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0.1256 0.0609 -0.0022 0.0661 0.1140 -0.0444 0.1692 0.0598 Performance Bar Chart and Table Annual Return % 0.2085 0.0647 -0.0080 0.0680 0.1596 -0.0645 0.2052 0.0473 0.1640 Performance Bar Chart and Table Annual Return % 0.1246 0.2388 0.0842 -0.0321 0.0543 0.1321 -0.0526 0.1864 0.0644 Performance Bar Chart and Table Annual Return % 0.1064 0.1381 0.1333 0.2107 0.0653 -0.0067 0.0932 0.1269 -0.0591 0.1657 Performance Bar Chart and Table Annual Return % 0.0805 0.1408 0.0218 -0.0157 0.0334 0.1154 -0.0577 0.1620 0.0781 Performance Bar Chart and Table Annual Return % 0.0905 0.1255 -0.0622 0.1581 0.0377 0.1374 Performance Bar Chart and Table Annual Return % 0.1779 0.0233 -0.0621 0.0082 0.1093 -0.0214 0.1625 0.0716 0.1107 Performance Bar Chart and Table Annual Return % 0.0415 0.0762 0.1421 -0.0167 0.2139 0.0802 0.1704 Performance Bar Chart and Table Annual Return % 2022-04-28 N-1A ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST 2022-04-29 2022-04-29 FUND SUMMARIES AZL MVP FUSIONSM BALANCED FUND   Investment Objective <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The Fund seeks long-term capital appreciation with preservation of capital as an important consideration. </div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div>   Fees and Expenses Fees and Expenses of the Fund <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0020 0.0002 0.0072 0.0094 -0.0005 0.0089 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, 2023 Example <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year, that the Fund’s operating expenses remain the same, and that you reinvest all dividends and distributions. It does not reflect any Contract fees. It reflects the management fee waiver agreement for the first year. If Contract fees were included, the costs shown would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt;"> </div> 91 91 295 295 515 515 1150 1150 Portfolio Turnover <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div> <div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt;"> </div> 0.09   Investments, Risks, and Performance Principal Investment Strategies of the Fund <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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 95% of its assets to the underlying funds, which will be allocated approximately 50% to underlying equity funds and 50% to underlying fixed income funds. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk management process, described below. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"> 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The Manager utilizes a strategic asset allocation process to help determine appropriate asset allocations for the Fund among the underlying funds. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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&amp;P 500 Index futures and U.S. Treasury futures, which generally are liquid. The futures strategy, called the MVP risk management process, involves a quantitative analysis and 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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 are intended to 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%. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Due to market conditions or other factors, the actual or realized volatility of the Fund for any particular period of time may be materially higher than the threshold volatility level. The Fund’s threshold volatility level is not a total return performance target. It is possible for the Fund to maintain its volatility at or under its threshold volatility level while having negative performance returns. </div> Principal Risks of Investing in the Fund <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The price per share of the Fund will fluctuate with changes in the value of the investments held by the Fund. You may lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. There is no guarantee that the Fund will achieve its objective. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The following is a summary of the principal risks to which the Fund’s portfolio as a whole is subject, any of which may adversely affect the Fund’s net asset value (NAV), yield, total return and ability to achieve its investment objective. As changes occur in a Fund’s portfolio holdings, the extent to which the portfolio is subject to each of these risks may also change. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Allocation Risk </span>– The Manager’s decisions regarding how the Fund’s assets should be allocated among the various underlying funds, may 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 among equity funds and fixed income funds or the under normal market conditions, the Fund may underperform comparable funds of funds for which the fund’s manager has such discretion to adjust allocations. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Futures Risk </span>– 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 a fund could lose more than the principal amount invested. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;">  </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Volatility Risk </span>– Although the Fund’s investment strategy seeks not to exceed a specific volatility level, certain of the Fund’s investments may appreciate or decrease significantly in value over short periods of time, which may cause the Fund’s net asset value per share to experience significant increases or declines in value over short periods of time. The Fund’s volatility strategy may not produce the desired result and there can be no guarantee that the Fund will maintain volatility at or below its threshold volatility level. Additionally, maintenance of the volatility level will not ensure that the Fund will deliver competitive returns. The use of derivatives in connection with the Fund’s volatility strategy may expose the Fund to losses (some of which may be sudden) that it would not have otherwise been exposed to if it had only invested directly in equity and/or fixed income securities. 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). </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Quantitative Investing Risk </span>– 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. A quantitative model can be adversely affected by errors or imperfections in the factors or the data on which evaluations are based, or by technical issues with construction or implementation of the model, which in any case may result in a failure of the portfolio to perform as expected or a failure to identify securities that will perform well in the future. Successful operation of a quantitative model is also reliant upon the information technology systems of the Manager or Subadviser, as applicable, and its ability to ensure those systems remain operational and that appropriate disaster recovery procedures are in place. There can be no assurance that the Manager or Subadviser will be successful in maintaining effective and operational trading models and the related hardware and software systems. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Fund of Funds Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">In addition, the Fund bears the investment risks of the investments of the underlying funds. The principal risks associated with the underlying funds include: </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Market Risk </span>– The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Issuer Risk </span>– The value of a security may decline for a number of reasons directly related to the issuer of the security. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Capitalization Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Foreign Securities Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Emerging Markets Risk </span>– Emerging markets may have less developed or more volatile trading markets and greater likelihood of government restrictions, nationalization, or confiscation than developed countries. Companies in emerging market countries may have less developed legal and accounting systems and generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable which can impede a fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, investments in emerging markets securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. 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. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Depositary Receipt Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Sovereign Debt Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Currency Risk </span>– 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. In the case of hedging positions, the U.S. dollar may decline in value relative to the currency that has been hedged. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Interest Rate Risk </span>– Debt securities held by a fund may decline in value due to rising interest rates. Interest rates recently have been at historic lows, which may increase the risks associated with rising interest rates. Currently, interest rates are at or near historic lows, which may increase the risk that interest rates will rise. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Credit Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Income Risk </span>– Falling interest rates may cause a fund’s income to decline. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Call Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Extension Risk </span>– If interest rates rise, debt securities may be paid in full more slowly than anticipated. Interest rates recently have been at historic lows, which may increase the risks associated with rising interest rates. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">U.S. Government Obligations Risk </span>– Certain securities in which a 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. </div> You may lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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&amp;P 500 Index. The Fund’s performance also is compared to the Bloomberg 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&amp;P 500 Index (50%) and the Bloomberg U.S. Aggregate Bond Index (50%) in proportions similar to the equity to fixed income allocation of the Fund. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Both the bar chart and the table assume reinvestment of dividends and distributions. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Prior to February 1, 2021, the Fund was managed pursuant to different investment strategies and known as the AZL MVP Fusion Dynamic Balanced Fund. Consequently, the performance information shown below for periods prior to February 1, 2021, reflects the Fund’s prior investment strategies and not its current investment strategies. </div> 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 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 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. <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;">Highest and Lowest Quarter Returns (for periods shown in the bar chart) </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:40%;border:0px;margin:0 auto"> <tr> <td style="width:80%;"/> <td style="vertical-align:bottom;width:10%;"/> <td/> <td/> <td/> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Highest (Q4, 2020)</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">9.02</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Lowest (Q1, 2020)</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">-12.01</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table> Highest 2020-12-31 0.0902 Lowest 2020-03-31 -0.1201 Average Annual Total Returns 0.0920 0.0685 0.0653 0.2871 0.1847 0.1655 -0.0154 0.0357 0.0290 0.1291 0.1129 0.0986 Reflects no deduction for fees, expenses, or taxes. AZL MVP FUSIONSM CONSERVATIVE FUND   Investment Objective <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The Fund seeks long-term capital appreciation with preservation of capital as an important consideration. </div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div>   Fees and Expenses Fees and Expenses of the Fund <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0020 0.0004 0.0071 0.0095 -0.0005 0.0090 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, 2023 Example <div style="margin-top:3pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year, that the Fund’s operating expenses remain the same, and that you reinvest all dividends and distributions. It does not reflect any Contract fees. It reflects the management fee waiver agreement for the first year. If Contract fees were included, the costs shown would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> 92 92 298 298 521 521 1162 1162 Portfolio Turnover <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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 15% of the average value of its portfolio. </div> <div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt;"> </div> 0.15   Investments, Risks, and Performance Principal Investment Strategies of the Fund <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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 95% of its assets to the underlying funds, which will be allocated approximately 35% to underlying equity funds and 65% to underlying fixed income funds. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk management process, described below. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"> 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The Manager utilizes a strategic asset allocation process to help determine appropriate asset allocations for the Fund among the underlying funds. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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&amp;P 500 Index futures and U.S. Treasury futures, which generally are liquid. The futures strategy, called the MVP risk management process, involves a quantitative analysis and 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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 are intended to 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%. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Due to market conditions or other factors, the actual or realized volatility of the Fund for any particular period of time may be materially higher than the threshold volatility level. The Fund’s threshold volatility level is not a total return performance target. It is possible for the Fund to maintain its volatility at or under its threshold volatility level while having negative performance returns. </div> Principal Risks of Investing in the Fund <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The price per share of the Fund will fluctuate with changes in the value of the investments held by the Fund. You may lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. There is no guarantee that the Fund will achieve its objective. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The following is a summary of the principal risks to which the Fund’s portfolio as a whole is subject, any of which may adversely affect the Fund’s net asset value (NAV), yield, total return and ability to achieve its investment objective. As changes occur in a Fund’s portfolio holdings, the extent to which the portfolio is subject to each of these risks may also change. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Allocation Risk </span>– The Manager’s decisions regarding how the Fund’s assets should be allocated among the various underlying funds, may 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 among equity funds and fixed income funds or the under normal market conditions, the Fund may underperform comparable funds of funds for which the fund’s manager has such discretion to adjust allocations. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Futures Risk </span>– 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 a fund could lose more than the principal amount invested. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;">  </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Volatility Risk </span>– Although the Fund’s investment strategy seeks not to exceed a specific volatility level, certain of the Fund’s investments may appreciate or decrease significantly in value over short periods of time, which may cause the Fund’s net asset value per share to experience significant increases or declines in value over short periods of time. The Fund’s volatility strategy may not produce the desired result and there can be no guarantee that the Fund will maintain volatility at or below its threshold volatility level. Additionally, maintenance of the volatility level will not ensure that the Fund will deliver competitive returns. The use of derivatives in connection with the Fund’s volatility strategy may expose the Fund to losses (some of which may be sudden) that it would not have otherwise been exposed to if it had only invested directly in equity and/or fixed income securities. 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). </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Quantitative Investing Risk </span>– 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. A quantitative model can be adversely affected by errors or imperfections in the factors or the data on which evaluations are based, or by technical issues with construction or implementation of the model, which in any case may result in a failure of the portfolio to perform as expected or a failure to identify securities that will perform well in the future. Successful operation of a quantitative model is also reliant upon the information technology systems of the Manager or Subadviser, as applicable, and its ability to ensure those systems remain operational and that appropriate disaster recovery procedures are in place. There can be no assurance that the Manager or Subadviser will be successful in maintaining effective and operational trading models and the related hardware and software systems. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Fund of Funds Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">In addition, the Fund bears the investment risks of the investments of the underlying funds. The principal risks associated with the underlying funds include: </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Market Risk </span>– The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Issuer Risk </span>– The value of a security may decline for a number of reasons directly related to the issuer of the security. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Sovereign Debt Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Currency Risk </span>– 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. In the case of hedging positions, the U.S. dollar may decline in value relative to the currency that has been hedged. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Interest Rate Risk </span>– Debt securities held by a fund may decline in value due to rising interest rates. Interest rates recently have been at historic lows, which may increase the risks associated with rising interest rates. Currently, interest rates are at or near historic lows, which may increase the risk that interest rates will rise. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Credit Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Income Risk </span>– Falling interest rates may cause a fund’s income to decline. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Call Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Extension Risk </span>– If interest rates rise, debt securities may be paid in full more slowly than anticipated. Interest rates recently have been at historic lows, which may increase the risks associated with rising interest rates. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">U.S. Government Obligations Risk </span>– Certain securities in which a 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Capitalization Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Foreign Securities Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Emerging Markets Risk </span>– Emerging markets may have less developed or more volatile trading markets and greater likelihood of government restrictions, nationalization, or confiscation than developed countries. Companies in emerging market countries may have less developed legal and accounting systems and generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable which can impede a fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, investments in emerging markets securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Depositary Receipt Risk </span>– 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. </div> You may lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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&amp;P 500 Index. The Fund’s performance also is compared to the Bloomberg 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 the Conservative Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&amp;P 500 Index (35%) and the Bloomberg U.S. Aggregate Bond Index (65%) in proportions similar to the equity to fixed income allocation of the Fund. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Both the bar chart and the table assume reinvestment of dividends and distributions. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Prior to February 1, 2021, the Fund was managed pursuant to different investment strategies and known as the AZL MVP Fusion Dynamic Conservative Fund. Consequently, the performance information shown below for periods prior to February 1, 2021, reflects the Fund’s prior investment strategies and not its current investment strategies. </div> 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 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 the 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 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. <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;">Highest and Lowest Quarter Returns (for periods shown in the bar chart) </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:68%;border:0px;margin:0 auto"> <tr> <td style="width:83%;"/> <td style="vertical-align:bottom;width:9%;"/> <td/> <td/> <td/> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Highest (Q4, 2020)</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">6.66</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Lowest (Q1, 2020)</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">-8.70</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table> Highest 2020-12-31 0.0666 Lowest 2020-03-31 -0.0870 Average Annual Total Returns 0.0615 0.0585 0.0575 0.2871 0.1847 0.1655 -0.0154 0.0357 0.0290 0.0843 0.0902 0.0779 Reflects no deduction for fees, expenses, or taxes. AZL MVP FUSIONSM MODERATE FUND   Investment Objective <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The Fund seeks long-term capital appreciation. </div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div>   Fees and Expenses Fees and Expenses of the Fund <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0020 0.0002 0.0072 0.0094 -0.0005 0.0089 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, 2023 Example <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year, that the Fund’s operating expenses remain the same, and that you reinvest all dividends and distributions. It does not reflect any Contract fees. It reflects the management fee waiver agreement for the first year. If Contract fees were included, the costs shown would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> 91 91 295 295 515 515 1150 1150 Portfolio Turnover <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> 0.10   Investments, Risks, and Performance Principal Investment Strategies of the Fund <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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 95% of its assets to the underlying funds, which will be allocated approximately 60% to underlying equity funds and 40% to underlying fixed income funds. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk management process, described below. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"> 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The Manager utilizes a strategic asset allocation process to help determine appropriate asset allocations for the Fund among the underlying funds. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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&amp;P 500 Index futures and U.S. Treasury futures, which generally are liquid. The futures strategy, called the MVP risk management process, involves a quantitative analysis and 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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 are intended to 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%. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Due to market conditions or other factors, the actual or realized volatility of the Fund for any particular period of time may be materially higher than the threshold volatility level. The Fund’s threshold volatility level is not a total return performance target. It is possible for the Fund to maintain its volatility at or under its threshold volatility level while having negative performance returns. </div> Principal Risks of Investing in the Fund <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The price per share of the Fund will fluctuate with changes in the value of the investments held by the Fund. You may lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. There is no guarantee that the Fund will achieve its objective. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The following is a summary of the principal risks to which the Fund’s portfolio as a whole is subject, any of which may adversely affect the Fund’s net asset value (NAV), yield, total return and ability to achieve its investment objective. As changes occur in a Fund’s portfolio holdings, the extent to which the portfolio is subject to each of these risks may also change. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Allocation Risk </span>– The Manager’s decisions regarding how the Fund’s assets should be allocated among the various underlying funds, may 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 among equity funds and fixed income funds or the under normal market conditions, the Fund may underperform comparable funds of funds for which the fund’s manager has such discretion to adjust allocations. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Futures Risk </span>– 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 a fund could lose more than the principal amount invested. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;">  </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Volatility Risk </span>– Although the Fund’s investment strategy seeks not to exceed a specific volatility level, certain of the Fund’s investments may appreciate or decrease significantly in value over short periods of time, which may cause the Fund’s net asset value per share to experience significant increases or declines in value over short periods of time. The Fund’s volatility strategy may not produce the desired result and there can be no guarantee that the Fund will maintain volatility at or below its threshold volatility level. Additionally, maintenance of the volatility level will not ensure that the Fund will deliver competitive returns. The use of derivatives in connection with the Fund’s volatility strategy may expose the Fund to losses (some of which may be sudden) that it would not have otherwise been exposed to if it had only invested directly in equity and/or fixed income securities. 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). </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Quantitative Investing Risk </span>– 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. A quantitative model can be adversely affected by errors or imperfections in the factors or the data on which evaluations are based, or by technical issues with construction or implementation of the model, which in any case may result in a failure of the portfolio to perform as expected or a failure to identify securities that will perform well in the future. Successful operation of a quantitative model is also reliant upon the information technology systems of the Manager or Subadviser, as applicable, and its ability to ensure those systems remain operational and that appropriate disaster recovery procedures are in place. There can be no assurance that the Manager or Subadviser will be successful in maintaining effective and operational trading models and the related hardware and software systems. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Fund of Funds Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">In addition, the Fund bears the investment risks of the investments of the underlying funds. The principal risks associated with the underlying funds include: </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Market Risk </span>– The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Issuer Risk </span>– The value of a security may decline for a number of reasons directly related to the issuer of the security. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Capitalization Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Foreign Securities Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Emerging Markets Risk </span>– Emerging markets may have less developed or more volatile trading markets and greater likelihood of government restrictions, nationalization, or confiscation than developed countries. Companies in emerging market countries may have less developed legal and accounting systems and generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable which can impede a fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, investments in emerging markets securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. 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. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Depositary Receipt Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Sovereign Debt Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Currency Risk </span>– 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. In the case of hedging positions, the U.S. dollar may decline in value relative to the currency that has been hedged. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Interest Rate Risk </span>– Debt securities held by a fund may decline in value due to rising interest rates. Interest rates recently have been at historic lows, which may increase the risks associated with rising interest rates. Currently, interest rates are at or near historic lows, which may increase the risk that interest rates will rise. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Credit Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Income Risk </span>– Falling interest rates may cause a fund’s income to decline. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Call Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Extension Risk </span>– If interest rates rise, debt securities may be paid in full more slowly than anticipated. Interest rates recently have been at historic lows, which may increase the risks associated with rising interest rates. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">U.S. Government Obligations Risk </span>– Certain securities in which a 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. </div> You may lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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&amp;P 500 Index. The Fund’s performance also is compared to the Bloomberg 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 the Moderate Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&amp;P 500 Index (60%) and the Bloomberg U.S. Aggregate Bond Index (40%) in proportions similar to the equity to fixed income allocation of the Fund. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Both the bar chart and the table assume reinvestment of dividends and distributions. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Prior to February 1, 2021, the Fund was managed pursuant to different investment strategies and known as the AZL MVP Fusion Dynamic Moderate Fund. Consequently, the performance information shown below for periods prior to February 1, 2021, reflects the Fund’s prior investment strategies and not its current investment strategies. </div> 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 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 the 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 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. <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;">Highest and Lowest Quarter Returns (for periods shown in the bar chart) </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:68%;border:0px;margin:0 auto"> <tr> <td style="width:80%;"/> <td style="vertical-align:bottom;width:10%;"/> <td/> <td/> <td/> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Highest (Q4, 2020)</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">10.58</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Lowest (Q1, 2020)</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">-13.71</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table> Highest 2020-12-31 0.1058 Lowest 2020-03-31 -0.1371 Average Annual Total Returns 0.1109 0.0775 0.0724 0.2871 0.1847 0.1655 -0.0154 0.0357 0.0290 0.1596 0.1278 0.1122 Reflects no deduction for fees, expenses, or taxes. AZL® BALANCED INDEX STRATEGY FUND   Investment Objective <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The Fund seeks long-term capital appreciation with preservation of capital as an important consideration. </div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div>   Fees and Expenses Fees and Expenses of the Fund <div style="margin-top:3pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0005 0.0003 0.0061 0.0069 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. Example <div style="margin-top:3pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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: </div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> 70 70 221 221 384 384 859 859 Portfolio Turnover <div style="margin-top:3pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 13% of the average value of its portfolio. </div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> 0.13   Investments, Risks, and Performance Principal Investment Strategies of the Fund <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:100%;border:0px;margin:0 auto"> <tr> <td style="width:84%;"/> <td style="vertical-align:bottom;width:13%;"/> <td/> <td/> <td/> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="vertical-align:bottom;white-space:nowrap;"> <span style="margin-top:0pt;margin-bottom:0pt;border-bottom:1.00pt solid #000000;display:table-cell;font-size:9pt;font-family:arial;font-weight:bold">Fund</span></td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="text-align: center;border-bottom:1.00pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">Target Allocation</span></td> <td style="vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL Enhanced Bond Index Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">50</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL S&amp;P 500 Index Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">26</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL International Index Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">12.5</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL Mid Cap Index Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">7.5</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL Small Cap Stock Index Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">4.0</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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 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. The subadviser of the AZL Enhanced Bond Index Fund uses the Index as a guide in structuring the Fund and selecting its investments and manages the Fund to have similar overall interest rate risk to the Index, with the investment objective of seeking to exceed the total return of the Index. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The AZL S&amp;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&amp;P 500 Index or in derivative instruments linked to that Index. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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&amp;P 400 Index and in derivative instruments linked to the S&amp;P 400 Index, primarily futures contracts. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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&amp;P SmallCap 600 Index. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div> Principal Risks of Investing in the Fund <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The price per share of the Fund will fluctuate with changes in the value of the investments held by the Fund. You may lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. There is no guarantee that the Fund will achieve its objective. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The following is a summary of the principal risks to which the Fund’s portfolio as a whole is subject, any of which may adversely affect the Fund’s net asset value (NAV), yield, total return and ability to achieve its investment objective. As changes occur in a Fund’s portfolio holdings, the extent to which the portfolio is subject to each of these risks may also change. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Allocation Risk </span>– The Manager’s decisions regarding how the Fund’s assets should be allocated among the various underlying funds, may 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 under normal market conditions, the Fund may underperform comparable funds of funds for which the fund’s manager has such discretion to adjust allocations to Underlying Funds. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Fund of Funds Risk </span>– 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. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">In addition, the Fund bears the investment risks of the investments of the underlying funds. The principal risks associated with the underlying funds include: </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Market Risk </span>– The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Issuer Risk </span>– The value of a security may decline for a number of reasons directly related to the issuer of the security. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Index Fund Risk </span>– Certain of the Underlying Funds 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Selection Risk </span>– Because the AZL Enhanced Bond Index Fund is actively managed, there can be no guarantee that investment decisions made for the Fund will produce the desired results. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Capitalization Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Foreign Securities Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Risks of Investing in Japan </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">European Investment Risk </span>– Investments in certain countries in the European Union (the “EU”) are susceptible to high economic risks associated with high levels of debt, such as investments in sovereign debt of Greece, Italy and Spain. Efforts of the member countries to further unify their economic and monetary policies may increase the potential for the downward movement of one member country’s market to cause a similar effect on other member countries’ markets. Separately, the EU faces issues involving its membership, structure, procedures and policies. The exit of one or more member countries from the EU, such as the exit of the United Kingdom (known as “Brexit”), could place its currency and banking system in jeopardy. An exit by other member countries could likely result in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which may adversely affect the Fund’s investments. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Currency Risk </span>– 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. In the case of hedging positions, the U.S. dollar may decline in value relative to the currency that has been hedged. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Sovereign Debt Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Treasury Obligations Risk </span>– 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 a fund. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">U.S. Government Obligations Risk </span>– Certain securities in which a 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Interest Rate Risk </span>– Debt securities held by a fund may decline in value due to rising interest rates. Interest rates recently have been at historic lows, which may increase the risks associated with rising interest rates. Currently, interest rates are at or near historic lows, which may increase the risk that interest rates will rise. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Credit Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Income Risk </span>– Falling interest rates may cause a fund’s income to decline. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Call Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Extension Risk </span>– If interest rates rise, debt securities may be paid in full more slowly than anticipated. Interest rates recently have been at historic lows, which may increase the risks associated with rising interest rates. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Derivatives Risk </span>– 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, counterparty 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Futures Risk </span>– 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 a fund could lose more than the principal amount invested. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Leveraging Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Liquidity Risk </span>– An investment that is difficult to purchase or sell may have an adverse effect on a fund’s returns. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Mortgage-Related and Other Asset-Backed Securities Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Portfolio Turnover Risk </span>– A fund may trade portfolio securities frequently, which could result in higher transaction costs and could adversely affect the fund’s performance. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Privately Placed Securities Risk </span>– Certain Underlying Funds may invest in privately placed securities, which are subject to resale restrictions. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Repurchase Agreements and Purchase and Sale Contracts Risk </span>– 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 either situation and the market value of the security declines, the fund may lose money. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Technology Sector Risk </span>– Technology companies, including information technology companies, may have limited product lines, markets, financial resources or personnel. Technology companies typically face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Collateralized Debt Obligations Risk </span>– In addition to the typical risks associated with fixed-income securities and asset-backed securities, collateralized debt obligations, including CLOs, carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"> statistical rating organization; (iii) a fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire sale” liquidation due to technical defaults such as coverage test failures; and (viii) the CDO’s manager may perform poorly. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Focused Investments Risk </span>– Certain underlying funds may invest 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 a fund’s portfolio. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">LIBOR Transition Risk </span>– Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the fund’s performance and/or net asset value. </div> You may lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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&amp;P 500 Index. The Fund’s performance also is compared to the Bloomberg 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 the Balanced Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&amp;P 500 Index (50%) and the Bloomberg U.S. Aggregate Bond Index (50%) in proportions similar to the equity to fixed income allocation of the Fund. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Both the bar chart and the table assume reinvestment of dividends and distributions. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div> 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 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 the 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 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. <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;">Highest and Lowest Quarter Returns (for periods shown in the bar chart) </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:40%;border:0px;margin:0 auto"> <tr> <td style="width:76%;"/> <td style="vertical-align:bottom;width:6%;"/> <td/> <td/> <td/> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Highest (Q2, 2020)</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">11.79%</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Lowest (Q1, 2020)</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">-10.87%</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table> Highest 2020-06-30 0.1179 Lowest 2020-03-31 -0.1087 Average Annual Total Returns 0.1004 0.0908 0.0810 0.2871 0.1847 0.1655 -0.0154 0.0357 0.0290 0.1291 0.1129 0.0986 Reflects no deduction for fees, expenses, or taxes. AZL® MVP BALANCED INDEX STRATEGY FUND   Investment Objective <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The Fund seeks long-term capital appreciation with preservation of capital as an important consideration. </div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div>   Fees and Expenses Fees and Expenses of the Fund <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0010 0.0003 0.0058 0.0071 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. Example <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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: </div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> 73 73 227 227 395 395 883 883 Portfolio Turnover <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> 0.10   Investments, Risks, and Performance Principal Investment Strategies of the Fund <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective by investing approximately 95% of its assets in a combination of five underlying index funds: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:100%;border:0px;margin:0 auto"> <tr> <td style="width:84%;"/> <td style="vertical-align:bottom;width:13%;"/> <td/> <td/> <td/> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="vertical-align:bottom;white-space:nowrap;"> <span style="margin-top:0pt;margin-bottom:0pt;border-bottom:1.00pt solid #000000;display:table-cell;font-size:9pt;font-family:arial;font-weight:bold">Fund</span></td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="text-align: center;border-bottom:1.00pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">Target Allocation</span></td> <td style="vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL Enhanced Bond Index Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">47.5</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL S&amp;P 500 Index Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">23.5</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL International Index Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">12.5</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL Mid Cap Index Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">7.5</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL Small Cap Stock Index Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">4.0</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk management process, described below. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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 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. The subadviser of the AZL Enhanced Bond Index Fund uses the Index as a guide in structuring the Fund and selecting its investments and manages the Fund to have similar overall interest rate risk to the Index, with the investment objective of seeking to exceed the total return of the Index. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The AZL S&amp;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&amp;P 500 Index or in derivative instruments linked to that Index. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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&amp;P 400 Index and in derivative instruments linked to the S&amp;P 400 Index, primarily futures contracts. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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&amp;P SmallCap 600 Index. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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&amp;P 500 Index futures and U.S. Treasury futures, which generally are liquid. The futures strategy, called the MVP risk management process, involves a quantitative analysis and 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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 are intended to 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%. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Due to market conditions or other factors, the actual or realized volatility of the Fund for any particular period of time may be materially higher than the threshold volatility level. The Fund’s threshold volatility level is not a total return performance target. It is possible for the Fund to maintain its volatility at or under its threshold volatility level while having negative performance returns. </div> Principal Risks of Investing in the Fund <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The price per share of the Fund will fluctuate with changes in the value of the investments held by the Fund. You may lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. There is no guarantee that the Fund will achieve its objective. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The following is a summary of the principal risks to which the Fund’s portfolio as a whole is subject, any of which may adversely affect the Fund’s net asset value (NAV), yield, total return and ability to achieve its investment objective. As changes occur in a Fund’s portfolio holdings, the extent to which the portfolio is subject to each of these risks may also change. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Allocation Risk </span>– The Manager’s decisions regarding how the Fund’s assets should be allocated among the various underlying funds, may 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 under normal market conditions, the Fund may underperform comparable funds of funds for which the fund’s manager has such discretion to adjust allocations. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Futures Risk </span>– 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 a fund could lose more than the principal amount invested. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Volatility Risk </span>– Although the Fund’s investment strategy seeks not to exceed a specific volatility level, certain of the Fund’s investments may appreciate or decrease significantly in value over short periods of time, which may cause the Fund’s net asset value per share to experience significant increases or declines in value over short periods of time. The Fund’s volatility strategy may not produce the desired result and there can be no guarantee that the Fund will maintain volatility at or below its threshold volatility level. Additionally, maintenance of the volatility level will not ensure that the Fund will deliver competitive returns. The use of derivatives in connection with the Fund’s volatility strategy may expose the Fund to losses (some of which may be sudden) that it would not have otherwise been exposed to if it had only invested directly in equity and/or fixed income securities. 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). </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Quantitative Investing Risk </span>– 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. A quantitative model can be adversely affected by errors or imperfections in the factors or the data on which evaluations are based, or by technical issues with construction or implementation of the model, which in any case may result in a failure of the portfolio to perform as expected or a failure to identify securities that will perform well in the future. Successful operation of a quantitative model is also reliant upon the information technology systems of the Manager or Subadviser, as applicable, and its ability to ensure those systems remain operational and that appropriate disaster recovery procedures are in place. There can be no assurance that the Manager or Subadviser will be successful in maintaining effective and operational trading models and the related hardware and software systems. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Fund of Funds Risk </span>– 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 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"> 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">In addition, the Fund bears the investment risks of the investments of the underlying funds. The principal risks associated with the underlying funds include: </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Market Risk </span>– The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Issuer Risk </span>– The value of a security may decline for a number of reasons directly related to the issuer of the security. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Index Fund Risk </span>– Certain of the Underlying Funds 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Selection Risk </span>– Because the AZL Enhanced Bond Index Fund is actively managed, there can be no guarantee that investment decisions made for the Fund will produce the desired results. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Capitalization Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Foreign Securities Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Risks of Investing in Japan </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">European Investment Risk </span>– Investments in certain countries in the European Union (the “EU”) are susceptible to high economic risks associated with high levels of debt, such as investments in sovereign debt of Greece, Italy and Spain. Efforts of the member countries to further unify their economic and monetary policies may increase the potential for the downward movement of one member country’s market to cause a similar effect on other member countries’ markets. Separately, the EU faces issues involving its membership, structure, procedures and policies. The exit of one or more member countries from the EU, such as the exit of the United Kingdom (known as “Brexit”), could place its currency and banking system in jeopardy. An exit by other member countries could likely result in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which may adversely affect the Fund’s investments. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Currency Risk </span>– 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. In the case of hedging positions, the U.S. dollar may decline in value relative to the currency that has been hedged. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Sovereign Debt Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Treasury Obligations Risk </span>– 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 a fund. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">U.S. Government Obligations Risk </span>– Certain securities in which a 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Interest Rate Risk </span>– Debt securities held by a fund may decline in value due to rising interest rates. Interest rates recently have been at historic lows, which may increase the risks associated with rising interest rates. Currently, interest rates are at or near historic lows, which may increase the risk that interest rates will rise. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Credit Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Income Risk </span>– Falling interest rates may cause a fund’s income to decline. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Call Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Extension Risk </span>– If interest rates rise, debt securities may be paid in full more slowly than anticipated. Interest rates recently have been at historic lows, which may increase the risks associated with rising interest rates. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Derivatives Risk </span>– 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, counterparty 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Leveraging Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Liquidity Risk </span>– An investment that is difficult to purchase or sell may have an adverse effect on a fund’s returns. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Mortgage-Related and Other Asset-Backed Securities Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Portfolio Turnover Risk </span>– A fund may trade portfolio securities frequently, which could result in higher transaction costs and could adversely affect the fund’s performance. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Privately Placed Securities Risk </span>– Certain Underlying Funds may invest in privately placed securities, which are subject to resale restrictions. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Repurchase Agreements and Purchase and Sale Contracts Risk </span>– 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 either situation and the market value of the security declines, the fund may lose money. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Technology Sector Risk </span>– Technology companies, including information technology companies, may have limited product lines, markets, financial resources or personnel. Technology companies typically face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Collateralized Debt Obligations Risk </span>– In addition to the typical risks associated with fixed-income securities and asset-backed securities, collateralized debt obligations, including CLOs, carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical rating organization; (iii) a fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire sale” liquidation due to technical defaults such as coverage test failures; and (viii) the CDO’s manager may perform poorly. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">LIBOR Transition Risk </span>– Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the fund’s performance and/or net asset value. </div> You may lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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&amp;P 500 Index. The Fund’s performance also is compared to the Bloomberg 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 the Balanced Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&amp;P 500 Index (50%) and the Bloomberg U.S. Aggregate Bond Index (50%) in proportions similar to the equity to fixed income allocation of the Fund. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Both the bar chart and the table assume reinvestment of dividends and distributions. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div> 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 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 the 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 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. <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;">Highest and Lowest Quarter Returns (for periods shown in the bar chart) </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:40%;border:0px;margin:0 auto"> <tr> <td style="width:83%;"/> <td style="vertical-align:bottom;width:9%;"/> <td/> <td/> <td/> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Highest (Q4, 2020)</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">8.48</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Lowest (Q1, 2020)</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">-9.78</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table> Highest 2020-12-31 0.0848 Lowest 2020-03-31 -0.0978 Average Annual Total Returns 2012-01-10 2012-01-10 2012-01-10 2012-01-10 0.1002 0.0773 0.0720 0.2871 0.1847 0.1627 -0.0154 0.0357 0.0291 0.1291 0.1129 0.0973 Reflects no deduction for fees, expenses, or taxes. AZL® MVP GROWTH INDEX STRATEGY FUND   Investment Objective <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The Fund seeks long-term capital appreciation. </div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div>   Fees and Expenses Fees and Expenses of the Fund <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0010 0.0002 0.0056 0.0068 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. Example <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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: </div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> 69 69 218 218 379 379 847 847 Portfolio Turnover <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> 0.06   Investments, Risks, and Performance Principal Investment Strategies of the Fund <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective by investing approximately 95% of its assets in a combination of five underlying index funds: </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:100%;border:0px;margin:0 auto"> <tr> <td style="width:84%;"/> <td style="vertical-align:bottom;width:13%;"/> <td/> <td/> <td/> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="vertical-align:bottom;white-space:nowrap;"> <span style="margin-top:0pt;margin-bottom:0pt;border-bottom:1.00pt solid #000000;display:table-cell;font-size:9pt;font-family:arial;font-weight:bold">Fund</span></td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="text-align: center;border-bottom:1.00pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">Target Allocation</span></td> <td style="vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL Enhanced Bond Index Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">23.8</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL S&amp;P 500 Index Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">35.8</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL International Index Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">19</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL Mid Cap Index Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">11</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL Small Cap Stock Index Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">5.5</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk management process, described below. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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 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. The subadviser of the AZL Enhanced Bond Index Fund uses the Index as a guide in structuring the Fund and selecting its investments and manages the Fund to have similar overall interest rate risk to the Index, with the investment objective of seeking to exceed the total return of the Index. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The AZL S&amp;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&amp;P 500 Index or in derivative instruments linked to that Index. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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&amp;P 400 Index and in derivative instruments linked to the S&amp;P 400 Index, primarily futures contracts. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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&amp;P SmallCap 600 Index. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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&amp;P 500 Index futures and U.S. Treasury futures, which generally are liquid. The futures strategy, called the MVP risk management process, involves a quantitative analysis and 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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 are intended to 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%. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Due to market conditions or other factors, the actual or realized volatility of the Fund for any particular period of time may be materially higher than the threshold volatility level. The Fund’s threshold volatility level is not a total return performance target. It is possible for the Fund to maintain its volatility at or under its threshold volatility level while having negative performance returns. </div> Principal Risks of Investing in the Fund <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The price per share of the Fund will fluctuate with changes in the value of the investments held by the Fund. You may lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. There is no guarantee that the Fund will achieve its objective. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The following is a summary of the principal risks to which the Fund’s portfolio as a whole is subject, any of which may adversely affect the Fund’s net asset value (NAV), yield, total return and ability to achieve its investment objective. As changes occur in a Fund’s portfolio holdings, the extent to which the portfolio is subject to each of these risks may also change. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Allocation Risk </span>– The Manager’s decisions regarding how the Fund’s assets should be allocated among the various underlying funds, may 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 under normal market conditions, the Fund may underperform comparable funds of funds for which the fund’s manager has such discretion to adjust allocations. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Futures Risk </span>– 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 a fund could lose more than the principal amount invested. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Volatility Risk </span>– Although the Fund’s investment strategy seeks not to exceed a specific volatility level, certain of the Fund’s investments may appreciate or decrease significantly in value over short periods of time, which may cause the Fund’s net asset value per share to experience significant increases or declines in value over short periods of time. The Fund’s volatility strategy may not produce the desired result and there can be no guarantee that the Fund will maintain volatility at or below its threshold volatility level. Additionally, maintenance of the volatility level will not ensure that the Fund will deliver competitive returns. The use of derivatives in connection with the Fund’s volatility strategy may expose the Fund to losses (some of which may be sudden) that it would not have otherwise been exposed to if it had only invested directly in equity and/or fixed income securities. 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). </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Quantitative Investing Risk </span>– 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. A quantitative model can be adversely affected by errors or imperfections in the factors or the data on which evaluations are based, or by technical issues with construction or implementation of the model, which in any case may result in a failure of the portfolio to perform as expected or a failure to identify securities that will perform well in the future. Successful operation of a quantitative model is also reliant upon the information technology systems of the Manager or Subadviser, as applicable, and its ability to ensure those systems remain operational and that appropriate disaster recovery procedures are in place. There can be no assurance that the Manager or Subadviser will be successful in maintaining effective and operational trading models and the related hardware and software systems. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Fund of Funds Risk </span>– 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 </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;">  </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"> 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">In addition, the Fund bears the investment risks of the investments of the underlying funds. The principal risks associated with the underlying funds include: </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Market Risk </span>– The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Issuer Risk </span>– The value of a security may decline for a number of reasons directly related to the issuer of the security. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Index Fund Risk </span>– Certain of the Underlying Funds 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Selection Risk </span>– Because the AZL Enhanced Bond Index Fund is actively managed, there can be no guarantee that investment decisions made for the Fund will produce the desired results. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Capitalization Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Foreign Securities Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Risks of Investing in Japan </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">European Investment Risk </span>– Investments in certain countries in the European Union (the “EU”) are susceptible to high economic risks associated with high levels of debt, such as investments in sovereign debt of Greece, Italy and Spain. Efforts of the member countries to further unify their economic and monetary policies may increase the potential for the downward movement of one member country’s market to cause a similar effect on other member countries’ markets. Separately, the EU faces issues involving its membership, structure, procedures and policies. The exit of one or more member countries from the EU, such as the exit of the United Kingdom (known as “Brexit”), could place its currency and banking system in jeopardy. An exit by other member countries could likely result in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which may adversely affect the Fund’s investments. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Currency Risk </span>– 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. In the case of hedging positions, the U.S. dollar may decline in value relative to the currency that has been hedged. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Sovereign Debt Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Treasury Obligations Risk </span>– 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 a fund. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">U.S. Government Obligations Risk </span>– Certain securities in which a 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. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Interest Rate Risk </span>– Debt securities held by a fund may decline in value due to rising interest rates. Interest rates recently have been at historic lows, which may increase the risks associated with rising interest rates. Currently, interest rates are at or near historic lows, which may increase the risk that interest rates will rise. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Credit Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Income Risk </span>– Falling interest rates may cause a fund’s income to decline. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Call Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Extension Risk </span>– If interest rates rise, debt securities may be paid in full more slowly than anticipated. Interest rates recently have been at historic lows, which may increase the risks associated with rising interest rates. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Derivatives Risk </span>– 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, counterparty 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Leveraging Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Liquidity Risk </span>– An investment that is difficult to purchase or sell may have an adverse effect on a fund’s returns. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Mortgage-Related and Other Asset-Backed Securities Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Portfolio Turnover Risk </span>– A fund may trade portfolio securities frequently, which could result in higher transaction costs and could adversely affect the fund’s performance. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Privately Placed Securities Risk </span>– Certain Underlying Funds may invest in privately placed securities, which are subject to resale restrictions. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Repurchase Agreements and Purchase and Sale Contracts Risk </span>– 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 either situation and the market value of the security declines, the fund may lose money. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Technology Sector Risk </span>– Technology companies, including information technology companies, may have limited product lines, markets, financial resources or personnel. Technology companies typically face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Collateralized Debt Obligations Risk </span>– In addition to the typical risks associated with fixed-income securities and asset-backed securities, collateralized debt obligations, including CLOs, carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical rating organization; (iii) a fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire sale” liquidation due to technical defaults such as coverage test failures; and (viii) the CDO’s manager may perform poorly. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">LIBOR Transition Risk </span>– Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the fund’s performance and/or net asset value. </div> You may lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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&amp;P 500 Index. The Fund’s performance also is compared to the Bloomberg 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 the Growth Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&amp;P 500 Index (75%) and the Bloomberg U.S. Aggregate Bond Index (25%) in proportions similar to the equity to fixed income allocation of the Fund. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Both the bar chart and the table assume reinvestment of dividends and distributions. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div> 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 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 the 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 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. <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;">Highest and Lowest Quarter Returns (for periods shown in the bar chart) </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:40%;border:0px;margin:0 auto"> <tr> <td style="width:80%;"/> <td style="vertical-align:bottom;width:10%;"/> <td/> <td/> <td/> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Highest (Q4, 2020)</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">11.26</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Lowest (Q1, 2020)</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">-13.98</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table> Highest 2020-12-31 0.1126 Lowest 2020-03-31 -0.1398 Average Annual Total Returns 2012-01-10 2012-01-10 2012-01-10 2012-01-10 0.1640 0.0977 0.0922 0.2871 0.1847 0.1627 -0.0154 0.0357 0.0291 0.2063 0.1496 0.1305 Reflects no deduction for fees, expenses, or taxes. AZL® MVP MODERATE INDEX STRATEGY FUND Investment Objective <div style="margin-top:3pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The Fund seeks long-term capital appreciation. </div> <div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt;"> </div> Fees and Expenses Fees and Expenses of the Fund <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0010 0.0003 0.0057 0.0070 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. Example <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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: </div> <div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt;"> </div> 72 72 224 224 390 390 871 871 Portfolio Turnover <div style="margin-top:3pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div> <div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt;"> </div> 0.06 Investments, Risks, and Performance Principal Investment Strategies of the Fund <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective by investing approximately 95% of its assets in a combination of five underlying index funds: </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:100%;border:0px;margin:0 auto"> <tr> <td style="width:84%;"/> <td style="vertical-align:bottom;width:13%;"/> <td/> <td/> <td/> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="vertical-align:bottom;white-space:nowrap;"> <span style="margin-top:0pt;margin-bottom:0pt;border-bottom:1.00px solid #000000;display:table-cell;font-size:9pt;font-family:arial;font-weight:bold">Fund</span></td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="text-align: center;border-bottom:1.00px solid #000000;vertical-align:bottom;"><span style="font-weight:bold">Target Allocation</span></td> <td style="vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL Enhanced Bond Index Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">38</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL S&amp;P 500 Index Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">28.5</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL International Index Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">15</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL Mid Cap Index Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">9</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL Small Cap Stock Index Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">4.5</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk management process, described below. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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, </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"> 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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 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. The subadviser of the AZL Enhanced Bond Index Fund uses the Index as a guide in structuring the Fund and selecting its investments and manages the Fund to have similar overall interest rate risk to the Index, with the investment objective of seeking to exceed the total return of the Index. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The AZL S&amp;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&amp;P 500 Index or in derivative instruments linked to that Index. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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&amp;P 400 Index and in derivative instruments linked to the S&amp;P 400 Index, primarily futures contracts. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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&amp;P SmallCap 600 Index. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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&amp;P 500 Index futures and U.S. Treasury futures, which generally are liquid. The futures strategy, called the MVP risk management process, involves a quantitative analysis and 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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 are intended to 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%. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Due to market conditions or other factors, the actual or realized volatility of the Fund for any particular period of time may be materially higher than the threshold volatility level. The Fund’s threshold volatility level is not a total return </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"> performance target. It is possible for the Fund to maintain its volatility at or under its threshold volatility level while having negative performance returns. </div> Principal Risks of Investing in the Fund <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The price per share of the Fund will fluctuate with changes in the value of the investments held by the Fund. You may lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. There is no guarantee that the Fund will achieve its objective. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The following is a summary of the principal risks to which the Fund’s portfolio as a whole is subject, any of which may adversely affect the Fund’s net asset value (NAV), yield, total return and ability to achieve its investment objective. As changes occur in a Fund’s portfolio holdings, the extent to which the portfolio is subject to each of these risks may also change. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Allocation Risk </span>– The Manager’s decisions regarding how the Fund’s assets should be allocated among the various underlying funds, may 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 under normal market conditions, the Fund may underperform comparable funds of funds for which the fund’s manager has such discretion to adjust allocations. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Futures Risk </span>– 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 a fund could lose more than the principal amount invested. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Volatility Risk </span>– Although the Fund’s investment strategy seeks not to exceed a specific volatility level, certain of the Fund’s investments may appreciate or decrease significantly in value over short periods of time, which may cause the Fund’s net asset value per share to experience significant increases or declines in value over short periods of time. The Fund’s volatility strategy may not produce the desired result and there can be no guarantee that the Fund will maintain volatility at or below its threshold volatility level. Additionally, maintenance of the volatility level will not ensure that the Fund will deliver competitive returns. The use of derivatives in connection with the Fund’s volatility strategy may expose the Fund to losses (some of which may be sudden) that it would not have otherwise been exposed to if it had only invested directly in equity and/or fixed income securities. 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). </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Quantitative Investing Risk </span>– 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. A quantitative model can be adversely affected by errors or imperfections in the factors or the data on which evaluations are based, or by technical issues with construction or implementation of the model, which in any case may result in a failure of the portfolio to perform as expected or a failure to identify securities that will perform well in the future. Successful operation of a quantitative model is also reliant upon the information technology systems of the Manager or Subadviser, as applicable, and its ability to ensure those systems remain operational and that appropriate disaster recovery procedures are in place. There can be no assurance that the Manager or Subadviser will be successful in maintaining effective and operational trading models and the related hardware and software systems. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;">  </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Fund of Funds Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">In addition, the Fund bears the investment risks of the investments of the underlying funds. The principal risks associated with the underlying funds include: </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Market Risk </span>– The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Issuer Risk </span>– The value of a security may decline for a number of reasons directly related to the issuer of the security. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Index Fund Risk </span>– Certain of the Underlying Funds 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Selection Risk </span>– Because the AZL Enhanced Bond Index Fund is actively managed, there can be no guarantee that investment decisions made for the Fund will produce the desired results. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Capitalization Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Foreign Securities Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Risks of Investing in Japan </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">European Investment Risk </span>– Investments in certain countries in the European Union (the “EU”) are susceptible to high economic risks associated with high levels of debt, such as investments in sovereign debt of Greece, Italy and Spain. Efforts of the member countries to further unify their economic and monetary policies may increase the potential for the downward movement of one member country’s market to cause a similar effect on other member countries’ markets. Separately, the EU faces issues involving its membership, structure, procedures and policies. The exit of one or more member countries from the EU, such as the exit of the United Kingdom (known as “Brexit”), could place its currency and banking system in jeopardy. An exit by other member countries could likely result in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which may adversely affect the Fund’s investments. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Currency Risk </span>– 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. In the case of hedging positions, the U.S. dollar may decline in value relative to the currency that has been hedged. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Sovereign Debt Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Treasury Obligations Risk </span>– 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 a fund. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">U.S. Government Obligations Risk </span>– Certain securities in which a 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. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Interest Rate Risk </span>– Debt securities held by a fund may decline in value due to rising interest rates. Interest rates recently have been at historic lows, which may increase the risks associated with rising interest rates. Currently, interest rates are at or near historic lows, which may increase the risk that interest rates will rise. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Credit Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Income Risk </span>– Falling interest rates may cause a fund’s income to decline. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Call Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Extension Risk </span>– If interest rates rise, debt securities may be paid in full more slowly than anticipated. Interest rates recently have been at historic lows, which may increase the risks associated with rising interest rates. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Derivatives Risk </span>– 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, counterparty 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Leveraging Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Liquidity Risk </span>– An investment that is difficult to purchase or sell may have an adverse effect on a fund’s returns. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Mortgage-Related and Other Asset-Backed Securities Risk </span>– 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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Portfolio Turnover Risk </span>– A fund may trade portfolio securities frequently, which could result in higher transaction costs and could adversely affect the fund’s performance. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Privately Placed Securities Risk </span>– Certain Underlying Funds may invest in privately placed securities, which are subject to resale restrictions. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Repurchase Agreements and Purchase and Sale Contracts Risk </span>– 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 either situation and the market value of the security declines, the fund may lose money. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Technology Sector Risk </span>– Technology companies, including information technology companies, may have limited product lines, markets, financial resources or personnel. Technology companies typically face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Collateralized Debt Obligations Risk </span>– In addition to the typical risks associated with fixed-income securities and asset-backed securities, collateralized debt obligations, including CLOs, carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical rating organization; (iii) a fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire sale” liquidation due to technical defaults such as coverage test failures; and (viii) the CDO’s manager may perform poorly. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">LIBOR Transition Risk </span>– Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the fund’s performance and/or net asset value. </div> You may lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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&amp;P 500 Index. The Fund’s performance also is compared to the Bloomberg 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 the Moderate Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&amp;P 500 Index (60%) and the Bloomberg U.S. Aggregate Bond Index (40%) in proportions similar to the equity to fixed income allocation of the Fund. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Both the bar chart and the table assume reinvestment of dividends and distributions. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Prior to October 14, 2016, the Fund was managed pursuant to different investment strategies and known as the AZL MVP Invesco Equity and Income Fund. Consequently, the performance information shown below for periods prior to October 14, 2016, reflects the Fund’s prior investment strategies and not its current investment strategies. </div> 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 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 the 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 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. <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;">Highest and Lowest Quarter Returns (for periods shown in the bar chart) </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:42%;border:0px;margin:0 auto"> <tr> <td style="width:82%;"/> <td style="vertical-align:bottom;width:8%;"/> <td/> <td/> <td/> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Highest (Q4, 2020)</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">10.04</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Lowest (Q1, 2020)</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">-11.56</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table> Highest 2020-12-31 0.1004 Lowest 2020-03-31 -0.1156 Average Annual Total Returns 2012-01-10 2012-01-10 2012-01-10 2012-01-10 0.1246 0.0878 0.0858 0.2871 0.1847 0.1627 -0.0154 0.0357 0.0291 0.1596 0.1278 0.1107 Reflects no deduction for fees, expenses, or taxes. AZL® DFA MULTI-STRATEGY FUND Investment Objective <div style="margin-top:3pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The Fund seeks long-term capital appreciation. </div> <div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt;"> </div> Fees and Expenses Fees and Expenses of the Fund <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0005 0.0002 0.0088 0.0095 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. Example <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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: </div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> 97 97 303 303 525 525 1166 1166 Portfolio Turnover <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div> <div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt;"> </div> 0.06 Investments, Risks, and Performance Principal Investment Strategies of the Fund <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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 (the “Subadviser”): </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:100%;border:0px;margin:0 auto"> <tr> <td style="width:84%;"/> <td style="vertical-align:bottom;width:15%;"/> <td/> <td/> <td/> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="vertical-align:bottom;white-space:nowrap;"> <span style="margin-top:0pt;margin-bottom:0pt;border-bottom:1.00px solid #000000;display:table-cell;font-size:9pt;font-family:arial;font-weight:bold">Fund</span></td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="text-align: center;border-bottom:1.00px solid #000000;vertical-align:bottom;"><span style="font-weight:bold">Target Allocation</span></td> <td style="vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL DFA Five-Year Global Fixed Income Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">40</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL DFA U.S. Core Equity Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">38</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL DFA U.S. Small Cap Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">10</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL DFA International Core Equity Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">12</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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 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 as rated by at least one major rating agency, or determined by the Subadviser to be of similar quality. 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. The fund invests in companies of all sizes, with increased exposure to smaller capitalization, lower relative price and/or higher 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 set (e.g., the larger the company, the greater the proportion of the U.S. Universe it represents) of U.S. operating companies listed on a securities exchange in the United States that is 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. The fund invests in companies of all sizes, with increased exposure to smaller capitalization, lower relative price and/or higher 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 set (e.g., the larger the company, the greater the proportion of the International Universe it represents) of non‑U.S. companies in developed markets that have been authorized as approved markets for investment by the Subadviser’s Investment Committee. Under normal circumstances, the fund will invest at least 80% of its net assets in equity securities. </div> Principal Risks of Investing in the Fund <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The price per share of the Fund will fluctuate with changes in the value of the investments held by the Fund. You may lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. There is no guarantee that the Fund will achieve its objective. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The following is a summary of the principal risks to which the Fund’s portfolio as a whole is subject, any of which may adversely affect the Fund’s net asset value (NAV), yield, total return and ability to achieve its investment objective. As changes occur in a Fund’s portfolio holdings, the extent to which the portfolio is subject to each of these risks may also change. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Allocation Risk </span>– The Manager’s decisions regarding how the Fund’s assets should be allocated among the various underlying funds, may 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 among equity funds and fixed income funds or the under normal market conditions, the Fund may underperform comparable funds of funds for which the fund’s manager has such discretion to adjust allocations. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Fund of Funds Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">In addition, the Fund bears the investment risks of the investments of the underlying funds. The principal risks associated with the underlying funds include: </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Market Risk </span>– The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Issuer Risk </span>– The value of a security may decline for a number of reasons directly related to the issuer of the security. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Selection Risk </span>– Because each underlying fund is actively managed, there can be no guarantee that investment decisions made for the Fund will produce the desired results. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Value Stocks Risk </span>– Value stocks may perform differently from the market as a whole and following a value-oriented investment strategy may cause a fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Capitalization Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Foreign Securities Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Risks of Investing in Japan </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Depositary Receipt Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Currency Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Derivatives Risk </span>– 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, counterparty 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Futures Risk </span>– 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 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"> 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 a fund could lose more than the principal amount invested. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Credit Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Liquidity Risk </span>– An investment that is difficult to purchase or sell may have an adverse effect on a fund’s returns. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Interest Rate Risk </span>– Debt securities held by a fund may decline in value due to rising interest rates. Interest rates recently have been at historic lows, which may increase the risks associated with rising interest rates. Currently, interest rates are at or near historic lows, which may increase the risk that interest rates will rise. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Income Risk </span>– Falling interest rates may cause a fund’s income to decline. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Portfolio Turnover Risk </span>– A fund may trade portfolio securities frequently, which could result in higher transaction costs and could adversely affect the fund’s performance. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Sovereign Debt Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Treasury Obligations Risk </span>– 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 a fund. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">U.S. Government Obligations Risk </span>– Certain securities in which a 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Repurchase Agreements and Purchase and Sale Contracts Risk </span>– 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 either situation and the market value of the security declines, the fund may lose money. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Profitability Investment Risk </span>– High relative profitability stocks may perform differently from the market as a whole and following a profitability-oriented strategy may cause a fund to, at times, underperform equity funds that use other investment strategies. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Technology Sector Risk </span>– Technology companies, including information technology companies, may have limited product lines, markets, financial resources or personnel. Technology companies typically face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Financials Sector Risk </span>– 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 a 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 a fund. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Industry Sector Risk </span>– 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. </div> You may lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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&amp;P 500 Index. The Fund’s performance also is compared to the Bloomberg 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 the Moderate Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&amp;P 500 Index (60%) and the Bloomberg U.S. Aggregate Bond Index (40%) in proportions similar to the equity to fixed income allocation of the Fund. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Both the bar chart and the table assume reinvestment of dividends and distributions. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Prior to April 27, 2015, the Fund was managed pursuant to different investment strategies and known as the AZL Growth Index Strategy Fund. Consequently, the performance information shown below for periods prior to April 27, 2015, reflects the Fund’s prior investment strategies and not its current investment strategies. </div> 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 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 the 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 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. <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;">Highest and Lowest Quarter Returns (for periods shown in the bar chart) </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:42%;border:0px;margin:0 auto"> <tr> <td style="width:82%;"/> <td style="vertical-align:bottom;width:8%;"/> <td/> <td/> <td/> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Highest (Q2, 2020)</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">12.96</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Lowest (Q1, 2020)</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">-15.67</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table> Highest 2020-06-30 0.1296 Lowest 2020-03-31 -0.1567 Average Annual Total Returns 0.1381 0.0925 0.0947 0.2871 0.1847 0.1655 -0.0154 0.0357 0.0290 0.1596 0.1278 0.1122 Reflects no deduction for fees, expenses, or taxes. AZL® MVP GLOBAL BALANCED INDEX STRATEGY FUND Investment Objective <div style="margin-top:3pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The Fund seeks long-term capital appreciation with preservation of capital as an important consideration. </div> <div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt;"> </div> Fees and Expenses Fees and Expenses of the Fund <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0010 0.0003 0.0066 0.0079 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. Example <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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: </div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> 81 81 252 252 439 439 978 978 Investments, Risks, and Performance Principal Investment Strategies of the Fund Portfolio Turnover <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div> 0.05 <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective by investing approximately 95% of its assets in a combination of three underlying funds: </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:100%;border:0px;margin:0 auto"> <tr> <td style="width:84%;"/> <td style="vertical-align:bottom;width:13%;"/> <td/> <td/> <td/> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="vertical-align:bottom;white-space:nowrap;"> <span style="margin-top:0pt;margin-bottom:0pt;border-bottom:1.00px solid #000000;display:table-cell;font-size:9pt;font-family:arial;font-weight:bold">Fund</span></td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="text-align: center;border-bottom:1.00px solid #000000;vertical-align:bottom;white-space:nowrap;"><span style="font-weight:bold">Target Allocation</span></td> <td style="vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL MSCI Global Equity Index Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">42.5</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL MSCI Emerging Markets Equity Index Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">5</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL Enhanced Bond Index Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">47.5</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk management process, described below. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The AZL Enhanced Bond Index Fund, which is subadvised by BlackRock Financial Management, Inc., seeks to exceed the total return of the Bloomberg U.S. Aggregate Bond Index (the “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 the Index. The subadviser of the AZL Enhanced Bond Index Fund uses the Index as a guide in structuring the Fund and selecting its investments and manages the Fund to have similar overall interest rate risk to the Index, with the investment objective of seeking to exceed the total return of the Index. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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 underlying index and in depositary receipts representing securities of its underlying index. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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 underlying index and in depositary receipts representing securities in its underlying 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 underlying index, and in other investments, including futures contracts, options on futures contracts, other types of options and swaps related to its underlying index, as well as cash and cash equivalents. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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&amp;P 500 Index futures and U.S. Treasury futures, which generally are liquid. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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 are intended to 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%. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Due to market conditions or other factors, the actual or realized volatility of the Fund for any particular period of time may be materially higher than the threshold volatility level. The Fund’s threshold volatility level is not a total return performance target. It is possible for the Fund to maintain its volatility at or under its threshold volatility level while having negative performance returns. </div> Principal Risks of Investing in the Fund <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The price per share of the Fund will fluctuate with changes in the value of the investments held by the Fund. You may lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. There is no guarantee that the Fund will achieve its objective. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The following is a summary of the principal risks to which the Fund’s portfolio as a whole is subject, any of which may adversely affect the Fund’s net asset value (NAV), yield, total return and ability to achieve its investment objective. As changes occur in a Fund’s portfolio holdings, the extent to which the portfolio is subject to each of these risks may also change. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Allocation Risk </span>– The Manager’s decisions regarding how the Fund’s assets should be allocated among the various underlying funds, may 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 under normal market conditions, the Fund may underperform comparable funds of funds for which the fund’s manager has such discretion to adjust allocations. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Futures Risk </span>– 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 a fund could lose more than the principal amount invested. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Volatility Risk </span>– Although the Fund’s investment strategy seeks not to exceed a specific volatility level, certain of the Fund’s investments may appreciate or decrease significantly in value over short periods of time, which may cause the Fund’s net asset value per share to experience significant increases or declines in value over short periods of time. The Fund’s volatility strategy may not produce the desired result and there can be no guarantee that the Fund will maintain volatility at or below its threshold volatility level. Additionally, maintenance of the volatility level will not ensure that the Fund will deliver competitive returns. The use of derivatives in connection with the Fund’s volatility strategy may expose the Fund to losses (some of which may be sudden) that it would not have otherwise been exposed to if it had only invested directly in equity and/or fixed income securities. 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). </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Quantitative Investing Risk </span>– 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. A quantitative model can be adversely affected by errors or imperfections in the factors or the data on which evaluations are based, or by technical issues with construction or implementation of the model, which in any case may result in a failure of the portfolio to perform as expected or a failure to identify securities that will perform well in the future. Successful operation of a quantitative model is also reliant upon the information technology systems of the Manager or Subadviser, as applicable, and its ability to ensure those systems remain operational and that appropriate disaster recovery procedures are in place. There can be no assurance that the Manager or Subadviser will be successful in maintaining effective and operational trading models and the related hardware and software systems. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Fund of Funds Risk </span>– 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 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"> 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">In addition, the Fund bears the investment risks of the investments of the underlying funds. The principal risks associated with the underlying funds include: </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Market Risk </span>– The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Issuer Risk </span>– The value of a security may decline for a number of reasons directly related to the issuer of the security. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Selection Risk </span>– Because AZL Enhanced Bond Index Fund is actively managed, there can be no guarantee that investment decisions made for the Fund will produce the desired results. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Index Fund Risk </span>– Certain of the Underlying Funds 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Sovereign Debt Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Treasury Obligations Risk </span>– 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 a fund. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">U.S. Government Obligations Risk </span>– Certain securities in which a 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Credit Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Interest Rate Risk </span>– Debt securities held by a fund may decline in value due to rising interest rates. Interest rates recently have been at historic lows, which may increase the risks associated with rising interest rates. Currently, interest rates are at or near historic lows, which may increase the risk that interest rates will rise. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Call Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Extension Risk </span>– If interest rates rise, debt securities may be paid in full more slowly than anticipated. Interest rates recently have been at historic lows, which may increase the risks associated with rising interest rates. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Income Risk </span>– Falling interest rates may cause a fund’s income to decline. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Foreign Securities Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Depositary Receipt Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Emerging Markets Risk </span>– Emerging markets may have less developed or more volatile trading markets and greater likelihood of government restrictions, nationalization, or confiscation than developed countries. Companies in emerging market countries may have less developed legal and accounting systems and generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"> available and reliable which can impede a fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, investments in emerging markets securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Risks of Investing in China </span>– 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 information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; limited legal remedies for shareholders; 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. The inability of the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies may impose significant additional risks associated with investments in China. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Currency Risk </span>– 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. In the case of hedging positions, the U.S. dollar may decline in value relative to the currency that has been hedged. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Derivatives Risk </span>– 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, counterparty 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Leveraging Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Capitalization Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Financials Sector Risk </span>– 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 a 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 a fund. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Liquidity Risk </span>– An investment that is difficult to purchase or sell may have an adverse effect on a fund’s returns. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Privately Placed Securities Risk </span>– Certain Underlying Funds may invest in privately placed securities, which are subject to resale restrictions. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Portfolio Turnover Risk </span>– A fund may trade portfolio securities frequently, which could result in higher transaction costs and could adversely affect the fund’s performance. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Mortgage-Related and Other Asset-Backed Securities Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Repurchase Agreements and Purchase and Sale Contracts Risk </span>– 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 either situation and the market value of the security declines, the fund may lose money. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Focused Investments Risk </span>– Certain underlying funds may invest 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 a fund’s portfolio. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Collateralized Debt Obligations Risk </span>– In addition to the typical risks associated with fixed-income securities and asset-backed securities, collateralized debt obligations, including CLOs, carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical rating organization; (iii) a fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire sale” liquidation due to technical defaults such as coverage test failures; and (viii) the CDO’s manager may perform poorly. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">LIBOR Transition Risk </span>– Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the fund’s performance and/or net asset value. </div> You may lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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 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 is composed of the MSCI World Index (45%), MSCI Emerging Markets Index (5%), and Bloomberg U.S. Aggregate Bond Index (50%). </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Both the bar chart and the table assume reinvestment of dividends and distributions. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Prior to November 15, 2019, the Fund was managed pursuant to different investment strategies and known as the AZL MVP BlackRock Global Strategy Plus Fund, and prior to October 14, 2016, the Fund was managed pursuant to different investment strategies and known as the AZL MVP BlackRock Global Allocation Fund. Consequently, the performance information shown below for prior periods reflects the Fund’s prior investment strategies and not its current investment strategies. </div> 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 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 is composed of the MSCI World Index (45%), MSCI Emerging Markets Index (5%), and Bloomberg U.S. Aggregate Bond Index (50%). 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. <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;">Highest and Lowest Quarter Returns (for periods shown in the bar chart) </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:42%;border:0px;margin:0 auto"> <tr> <td style="width:85%;"/> <td style="vertical-align:bottom;width:7%;"/> <td/> <td/> <td/> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Highest (Q4, 2020)</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">7.56</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Lowest (Q1, 2020)</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">-8.93</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table> Highest 2020-12-31 0.0756 Lowest 2020-03-31 -0.0893 Average Annual Total Returns 2012-01-10 2012-01-10 2012-01-10 2012-01-10 2012-01-10 0.0805 0.0730 0.0606 0.2235 0.1564 0.1311 -0.0222 0.1026 0.0551 -0.0154 0.0357 0.0291 0.0876 0.0969 0.0786 Reflects no deduction for fees, expenses, or taxes. AZL® MVP DFA MULTI-STRATEGY FUND Investment Objective <div style="margin-top:3pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The Fund seeks long-term capital appreciation. </div> <div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt;"> </div> Fees and Expenses Fees and Expenses of the Fund <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0020 0.0009 0.0084 0.0113 -0.0015 0.0098 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, 2023 Example <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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: </div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> 100 100 344 344 608 608 1361 1361 Portfolio Turnover <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 13% of the average value of its portfolio. </div> 0.13 Investments, Risks, and Performance Principal Investment Strategies of the Fund <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective by investing approximately 95% of its assets in a combination of four underlying funds, subadvised by Dimensional Fund Advisors LP (the “Subadviser”): </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:100%;border:0px;margin:0 auto"> <tr> <td style="width:84%;"/> <td style="vertical-align:bottom;width:15%;"/> <td/> <td/> <td/> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="vertical-align:bottom;white-space:nowrap;"> <span style="margin-top:0pt;margin-bottom:0pt;border-bottom:1.00px solid #000000;display:table-cell;font-size:9pt;font-family:arial;font-weight:bold">Fund</span></td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="text-align: center;border-bottom:1.00px solid #000000;vertical-align:bottom;white-space:nowrap;"><span style="font-weight:bold">Target Allocation</span></td> <td style="vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL DFA Five-Year Global Fixed Income Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">38</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL DFA U.S. Core Equity Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">35</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL DFA U.S. Small Cap Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">10</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL DFA International Core Equity Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">12</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk management process, described below. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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 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 as rated by at least one major rating agency, or determined by the Subadviser to be of similar quality. 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. The fund invests in companies of all sizes, with increased exposure to smaller capitalization, lower relative price and/or higher 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 set (e.g., the larger the company, the greater the proportion of the U.S. Universe it represents) of U.S. operating companies listed on a securities exchange in the United States that is 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"> 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. The fund invests in companies of all sizes, with increased exposure to smaller capitalization, lower relative price and/or higher 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 set (e.g., the larger the company, the greater the proportion of the International Universe it represents) of non‑U.S. companies in developed markets that have been authorized as approved markets for investment by the Subadviser’s Investment Committee. Under normal circumstances, the fund will invest at least 80% of its net assets in equity securities. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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&amp;P 500 Index futures and U.S. Treasury futures, which generally are liquid. The futures strategy, called the MVP risk management process, involves a quantitative analysis and 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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 are intended to 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%. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Due to market conditions or other factors, the actual or realized volatility of the Fund for any particular period of time may be materially higher than the threshold volatility level. The Fund’s threshold volatility level is not a total return performance target. It is possible for the Fund to maintain its volatility at or under its threshold volatility level while having negative performance returns. </div> Principal Risks of Investing in the Fund <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The price per share of the Fund will fluctuate with changes in the value of the investments held by the Fund. You may lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. There is no guarantee that the Fund will achieve its objective. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The following is a summary of the principal risks to which the Fund’s portfolio as a whole is subject, any of which may adversely affect the Fund’s net asset value (NAV), yield, total return and ability to achieve its investment objective. As changes occur in a Fund’s portfolio holdings, the extent to which the portfolio is subject to each of these risks may also change. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Allocation Risk </span>– The Manager’s decisions regarding how the Fund’s assets should be allocated among the various underlying funds, may 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 under normal market conditions, the Fund may underperform comparable funds of funds for which the fund’s manager has such discretion to adjust allocations. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Futures Risk </span>– 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 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"> 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 a fund could lose more than the principal amount invested. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Volatility Risk </span>– Although the Fund’s investment strategy seeks not to exceed a specific volatility level, certain of the Fund’s investments may appreciate or decrease significantly in value over short periods of time, which may cause the Fund’s net asset value per share to experience significant increases or declines in value over short periods of time. The Fund’s volatility strategy may not produce the desired result and there can be no guarantee that the Fund will maintain volatility at or below its threshold volatility level. Additionally, maintenance of the volatility level will not ensure that the Fund will deliver competitive returns. The use of derivatives in connection with the Fund’s volatility strategy may expose the Fund to losses (some of which may be sudden) that it would not have otherwise been exposed to if it had only invested directly in equity and/or fixed income securities. 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). </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Quantitative Investing Risk </span>– 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. A quantitative model can be adversely affected by errors or imperfections in the factors or the data on which evaluations are based, or by technical issues with construction or implementation of the model, which in any case may result in a failure of the portfolio to perform as expected or a failure to identify securities that will perform well in the future. Successful operation of a quantitative model is also reliant upon the information technology systems of the Manager or Subadviser, as applicable, and its ability to ensure those systems remain operational and that appropriate disaster recovery procedures are in place. There can be no assurance that the Manager or Subadviser will be successful in maintaining effective and operational trading models and the related hardware and software systems. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Fund of Funds Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">In addition, the Fund bears the investment risks of the investments of the underlying funds. The principal risks associated with the underlying funds include: </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Market Risk </span>– The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Issuer Risk </span>– The value of a security may decline for a number of reasons directly related to the issuer of the security. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Selection Risk </span>– Because each underlying fund is actively managed, there can be no guarantee that investment decisions made for the Fund will produce the desired results. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Value Stocks Risk </span>– Value stocks may perform differently from the market as a whole and following a value-oriented investment strategy may cause a fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Capitalization Risk </span>– 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. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Foreign Securities Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Risks of Investing in Japan </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Depositary Receipt Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Currency Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Derivatives Risk </span>– 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, counterparty 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Credit Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Liquidity Risk </span>– An investment that is difficult to purchase or sell may have an adverse effect on a fund’s returns. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Interest Rate Risk </span>– Debt securities held by a fund may decline in value due to rising interest rates. Interest rates recently have been at historic lows, which may increase the risks associated with rising interest rates. Currently, interest rates are at or near historic lows, which may increase the risk that interest rates will rise. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Income Risk </span>– Falling interest rates may cause a fund’s income to decline. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Portfolio Turnover Risk </span>– A Fund may trade portfolio securities frequently, which could result in higher transaction costs and could adversely affect the fund’s performance. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Sovereign Debt Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Treasury Obligations Risk </span>– 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 a fund. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">U.S. Government Obligations Risk </span>– Certain securities in which a 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Repurchase Agreements and Purchase and Sale Contracts Risk </span>– 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 either situation and the market value of the security declines, the fund may lose money. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Profitability Investment Risk </span>– High relative profitability stocks may perform differently from the market as a whole and following a profitability-oriented strategy may cause a fund to, at times, underperform equity funds that use other investment strategies. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Technology Sector Risk </span>– Technology companies, including information technology companies, may have limited product lines, markets, financial resources or personnel. Technology companies typically face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Financials Sector Risk </span>– 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 a 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 a fund. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Industry Sector Risk </span>– 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. </div> You may lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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&amp;P 500 Index. The Fund’s performance also is compared to the Bloomberg 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&amp;P 500 Index (60%) and the Bloomberg U.S. Aggregate Bond Index (40%) in proportions similar to the equity to fixed income allocation of the Fund. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Both the bar chart and the table assume reinvestment of dividends and distributions. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div> 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 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 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. <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;">Highest and Lowest Quarter Returns (for periods shown in the bar chart) </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:42%;border:0px;margin:0 auto"> <tr> <td style="width:82%;"/> <td style="vertical-align:bottom;width:8%;"/> <td/> <td/> <td/> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Highest (Q4, 2020)</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">10.97</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Lowest (Q1, 2020)</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">-13.30</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table> Highest 2020-12-31 0.1097 Lowest 2020-03-31 -0.1330 Average Annual Total Returns 2015-04-27 2015-04-27 2015-04-27 2015-04-27 0.1374 0.0761 0.0619 0.2871 0.1847 0.1518 -0.0154 0.0357 0.0287 0.1596 0.1278 0.1050 Reflects no deduction for fees, expenses, or taxes. AZL® MVP FIDELITY INSTITUTIONAL ASSET MANAGEMENT® MULTI-STRATEGY FUND Investment Objective <div style="margin-top:3pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The Fund seeks a high level of current income while maintaining prospects for capital appreciation. </div> <div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt;"> </div> Fees and Expenses Fees and Expenses of the Fund <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0010 0.0004 0.0068 0.0082 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. Example <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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: </div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> 84 84 262 262 455 455 1014 1014 Portfolio Turnover <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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 3% of the average value of its portfolio. </div> <div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt;"> </div> 0.03 Investments, Risks, and Performance Principal Investment Strategies of the Fund <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective by investing approximately 95% of its assets in an underlying fund, the AZL Fidelity Institutional Asset Management<sup style="font-size:85%;vertical-align:top">®</sup> Multi-Strategy Fund, managed by the underlying fund’s Subadviser, FIAM LLC. 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 invested primarily in investment-grade debt securities (the “Fixed-Income Strategy”), and approximately 40% of the underlying fund’s assets will be invested primarily in large cap common stocks (the “Equity Strategy”). The percentage allocations to each strategy will be monitored regularly by the underlying fund’s Manager, but generally will not exceed plus or minus 3% of the 60%/40% allocation. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk management process, described below. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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&amp;P 500 Index futures and U.S. Treasury futures, which generally are liquid. The futures strategy, called the MVP risk management process, involves a quantitative analysis and seeks to reduce the volatility of the Fund. Volatility refers to the amount by </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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 are intended to 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%. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Due to market conditions or other factors, the actual or realized volatility of the Fund for any particular period of time may be materially higher than the threshold volatility level. The Fund’s threshold volatility level is not a total return performance target. It is possible for the Fund to maintain its volatility at or under its threshold volatility level while having negative performance returns. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;">The Underlying Fund’s Fixed-Income Strategy </div><div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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 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 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). </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The strategy also may invest up to 20% of its assets in lower-quality debt securities, sometimes called “junk bonds.” </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;">The Underlying Fund’s Equity Strategy </div><div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The Subadviser normally invests at least 80% of the strategy’s assets in common stocks included in the S&amp;P 500<sup style="font-size:85%;vertical-align:top">®</sup> Index. The S&amp;P 500<sup style="font-size:85%;vertical-align:top">®</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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The Subadviser will also invest in securities of issuers that are not part of the S&amp;P 500<sup style="font-size:85%;vertical-align:top">®</sup> Index. The Subadviser considers the strategy’s security, industry, and market capitalization weightings relative to the index. In buying and selling securities for the strategy, the Subadviser seeks to outperform the S&amp;P 500<sup style="font-size:85%;vertical-align:top">®</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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The Subadviser may invest the strategy’s assets in securities of foreign issuers in addition to securities of domestic issuers. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The 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. </div> Principal Risks of Investing in the Fund <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The price per share of the Fund will fluctuate with changes in the value of the investments held by the Fund. You may lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. There is no guarantee that the Fund will achieve its objective. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The following is a summary of the principal risks to which the Fund’s portfolio as a whole is subject, any of which may adversely affect the Fund’s net asset value (NAV), yield, total return and ability to achieve its investment objective. As changes occur in a Fund’s portfolio holdings, the extent to which the portfolio is subject to each of these risks may also change. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Allocation Risk </span>– The Manager’s decisions regarding how the Fund’s assets should be allocated among the various underlying funds, may 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 under normal market conditions, the Fund may underperform comparable funds of funds for which the fund’s manager has such discretion to adjust allocations. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Futures Risk </span>– 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 a fund could lose more than the principal amount invested. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Volatility Risk </span>– Although the Fund’s investment strategy seeks not to exceed a specific volatility level, certain of the Fund’s investments may appreciate or decrease significantly in value over short periods of time, which may cause the Fund’s net asset value per share to experience significant increases or declines in value over short periods of time. The Fund’s volatility strategy may not produce the desired result and there can be no guarantee that the Fund will maintain volatility at or below its threshold volatility level. Additionally, maintenance of the volatility level will not ensure that the Fund will deliver competitive returns. The use of derivatives in connection with the Fund’s volatility strategy may expose the Fund to losses (some of which may be sudden) that it would not have otherwise been exposed to if it had only invested directly in equity and/or fixed income securities. 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). </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Quantitative Investing Risk </span>– 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. A quantitative model can be adversely affected by errors or imperfections in the factors or the data on which evaluations are based, or by technical issues with construction or implementation of the model, which in any case may result in a failure of the portfolio to perform as expected or a failure to identify securities that will perform well in the future. Successful operation of a quantitative model is also reliant upon the information technology systems of the Manager or Subadviser, as applicable, and its ability to ensure those systems remain operational and that appropriate disaster recovery procedures are in place. There can be no assurance that the Manager or Subadviser will be successful in maintaining effective and operational trading models and the related hardware and software systems. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Fund of Funds Risk </span>– 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 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 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">In addition, the Fund bears the investment risks of the investments of the underlying funds. The principal risks associated with the underlying funds include: </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Market Risk </span>– The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Issuer Risk </span>– The value of a security may decline for a number of reasons directly related to the issuer of the security. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Selection Risk </span>– Because the underlying fund is actively managed, there can be no guarantee that investment decisions made for the Fund will produce the desired results. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Sovereign Debt Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">U.S. Government Obligations Risk </span>– Certain securities in which a 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. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Treasury Obligations Risk </span>– 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 a fund. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Interest Rate Risk </span>– Debt securities held by a fund may decline in value due to rising interest rates. Interest rates recently have been at historic lows, which may increase the risks associated with rising interest rates. Currently, interest rates are at or near historic lows, which may increase the risk that interest rates will rise. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Credit Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Call Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Extension Risk </span>– If interest rates rise, debt securities may be paid in full more slowly than anticipated. Interest rates recently have been at historic lows, which may increase the risks associated with rising interest rates. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Income Risk </span>– Falling interest rates may cause a fund’s income to decline. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Privately Placed Securities Risk </span>– The Underlying Fund may invest in privately placed securities, which are subject to resale restrictions. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Foreign Securities Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Currency Risk </span>– 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. In the case of hedging positions, the U.S. dollar may decline in value relative to the currency that has been hedged. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Emerging Markets Risk </span>– Emerging markets may have less developed or more volatile trading markets and greater likelihood of government restrictions, nationalization, or confiscation than developed countries. Companies in emerging market countries may have less developed legal and accounting systems and generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable which can impede a fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, investments in emerging markets securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Derivatives Risk </span>– 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, counterparty 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Leveraging Risk </span>– 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 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Security Quality Risk (also known as “High Yield Risk” or “Junk Bond Risk”) </span>A 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.” </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Liquidity Risk </span>– An investment that is difficult to purchase or sell may have an adverse effect on the Underlying fund’s returns. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Repurchase Agreements and Purchase and Sale Contracts Risk </span>– 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 either situation and the market value of the security declines, the fund may lose money. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Mortgage-Related and Other Asset-Backed Securities Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Real Estate Investments Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Portfolio Turnover Risk</span>– The Fund may trade portfolio securities frequently, which could result in higher transaction costs and could adversely affect the fund’s performance. </div> You may lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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&amp;P 500 Index. The Fund’s performance also is compared to the Bloomberg 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 the Income &amp; Growth Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&amp;P 500 Index (40%) and the Bloomberg U.S. Aggregate Bond Index (60%) in proportions similar to the equity to fixed income allocation of the Fund. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Both the bar chart and the table assume reinvestment of dividends and distributions. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Prior to October 14, 2016, the Fund was managed pursuant to different investment strategies and known as the AZL MVP Franklin Templeton Founding Strategy Plus Fund. Consequently, the performance information shown below for periods prior to October 14, 2016, reflects the Fund’s prior investment strategies and not its current investment strategies. </div> 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 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 the 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 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. <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;">Highest and Lowest Quarter Returns (for periods shown in the bar chart) </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:42%;border:0px;margin:0 auto"> <tr> <td style="width:85%;"/> <td style="vertical-align:bottom;width:7%;"/> <td/> <td/> <td/> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Highest (Q1, 2019)</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">6.54</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Lowest (Q3, 2015)</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">-7.81</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table> Highest 2019-03-31 0.0654 Lowest 2015-09-30 -0.0781 Average Annual Total Returns 2012-04-30 2012-04-30 2012-04-30 2012-04-30 0.1107 0.0848 0.0644 0.2871 0.1847 0.1581 -0.0154 0.0357 0.0285 0.0991 0.0978 0.0817 Reflects no deduction for fees, expenses, or taxes. AZL® MVP T. ROWE PRICE CAPITAL APPRECIATION PLUS FUND Investment Objective <div style="margin-top:3pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The Fund seeks long term capital appreciation with preservation of capital as an important intermediate-term objective. </div> <div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt;"> </div> Fees and Expenses Fees and Expenses of the Fund <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0010 0.0002 0.0075 0.0087 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. Example <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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: </div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> 89 89 278 278 482 482 1073 1073 Portfolio Turnover <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div> <div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt;"> </div> 0.10 Investments, Risks, and Performance Principal Investment Strategies of the Fund <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective primarily by investing approximately 95% of its assets in a combination of three underlying funds: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:100%;border:0px;margin:0 auto"> <tr> <td style="width:84%;"/> <td style="vertical-align:bottom;width:15%;"/> <td/> <td/> <td/> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="vertical-align:bottom;white-space:nowrap;"> <span style="margin-top:0pt;margin-bottom:0pt;border-bottom:1.00px solid #000000;display:table-cell;font-size:9pt;font-family:arial;font-weight:bold">Fund</span></td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="text-align: center;border-bottom:1.00px solid #000000;vertical-align:bottom;"><span style="font-weight:bold">Target Allocation</span></td> <td style="vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL T. Rowe Price Capital Appreciation Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">50</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL S&amp;P 500 Index Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">27</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">AZL Enhanced Bond Index Fund</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">18</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk management process, described below. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The AZL T. Rowe Price Capital Appreciation Fund, which is subadvised by T. Rowe Price Associates, Inc., and sub‑subadvised by T. Rowe Price Investment Management, Inc. (together, the “Subadviser”), 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The AZL S&amp;P 500 Index Fund, which is subadvised by BlackRock Investment Management, LLC, seeks to match the total return of the Standard &amp; 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&amp;P 500 Index or in derivative instruments linked to that Index. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The AZL Enhanced Bond Index Fund, which is subadvised by BlackRock Financial Management, Inc., seeks to exceed the total return of the Bloomberg 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 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. The subadviser of the AZL Enhanced Bond Index Fund uses the Index as a guide in structuring the Fund and selecting its investments and manages the Fund to have similar overall interest rate risk to the Index, with the investment objective of seeking to exceed the total return of the Index. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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&amp;P 500 Index futures and U.S. Treasury futures, which generally are liquid. The futures strategy, called the MVP risk management process, involves a quantitative analysis and 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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 are intended to 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%. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Due to market conditions or other factors, the actual or realized volatility of the Fund for any particular period of time may be materially higher than the threshold volatility level. The Fund’s threshold volatility level is not a total return performance target. It is possible for the Fund to maintain its volatility at or under its threshold volatility level while having negative performance returns. </div> Principal Risks of Investing in the Fund <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The price per share of the Fund will fluctuate with changes in the value of the investments held by the Fund. You may lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. There is no guarantee that the Fund will achieve its objective. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">The following is a summary of the principal risks to which the Fund’s portfolio as a whole is subject, any of which may adversely affect the Fund’s net asset value (NAV), yield, total return and ability to achieve its investment objective. As changes occur in a Fund’s portfolio holdings, the extent to which the portfolio is subject to each of these risks may also change. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Allocation Risk </span>– The Manager’s decisions regarding how the Fund’s assets should be allocated among the various underlying funds, may 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 under normal market conditions, the Fund may underperform comparable funds of funds for which the fund’s manager has such discretion to adjust allocations. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Futures Risk </span>– 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 a fund could lose more than the principal amount invested. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Volatility Risk </span>– Although the Fund’s investment strategy seeks not to exceed a specific volatility level, certain of the Fund’s investments may appreciate or decrease significantly in value over short periods of time, which may cause the Fund’s net asset value per share to experience significant increases or declines in value over short periods of time. The Fund’s volatility strategy may not produce the desired result and there can be no guarantee that the Fund will maintain volatility at or below its threshold volatility level. Additionally, maintenance of the volatility level will not ensure that the Fund will deliver competitive returns. The use of derivatives in connection with the Fund’s volatility strategy may expose the Fund to losses (some of which may be sudden) that it would not have otherwise been exposed to if it had only invested directly in equity and/or fixed income securities. 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). </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Quantitative Investing Risk </span>– 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. A quantitative model can be adversely affected by errors or imperfections in the factors or the data on which evaluations are based, or by technical issues with construction or implementation of the model, which in any case may result in a failure of the portfolio to perform as expected or a failure to identify securities that will perform well in the future. Successful operation of a quantitative model is also reliant upon the information technology systems of the Manager or Subadviser, as applicable, and its ability to ensure those systems remain operational and that appropriate disaster recovery procedures are in place. There can be no assurance that the Manager </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"> or Subadviser will be successful in maintaining effective and operational trading models and the related hardware and software systems. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Fund of Funds Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">In addition, the Fund bears the investment risks of the investments of the underlying funds. The principal risks associated with the underlying funds include: </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Market Risk </span>– The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Issuer Risk </span>– The value of a security may decline for a number of reasons directly related to the issuer of the security. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Selection Risk </span>– If an underlying fund is actively managed, there can be no guarantee that investment decisions made for the Fund will produce the desired results. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Index Fund Risk </span>– Certain of the Underlying Funds 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Value Stocks Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Capitalization Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Focused Investments Risk </span>– 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 a fund’s portfolio. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Bank Loan Risk </span>– To the extent a fund invests in bank loans, it is exposed to additional risks beyond those normally associated with more traditional debt securities. A 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Convertible Securities Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Interest Rate Risk </span>– Debt securities held by a fund may decline in value due to rising interest rates. Interest rates recently have been at historic lows, which may increase the risks associated with rising interest rates. Currently, interest rates are at or near historic lows, which may increase the risk that interest rates will rise. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Credit Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Call Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Extension Risk </span>– If interest rates rise, debt securities may be paid in full more slowly than anticipated. Interest rates recently have been at historic lows, which may increase the risks associated with rising interest rates. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Security Quality Risk (also known as “High Yield Risk” or “Junk Bond Risk”) </span>A 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.” </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Treasury Obligations Risk </span>– 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 a fund. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">U.S. Government Obligations Risk </span>– Certain securities in which a 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Foreign Securities Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Sovereign Debt Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Currency Risk </span>– 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. In the case of hedging positions, the U.S. dollar may decline in value relative to the currency that has been hedged. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Derivatives Risk </span>– 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, counterparty 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Options Risk </span>– To the extent a fund uses options, it is exposed to additional volatility and potential losses. Writing call options exposes a 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Leveraging Risk </span>– A 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Liquidity Risk </span>– An investment that is difficult to purchase or sell may have an adverse effect on a fund’s returns. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Mortgage-Related and Other Asset-Backed Securities Risk </span>– 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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Repurchase Agreements and Purchase and Sale Contracts Risk </span>– 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 either situation and the market value of the security declines, the fund may lose money. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Privately Placed Securities Risk </span>– A Underlying Funds may invest in privately placed securities, which are subject to resale restrictions. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Portfolio Turnover Risk </span>– A fund may trade portfolio securities frequently, which could result in higher transaction costs and could adversely affect the fund’s performance. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Collateralized Debt Obligations Risk </span>– In addition to the typical risks associated with fixed-income securities and asset-backed securities, collateralized debt obligations, including CLOs, carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"> statistical rating organization; (iii) a fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire sale” liquidation due to technical defaults such as coverage test failures; and (viii) the CDO’s manager may perform poorly. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">LIBOR Transition Risk </span>– Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the fund’s performance and/or net asset value. </div> You may lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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&amp;P 500 Index. The Fund’s performance also is compared to the Bloomberg 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 the Moderate Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&amp;P 500 Index (60%) and the Bloomberg U.S. Aggregate Bond Index (40%) in proportions similar to the equity to fixed income allocation of the Fund. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Both the bar chart and the table assume reinvestment of dividends and distributions. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Prior to October 14, 2016, the Fund was managed pursuant to different investment strategies and known as the AZL MVP T. Rowe Price Capital Appreciation Fund. Consequently, the performance information shown below for periods prior to October 14, 2016, reflects the Fund’s prior investment strategies and not its current investment strategies. </div> 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 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 the 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 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. <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;">Highest and Lowest Quarter Returns (for periods shown in the bar chart) </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:42%;border:0px;margin:0 auto"> <tr> <td style="width:85%;"/> <td style="vertical-align:bottom;width:7%;"/> <td/> <td/> <td/> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Highest (Q1, 2019)</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">9.20</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Lowest (Q1, 2020)</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align: right;">-9.39</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> </table> Highest 2019-03-31 0.0920 Lowest 2020-03-31 -0.0939 Average Annual Total Returns 2014-01-10 2014-01-10 2014-01-10 2014-01-10 0.1704 0.1150 0.1006 0.2871 0.1847 0.1487 -0.0154 0.0357 0.0329 0.1596 0.1278 0.1043 Reflects no deduction for fees, expenses, or taxes. 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. 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. The Manager and the Fund have entered into a written agreement reducing the management fee to 0.10% through at least April 30, 2023, 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, 2023, 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. 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. 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. The Manager and the Fund have entered into a written agreement reducing the management fee to 0.15% through at least April 30, 2023, 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 reducing the management fee to 0.15% through at least April 30, 2023, after which the fee waiver may be terminated by the Manager or the Fund at any time and for any reason. 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. The Manager and the Fund have entered into a written agreement reducing the management fee to 0.15% through at least April 30, 2023, after which the fee waiver may be terminated by the Manager or the Fund at any time and for any reason. 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.