cable, Inc.		2,496,037
	400,967	Time Warner, Inc.		7,738,656
	678,200	Viacom, Inc., Class B*		11,787,116
				42,962,781
Metals & Mining (1.0%):
	444,900	Alcoa, Inc.		3,265,566
Multiline Retail (1.6%):
	101,600	J.C. Penney Co., Inc.		2,039,112
	218,200	Macy’s, Inc.		1,941,980
	34,600	Target Corp.		1,189,894
				5,170,986
Oil, Gas & Consumable Fuels (1.7%):
	36,300	BP plc, SP ADR		1,455,630
	36,300	ConocoPhillips		1,421,508
	51,000	Total SA, ADR		2,502,060
				5,379,198
Paper & Forest Products (2.4%):
	1,068,696	International Paper Co.		7,523,620
Pharmaceuticals (12.1%):
	51,700	Abbott Laboratories		2,466,090
	402,300	Bristol-Myers Squibb Co.		8,818,416
	118,000	Eli Lilly & Co.		3,942,380
	43,100	GlaxoSmithKline plc, ADR		1,339,117

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Comstock Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Pharmaceuticals, continued
	450,421	Pfizer, Inc.	$	6,134,734
	63,800	Roche Holding AG, ADR		2,194,720
	336,400	Schering Plough Corp.		7,922,220
	124,800	Wyeth		5,371,392
				38,189,069
Semiconductors & Semiconductor Equipment (1.9%):
	262,200	Intel Corp.		3,946,110
	107,900	KLA-Tencor Corp.		2,158,000
				6,104,110
Software (0.7%):
	112,355	Microsoft Corp.		2,063,961
Specialty Retail (1.8%):
	126,641	Home Depot, Inc.		2,983,662
	140,400	Lowe’s Cos., Inc.		2,562,300
				5,545,962
Tobacco (1.7%):
	157,100	Altria Group, Inc.		2,516,742
	81,000	Philip Morris International, Inc.		2,881,980
				5,398,722
Total Common Stocks (Cost $441,012,217)				296,616,800
Investment Company (6.1%):
	19,308,657	Dreyfus Treasury Prime Cash Management, 0.09%(a)		19,308,657
Total Investment Company (Cost $19,308,657)				19,308,657
Total Investment Securities (Cost $460,320,874)(b)—99.7%				315,925,457
Net other assets (liabilities) — 0.3%				859,965
NET ASSETS — 100.0%			$	316,785,422

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
ADR	American Depository Receipt
PLC	Public Liability Co.
(a)	The rate represents the effective yield at March 31, 2009.
(b)	Cost for federal income tax purposes is $472,333,960. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	4,560,434
Unrealized depreciation		(160,968,937	)
Net unrealized depreciation	$	(156,408,503	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of March 31, 2009:

Country	Percentage
United States		92.5	%
United Kingdom		3.6	%
Netherlands		1.8	%
France		0.8	%
Switzerland		0.7	%
Sweden		0.5	%
Singapore		0.1	%
Total		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Equity and Income Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks (58.8%):
Aerospace & Defense (0.6%):
	26,460	Raytheon Co.	$	1,030,352
Auto Components (0.3%):
	23,500	Autoliv, Inc.		436,395
Automobiles (0.3%):
	34,422	Harley-Davidson, Inc.		460,911
Beverages (0.8%):
	27,970	Coca-Cola Co. (The)		1,229,281
Capital Markets (0.9%):
	93,306	Charles Schwab Corp.		1,446,243
Commercial Banks (1.4%):
	70,399	KeyCorp		554,040
	27,963	Mitsubishi UFJ Financial Group, Inc., ADR		137,578
	72,436	Mizuho Financial Group, Inc., ADR*		284,673
	33,423	PNC Financial Services Group, Inc.		978,960
	9,100	Sumitomo Mitsui Financial Group, Inc.		321,057
				2,276,308
Commercial Services & Supplies (0.7%):
	18,384	Manpower, Inc.		579,648
	30,400	Robert Half International, Inc.		542,032
				1,121,680
Communications Equipment (1.1%):
	99,610	Cisco Systems, Inc.*		1,670,460
Computers & Peripherals (1.4%):
	26,660	EMC Corp.*		303,924
	53,006	Hewlett-Packard Co.		1,699,372
	306,000	NetApp, Inc.		254,363
				2,257,659
Diversified Financial Services (3.1%):
	183,203	JPMorgan Chase & Co.		4,869,536
Diversified Telecommunication Services (1.8%):
	92,096	Verizon Communications, Inc.		2,781,299
Electric Utilities (2.9%):
	91,394	American Electric Power Co., Inc.		2,308,612
	15,411	Entergy Corp.		1,049,335
	33,460	FirstEnergy Corp.		1,291,556
				4,649,503
Electronic Equipment & Instruments (0.6%):
	62,700	Agilent Technologies, Inc.*		963,699
Energy Equipment & Services (0.7%):
	28,790	Schlumberger, Ltd.		1,169,450
Food & Staples Retailing (1.2%):
	35,160	Wal-Mart Stores, Inc.		1,831,836
Food Products (3.6%):
	89,862	Cadbury plc, ADR		2,722,819
	152,860	Unilever NV, New York Shares		2,996,056
				5,718,875
Health Care Equipment & Supplies (1.5%):
	125,420	Boston Scientific Corp.*		997,089
	42,570	Covidien, Ltd.		1,415,027
				2,412,116
Health Care Providers & Services (0.5%):
	25,410	Cardinal Health, Inc.		799,907
Hotels, Restaurants & Leisure (0.5%):
	71,540	Starbucks Corp.*		794,809
Household Durables (0.8%):
	64,390	Sony Corp., SP ADR		1,328,366
Household Products (0.7%):
	22,750	Procter & Gamble Co. (The)		1,071,298
Industrial Conglomerates (1.6%):
	23,230	Siemens AG, ADR		1,323,413
	59,540	Tyco International, Ltd.		1,164,602
				2,488,015
Insurance (4.9%):
	45,262	Chubb Corp. (The)		1,915,488
	181,855	Marsh & McLennan Cos., Inc.+		3,682,564
	54,529	Travelers Cos., Inc. (The)		2,216,058
				7,814,110
Internet Software & Services (1.2%):
	150,700	eBay, Inc.*		1,892,792
Machinery (0.6%):
	64,200	Ingersoll Rand Co., Class A		885,960
Media (4.8%):
	141,363	Comcast Corp., Class A		1,928,191
	31,895	Time Warner Cable, Inc.		790,996
	127,172	Time Warner, Inc.		2,454,411
	136,028	Viacom, Inc., Class B*		2,364,167
				7,537,765
Metals & Mining (1.9%):
	25,200	Freeport-McMoRan Copper & Gold, Inc., Class B		960,372
	45,940	Newmont Mining Corp.		2,056,274
				3,016,646
Multiline Retail (0.4%):
	75,710	Macy’s, Inc.		673,819
Oil, Gas & Consumable Fuels (7.9%):
	41,100	Anadarko Petroleum Corp.		1,598,379
	28,930	BP plc, SP ADR		1,160,093
	15,190	ConocoPhillips		594,840
	19,650	Devon Energy Corp.		878,159
	34,740	Exxon Mobil Corp.		2,365,794
	25,230	Hess Corp.		1,367,466
	44,470	Occidental Petroleum Corp.		2,474,755
	46,780	Royal Dutch Shell plc, ADR		2,072,354
				12,511,840
Personal Products (0.6%):
	40,630	Estee Lauder Co., Inc. (The), Class A		1,001,530
Pharmaceuticals (5.5%):
	31,500	Abbott Laboratories		1,502,550
	29,710	Bayer AG, ADR		1,420,435
	100,810	Bristol-Myers Squibb Co.		2,209,755
	51,580	Roche Holding AG, ADR		1,774,352
	75,326	Schering Plough Corp.		1,773,928
				8,681,020
Semiconductors & Semiconductor Equipment (1.7%):
	46,000	ASML Holding NV		805,460
	79,451	Intel Corp.		1,195,738

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Equity and Income Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Shares or
Principal			Fair
Amount			Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
	27,290	Lam Research Corp.*	$	621,393
				2,622,591
Software (0.2%):
	19,826	Symantec Corp.*		296,200
Specialty Retail (1.6%):
	104,880	Home Depot, Inc.		2,470,973
Tobacco (0.5%):
	24,240	Philip Morris International, Inc.		862,459
Total Common Stocks (Cost $108,808,844)				93,075,703
Convertible Bonds (8.7%):
Airline (0.0%):
$	132,000	UAL Corp., 4.50%, 6/30/21		42,953
Auto Components (0.1%):
	112,000	Johnson Controls, Inc., 6.50%, 9/30/12		141,120
Commercial Services & Supplies (0.8%):
	339,000	Interpublic Group of Cos., Inc. (The), 4.25%, 3/15/23, Callable 3/15/12 @ 100		247,470
	271,000	Omnicom Group, Inc., 0.21%, 7/31/32, Callable 8/2/10 @ 100(a)		263,209
	507,000	Sandisk Corp., 1.00%, 5/15/13		304,200
	512,000	Xilinx, Inc., 3.13%, 3/15/37		378,240
				1,193,119
Containers & Packaging (0.4%):
	610,000	Sealed Air Corp., 3.00%, 6/30/33		568,063
Diversified Telecommunication Services (0.5%):
	680,000	L-3 Communication Corp., 3.00%, 8/1/35		655,350
	457,000	Lucent Technologies Corp., 2.75%, 6/15/25		213,076
				868,426
Electric Utilities (0.1%):
	38,000	PG&E Corp., 9.50%, 6/30/10		97,945
Electronic Equipment & Instruments (0.4%):
	400,000	JDS Uniphase, 1.00%, 5/15/26		245,500
	460,000	Linear Technology Corp., 3.00%, 5/1/27		380,650
				626,150
Health Care Equipment & Supplies (1.2%):
	360,000	Allergan, Inc., 1.50%, 4/1/26		374,400
	525,000	Invitrogen Corp., 1.50%, 2/15/24		467,906
	171,000	Invitrogen Corp., 3.25%, 6/15/25		163,305
	513,000	LifePoint Hospitals, Inc., 3.50%, 5/15/14		364,230
	565,000	Medtronic, Inc., 1.50%, 4/15/11		531,806
				1,901,647
Household Durables (0.1%):
	80,000	Newell Rubbermaid, Inc., 5.50%, 3/15/14		88,300
IT Services (1.3%):
	650,000	3M Co., 0.43%, 11/21/32, Callable 5/14/09 @ 84.89(a)		501,313
	856,000	Cadence Design Systems, Inc., 1.38%, 12/15/11		624,880
	240,000	Cadence Design Systems, Inc., 1.50%, 12/15/13		138,000
	525,000	DST Systems, Inc., Series A, 4.13%, 8/15/23		511,875
	347,000	Symantec Corp., 0.75%, 6/15/11		341,361
				2,117,429
Life Sciences Tools & Services (0.4%):
	630,000	Millipore Corp., 3.75%, 6/1/26, Callable 12/1/11 @ 100		584,325
Machinery (0.1%):
	200,000	Allied Waste Technologies, 4.25%, 4/15/34		183,000
Media (0.3%):
	468,000	Interpublic Group of Cos., Inc., 4.75%, 3/15/23		314,730
	315,700	Liberty Media Corp., 3.13%, 3/30/23		245,062
				559,792
Metals & Mining (0.4%):
	375,000	Alcoa, Inc., 5.25%, 3/15/14		495,469
	79,000	Newmont Mining Corp., 3.00%, 2/15/12		97,466
				592,935
Oil, Gas & Consumable Fuels (0.1%):
	202,000	Cameron International Corp., 2.50%, 6/15/26, Callable 6/20/11 @ 100		208,060
Pharmaceuticals (2.5%):
	900,000	Amgen, Inc., 0.38%, 2/1/13		819,000
	800,000	Amgen, Inc., 0.38%, 2/1/13		728,000
	700,000	Mylan, Inc., 1.25%, 3/15/12		599,375
	673,000	Omnicare, Inc., 3.25%, 12/15/35		440,815

