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aviptfft:S000043683Member aviptfft:ModerateCompositeIndexMember 2020-05-01 2020-05-01 pure iso4217:USD 2020-05-01 485BPOS 2019-12-31 Allianz Variable Insurance Products Fund of Funds Trust 0001301708 false 2020-04-28 2020-05-01 FUND SUMMARIES AZL MVP FUSIONSM DYNAMIC BALANCED FUND Investment Objective The Fund seeks long-term capital appreciation with preservation of capital as an important consideration. 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 only 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 your 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) 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. 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: 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 12% of the average value of its portfolio. Investments, Risks, and Performance Principal Investment Strategies of the Fund The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective by investing primarily in the shares of other mutual funds managed by the Manager or affiliates of the Manager. The Fund is designed to provide a diversified portfolio consisting of funds in equity and fixed income asset classes. Under normal market conditions, the Fund will allocate approximately 50% of its assets to underlying equity funds and approximately 50% of its assets in the underlying fixed income funds. <br/><br/> In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk management process, described below. <br/><br/> The investment results of the underlying funds will vary. As a result, the Manager monitors the actual allocations to the underlying funds daily and periodically adjusts the actual allocations to attempt to achieve the target allocation. Generally, the Manager will seek to maintain the actual fund allocations to target using the cash flows that result from contract holders buying or selling shares in the Fund. However, if cash flows were insufficient to maintain the target allocations, the Manager would then buy or sell underlying funds as necessary to attempt to return the Fund’s actual asset allocations to the targets. Generally, the actual allocations will not be more than 10% above or below the targets. <br/><br/> The Manager utilizes both strategic and dynamic asset allocation processes to help determine appropriate asset allocations for the Fund among the underlying funds. Dynamic asset allocation incorporates a shorter-term investment view (typically, 6 to 24 months), as compared with longer-term strategic asset allocation, and seeks to take advantage of short-term market dislocations. <br/><br/> Under normal market conditions, the Fund will allocate approximately 95% of its assets to the underlying funds as described above, and approximately 5% of the Fund’s assets may be invested in equity and/or fixed income futures, such as S&P 500 Index futures and U.S. Treasury futures, which generally are liquid. The futures strategy, called the MVP risk management process, seeks to reduce the volatility of the Fund. Volatility refers to the amount by which the price of an investment can change over a period of time. High volatility indicates that the price has changed significantly, up or down, over a short time period; lower volatility indicates that the price is not changing dramatically, but at a steady pace over a period of time. Generally, higher volatility is considered to be more risky. <br/><br/> The goal of the MVP process is to achieve Fund volatility at or below 10% on an annualized basis over a full business cycle by either increasing or decreasing the exposure to equities over time. The Fund seeks to accomplish this primarily by selling equity index futures when markets experience heightened volatility, and by buying equity index futures when markets experience normal or lower levels of volatility.  Futures provide the Manager an effective method to reduce volatility of the Fund and limit the need to decrease or increase allocations to the underlying funds.  As a result, the MVP process could cause the equity exposure of the Fund to fluctuate significantly but it will generally not be lower than 10%.  The MVP process would generally not reduce equity exposure during periods of moderate and low market volatility but during periods of extreme market volatility the MVP process could result in Fund equity exposure that is significantly lower than 10%. Principal Risks of Investing in the Fund The price per share of the Fund will fluctuate with changes in 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 of 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. <br/><br/> The following is a summary of the principal risks to which the Fund’s portfolio as a whole is subject. If changes occur in a Fund’s portfolio holdings, the extent to which the portfolio is subject to each of these risks may also change. <ul type="square"><li>Allocation Risk – The risk associated with the Manager’s decisions regarding how the Fund’s assets should be allocated among the various underlying funds and to futures, which could cause the Fund to underperform other funds with similar investment objectives. There can be no guarantee that investment decisions made by the Manager will produce the desired results. Further, because the Manager has limited discretion to change the overall asset allocation between equity funds and fixed income funds or the futures allocations under normal market conditions, the Fund might underperform comparable funds of funds for which the fund’s manager has such discretion to adjust allocations. </li></ul><ul type="square"><li>Futures Risk – Because the Fund may utilize futures pursuant to its MVP risk management process, the Fund also is subject to derivatives risk, including risks related to futures. 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. The value of futures contracts depend primarily upon the price of the securities, indexes, commodities, currencies or other instruments underlying them. Price movements are also influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary, and exchange control programs and policies of governments, and national and international political and economic events and policies. The cost of futures may also be related, in part, to the degree of volatility of the underlying indices, securities, currencies, or other assets. Accordingly, futures on highly volatile indices, securities, currency, or other assets may be more expensive than futures on other investments. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. Further, in some market conditions the Fund may either underperform or outperform as a direct result of the MVP process.  The Fund may, for example, outperform in downward trending markets when volatility is high (and the equity allocation low) and underperform in upward trending markets when volatility is high (and the equity allocation low). </li></ul><ul type="square"><li>Quantitative Investing Risk – The value of securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value. In addition, factors that affect a security’s value can change over time and these changes may not be reflected in the quantitative model. The MVP risk management process uses quantitative analysis. </li></ul><ul type="square"><li>Fund of Funds Risk – The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any futures and cash held in the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and income distributions of the underlying funds allocated according to the target allocations described here. </li></ul><ul type="square"><li>Market Risk – The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably. </li></ul><ul type="square"><li>Issuer Risk – The value of a security may decline for a number of reasons directly related to the issuer of the security. </li></ul><ul type="square"><li>Capitalization Risk – Investing in small- to mid-sized companies creates risk because smaller companies may have unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of large companies. </li></ul><ul type="square"><li>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. </li></ul><ul type="square"><li>Emerging Markets Risk – Emerging markets may have less developed or more volatile trading markets, less developed legal and accounting systems, and greater likelihood of government restrictions, nationalization, or confiscation than developed countries. Frontier market countries generally have smaller economies or less developed capital markets and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries. </li></ul><ul type="square"><li>Depositary Receipt Risk – Depositary receipts involve many of the same risks as those associated with direct investment in foreign securities. </li></ul><ul type="square"><li>Sovereign Debt Risk – Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. </li></ul><ul type="square"><li>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. </li></ul><ul type="square"><li>Interest Rate Risk – Debt securities held by the Fund may decline in value due to rising interest rates. </li></ul><ul type="square"><li>Credit Risk – The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an adverse impact on a fund’s earnings. </li></ul><ul type="square"><li>Income Risk – Falling interest rates may cause a fund’s income to decline. </li></ul><ul type="square"><li>Call Risk – If interest rates fall, issuers of callable debt securities are more likely to prepay prior to the maturity date. A fund may not be able to reinvest the proceeds from the prepayment in investments that will generate the same level of income. </li></ul><ul type="square"><li>Extension Risk – If interest rates rise, debt securities may be paid in full more slowly than anticipated. </li></ul><ul type="square"><li>U.S. Government Obligations Risk – Certain securities in which an underlying fund may invest, including securities issued by certain government agencies and government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States.</li></ul> 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, and ten years compare with those of a broad-based measure of market performance, the S&P 500 Index. The Fund’s performance also is compared to the Bloomberg Barclays U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with the returns of a broad index of investment-grade fixed-rate debt issues, and to a Balanced Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&P 500 Index (50%) and the Bloomberg Barclays U.S. Aggregate Bond Index (50%) in proportions similar to the equity to fixed income allocation of the Fund.<br/><br/>Both the bar chart and the table assume reinvestment of dividends and distributions.<br/><br/>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 Calendar Year Total Return Annual Return % <b>Highest and Lowest Quarter Returns (for periods shown in the bar chart)</b><br/><br/><table style=" width: 100%" cellspacing="0" cellpadding="0"> <tr> <td style="width: 78.09%; vertical-align: top; "> <div style=" text-align: left">Highest (Q3, 2010)</div> </td> <td style="width: 21.91%; vertical-align: top; "> <div style=" text-align: right">7.22%</div> </td> </tr> <tr> <td style="width: 78.09%; vertical-align: top; "> <div style=" text-align: left">Lowest (Q3, 2011)</div> </td> <td style="width: 21.91%; vertical-align: top; "> <div style=" text-align: right">-8.49% </div> </td> </tr> </table> Average Annual Total Returns You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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 ten years compare with those of a broad-based measure of market performance, the S&P 500 Index. The Fund’s performance also is compared to the Bloomberg Barclays U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with the returns of a broad index of investment-grade fixed-rate debt issues, and to a Balanced Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&P 500 Index (50%) and the Bloomberg Barclays U.S. Aggregate Bond Index (50%) in proportions similar to the equity to fixed income allocation of the Fund. 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. Reflects no deduction for fees, expenses, or taxes. 0.002 0.0003 0.0072 0.0095 97 303 525 1166 0.1576 0.0504 0.0622 0.3149 0.117 0.1356 0.0872 0.0305 0.0375 0.1982 0.0749 0.0883 0.12 Highest 2010-09-30 0.0722 Lowest 2011-09-30 -0.0849 <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAnnualFundOperatingExpenses000013 column period compact * ~</div> <div style="display:none">~ http://www.allianzlife.com/role/ScheduleExpenseExampleTransposed000014 column period compact * ~</div> <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAverageAnnualTotalReturnsTransposed000017 column period compact * ~</div> AZL MVP FUSIONSM DYNAMIC CONSERVATIVE FUND Investment Objective The Fund seeks long-term capital appreciation with preservation of capital as an important consideration. 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 only 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 your 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) 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. 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: 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 21% of the average value of its portfolio. Investments, Risks, and Performance Principal Investment Strategies of the Fund The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective by investing primarily in the shares of other mutual funds managed by the Manager or affiliates of the Manager. The Fund is designed to provide a diversified portfolio consisting of funds in equity and fixed income asset classes. Under normal market conditions, the Fund will allocate approximately 35% of its assets to underlying equity funds and approximately 65% of its assets in the underlying fixed income funds.<br/><br/> In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk management process, described below.<br/><br/> The investment results of the underlying funds will vary. As a result, the Manager monitors the actual allocations to the underlying funds daily and periodically adjusts the actual allocations to attempt to achieve the target allocation. Generally, the Manager will seek to maintain the actual fund allocations to target using the cash flows that result from contract holders buying or selling shares in the Fund. However, if cash flows were insufficient to maintain the target allocations, the Manager would then buy or sell underlying funds as necessary to attempt to return the Fund’s actual asset allocations to the targets. Generally, the actual allocations will not be more than 10% above or below the targets.<br/><br/> The Manager utilizes both strategic and dynamic asset allocation processes to help determine appropriate asset allocations for the Fund among the underlying funds. Dynamic asset allocation incorporates a shorter-term investment view (typically, 6 to 24 months), as compared with longer-term strategic asset allocation, and seeks to take advantage of short-term market dislocations.<br/><br/> Under normal market conditions, the Fund will allocate approximately 95% of its assets to the underlying funds as described above, and approximately 5% of the Fund’s assets may be invested in equity and/or fixed income futures, such as S&P 500 Index futures and U.S. Treasury futures, which generally are liquid. The futures strategy, called the MVP risk management process, seeks to reduce the volatility of the Fund. Volatility refers to the amount by which the price of an investment can change over a period of time. High volatility indicates that the price has changed significantly, up or down, over a short time period; lower volatility indicates that the price is not changing dramatically, but at a steady pace over a period of time. Generally, higher volatility is considered to be more risky.<br/><br/> The goal of the MVP process is to achieve Fund volatility at or below 8% on an annualized basis over a full business cycle by either increasing or decreasing the exposure to equities over time. The Fund seeks to accomplish this primarily by selling equity index futures when markets experience heightened volatility, and by buying equity index futures when markets experience normal or lower levels of volatility.  Futures provide the Manager an effective method to reduce volatility of the Fund and limit the need to decrease or increase allocations to the underlying funds.  As a result, the MVP process could cause the equity exposure of the Fund to fluctuate significantly but it will generally not be lower than 10%.  The MVP process would generally not reduce equity exposure during periods of moderate and low market volatility but during periods of extreme market volatility the MVP process could result in Fund equity exposure that is significantly lower than 10%. Principal Risks of Investing in the Fund The price per share of the Fund will fluctuate with changes in 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 of 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.<br/><br/> The following is a summary of the principal risks to which the Fund’s portfolio as a whole is subject. If changes occur in a Fund’s portfolio holdings, the extent to which the portfolio is subject to each of these risks may also change. <ul type="square"><li> Allocation Risk – The risk associated with the Manager’s decisions regarding how the Fund’s assets should be allocated among the various underlying funds and to futures, which could cause the Fund to underperform other funds with similar investment objectives. There can be no guarantee that investment decisions made by the Manager will produce the desired results. Further, because the Manager has limited discretion to change the overall asset allocation between equity funds and fixed income funds or the futures allocations under normal market conditions, the Fund might underperform comparable funds of funds for which the fund’s manager has such discretion to adjust allocations. </li></ul><ul type="square"><li> Futures Risk – Because the Fund may utilize futures pursuant to its MVP risk management process, the Fund also is subject to derivatives risk, including risks related to futures. 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. The value of futures contracts depend primarily upon the price of the securities, indexes, commodities, currencies or other instruments underlying them. Price movements are also influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary, and exchange control programs and policies of governments, and national and international political and economic events and policies. The cost of futures may also be related, in part, to the degree of volatility of the underlying indices, securities, currencies, or other assets. Accordingly, futures on highly volatile indices, securities, currency, or other assets may be more expensive than futures on other investments. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. Further, in some market conditions the Fund may either underperform or outperform as a direct result of the MVP process.  The Fund may, for example, outperform in downward trending markets when volatility is high (and the equity allocation low) and underperform in upward trending markets when volatility is high (and the equity allocation low). </li></ul><ul type="square"><li> Quantitative Investing Risk – The value of securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value. In addition, factors that affect a security’s value can change over time and these changes may not be reflected in the quantitative model. The MVP risk management process uses quantitative analysis. </li></ul><ul type="square"><li> Fund of Funds Risk – The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any futures and cash held in the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and income distributions of the underlying funds allocated according to the target allocations described here. </li></ul><ul type="square"><li> Market Risk – The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably. </li></ul><ul type="square"><li> Issuer Risk – The value of a security may decline for a number of reasons directly related to the issuer of the security. </li></ul><ul type="square"><li> Capitalization Risk – Investing in small- to mid-sized companies creates risk because smaller companies may have unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of large companies. </li></ul><ul type="square"><li> 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. </li></ul><ul type="square"><li> Emerging Markets Risk – Emerging markets may have less developed or more volatile trading markets, less developed legal and accounting systems, and greater likelihood of government restrictions, nationalization, or confiscation than developed countries. Frontier market countries generally have smaller economies or less developed capital markets and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries. </li></ul><ul type="square"><li> Depositary Receipt Risk – Depositary receipts involve many of the same risks as those associated with direct investment in foreign securities. </li></ul><ul type="square"><li> Sovereign Debt Risk – Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. </li></ul><ul type="square"><li> 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. </li></ul><ul type="square"><li> Interest Rate Risk – Debt securities held by the Fund may decline in value due to rising interest rates. </li></ul><ul type="square"><li> Credit Risk – The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an adverse impact on a fund’s earnings. </li></ul><ul type="square"><li> Income Risk – Falling interest rates may cause a fund’s income to decline. </li></ul><ul type="square"><li> Call Risk – If interest rates fall, issuers of callable debt securities are more likely to prepay prior to the maturity date. A fund may not be able to reinvest the proceeds from the prepayment in investments that will generate the same level of income. </li></ul><ul type="square"><li> Extension Risk – If interest rates rise, debt securities may be paid in full more slowly than anticipated. </li></ul><ul type="square"><li> U.S. Government Obligations Risk – Certain securities in which an underlying fund may invest, including securities issued by certain government agencies and government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States.</li></ul> 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 and ten years compare with those of a broad-based measure of market performance, the S&P 500 Index. The Fund’s performance also is compared to the Bloomberg Barclays U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with the returns of a broad index of investment-grade fixed-rate debt issues, and to a Conservative Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&P 500 Index (35%) and the Bloomberg Barclays U.S. Aggregate Bond Index (65%) in proportions similar to the equity to fixed income allocation of the Fund.<br/><br/>Both the bar chart and the table assume reinvestment of dividends and distributions.<br/><br/>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 Calendar Year Total Return Annual Return % <b>Highest and Lowest Quarter Returns (for periods shown in the bar chart)</b><br/><br/><table style=" width: 100%" cellspacing="0" cellpadding="0"> <tr> <td style="width: 78.09%; vertical-align: top; "> <div style=" text-align: left">Highest (Q3, 2010)</div> </td> <td style="width: 21.91%; vertical-align: top; "> <div style=" text-align: right">6.75%</div> </td> </tr> <tr> <td style="width: 78.09%; vertical-align: top; "> <div style=" text-align: left">Lowest (Q3, 2011)</div> </td> <td style="width: 21.91%; vertical-align: top; "> <div style=" text-align: right">-6.87% </div> </td> </tr> </table> Average Annual Total Returns Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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 ten years compare with those of a broad-based measure of market performance, the S&P 500 Index. The Fund’s performance also is compared to the Bloomberg Barclays U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with the returns of a broad index of investment-grade fixed-rate debt issues, and to a Conservative Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&P 500 Index (35%) and the Bloomberg Barclays U.S. Aggregate Bond Index (65%) in proportions similar to the equity to fixed income allocation of the Fund. 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. Reflects no deduction for fees, expenses, or taxes. 0.002 0.0005 0.0072 0.0097 99 309 536 1190 0.1354 0.0454 0.0579 0.3149 0.117 0.1356 0.0872 0.0305 0.0375 0.1643 0.0618 0.0734 0.21 Highest 2010-09-30 0.0675 Lowest 2011-09-30 -0.0687 <div style="display:none">~ http://www.allianzlife.com/role/ScheduleExpenseExampleTransposed000024 column period compact * ~</div> <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAverageAnnualTotalReturnsTransposed000027 column period compact * ~</div> AZL MVP FUSIONSM DYNAMIC MODERATE FUND Investment Objective The Fund seeks long-term capital appreciation. 