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Annual Return % -0.1381 0.1263 0.0233 -0.0621 0.0082 0.1093 -0.0214 0.1625 0.0716 0.1107 Performance Bar Chart and Table Calendar Year Total Return Annual Return % 0.1736 0.0415 0.0762 0.1421 -0.0167 0.2139 0.0802 0.1704 -0.1371 Performance Bar Chart and Table Calendar Year Total Return Annual Return % 2024-04-29 N-1A ALLIANZ VARIABLE INSURANCE PRODUCTS FUND OF FUNDS TRUST 2024-05-01 2024-05-01 AZL® Balanced Index Strategy Fund  Investment Objective <div style="margin-top: 4pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund seeks  long-term capital appreciation with preservation of capital as an important consideration.</span></div>  Fees and Expenses Fees and Expenses of the Fund <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">offered exclusively as an investment option for certain Contracts. The table below reflects only Fund expenses and does </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">not reflect Contract fees and expenses. If Contract fees and expenses were included, the fees and expenses in the following </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">table would be higher. Please refer to the Contract prospectus for a description of those fees and expenses.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)  0.0005 0.0004 0.0060 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: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">that your investment has a 5% return each year, that the Fund’s operating expenses remain the same, and that you reinvest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">all dividends and distributions. It does not reflect any Contract fees. If Contract fees were included, the costs shown would </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> 70 70 221 221 384 384 859 859 Portfolio Turnover <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio turnover rate was 5% of the average value of its portfolio.</span></div> 0.05  Investments, Risks, and Performance Principal Investment Strategies of the Fund <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective by investing </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">primarily in a combination of five underlying index funds:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 494pt;"> <tr style="height: 10pt;"> <td style="padding-bottom: 0px; padding-top: 0px; vertical-align: bottom; width: 418.51pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="border-bottom: 0.5pt groove #000000; color: #000000; font-family: arial; font-size: 9pt; font-weight: bold; margin-left: 0.0pt;">Fund</span></div> </div> </td> <td style="padding-bottom: 0px; padding-top: 0px; vertical-align: bottom; width: 75.49pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="border-bottom: 0.5pt solid #000000; margin-left: 1pt; padding-bottom: 1pt;"> <div style="text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Target Allocation</span></div> </div> </div> </td> </tr> <tr style="height: 13.5pt;"> <td style="padding-bottom: 2.5pt; padding-top: 1.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL Enhanced Bond Index Fund</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 1.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 13.11pt;"> <div style="display: flex; white-space: nowrap; width: 13.11pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 13.11pt;">50</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL S&amp;P 500 Index Fund</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 13.11pt;"> <div style="display: flex; white-space: nowrap; width: 13.11pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 13.11pt;">31</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL International Index Fund</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 13.11pt;"> <div style="display: flex; white-space: nowrap; width: 13.11pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 13.11pt;">14</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL Mid Cap Index Fund</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 13.11pt;"> <div style="display: flex; white-space: nowrap; width: 13.11pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 13.11pt;">3</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> <tr style="height: 11.5pt;"> <td style="padding-top: 2.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL Small Cap Stock Index Fund</span></div> </div> </td> <td style="padding-top: 2.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 13.11pt;"> <div style="display: flex; white-space: nowrap; width: 13.11pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 13.11pt;">2</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> </table> <div style="margin-top: 9pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL Enhanced Bond Index Fund is a bond index fund, subadvised by BlackRock Financial Management, LLC; the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">other four underlying funds are equity index funds, subadvised by BlackRock Investment Management, LLC. Therefore, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">under normal market conditions, the Fund will allocate approximately 50% of its assets in the underlying equity index </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">funds and approximately 50% of its assets in the underlying bond index fund. These target allocations represent the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">long-term strategic asset allocation, which is not expected to change under normal market conditions.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The investment results of the underlying funds will vary. As a result, the Manager monitors the actual allocations to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying funds daily and periodically adjusts the actual allocations to attempt to achieve the target allocation. Generally, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Manager will seek to maintain the actual fund allocations to target using the cash flows that result from contract holders </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">buying or selling shares in the Fund. However, if cash flows were insufficient to maintain the target allocations, the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Manager would then buy or sell underlying funds as necessary to attempt to return the Fund’s actual asset allocations to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">targets. Generally, the actual allocations will not be more than 10% above or below the targets.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL Enhanced Bond Index Fund under normal circumstances invests in a combination of securities with an overall </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">weighting close to the capitalization weights of the Bloomberg U.S. Aggregate Bond Index (the “Index”). Under normal </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market conditions, the Fund invests at least 80% of its net assets in investment-grade debt securities (those of medium and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">high quality) of all types and repurchase agreements for those securities. Further, under normal circumstances, the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">invests at least 80% of the value of its net assets in securities or other financial instruments that are components of or have </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">economic characteristics similar to the securities included in the Index. The subadviser of the AZL Enhanced Bond Index </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund uses the Index as a guide in structuring the Fund and selecting its investments and manages the Fund to have similar </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">overall interest rate risk to the Index, with the investment objective of seeking to exceed the total return of the Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL S&amp;P 500 Index Fund under normal circumstances invests at least 80% of the value of its net assets in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities of or in a statistically selected sampling of the securities of companies included in the S&amp;P 500 Index or in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">derivative instruments linked to that Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL Mid Cap Index Fund under normal circumstances invests at least 80% of the value of its net assets in a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">statistically selected sampling of equity securities of companies included in the S&amp;P 400 Index and in derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments linked to the S&amp;P 400 Index, primarily futures contracts.