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Equity and Income Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Principal			Fair
Amount			Value
Convertible Bonds, continued
Pharmaceuticals, continued
$	1,444,000	Watson Pharmaceuticals, Inc., 1.75%, 3/15/23	$	1,391,655
				3,978,845
Total Convertible Bonds (Cost $15,513,275)				13,752,109
Corporate Bonds (6.8%):
Aerospace & Defense (0.0%):
	30,000	Boeing Co., 6.00%, 3/15/19		30,812
Air Freight & Logistics (0.0%):
	40,000	FedEx Corp., 5.50%, 8/15/09		40,322
Automobiles (0.0%):
	60,000	DaimlerChrysler NA Holdings Corp., 8.50%, 1/18/31		53,653
Beverages (0.1%):
	65,000	Anheuser-Busch InBev NV, 7.20%, 1/15/14		68,110
	60,000	Coca-Cola Co. (The), 4.88%, 3/15/19		60,634
	30,000	Diageo Capital plc, 7.38%, 1/15/14		32,961
				161,705
Biotechnology (0.1%):
	35,000	Amgen, Inc., 5.70%, 2/1/19		35,548
	45,000	Biogen Idec, Inc., 6.88%, 3/1/18		42,800
	20,000	Monsanto Co., 5.13%, 4/15/18		20,194
				98,542
Capital Markets (0.1%):
	70,000	Brookfield Asset Management, Inc., 7.13%, 6/15/12		58,100
	25,000	Brookfield Asset Management, Inc., 5.80%, 4/25/17		16,875
				74,975
Chemicals (0.0%):
	50,000	E.I. du Pont de Nemours & Co., 6.00%, 7/15/18		50,206
Commercial Banks (0.4%):
	295,000	Bank of America Corp., 5.75%, 12/1/17		247,737
	55,000	Bank of America Corp., 5.65%, 5/1/18		45,885
	85,000	Citigroup, Inc., 6.13%, 5/15/18		73,367
	105,000	HBOS plc, 6.75%, 5/21/18		80,997
	20,000	National City Corp., 4.00%, 2/1/11		18,225
	60,000	UBS AG Stamford CT, 5.88%, 12/20/17		51,605
	180,000	Wells Fargo & Co., 5.63%, 12/11/17		164,234
				682,050
Commercial Services & Supplies (0.1%):
	70,000	Archer Daniels Midland Co., 5.45%, 3/15/18		70,047
	100,000	The President & Fellows of Harvard College, 6.00%, 1/15/19		107,574
	30,000	Western Union Co., 6.50%, 2/26/14		30,588
				208,209
Communications Equipment (0.1%):
	55,000	Cisco Systems, Inc., 4.95%, 2/15/19		54,113
	20,000	Cisco Systems, Inc., 5.90%, 2/15/39		18,376
				72,489
Computers & Peripherals (0.1%):
	45,000	Hewlett-Packard Co., 4.75%, 6/2/14		45,492
	30,000	Hewlett-Packard Co., 5.50%, 3/1/18		30,763
				76,255
Diversified Consumer Services (0.9%):
	215,000	AIG SunAmerica Global Finance Vi, 6.30%, 5/10/11		163,895
	110,000	American Express Credit Co., Series C, 7.30%, 8/20/13, MTN		102,108
	10,000	Bear Stearns Co., Inc., 6.40%, 10/2/17		9,732
	100,000	Farmers Exchange Capital, 7.05%, 7/15/28		60,679
	80,000	FBG Finance, Ltd., 5.13%, 6/15/15		68,093
	10,000	Fedex Corp., 7.25%, 2/15/11		10,324
	80,000	General Electric Capital Corp., 4.75%, 9/15/14		74,142
	125,000	General Electric Capital Corp., 5.63%, 9/15/17		109,558
	60,000	Household Finance Corp., 8.00%, 7/15/10		56,587
	165,000	Household Finance Corp., 6.38%, 10/15/11		142,647
	65,000	HSBC Finance Corp., 6.75%, 5/15/11		57,935
	105,000	Nationwide Building Society, 4.25%, 2/1/10		104,017
	50,000	Platinum Underwriters Finance, Inc., 7.50%, 6/1/17		31,743
	75,000	Popular North America, Inc., 5.65%, 4/15/09		74,938
	15,000	Procter & Gamble Co., 4.60%, 1/15/14		15,875
	35,000	Prudential Financial, Inc., 6.63%, 12/1/37		18,942
	60,000	Telecom Italia Capital, 4.00%, 1/15/10		59,087
	25,000	Telecom Italia Capital, 4.88%, 10/1/10		24,462
	105,000	Telefonica Europe BV, 8.25%, 9/15/30		115,479
	110,000	Wachovia Capital Trust III, 5.80%, 3/15/42		39,600

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Equity and Income Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Principal			Fair
Amount			Value
Corporate Bonds, continued
Diversified Consumer Services, continued
$	115,000	Xlliac Global Funding, 4.80%, 8/10/10	$	97,154
				1,436,997
Diversified Financial Services (1.1%):
	75,000	Bank of New York Mellon Corp., 4.50%, 4/1/13		74,324
	45,000	Bank of New York Mellon Corp., 5.13%, 8/27/13		46,058
	90,000	Bear Stearns Co., Inc., 7.25%, 2/1/18		92,944
	30,000	Caterpillar Financial Services Corp., Series F, 4.90%, 8/15/13, MTN		28,555
	135,000	Citigroup, Inc., 6.13%, 11/21/17		117,046
	45,000	Credit Suisse (USA), Inc., 5.13%, 8/15/15		41,758
	70,000	Credit Suisse Group, 6.00%, 2/15/18		61,054
	45,000	Deutsche Telekom International Finance, 8.75%, 6/15/30		48,074
	60,000	Devon Financing Corp., 7.88%, 9/30/31		61,308
	90,000	E ON International Finance BV, 5.80%, 4/30/18		88,527
	225,000	General Electric Capital Corp., 5.63%, 5/1/18		195,642
	290,000	Goldman Sachs Group, Inc., 6.15%, 4/1/18		264,891
	95,000	Goldman Sachs Group, Inc., 6.75%, 10/1/37		64,252
	45,000	Harley-Davidson Funding Corp., 6.80%, 6/15/18		29,197
	55,000	John Deere Capital Corp., 5.75%, 9/10/18, MTN		52,228
	210,000	JPMorgan Chase & Co., 4.75%, 5/1/13		203,557
	60,000	JPMorgan Chase & Co., 6.00%, 1/15/18		60,605
	70,000	Merrill Lynch & Co., 6.88%, 4/25/18		54,747
	55,000	Nisource Finance Corp., 6.80%, 1/15/19		44,199
	70,000	NYSE Euronext, 4.80%, 6/28/13		69,921
	45,000	Rio Tinto Finance (USA) Ltd., 6.50%, 7/15/18		39,382
	50,000	Wachovia Corp., 5.50%, 5/1/13, MTN		46,103
				1,784,372
Diversified Telecommunication Services (0.4%):
	70,000	AT&T Corp., 8.00%, 11/15/31		76,033
	190,000	AT&T, Inc., 6.30%, 1/15/38		166,841
	15,000	AT&T, Inc., 6.55%, 2/15/39		13,605
	35,000	France Telecom SA, 8.50%, 3/1/31		44,128
	25,000	SBC Communications, Inc., 6.15%, 9/15/34		21,903
	35,000	Telecom Italia Capital, 7.00%, 6/4/18		31,724
	180,000	Verizon Communications, Inc., 5.50%, 2/15/18		171,418
	65,000	Verizon Communications, Inc., 6.35%, 4/1/19		64,216
	35,000	Verizon Communications, Inc., 8.95%, 3/1/39		40,222
	10,000	Verizon Wireless Capital LLC, 5.55%, 2/1/14		10,008
	40,000	Vodafone Group plc, 5.63%, 2/27/17		39,644
				679,742
Electric Utilities (0.4%):
	30,000	Alabama Power Co., 5.80%, 11/15/13		32,218
	65,000	Carolina Power & Light Co., 5.13%, 9/15/13		67,743
	10,000	Consumers Energy Corp., 4.00%, 5/15/10		9,940
	55,000	Detroit Edison Co., 6.13%, 10/1/10		56,632
	40,000	Emerson Electric Co., 4.88%, 10/15/19		40,444
	45,000	FPL Group Capital, Inc., 6.00%, 3/1/19		46,057
	20,000	Georgia Power Co., 6.00%, 11/1/13		21,677
	60,000	Ohio Edison, 6.40%, 7/15/16		57,190
	40,000	Ohio Power Co., 6.00%, 6/1/16		38,454
	25,000	PacifiCorp, 5.50%, 1/15/19		25,594
	55,000	Peco Energy Co., 5.35%, 3/1/18		53,345
	45,000	PPL Energy Supply LLC, 6.30%, 7/15/13		45,031
	40,000	Public Service Co. of Colorado, 6.50%, 8/1/38		42,914
	35,000	Union Electric Co., 6.70%, 2/1/19		33,338
	80,000	Virginia Electric & Power Co., 8.88%, 11/15/38		97,804
				668,381
Electronic Equipment & Instruments (0.2%):
	130,000	General Electric Co., 5.25%, 12/6/17		120,225
	50,000	LG Electronics, Inc., 5.00%, 6/17/10		47,310
	60,000	Philips Electronics NV, 5.75%, 3/11/18		58,987
				226,522
Energy Equipment & Services (0.0%):
	55,000	Weatherford International, Ltd., 6.00%, 3/15/18		44,884
Food & Staples Retailing (0.3%):
	10,000	ConAgra Foods, Inc., 7.00%, 10/1/28		9,670
	60,000	ConAgra Foods, Inc., 8.25%, 9/15/30		64,158
	15,000	Delhaize America, Inc., 9.00%, 4/15/31		15,943
	35,000	General Mills, Inc., 5.25%, 8/15/13		36,154
	10,000	Kraft Foods, Inc., 6.13%, 2/1/18		10,023
	105,000	Kraft Foods, Inc., 6.13%, 8/23/18		105,251

