May 01, 2025

AZL Russell 1000 Value Index Fund

 Investment Objective

The Fund seeks to match the total return of the Russell 1000^® Value Index.

 Fees and Expenses   Fees and Expenses of the Fund

The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The Fund is offered exclusively as an investment option for certain Contracts. The table below reflects only Fund expenses and does not reflect Contract fees and expenses. If Contract fees and expenses were included, the fees and expenses in the following table would be higher. Please refer to the Contract prospectus for a description of those fees and expenses.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses - AZL Russell 1000 Value Index Fund		AZL Russell 1000 Value Index Fund Class 1	AZL Russell 1000 Value Index Fund Class 2
Management Fee		0.44%	0.44%
Distribution (12b-1) Fees		none	0.25%
Other Expenses		0.07%	0.07%
Total Annual Fund Operating Expenses		0.51%	0.76%
Fee Waiver	[1]	(0.09%)	(0.09%)
Total Annual Fund Operating Expenses After Fee Waiver	[1]	0.42%	0.67%

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year, that the Fund’s operating expenses remain the same, and that you reinvest all dividends and distributions. It does not reflect any Contract fees. It reflects the management fee waiver agreement for the first year. If Contract fees were included, the costs shown would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - AZL Russell 1000 Value Index Fund - USD ($)	1 Year	3 Years	5 Years	10 Years
AZL Russell 1000 Value Index Fund Class 1	43	154	276	632
AZL Russell 1000 Value Index Fund Class 2	68	234	414	934

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 13% of the average value of its portfolio.

 Investments, Risks, and Performance   Principal Investment Strategies of the Fund

The Fund normally invests in all stocks in the Russell 1000^® Value Index (the “Index”) in proportion to their weighting in the Index. The Subadviser attempts to have a correlation between the Fund’s performance and that of the Index of at least 0.95 before expenses. A correlation of 1.00 would mean that the Fund and the Index were perfectly correlated.

The Index is an unmanaged index composed of companies in the Russell 1000^® Index which exhibit lower price-to-book ratios and lower expected growth values. The Russell 1000^® Index is itself composed of approximately 1,000 of the largest securities on the Russell 3000^® Index, based on a combination of their market cap and current index membership. The Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies

continue to reflect value characteristics. The Index uses a capping methodology at each quarterly rebalance that limits the weight of any single company to a maximum of 22.5% of the Index’s weight, and the sum of all companies with a weight above 4.5% to an aggregate 45% of the Index’s weight.

In seeking to match the performance of the Index, the Subadviser uses a passive management approach and purchases all or a representative sample of the stocks comprising the Index. Under normal circumstances, the Fund invests at least 80% of the value of its net assets in a statistically selected sampling of securities of companies included in the Russell 1000 Value Index or in derivative instruments linked to that Index, primarily stock index futures contracts. The Subadviser also may use stock index futures as a substitute for the sale or purchase of securities. Because the Fund has expenses, performance will tend to be slightly lower than that of the target benchmark.

Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is concentrated.

Principal Risks of Investing in the Fund

Performance Information

The following bar chart and table provide an indication of the risks of an investment in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns for one year, five years, ten years, and since inception, as applicable, compare with those of a broad-based measure of market performance, the Russell 1000 Index. The Fund’s performance also is compared to the returns of the Russell 1000 Value Index, which is relevant to the Fund because it has characteristics similar to the Fund’s investment strategies.

Both the bar chart and the table assume reinvestment of dividends and distributions.

The performance of the Fund will vary from year to year. The Fund’s performance does not reflect the cost of insurance and separate account charges which are imposed under your Contract. If they were included, performance would be reduced. Past performance does not indicate how the Fund will perform in the future.

Performance Bar Chart and Table (Class 2)   Calendar Year Total Return

Highest and Lowest Quarter Returns (for periods shown in the bar chart)

Highest (Q4, 2020)	16.06%
Lowest (Q1, 2020)	-27.04%

Average Annual Total Returns

Average Annual Returns - AZL Russell 1000 Value Index Fund		1 Year	5 Years	10 Years	Since Inception	Inception Date
AZL Russell 1000 Value Index Fund Class 1		13.95%	8.35%		9.50%	Oct. 17, 2016
AZL Russell 1000 Value Index Fund Class 2		13.62%	8.09%	7.84%		Apr. 30, 2010
Russell 1000 Index	[1]	24.51%	14.28%	12.87%	14.92%
Russell 1000 Value Index	[1]	14.37%	8.68%	8.49%	9.88%

Effective June 30, 2024, the Fund changed its broad-based securities market benchmark from the Russell 1000 Value Index to the Russell 1000 Index to reflect that the Russell 1000 Index can be considered more broadly representative of the overall applicable securities markets.

[1] The Manager and the Fund have entered into a written agreement reducing the management fee to 0.35% through at least April 30, 2026, after which the fee waiver may be terminated by the Manager or the Fund at any time and for any reason.

[1] Reflects no deduction for fees, expenses, or taxes.