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL Small Cap Stock Index Fund under normal market conditions invests at least 80% of its assets, plus any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">borrowings for investment purposes, in investments of small-capitalization companies, which for this purpose are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies with market capitalizations (the total market value of a company’s outstanding stock) at the time of purchase </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">included in the S&amp;P SmallCap 600 Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL International Index Fund under normal circumstances invests at least 80% of the value of its net assets in a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">statistically selected sampling of equity securities of companies included in the MSCI EAFE Index and in derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments linked to the MSCI EAFE Index, primarily futures contracts.</span></div> Principal Risks of Investing in 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. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Allocation Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The Manager’s decisions regarding how the Fund’s assets should be allocated among the various </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying funds, may cause the Fund to underperform other funds with similar investment objectives. There can be no </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">guarantee that investment decisions made by the Manager will produce the desired results. Further, because the Manager </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">has limited discretion to change the Underlying Fund under normal market conditions, the Fund may underperform </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">comparable funds of funds for which the fund’s manager has such discretion to adjust allocations to Underlying Funds.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Fund of Funds Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any cash held in the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio, the performance and income distributions of the Fund will not be the same as the performance and income </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">distributions of the underlying funds allocated according to the target allocations described here.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The value of a security may decline for a number of reasons directly related to the issuer of the security.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Index Fund Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain of the underlying funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">do</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> not attempt to manage market volatility or reduce the effects of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">poor performance. In addition, factors such as fund expenses, selection of a representative portfolio, changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">composition of the index, or the timing of purchases or redemptions of fund shares may affect the correlation between the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">performance of the index and the fund’s performance.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Selection Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Because the AZL Enhanced Bond Index Fund is actively managed, there can be no guarantee that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment decisions made for the Fund will produce the desired results.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Capitalization Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in small- to mid-sized companies creates risk because smaller companies may have </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">large companies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Foreign Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">currency values, adverse political, social or economic developments, and differences in social and economic developments </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or policies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Risks of Investing in Japan</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Japan may be subject to political, economic, nuclear, and labor risks, among others. Any of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">these risks, individually or in the aggregate, can impact an investment made in Japan. Since 2000, Japan’s economic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">growth rate has generally remained low relative to other advanced economies, and it may remain low in the future. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Japanese economy faces several concerns, any of which could negatively affect the value of Japanese investments. In </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">addition, Japan’s labor market is adapting to an aging workforce, declining population, and demand for increased labor </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">mobility. These demographic shifts and fundamental structural changes to the labor market may negatively impact Japan’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">economic competitiveness.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">European Investment Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investments in certain countries in the European Union (the “EU”) are susceptible to high </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">economic risks associated with high levels of debt, such as investments in sovereign debt of Greece, Italy and Spain. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Efforts of the member countries to further unify their economic and monetary policies may increase the potential for the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">downward movement of one member country’s market to cause a similar effect on other member countries’ markets. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Separately, the EU faces issues involving its membership, structure, procedures and policies. The exit of one or more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">member countries from the EU, such as the exit of the United Kingdom (known as “Brexit”), could place its currency and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">banking system in jeopardy. An exit by other member countries could likely result in increased volatility, illiquidity and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">potentially lower economic growth in the affected markets, which may adversely affect a fund’s investments.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">When-Issued, Delayed Delivery Securities and Forward Commitments Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The purchase or sale of securities on a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">when issued basis or on a delayed delivery basis or through a forward commitment involves the purchase or sale of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities by the Fund at an established price with payment and delivery taking place in the future.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> When-issued and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">delayed delivery transactions subject a fund to market risk because the value or yield of a security at delivery may be more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or less than the purchase price or yield generally available when delivery occurs, and counterparty risk because the fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">relies on the buyer or seller, as the case may be, to consummate the transaction. These transactions also have a leveraging </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">effect on a fund because the fund commits to purchase securities that it does not have to pay for until a later date, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increases the fund’s overall investment exposure and, as a result, its volatility.