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 only 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 your 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) 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. 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: 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 12% of the average value of its portfolio. Investments, Risks, and Performance Principal Investment Strategies of the Fund The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective by investing primarily in the shares of other mutual funds managed by the Manager or affiliates of the Manager. The Fund is designed to provide a diversified portfolio consisting of funds in equity and fixed income asset classes. Under normal market conditions, the Fund will allocate approximately 60% of its assets to underlying equity funds and approximately 40% of its assets in the underlying fixed income funds. <br/><br/> In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk management process, described below. <br/><br/> The investment results of the underlying funds will vary. As a result, the Manager monitors the actual allocations to the underlying funds daily and periodically adjusts the actual allocations to attempt to achieve the target allocation. Generally, the Manager will seek to maintain the actual fund allocations to target using the cash flows that result from contract holders buying or selling shares in the Fund. However, if cash flows were insufficient to maintain the target allocations, the Manager would then buy or sell underlying funds as necessary to attempt to return the Fund’s actual asset allocations to the targets. Generally, the actual allocations will not be more than 10% above or below the targets. <br/><br/> The Manager utilizes both strategic and dynamic asset allocation processes to help determine appropriate asset allocations for the Fund among the underlying funds. Dynamic asset allocation incorporates a shorter-term investment view (typically, 6 to 24 months), as compared with longer-term strategic asset allocation, and seeks to take advantage of short-term market dislocations. <br/><br/> Under normal market conditions, the Fund will allocate approximately 95% of its assets to the underlying funds as described above, and approximately 5% of the Fund’s assets may be invested in equity and/or fixed income futures, such as S&P 500 Index futures and U.S. Treasury futures, which generally are liquid. The futures strategy, called the MVP risk management process, seeks to reduce the volatility of the Fund. Volatility refers to the amount by which the price of an investment can change over a period of time. High volatility indicates that the price has changed significantly, up or down, over a short time period; lower volatility indicates that the price is not changing dramatically, but at a steady pace over a period of time. Generally, higher volatility is considered to be more risky. <br/><br/> The goal of the MVP process is to achieve Fund volatility at or below 12% on an annualized basis over a full business cycle by either increasing or decreasing the exposure to equities over time. The Fund seeks to accomplish this primarily by selling equity index futures when markets experience heightened volatility, and by buying equity index futures when markets experience normal or lower levels of volatility.  Futures provide the Manager an effective method to reduce volatility of the Fund and limit the need to decrease or increase allocations to the underlying funds.  As a result, the MVP process could cause the equity exposure of the Fund to fluctuate significantly but it will generally not be lower than 10%.  The MVP process would generally not reduce equity exposure during periods of moderate and low market volatility but during periods of extreme market volatility the MVP process could result in Fund equity exposure that is significantly lower than 10%. Principal Risks of Investing in the Fund The price per share of the Fund will fluctuate with changes in 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 of 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. <br/><br/> The following is a summary of the principal risks to which the Fund’s portfolio as a whole is subject. If changes occur in a Fund’s portfolio holdings, the extent to which the portfolio is subject to each of these risks may also change. <ul type="square"><li> Allocation Risk – The risk associated with the Manager’s decisions regarding how the Fund’s assets should be allocated among the various underlying funds and to futures, which could cause the Fund to underperform other funds with similar investment objectives. There can be no guarantee that investment decisions made by the Manager will produce the desired results. Further, because the Manager has limited discretion to change the overall asset allocation between equity funds and fixed income funds or the futures allocations under normal market conditions, the Fund might underperform comparable funds of funds for which the fund’s manager has such discretion to adjust allocations.</li></ul><ul type="square"><li> Futures Risk – Because the Fund may utilize futures pursuant to its MVP risk management process, the Fund also is subject to derivatives risk, including risks related to futures. 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. The value of futures contracts depend primarily upon the price of the securities, indexes, commodities, currencies or other instruments underlying them. Price movements are also influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary, and exchange control programs and policies of governments, and national and international political and economic events and policies. The cost of futures may also be related, in part, to the degree of volatility of the underlying indices, securities, currencies, or other assets. Accordingly, futures on highly volatile indices, securities, currency, or other assets may be more expensive than futures on other investments. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. Further, in some market conditions the Fund may either underperform or outperform as a direct result of the MVP process.  The Fund may, for example, outperform in downward trending markets when volatility is high (and the equity allocation low) and underperform in upward trending markets when volatility is high (and the equity allocation low).</li></ul><ul type="square"><li> Quantitative Investing Risk – The value of securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value. In addition, factors that affect a security’s value can change over time and these changes may not be reflected in the quantitative model. The MVP risk management process uses quantitative analysis.</li></ul><ul type="square"><li> Fund of Funds Risk – The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any futures and cash held in the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and income distributions of the underlying funds allocated according to the target allocations described here.</li></ul><ul type="square"><li> Market Risk – The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.</li></ul><ul type="square"><li> Issuer Risk – The value of a security may decline for a number of reasons directly related to the issuer of the security.</li></ul><ul type="square"><li> Capitalization Risk – Investing in small- to mid-sized companies creates risk because smaller companies may have unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of large companies.</li></ul><ul type="square"><li> 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.</li></ul><ul type="square"><li> Emerging Markets Risk – Emerging markets may have less developed or more volatile trading markets, less developed legal and accounting systems, and greater likelihood of government restrictions, nationalization, or confiscation than developed countries. Frontier market countries generally have smaller economies or less developed capital markets and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries.</li></ul><ul type="square"><li> Depositary Receipt Risk – Depositary receipts involve many of the same risks as those associated with direct investment in foreign securities.</li></ul><ul type="square"><li> Sovereign Debt Risk – Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</li></ul><ul type="square"><li> 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.</li></ul><ul type="square"><li> Interest Rate Risk – Debt securities held by the Fund may decline in value due to rising interest rates.</li></ul><ul type="square"><li> Credit Risk – The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an adverse impact on a fund’s earnings.</li></ul><ul type="square"><li> Income Risk – Falling interest rates may cause a fund’s income to decline.</li></ul><ul type="square"><li> Call Risk – If interest rates fall, issuers of callable debt securities are more likely to prepay prior to the maturity date. A fund may not be able to reinvest the proceeds from the prepayment in investments that will generate the same level of income.</li></ul><ul type="square"><li> Extension Risk – If interest rates rise, debt securities may be paid in full more slowly than anticipated.</li></ul><ul type="square"><li> U.S. Government Obligations Risk – Certain securities in which an underlying fund may invest, including securities issued by certain government agencies and government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States.</li></ul> 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, and ten years compare with those of a broad-based measure of market performance, the S&P 500 Index. The Fund’s performance also is compared to the Bloomberg Barclays U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with the returns of a broad index of investment-grade fixed-rate debt issues, and to a Moderate Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&P 500 Index (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%) in proportions similar to the equity to fixed income allocation of the Fund. <br/><br/> Both the bar chart and the table assume reinvestment of dividends and distributions. <br/><br/> 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 Calendar Year Total Return Annual Return % <b>Highest and Lowest Quarter Returns (for periods shown in the bar chart)</b><br/><br/><table style=" width: 100%" cellspacing="0" cellpadding="0"> <tr> <td style="width: 78.09%; vertical-align: top; "> <div style=" text-align: left">Highest (Q3, 2010)</div> </td> <td style="width: 21.91%; vertical-align: top; "> <div style=" text-align: right">8.62%</div> </td> </tr> <tr> <td style="width: 78.09%; vertical-align: top; "> <div style=" text-align: left">Lowest (Q3, 2011)</div> </td> <td style="width: 21.91%; vertical-align: top; "> <div style=" text-align: right">-11.02% </div> </td> </tr> </table> Average Annual Total Returns Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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 ten years compare with those of a broad-based measure of market performance, the S&P 500 Index. The Fund’s performance also is compared to the Bloomberg Barclays U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with the returns of a broad index of investment-grade fixed-rate debt issues, and to a Moderate Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&P 500 Index (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%) in proportions similar to the equity to fixed income allocation of the Fund. 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. Reflects no deduction for fees, expenses, or taxes. 0.002 0.0002 0.0073 0.0095 97 303 525 1166 0.1731 0.0509 0.0652 0.3149 0.117 0.1356 0.0872 0.0305 0.0375 0.2211 0.0835 0.0981 0.12 Highest 2010-09-30 0.0862 Lowest 2011-09-30 -0.1102 <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAnnualFundOperatingExpenses000033 column period compact * ~</div> <div style="display:none">~ http://www.allianzlife.com/role/ScheduleExpenseExampleTransposed000034 column period compact * ~</div> <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAverageAnnualTotalReturnsTransposed000037 column period compact * ~</div> AZL® BALANCED INDEX STRATEGY FUND Investment Objective The Fund seeks long-term capital appreciation with preservation of capital as an important consideration. 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 only 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 your 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) 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. 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: Portfolio Turnover Investments, Risks, and Performance Principal Investment Strategies of the Fund 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 5% of the average value of its portfolio. The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective by investing primarily in a combination of five underlying index funds:<br/><br/> <table style="width:40%"><tr><td>          <b>FUND</b></td><td align="center"><b>TARGET ALLOCATION</b></td></tr><tr><td><ul type="square"><li>   AZL Enhanced Bond Index Fund </li></ul></td><td align="center">50%</td></tr><tr><td><ul type="square"><li>   AZL S&P 500 Index Fund</li></ul></td><td align="center">26%</td></tr><tr><td><ul type="square"><li>   AZL International Index Fund</li></ul></td><td align="center">12.5%</td></tr><tr><td><ul type="square"><li>   AZL Mid Cap Index Fund</li></ul></td><td align="center">7.5%</td></tr><tr><td><ul type="square"><li>   AZL Small Cap Stock Index Fund</li></ul></td><td align="center">4.0%</td></tr></table><br/>The AZL Enhanced Bond Index Fund is a bond index fund, subadvised by BlackRock Financial Management, LLC; the other four underlying funds are equity index funds, subadvised by BlackRock Investment Management, LLC. Therefore, under normal market conditions, the Fund will allocate approximately 50% of its assets in the underlying equity index funds and approximately 50% of its assets in the underlying bond index fund. These target allocations represent the Fund’s long-term strategic asset allocation, which is not expected to change under normal market conditions.<br/> <br/>The investment results of the underlying funds will vary. As a result, the Manager monitors the actual allocations to the underlying funds daily and periodically adjusts the actual allocations to attempt to achieve the target allocation. Generally, the Manager will seek to maintain the actual fund allocations to target using the cash flows that result from contract holders buying or selling shares in the Fund. However, if cash flows were insufficient to maintain the target allocations, the Manager would then buy or sell underlying funds as necessary to attempt to return the Fund’s actual asset allocations to the targets. Generally, the actual allocations will not be more than 10% above or below the targets.<br/> <br/>The AZL Enhanced Bond Index Fund under normal circumstances invests in a combination of securities with an overall weighting close to the capitalization weights of the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”). Under normal market conditions, the Fund invests at least 80% of its net assets in investment-grade debt securities (those of medium and high quality) of all types and repurchase agreements for those securities. Further, under normal circumstances, the Fund invests at least 80% of the value of its net assets in securities or other financial instruments that are components of or have economic characteristics similar to the securities included in the Index.<br/><br/>The AZL S&P 500 Index Fund under normal circumstances invests at least 80% of the value of its net assets in the securities of or in a statistically selected sampling of the securities of companies included in the S&P 500 Index or in derivative instruments linked to that Index.<br/><br/> The AZL Mid Cap Index Fund under normal circumstances invests at least 80% of the value of its net assets in a statistically selected sampling of equity securities of companies included in the S&P 400 Index and in derivative instruments linked to the S&P 400 Index, primarily futures contracts.<br/> <br/>The AZL Small Cap Stock Index Fund under normal market conditions invests at least 80% of its assets, plus any borrowings for investment purposes, in investments of small-capitalization companies, which for this purpose are companies with market capitalizations (the total market value of a company’s outstanding stock) at the time of purchase included in the S&P SmallCap 600 Index.<br/><br/> The AZL International Index Fund under normal circumstances 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. Principal Risks of Investing in the Fund The price per share of the Fund will fluctuate with changes in 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 of 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. <br/><br/> The following is a summary of the principal risks to which the Fund’s portfolio as a whole is subject. If changes occur in a Fund’s portfolio holdings, the extent to which the portfolio is subject to each of these risks may also change. <ul type="square"><li> Allocation Risk – The risk associated with the Manager’s decisions regarding how the Fund’s assets should be allocated among the various underlying funds, which could cause the Fund to underperform other funds with similar investment objectives. There can be no guarantee that investment decisions made by the Manager will produce the desired results. Further, because the Manager has limited discretion to change the underlying fund allocations under normal market conditions, the Fund might underperform comparable funds of funds for which the fund’s manager has discretion to adjust allocations to underlying funds.</li></ul><ul type="square"><li> Fund of Funds Risk – The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any cash held in the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and income distributions of the underlying funds allocated according to the target allocations described here.</li></ul> In addition, the Fund bears the investment risks of the investments of the underlying funds. The principal risks of the underlying funds are: <ul type="square"><li> Market Risk – The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.</li></ul><ul type="square"><li> Issuer Risk – The value of a security may decline for a number of reasons directly related to the issuer of the security.</li></ul><ul type="square"><li> Index Fund Risk – The underlying funds generally do not attempt to manage market volatility or reduce the effects of poor 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.</li></ul><ul type="square"><li> Capitalization Risk – Investing in small- to mid-sized companies creates risk because smaller companies may have unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of large companies.</li></ul><ul type="square"><li> 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.</li></ul><ul type="square"><li> Risks of Investing in Japan – Japan may be subject to political, economic, nuclear, and labor risks, among others. Any of these risks, individually or in the aggregate, can impact an investment made in Japan. The growth of Japan’s economy has recently lagged that of its Asian neighbors and other major developed economies. Since 2000, Japan’s economic growth rate has generally remained low relative to other advanced economies, and it may remain low in the future. The Japanese economy faces several concerns, any of which could negatively affect the value of Japanese investments. </li></ul><ul type="square"><li> Depositary Receipt Risk – Depositary receipts involve many of the same risks as those associated with direct investment in foreign securities.</li></ul><ul type="square"><li> 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.</li></ul><ul type="square"><li> Interest Rate Risk – Debt securities held by the Fund may decline in value due to rising interest rates.</li></ul><ul type="square"><li> Credit Risk – The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an adverse impact on a fund’s earnings.</li></ul><ul type="square"><li> Income Risk – Falling interest rates may cause a fund’s income to decline.</li></ul><ul type="square"><li> Call Risk – If interest rates fall, issuers of callable debt securities are more likely to prepay prior to the maturity date. A fund may not be able to reinvest the proceeds from the prepayment in investments that will generate the same level of income.</li></ul><ul type="square"><li> Extension Risk – If interest rates rise, debt securities may be paid in full more slowly than anticipated.</li></ul><ul type="square"><li> Derivatives Risk – Certain underlying funds may invest in derivative instruments, which involves risks that may be different from or greater than the risks associated with investing directly in securities or other traditional investments.</li></ul><ul type="square"><li> Leveraging Risk – Certain underlying funds may engage in certain kinds of transactions, including the use of derivatives, that may give rise to a form of leverage. The use of leverage may require a fund to liquidate a portfolio position at a disadvantageous time or may exaggerate the effect of any increase or decrease in the value of the fund’s portfolio securities.</li></ul><ul type="square"><li> Liquidity Risk – An investment that is difficult to purchase or sell may have an adverse effect on the fund’s returns.</li></ul><ul type="square"><li> Mortgage-Related and Other Asset-Backed Risk – Investing in mortgage-related or other asset-backed securities involves a variety of risks associated with the credit markets, such as rising or falling interest rates, increases in the rate of defaults or prepayments, and the quality of the pool of mortgages (subprime risk) or other assets that back the security.</li></ul><ul type="square"><li> Portfolio Turnover – Certain underlying funds may trade portfolio securities frequently, which could result in higher transaction costs and could adversely affect the fund’s performance.</li></ul><ul type="square"><li> Private Placed Securities Risk – Certain underlying funds may invest in privately placed securities, which are subject to resale restrictions.</li></ul><ul type="square"><li> Repurchase Agreements and Purchase and Sale Contracts Risk – If the other party to a repurchase agreement or purchase and sale contract defaults on its obligation under the agreement, a fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in ether situation and the market value of the security declines, the fund may lose money.</li></ul><ul type="square"><li> Sovereign Debt Risk – Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</li></ul><ul type="square"><li> Treasury Obligations Risk – Direct obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund. </li></ul><ul type="square"><li> U.S. Government Obligations Risk – Certain securities in which an underlying fund may invest, including securities issued by certain government agencies and government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States.</li></ul><ul type="square"><li> Focused Investments Risk – Certain underlying funds may invest in a relatively small number of issuers, industries, or regions which involves added risk. Changes in the value of a single security or a single economic, political, or regulatory event may have a large impact on the value of the fund’s portfolio.</li></ul> 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 and ten years compare with those of a broad-based measure of market performance, the S&P 500 Index. The Fund’s performance also is compared to the Bloomberg Barclays U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with the returns of a broad index of investment-grade fixed-rate debt issues, and to a Balanced Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&P 500 Index (50%) and the Bloomberg Barclays U.S. Aggregate Bond Index (50%) in proportions similar to the equity to fixed income allocation of the Fund. <br/><br/> Both the bar chart and the table assume reinvestment of dividends and distributions. <br/><br/> 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. <b>Highest and Lowest Quarter Returns (for periods shown in the bar chart)</b><br/><br/><table style=" width: 100%" cellspacing="0" cellpadding="0"> <tr> <td style="width: 78.09%; vertical-align: top; "> <div style=" text-align: left">Highest (Q1, 2019)</div> </td> <td style="width: 21.91%; vertical-align: top; "> <div style=" text-align: right">7.59%</div> </td> </tr> <tr> <td style="width: 78.09%; vertical-align: top; "> <div style=" text-align: left">Lowest (Q3, 2011)</div> </td> <td style="width: 21.91%; vertical-align: top; "> <div style=" text-align: right">-7.07% </div> </td> </tr> </table> Average Annual Total Returns Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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 ten years compare with those of a broad-based measure of market performance, the S&P 500 Index. The Fund’s performance also is compared to the Bloomberg Barclays U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with the returns of a broad index of investment-grade fixed-rate debt issues, and to a Balanced Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&P 500 Index (50%) and the Bloomberg Barclays U.S. Aggregate Bond Index (50%) in proportions similar to the equity to fixed income allocation of the Fund. 