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Equity and Income Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Principal			Fair
Amount			Value
Corporate Bonds, continued
Food & Staples Retailing, continued
$	5,000	Kraft Foods, Inc., 7.00%, 8/11/37	$	4,957
	40,000	Kroger Co., 5.00%, 4/15/13		40,144
	10,000	Kroger Co., 6.40%, 8/15/17		10,266
	15,000	McDonald’s Corp., Series I, 5.00%, 2/1/19, MTN		15,601
	35,000	McDonald’s Corp., 5.70%, 2/1/39		33,923
	55,000	Yum! Brands, Inc., 8.88%, 4/15/11		58,679
	20,000	Yum! Brands, Inc., 6.25%, 3/15/18		18,649
				423,418
Gas Utilities (0.0%):
	25,000	Equitable Resources, Inc., 6.50%, 4/1/18		22,063
	45,000	Texas East Transmission, 7.00%, 7/15/32		41,065
				63,128
Health Care Equipment & Supplies (0.0%):
	20,000	Baxter International, Inc., 5.38%, 6/1/18		20,559
Health Care Providers & Services (0.1%):
	100,000	Roche Holdings, Inc., 6.00%, 3/1/19		102,926
	60,000	UnitedHealth Group, Inc., 6.00%, 2/15/18		57,646
				160,572
Household Products (0.1%):
	75,000	Procter & Gamble Co., 4.70%, 2/15/19		75,651
	10,000	Procter & Gamble Co., 5.55%, 3/5/37		10,185
				85,836
Industrial Conglomerates (0.1%):
	45,000	Honeywell International, Inc., 5.30%, 3/1/18		45,992
	60,000	Parker Hannifin Corp., Series A, 5.50%, 5/15/18, MTN		58,642
				104,634
Insurance (0.2%):
	60,000	ACE INA Holdings, Inc., 5.60%, 5/15/15		55,937
	130,000	Berkshire Hathaway Finance Corp., 5.40%, 5/15/18		129,127
	20,000	Chubb Corp. (The), 5.75%, 5/15/18		19,748
	65,000	MetLife, Inc., Series A, 6.82%, 8/15/18		55,806
	55,000	Travelers Cos., Inc. (The), 5.80%, 5/15/18		53,365
	35,000	WellPoint, Inc., 4.25%, 12/15/09		35,171
	10,000	WellPoint, Inc., 7.00%, 2/15/19		10,005
				359,159
Machinery (0.0%):
	55,000	Cooper Industries, Inc., 5.25%, 11/15/12		56,592
Media (0.4%):
	10,000	Comcast Corp., 6.50%, 1/15/17		9,899
	190,000	Comcast Corp., 5.70%, 5/15/18		178,211
	75,000	News America, Inc., 6.90%, 3/1/19		69,981
	105,000	Time Warner Cable, Inc., 6.75%, 7/1/18		98,564
	60,000	Time Warner Cable, Inc., 8.75%, 2/14/19		63,709
	35,000	Time Warner Cable, Inc., 8.25%, 4/1/19		35,967
	105,000	Time Warner, Inc., 5.88%, 11/15/16		99,374
	50,000	Viacom, Inc., 6.88%, 4/30/36		36,480
	65,000	Vivendi, 6.63%, 4/4/18		59,591
				651,776
Metals & Mining (0.0%):
	70,000	ArcelorMittal, 6.13%, 6/1/18		50,642
Multiline Retail (0.3%):
	25,000	CVS Corp., 5.75%, 8/15/11		26,221
	99,480	CVS Lease Pass Through, 6.04%, 12/10/28		74,761
	80,000	Home Depot, Inc., 5.40%, 3/1/16		71,912
	115,000	Wal-Mart Stores, Inc., 4.25%, 4/15/13		120,948
	45,000	Wal-Mart Stores, Inc., 4.13%, 2/1/19		43,534
	50,000	Walgreen Co., 5.25%, 1/15/19		50,147
				387,523
Office Electronics (0.0%):
	60,000	Xerox Corp., 6.35%, 5/15/18		44,700
Oil, Gas & Consumable Fuels (0.5%):
	15,000	Apache Corp., 6.90%, 9/15/18		16,358
	25,000	Centerpoint Energy Resource, 7.88%, 4/1/13		25,596
	30,000	Centerpoint Energy, Inc., 6.25%, 2/1/37		19,846
	70,000	Chevron Corp., 4.95%, 3/3/19		71,539
	130,000	ConocoPhillips Co., 5.20%, 5/15/18		128,692
	20,000	ConocoPhillips Co., 5.75%, 2/1/19		20,132
	45,000	Encana Corp., 5.90%, 12/1/17		42,472
	55,000	Enterprise Products Partners LP, 6.50%, 1/31/19		50,536
	55,000	Kinder Morgan Energy Partners LP, 5.95%, 2/15/18		50,075
	15,000	Petro-Canada, 6.05%, 5/15/18		12,899
	125,000	Plains All American Pipeline, 6.70%, 5/15/36		90,467
	75,000	Questar Market Resources, Inc., 6.80%, 4/1/18		67,134
	80,000	Valero Energy Corp., 3.50%, 4/1/09		80,000
	75,000	XTO Energy, Inc., 5.50%, 6/15/18		69,663
				745,409
Pharmaceuticals (0.5%):
	336,000	Affymetrix, 3.50%, 1/15/38		176,400
	85,000	Amgen, Inc., 5.85%, 6/1/17		87,040
	35,000	AstraZeneca plc, 5.90%, 9/15/17		37,059

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Equity and Income Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Principal			Fair
Amount			Value
Corporate Bonds, continued
Pharmaceuticals, continued
$	90,000	Bristol-Myers Squibb Co., 5.45%, 5/1/18	$	92,328
	85,000	GlaxoSmithKline Capital plc, 5.65%, 5/15/18		87,185
	55,000	Medco Health Solutions, Inc., 7.13%, 3/15/18		54,586
	55,000	Novartis Capital Corp., 4.13%, 2/10/14		56,204
	155,000	Pfizer, Inc., 6.20%, 3/15/19		165,186
	10,000	Wyeth, 5.50%, 2/15/16		10,171
	10,000	Wyeth, 5.45%, 4/1/17		10,007
				776,166
Road & Rail (0.1%):
	20,000	Canadian National Railway Co., 5.55%, 5/15/18		20,464
	10,000	Norfolk Southern Corp., 5.75%, 1/15/16		10,048
	70,000	Union Pacific Corp., 7.88%, 1/15/19		77,197
	20,000	Union Pacific Corp., 6.13%, 2/15/20		19,467
				127,176
Semiconductors & Semiconductor Equipment (0.0%):
	45,000	KLA Instruments Corp., 6.90%, 5/1/18		35,571
Software (0.1%):
	70,000	Oracle Corp., 5.75%, 4/15/18		73,053
Tobacco (0.1%):
	30,000	Altria Group, Inc., 9.25%, 8/6/19		32,076
	40,000	BAT International Finance plc, 9.50%, 11/15/18		45,447
	110,000	Philip Morris International, Inc., 5.65%, 5/16/18		109,297
				186,820
Total Corporate Bonds (Cost $11,700,668)				10,742,850
Preferred Stocks (2.2%):
Commercial Services & Supplies (0.3%):
	10,000	Archer Daniels		367,300
	6,715	Avery Dennison		169,554
				536,854
Diversified Financial Services (0.2%):
	5,108	KeyCorp, Series A		365,375
Health Care Providers & Services (0.2%):
	310	HealthSouth Corp.		132,525
	370	HealthSouth Corp.		158,175
				290,700
Household Durables (0.1%):
	8,900	Newell Financial Trust I		165,206
Metals & Mining (0.7%):
	1,190	Freeport-McMoran Copper & Gold, Inc.		1,082,900
Multi-Utilities (0.2%):
	20,000	Centerpointe Energy, Inc.		335,000
Pharmaceuticals (0.5%):
	18,000	El Paso Energy Capital Trust I		450,000
	8,000	Omnicare Capital Trust II		265,000
				715,000
Total Preferred Stocks (Cost $4,748,182)				3,491,035
U.S. Government Agency Mortgages (1.0%):
Federal Home Loan Mortgage Corporation (0.6%)
	878	11.00%, 9/1/15, Pool #170141		1,006
	2,478	10.00%, 9/1/17, Pool #555283		2,635
	4,776	10.50%, 11/1/17, Pool #360016		5,437
	700,000	6.75%, 3/15/31		933,701
				942,779
Federal National Mortgage Association (0.4%)
	1,256	10.50%, 12/1/16, Pool #124783		1,451
	515,000	6.63%, 11/15/30		675,815
	597	8.00%, 7/1/31, Pool #253905		648
				677,914
Total U.S. Government Agency Mortgages (Cost $1,393,952)				1,620,693
U.S. Treasury Obligations (9.6%):
U.S. Treasury Bonds (0.4%)
	150,000	5.25%, 2/15/29		184,711
	540,000	3.50%, 2/15/39		533,590
				718,301
U.S. Treasury Notes (9.2%)
	500,000	0.88%, 12/31/10		500,918

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Equity and Income Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