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Emerging Markets Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Emerging markets may have less developed or more volatile trading markets and greater </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">likelihood of government restrictions, nationalization, or confiscation than developed countries. Companies in emerging </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market countries may have less developed legal and accounting systems and generally may be subject to less stringent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">developed countries. As a result, information, including financial information, about such companies may be less available </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and reliable which can impede a fund’s ability to evaluate such companies. Securities law and the enforcement of systems </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, investments in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">emerging markets securities may be subject to additional transaction costs, delays in settlement procedures, unexpected </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market closures, and lack of timely information. Frontier market countries generally have smaller economies or less </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">developed capital markets and, as a result, the risks of investing in emerging market countries are magnified in frontier </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market countries.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Real Estate Investments Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The performance of investments in real estate depends on the overall strength of the real </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">estate market, the management of real estate investments trusts (REITs), and property management, all of which can be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">affected by a variety of factors, including national and regional economic conditions.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Currency Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in securities that trade in and receive revenues in foreign currencies creates risk because </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">foreign currencies may decline relative to the U.S. dollar, resulting in a potential loss to a fund. In the case of hedging </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">positions, the U.S. dollar may decline in value relative to the currency that has been hedged.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Sovereign Debt Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Treasury Obligations Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Direct obligations of the U.S. Treasury have historically involved little risk of loss of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">during the period shareholders own shares of a fund. Because U.S. Treasury obligations trade actively outside the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">United States, their prices may rise and fall as changes in global economic conditions affect the demand for these </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities. In addition, changes in the credit rating or financial condition of the U.S. government may cause the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">U.S. Treasury Obligations to decline.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">U.S. Government Obligations Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain securities in which a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may invest, including securities issued by certain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government agencies and government sponsored enterprises, are not guaranteed by the U.S. Government or supported by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the full faith and credit of the United States. It is possible that issuers of U.S. government securities will not have the funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to meet their payment obligations in the future. No assurance can be given that the U.S. government will provide financial </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support to its agencies and authorities if it is not obligated by law to do so.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Financial Markets Regulatory Risk - </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Policy changes by the U.S. government or its regulatory agencies and other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental actions and political events within the U.S. and abroad may, among other things, affect investor and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may adversely impact a fund, including by adversely impacting the fund's operations, universe of potential investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options, and return potential.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Interest Rate Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Debt securities held by a fund may decline in value due to rising interest rates. Macroeconomic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">factors, such as inflationary trends, can heighten interest rate risk.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Credit Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">adverse impact on a fund’s earnings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Income Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Falling interest rates may cause a fund’s income to decline.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Call Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – If interest rates fall, issuers of callable debt securities are more likely to prepay prior to the maturity date. A </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fund may not be able to reinvest the proceeds from the prepayment in investments that will generate the same level of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Extension Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – If interest rates rise, debt securities may be paid in full more slowly than anticipated. Periods of low </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">relative interest rates or inflationary trends may increase the risks associated with rising interest rates.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in derivative instruments involves risks that may be different from or greater than the risks </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">associated with investing directly in securities or other traditional investments. Derivatives are subject to a number of other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks, such as liquidity risk, interest rate risk, market risk, credit risk, counterparty risk, and selection risk. Derivatives also </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">invested.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Futures Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The value of futures contracts depend primarily upon the price of the securities, indexes, commodities, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">currencies or other instruments underlying them. Price movements are also influenced by, among other things, interest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rates, changing supply and demand relationships, trade, fiscal, monetary, and exchange control programs and policies of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governments, and national and international political and economic events and policies. The cost of futures may also be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">related, in part, to the degree of volatility of the underlying indices, securities, currencies, or other assets. Accordingly, </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">futures on highly volatile indices, securities, currency, or other assets may be more expensive than futures on other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">a fund could lose more than the principal amount invested.