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. Reflects no deduction for fees, expenses, or taxes. 0.0005 0.0004 0.0061 0.007 72 224 390 871 0.1724 0.0595 0.0716 0.3149 0.117 0.1356 0.0872 0.0305 0.0375 0.1982 0.0749 0.0883 0.05 Highest 2019-03-31 0.0759 Lowest 2011-09-30 -0.0707 <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAnnualFundOperatingExpenses000043 column period compact * ~</div> <div style="display:none">~ http://www.allianzlife.com/role/ScheduleExpenseExampleTransposed000044 column period compact * ~</div> <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAverageAnnualTotalReturnsTransposed000047 column period compact * ~</div> AZL® MVP BALANCED INDEX STRATEGY FUND Investment Objective The Fund seeks long-term capital appreciation with preservation of capital as an important consideration. 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 only 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 your 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) 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. 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: Portfolio Turnover Investments, Risks, and Performance Principal Investment Strategies of the Fund 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 9% of the average value of its portfolio. The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective by investing primarily in a combination of five underlying index funds: <br/><br/> <table style="width:40%"><tr><td>          <b>FUND</b></td><td align="center"><b>TARGET ALLOCATION</b></td></tr><tr><td><ul type="square"><li>   AZL Enhanced Bond Index Fund </li></ul></td><td align="center">47.5%</td></tr><tr><td><ul type="square"><li>   AZL S&P 500 Index Fund</li></ul></td><td align="center">23.5%</td></tr><tr><td><ul type="square"><li>   AZL International Index Fund</li></ul></td><td align="center">12.5%</td></tr><tr><td><ul type="square"><li>   AZL Mid Cap Index Fund</li></ul></td><td align="center">7.5%</td></tr><tr><td><ul type="square"><li>   AZL Small Cap Stock Index Fund</li></ul></td><td align="center">4.0%</td></tr></table><br/>In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk management process, described below. <br/><br/>The AZL Enhanced Bond Index Fund is a bond index fund, subadvised by BlackRock Financial Management, LLC; the other four underlying funds are equity index funds, subadvised by BlackRock Investment Management, LLC. Therefore, under normal market conditions, the Fund will allocate approximately 50% of its assets in the underlying equity index funds and approximately 50% of its assets in the underlying bond index fund. These target allocations represent the Fund’s long-term strategic asset allocation, which is not expected to change under normal market conditions. <br/><br/>The investment results of the underlying funds will vary. As a result, the Manager monitors the actual allocations to the underlying funds daily and periodically adjusts the actual allocations to attempt to achieve the target allocation. Generally, the Manager will seek to maintain the actual fund allocations to target using the cash flows that result from shareholders buying or selling shares in the Fund. However, if cash flows were insufficient to maintain the target allocations, the Manager would then buy or sell underlying funds as necessary to attempt to return the Fund’s actual asset allocations to the targets. Generally, the actual allocations will not be more than 10% above or below the targets. <br/><br/>The AZL Enhanced Bond Index Fund under normal circumstances invests in a combination of securities with an overall weighting close to the capitalization weights of the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”). Under normal market conditions, the Fund invests at least 80% of its net assets in investment-grade debt securities (those of medium and high quality) of all types and repurchase agreements for those securities. Further, under normal circumstances, the Fund invests at least 80% of the value of its net assets in securities or other financial instruments that are components of or have economic characteristics similar to the securities included in the Index. <br/><br/>The AZL S&P 500 Index Fund under normal circumstances invests at least 80% of the value of its net assets in the securities of or in a statistically selected sampling of the securities of companies included in the S&P 500 Index or in derivative instruments linked to that Index. <br/><br/> The AZL Mid Cap Index Fund under normal circumstances invests at least 80% of the value of its net assets in a statistically selected sampling of equity securities of companies included in the S&P 400 Index and in derivative instruments linked to the S&P 400 Index, primarily futures contracts. <br/><br/>The AZL Small Cap Stock Index Fund under normal market conditions invests at least 80% of its assets, plus any borrowings for investment purposes, in investments of small-capitalization companies, which for this purpose are companies with market capitalizations (the total market value of a company’s outstanding stock) at the time of purchase included in the S&P SmallCap 600 Index. <br/><br/>The AZL International Index Fund under normal circumstances 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. <br/><br/>Under normal market conditions, the Fund will allocate approximately 95% of its assets to the underlying funds described above, and approximately 5% of the Fund’s assets may be invested in equity and/or fixed income futures, such as S&P 500 Index futures and U.S. Treasury futures, which generally are liquid. The futures strategy, called the MVP risk management process, seeks to reduce the volatility of the Fund. Volatility refers to the amount by which the price of an investment can change over a period of time. High volatility indicates that the price has changed significantly, up or down, over a short time period; lower volatility indicates that the price is not changing dramatically, but at a steady pace over a period of time. Generally, higher volatility is considered to be more risky. <br/><br/>The goal of the MVP process is to achieve Fund volatility at or below 10% on an annualized basis over a full business cycle by either increasing or decreasing the exposure to equities over time. The Fund seeks to accomplish this primarily by selling equity index futures when markets experience heightened volatility, and by buying equity index futures when markets experience normal or lower levels of volatility.  Futures provide the Manager an effective method to reduce volatility of the Fund and limit the need to decrease or increase allocations to the underlying funds.  As a result, the MVP process could cause the equity exposure of the Fund to fluctuate significantly but it will generally not be lower than 10%.  The MVP process would generally not reduce equity exposure during periods of moderate and low market volatility but during periods of extreme market volatility the MVP process could result in Fund equity exposure that is significantly lower than 10%. Principal Risks of Investing in the Fund The price per share of the Fund will fluctuate with changes in 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 of 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. <br/><br/>The following is a summary of the principal risks to which the Fund’s portfolio as a whole is subject. If changes occur in a Fund’s portfolio holdings, the extent to which the portfolio is subject to each of these risks may also change. <ul type="square"><li>Allocation Risk – The risk associated with the Manager’s decisions regarding how the Fund’s assets should be allocated among the various underlying funds and to futures, which could cause the Fund to underperform other funds with similar investment objectives. There can be no guarantee that investment decisions made by the Manager will produce the desired results. Further, because the Manager has limited discretion to change the underlying fund allocations or futures allocations under normal market conditions, the Fund might underperform comparable funds of funds for which the fund’s manager has such discretion to adjust allocations.</li></ul><ul type="square"><li> Futures Risk – Because the Fund may utilize futures pursuant to its MVP risk management process, the Fund also is subject to derivatives risk, including risks related to futures. 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. The value of futures contracts depend primarily upon the price of the securities, indexes, commodities, currencies or other instruments underlying them. Price movements are also influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary, and exchange control programs and policies of governments, and national and international political and economic events and policies. The cost of futures may also be related, in part, to the degree of volatility of the underlying indices, securities, currencies, or other assets. Accordingly, futures on highly volatile indices, securities, currency, or other assets may be more expensive than futures on other investments. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. Further, in some market conditions the Fund may either underperform or outperform as a direct result of the MVP process.  The Fund may, for example, outperform in downward trending markets when volatility is high (and the equity allocation low) and underperform in upward trending markets when volatility is high (and the equity allocation low).</li></ul><ul type="square"><li>Quantitative Investing Risk – The value of securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value. In addition, factors that affect a security’s value can change over time and these changes may not be reflected in the quantitative model. The MVP risk management process uses quantitative analysis.</li></ul><ul type="square"><li>Fund of Funds Risk – The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any futures and cash held in the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and income distributions of the underlying funds allocated according to the target allocations described here.</li></ul> In addition, the Fund bears the investment risks of the investments of the underlying funds. The principal risks of the underlying funds are:<ul type="square"><li>Market Risk – The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.</li></ul><ul type="square"><li>Issuer Risk – The value of a security may decline for a number of reasons directly related to the issuer of the security.</li></ul><ul type="square"><li>Index Fund Risk – The underlying funds generally do not attempt to manage market volatility or reduce the effects of poor 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.</li></ul><ul type="square"><li> Capitalization Risk – Investing in small- to mid-sized companies creates risk because smaller companies may have unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of large companies.</li></ul><ul type="square"><li>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.</li></ul><ul type="square"><li>Risks of Investing in Japan – Japan may be subject to political, economic, nuclear, and labor risks, among others. Any of these risks, individually or in the aggregate, can impact an investment made in Japan. The growth of Japan’s economy has recently lagged that of its Asian neighbors and other major developed economies. Since 2000, Japan’s economic growth rate has generally remained low relative to other advanced economies, and it may remain low in the future. The Japanese economy faces several concerns, any of which could negatively affect the value of Japanese investments.</li></ul><ul type="square"><li>Depositary Receipt Risk – Depositary receipts involve many of the same risks as those associated with direct investment in foreign securities.</li></ul><ul type="square"><li>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.</li></ul><ul type="square"><li>Interest Rate Risk – Interest Rate Risk – Debt securities held by the Fund may decline in value due to rising interest rates.</li></ul><ul type="square"><li>Credit Risk – The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an adverse impact on a fund’s earnings.</li></ul><ul type="square"><li>Income Risk – Falling interest rates may cause a fund’s income to decline.</li></ul><ul type="square"><li>Call Risk – If interest rates fall, issuers of callable debt securities are more likely to prepay prior to the maturity date. A fund may not be able to reinvest the proceeds from the prepayment in investments that will generate the same level of income.</li></ul><ul type="square"><li>Extension Risk – If interest rates rise, debt securities may be paid in full more slowly than anticipated.</li></ul><ul type="square"><li>Derivatives Risk – Certain underlying funds may invest in derivative instruments, which involves risks that may be different from or greater than the risks associated with investing directly in securities or other traditional investments.</li></ul><ul type="square"><li>Leveraging Risk – Certain underlying funds may engage in certain kinds of transactions, including the use of derivatives, that may give rise to a form of leverage. The use of leverage may require a fund to liquidate a portfolio position at a disadvantageous time or may exaggerate the effect of any increase or decrease in the value of the fund’s portfolio securities.</li></ul><ul type="square"><li>Liquidity Risk – An investment that is difficult to purchase or sell may have an adverse effect on the fund’s returns.</li></ul><ul type="square"><li>Mortgage-Related and Other Asset-Backed Risk – Investing in mortgage-related or other asset-backed securities involves a variety of risks associated with the credit markets, such as rising or falling interest rates, increases in the rate of defaults or prepayments, and the quality of the pool of mortgages (subprime risk) or other assets that back the security.</li></ul><ul type="square"><li> Portfolio Turnover – Certain underlying funds may trade portfolio securities frequently, which could result in higher transaction costs and could adversely affect the fund’s performance.</li></ul><ul type="square"><li>Private Placed Securities Risk – Certain underlying funds may invest in privately placed securities, which are subject to resale restrictions.</li></ul><ul type="square"><li> Repurchase Agreements and Purchase and Sale Contracts Risk – If the other party to a repurchase agreement or purchase and sale contract defaults on its obligation under the agreement, a fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in ether situation and the market value of the security declines, the fund may lose money.</li></ul><ul type="square"><li>Sovereign Debt Risk – Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</li></ul><ul type="square"><li> Treasury Obligations Risk – Direct obligations of the U.S. Treasury have historically involved little risk of loss of <br/>principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund.</li></ul><ul type="square"><li> U.S. Government Obligations Risk – Certain securities in which an underlying fund may invest, including securities issued by certain government agencies and government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States.</li></ul><ul type="square"><li> Focused Investments Risk – Certain underlying funds may invest in a relatively small number of issuers, industries, or regions which involves added risk. Changes in the value of a single security or a single economic, political, or regulatory event may have a large impact on the value of the fund’s portfolio.</li></ul> 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 and since its inception compare with those of a broad-based measure of market performance, the S&P 500 Index. The Fund’s performance also is compared to the Bloomberg Barclays U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with the returns of a broad index of investment-grade fixed-rate debt issues, and to a Balanced Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&P 500 Index (50%) and the Bloomberg Barclays U.S. Aggregate Bond Index (50%) in proportions similar to the equity to fixed income allocation of the Fund.<br/><br/>Both the bar chart and the table assume reinvestment of dividends and distributions.<br/><br/>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 Calendar Year Total Return Annual Return % <b>Highest and Lowest Quarter Returns (for periods shown in the bar chart)</b><br/><br/><table style=" width: 100%" cellspacing="0" cellpadding="0"> <tr> <td style="width: 78.09%; vertical-align: top; "> <div style=" text-align: left">Highest (Q1, 2019)</div> </td> <td style="width: 21.91%; vertical-align: top; "> <div style=" text-align: right">7.36%</div> </td> </tr> <tr> <td style="width: 78.09%; vertical-align: top; "> <div style=" text-align: left">Lowest (Q4, 2018)</div> </td> <td style="width: 21.91%; vertical-align: top; "> <div style=" text-align: right">-6.67% </div> </td> </tr> </table> Average Annual Total Returns Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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-based measure of market performance, the S&P 500 Index. The Fund’s performance also is compared to the Bloomberg Barclays U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with the returns of a broad index of investment-grade fixed-rate debt issues, and to a Balanced Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&P 500 Index (50%) and the Bloomberg Barclays U.S. Aggregate Bond Index (50%) in proportions similar to the equity to fixed income allocation of the Fund. Past performance does not indicate how the Fund will perform in the future. Reflects no deduction for fees, expenses, or taxes. 0.001 0.0004 0.0058 0.0072 74 230 401 894 2012-01-10 0.1692 0.0577 0.07 2012-01-10 0.3149 0.117 0.1455 2012-01-10 0.0872 0.0305 0.0292 2012-01-10 0.1982 0.0749 0.0878 0.09 Highest 2019-03-31 0.0736 Lowest 2018-12-31 -0.0667 <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAnnualFundOperatingExpenses000053 column period compact * ~</div> <div style="display:none">~ http://www.allianzlife.com/role/ScheduleExpenseExampleTransposed000054 column period compact * ~</div> <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAverageAnnualTotalReturnsTransposed000057 column period compact * ~</div> AZL® MVP GROWTH INDEX STRATEGY FUND Investment Objective The Fund seeks long-term capital appreciation. 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 only 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 your 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) 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. 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: Portfolio Turnover Investments, Risks, and Performance Principal Investment Strategies of the Fund 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 5% of the average value of its portfolio. The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective by investing primarily in a combination of five underlying index funds: <br/><br/> <table style="width:40%"><tr><td>          <b>FUND</b></td><td align="center"><b>TARGET ALLOCATION</b></td></tr><tr><td><ul type="square"><li>   AZL Enhanced Bond Index Fund </li></ul></td><td align="center">23.8%</td></tr><tr><td><ul type="square"><li>   AZL S&P 500 Index Fund</li></ul></td><td align="center">35.8%</td></tr><tr><td><ul type="square"><li>   AZL International Index Fund</li></ul></td><td align="center">19%</td></tr><tr><td><ul type="square"><li>   AZL Mid Cap Index Fund</li></ul></td><td align="center">11%</td></tr><tr><td><ul type="square"><li>   AZL Small Cap Stock Index Fund</li></ul></td><td align="center">5.5%</td></tr></table><br/>In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk management process, described below. <br/><br/>The AZL Enhanced Bond Index Fund is a bond index fund, subadvised by BlackRock Financial Management, LLC; the other four underlying funds are equity index funds, subadvised by BlackRock Investment Management, LLC. Therefore, under normal market conditions, the Fund will allocate approximately 75% of its assets in the underlying equity index funds and approximately 25% of its assets in the underlying bond index fund. These target allocations represent the Fund’s long-term strategic asset allocation, which is not expected to change under normal market conditions. <br/><br/> The investment results of the underlying funds will vary. As a result, the Manager monitors the actual allocations to the underlying funds daily and periodically adjusts the actual allocations to attempt to achieve the target allocation. Generally, the Manager will seek to maintain the actual fund allocations to target using the cash flows that result from shareholders buying or selling shares in the Fund. However, if cash flows were insufficient to maintain the target allocations, the Manager would then buy or sell underlying funds as necessary to attempt to return the Fund’s actual asset allocations to the targets. Generally, the actual allocations will not be more than 10% above or below the targets. <br/><br/> The AZL Enhanced Bond Index Fund under normal circumstances invests in a combination of securities with an overall weighting close to the capitalization weights of the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”). Under normal market conditions, the Fund invests at least 80% of its net assets in investment-grade debt securities (those of medium and high quality) of all types and repurchase agreements for those securities. Further, under normal circumstances, the Fund invests at least 80% of the value of its net assets in securities or other financial instruments that are components of or have economic characteristics similar to the securities included in the Index. <br/><br/> The AZL S&P 500 Index Fund under normal circumstances invests at least 80% of the value of its net assets in the securities of or in a statistically selected sampling of the securities of companies included in the S&P 500 Index or in derivative instruments linked to that Index. <br/><br/> The AZL Mid Cap Index Fund under normal circumstances invests at least 80% of the value of its net assets in a statistically selected sampling of equity securities of companies included in the S&P 400 Index and in derivative instruments linked to the S&P 400 Index, primarily futures contracts. <br/><br/>The AZL Small Cap Stock Index Fund under normal market conditions invests at least 80% of its assets, plus any borrowings for investment purposes, in investments of small-capitalization companies, which for this purpose are companies with market capitalizations (the total market value of a company’s outstanding stock) at the time of purchase included in the S&P SmallCap 600 Index. <br/><br/> The AZL International Index Fund under normal circumstances 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. <br/><br/>Under normal market conditions, the Fund will allocate approximately 95% of its assets to the underlying funds described above, and approximately 5% of the Fund’s assets may be invested in equity and/or fixed income futures, such as S&P 500 Index futures and U.S. Treasury futures, which generally are liquid. The futures strategy, called the MVP risk management process, seeks to reduce the volatility of the Fund. Volatility refers to the amount by which the price of an investment can change over a period of time. High volatility indicates that the price has changed significantly, up or down, over a short time period; lower volatility indicates that the price is not changing dramatically, but at a steady pace over a period of time. Generally, higher volatility is considered to be more risky. <br/><br/> The goal of the MVP process is to achieve Fund volatility at or below 13% on an annualized basis over a full business cycle by either increasing or decreasing the exposure to equities over time. The Fund seeks to accomplish this primarily by selling equity index futures when markets experience heightened volatility, and by buying equity index futures when markets experience normal or lower levels of volatility.  Futures provide the Manager an effective method to reduce volatility of the Fund and limit the need to decrease or increase allocations to the underlying funds.  As a result, the MVP process could cause the equity exposure of the Fund to fluctuate significantly but it will generally not be lower than 10%.  