Shares or Principal			Fair
Amount			Value
U.S. Treasury Obligations, continued
$	1,900,000	0.88%, 2/28/11	$	1,903,629
	2,800,000	0.88%, 3/31/11		2,803,719
	700,000	4.75%, 3/31/11		755,343
	2,370,000	4.63%, 2/29/12		2,609,223
	250,000	4.38%, 8/15/12		276,406
	180,000	4.13%, 8/31/12		197,128
	3,630,000	2.75%, 10/31/13		3,828,518
	250,000	1.75%, 1/31/14		251,700
	350,000	1.88%, 2/28/14		353,829
	500,000	1.75%, 3/31/14		501,719
	180,000	3.75%, 11/15/18		196,214
	313,000	2.75%, 2/15/19		314,712
				14,493,058
Total U.S. Treasury Obligations (Cost $14,918,061)				15,211,359
Asset Backed Securities (0.3%):
	73,399	America West Airlines, 7.10%, 4/2/21		54,853
	42,204	BAE Systems 2001 Asset Trust, 6.66%, 9/15/13		40,264
	134,866	Capital Auto Receivables Asset Trust, 4.98%, 5/15/11		135,017
	35,161	Capital One Auto Finance Trust, 5.07%, 7/15/11		34,425
	31,034	CIT Equipment Collateral, 5.07%, 2/20/10		31,012
	75,044	Ford Credit Auto Owner Trust, 5.26%, 10/15/10		75,348
	34,117	Harley-Davidson Motorcycle Trust, 4.07%, 2/15/12		33,453
	52,917	Harley-Davidson Motorcycle Trust, 4.41%, 6/15/12		51,779
Total Asset Backed Securities (Cost $483,038)				456,151
Yankee Dollars (0.2%):
Beverages (0.0%):
	40,000	Diageo Capital plc, 5.75%, 10/23/17		40,776
Diversified Financial Services (0.1%):
	25,000	BP Capital Markets plc, 3.88%, 3/10/15		25,075
	55,000	BP Capital Markets plc, 4.75%, 3/10/19		54,111
				79,186
Electric Utilities (0.1%):
	90,000	Electricite de France, 6.50%, 1/26/19		92,713
Food & Staples Retailing (0.0%):
	40,000	Delhaize Group, 5.88%, 2/1/14		39,988
Oil, Gas & Consumable Fuels (0.0%):
	45,000	Transocean, Inc., 6.00%, 3/15/18		42,395
Pharmaceuticals (0.0%):
	30,000	AstraZeneca plc, 6.45%, 9/15/37		31,119
Road & Rail (0.0%):
	15,000	Canadian National Railway Co., 5.55%, 3/1/19		15,418
Total Yankee Dollars (Cost $340,828)				341,595
Investment Company (12.5%):
	19,691,073	Dreyfus Treasury Prime Cash Management, 0.09%(a)		19,691,073
Total Investment Company (Cost $19,691,073)				19,691,073
Total Investment Securities (Cost $177,597,921)(b)—100.1%				158,382,568
Net other assets (liabilities) — (0.1)%				(130,618	)
NET ASSETS — 100.0%			$	158,251,950

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
+	All or a portion of the security is segregated as collateral for futures contracts.
ADR	American Depository Receipt
LLC	Limited Liability Co.
LP	Limited Partnership
PLC	Public Liability Co.
(a)	The rate represents the effective yield at March 31, 2009.
(b)	Cost for federal income tax purposes is $181,079,316. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	3,732,650
Unrealized depreciation		(26,429,398	)
Net unrealized depreciation	$	(22,696,748	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of March 31, 2009:

Country	Percentage
United States		86.0	%
United Kingdom		4.0	%
Netherlands		3.3	%
Switzerland		1.9	%
Germany		1.7	%
Bermuda		1.5	%
Japan		1.3	%
Canada		0.1	%
France		0.1	%
Luxemburg		0.1	%
Australia		0.0	%
Belgium		0.0	%
Korea		0.0	%
Total		100.0	%

Futures Contracts

The following open future contracts as of March 31, 2009.

				Number		Unrealized
		Expiration		of		Appreciation/
Description	Type	Date		Contracts		(Depreciation)
S&P 500 Index E-Mini June Futures	Long		6/09		110	$	(9,595	)

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Global Franchise Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks (94.7%):
Automobiles (3.4%):
	465,463	Harley-Davidson, Inc.	$	6,232,550
Beverages (5.5%):
	99,259	Brown-Forman Corp., Class B		3,854,227
	876,871	C&C Group plc		1,514,019
	376,461	Diageo plc		4,250,053
	5,682	Pernod-Ricard SA		317,534
				9,935,833
Chemicals (2.9%):
	153,400	Scotts Co., Class A		5,322,980
Commercial Services & Supplies (4.2%):
	1,207,296	Experian plc		7,561,871
Diversified Consumer Services (3.8%):
	160,035	Career Education Corp.*		3,834,439
	162,041	Weight Watchers International, Inc.		3,005,860
				6,840,299
Diversified Financial Services (3.1%):
	248,184	Moody’s Corp.		5,688,377
Food Products (16.1%):
	858,090	Cadbury plc		6,479,602
	103,265	Groupe Danone		5,039,889
	109,671	Kellogg Co.		4,017,249
	192,115	SFR Nestle SA, Class B		6,505,280
	379,031	Unilever plc		7,182,594
				29,224,614
Hotels, Restaurants & Leisure (2.4%):
	386,129	Starbucks Corp.*		4,289,893
Household Durables (1.6%):
	120,011	Fortune Brands, Inc.		2,946,270
Household Products (8.7%):
	214,000	Kao Corp.		4,196,619
	104,672	Procter & Gamble Co. (The)		4,929,004
	175,218	Reckitt Benckiser Group plc		6,593,168
				15,718,791
Internet Software & Services (2.5%):
	360,304	eBay, Inc.*		4,525,418
Machinery (2.3%):
	203,750	Kone Oyj, B Shares		4,221,102
Media (10.4%):
	229,711	McGraw-Hill Cos., Inc. (The)		5,253,490
	599,902	Reed Elsevier NV		6,414,288
	442,836	Wolters Kluwer CVA NV		7,188,318
				18,856,096
Personal Products (2.2%):
	163,589	Estee Lauder Co., Inc. (The), Class A		4,032,469
Pharmaceuticals (2.5%):
	118,740	Novartis AG, Registered Shares		4,483,275
Tobacco (23.1%):
	627,708	British American Tobacco plc		14,532,077
	477,949	Imperial Tobacco Group plc		10,732,108
	231,449	Philip Morris International, Inc.		8,234,955
	589,582	Swedish Match AB		8,526,750
				42,025,890
Total Common Stocks (Cost $221,229,561)				171,905,728
Investment Company (4.1%):
	7,533,232	Dreyfus Treasury Prime Cash Management, 0.09%(a)		7,533,232
Total Investment Company (Cost $7,533,232)				7,533,232
Total Investment Securities (Cost $228,762,793)(b)—98.8%				179,438,960
Net other assets (liabilities) — 1.2%				2,089,109
NET ASSETS — 100.0%			$	181,528,069

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
PLC	Public Liability Co.
(a)	The rate represents the effective yield at March 31, 2009.
(b)	Cost for federal income tax purposes is $233,837,497. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	9,367,101
Unrealized depreciation		(63,765,638	)
Net unrealized depreciation	$	(54,398,537	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of March 31, 2009:

Country	Percentage
United States		41.0	%
United Kingdom		27.7	%
Netherlands		7.6	%
Switzerland		6.1	%
Ireland		5.1	%
Sweden		4.8	%
France		3.0	%
Finland		2.4	%
Japan		2.3	%
Total		100.0	%

As of March 31, 2009 the Fund’s open foreign currency exchange contracts were as follows:

	Delivery		Contract		Fair		Unrealized Appreciation/
Short Contracts	Date		Amount		Value		(Depreciation)
Deliver 14,450,000 British Sterling Pounds in exchange for U.S.Dollars		4/28/09	$	21,033,799	$	20,731,033	$	302,766
Deliver 127,210 European Euro in exchange for U.S.Dollars		4/1/09		168,006		168,985		(979	)
Deliver 196,116 European Euro in exchange for U.S.Dollars		4/2/09		260,717		260,519		198
							$	301,985

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Global Real Estate Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks (93.1%):
Diversified Financial Services (1.2%):
	56,362	HCP, Inc.	$	1,006,062
Diversified REITs (9.5%):
	182,448	British Land Co. plc		942,197
	2,551	Fonciere des Regions		119,649
	4,387	Gecina SA		168,377
	16,773	Insight Foundation Property Trust		5,509
	32,305	Liberty Property Trust		611,857
	6,962	PS Business Parks, Inc.		256,550
	339,956	Segro plc		111,965
	7,671	Stockland Trust Group*		15,303
	73,913	Stockland Trust Group		159,841
	20,901	Unibail		2,973,368
	40,416	Ventas, Inc.		913,806
	37,363	Vornado Realty Trust		1,241,946
	4,801	Wereldhave NV		336,492
				7,856,860
Health Care Providers & Services (0.4%):
	14,225	Assisted Living Concepts, Inc., Class A*		192,891
	10,230	Capital Senior Living Corp.*		24,961
	9,501	Care Investment Trust, Inc.		51,876
	14,400	Extendicare Real Estate Investment Trust		48,895
				318,623
Industrial REITs (0.7%):
	21,525	AMB Property Corp.		309,960
	210,838	Brixton plc		53,597
	38,060	DCT Industrial Trust, Inc.		120,650
	46,974	Prologis European Properties		84,877
				569,084
Office REITs (6.5%):
	41,529	Boston Properties, Inc.		1,454,761
	259	Cofinimmo SA		27,617
	264,889	Commonwealth Property Office Fund		167,262
	45,211	Derwent Valley Holdings plc		430,694
	48,264	Great Portland Estates plc		168,601
	7,567	ICADE		536,019
	60	Japan Real Estate Investment Corp.		463,387
	32,524	Mack-Cali Realty Corp.		644,300
	90	Nippon Building Fund, Inc.		778,737
	6,101	Societe Immobiliere de Locationpour l’Industrie et le Commerce		457,963
	720,000	Starhill Global REIT		215,531
				5,344,872
Real Estate Investment Trusts (REITs) (0.1%):
	3,960	LTC Properties, Inc.		69,458
Real Estate Management & Development (42.7%):
	27,666	Alstria Office AG		136,705
	323,609	Beni Stabili SPA		178,305
	87,565	Big Yellow Group plc		239,221
	254,592	Brookfield Properties Corp.		1,461,358
	10,328	CA Immobilien Anlagen AG*		50,101
	76,325	Capital & Regional plc		18,615
	440,000	Capitaland, Ltd.		676,487
	22,735	Castellum AB		127,881
	1,315,120	China Overseas Land & Investment, Ltd.		2,058,007
	725,000	China Resources Land, Ltd.		1,119,949
	47,640	Citycon Oyj		92,162
	24,170	Conwert Immobilien Invest AG*		152,907
	55,930	Forest City Enterprises, Inc., Class A		201,348
	71,011	Grainger Trust plc		104,245
	1,880,500	Guangzhou R&F Properties Co., Ltd.		2,176,350
	355,000	Hang Lung Properties, Ltd.		833,915
	273,300	Henderson Land Development Co., Ltd.		1,040,584
	1,139,500	Hongkong Land Holdings, Ltd.		2,600,889
	80,648	Hufvudstaden AB		415,763
	489,790	Hysan Development Co., Ltd.		828,045
	861,303	Kerry Properties, Ltd.		2,072,381
	157,758	Minerva plc*		15,256
	385,000	Mitsubishi Estate Co., Ltd.		4,395,449
	341,000	Mitsui Fudosan Co., Ltd.		3,740,941
	35,128	Morgans Hotel Group*		109,248
	759	NTT Urban Development Corp.		609,903
	14,339	PSP Swiss Property AG		605,731
	106,691	Quintain Estates & Development plc		12,907
	30,639	Sponda Oyj*		84,517
	205,000	Sumitomo Realty & Development Co.		2,289,159
	691,800	Sun Hung Kai Properties, Ltd.		6,197,122
	48,000	Swire Pacific, Ltd., Class A		320,293
	81,737	Unite Group plc		80,050
	279,000	Wheelock Properties, Ltd.		165,284
				35,211,078
Residential REITs (6.8%):
	42,008	AvalonBay Communities, Inc.		1,976,896
	28,395	Camden Property Trust		612,764
	17,478	Equity Lifestyle Properties, Inc.		665,912
	104,691	Equity Residential Properties Trust		1,921,080
	41,905	Post Properties, Inc.		424,917
	79,246	Strategic Hotels & Resorts, Inc.		54,680
				5,656,249
Retail REITs (20.0%):
	25,048	Acadia Realty Trust		265,759
	66,800	BR Malls Participacoes SA*		410,479
	204,000	CapitaMall Trust		177,420
	498,645	CFS Retail Property Trust		565,459
	21,449	Corio NV		885,703
	8,673	Eurocommercial Properties NV		236,061
	29,123	Federal Realty Investment Trust		1,339,658
	270,667	Hammerson plc		994,374
	19,368	Klepierre		340,928
	235,651	Land Securities Group plc		1,475,041
	46,195	Liberty International plc		256,147
	9,695	Ramco-Gershenson Properties Trust		62,533
	45,521	Regency Centers Corp.		1,209,493
	22,970	RioCan		228,698
	61,217	Simon Property Group, Inc.		2,120,557