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Leveraging Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain underlying funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may engage in certain kinds of transactions, including the use of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">derivatives, that may give rise to a form of leverage. The use of leverage may require a fund to liquidate a portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">position at a disadvantageous time or may exaggerate the effect of any increase or decrease in the value of a fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Liquidity Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – An investment that is difficult to purchase or sell may have an adverse effect on a fund’s returns.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Mortgage-Related and Other Asset-Backed Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in mortgage-related or other asset-backed </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities involves a variety of risks associated with the credit markets, such as rising or falling interest rates, increases in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the rate of defaults or prepayments, and the quality of the pool of mortgages (subprime risk) or other assets that backs the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">security.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Portfolio Turnover Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain underlying funds may trade portfolio securities frequently, which could result in higher </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction costs and could adversely affect the fund’s performance.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Privately Placed, Rule 144A and Other Exempt Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain underlying funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may invest in privately </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">placed securities, which are subject to resale restrictions. The market for Rule 144A and other securities exempt from </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain registration requirements may be less active than the market for publicly-traded securities. Rule 144A and other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">exempt securities carry the risk that their liquidity may become impaired and a fund may be unable to dispose of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities at a desirable time or price.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Repurchase Agreements and Purchase and Sale Contracts Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – If the other party to a repurchase agreement or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">purchase and sale contract defaults on its obligation under the agreement, a fund may suffer delays and incur costs or lose </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">money in exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market value of the security declines, the fund may lose money.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Technology Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Technology companies, including information technology companies, may have limited </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">product lines, markets, financial resources or personnel. Technology companies typically face intense competition and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">adversely affected by the loss or impairment of those rights.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Collateralized Debt Obligations Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – In addition to the typical risks associated with fixed-income securities and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset-backed securities, collateralized debt obligations, including CLOs, carry additional risks including, but not limited to: </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">statistical rating organization; (iii) a fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">characterization of proceeds; (v) the investment return achieved by a fund could be significantly different than those </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">sale” liquidation due to technical defaults such as coverage test failures; and (viii) the CDO’s manager may perform </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">poorly.</span></div> Performance Information <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The following bar chart and table provide an indication of the risks of an investment in the Fund by showing changes in its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">performance from year to year and by showing how the Fund’s average annual returns for one year, five years and ten </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">years compare with those of a broad-based measure of market performance, the S&amp;P 500 Index. The Fund’s performance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">also is compared to the Bloomberg U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the returns of a broad index of investment-grade fixed-rate debt issues, and to the Balanced Composite Index, which shows </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">how the Fund’s performance compares with a composite index composed of the S&amp;P 500 Index (50%) and the Bloomberg </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">U.S. Aggregate Bond Index (50%) in proportions similar to the equity to fixed income allocation of the Fund.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Both the bar chart and the table assume reinvestment of dividends and distributions.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The performance of the Fund will vary from year to year. The Fund’s performance does not reflect the cost of insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and separate account charges which are imposed under your Contract. If they were included, performance would be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reduced. Past performance does not indicate how the Fund will perform in the future.</span></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: 6pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Highest and Lowest Quarter Returns (for periods shown in the bar chart)</span><span style="color: #000000; font-family: arial narrow; font-size: 1pt; font-weight: bold;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 139pt; width: 216pt;"> <tr style="height: 9.5pt;"> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 175.78pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">Highest (Q2, 2020)</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 40.22pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt;">11.79%</span></div> </div> </td> </tr> <tr style="height: 11.5pt;"> <td style="padding-top: 2.5pt; vertical-align: Top; width: 175.78pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">Lowest (Q1, 2020)</span></div> </div> </td> <td style="padding-top: 2.5pt; vertical-align: Top; width: 40.22pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt;">-10.87%</span></div> </div> </td> </tr> </table> Highest 2020-06-30 0.1179 Lowest 2020-03-31 -0.1087 Average Annual Total Returns  0.1321 0.0684 0.0533 0.2629 0.1569 0.1203 0.0553 0.0110 0.0181 0.1562 0.0863 0.0712 Reflects no deduction for fees, expenses, or taxes. AZL® MVP Balanced Index Strategy Fund  Investment Objective <div style="margin-top: 4pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund seeks long-term capital appreciation with preservation of capital as an important consideration.</span></div>  Fees and Expenses Fees and Expenses of the Fund <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">offered exclusively as an investment option for certain Contracts. The table below reflects only Fund expenses and does </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">not reflect Contract fees and expenses. If Contract fees and expenses were included, the fees and expenses in the following </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">table would be higher. Please refer to the Contract prospectus for a description of those fees and expenses.