The MVP process would generally not reduce equity exposure during periods of moderate and low market volatility but during periods of extreme market volatility the MVP process could result in Fund equity exposure that is significantly lower than 10%. Principal Risks of Investing in the Fund The price per share of the Fund will fluctuate with changes in 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 of 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. <br/><br/>The following is a summary of the principal risks to which the Fund’s portfolio as a whole is subject. If changes occur in a Fund’s portfolio holdings, the extent to which the portfolio is subject to each of these risks may also change. <ul type="square"><li> Allocation Risk – The risk associated with the Manager’s decisions regarding how the Fund’s assets should be allocated among the various underlying funds and to futures, which could cause the Fund to underperform other funds with similar investment objectives. There can be no guarantee that investment decisions made by the Manager will produce the desired results. Further, because the Manager has limited discretion to change the underlying fund allocations or futures allocations under normal market conditions, the Fund might underperform comparable funds of funds for which the fund’s manager has such discretion to adjust allocations.</li></ul><ul type="square"><li> Futures Risk – Because the Fund may utilize futures pursuant to its MVP risk management process, the Fund also is subject to derivatives risk, including risks related to futures. 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. The value of futures contracts depend primarily upon the price of the securities, indexes, commodities, currencies or other instruments underlying them. Price movements are also influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary, and exchange control programs and policies of governments, and national and international political and economic events and policies. The cost of futures may also be related, in part, to the degree of volatility of the underlying indices, securities, currencies, or other assets. Accordingly, futures on highly volatile indices, securities, currency, or other assets may be more expensive than futures on other investments. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. Further, in some market conditions the Fund may either underperform or outperform as a direct result of the MVP process.  The Fund may, for example, outperform in downward trending markets when volatility is high (and the equity allocation low) and underperform in upward trending markets when volatility is high (and the equity allocation low).</li></ul><ul type="square"><li>Quantitative Investing Risk – The value of securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value. In addition, factors that affect a security’s value can change over time and these changes may not be reflected in the quantitative model. The MVP risk management process uses quantitative analysis.</li></ul><ul type="square"><li>Fund of Funds Risk – The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any futures and cash held in the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and income distributions of the underlying funds allocated according to the target allocations described here.</li></ul>In addition, the Fund bears the investment risks of the investments of the underlying funds. The principal risks of the underlying funds are:<ul type="square"><li> Market Risk – The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.</li></ul><ul type="square"><li>Issuer Risk – The value of a security may decline for a number of reasons directly related to the issuer of the security.</li></ul><ul type="square"><li>Index Fund Risk – The underlying funds generally do not attempt to manage market volatility or reduce the effects of poor 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.</li></ul><ul type="square"><li> Capitalization Risk – Investing in small- to mid-sized companies creates risk because smaller companies may have unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of large companies.</li></ul><ul type="square"><li>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.</li></ul><ul type="square"><li>Risks of Investing in Japan – Japan may be subject to political, economic, nuclear, and labor risks, among others. Any of these risks, individually or in the aggregate, can impact an investment made in Japan. The growth of Japan’s economy has recently lagged that of its Asian neighbors and other major developed economies. Since 2000, Japan’s economic growth rate has generally remained low relative to other advanced economies, and it may remain low in the future. The Japanese economy faces several concerns, any of which could negatively affect the value of Japanese investments. </li></ul><ul type="square"><li>Depositary Receipt Risk – Depositary receipts involve many of the same risks as those associated with direct investment in foreign securities.</li></ul><ul type="square"><li> 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.</li></ul><ul type="square"><li>Interest Rate Risk – Debt securities held by the Fund may decline in value due to rising interest rates.</li></ul><ul type="square"><li>Credit Risk – The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an adverse impact on a fund’s earnings.</li></ul><ul type="square"><li> Income Risk – Falling interest rates may cause a fund’s income to decline.</li></ul><ul type="square"><li> Call Risk – If interest rates fall, issuers of callable debt securities are more likely to prepay prior to the maturity date. A fund may not be able to reinvest the proceeds from the prepayment in investments that will generate the same level of income.</li></ul><ul type="square"><li> Extension Risk – If interest rates rise, debt securities may be paid in full more slowly than anticipated.</li></ul><ul type="square"><li>Derivatives Risk – Certain underlying funds may invest in derivative instruments, which involves risks that may be different from or greater than the risks associated with investing directly in securities or other traditional investments.</li></ul><ul type="square"><li>Leveraging Risk – Certain underlying funds may engage in certain kinds of transactions, including the use of derivatives that may give rise to a form of leverage. The use of leverage may require a fund to liquidate a portfolio position at a disadvantageous time or may exaggerate the effect of any increase or decrease in the value of the fund’s portfolio securities.</li></ul><ul type="square"><li>Liquidity Risk – An investment that is difficult to purchase or sell may have an adverse effect on the fund’s returns.</li></ul><ul type="square"><li> Mortgage-Related and Other Asset-Backed Risk – Investing in mortgage-related or other asset-backed securities involves a variety of risks associated with the credit markets, such as rising or falling interest rates, increases in the rate of defaults or prepayments, and the quality of the pool of mortgages (subprime risk) or other assets that back the security.</li></ul><ul type="square"><li> Portfolio Turnover – Certain underlying funds may trade portfolio securities frequently, which could result in higher transaction costs and could adversely affect the fund’s performance.</li></ul><ul type="square"><li> Private Placed Securities Risk – Certain underlying funds may invest in privately placed securities, which are subject to resale restrictions.</li></ul><ul type="square"><li>Repurchase Agreements and Purchase and Sale Contracts Risk – If the other party to a repurchase agreement or purchase and sale contract defaults on its obligation under the agreement, a fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in ether situation and the market value of the security declines, the fund may lose money.</li></ul><ul type="square"><li>Sovereign Debt Risk – Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</li></ul><ul type="square"><li>Treasury Obligations Risk – Direct obligations of the U.S. Treasury have historically involved little risk of loss of<br/>principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund.</li></ul><ul type="square"><li> U.S. Government Obligations Risk – Certain securities in which an underlying fund may invest, including securities issued by certain government agencies and government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States.</li></ul><ul type="square"><li>Focused Investments Risk – Certain underlying funds may invest in a relatively small number of issuers, industries, or regions which involves added risk. Changes in the value of a single security or a single economic, political, or regulatory event may have a large impact on the value of the fund’s portfolio.</li></ul> 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 and since its inception compare with those of a broad-based measure of market performance, the S&P 500 Index. The Fund’s performance also is compared to the Bloomberg Barclays U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with the returns of a broad index of investment-grade fixed-rate debt issues, and to a Growth Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&P 500 Index (75%) and the Bloomberg Barclays U.S. Aggregate Bond Index (25%) in proportions similar to the equity to fixed income allocation of the Fund.<br/><br/>Both the bar chart and the table assume reinvestment of dividends and distributions.<br/><br/>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 Calendar Year Total Return Annual Return % <b>Highest and Lowest Quarter Returns (for periods shown in the bar chart)</b><br/><br/><table style=" width: 100%" cellspacing="0" cellpadding="0"> <tr> <td style="width: 78.09%; vertical-align: top; "> <div style=" text-align: left">Highest (Q1, 2019)</div> </td> <td style="width: 21.91%; vertical-align: top; "> <div style=" text-align: right">8.79%</div> </td> </tr> <tr> <td style="width: 78.09%; vertical-align: top; "> <div style=" text-align: left">Lowest (Q4, 2018)</div> </td> <td style="width: 21.91%; vertical-align: top; "> <div style=" text-align: right">-10.53% </div> </td> </tr> </table> Average Annual Total Returns Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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-based measure of market performance, the S&P 500 Index. The Fund’s performance also is compared to the Bloomberg Barclays U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with the returns of a broad index of investment-grade fixed-rate debt issues, and to a Growth Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&P 500 Index (75%) and the Bloomberg Barclays U.S. Aggregate Bond Index (25%) in proportions similar to the equity to fixed income allocation of the Fund. 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. Reflects no deduction for fees, expenses, or taxes. 0.001 0.0002 0.0056 0.0068 69 218 379 847 2012-01-10 0.2052 0.0673 0.0893 2012-01-10 0.3149 0.117 0.1455 2012-01-10 0.0872 0.0305 0.0292 2012-01-10 0.2558 0.0962 0.1168 0.05 Highest 2019-03-31 0.0879 Lowest 2018-12-31 -0.1053 <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAnnualFundOperatingExpenses000063 column period compact * ~</div> <div style="display:none">~ http://www.allianzlife.com/role/ScheduleExpenseExampleTransposed000064 column period compact * ~</div> <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAverageAnnualTotalReturnsTransposed000067 column period compact * ~</div> AZL® MVP MODERATE INDEX STRATEGY FUND Investment Objective The Fund seeks long-term capital appreciation. 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) 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. 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: Portfolio Turnover Investments, Risks, and Performance Principal Investment Strategies of the Fund 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 5% of the average value of its portfolio. The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective by investing primarily in a combination of five underlying index funds:<br/><br/><table style="width:40%"><tr><td>          <b>FUND</b></td><td align="center"><b>TARGET ALLOCATION</b></td></tr><tr><td><ul type="square"><li>   AZL Enhanced Bond Index Fund</li></ul></td><td align="center">38%</td></tr><tr><td><ul type="square"><li>   AZL S&P 500 Index Fund</li></ul></td><td align="center">28.5%</td></tr><tr><td><ul type="square"><li>   AZL International Index Fund</li></ul></td><td align="center">15%</td></tr><tr><td><ul type="square"><li>   AZL Mid Cap Index Fund</li></ul></td><td align="center">9%</td></tr><tr><td><ul type="square"><li>   AZL Small Cap Stock Index Fund</li></ul></td><td align="center">4.5%</td></tr></table>In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk management process, described below.<br/><br/>The AZL Enhanced Bond Index Fund is a bond index fund, subadvised by BlackRock Financial Management, LLC; the other four underlying funds are equity index funds, subadvised by BlackRock Investment Management, LLC. Therefore, under normal market conditions, the Fund will allocate approximately 60% of its assets in the underlying equity index funds and approximately 40% of its assets in the underlying bond index fund. These target allocations represent the Fund's long-term strategic asset allocation, which is not expected to change under normal market conditions.<br/><br/>The investment results of the underlying funds will vary. As a result, the Manager monitors the actual allocations to the underlying funds daily and periodically adjusts the actual allocations to attempt to achieve the target allocation. Generally, the Manager will seek to maintain the actual fund allocations to target using the cash flows that result from shareholders buying or selling shares in the Fund. However, if cash flows were insufficient to maintain the target allocations, the Manager would then buy or sell underlying funds as necessary to attempt to return the Fund's actual asset allocations to the targets. Generally, the actual allocations will not be more than 10% above or below the targets.<br/><br/>The AZL Enhanced Bond Index Fund under normal circumstances invests in a combination of securities with an overall weighting close to the capitalization weights of the Bloomberg Barclays U.S. Aggregate Bond Index (the "Index"). Under normal market conditions, the Fund invests at least 80% of its net assets in investment-grade debt securities (those of medium and high quality) of all types and repurchase agreements for those securities. Further, under normal circumstances, the Fund invests at least 80% of the value of its net assets in securities or other financial instruments that are components of or have economic characteristics similar to the securities included in the Index.<br/><br/>The AZL S&P 500 Index Fund under normal circumstances invests at least 80% of the value of its net assets in the securities of or in a statistically selected sampling of the securities of companies included in the S&P 500 Index or in derivative instruments linked to that Index.<br/><br/>The AZL Mid Cap Index Fund under normal circumstances invests at least 80% of the value of its net assets in a statistically selected sampling of equity securities of companies included in the S&P 400 Index and in derivative instruments linked to the S&P 400 Index, primarily futures contracts.<br/><br/>The AZL Small Cap Stock Index Fund under normal market conditions invests at least 80% of its assets, plus any borrowings for investment purposes, in investments of small-capitalization companies, which for this purpose are companies with market capitalizations (the total market value of a company's outstanding stock) at the time of purchase included in the S&P SmallCap 600 Index.<br/><br/>The AZL International Index Fund under normal circumstances 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.<br/><br/>Under normal market conditions, the Fund will allocate approximately 95% of its assets to the underlying funds described above, and approximately 5% of the Fund’s assets may be invested in equity and/or fixed income futures, such as S&P 500 Index futures and U.S. Treasury futures, which generally are liquid. The futures strategy, called the MVP risk management process, seeks to reduce the volatility of the Fund. Volatility refers to the amount by which the price of an investment can change over a period of time. High volatility indicates that the price has changed significantly, up or down, over a short time period; lower volatility indicates that the price is not changing dramatically, but at a steady pace over a period of time. Generally, higher volatility is considered to be more risky.<br/><br/>The goal of the MVP process is to achieve Fund volatility at or below 12% on an annualized basis over a full business cycle by either increasing or decreasing the exposure to equities over time. The Fund seeks to accomplish this primarily by selling equity index futures when markets experience heightened volatility, and by buying equity index futures when markets experience normal or lower levels of volatility.  Futures provide the Manager an effective method to reduce volatility of the Fund and limit the need to decrease or increase allocations to the underlying funds.  As a result, the MVP process could cause the equity exposure of the Fund to fluctuate significantly but it will generally not be lower than 10%.  The MVP process would generally not reduce equity exposure during periods of moderate and low market volatility but during periods of extreme market volatility the MVP process could result in Fund equity exposure that is significantly lower than 10%. Principal Risks of Investing in the Fund The price per share of the Fund will fluctuate with changes in 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 of 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. <br/><br/>The following is a summary of the principal risks to which the Fund’s portfolio as a whole is subject. If changes occur in a Fund’s portfolio holdings, the extent to which the portfolio is subject to each of these risks may also change. <ul type="square"><li> Allocation Risk – The risk associated with the Manager’s decisions regarding how the Fund’s assets should be allocated among the various underlying funds and to futures, which could cause the Fund to underperform other funds with similar investment objectives. There can be no guarantee that investment decisions made by the Manager will produce the desired results. Further, because the Manager has limited discretion to change the underlying fund allocations or futures allocations under normal market conditions, the Fund might underperform comparable funds of funds for which the fund’s manager has such discretion to adjust allocations.</li></ul><ul type="square"><li>Futures Risk – Because the Fund may utilize futures pursuant to its MVP risk management process, the Fund also is subject to derivatives risk, including risks related to futures. 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. The value of futures contracts depend primarily upon the price of the securities, indexes, commodities, currencies or other instruments underlying them. Price movements are also influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary, and exchange control programs and policies of governments, and national and international political and economic events and policies. The cost of futures may also be related, in part, to the degree of volatility of the underlying indices, securities, currencies, or other assets. Accordingly, futures on highly volatile indices, securities, currency, or other assets may be more expensive than futures on other investments. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. Further, in some market conditions the Fund may either underperform or outperform as a direct result of the MVP process.  The Fund may, for example, outperform in downward trending markets when volatility is high (and the equity allocation low) and underperform in upward trending markets when volatility is high (and the equity allocation low).</li></ul><ul type="square"><li>Quantitative Investing Risk – The value of securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value. In addition, factors that affect a security’s value can change over time and these changes may not be reflected in the quantitative model. The MVP risk management process uses quantitative analysis.</li></ul><ul type="square"><li>Fund of Funds Risk – The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any futures and cash held in the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and income distributions of the underlying funds allocated according to the target allocations described here.</li></ul>In addition, the Fund bears the investment risks of the investments of the underlying funds. The principal risks of the underlying funds are:<ul type="square"><li>Market Risk – The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.</li></ul><ul type="square"><li>Issuer Risk – The value of a security may decline for a number of reasons directly related to the issuer of the security.</li></ul><ul type="square"><li>Index Fund Risk – The underlying funds generally do not attempt to manage market volatility or reduce the effects of poor 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.</li></ul><ul type="square"><li>Capitalization Risk – Investing in small- to mid-sized companies creates risk because smaller companies may have unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of large companies.</li></ul><ul type="square"><li>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.</li></ul><ul type="square"><li>Risks of Investing in Japan – Japan may be subject to political, economic, nuclear, and labor risks, among others. Any of these risks, individually or in the aggregate, can impact an investment made in Japan. The growth of Japan’s economy has recently lagged that of its Asian neighbors and other major developed economies. Since 2000, Japan’s economic growth rate has generally remained low relative to other advanced economies, and it may remain low in the future. The Japanese economy faces several concerns, any of which could negatively affect the value of Japanese investments.</li></ul><ul type="square"><li>Depositary Receipt Risk – Depositary receipts involve many of the same risks as those associated with direct investment in foreign securities.</li></ul><ul type="square"><li>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.</li></ul><ul type="square"><li> Interest Rate Risk – Debt securities held by the Fund may decline in value due to rising interest rates.</li></ul><ul type="square"><li>Credit Risk – The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an adverse impact on a fund’s earnings.</li></ul><ul type="square"><li>Income Risk – Falling interest rates may cause a fund’s income to decline.</li></ul><ul type="square"><li>Call Risk – If interest rates fall, issuers of callable debt securities are more likely to prepay prior to the maturity date. A fund may not be able to reinvest the proceeds from the prepayment in investments that will generate the same level of income.</li></ul><ul type="square"><li>Extension Risk – If interest rates rise, debt securities may be paid in full more slowly than anticipated.</li></ul><ul type="square"><li>Derivatives Risk – Certain underlying funds may invest in derivative instruments, which involves risks that may be different from or greater than the risks associated with investing directly in securities or other traditional investments.</li></ul><ul type="square"><li>Leveraging Risk – Certain underlying funds may engage in certain kinds of transactions, including the use of derivatives, that may give rise to a form of leverage. The use of leverage may require a fund to liquidate a portfolio position at a disadvantageous time or may exaggerate the effect of any increase or decrease in the value of the fund’s portfolio securities.</li></ul><ul type="square"><li> Liquidity Risk – An investment that is difficult to purchase or sell may have an adverse effect on the fund’s returns.</li></ul><ul type="square"><li> Mortgage-Related and Other Asset-Backed Risk – Investing in mortgage-related or other asset-backed securities involves a variety of risks associated with the credit markets, such as rising or falling interest rates, increases in the rate of defaults or prepayments, and the quality of the pool of mortgages (subprime risk) or other assets that back the security.</li></ul><ul type="square"><li>Portfolio Turnover – Certain underlying funds may trade portfolio securities frequently, which could result in higher transaction costs and could adversely affect the fund’s performance.</li></ul><ul type="square"><li> Private Placed Securities Risk – Certain underlying funds may invest in privately placed securities, which are subject to resale restrictions.