AZL International Index Fund

<b>AZL^® INTERNATIONAL INDEX FUND, CLASS 1 AND CLASS 2</b>

<b>Investment Objective</b>

The Fund seeks to match the performance of the MSCI EAFE^® Index as closely as possible.

<b>Fees and Expenses <br/><br/>Fees and Expenses of the Fund</b>

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.

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

Annual Fund Operating Expenses - AZL International Index Fund	Class 1	Class 2
Management Fee	0.35%	0.35%
Distribution (12b-1) Fees	none	0.25%
Other Expenses	0.10%	0.10%
Total Annual Fund Operating Expenses	0.45%	0.70%

<b>Example</b>

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. 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 International Index Fund - USD ($)	1 Year	3 Years	5 Years	10 Years
Class 1	46	144	252	567
Class 2	72	224	390	871

Expense Example, No Redemption - AZL International Index Fund - USD ($)	1 Year	3 Years	5 Years	10 Years
Class 1	46	144	252	567
Class 2	72	224	390	871

<b>Portfolio Turnover</b>

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 2% of the average value of its portfolio.

<b>Investments, Risks, and Performance <br/><br/>Principal Investment Strategies of the Fund</b>

The Fund employs a passive management approach, investing in a portfolio of assets whose performance is expected to match approximately the performance of the MSCI EAFE Index before the deduction of Fund expenses. Under normal circumstances, the Fund invests at least 80% of the value of its net assets in a statistically selected sampling of equity securities of companies included in the MSCI EAFE Index and in derivative instruments linked to the MSCI EAFE Index, primarily futures contracts.

The MSCI EAFE Index is a market-weighted index composed of common stocks of companies from various industrial sectors whose primary trading markets are located outside the United States. Companies included in the MSCI EAFE Index are selected from among the larger-capitalization companies in these markets. The weighting of the MSCI EAFE Index is based on the relative market capitalization of each of the countries in the MSCI EAFE Index.

The Fund does not necessarily invest in all of the securities in the MSCI EAFE Index, or in the same weightings as the securities have in the index. The Fund's subadviser chooses investments so that the market capitalizations, industry weightings, and other fundamental characteristics of the securities chosen are similar to those of the MSCI EAFE Index as a whole.

<b>Principal Risks of Investing in the Fund</b>

The price per share of the Fund will fluctuate with changes in the value of the investments held by the Fund. You may lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. There is no guarantee that the Fund will achieve its objective.

The following is a summary of the principal risks to which the Fund’s portfolio as a whole is subject. As changes occur in a Fund’s portfolio holdings, the extent to which the portfolio is subject to each of these risks may also change.

• Market Risk – The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.
• Issuer Risk – The value of a security may decline for a number of reasons directly related to the issuer of the security.
• Foreign Risk – Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in currency values, adverse political, social or economic developments, and differences in social and economic developments or policies.
• Index Fund Risk – The Fund does not attempt to manage market volatility or reduce the effects of poor stock performance. In addition, factors such as Fund expenses, selection of a representative portfolio, changes in the composition of the index, or the timing of purchases or redemptions of Fund shares may affect the correlation between the performance of the index and the Fund’s performance.
• Derivatives Risk – Investing in derivative instruments involves risks that may be different from or greater than the risks associated with investing directly in securities or other traditional investments.
• Depositary Receipt Risk – Depositary receipts involve many of the same risks as those associated with direct investment in foreign securities.
• Currency Risk – Investing in securities that trade in and receive revenues in foreign currencies creates risk because foreign currencies may decline relative to the U.S. dollar, resulting in a potential loss to the Fund. In the case of hedging positions, the U.S. dollar may decline in value relative to the currency that has been hedged.

<b>Performance Information</b>

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 and since its inception compare with those of a broad measure of market performance.

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 variable annuity contract or variable life insurance policy. If they were included, performance would be reduced. Past performance does not indicate how the Fund will perform in the future.

<b>Performance Bar Chart and Table (Class 2)<br/><br/>Calendar Year Total Returns<br/>Annual Return %</b>

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

Highest (Q3, 2010)                                                                                 17.43%
Lowest (Q3, 2011)                                                                                 -20.27%

<b>Average Annual Total Returns</b>

Average Annual Total Returns - AZL International Index Fund		One Year Ended December 31, 2018	Five Year Ended December 31, 2018
				Since Inception	Inception Date
Class 1		(13.80%)		3.80%	Oct. 17, 2016
Class 2		(14.04%)	(0.08%)	6.11%	May 01, 2009
MSCI EAFE Index	[1]	(13.36%)	1.00%	7.35%	May 01, 2009

[1] Reflects no deduction for fees, expenses, or taxes. The since inception performance data for the MSCI EAFE Index is calculated from 5/1/2009.