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Global Real Estate Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Retail REITs, continued
	127,428	Starwood Hotels & Resorts Worldwide, Inc.	$	1,618,335
	6,625	Taubman Centers, Inc.		112,890
	5,060	Vastned Retail NV		204,391
	580,825	Westfield Group		4,051,289
				16,555,215
Specialized REITs (5.2%):
	17,725	DiamondRock Hospitality Co.		71,077
	36,046	Healthcare Realty Trust, Inc.		540,330
	195,930	Host Hotels & Resorts, Inc.		768,046
	3,195	LaSalle Hotel Properties		18,659
	30,838	Public Storage, Inc.		1,703,799
	174,293	Safestore Holdings, Ltd.		134,170
	62,544	Senior Housing Properties Trust		876,867
	7,737	Sovran Self Storage, Inc.		155,359
				4,268,307
Total Common Stocks (Cost $143,143,497)				76,855,808
Rights (0.2%):
Diversified REITs (0.2%):
	2,456,472	Segro plc		169,154
Total Rights (Cost $1,066,562)				169,154
Investment Company (5.1%):
	4,172,593	Dreyfus Treasury Prime Cash Management, 0.09%(a)		4,172,593
Total Investment Company (Cost $4,172,593)				4,172,593
Total Investment Securities (Cost $148,382,652)(b)—98.4%				81,197,555
Net other assets (liabilities) — 1.6%				1,348,951
NET ASSETS — 100.0%			$	82,546,506

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
PLC	Public Liability Co.
REIT	Real Estate Investment Trust
SPA	Standby Purchase Agreement
(a)	The rate represents the effective yield at March 31, 2009.
(b)	Cost for federal income tax purposes is $156,955,012. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	172,417
Unrealized depreciation		(75,929,874	)
Net unrealized depreciation	$	(75,757,457	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of March 31, 2009:

Country	Percentage
United States		34.5	%
Hong Kong		20.5	%
Japan		15.1	%
United Kingdom		6.4	%
Australia		6.1	%
France		5.7	%
Bermuda		3.2	%
Canada		2.1	%
Netherlands		2.0	%
Singapore		1.5	%
Sweden		0.7	%
Switzerland		0.7	%
Brazil		0.5	%
Austria		0.3	%
Finland		0.2	%
Germany		0.2	%
Italy		0.2	%
Luxemburg		0.1	%
Belgium		0.0	%
Total		100.0	%

As of March 31, 2009 the Fund’s open foreign currency exchange contracts were as follows:

Long Contracts	Delivery Date		Contract Amount		Fair Value		Unrealized Appreciation/ (Depreciation)
Receive 11,409 Australian Dollars in exchange for U.S. Dollars		4/1/09	$	7,872	$	7,930	$	58
Receive 22,992 European Euros in exchange for U.S. Dollars		4/1/09		30,572		30,542		(30	)
Receive 692,443 Hong Kong Dollars in exchange for U.S. Dollars		4/1/09		89,345		89,343		(2	)
Receive 16,395,208 Japanese Yen in exchange for U.S. Dollars		4/2/09		167,400		165,658		(1,742	)
							$	(1,716	)

Short Contracts	Delivery Date		Contract Amount		Fair Value		Unrealized Appreciation/ (Depreciation)
Deliver 26,916 British Sterling Pounds in exchange for U.S. Dollars		4/2/09	$	38,613	$	38,613	$	0
Deliver 28,907 European Euros in exchange for U.S. Dollars		4/2/09		38,613		38,400		213
Deliver 466 Singapore Dollars in exchange for U.S. Dollars		4/1/09		307		307		0
Deliver 450 Singapore Dollars in exchange for U.S. Dollars		4/2/09		296		296		0
							$	213

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Growth and Income Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks (92.2%):
Aerospace & Defense (1.0%):
	36,960	Raytheon Co.	$	1,439,222
Auto Components (0.4%):
	31,500	Autoliv, Inc.		584,955
Automobiles (0.4%):
	47,990	Harley-Davidson, Inc.		642,586
Beverages (1.2%):
	38,960	Coca-Cola Co. (The)		1,712,292
Capital Markets (1.4%):
	130,160	Charles Schwab Corp.		2,017,480
Commercial Banks (2.3%):
	98,260	KeyCorp		773,306
	56,300	Mitsubishi UFJ Financial Group, Inc., ADR		276,996
	101,030	Mizuho Financial Group, Inc., ADR*		397,048
	46,570	PNC Financial Services Group, Inc.		1,364,035
	12,700	Sumitomo Mitsui Financial Group, Inc.		448,068
				3,259,453
Commercial Services & Supplies (1.1%):
	25,301	Manpower, Inc.		797,741
	39,900	Robert Half International, Inc.		711,417
				1,509,158
Communications Equipment (1.7%):
	139,000	Cisco Systems, Inc.*		2,331,030
Computers & Peripherals (2.0%):
	37,140	EMC Corp.*		423,396
	73,990	Hewlett-Packard Co.		2,372,119
				2,795,515
Diversified Financial Services (4.8%):
	255,596	JPMorgan Chase & Co.		6,793,742
Diversified Telecommunication Services (2.8%):
	128,460	Verizon Communications, Inc.		3,879,492
Electric Utilities (4.5%):
	124,674	American Electric Power Co., Inc.		3,149,265
	20,819	Entergy Corp.		1,417,566
	44,950	FirstEnergy Corp.		1,735,070
				6,301,901
Electronic Equipment & Instruments (1.0%):
	87,500	Agilent Technologies, Inc.*		1,344,875
Energy Equipment & Services (1.2%):
	40,220	Schlumberger, Ltd.		1,633,736
Food & Staples Retailing (1.8%):
	47,450	Wal-Mart Stores, Inc.		2,472,145
Food Products (5.7%):
	125,412	Cadbury plc, ADR		3,799,984
	213,280	Unilever NV, New York Shares		4,180,288
				7,980,272
Health Care Equipment & Supplies (2.4%):
	174,880	Boston Scientific Corp.*		1,390,296
	59,355	Covidien, Ltd.		1,972,960
				3,363,256
Health Care Providers & Services (0.8%):
	35,410	Cardinal Health, Inc.		1,114,707
Hotels, Restaurants & Leisure (0.8%):
	99,820	Starbucks Corp.*		1,109,000
Household Durables (1.3%):
	89,870	Sony Corp., SP ADR		1,854,018
Household Products (1.1%):
	31,730	Procter & Gamble Co. (The)		1,494,166
Industrial Conglomerates (2.4%):
	32,400	Siemens AG, ADR		1,845,828
	81,465	Tyco International, Ltd.		1,593,455
				3,439,283
Insurance (7.8%):
	63,150	Chubb Corp. (The)		2,672,508
	253,640	Marsh & McLennan Cos., Inc.		5,136,210
	76,028	Travelers Cos., Inc. (The)		3,089,778
				10,898,496
Internet Software & Services (1.9%):
	210,230	eBay, Inc.*		2,640,489
Machinery (0.9%):
	89,500	Ingersoll Rand Co., Class A		1,235,100
Media (7.5%):
	197,170	Comcast Corp., Class A		2,689,399
	44,512	Time Warner Cable, Inc.		1,103,888
	177,330	Time Warner, Inc.		3,422,469
	189,790	Viacom, Inc., Class B*		3,298,550
				10,514,306
Metals & Mining (3.0%):
	35,400	Freeport-McMoRan Copper & Gold, Inc., Class B		1,349,094
	65,610	Newmont Mining Corp.		2,936,704
				4,285,798
Multiline Retail (0.7%):
	105,560	Macy’s, Inc.		939,484
Oil, Gas & Consumable Fuels (12.4%):
	57,370	Anadarko Petroleum Corp.		2,231,119
	40,430	BP plc, SP ADR		1,621,243
	21,168	ConocoPhillips		828,939
	27,470	Devon Energy Corp.		1,227,634
	48,382	Exxon Mobil Corp.		3,294,814
	33,873	Hess Corp.		1,835,917
	62,020	Occidental Petroleum Corp.		3,451,413
	65,280	Royal Dutch Shell plc, ADR		2,891,904
				17,382,983
Personal Products (1.0%):
	56,700	Estee Lauder Co., Inc. (The), Class A		1,397,655
Pharmaceuticals (8.7%):
	43,940	Abbott Laboratories		2,095,938
	41,520	Bayer AG, ADR		1,985,071
	140,610	Bristol-Myers Squibb Co.		3,082,171
	72,460	Roche Holding AG, ADR		2,492,624
	105,370	Schering Plough Corp.		2,481,464
				12,137,268
Semiconductors & Semiconductor Equipment (2.6%):
	64,200	ASML Holding NV		1,124,142
	110,890	Intel Corp.		1,668,894