</li></ul><ul type="square"><li>Repurchase Agreements and Purchase and Sale Contracts Risk – If the other party to a repurchase agreement or purchase and sale contract defaults on its obligation under the agreement, a fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in ether situation and the market value of the security declines, the fund may lose money.</li></ul><ul type="square"><li>Sovereign Debt Risk – Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</li></ul><ul type="square"><li>Treasury Obligations Risk – Direct obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund. </li></ul><ul type="square"><li>U.S. Government Obligations Risk – Certain securities in which an underlying fund may invest, including securities issued by certain government agencies and government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States.</li></ul><ul type="square"><li>Focused Investments Risk – Certain underlying funds may invest in a relatively small number of issuers, industries, or regions which involves added risk. Changes in the value of a single security or a single economic, political, or regulatory event may have a large impact on the value of the fund’s portfolio.</li></ul> 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 and since its inception compare with those of a broad-based measure of market performance, the S&P 500 Index. The Fund’s performance also is compared to the Bloomberg Barclays U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with the returns of a broad index of investment-grade fixed-rate debt issues, and to a Moderate Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&P 500 Index (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%) in proportions similar to the equity to fixed income allocation of the Fund. <br/><br/>Both the bar chart and the table assume reinvestment of dividends and distributions. <br/><br/>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 Calendar Year Total Return Annual Return % <b>Highest and Lowest Quarter Returns (for periods shown in the bar chart)</b><br/><br/><table style=" width: 100%" cellspacing="0" cellpadding="0"> <tr> <td style="width: 78.09%; vertical-align: top; "> <div style=" text-align: left">Highest (Q1, 2013)</div> </td> <td style="width: 21.91%; vertical-align: top; "> <div style=" text-align: right">9.29%</div> </td> </tr> <tr> <td style="width: 78.09%; vertical-align: top; "> <div style=" text-align: left">Lowest (Q4, 2018)</div> </td> <td style="width: 21.91%; vertical-align: top; "> <div style=" text-align: right">-8.32% </div> </td> </tr> </table> Average Annual Total Returns Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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-based measure of market performance, the S&P 500 Index. The Fund’s performance also is compared to the Bloomberg Barclays U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with the returns of a broad index of investment-grade fixed-rate debt issues, and to a Moderate Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&P 500 Index (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%) in proportions similar to the equity to fixed income allocation of the Fund. 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. Reflects no deduction for fees, expenses, or taxes. 0.001 0.0003 0.0057 0.007 72 224 390 871 2012-01-10 0.1864 0.0536 0.0837 2012-01-10 0.3149 0.117 0.1455 2012-01-10 0.0872 0.0305 0.0292 2012-01-10 0.2211 0.0835 0.0994 0.05 Highest 2013-03-31 0.0929 Lowest 2018-12-31 -0.0832 <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAnnualFundOperatingExpenses000073 column period compact * ~</div> <div style="display:none">~ http://www.allianzlife.com/role/ScheduleExpenseExampleTransposed000074 column period compact * ~</div> <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAverageAnnualTotalReturnsTransposed000077 column period compact * ~</div> AZL® DFA MULTI-STRATEGY FUND Investment Objective The Fund seeks long-term capital appreciation. 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 only 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 your 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) 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. 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: Portfolio Turnover Investments, Risks, and Performance Principal Investment Strategies of the Fund 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 6% of the average value of its portfolio. The Fund is a fund of funds that seeks to achieve its investment objective by investing primarily in a combination of four underlying funds, subadvised by Dimensional Fund Advisors LP:<br/><br/><table style="width:40%"><tr><td>          <b>FUND</b></td><td align="center"><b>TARGET ALLOCATION</b></td></tr><tr><td><ul type="square"><li>   AZL DFA Five-Year Global Fixed Income Fund</li></ul></td><td align="center">40%</td></tr><tr><td><ul type="square"><li>   AZL DFA U.S. Core Equity Fund </li></ul></td><td align="center">38%</td></tr><tr><td><ul type="square"><li>   AZL DFA U.S. Small Cap Fund</li></ul></td><td align="center">10%</td></tr><tr><td><ul type="square"><li>   AZL DFA International Core Equity Fund</li></ul></td><td align="center">12%</td></tr></table>The AZL DFA Five-Year Global Fixed Income Fund is a bond index fund, and the other four underlying funds are equity funds. Therefore, under normal market conditions, the Fund will allocate approximately 60% of its assets in the underlying equity funds and approximately 40% of its assets in the underlying bond fund. These target allocations represent the Fund's long-term strategic asset allocation, which is not expected to change under normal market conditions.<br/><br/>The investment results of the underlying funds will vary. As a result, the Manager monitors the actual allocations to the underlying funds daily and periodically adjusts the actual allocations to attempt to achieve the target allocation. Generally, the Manager will seek to maintain the actual fund allocations to target using the cash flows that result from shareholders buying or selling shares in the Fund. However, if cash flows were insufficient to maintain the target allocations, the Manager would then buy or sell underlying funds as necessary to attempt to return the Fund's actual asset allocations to the targets. Generally, the actual allocations will not be more than 10% above or below the targets.<br/><br/>AZL DFA Five-Year Global Fixed Income Fund seeks to provide a market rate of return for a fixed income portfolio with low relative volatility of returns, and seeks to focus the eligible universe on securities with relatively less expected upward or downward movement in market value. The fund seeks to achieve its investment objective by generally investing in a universe of U.S. and foreign debt securities maturing in five years or less. The fund primarily invests in obligations issued or guaranteed by the U.S. and foreign governments, their agencies and instrumentalities, corporate debt obligations, bank obligations, commercial paper, repurchase agreements, obligations of other domestic and foreign issuers, securities of domestic or foreign issuers denominated in U.S. dollars but not trading in the United States, and obligations of supranational organizations. At the present time, the Subadviser of the fund expects that most investments will be made in the obligations of issuers which are in developed countries. The fixed income securities in which the fund invests are considered investment grade at the time of purchase. Under normal market conditions, the fund intends to invest its assets to gain exposure to issuers of at least three different countries, one of which may be the United States. An issuer may be considered to be of a country if it is organized, has substantial assets, or derives substantial operating income in that country. As a non-fundamental policy, under normal circumstances, the fund will invest at least 80% of its net assets in fixed income securities that mature within five years from the date of settlement.<br/><br/>AZL DFA U.S. Core Equity Fund seeks long-term capital appreciation. The fund purchases a broad and diverse group of securities of U.S. companies with a greater emphasis on small capitalization, value and high profitability companies as compared to their representation in the U.S. Universe. The Subadviser generally defines the U.S. Universe as a market capitalization weighted portfolio of U.S. operating companies listed on a securities exchange in the United States deemed appropriate by the Subadviser. Under normal circumstances, the fund will invest at least 80% of its net assets in equity securities of U.S. companies.<br/><br/>AZL DFA U.S. Small Cap Fund seeks long-term capital appreciation. The fund, using a market capitalization weighted approach, purchases a broad and diverse group of readily marketable securities of U.S. small-cap companies. A company’s market capitalization is the number of its shares outstanding times its price per share. In general, the higher the relative market capitalization of the U.S. small-cap company, the greater its representation in the fund. Under normal circumstances, the fund will invest at least 80% of its net assets in securities of small-cap U.S. companies.<br/><br/>AZL DFA International Core Equity Fund seeks long-term capital appreciation. The fund purchases a broad and diverse group of securities of non-U.S. companies in developed markets with a greater emphasis on small capitalization, value and high profitability companies as compared to their representation in the International Universe. For purposes of this fund, the Subadviser defines the International Universe as a market capitalization weighted portfolio of non-U.S. companies in developed markets. Under normal circumstances, the fund will invest at least 80% of its net assets in equity securities. Principal Risks of Investing in the Fund The price per share of the Fund will fluctuate with changes in 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 of 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. <br/><br/>The following is a summary of the principal risks to which the Fund’s portfolio as a whole is subject. If changes occur in a Fund’s portfolio holdings, the extent to which the portfolio is subject to each of these risks may also change.<ul type="square"><li>Allocation Risk – The risk associated with the Manager’s decisions regarding how the Fund’s assets should be allocated among the various underlying funds, which could cause the Fund to underperform other funds with similar investment objectives. There can be no guarantee that investment decisions made by the Manager will produce the desired results. Further, because the Manager has limited discretion to change the underlying fund allocations under normal market conditions, the Fund might underperform comparable funds of funds for which the fund’s manager has discretion to adjust allocations to underlying funds.</li></ul><ul type="square"><li> Fund of Funds Risk – The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any cash held in the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and income distributions of the underlying funds allocated according to the target allocations described here.</li></ul>In addition, the Fund bears the investment risks of the investments of the underlying funds. The principal risks of the underlying funds are: <ul type="square"><li>Market Risk – The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.</li></ul><ul type="square"><li>Issuer Risk – The value of a security may decline for a number of reasons directly related to the issuer of the security.</li></ul><ul type="square"><li>Selection Risk – Because each underlying fund is actively managed, there can be no guarantee that investment decisions made for the funds will produce the desired results.</li></ul><ul type="square"><li>Value Stocks Risk – Value stocks may perform differently from the market as a whole and following a value-oriented investment strategy may cause an underlying fund to at times underperform equity funds that use other investment strategies.</li></ul><ul type="square"><li>Capitalization Risk – Investing in small- to mid-sized companies creates risk because smaller companies may have unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of large companies.</li></ul><ul type="square"><li>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.</li></ul><ul type="square"><li>Risks of Investing in Japan – Japan may be subject to political, economic, nuclear, and labor risks, among others. Any of these risks, individually or in the aggregate, can impact an investment made in Japan. The growth of Japan’s economy has recently lagged that of its Asian neighbors and other major developed economies. Since 2000, Japan’s economic growth rate has generally remained low relative to other advanced economies, and it may remain low in the future. The Japanese economy faces several concerns, any of which could negatively affect the value of Japanese investments.</li></ul><ul type="square"><li>Depositary Receipt Risk – Depositary receipts involve many of the same risks as those associated with direct investment in foreign securities. Investing in these instruments may expose a fund to credit risk with respect to the issuer of the depositary receipt, in addition to the risks of the underlying investment.</li></ul><ul type="square"><li>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 a fund.</li></ul><ul type="square"><li>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. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested.</li></ul><ul type="square"><li>Credit Risk – The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an adverse impact on the Fund’s earnings.</li></ul><ul type="square"><li>Liquidity Risk – An investment that is difficult to purchase or sell may have an adverse effect on the Fund’s returns.</li></ul><ul type="square"><li>Interest Rate Risk – Debt securities held by the Fund may decline in value due to rising interest rates.</li></ul><ul type="square"><li> Portfolio Turnover – The Fund may trade its portfolio securities frequently, which could result in higher transaction costs and could adversely affect the Fund’s performance.</li></ul><ul type="square"><li> Sovereign Debt Risk – Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</li></ul><ul type="square"><li>Profitability Investment Risk – High relative profitability stocks may perform differently from the market as a whole and following a profitability-oriented strategy may cause the Portfolio to, at times, underperform equity funds that use other investment strategies.</li></ul> 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, and ten years compare with those of a broad-based measure of market performance, the S&P 500 Index. The Fund’s performance also is compared to the Bloomberg Barclays U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with the returns of a broad index of investment-grade fixed-rate debt issues, and to a Moderate  Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&P 500 Index (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%) in proportions similar to the equity to fixed income allocation of the Fund.<br/><br/>Both the bar chart and the table assume reinvestment of dividends and distributions.<br/><br/>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 Calendar Year Total Return Annual Return % <b>Highest and Lowest Quarter Returns (for periods shown in the bar chart)</b><br/><br/><table style=" width: 100%" cellspacing="0" cellpadding="0"> <tr> <td style="width: 78.09%; vertical-align: top; "> <div style=" text-align: left">Highest (Q3, 2010)</div> </td> <td style="width: 21.91%; vertical-align: top; "> <div style=" text-align: right">10.19%</div> </td> </tr> <tr> <td style="width: 78.09%; vertical-align: top; "> <div style=" text-align: left">Lowest (Q3, 2011)</div> </td> <td style="width: 21.91%; vertical-align: top; "> <div style=" text-align: right">-12.04%</div> </td> </tr> </table> Average Annual Total Returns Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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 ten years compare with those of a broad-based measure of market performance, the S&P 500 Index. The Fund’s performance also is compared to the Bloomberg Barclays U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with the returns of a broad index of investment-grade fixed-rate debt issues, and to a Moderate  Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&P 500 Index (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%) in proportions similar to the equity to fixed income allocation of the Fund. 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. Reflects no deduction for fees, expenses, or taxes. 0.0005 0.0002 0.0089 0.0096 98 306 531 1178 0.1657 0.0606 0.0833 0.3149 0.117 0.1356 0.0872 0.0305 0.0375 0.2211 0.0835 0.0981 0.06 Highest 2010-09-30 0.1019 Lowest 2011-09-30 -0.1204 <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAnnualFundOperatingExpenses000083 column period compact * ~</div> <div style="display:none">~ http://www.allianzlife.com/role/ScheduleExpenseExampleTransposed000084 column period compact * ~</div> <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAverageAnnualTotalReturnsTransposed000087 column period compact * ~</div> AZL® MVP GLOBAL BALANCED INDEX STRATEGY FUND (FORMERLY AZL® MVP BLACKROCK GLOBAL STRATEGY PLUS FUND) Investment Objective The Fund seeks long-term capital appreciation with preservation of capital as an important consideration. 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) 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. 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: Portfolio Turnover Investments, Risks, and Performance Principal Investment Strategies of the Fund 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 103% of the average value of its portfolio. The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective primarily by investing in a combination of three underlying funds:<br/><br/> <table style="width:40%"><tr><td>          <b>FUND</b></td><td align="center"><b>TARGET ALLOCATION</b></td></tr><tr><td><ul type="square"><li>   AZL MSCI Global Equity Index Fund </li></ul></td><td align="center">42.5%</td></tr><tr><td><ul type="square"><li>   AZL MSCI Emerging Markets Equity Index Fund</li></ul></td><td align="center">5%</td></tr><tr><td><ul type="square"><li>   AZL Enhanced Bond Index Fund</li></ul></td><td align="center">47.5%</td></tr></table> In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk management process, described below. <br/><br/> These target allocations represent the Fund’s long-term strategic asset allocation, which is not expected to change under normal market conditions. The investment results of the underlying funds will vary. As a result, the Manager monitors the actual allocations to the underlying funds daily and periodically adjusts the actual allocations to attempt to achieve the target allocation. Generally, the Manager will seek to maintain the underlying fund target allocations using the cash flows that result from shareholders buying or selling shares in the Fund. However, if cash flows were insufficient to maintain the target allocations, the Manager would then buy or sell underlying funds as necessary to attempt to return the Fund to the target allocations. Generally, the actual allocations will not be more than 10% above or below the targets. <br/><br/> The AZL Enhanced Bond Index Fund, which is subadvised by BlackRock Financial Management, Inc., seeks to exceed the total return of the Bloomberg Barclays U.S. Aggregate Bond Index. Under normal circumstances, it invests in a combination of securities with an overall weighting close to the capitalization weights of its Index. Under normal market conditions, it invests at least 80% of its net assets in investment-grade debt securities (those of medium and high quality) of all types and repurchase agreements for those securities. Further, under normal circumstances, it invests at least 80% of the value of its net assets in securities or other financial instruments that are components of or have economic characteristics similar to the securities included in its Index. <br/><br/> The AZL MSCI Global Equity Index Fund, which is subadvised by BlackRock Investment Management, LLC, seeks to match the performance of the MSCI World Index as closely as possible. Under normal circumstances, it generally invests at least 90% of its assets, plus the amount of any borrowing for investment purposes, in securities of its Index and in depositary receipts representing securities of its Index. <br/><br/> The AZL MSCI Emerging Markets Equity Index Fund, which is subadvised by BlackRock Investment Management, LLC, seeks to match the performance of the MSCI Emerging Markets Index as closely as possible. It generally invests at least 90% of its net assets in the securities of its Index and in depositary receipts representing securities in its Index. It may invest the remainder of its assets in other securities, including securities not in its Index, but which the Subadviser believes will help it track its Index, and in other investments, including futures contracts, options on futures contracts, other types of options and swaps related to its Index, as well as cash and cash equivalents.  Under normal market conditions, the Fund will allocate approximately 95% of its assets to the underlying funds described above, and approximately 5% of the Fund’s assets may be invested in equity and/or fixed income futures, such as S&P 500 Index futures and U.S. Treasury futures, which generally are liquid. <br/><br/> The futures strategy, called the MVP risk management process, seeks to reduce the volatility of the Fund. Volatility refers to the amount by which the price of an investment can change over a period of time. High volatility indicates that the price has changed significantly, up or down, over a short time period; lower volatility indicates that the price is not changing dramatically, but at a steady pace over a period of time. Generally, higher volatility is considered to be more risky.  The goal of the MVP process is to achieve Fund volatility at or below 10% on an annualized basis over a full business cycle by either increasing or decreasing the exposure to equities over time. The Fund seeks to accomplish this primarily by selling equity index futures when markets experience heightened volatility, and by buying equity index futures when markets experience normal or lower levels of volatility. Futures provide the Manager an effective method to reduce volatility of the Fund and limit the need to decrease or increase allocations to the underlying funds. As a result, the MVP process could cause the equity exposure of the Fund to fluctuate significantly but it will generally not be lower than 10%. The MVP process would generally not reduce equity exposure during periods of moderate and low market volatility but during periods of extreme market volatility the MVP process could result in Fund equity exposure that is significantly lower than 10%. Principal Risks of Investing in the Fund The price per share of the Fund will fluctuate with changes in 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 of 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. If changes occur in the Fund’s portfolio holdings, the extent to which the portfolio is subject to each of these risks may also change. <ul type="square"><li> Allocation Risk – The risk associated with the Manager’s decisions regarding how the Fund’s assets should be allocated among the various underlying funds and to futures, which could cause the Fund to underperform other funds with similar investment objectives. There can be no guarantee that investment decisions made by the Manager will produce the desired results. Further, because the Manager has limited discretion to change the underlying fund allocations or futures allocations under normal market conditions, the Fund might underperform comparable funds of funds for which the fund’s manager has such discretion to adjust allocations. </li></ul><ul type="square"><li>Futures Risk – Because the Fund may utilize futures pursuant to its MVP risk management process, the Fund also is subject to derivatives risk, including risks related to futures. 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. The value of futures contracts depend primarily upon the price of the securities, indexes, commodities, currencies or other instruments underlying them. Price movements are also influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary, and exchange control programs and policies of governments, and national and international political and economic events and policies. The cost of futures may also be related, in part, to the degree of volatility of the underlying indices, securities, currencies, or other assets. Accordingly, futures on highly volatile indices, securities, currency, or other assets may be more expensive than futures on other investments. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. Further, in some market conditions the Fund may either underperform or outperform as a direct result of the MVP process. The Fund may, for example, outperform in downward trending markets when volatility is high (and the equity allocation low) and underperform in upward trending markets when volatility is high (and the equity allocation low). </li></ul><ul type="square"><li> Quantitative Investing Risk – The value of securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value. In addition, factors that affect a security’s value can change over time and these changes may not be reflected in the quantitative model. The MVP risk management process uses quantitative analysis. </li></ul><ul type="square"><li> Fund of Funds Risk – The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any futures and cash held in the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and income distributions of the underlying funds allocated according to the target allocations described here.</li></ul> In addition, the Fund bears the investment risks of the investments of the Underlying Funds. The principal risks of the Underlying Funds are: <ul type="square"><li> Market Risk – The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably. </li></ul><ul type="square"><li> Issuer Risk – The value of a security may decline for a number of reasons directly related to the issuer of the security.</li></ul> <ul type="square"><li> Selection Risk – If an Underlying Fund is actively managed, there can be no guarantee that investment decisions made for the fund will produce the desired results.</li></ul> <ul type="square"><li> Leveraging Risk – An Underlying Fund may engage in certain kinds of transactions, including the use of derivatives that may give rise to a form of leverage. The use of leverage may require the Fund to liquidate a portfolio position at a disadvantageous time or may exaggerate the effect of any increase or decrease in the value of the Fund’s portfolio securities.</li></ul> <ul type="square"><li> Capitalization Risk – Investing in small- to mid-sized companies creates risk because smaller companies may have unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of large companies.</li></ul><ul type="square"><li>Credit Risk – The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an adverse impact on a Fund’s earnings.</li></ul> <ul type="square"><li> Risks of Investing in China – Investments in companies located or operating in China, including Hong Kong, involve risks not associated with investments in Western nations, such as nationalization, expropriation, or confiscation of property; difficulty in obtaining and/or enforcing judgments; alteration or discontinuation of economic reforms; military conflicts, either internal or with other countries; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of China; and China’s dependency on the economies of other Asian countries, many of which are developing countries. Further, health events, such as the recent coronavirus outbreak, may cause uncertainty and volatility in the Chinese economy. Certain securities issued by companies located or operating in China are subject to trading restrictions, quota limitations, and clearing and settlement risks. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, or as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate.</li></ul><ul type="square"><li> Interest Rate Risk – Debt securities held by the Fund may decline in value due to rising interest rates. </li></ul><ul type="square"><li>Financials Sector Risk – The performance of companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, interest rates, credit rating downgrades, and decreased liquidity in credit markets. The extent to which the Fund may invest in a company that engages in securities-related activities or banking is limited by applicable law. The impact of changes in capital requirements and recent or future regulation of any individual financial company, or of the financials sector as a whole, cannot be predicted. In recent years, cyberattacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses to companies in this sector, which may negatively impact the Fund.</li></ul> <ul type="square"><li> 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.</li></ul> <ul type="square"><li> Depositary Receipt Risk – Depositary receipts involve many of the same risks as those associated with direct investment in foreign securities.</li></ul><ul type="square"><li>Liquidity Risk – An investment that is difficult to purchase or sell may have an adverse effect on the Underlying Fund’s returns.</li></ul> <ul type="square"><li> Private Placed Securities Risk – An Underlying Fund may invest in privately placed securities, which are subject to resale restrictions.</li></ul><ul type="square"><li> Portfolio Turnover – An Underlying Fund may trade its portfolio securities frequently, which could result in higher transaction costs and could adversely affect the Fund’s performance.</li></ul> <ul type="square"><li> Index Fund Risk – An Underlying Fund does not attempt to manage market volatility or reduce the effects of poor 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.</li></ul><ul type="square"><li>Call Risk – If interest rates fall, issuers of callable debt securities are more likely to prepay prior to the maturity date. The Fund may not be able to reinvest the proceeds from the prepayment in investments that will generate the same level of income.</li></ul> <ul type="square"><li> Extension Risk – If interest rates rise, debt securities may be paid in full more slowly than anticipated. </li></ul><ul type="square"><li> 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.</li></ul> <ul type="square"><li> Mortgage-Related and Other Asset-Backed Risk – Investing in mortgage-related or other asset-backed securities involves a variety of risks associated with the credit markets, such as rising or falling interest rates, increases in the rate of defaults or prepayments, and the quality of the pool of mortgages (subprime risk) or other assets that backs the security. </li></ul><ul type="square"><li> Repurchase Agreements and Purchase and Sale Contracts Risk – If the other party to a repurchase agreement or purchase and sale contract defaults on it obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in ether situation and the market value of the security declines, the Fund may lose money. </li></ul><ul type="square"><li> Emerging Markets Risk – Emerging markets may have less developed or more volatile trading markets, less developed legal and accounting systems, and greater likelihood of government restrictions, nationalization, or confiscation than developed countries. </li></ul><ul type="square"><li>Sovereign Debt Risk –  Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</li></ul> <ul type="square"><li> Treasury Obligations Risk – Direct obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund. </li></ul><ul type="square"><li> U.S. Government Obligations Risk – Certain securities in which the Fund may invest, including securities issued by certain government agencies and government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States. </li></ul><ul type="square"><li> 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.</li></ul><ul type="square"><li>Focused Investments Risk – Investing in a relatively small number of issuers, industries, or regions involves added risk. Changes in the value of a single security or a single economic, political, or regulatory event may have a large impact on the value of the Fund’s portfolio.</li></ul><ul type="square"><li>Asset-Backed Securities Risk – Asset-backed securities represent interests in “pools” of assets, including consumer loans or receivables held in trust. Asset-backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are subject to risk of default of the underlying asset, particularly during periods of economic downturn.</li></ul> <ul type="square"><li> Income Risk – Falling interest rates may cause the Fund’s income to decline. </li></ul> 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 and since its inception compare with those of a broad-based measure of market performance, the MSCI World Index. The Fund’s performance also is compared to the returns of the MSCI Emerging Markets Index, the Bloomberg Barclays U.S. Aggregate Bond Index, and the Global Balanced Composite Index, which are relevant to the Fund because they have characteristics similar to the Fund’s investment strategies. The Global Balanced Composite Index: 45% MSCI World Index, 5% MSCI Emerging Markets Index, and 50% Bloomberg Barclays U.S. Aggregate Bond Index. <br/><br/> Prior to November 15, 2019, the Fund was known as the AZL MVP BlackRock Global Strategy Plus Fund, and its investment objective and principal investment strategies were different. The performance of the Fund previously was compared to the FTSE World Index, as well as the S&P 500 Index, the FTSE World (ex U.S.) Index, the BofA Merrill Lynch Current 5-Year U.S. Treasury Index, the FTSE (Non-USD) World Government Bond Index and a Balanced Reference Benchmark (consisting of 30% of the S&P 500 Index; 20% FTSE World (ex U.S.) Index; 30% ICE BofA Merrill Lynch Current 5-year U.S. Treasury Index; and 20% FTSE (Non-USD) World Government Bond Index). The prior comparison indexes are shown in the table below for your reference. The comparison indexes were changed to better reflect the Fund’s new investment objective and principal investment strategies. <br/><br/> Both the bar chart and the table assume reinvestment of dividends and distributions. <br/><br/> 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 Calendar Year Total Return Annual Return % <b>Highest and Lowest Quarter Returns (for periods shown in the bar chart)</b><br/><br/><table style=" width: 100%" cellspacing="0" cellpadding="0"> <tr> <td style="width: 78.09%; vertical-align: top; "> <div style=" text-align: left">Highest (Q1, 2019)</div> </td> <td style="width: 21.91%; vertical-align: top; "> <div style=" text-align: right">6.97%</div> </td> </tr> <tr> <td style="width: 78.09%; vertical-align: top; "> <div style=" text-align: left">Lowest (Q3, 2015)</div> </td> <td style="width: 21.91%; vertical-align: top; "> <div style=" text-align: right">-6.23% </div> </td> </tr> </table> Average Annual Total Returns Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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-based measure of market performance, the MSCI World Index. The Fund’s performance also is compared to the returns of the MSCI Emerging Markets Index, the Bloomberg Barclays U.S. Aggregate Bond Index, and the Global Balanced Composite Index, which are relevant to the Fund because they have characteristics similar to the Fund’s investment strategies. The Global Balanced Composite Index: 45% MSCI World Index, 5% MSCI Emerging Markets Index, and 50% Bloomberg Barclays U.S. Aggregate Bond Index. 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. Reflects no deduction for fees, expenses, or taxes. 0.001 0.0003 0.0064 0.0077 79 246 428 954 2012-01-10 0.162 0.0445 0.056 0.284 0.0936 0.1159 0.189 0.0601 0.0496 0.0872 0.0305 0.0292 0.1793 0.062 0.0704 0.2774 0.0916 0.1111 0.3149 0.117 0.1455 0.2263 0.0609 0.0732 0.0591 0.02 0.016 0.0532 0.0187 0.0054 0.1651 0.059 0.0654 1.03 Highest 2019-03-31 0.0697 Lowest 2015-09-30 -0.0623 <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAnnualFundOperatingExpenses000093 column period compact * ~</div> <div style="display:none">~ http://www.allianzlife.com/role/ScheduleExpenseExampleTransposed000094 column period compact * ~</div> <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAverageAnnualTotalReturnsTransposed000097 column period compact * ~</div> AZL® MVP DFA MULTI-STRATEGY FUND Investment Objective The Fund seeks long-term capital appreciation. 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 only 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 your 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) 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 and expense reimbursement agreements 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: Portfolio Turnover Investments, Risks, and Performance Principal Investment Strategies of the Fund 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 10% of the average value of its portfolio. The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective by investing primarily in a combination of four underlying funds, subadvised by Dimensional Fund Advisors LP: <br/><br/> <table style="width:40%"><tr><td>          <b>FUND</b></td><td align="center"><b>TARGET ALLOCATION</b></td></tr><tr><td><ul type="square"><li>   AZL DFA Five-Year Global Fixed Income Fund </li></ul></td><td align="center">38%</td></tr><tr><td><ul type="square"><li>   AZL DFA U.S. Core Equity Fund </li></ul></td><td align="center">35%</td></tr><tr><td><ul type="square"><li>   AZL DFA U.S. Small Cap Fund </li></ul></td><td align="center">10%</td></tr><tr><td><ul type="square"><li>   AZL DFA International Core Equity Fund</li></ul></td><td align="center">12%</td></tr></table> In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk management process, described below. <br/><br/> The AZL DFA Five-Year Global Fixed Income Fund is a bond index fund, and the other four underlying funds are equity funds. Therefore, under normal market conditions, the Fund will allocate approximately 60% of its assets in the underlying equity funds and approximately 40% of its assets in the underlying bond fund. These target allocations represent the Fund’s long-term strategic asset allocation, which is not expected to change under normal market conditions. <br/><br/> The investment results of the underlying funds will vary. As a result, the Manager monitors the actual allocations to the underlying funds daily and periodically adjusts the actual allocations to attempt to achieve the target allocation. Generally, the Manager will seek to maintain the actual fund allocations to target using the cash flows that result from shareholders buying or selling shares in the Fund. However, if cash flows were insufficient to maintain the target allocations, the Manager would then buy or sell underlying funds as necessary to attempt to return the Fund’s actual asset allocations to the targets. Generally, the actual allocations will not be more than 10% above or below the targets. <br/><br/> AZL DFA Five-Year Global Fixed Income Fund seeks to provide a market rate of return for a fixed income portfolio with low relative volatility of returns, and seeks to focus the eligible universe on securities with relatively less expected upward or downward movement in market value. The fund seeks to achieve its investment objective by generally investing in a universe of U.S. and foreign debt securities maturing in five years or less. The fund primarily invests in obligations issued or guaranteed by the U.S. and foreign governments, their agencies and instrumentalities, corporate debt obligations, bank obligations, commercial paper, repurchase agreements, obligations of other domestic and foreign issuers, securities of domestic or foreign issuers denominated in U.S. dollars but not trading in the United States, and obligations of supranational organizations. At the present time, the Subadviser of the fund expects that most investments will be made in the obligations of issuers which are in developed countries. The fixed income securities in which the fund invests are considered investment grade at the time of purchase. Under normal market conditions, the fund intends to invest its assets to gain exposure to issuers of at least three different countries, one of which may be the United States. An issuer may be considered to be of a country if it is organized, has substantial assets, or derives substantial operating income in that country. As a non-fundamental policy, under normal circumstances, the fund will invest at least 80% of its net assets in fixed income securities that mature within five years from the date of settlement. <br/><br/> AZL DFA U.S. Core Equity Fund seeks long-term capital appreciation. The fund purchases a broad and diverse group of securities of U.S. companies with a greater emphasis on small capitalization, value and high profitability companies as compared to their representation in the U.S. Universe. The Subadviser generally defines the U.S. Universe as a -market capitalization weighted portfolio of U.S. operating companies listed on a securities exchange in the United States deemed appropriate by the Subadviser. Under normal circumstances, the fund will invest at least 80% of its net assets in equity securities of U.S. companies. <br/><br/> AZL DFA U.S. Small Cap Fund seeks long-term capital appreciation. The fund, using a market capitalization weighted approach, purchases a broad and diverse group of readily marketable securities of U.S. small-cap companies. A company’s market capitalization is the number of its shares outstanding times its price per share. In general, the higher the relative market capitalization of the U.S. small-cap company, the greater its representation in the fund. Under normal circumstances, the fund will invest at least 80% of its net assets in securities of small-cap U.S. companies. <br/><br/> AZL DFA International Core Equity Fund seeks long-term capital appreciation. The fund purchases a broad and diverse group of securities of non-U.S. companies in developed markets with a greater emphasis on small capitalization, value and high profitability companies as compared to their representation in the International Universe. For purposes of this fund, the Subadviser defines the International Universe as a market capitalization weighted portfolio of non-U.S. companies in developed markets. Under normal circumstances, the fund will invest at least 80% of its net assets in equity securities. <br/><br/> Under normal market conditions, the Fund will allocate approximately 95% of its assets to the underlying funds described above, and approximately 5% of the Fund’s assets may be invested in equity and/or fixed income futures, such as S&P 500 Index futures and U.S. Treasury futures, which generally are liquid. The futures strategy, called the MVP risk management process, seeks to reduce the volatility of the Fund. Volatility refers to the amount by which the price of an investment can change over a period of time. High volatility indicates that the price has changed significantly, up or down, over a short time period; lower volatility indicates that the price is not changing dramatically, but at a steady pace over a period of time. Generally, higher volatility is considered to be more risky. <br/><br/> The goal of the MVP process is to achieve Fund volatility at or below 12% on an annualized basis over a full business cycle by either increasing or decreasing the exposure to equities over time. The Fund seeks to accomplish this primarily by selling equity index futures when markets experience heightened volatility, and by buying equity index futures when markets experience normal or lower levels of volatility.  Futures provide the Manager an effective method to reduce volatility of the Fund and limit the need to decrease or increase allocations to the underlying funds.  As a result, the MVP process could cause the equity exposure of the Fund to fluctuate significantly but it will generally not be lower than 10%.  The MVP process would generally not reduce equity exposure during periods of moderate and low market volatility but during periods of extreme market volatility the MVP process could result in Fund equity exposure that is significantly lower than 10%. Principal Risks of Investing in the Fund The price per share of the Fund will fluctuate with changes in 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 of 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. <br/><br/> The following is a summary of the principal risks to which the Fund’s portfolio as a whole is subject. If changes occur in a Fund’s portfolio holdings, the extent to which the portfolio is subject to each of these risks may also change.<ul type="square"><li> Allocation Risk – The risk associated with the Manager’s decisions regarding how the Fund’s assets should be allocated among the various underlying funds and to futures, which could cause the Fund to underperform other funds with similar investment objectives. There can be no guarantee that investment decisions made by the Manager will produce the desired results. Further, because the Manager has limited discretion to change the underlying fund allocations or futures allocations under normal market conditions, the Fund might underperform comparable funds of funds for which the fund’s manager has such discretion to adjust allocations.</li></ul><ul type="square"><li> Futures Risk – Because the Fund may utilize futures pursuant to its MVP risk management process, the Fund also is subject to derivatives risk, including risks related to futures. 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. The value of futures contracts depend primarily upon the price of the securities, indexes, commodities, currencies or other instruments underlying them. Price movements are also influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary, and exchange control programs and policies of governments, and national and international political and economic events and policies. The cost of futures may also be related, in part, to the degree of volatility of the underlying indices, securities, currencies, or other assets. Accordingly, futures on highly volatile indices, securities, currency, or other assets may be more expensive than futures on other investments. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. Further, in some market conditions the Fund may either underperform or outperform as a direct result of the MVP process.  The Fund may, for example, outperform in downward trending markets when volatility is high (and the equity allocation low) and underperform in upward trending markets when volatility is high (and the equity allocation low).</li></ul><ul type="square"><li> Quantitative Investing Risk – The value of securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value. In addition, factors that affect a security’s value can change over time and these changes may not be reflected in the quantitative model. The MVP risk management process uses quantitative analysis.</li></ul><ul type="square"><li> Fund of Funds Risk – The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any futures and cash held in the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and income distributions of the underlying funds allocated according to the target allocations described here.</li></ul>In addition, the Fund bears the investment risks of the investments of the underlying funds. The principal risks of the underlying funds are: <ul type="square"><li> Market Risk – The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.</li></ul><ul type="square"><li> Issuer Risk – The value of a security may decline for a number of reasons directly related to the issuer of the security.</li></ul><ul type="square"><li> Selection Risk – Because each underlying fund is actively managed, there can be no guarantee that investment decisions made for the funds will produce the desired results.</li></ul><ul type="square"><li> Value Stocks Risk – Value stocks may perform differently from the market as a whole and following a value-oriented investment strategy may cause an underlying fund to at times underperform equity funds that use other investment strategies.</li></ul><ul type="square"><li> Capitalization Risk – Investing in small- to mid-sized companies creates risk because smaller companies may have unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of large companies.</li></ul><ul type="square"><li> 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.</li></ul><ul type="square"><li>Risks of Investing in Japan – Japan may be subject to political, economic, nuclear, and labor risks, among others. Any of these risks, individually or in the aggregate, can impact an investment made in Japan. The growth of Japan’s economy has recently lagged that of its Asian neighbors and other major developed economies. Since 2000, Japan’s economic growth rate has generally remained low relative to other advanced economies, and it may remain low in the future. The Japanese economy faces several concerns, any of which could negatively affect the value of Japanese investments.</li></ul><ul type="square"><li>Depositary Receipt Risk – Depositary receipts involve many of the same risks as those associated with direct investment in foreign securities. Investing in these instruments may expose a fund to credit risk with respect to the issuer of the depositary receipt, in addition to the risks of the underlying investment.</li></ul><ul type="square"><li>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 a fund.