</span></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: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">that your investment has a 5% return each year, that the Fund’s operating expenses remain the same, and that you reinvest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">all dividends and distributions. It does not reflect any Contract fees. If Contract fees were included, the costs shown would </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> 72 72 224 224 390 390 871 871 Portfolio Turnover <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio turnover rate was 16% of the average value of its portfolio.</span></div> 0.16  Investments, Risks, and Performance Principal Investment Strategies of the Fund <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective by investing </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">approximately 95% of its assets in a combination of five underlying index funds:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 494pt;"> <tr style="height: 10pt;"> <td style="padding-bottom: 0px; padding-top: 0px; vertical-align: bottom; width: 418.51pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="border-bottom: 0.5pt groove #000000; color: #000000; font-family: arial; font-size: 9pt; font-weight: bold; margin-left: 0.0pt;">Fund</span></div> </div> </td> <td style="padding-bottom: 0px; padding-top: 0px; vertical-align: bottom; width: 75.49pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="border-bottom: 0.5pt solid #000000; margin-left: 1pt; padding-bottom: 1pt;"> <div style="text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Target Allocation</span></div> </div> </div> </td> </tr> <tr style="height: 13.5pt;"> <td style="padding-bottom: 2.5pt; padding-top: 1.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL Enhanced Bond Index Fund</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 1.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 21.45pt;"> <div style="display: flex; white-space: nowrap; width: 21.45pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 21.45pt;">47.5</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL S&amp;P 500 Index Fund</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 21.45pt;"> <div style="display: flex; white-space: nowrap; width: 21.45pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 21.45pt;">28.5</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL International Index Fund</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 21.45pt;"> <div style="display: flex; white-space: nowrap; width: 21.45pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 21.45pt;">14</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL Mid Cap Index Fund</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 21.45pt;"> <div style="display: flex; white-space: nowrap; width: 21.45pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 21.45pt;">3</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> <tr style="height: 11.5pt;"> <td style="padding-top: 2.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL Small Cap Stock Index Fund</span></div> </div> </td> <td style="padding-top: 2.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 21.45pt;"> <div style="display: flex; white-space: nowrap; width: 21.45pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 21.45pt;">2</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> </table> <div style="margin-top: 9pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">management process, described below.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL Enhanced Bond Index Fund is a bond index fund, subadvised by BlackRock Financial Management, LLC; the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">other four underlying funds are equity index funds, subadvised by BlackRock Investment Management, LLC. Therefore, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">under normal market conditions, the Fund will allocate approximately 50% of its underlying fund assets in the underlying </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">equity index funds and approximately 50% of its underlying fund assets in the underlying bond index fund. These target </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">allocations represent the Fund’s long-term strategic asset allocation, which is not expected to change under normal market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conditions.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The investment results of the underlying funds will vary. As a result, the Manager monitors the actual allocations to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying funds daily and periodically adjusts the actual allocations to attempt to achieve the target allocation. Generally, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Manager will seek to maintain the actual fund allocations to target using the cash flows that result from shareholders </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">buying or selling shares in the Fund. However, if cash flows were insufficient to maintain the target allocations, the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Manager would then buy or sell underlying funds as necessary to attempt to return the Fund’s actual asset allocations to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">targets. Generally, the actual allocations will not be more than 10% above or below the targets.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL Enhanced Bond Index Fund under normal circumstances invests in a combination of securities with an overall </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">weighting close to the capitalization weights of the Bloomberg U.S. Aggregate Bond Index (the “Index”). Under normal </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market conditions, the Fund invests at least 80% of its net assets in investment-grade debt securities (those of medium and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">high quality) of all types and repurchase agreements for those securities. Further, under normal circumstances, the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">invests at least 80% of the value of its net assets in securities or other financial instruments that are components of or have </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">economic characteristics similar to the securities included in the Index. The subadviser of the AZL Enhanced Bond Index </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund uses the Index as a guide in structuring the Fund and selecting its investments and manages the Fund to have similar </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">overall interest rate risk to the Index, with the investment objective of seeking to exceed the total return of the Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL S&amp;P 500 Index Fund under normal circumstances invests at least 80% of the value of its net assets in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities of or in a statistically selected sampling of the securities of companies included in the S&amp;P 500 Index or in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">derivative instruments linked to that Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL Mid Cap Index Fund under normal circumstances invests at least 80% of the value of its net assets in a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">statistically selected sampling of equity securities of companies included in the S&amp;P 400 Index and in derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments linked to the S&amp;P 400 Index, primarily futures contracts.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL Small Cap Stock Index Fund under normal market conditions invests at least 80% of its assets, plus any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">borrowings for investment purposes, in investments of small-capitalization companies, which for this purpose are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies with market capitalizations (the total market value of a company’s outstanding stock) at the time of purchase </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">included in the S&amp;P SmallCap 600 Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL International Index Fund under normal circumstances invests at least 80% of the value of its net assets in a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">statistically selected sampling of equity securities of companies included in the MSCI EAFE Index and in derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments linked to the MSCI EAFE Index, primarily futures contracts.