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Growth and Income Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued
	38,762	Lam Research Corp.*	$	882,611
				3,675,647
Software (0.3%):
	27,629	Symantec Corp.*		412,777
Specialty Retail (2.5%):
	146,410	Home Depot, Inc.		3,449,420
Tobacco (0.8%):
	31,913	Philip Morris International, Inc.		1,135,465
Total Common Stocks (Cost $159,401,048)				129,177,172
Investment Company (7.6%):
	10,691,859	Dreyfus Treasury Prime Cash Management, 0.09%(a)		10,691,859
Total Investment Company (Cost $10,691,859)				10,691,859
Total Investment Securities (Cost $170,092,907)(b)—99.8%				139,869,031
Net other assets (liabilities) — 0.2%				231,297
NET ASSETS — 100.0%			$	140,100,328

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
+	All or a portion of the security is segregated as collateral for futures contracts.
ADR	American Depository Receipt
PLC	Public Liability Co.
(a)	The rate represents the effective yield at March 31, 2009.
(b)	Cost for federal income tax purposes is $172,228,969. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	6,158,941
Unrealized depreciation		(38,518,879	)
Net unrealized depreciation	$	(32,359,938	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of March 31, 2009:

Country	Percentage
United States		79.1	%
United Kingdom		5.9	%
Netherlands		5.0	%
Switzerland		2.9	%
Germany		2.7	%
Bermuda		2.3	%
Japan		2.1	%
Total		100.0	%

Futures Contracts

Securities with an aggregate fair value of $10,691,859 have been segregated with the broker to cover margin requirements for the following open contracts as of March 31, 2009.

						Unrealized
				Number of		Appreciation/
Description	Type	Expiration Date		Contracts		(Depreciation)
S&P 500 Index E-Mini June Futures	Long		6/09		65	$	(2,492	)

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Mid Cap Growth Fund
Schedule of Portfolio Investments
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks (92.6%):
Air Freight & Logistics (5.1%):
	110,426	C.H. Robinson Worldwide, Inc.	$	5,036,530
	232,095	Expeditors International of Washington, Inc.		6,565,968
				11,602,498
Capital Markets (2.3%):
	212,937	Calamos Asset Management, Inc., Class A		1,024,227
	121,232	Morningstar, Inc.*		4,140,073
				5,164,300
Chemicals (2.5%):
	80,849	Intrepid Potash, Inc.*		1,491,664
	271,157	Nalco Holding Co.		3,544,022
	92,671	Rockwood Holdings, Inc.*		735,808
				5,771,494
Commercial Services & Supplies (2.5%):
	118,511	Corporate Executive Board Co.		1,718,410
	433,287	Groupe Aeroplan, Inc.		2,694,939
	166,703	Monster Worldwide, Inc.*		1,358,629
				5,771,978
Construction & Engineering (1.9%):
	113,518	Aecom Technology Corp.*		2,960,549
	147,654	Gafisa SA, ADR		1,475,063
				4,435,612
Construction Materials (3.4%):
	83,391	Martin Marietta Materials, Inc.		6,612,906
	52,194	Texas Industries, Inc.		1,304,850
				7,917,756
Distributors (3.1%):
	2,990,121	Li & Fung, Ltd.		7,023,685
Diversified Consumer Services (3.0%):
	75,548	New Oriental Education & Technology Group, Inc., ADR*		3,796,287
	17,723	Strayer Education, Inc.		3,187,836
				6,984,123
Diversified Financial Services (8.0%):
	37,427	Greenhill & Co., Inc.		2,763,984
	53,047	Intercontinental Exchange, Inc.*		3,950,410
	321,544	Leucadia National Corp.*		4,787,790
	46,291	Moody’s Corp.		1,060,990
	472,931	Redecard SA		5,732,682
				18,295,856
Gas Utilities (1.0%):
	76,794	Questar Corp.		2,260,047
Health Care Equipment & Supplies (4.7%):
	100,916	Gen-Probe, Inc.*		4,599,751
	17,089	Intuitive Surgical, Inc.*		1,629,607
	162,545	Ironwood Pharmaceuticals, Inc.*(a)(b)		1,950,540
	145,777	Mindray Medical International, Ltd., ADR		2,698,332
				10,878,230
Hotels, Restaurants & Leisure (5.7%):
	192,324	Ctrip.com International, Ltd., ADR		5,269,677
	439,428	Starbucks Corp.*		4,882,045
	149,811	Wynn Resorts, Ltd.*		2,991,726
				13,143,448
Household Durables (1.6%):
	43,786	Mohawk Industries, Inc.*		1,307,888
	5,631	NVR, Inc.*		2,408,660
				3,716,548
Insurance (1.0%):
	8,636	Allegheny Corp.*		2,338,980
Internet & Catalog Retail (2.4%):
	71,210	Priceline.com, Inc.*		5,609,924
Internet Software & Services (5.8%):
	2,955,000	Alibaba.com, Ltd.*(c)		2,715,255
	33,210	Baidu, Inc., ADR*		5,864,886
	42,943	Equinix, Inc.*		2,411,250
	187,821	Yahoo!, Inc.*		2,405,987
				13,397,378
Life Sciences Tools & Services (7.1%):
	275,916	Illumina, Inc.*		10,275,112
	110,951	Techne Corp.		6,070,129
				16,345,241
Media (1.7%):
	116,484	Discovery Communications, Inc., Class A*		1,866,074
	139,141	Discovery Communications, Inc., Class C*		2,038,416
				3,904,490
Oil, Gas & Consumable Fuels (11.6%):
	185,979	Covanta Holding Corp.*		2,434,465
	73,212	Petrohawk Energy Corp.*		1,407,867
	58,262	Range Resources Corp.		2,398,064
	345,426	Southwestern Energy Co.*		10,255,698
	283,262	Ultra Petroleum Corp.*		10,166,273
				26,662,367
Pharmaceuticals (1.5%):
	71,582	Allergan, Inc.		3,418,756
Real Estate Management & Development (1.6%):
	262,272	Brookfield Asset Management, Inc., Class A		3,614,108
Software (11.3%):
	147,400	Autodesk, Inc.*		2,477,794
	117,440	IHS, Inc., Class A*		4,836,179
	166,498	Salesforce.com, Inc.*		5,449,480
	1,226,800	Tencent Holdings, Ltd.		9,115,549
	255,180	Teradata Corp.*		4,139,020
				26,018,022
Specialty Retail (1.6%):
	113,852	Abercrombie & Fitch Co., Class A		2,709,678
	120,519	Lululemon Athletica, Inc.*		1,043,694
				3,753,372
Transportation Infrastructure (0.9%):
	113,809	Grupo Aeroportuario del Pacifico SA de CV, ADR		2,077,014
Wireless Telecommunication Services (1.3%):
	28,606	Millicom International Cellular SA		1,059,566
	122,717	NII Holdings, Inc.*		1,840,755

Continued

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
AZL Van Kampen Mid Cap Growth Fund
Schedule of Portfolio Investments, continued
March 31, 2009
(Unaudited)

			Fair
Shares			Value
Common Stocks, continued
Wireless Telecommunication Services, continued
			$	2,900,321
Total Common Stocks (Cost $322,520,736)				213,005,548
Investment Company (7.3%):
	16,721,943	Dreyfus Treasury Prime Cash Management, 0.09%(d)		16,721,943
Total Investment Company (Cost $16,721,943)				16,721,943
Total Investment Securities (Cost $339,242,679)(e)—99.9%				229,727,491
Net other assets (liabilities) — 0.1%				160,806
NET ASSETS — 100.0%			$	229,888,297

	Percentages indicated are based on net assets as of March 31, 2009.
*	Non-income producing security
ADR	American Depository Receipt
(a)	Security was fair valued as of March 31, 2009. Represents 0.8% of the net assets of the Fund.
(b)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investors. The sub-adviser has deemed these securities to be illiquid based on procedures approved by the Board of Trustees. As of March 31, 2009, these securities represent 0.8% of the net assets of the Fund.
(c)	Rule 144A, Section 4(2) or other security which is restricted to resale to institutional investor. The sub adviser has deemed these securities to be liquid based on procedures approved by the board of Trustees.
(d)	The rate represents the effective yield at March 31, 2009.
(e)	Cost for federal income tax purposes is $343,435,160. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Unrealized appreciation	$	15,936,946
Unrealized depreciation		(129,644,615	)
Net unrealized depreciation	$	(113,707,669	)

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investment securities as of March 31, 2009:

Country	Percentage
United States		72.0	%
Canada		7.6	%
Hong Kong		7.0	%
Cayman Islands		6.5	%
Brazil		3.1	%
China		2.4	%
Mexico		0.9	%
Luxemburg		0.5	%
Total		100.0	%

See Notes to Schedule of Portfolio Investments.

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
NOTES TO THE SCHEDULE OF PORTFOLIO INVESTMENTS
MARCH 31, 2009 (Unaudited)

1. Organization

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust consists of 34 separate investment portfolios (collectively, the “Funds”), each of which is a series of the Trust, as follows:

• AZL AIM International Equity Fund

• AZL BlackRock Capital Appreciation Fund

• AZL BlackRock Growth Fund (formerly AZL Legg Mason Growth Fund)

• AZL Columbia Mid Cap Value Fund

• AZL Columbia Small Cap Value Fund

• AZL Columbia Technology Fund

• AZL Davis NY Venture Fund

• AZL Dreyfus Founders Equity Fund

• AZL First Trust Target Double Play Fund

• AZL Franklin Small Cap Value Fund

• AZL Jennison 20/20 Focus Fund

• AZL JPMorgan Large Cap Equity Fund (formerly AZL Legg Mason Value Fund)

• AZL JPMorgan U.S. Equity Fund (formerly AZL Oppenheimer Main Street Fund)

• AZL Money Market Fund

• AZL NACM International Fund

• AZL OCC Opportunity Fund

• AZL Oppenheimer Global Fund

• AZL Oppenheimer International Growth Fund

• AZL PIMCO Fundamental IndexPLUS Total Return Fund

• AZL S&P 500 Index Fund

• AZL Schroder Emerging Markets Equity Fund

• AZL Schroder International Small Cap Fund

• AZL Small Cap Stock Index Fund

• AZL TargetPLUS Balanced Fund

• AZL TargetPLUS Equity Fund

• AZL TargetPLUS Growth Fund

• AZL TargetPLUS Moderate Fund

• AZL Turner Quantitative Small Cap Growth Fund

• AZL Van Kampen Comstock Fund

• AZL Van Kampen Equity and Income Fund

• AZL Van Kampen Global Franchise Fund

• AZL Van Kampen Global Real Estate Fund

• AZL Van Kampen Growth and Income Fund

• AZL Van Kampen Mid Cap Growth Fund

All the Funds in the Trust, except the AZL BlackRock Growth Fund, AZL First Trust Target Double Play Fund, AZL JPMorgan Large Cap Equity Fund, AZL Van Kampen Global Franchise Fund, and AZL Van Kampen Global Real Estate Fund are diversified funds under the 1940 Act. The AZL BlackRock Growth Fund, AZL First Trust Target Double Play Fund, AZL JPMorgan Large Cap Equity Fund, AZL Van Kampen Global Franchise Fund, and AZL Van Kampen Global Real Estate Fund are non-diversified funds, which means they may concentrate their investments in the securities of a limited number of issuers.