</li></ul><ul type="square"><li>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. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested.</li></ul><ul type="square"><li>Credit Risk – The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an adverse impact on the Fund’s earnings.</li></ul><ul type="square"><li>Liquidity Risk – An investment that is difficult to purchase or sell may have an adverse effect on the Fund’s returns.</li></ul><ul type="square"><li>Interest Rate Risk – Debt securities held by the Fund may decline in value due to rising interest rates.</li></ul><ul type="square"><li>Income Risk – Falling interest rates may cause the Fund’s income to decline.</li></ul><ul type="square"><li>Portfolio Turnover – The Fund may trade its portfolio securities frequently, which could result in higher transaction costs and could adversely affect the Fund’s performance.</li></ul><ul type="square"><li>Sovereign Debt Risk – Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</li></ul><ul type="square"><li>Profitability Investment Risk – High relative profitability stocks may perform differently from the market as a whole and following a profitability-oriented strategy may cause the Portfolio to, at times, underperform equity funds that use other investment strategies.</li></ul> 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 and since its inception compare with those of a broad-based measure of market performance, the S&P 500 Index. The Fund’s performance also is compared to the Bloomberg Barclays U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with the returns of a broad index of investment-grade fixed-rate debt issues, and to a Moderate Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&P 500 Index (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%) in proportions similar to the equity to fixed income allocation of the Fund. <br/><br/> Both the bar chart and the table assume reinvestment of dividends and distributions. <br/><br/> 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 Calendar Year Total Return Annual Return % <b>Highest and Lowest Quarter Returns (for periods shown in the bar chart)</b><br/><br/><table style=" width: 100%" cellspacing="0" cellpadding="0"> <tr> <td style="width: 78.09%; vertical-align: top; "> <div style=" text-align: left">Highest (Q1, 2019)</div> </td> <td style="width: 21.91%; vertical-align: top; "> <div style=" text-align: right">7.23%</div> </td> </tr> <tr> <td style="width: 78.09%; vertical-align: top; "> <div style=" text-align: left">Lowest (Q4, 2018)</div> </td> <td style="width: 21.91%; vertical-align: top; "> <div style=" text-align: right">-9.43% </div> </td> </tr> </table> Average Annual Total Returns Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table. April 30, 2021 You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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 and since its inception compare with those of a broad-based measure of market performance, the S&P 500 Index. The Fund’s performance also is compared to the Bloomberg Barclays U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with the returns of a broad index of investment-grade fixed-rate debt issues, and to a Moderate Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&P 500 Index (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%) in proportions similar to the equity to fixed income allocation of the Fund. 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. Reflects no deduction for fees, expenses, or taxes. 0.002 0.0009 0.0084 0.0113 -0.0014 0.0099 101 345 609 1362 2015-04-27 0.1581 0.0517 0.3149 0.1183 0.0872 0.0286 0.2211 0.0836 0.1 Highest 2019-03-31 0.0723 Lowest 2018-12-31 -0.0943 <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAnnualFundOperatingExpenses000103 column period compact * ~</div> <div style="display:none">~ http://www.allianzlife.com/role/ScheduleExpenseExampleTransposed000104 column period compact * ~</div> <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAverageAnnualTotalReturnsTransposed000107 column period compact * ~</div> AZL® MVP FIDELITY INSTITUTIONAL ASSET MANAGEMENT® MULTI-STRATEGY FUND Investment Objective The Fund seeks a high level of current income while maintaining prospects for capital appreciation. 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) 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. 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: Portfolio Turnover Investments, Risks, and Performance Principal Investment Strategies of the Fund 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 7% of the average value of its portfolio. The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective primarily by investing in an underlying fund, the AZL Fidelity Institutional Asset Management<sup>®</sup> Multi-Strategy Fund. Under normal market conditions, the underlying fund seeks to achieve its objective by investing in a combination of two strategies. Approximately 60% of the underlying fund’s assets will be managed by the Subadviser, FIAM LLC, and invested primarily in investment-grade debt securities (the “Fixed-Income Strategy”), and approximately 40% of the underlying fund’s assets will be allocated to and managed by the sub-Subadviser, Geode Capital Management, LLC, and invested primarily in large cap common stocks (the “Equity Strategy”). The percentage allocations to each strategy will be monitored regularly by the Manager, but generally will not exceed plus or minus 3% of the 60%/40% allocation. <br/><br/> In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk management process, described below. <br/><br/>Under normal market conditions, the Fund will allocate approximately 95% of its assets to the underlying fund. Approximately 5% of the Fund’s assets may be invested in equity and/or fixed income futures, such as S&P 500 Index futures and U.S. Treasury futures, which generally are liquid. The futures strategy, called the MVP risk management process, seeks to reduce the volatility of the Fund. Volatility refers to the amount by which the price of an investment can change over a period of time. High volatility indicates that the price has changed significantly, up or down, over a short time period; lower volatility indicates that the price is not changing dramatically, but at a steady pace over a period of time. Generally, higher volatility is considered to be more risky. <br/><br/> The goal of the MVP process is to achieve Fund volatility at or below 8% on an annualized basis over a full business cycle by either increasing or decreasing the exposure to equities over time. The Fund seeks to accomplish this primarily by selling equity index futures when markets experience heightened volatility, and by buying equity index futures when markets experience normal or lower levels of volatility.  Futures provide the Manager an effective method to reduce volatility of the Fund and limit the need to decrease or increase allocations to the underlying fund.  As a result, the MVP process could cause the equity exposure of the Fund to fluctuate significantly but it will generally not be lower than 10%.  The MVP process would generally not reduce equity exposure during periods of moderate and low market volatility but during periods of extreme market volatility the MVP process could result in Fund equity exposure that is significantly lower than 10%. <br/><br/> The Fixed-Income Strategy <br/><br/>Under normal market conditions, the strategy will invest at least 80% of its net assets in investment-grade debt securities (those of medium and high quality) of all types and repurchase agreements for those securities. Such investments include corporate bonds, U.S. Treasury obligations, U.S. government agency mortgage securities and real estate investment trusts. A portion of the investments may not be publically traded. The Subadviser uses the Bloomberg Barclays U.S. Aggregate Bond Index as a guide in structuring the strategy and selecting its investments and manages the strategy to have similar overall interest rate risk to the index. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency). <br/><br/> The Subadviser considers other factors when selecting strategy investments, including the credit quality of the issuer, security-specific features and the Subadviser’s assessment of whether the investment is undervalued. In managing the strategy's exposure to various risks, including interest rate risk, the Subadviser considers, among other things, the market's overall risk characteristics, the market's current pricing of those risks, and internal views of potential future market conditions. <br/><br/> The strategy's assets may be allocated among different market sectors (for example, corporate, asset-backed, or government securities) and different maturities based on the Subadviser’s view of the relative value of each sector or maturity. <br/><br/> The strategy's assets may be invested in securities of foreign issuers, denominated in U.S. dollars or in local currency, in addition to securities of domestic issuers. <br/><br/> The strategy may invest significantly in derivatives instruments, such as interest rate swaps, total return swaps, credit default swaps, and futures contracts (both long and short positions) on securities and indexes, and in forward-settling securities. Such investments may give rise to a form of leverage, particularly when the strategy does not own the assets, instrument or components underlying the derivative instruments. Depending on the Subadviser’s outlook and market conditions, the strategy may invest in derivatives instruments in order to gain exposure to assets, instruments, or indexes, interest rates, or credit qualities. <br/><br/> The strategy also may invest up to 20% of its assets in lower-quality debt securities, sometimes called “junk bonds.” <br/><br/> To earn additional income for the strategy, the Subadviser may use a trading strategy that involves selling (or buying) mortgage securities and simultaneously agreeing to purchase (or sell) mortgage securities on a later date at a set price. This trading strategy may increase interest rate exposure and result in an increased portfolio turnover rate which increases transaction costs and may increase taxable gains. <br/><br/> The Equity Strategy<br/><br/> The sub-Subadviser normally invests at least 80% of the strategy’s assets in common stocks included in the S&P 500® Index. The S&P 500<sup>®</sup> Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. <br/><br/> A company’s market capitalization is based on its current market capitalization or its market capitalization at the time of the Fund’s investment. Companies whose capitalization falls below this level after purchase continue to be considered to have a large market capitalization. The size of the companies in an index changes with market conditions and the composition of the index. <br/><br/> The sub-Subadviser will also invest in securities of issuers that are not part of the S&P 500<sup>®</sup> Index. The sub-Subadviser considers the strategy’s security, industry, and market capitalization weightings relative to the index. In buying and selling securities for the strategy, the sub-Subadviser seeks to outperform the S&P 500<sup>®</sup> Index by, in general, quantitatively evaluating factors such as historical valuation, momentum, profitability, and other factors. The portfolio managers incorporate these analyses using a proprietary program to construct the optimal portfolio holdings and further manage benchmark relative risks. The portfolio managers will generally attempt to overweight securities with positive characteristics identified in the evaluation process and underweight securities with negative characteristics. <br/><br/> The sub-Subadviser may invest the strategy’s assets in securities of foreign issuers in addition to securities of domestic issuers. <br/><br/> The sub-Subadviser may also use various techniques, such as buying and selling futures contracts and swaps, to increase or decrease the strategy’s exposure to changing security prices or other factors that affect security values. Principal Risks of Investing in the Fund The price per share of the Fund will fluctuate with changes in 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 of 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. <br/><br/>The following is a summary of the principal risks to which the Fund’s portfolio as a whole is subject. If changes occur in a Fund’s portfolio holdings, the extent to which the portfolio is subject to each of these risks may also change. <ul type="square"><li> Allocation Risk – The risk associated with the Manager’s decisions regarding how the Fund’s assets should be allocated between the underlying fund and futures, which could cause the Fund to underperform other funds with similar investment objectives. There can be no guarantee that investment decisions made by the Manager will produce the desired results. Further, because the Manager has limited discretion to change the underlying fund and futures allocations under normal market conditions, the Fund might underperform comparable funds of funds for which the fund’s manager has such discretion to adjust allocations.</li></ul><ul type="square"><li> Futures Risk – Because the Fund may utilize futures pursuant to its MVP risk management process, the Fund also is subject to derivatives risk, including risks related to futures. 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. The value of futures contracts depend primarily upon the price of the securities, indexes, commodities, currencies or other instruments underlying them. Price movements are also influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary, and exchange control programs and policies of governments, and national and international political and economic events and policies. The cost of futures may also be related, in part, to the degree of volatility of the underlying indices, securities, currencies, or other assets. Accordingly, futures on highly volatile indices, securities, currency, or other assets may be more expensive than futures on other investments. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. Further, in some market conditions the Fund may either underperform or outperform as a direct result of the MVP process.  The Fund may, for example, outperform in downward trending markets when volatility is high (and the equity allocation low) and underperform in upward trending markets when volatility is high (and the equity allocation low).</li></ul><ul type="square"><li> Quantitative Investing Risk – The value of securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value. In addition, factors that affect a security’s value can change over time and these changes may not be reflected in the quantitative model. The MVP risk management process uses quantitative analysis.</li></ul><ul type="square"><li> Fund of Funds Risk – The Fund, as a shareholder of the underlying fund, indirectly bears its proportionate share of any investment management fees and other expenses of the underlying fund. Further due to the fees and expenses paid by the Fund, as well as small variations in the Fund’s actual allocations to the underlying fund and any futures and cash held in the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and income distributions of the underlying fund.</li></ul>In addition, the Fund bears the investment risks of the investments of the underlying fund. The principal risks of the underlying fund are: <ul type="square"><li> Market Risk – The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.</li></ul><ul type="square"><li> Issuer Risk – The value of a security may decline for a number of reasons directly related to the issuer of the security.</li></ul><ul type="square"><li> Selection Risk – Because the underlying fund is actively managed, there can be no guarantee that investment decisions made for the fund will produce the desired results.</li></ul><ul type="square"><li> Interest Rate Risk – Debt securities held by the Fund may decline in value due to rising interest rates. </li></ul><ul type="square"><li>Credit Risk – The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an adverse impact on the underlying fund’s earnings.</li></ul><ul type="square"><li>Private Placed Securities Risk – The underlying fund may invest in privately placed securities, which are subject to resale restrictions.</li></ul><ul type="square"><li> Call Risk – If interest rates fall, issuers of callable debt securities are more likely to prepay prior to the maturity date. The underlying fund may not be able to reinvest the proceeds from the prepayment in investments that will generate the same level of income.</li></ul><ul type="square"><li> Extension Risk – If interest rates rise, debt securities may be paid in full more slowly than anticipated.</li></ul><ul type="square"><li> 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.</li></ul><ul type="square"><li> 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.</li></ul><ul type="square"><li> Leveraging Risk – The underlying fund may engage in certain kinds of transactions, including the use of derivatives, that may give rise to a form of leverage. The use of leverage may require the underlying fund to liquidate a portfolio position at a disadvantageous time or may exaggerate the effect of any increase or decrease in the value of the underlying fund’s portfolio securities.</li></ul><ul type="square"><li> Portfolio Turnover – The underlying fund may trade its portfolio securities frequently, which could result in higher transaction costs and could adversely affect the Fund’s performance.</li></ul><ul type="square"><li> Asset-Backed Securities Risk – Asset-backed securities represent interests in “pools” of assets, including consumer loans or receivables held in trust. Asset-backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are subject to risk of default of the underlying asset, particularly during periods of economic downturn.</li></ul><ul type="square"><li> Security Quality Risk (also known as “High Yield Risk” or “Junk Bond Risk”) – The underlying fund may invest in high yield, high risk debt securities, which may be subject to higher levels of credit and liquidity risk than higher quality debt securities. Security quality risk is sometimes known as “high-yield risk” or “junk bond risk.”</li></ul><ul type="square"><li> Income Risk – Falling interest rates may cause the underlying fund’s income to decline.</li></ul><ul type="square"><li> Liquidity Risk – An investment that is difficult to purchase or sell may have an adverse effect on the underlying fund’s returns.</li></ul><ul type="square"><li> Mortgage-Related and Other Asset-Backed Risk – Investing in mortgage-related or other asset-backed securities involves a variety of risks associated with the credit markets, such as rising or falling interest rates, increases in the rate of defaults or prepayments, and the quality of the pool of mortgages (subprime risk) or other assets that back the security.</li></ul><ul type="square"><li> U.S. Government Obligations Risk – Certain securities in which the underlying fund may invest, including securities issued by certain government agencies and government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States.</li></ul><ul type="square"><li> Real Estate Investments Risk – The performance of investments in real estate depends on the overall strength of the real estate market, the management of real estate investments trusts (REITs), and property management, all of which can be affected by a variety of factors, including national and regional economic conditions.</li></ul><ul type="square"><li> Sovereign Debt Risk – Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</li></ul><ul type="square"><li> 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.</li></ul><ul type="square"><li> Emerging Markets Risk – Emerging markets may have less developed or more volatile trading markets, less developed legal and accounting systems, and greater likelihood of government restrictions, nationalization, or confiscation than developed countries. Frontier market countries generally have smaller economies or less developed capital markets and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries. </li></ul><ul type="square"><li> Quantitative Investing Risk – The value of securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value. In addition, factors that affect a security’s value can change over time and these changes may not be reflected in the quantitative model.</li></ul> 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 year and since its inception compare with those of a broad-based measure of market performance, the S&P 500 Index. The Fund’s performance also is compared to the Bloomberg Barclays U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with the returns of a broad index of investment-grade fixed-rate debt issues, and to a Income & Growth Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&P 500 Index (40%) and the Bloomberg Barclays U.S. Aggregate Bond Index (60%) in proportions similar to the equity to fixed income allocation of the Fund. <br/><br/> Both the bar chart and the table assume reinvestment of dividends and distributions. <br/><br/> 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 Calendar Year Total Return Annual Return % <b>Highest and Lowest Quarter Returns (for periods shown in the bar chart)</b><br/><br/><table style=" width: 100%" cellspacing="0" cellpadding="0"> <tr> <td style="width: 78.09%; vertical-align: top; "> <div style=" text-align: left">Highest (Q1, 2019)</div> </td> <td style="width: 21.91%; vertical-align: top; "> <div style=" text-align: right">6.54%</div> </td> </tr> <tr> <td style="width: 78.09%; vertical-align: top; "> <div style=" text-align: left">Lowest (Q3, 2015)</div> </td> <td style="width: 21.91%; vertical-align: top; "> <div style=" text-align: right">-7.81% </div> </td> </tr> </table> Average Annual Total Returns Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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 year and since its inception compare with those of a broad-based measure of market performance, the S&P 500 Index. The Fund’s performance also is compared to the Bloomberg Barclays U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with the returns of a broad index of investment-grade fixed-rate debt issues, and to a Income & Growth Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&P 500 Index (40%) and the Bloomberg Barclays U.S. Aggregate Bond Index (60%) in proportions similar to the equity to fixed income allocation of the Fund. 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. Highest 2019-03-31 Lowest 2015-09-30 Reflects no deduction for fees, expenses, or taxes. 0.001 0.0004 0.0068 0.0082 84 262 455 1014 2012-04-30 0.1625 0.036 0.0576 2012-04-30 0.3149 0.117 0.139 2012-04-30 0.0872 0.0305 0.0284 2012-04-30 0.1755 0.0662 0.0731 0.07 -0.0781 <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAnnualFundOperatingExpenses000113 column period compact * ~</div> <div style="display:none">~ http://www.allianzlife.com/role/ScheduleExpenseExampleTransposed000114 column period compact * ~</div> AZL® MVP T. ROWE PRICE CAPITAL APPRECIATION PLUS FUND Investment Objective The Fund seeks long term capital appreciation with preservation of capital as an important intermediate-term objective. 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) 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. 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: 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 5% of the average value of its portfolio. Investments, Risks, and Performance Principal Investment Strategies of the Fund The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective primarily by investing in a combination of three underlying funds:<br/><br/><table style="width:40%"><tr><td>          <b>FUND</b></td><td align="center"><b>TARGET ALLOCATION</b></td></tr><tr><td><ul type="square"><li>   AZL T. Rowe Price Capital Appreciation Fund </li></ul></td><td align="center">50%</td></tr><tr><td><ul type="square"><li>   AZL S&P 500 Index Fund</li></ul></td><td align="center">27%</td></tr><tr><td><ul type="square"><li>   AZL Enhanced Bond Index Fund</li></ul></td><td align="center">18%</td></tr></table>In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk management process, described below.<br/><br/>These target allocations represent the Fund's long-term strategic asset allocation, which is not expected to change under normal market conditions. The investment results of the underlying funds will vary. As a result, the Manager monitors the actual allocations to the underlying funds daily and periodically adjusts the actual allocations to attempt to achieve the target allocation. Generally, the Manager will seek to maintain the underlying fund target allocations using the cash flows that result from shareholders buying or selling shares in the Fund. However, if cash flows were insufficient to maintain the target allocations, the Manager would then buy or sell underlying funds as necessary to attempt to return the Fund to the target allocations. Generally, the actual allocations will not be more than 10% above or below the targets.