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Under normal market conditions, the Fund will allocate approximately 95% of its assets to the underlying funds described </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">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 </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index futures and U.S. Treasury futures, which generally are liquid. The futures strategy, called the MVP risk management </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">process, involves a quantitative analysis and seeks to reduce the volatility of the Fund. Volatility refers to the amount by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which the price of an investment can change over a period of time. High volatility indicates that the price has changed </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significantly, up or down, over a short time period; lower volatility indicates that the price is not changing dramatically, but </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">at a steady pace over a period of time. Generally, higher volatility is considered to be more risky.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The goal of the MVP process is to achieve Fund volatility at or below 10% on an annualized basis over a full business </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cycle by either increasing or decreasing the exposure to equities over time. The Fund seeks to accomplish this primarily by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selling equity index futures when markets experience heightened volatility, and by buying equity index futures when </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">markets experience normal or lower levels of volatility. Futures are intended to provide the Manager an effective method </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to reduce volatility of the Fund and limit the need to decrease or increase allocations to the underlying funds. As a result, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the MVP process could cause the equity exposure of the Fund to fluctuate significantly but it will generally not be lower </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">than 10%. The MVP process would generally not reduce equity exposure during periods of moderate and low market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility but during periods of extreme market volatility the MVP process could result in Fund equity exposure that is </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significantly lower than 10%.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Due to market conditions or other factors, the actual or realized volatility of the Fund for any particular period of time may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be materially higher than the threshold volatility level. The Fund’s threshold volatility level is not a total return </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">performance target. It is possible for the Fund to maintain its volatility at or under its threshold volatility level while having </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">negative performance returns.</span></div> Principal Risks of Investing in 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. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Allocation Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The Manager’s decisions regarding how the Fund’s assets should be allocated among the various </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying funds, may cause the Fund to underperform other funds with similar investment objectives. There can be no </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">guarantee that investment decisions made by the Manager will produce the desired results. Further, because the Manager </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">has limited discretion to change the Underlying Fund allocations or under normal market conditions, the Fund may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform comparable funds of funds for which the fund’s manager has such discretion to adjust allocations.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Futures Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Because the Fund may utilize futures pursuant to its MVP risk management process, the Fund also is </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">subject to derivatives risk, including risks related to futures. Investing in derivative instruments involves risks that may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">different from or greater than the risks associated with investing directly in securities or other traditional investments.  The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value of futures contracts depend primarily upon the price of the securities, indexes, commodities, currencies or other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments underlying them. Price movements are also influenced by, among other things, interest rates, changing supply </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and demand relationships, trade, fiscal, monetary, and exchange control programs and policies of governments, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">national and international political and economic events and policies. The cost of futures may also be related, in part, to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">degree of volatility of the underlying indices, securities, currencies, or other assets. Accordingly, futures on highly volatile </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">indices, securities, currency, or other assets may be more expensive than futures on other investments. Changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value of the derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the principal amount invested.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Volatility Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Although the Fund’s investment strategy seeks not to exceed a specific volatility level, certain of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s investments may appreciate or decrease significantly in value over short periods of time, which may cause the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s net asset value per share to experience significant increases or declines in value over short periods of time. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s volatility strategy may not produce the desired result and there can be no guarantee that the Fund will maintain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility at or below its threshold volatility level. Additionally, maintenance of the volatility level will not ensure that the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund will deliver competitive returns. The use of derivatives in connection with the Fund’s volatility strategy may expose </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund to losses (some of which may be sudden) that it would not have otherwise been exposed to if it had only invested </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">directly in equity and/or fixed income securities. Further, in some market conditions the Fund may either underperform or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">outperform as a direct result of the MVP process. The Fund may, for example, outperform in downward trending markets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">when volatility is high (and the equity allocation low) and underperform in upward trending markets when volatility is high </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(and the equity allocation low).