The Trust is authorized to issue an unlimited number of shares of the Funds without par value. Shares of the Funds are available through the variable annuity contracts and variable life insurance policies offered through the separate accounts of participating insurance companies. The Funds except the AZL Schroder Emerging Markets Equity Fund and AZL S&P 500 Index Fund offer a single class of shares of the Funds’. The AZL Schroder Emerging Markets Equity Fund and AZL S&P 500 Index Fund each offer Class 1 and Class 2 shares of the Funds’.

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

2. Significant Accounting Policies

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

Security Valuation

The Funds record their investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Security prices are generally provided by an independent third party pricing service approved by the Trust’s Board of Trustees (“Trustees”) as of the close of the New York Stock Exchange (generally 4:00 pm EST). 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 on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. Investments in other investment companies are valued at their published net asset value.

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.

Exchange traded options and futures contracts are valued at the last sales price as of the close of the primary exchange. Forward foreign currency contracts are generally valued at the foreign currency exchange rate as of the close of the New York Stock Exchange (“NYSE”). Non-exchange traded derivatives, such as certain options and swaps, are generally valued by approved independent pricing services utilizing pricing techniques which take into account factors such as yield, quality, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes.

Other assets and securities for which no quotation is readily available or 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 (generally 4 PM Eastern Time). The Funds utilize 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 Funds’ net asset value is calculated. Management identifies possible fluctuation in international securities by monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, the Funds may use a systematic valuation model provided by an independent third party to fair value its international equity securities.

Investment Transactions and Investment Income

Investment transactions are recorded no later than one business day after trade date. For financial reporting purposes, investment transactions are recorded on trade date on the last business day of the reporting period.

Real Estate Investment Trusts

The Funds 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 year, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT.

Foreign Currency Translation

The accounting records of the Funds 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.

Risks Associated with Foreign Securities and Currencies

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. Certain foreign investments may also be subject to foreign withholding taxes.

Forward Foreign Currency Exchange Contracts

The Funds may enter into forward foreign currency exchange contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of securities denominated in a particular currency. In addition to the foreign currency risk related to the use of these contracts, the Funds 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. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency.

Mortgage Dollar Roll Transactions

The AZL PIMCO Fundamental IndexPLUS Total Return Fund and AZL Van Kampen Equity and Income Fund may engage in dollar roll transactions with respect to mortgage securities issued by the Government National Mortgage Association, the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. In a dollar roll transaction, the Funds sell a mortgage-backed security and simultaneously agrees to repurchase a similar security on a specified future date at an agreed upon price. During the roll period, the Funds will not be entitled to receive any interest or principal paid on the securities sold. The Funds are compensated for the lost interest on the securities sold by the difference between the sales price and the lower price for the future repurchase as well as by the interest earned on the reinvestment of the sales proceeds. The Funds may also be compensated by receipt of a commitment fee.

Repurchase Agreements

Under the terms of a repurchase agreement, the Funds (except for the AZL Schroder Emerging Markets Equity Fund and AZL Turner Quantitative Small Cap Growth Fund) would acquire securities from member banks of the Federal Deposit Insurance Corporation and registered broker-dealers which a Sub adviser deems creditworthy, subject to the seller’s agreement to repurchase such securities at a mutually agreed upon date and price. The repurchase price would generally equal the price paid by the Funds plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement will be required to maintain at all times the value of collateral held pursuant to the agreement at not less than the repurchase price (including accrued interest). If the seller were to default on its repurchase obligations or become insolvent, the Funds holding the obligation would suffer a loss to the extent that the proceeds from the sale of the underlying portfolio securities were less than the repurchase price under the agreement, or to the extent that the disposition of such securities by the Funds were delayed pending court action. Additionally, there is no controlling legal precedent confirming that the Funds would be entitled, as against the claim by such seller or its receiver or trustee in bankruptcy, to retain the underlying securities, although the Trustees believes that, under the regular procedures normally in effect for the custody of a Funds’ securities subject to repurchase agreements, and under federal laws, a court of competent jurisdiction would rule in favor of the Fund if presented with the question. Securities subject to repurchase agreements will be held by the Funds’ Custodian or another qualified custodian or in the Federal Reserve/Treasury book-entry system.

Futures Contracts

The Funds (except for the AZL First Trust Target Double Play Fund, AZL Money Market Fund, AZL TargetPLUS Equity Fund and AZL Turner Quantitative Small Cap Growth Fund) may enter into futures contracts. The Funds may use futures contracts to manage its exposure to the securities markets or to movements in market conditions or foreign exchange rates. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Funds are required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Funds 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.

Loan Participations and Assignments

The AZL PIMCO Fundamental IndexPLUS Total Return Fund, AZL TargetPLUS Balanced Fund, AZL TargetPLUS Growth Fund and AZL TargetPLUS Moderate Fund (collectively, the “PLUS Funds”) may invest in direct debt instruments which are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. The Funds’ investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “lender”)

that acts as an agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. When investing in loan participation, the Funds have the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt by the lender of payments from the borrower. The Funds generally have no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Funds may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When the Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan.

Options Contracts

The PLUS Funds may write call and put options on instruments in which it may invest. Writing put options tends to increase the Funds’ exposure to the underlying instrument. Writing call options tends to decrease the Funds’ exposure to the underlying instrument. When the Funds write a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying instrument to determine the realized gain or loss. The Funds as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Funds may not be able to enter into a closing transaction because of an illiquid market.

The PLUS Funds may also purchase put and call options. Purchasing call options tends to increase the Funds’ exposure to the underlying instrument. Purchasing put options tends to decrease the Funds’ exposure to the underlying instrument. The Funds pay a premium as an investment that is subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying instrument to determine the realized gain or loss.

The writing or purchasing of options subjects the PLUS Funds to equity price risk related to stock options and interest rate risk on bond, time deposit, and interest rate options.

Transactions in options written during the quarter ended March 31, 2009 for the AZL PIMCO Fundamental Index Total Return Fund were as follows:

	Number of			Premiums
Options Transactions	Contracts			Received
Options outstanding at December 31, 2008		(914	)	$	(279,065	)
Options written		(165	)		(13,237	)
Options exercised		—			—
Options bought back		630			199,065
Options expired		239			77,506
Options outstanding at March 31, 2009		(210	)	$	(15,731	)

Transactions in options written during the quarter ended March 31, 2009 for the AZL TargetPLUS Balanced Fund were as follows:

	Number of			Premiums
Options Transactions	Contracts			Received
Options outstanding at December 31, 2008		(100	)	$	(28,200	)
Options written		(305	)		(18,828	)
Options exercised		—			—
Options bought back		—			—
Options expired		7			1,645
Options outstanding at March 31, 2009		(398	)	$	(45,383	)

Transactions in options written during the quarter ended March 31, 2009 for the AZL TargetPLUS Moderate Fund were as follows:

	Number of			Premiums
Options Transactions	Contracts			Received
Options outstanding at December 31, 2008		(150	)	$	(42,300	)
Options written		(113	)		(3,990	)
Options exercised		—			—
Options bought back		50			14,100
Options expired		—			—
Options outstanding at March 31, 2009		(213	)	$	(32,190	)

Transactions in options written during the quarter ended March 31, 2009 for the AZL TargetPLUS Growth Fund were as follows:

	Number of			Premiums
Written Option Transactions	Contracts			Received
Options outstanding at December 31, 2008		(130	)	$	(36,660	)
Options written		(113	)		(3,990	)
Options exercised		—			—
Options bought back		50			14,100
Options expired		—			—
Options outstanding at March 31, 2009		(193	)	$	(26,550	)

Swap Agreements

The PLUS Funds 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. The Funds may enter into swap agreements to manage its exposure to market, interest rate and credit risk. The value of swap agreements are equal to the Funds’ 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.

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 Funds will receive a payment from or make a payment to the counterparty.

Credit default swap (CDS) agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified amount in the event of a default by a third party reference entity. A buyer of a CDS receives credit protection or sheds credit risk, whereas the seller of a CDS is selling credit protection or assuming credit risk. As a seller, the Funds would effectively add leverage to its portfolio because, in addition to its total net assets, the Funds would be subject to investment exposure on the notional amount of the swap. When entering into or closing a CDS position, a cash flow to account for market premiums or discounts (as compared to par value) is exchanged. The seller typically receives a pre-determined periodic payment from the other party in consideration for guaranteeing to make a specific payment to the buyer should the third party reference entity suffer a default event. If a default event occurs, the seller would be required to pay the notional amount of the referenced debt obligation to the counterparty in

exchange for the defaulted obligation, or the seller would be required to pay a net settlement amount to the counterparty equal to the notional amount of the referenced debt obligation less the recovery value of the defaulted obligation. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swap agreements on corporate issues or sovereign issues of an emerging country involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specified referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). The Funds used credit default swaps on corporate issues or sovereign issues of an emerging country to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Funds own or have exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Credit default swap agreements on credit indices involve a party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms, including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. The Funds used credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds. Purchasing credit default swaps on indices is less expensive than buying many credit default swaps to hedge a portfolio. Credit default swaps on indices protect investors owning bonds against default and can also be used to speculate on changes in credit quality.

Interest rate swaps involve the exchange of commitments to pay and receive interest based on a notional principal amount. Net periodic interest payments to be received or paid are accrued daily.