<br/><br/>The "Plus" within the Fund's name refers to the combination of the underlying AZL T. Rowe Price Capital Appreciation Fund with complementary exposure to the two underlying index funds that seeks to provide the Fund with a broad and diverse exposure across both equity and fixed income markets.<br/><br/>The AZL T. Rowe Price Capital Appreciation Fund, which is subadvised by T. Rowe Price Associates, Inc., seeks long term capital appreciation with preservation of capital as an important intermediate-term objective.  The underlying fund normally invests at least 50% of its total assets in the common stocks of established U.S. companies that the Subadviser believes has above-average potential for capital growth. The remaining assets are generally invested in convertible securities, corporate and government debt, mortgage- and asset-backed securities, bank loans (which represent an interest in amounts owed by a borrower to a syndicate of lenders), and foreign securities, in keeping with the Fund’s objective. The Fund may invest up to 25% of its total assets in foreign securities, which may be denominated in U.S. or non-U.S. dollars.<br/><br/>The AZL S&P 500 Index Fund, which is subadvised by BlackRock Investment Management, LLC, seeks to match the total return of the Standard & Poor's 500 Index. Under normal circumstances, it invests at least 80% of the value of its net assets in the securities of or in a statistically selected sampling of the securities of companies included in the S&P 500 Index or in derivative instruments linked to that Index.<br/><br/>The AZL Enhanced Bond Index Fund, which is subadvised by BlackRock Financial Management, Inc., seeks to exceed the total return of the Bloomberg Barclays U.S. Aggregate Bond Index. Under normal circumstances, it invests in a combination of securities with an overall weighting close to the capitalization weights of the Bloomberg Barclays U.S. Aggregate Bond Index (the "Index"). Under normal market conditions, the Fund invests at least 80% of its net assets in investment-grade debt securities (those of medium and high quality) of all types and repurchase agreements for those securities. Further, under normal circumstances, the Fund invests at least 80% of the value of its net assets in securities or other financial instruments that are components of or have economic characteristics similar to the securities included in the Index.<br/><br/>Under normal market conditions, the Fund will allocate approximately 95% of its assets to the underlying funds described above, and approximately 5% of the Fund’s assets may be invested in equity and/or fixed income futures, such as S&P 500 Index futures and U.S. Treasury futures, which generally are liquid. The futures strategy, called the MVP risk management process, seeks to reduce the volatility of the Fund. Volatility refers to the amount by which the price of an investment can change over a period of time. High volatility indicates that the price has changed significantly, up or down, over a short time period; lower volatility indicates that the price is not changing dramatically, but at a steady pace over a period of time. Generally, higher volatility is considered to be more risky.<br/><br/>The goal of the MVP process is to achieve Fund volatility at or below 12% on an annualized basis over a full business cycle by either increasing or decreasing the exposure to equities over time. The Fund seeks to accomplish this primarily by selling equity index futures when markets experience heightened volatility, and by buying equity index futures when markets experience normal or lower levels of volatility.  Futures provide the Manager an effective method to reduce volatility of the Fund and limit the need to decrease or increase allocations to the underlying funds.  As a result, the MVP process could cause the equity exposure of the Fund to fluctuate significantly but it will generally not be lower than 10%.  The MVP process would generally not reduce equity exposure during periods of moderate and low market volatility but during periods of extreme market volatility the MVP process could result in Fund equity exposure that is significantly lower than 10%. Principal Risks of Investing in the Fund The price per share of the Fund will fluctuate with changes in 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 of 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.<br/><br/>The following is a summary of the principal risks to which the Fund's portfolio as a whole is subject. If changes occur in a Fund's portfolio holdings, the extent to which the portfolio is subject to each of these risks may also change.<ul type="square"><li>Allocation Risk – The risk associated with the Manager's decisions regarding how the Fund's assets should be allocated among the various underlying funds and to futures, which could cause the Fund to underperform other funds with similar investment objectives. There can be no guarantee that investment decisions made by the Manager will produce the desired results. Further, because the Manager has limited discretion to change the underlying fund allocations or futures allocations under normal market conditions, the Fund might underperform comparable funds of funds for which the fund's manager has such discretion to adjust allocations.</li></ul><ul type="square"><li>Futures Risk – Because the Fund may utilize futures pursuant to its MVP risk management process, the Fund also is subject to derivatives risk, including risks related to futures. 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. The value of futures contracts depend primarily upon the price of the securities, indexes, commodities, currencies or other instruments underlying them. Price movements are also influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary, and exchange control programs and policies of governments, and national and international political and economic events and policies. The cost of futures may also be related, in part, to the degree of volatility of the underlying indices, securities, currencies, or other assets. Accordingly, futures on highly volatile indices, securities, currency, or other assets may be more expensive than futures on other investments. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose more than the principal amount invested. Further, in some market conditions the Fund may either underperform or outperform as a direct result of the MVP process.  The Fund may, for example, outperform in downward trending markets when volatility is high (and the equity allocation low) and underperform in upward trending markets when volatility is high (and the equity allocation low).</li></ul><ul type="square"><li>Quantitative Investing Risk – The value of securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security's value. In addition, factors that affect a security's value can change over time and these changes may not be reflected in the quantitative model. The MVP risk management process uses quantitative analysis.</li></ul><ul type="square"><li>Fund of Funds Risk – The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the Fund, as well as small variations in the Fund's actual allocations to the underlying funds and any futures and cash held in the Fund's portfolio, the performance and income distributions of the Fund will not be the same as the performance and income distributions of the underlying funds allocated according to the target allocations described here.</li></ul>In addition, the Fund bears the investment risks of the investments of the underlying funds. The principal risks of the underlying funds are:<ul type="square"><li>Market Risk – The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.</li></ul><ul type="square"><li>Issuer Risk – The value of a security may decline for a number of reasons directly related to the issuer of the security.</li></ul><ul type="square"><li>Selection Risk – If an underlying fund is actively managed, there can be no guarantee that investment decisions made for the fund will produce the desired results.</li></ul><ul type="square"><li>Index Fund Risk – An underlying fund does not attempt to manage market volatility or reduce the effects of poor 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.</li></ul><ul type="square"><li>Value Stocks Risk – Value investing emphasizes stocks of undervalued companies whose characteristics may lead to improved valuations. Value stocks may lose favor with investors, or their valuations may not improve as anticipated.</li></ul><ul type="square"><li>Capitalization Risk – Investing in small- to mid-sized companies creates risk because smaller companies may have unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of large companies.</li></ul><ul type="square"><li>Focused Investment Risk – Investing in a relatively small number of issuers, industries, or regions involves added risk. Changes in the value of a single security or a single economic, political, or regulatory event may have a large impact on the value of an underlying fund's portfolio.</li></ul><ul type="square"><li>Bank Loan Risk – To the extent an underlying fund invests in bank loans, it is exposed to additional risks beyond those normally associated with more traditional debt securities. The fund's ability to receive payments in connection with the loan depends primarily on the financial condition of the borrower, and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing the loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price.</li></ul><ul type="square"><li>Convertible Securities Risk – The value of convertible securities may be affected by interest rates, default by the issuer on principal or interest payments, and the value of the underlying stock into which the securities may be converted.</li></ul><ul type="square"><li>Interest Rate Risk – Debt securities held by the Fund may decline in value due to rising interest rates.</li></ul><ul type="square"><li>Credit Risk – The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an adverse impact on the underlying fund's earnings.</li></ul><ul type="square"><li>Call Risk – If interest rates fall, issuers of callable debt securities are more likely to prepay prior to the maturity date. The Fund may not be able to reinvest the proceeds from the prepayment in investments that will generate the same level of income.</li></ul><ul type="square"><li>Extension Risk – If interest rates rise, debt securities may be paid in full more slowly than anticipated.</li></ul><ul type="square"><li>Security Quality Risk (also known as "High Yield Risk" or "Junk Bond Risk") – An underlying fund may invest in high yield, high risk debt securities, which may be subject to higher levels of credit and liquidity risk than higher quality debt securities. Security quality risk is sometimes known as "high-yield risk" or "junk bond risk."</li></ul><ul type="square"><li>U.S. Government Obligations Risk – Certain securities in which the Fund may invest, including securities issued by certain government agencies and government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States.</li></ul><ul type="square"><li>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, reduced liquidity, and differences in social and economic developments or policies.</li></ul><ul type="square"><li>Sovereign Debt Risk – Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity's debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</li></ul><ul type="square"><li>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.</li></ul><ul type="square"><li>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.</li></ul><ul type="square"><li>Options Risk – To the extent an underlying fund uses options, it is exposed to additional volatility and potential losses. Writing call options exposes the fund to the risk that the underlying security may not move in the direction anticipated by the portfolio manager, requiring the fund to buy or sell the security at a price that is disadvantageous to the fund.</li></ul><ul type="square"><li>Leveraging Risk – An Underlying Fund may engage in certain kinds of transactions, including the use of derivatives, that may give rise to a form of leverage. The use of leverage may require the Fund to liquidate a portfolio position at a disadvantageous time or may exaggerate the effect of any increase or decrease in the value of the Fund's portfolio securities.</li></ul><ul type="square"><li>Liquidity Risk – An investment that is difficult to purchase or sell may have an adverse effect on an underlying fund's returns.</li></ul><ul type="square"><li>Mortgage-Related and Other Asset-Backed Risk – Investing in mortgage-related or other asset-backed securities involves a variety of risks associated with the credit markets, such as rising or falling interest rates, increases in the rate of defaults or prepayments, and the quality of the pool of mortgages (subprime risk) or other assets that backs the security.</li></ul><ul type="square"><li>Industry Sector Risk – Investing in a single industry or sector, or concentrating investments in a limited number of industries or sectors, tends to increase the risk that economic, political, or regulatory developments affecting certain industries or sectors will have a large impact on the value of a fund's portfolio.</li></ul><ul type="square"><li>Repurchase Agreements and Purchase and Sale Contracts Risk – If the other party to a repurchase agreement or purchase and sale contract defaults on it obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in ether situation and the market value of the security declines, the Fund may lose money.</li></ul><ul type="square"><li>Private Placed Securities Risk – An underlying fund may invest in privately placed securities, which are subject to resale restrictions.</li></ul><ul type="square"><li>Portfolio Turnover – An underlying fund may trade its portfolio securities frequently, which could result in higher transaction costs and could adversely affect the Fund's performance.</li></ul><ul type="square"><li>Treasury Obligations Risk – Direct obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund.</li></ul> Performance Bar Chart and Table 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, the S&P 500 Index. The Fund’s performance also is compared to the Bloomberg Barclays U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with the returns of a broad index of investment-grade fixed-rate debt issues, and to a Moderate Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&P 500 Index (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%) in proportions similar to the equity to fixed income allocation of the Fund. <br/><br/>Both the bar chart and the table assume reinvestment of dividends and distributions. <br/><br/>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 Calendar Year Total Return Annual Return % <b>Highest and Lowest Quarter Returns (for periods shown in the bar chart)</b><br/><br/><table style=" width: 100%" cellspacing="0" cellpadding="0"> <tr> <td style="width: 78.09%; vertical-align: top; "> <div style=" text-align: left">Highest (Q1, 2019)</div> </td> <td style="width: 21.91%; vertical-align: top; "> <div style=" text-align: right">9.20%</div> </td> </tr> <tr> <td style="width: 78.09%; vertical-align: top; "> <div style=" text-align: left">Lowest (Q4, 2018)</div> </td> <td style="width: 21.91%; vertical-align: top; "> <div style=" text-align: right">-7.36%</div> </td> </tr> </table> Average Annual Total Returns Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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, the S&P 500 Index. The Fund’s performance also is compared to the Bloomberg Barclays U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with the returns of a broad index of investment-grade fixed-rate debt issues, and to a Moderate Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&P 500 Index (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%) in proportions similar to the equity to fixed income allocation of the Fund. 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. Reflects no deduction for fees, expenses, or taxes. 0.001 0.0002 0.0075 0.0087 89 278 482 1073 2014-01-10 0.2139 0.0885 0.0928 2014-01-10 0.3149 0.117 0.1214 2014-01-10 0.0872 0.0305 0.0342 2014-01-10 0.2211 0.0835 0.0874 0.05 Highest 2019-03-31 0.092 Lowest 2018-12-31 -0.0736 <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAnnualFundOperatingExpenses000123 column period compact * ~</div> <div style="display:none">~ http://www.allianzlife.com/role/ScheduleExpenseExampleTransposed000124 column period compact * ~</div> N-1A 0.1107 -0.009 0.1139 0.1146 0.0459 -0.0127 0.054 0.1223 -0.054 0.1576 74 230 401 894 <div style="display:none">~ http://www.allianzlife.com/role/ScheduleExpenseExampleNoRedemptionTransposed000055 column period compact * ~</div> 0.1256 0.0609 -0.0022 0.0661 0.114 -0.0444 0.1692 <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAnnualTotalReturnsBarChart000056 column period compact * ~</div> 97 303 525 1166 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. <div style="display:none">~ http://www.allianzlife.com/role/ScheduleExpenseExampleNoRedemptionTransposed000015 column period compact * ~</div> 99 309 536 1190 89 0.1096 278 0.0064 482 1073 0.1127 0.0796 0.0481 -0.0077 0.0532 0.0931 -0.0375 0.1354 <div style="display:none">~ http://www.allianzlife.com/role/ScheduleExpenseExampleNoRedemptionTransposed000125 column period compact * ~</div> 0.0415 0.0762 0.1421 -0.0167 0.2139 <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAnnualTotalReturnsBarChart000126 column period compact * ~</div> <div style="display:none">~ http://www.allianzlife.com/role/ScheduleExpenseExampleNoRedemptionTransposed000025 column period compact * ~</div> <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAnnualTotalReturnsBarChart000026 column period compact * ~</div> <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAnnualTotalReturnsBarChart000016 column period compact * ~</div> <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAverageAnnualTotalReturnsTransposed000127 column period compact * ~</div> Because Acquired Fund Fees and Expenses are not included in the Fund's Financial Highlights, the Fund's total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table. 69 218 379 847 <div style="display:none">~ http://www.allianzlife.com/role/ScheduleExpenseExampleNoRedemptionTransposed000065 column period compact * ~</div> 0.1174 -0.0284 0.1253 0.1517 0.0424 -0.0171 0.0429 0.1398 -0.0646 0.1731 0.2085 0.0647 -0.008 0.068 0.1596 -0.0645 0.2052 <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAnnualTotalReturnsBarChart000036 column period compact * ~</div> 0.1408 0.0218 -0.0157 0.0334 <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAnnualTotalReturnsBarChart000066 column period compact * ~</div> 0.1154 -0.0577 0.162 <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAnnualTotalReturnsBarChart000096 column period compact * ~</div> 2012-01-10 2012-01-10 2012-01-10 2012-01-10 2012-01-10 2012-01-10 2012-01-10 2012-01-10 2012-01-10 2012-01-10 0.2388 0.0842 -0.0321 0.0543 0.1321 -0.0526 0.1864 97 303 525 1166 <div style="display:none">~ http://www.allianzlife.com/role/ScheduleExpenseExampleNoRedemptionTransposed000035 column period compact * ~</div> 72 224 390 871 <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAnnualTotalReturnsBarChart000076 column period compact * ~</div> <div style="display:none">~ http://www.allianzlife.com/role/ScheduleExpenseExampleNoRedemptionTransposed000075 column period compact * ~</div> 0.0654 0.1779 0.0233 -0.0621 0.0082 0.1093 -0.0214 0.1625 84 262 455 1014 79 <div style="display:none">~ http://www.allianzlife.com/role/ScheduleExpenseExampleNoRedemptionTransposed000115 column period compact * ~</div> 246 <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAnnualTotalReturnsBarChart000116 column period compact * ~</div> 428 954 <div style="display:none">~ http://www.allianzlife.com/role/ScheduleExpenseExampleNoRedemptionTransposed000095 column period compact * ~</div> <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAverageAnnualTotalReturnsTransposed000117 column period compact * ~</div> <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAnnualFundOperatingExpenses000023 column period compact * ~</div> 0.1342 0.0001 0.1333 0.2107 0.0653 -0.0067 0.0932 0.1269 -0.0591 0.1657 98 306 531 1178 <div style="display:none">~ http://www.allianzlife.com/role/ScheduleExpenseExampleNoRedemptionTransposed000085 column period compact * ~</div> <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAnnualTotalReturnsBarChart000086 column period compact * ~</div> 101 345 609 1362 <div style="display:none">~ http://www.allianzlife.com/role/ScheduleExpenseExampleNoRedemptionTransposed000105 column period compact * ~</div> 0.0905 0.1255 -0.0622 0.1581 <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAnnualTotalReturnsBarChart000106 column period compact * ~</div> 2015-04-27 2015-04-27 2015-04-27 72 224 390 871 0.105 0.0241 0.1029 0.1293 0.0611 0.0001 0.0675 0.115 -0.0436 0.1724 <div style="display:none">~ http://www.allianzlife.com/role/ScheduleExpenseExampleNoRedemptionTransposed000045 column period compact * ~</div> Performance Bar Chart and Table Calendar Year Total Return Annual Return % <div style="display:none">~ http://www.allianzlife.com/role/ScheduleAnnualTotalReturnsBarChart000046 column period compact * ~</div> Expenses have been restated to reflect current fees. Prior to November 15, 2019, the Fund was known as the AZL MVP BlackRock Global Strategy Plus Fund, and its investment objective and principal investment strategies were different. The performance of the Fund previously was compared to the FTSE World Index, as well as the S&P 500 Index, the FTSE World (ex U.S.) Index, the BofA Merrill Lynch Current 5-Year U.S. Treasury Index, the FTSE (Non-USD) World Government Bond Index and a Balanced Reference Benchmark (consisting of 30% of the S&P 500 Index; 20% FTSE World (ex U.S.) Index; 30% ICE BofA Merrill Lynch Current 5-year U.S. Treasury Index; and 20% FTSE (Non-USD) World Government Bond Index). The prior comparison indexes are shown in the table below for your reference. The comparison indexes were changed to better reflect the Fund’s new investment objective and principal investment strategies. Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table. Reflects no deduction for fees, expenses, or taxes. Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table. Reflects no deduction for fees, expenses, or taxes. Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table. Reflects no deduction for fees, expenses, or taxes. Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table. Reflects no deduction for fees, expenses, or taxes. Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table. Reflects no deduction for fees, expenses, or taxes. Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table. Reflects no deduction for fees, expenses, or taxes. Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table. Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table. Reflects no deduction for fees, expenses, or taxes. Because Acquired Fund Fees and Expenses are not included in the Fund's Financial Highlights, the Fund's total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table. Expenses have been restated to reflect current fees. Because Acquired Fund Fees and Expenses are not included in the Fund's Financial Highlights, the Fund's total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table. The Manager and the Fund have entered into a written agreement reducing the management fee to 0.10% through at least April 30, 2021, after which the fee waiver may be terminated by the Manager or the Fund at any time and for any reason. The Manager and the Fund have entered into a written agreement limiting operating expenses, excluding certain expenses (such as interest expense and Acquired Fund Fees and Expenses), to 0.15% through at least April 30, 2021, after which the expense limitation agreement may be terminated for any reason by the Fund at any time or by the Manager on 30 days written notice to the Fund. Amounts contractually waived or reimbursed under the expense limitation agreement in a particular fiscal year may be recouped by the Manager within the next three fiscal years to the extent that recoupment will not cause the Fund's expenses to exceed the lesser of any applicable limits in effect (i) at the time of the original waiver and (ii) at the time of such reimbursement, as supported by standard accounting practices. Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table. Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table. Reflects no deduction for fees, expenses, or taxes.