</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Quantitative Investing Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The value of securities selected using quantitative analysis can react differently to issuer, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">political, market, and economic developments than the market as a whole or securities selected using only fundamental </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">security’s value. In addition, factors that affect a security’s value can change over time and these changes may not be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reflected in the quantitative model. A quantitative model can be adversely affected by errors or imperfections in the factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or the data on which evaluations are based, or by technical issues with construction or implementation of the model, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in any case may result in a failure of the portfolio to perform as expected or a failure to identify securities that will perform </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">well in the future. Successful operation of a quantitative model is also reliant upon the information technology systems of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Manager or Subadviser, as applicable, and its ability to ensure those systems remain operational and that appropriate </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disaster recovery procedures are in place. There can be no assurance that the Manager or Subadviser will be successful in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">maintaining effective and operational trading models and the related hardware and software systems.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Fund of Funds Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any futures and cash held in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income distributions of the underlying funds allocated according to the target allocations described here.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The value of a security may decline for a number of reasons directly related to the issuer of the security.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Index Fund Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying funds do</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> not attempt to manage market volatility or reduce the effects of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">poor performance. In addition, factors such as fund expenses, selection of a representative portfolio, changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">composition of the index, or the timing of purchases or redemptions of fund shares may affect the correlation between the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">performance of the index and the fund’s performance.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Selection Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Because the AZL Enhanced Bond Index Fund is actively managed, there can be no guarantee that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment decisions made for the Fund will produce the desired results.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Capitalization Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in small- to mid-sized companies creates risk because smaller companies may have </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">large companies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Foreign Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">currency values, adverse political, social or economic developments, and differences in social and economic developments </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or policies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Risks of Investing in Japan</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Japan may be subject to political, economic, nuclear, and labor risks, among others. Any of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">these risks, individually or in the aggregate, can impact an investment made in Japan. Since 2000, Japan’s economic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">growth rate has generally remained low relative to other advanced economies, and it may remain low in the future. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Japanese economy faces several concerns, any of which could negatively affect the value of Japanese investments. In </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">addition, Japan’s labor market is adapting to an aging workforce, declining population, and demand for increased labor </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">mobility. These demographic shifts and fundamental structural changes to the labor market may negatively impact Japan’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">economic competitiveness.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">European Investment Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investments in certain countries in the European Union (the “EU”) are susceptible to high </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">economic risks associated with high levels of debt, such as investments in sovereign debt of Greece, Italy and Spain. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Efforts of the member countries to further unify their economic and monetary policies may increase the potential for the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">downward movement of one member country’s market to cause a similar effect on other member countries’ markets. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Separately, the EU faces issues involving its membership, structure, procedures and policies. The exit of one or more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">member countries from the EU, such as the exit of the United Kingdom (known as “Brexit”), could place its currency and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">banking system in jeopardy. An exit by other member countries could likely result in increased volatility, illiquidity and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">potentially lower economic growth in the affected markets, which may adversely affect a fund’s investments.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">When-Issued, Delayed Delivery Securities and Forward Commitments Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The purchase or sale of securities on a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">when issued basis or on a delayed delivery basis or through a forward commitment involves the purchase or sale of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities by the Fund at an established price with payment and delivery taking place in the future. When-issued and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">delayed delivery transactions subject a fund to market risk because the value or yield of a security at delivery may be more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or less than the purchase price or yield generally available when delivery occurs, and counterparty risk because the fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">relies on the buyer or seller, as the case may be, to consummate the transaction. These transactions also have a leveraging </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">effect on a fund because the fund commits to purchase securities that it does not have to pay for until a later date, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increases the fund’s overall investment exposure and, as a result, its volatility.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Emerging Markets Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Emerging markets may have less developed or more volatile trading markets and greater </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">likelihood of government restrictions, nationalization, or confiscation than developed countries. Companies in emerging </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market countries may have less developed legal and accounting systems and generally may be subject to less stringent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">developed countries. As a result, information, including financial information, about such companies may be less available </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and reliable which can impede a fund’s ability to evaluate such companies. Securities law and the enforcement of systems </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, investments in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">emerging markets securities may be subject to additional transaction costs, delays in settlement procedures, unexpected </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market closures, and lack of timely information. Frontier market countries generally have smaller economies or less </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">developed capital markets and, as a result, the risks of investing in emerging market countries are magnified in frontier </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market countries.