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. Payments received or made at the beginning of the measurement period are recorded as realized gain or loss upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as a realized gain or loss. Net periodic payments received or paid by the Funds are included as part of realized gains (losses). Swap agreements involve, to varying degrees, elements of market risk (generally credit risk related to credit default swaps, equity price risk related to stock index total return swaps, and interest rate risk related to interest rate swaps) 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 to perform. The notional amounts reflect the extent of the total investment exposure each Fund has under the swap agreement. The Funds bear 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 swap agreement counterparty.

The Funds are party to International Swap Dealers Association, Inc. Master Agreements (“ISDA Master Agreements”) with select counterparties that govern transactions, such as over-the-counter swap contracts, entered into by the Funds 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 transactions under the applicable ISDA Master Agreement.

Short Sales

The PLUS Funds may engage in short sales. The Funds may also incur dividend expense if a security that has been sold short declares a dividend. The Funds are exposed to market risk based on the amount, if any, that the market value of the securities sold short exceeds the proceeds received. Short sales involve elements of market risk and exposure to loss. This risk is potentially unlimited, as the Funds that sells a security short without hedging will be exposed to any market value increase in the security sold short.

Securities Lending

To generate additional income, each 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, or 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 Funds receive 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 collateral. Collateral is marked to market daily to provide a level of collateral at least equal to the fair value of securities loaned. 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. At March 31, 2009, the Funds had no amounts outstanding related to securities lending.

3. 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 144 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.

At March 31, 2009, the AZL Davis NY Venture Fund held restricted illiquid securities representing 0.8% of the net assets of Fund all of which have been deemed illiquid. The restricted illiquid securities held as of March 31, 2009 are identified below:

	Acquisition		Acquisition				Fair
Security	Date		Cost		Principal Amount		Value
Harley-Davidson, Inc., 15.00%, 2/1/14		2/2/09	$	3,000,000	$	3,000,000	$	3,023,826
Sino-Forest Corp., 5.00%, 8/1/13		7/17/08		688,000		688,000		458,380

At March 31, 2009, the AZL Oppenheimer International Growth Fund held restricted illiquid securities representing 0.0% of the net assets of the Fund all of which have been deemed illiquid. The restricted illiquid securities held as of March 31, 2009 are identified below:

	Acquisition		Acquisition				Fair
Security	Date		Cost		Shares		Value
Art Advanced Research Technologies, Inc.		4/3/07	$	450,225		957,913	$	34,198

At March 31, 2009, the AZL PIMCO Fundamental IndexPLUS Total Return Fund held restricted illiquid securities representing 0.9% of the net assets of the Fund, all of which have been deemed illiquid. The restricted illiquid securities held as of March 31, 2009 are identified below:

	Acquisition	Acquisition		Shares or		Fair
Security	Date	Cost		Contracts		Value
Preferred Stock:
DG Funding Trust	10/11/06	$	361,688		34	$	339,681
Purchased Options:
1-Year Interest Rate Swap (OTC), Receive 3-Month USD-LIBOR Floating Rate Index Strike @3.45, Exp. 8/3/09	4/15/08		86,240		770		289,295

At March 31, 2009, the AZL Van Kampen Mid Cap Growth Fund held restricted illiquid securities representing 0.8% of the net assets of the Fund, all of which have been deemed illiquid. The restricted illiquid securities held as of March 31, 2009 are identified below:

	Acquisition		Acquisition				Fair
Security	Date		Cost		Shares		Value
Ironwood Pharmaceuticals, Inc.		9/11/08	$	1,950,540		162,545	$	1,950,540

4. Investment Valuation Summary

The inputs used for valuing the Funds’ investments are summarized in the three broad levels listed below:

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

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

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

The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments. For example, short-term debt securities of sufficient credit quality maturing in sixty days or less are generally valued at amortized cost, which approximates fair value. Generally, amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

	LEVEL 1 - Quoted Prices								LEVEL 2 - Other Significant								LEVEL 3 - Significant						Total
	Investment		Other Financial			Securities Sold Short			Investment		Other Financial			Securities Sold Short			Investment		Other Financial		Securities Sold Short		Investment		Other Financial			Securities Sold Short
Fund Name	Securities		Instruments*			and Written Options			Securities		Instruments*			and Written Options			Securities		Instruments*		and Written Options		Securities		Instruments*			and Written Options
AZL AIM International Equity Fund	$	41,016,301	$	—		$	—		$	119,386,013	$	637		$	—		$	—	$	—	$	—	$	160,402,314	$	637		$	—
AZL BlackRock Capital Appreciation Fund		117,891,848		—			—			—		—			—			—		—		—		117,891,848		—			—
AZL BlackRock Growth Fund		124,342,679		—			—			—		—			—			—		—		—		124,342,679		—			—
AZL Columbia Mid Cap Value Fund		58,508,051		—			—			122,460		—			—			—		—		—		58,630,511		—			—
AZL Columbia Small Cap Value Fund		33,572,086		—			—			—		—			—			—		—		—		33,572,086		—			—
AZL Columbia Technology Fund		44,409,485		—			—			629,477		—			—			—		—		—		45,038,962		—			—
AZL Davis NY Venture Fund		395,903,849		—			—			28,938,973		—			—			—		—		—		424,842,822		—			—
AZL Dreyfus Founders Equity Growth Fund		115,507,607		—			—			—		—			—			—		—		—		115,507,607		—			—
AZL First Trust Target Double Play Fund		56,981,518		—			—			—		—			—			—		—		—		56,981,518		—			—
AZL Franklin Small Cap Value Fund		162,242,273		—			—			—		—			—			—		—		—		162,242,273		—			—
AZL Jennison 20/20 Focus Fund		290,710,211		—			—			—		—			—			—		—		—		290,710,211		—			—
AZL JPMorgan Large Cap Equity Fund		52,681,987		—			—			—		—			—			—		—		—		52,681,987		—			—
AZL JPMorgan U.S. Equity Fund		57,722,682		—			—			—		—			—			—		—		—		57,722,682		—			—
AZL Money Market Fund		400		—			—			1,147,579,147		—			—			—		—		—		1,147,579,547		—			—
AZL NACM International Fund		4,160,363		—			—			51,275,193		9,046						—		—		—		55,435,556		9,046			—
AZL OCC Opportunity Fund		85,456,385		—			—			—		—			—			—		—		—		85,456,385		—			—
AZL Oppenheimer Global Fund		41,827,135		—			—			49,742,936		—			—			—		—		—		91,570,071		—			—
AZL Oppenheimer International Growth Fund		9,713,271		—			—			92,193,036		—			—			—		—		—		101,906,307		—			—
AZL PIMCO Fundamental IndexPLUS Total Return Fund		3,358,875		1,619,857			(2,981	)		130,891,806		(536,909	)		(1,976	)		—		—		—		134,250,681		1,082,948			(4,957	)
AZL S&P 500 Index Fund		253,051,791		492,137			—			1,334,537		—			—			—		—		—		254,386,328		492,137			—
AZL Schroder Emerging Markets Equity Fund		63,128,272		—			—			157,921,045		—			—			—		—		—		221,049,317		—			—
AZL Schroder International Small Cap Fund		4,459,547		—			—			54,820,469		—			—			—		—		—		59,280,016		—			—
AZL Small Cap Stock Index Fund		101,419,615		122,294			—			255,911		—			—			—		—		—		101,675,526		122,294			—
AZL TargetPLUS Balanced Fund		40,600,874		240,762			(1,806	)		69,916,628		169,614			(3,279,494	)		—		—		—		110,517,502		410,376			(3,281,300	)
AZL TargetPLUS Equity Fund		46,282,195		—			—			8,769,436		—			—			—		—		—		55,051,631		—			—
AZL TargetPLUS Growth Fund		43,400,251		174,467			(950	)		27,245,976		6,769			(2,203,727	)		—		—		—		70,646,227		181,236			(2,204,677	)
AZL TargetPLUS Moderate Fund		29,170,873		240,497			(950	)		33,928,553		11,025			(2,232,460	)		—		—		—		63,099,426		251,522			(2,233,410	)
AZL Turner Quantitative Small Cap Growth Fund		38,242,494		—			—			—		—			—			—		—		—		38,242,494		—			—
AZL Van Kampen Comstock Fund		315,925,457		—			—			—		—			—			—		—		—		315,925,457		—			—
AZL Van Kampen Equity and Income Fund		113,543,586		(9,595	)		—			44,838,982		—			—			—		—		—		158,382,568		(9,595	)		—
AZL Van Kampen Global Franchise Fund		73,700,415		—			—			105,738,545		301,985			—			—		—		—		179,438,960		301,985			—
AZL Van Kampen Global Real Estate Fund		30,051,307		—			—			51,146,248		(1,503	)		—			—		—		—		81,197,555		(1,503	)		—
AZL Van Kampen Growth and Income Fund		139,420,963		(2,492	)		—			448,068		—			—			—		—		—		139,869,031		(2,492	)		—
AZL Van Kampen Mid Cap Growth Fund		208,922,462		—			—			18,854,489		—			—			1,950,540		—		—		229,727,491		—			—

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Investment		Other Financial
AZL Van Kampen Mid Cap Growth Fund	Securities		Instruments*
Balance as of December 31, 2008	$	1,950,540	$	—
Realized gain/(loss)		—		—
Change in unrealized appreciation/(depreciation)		—		—
Net purchases (sales)		—		—
Transfers in (out) of Level 3		—		—
Balance as of March 31, 2009	$	1,950,540	$	—

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

Item 2. Controls and Procedures.

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

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

Item 3. Exhibits.

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

SIGNATURES

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

(Registrant) Allianz Variable Insurance Products Trust

By (Signature and Title) /s/ Troy A. Sheets   Troy A. Sheets, Treasurer

Date May 28, 2009

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

By (Signature and Title)	/s/ Jeffrey Kletti
	Jeffrey Kletti, President

Date May 28, 2009

By (Signature and Title)	/s/ Troy A. Sheets
	Troy A. Sheets, Treasurer

Date May 28, 2009

EX-99.CERT

CERTIFICATIONS

I, Jeffrey Kletti, certify that:

1.	I have reviewed this report on Form N-Q of Allianz Variable Insurance Products Trust (the “registrant”);
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

May 28, 2009	/s/ Jeffrey Kletti
Date	Jeffrey Kletti President

CERTIFICATIONS

I, Troy A. Sheets, certify that:

1.	I have reviewed this report on Form N-Q of Allianz Variable Insurance Products Trust (the “registrant”);
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

May 28, 2009	/s/ Troy A. Sheets
Date	Troy A. Sheets Treasurer