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Real Estate Investments Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The performance of investments in real estate depends on the overall strength of the real </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">estate market, the management of real estate investments trusts (REITs), and property management, all of which can be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">affected by a variety of factors, including national and regional economic conditions.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Currency Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in securities that trade in and receive revenues in foreign currencies creates risk because </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">foreign currencies may decline relative to the U.S. dollar, resulting in a potential loss to a fund. In the case of hedging </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">positions, the U.S. dollar may decline in value relative to the currency that has been hedged.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Sovereign Debt Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Treasury Obligations Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Direct obligations of the U.S. Treasury have historically involved little risk of loss of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">during the period shareholders own shares of a fund. Because U.S. Treasury obligations trade actively outside the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">United States, their prices may rise and fall as changes in global economic conditions affect the demand for these </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities. In addition, changes in the credit rating or financial condition of the U.S. government may cause the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">U.S. Treasury Obligations to decline.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">U.S. Government Obligations Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain securities in which a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may invest, including securities issued by certain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government agencies and government sponsored enterprises, are not guaranteed by the U.S. Government or supported by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the full faith and credit of the United States. It is possible that issuers of U.S. government securities will not have the funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to meet their payment obligations in the future. No assurance can be given that the U.S. government will provide financial </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support to its agencies and authorities if it is not obligated by law to do so.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Financial Markets Regulatory Risk - </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Policy changes by the U.S. government or its regulatory agencies and other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental actions and political events within the U.S. and abroad may, among other things, affect investor and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may adversely impact a fund, including by adversely impacting the fund's operations, universe of potential investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options, and return potential.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Interest Rate Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Debt securities held by a fund may decline in value due to rising interest rates. Macroeconomic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">factors, such as inflationary trends, can heighten interest rate risk.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Credit Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">adverse impact on a fund’s earnings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Income Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Falling interest rates may cause a fund’s income to decline.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Call Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – If interest rates fall, issuers of callable debt securities are more likely to prepay prior to the maturity date. A </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fund may not be able to reinvest the proceeds from the prepayment in investments that will generate the same level of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Extension Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – If interest rates rise, debt securities may be paid in full more slowly than anticipated. Periods of low </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">relative interest rates or inflationary trends may increase the risks associated with rising interest rates.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in derivative instruments involves risks that may be different from or greater than the risks </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">associated with investing directly in securities or other traditional investments. Derivatives are subject to a number of other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks, such as liquidity risk, interest rate risk, market risk, credit risk, counterparty risk, and selection risk. Derivatives also </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">invested.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Leveraging Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying funds</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> may engage in certain kinds of transactions, including the use of derivatives, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">that may give rise to a form of leverage. The use of leverage may require a fund to liquidate a portfolio position at a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disadvantageous time or may exaggerate the effect of any increase or decrease in the value of a fund’s portfolio securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Liquidity Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – An investment that is difficult to purchase or sell may have an adverse effect on a fund’s returns.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Mortgage-Related and Other Asset-Backed Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in mortgage-related or other asset-backed </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities involves a variety of risks associated with the credit markets, such as rising or falling interest rates, increases in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the rate of defaults or prepayments, and the quality of the pool of mortgages (subprime risk) or other assets that backs the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">security.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Portfolio Turnover Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain underlying funds may trade portfolio securities frequently, which could result in higher </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction costs and could adversely affect the fund’s performance.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Privately Placed, Rule 144A and Other Exempt Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying funds</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> may invest in privately </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">placed securities, which are subject to resale restrictions. The market for Rule 144A and other securities exempt from </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain registration requirements may be less active than the market for publicly-traded securities. Rule 144A and other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">exempt securities carry the risk that their liquidity may become impaired and a fund may be unable to dispose of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities at a desirable time or price.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Repurchase Agreements and Purchase and Sale Contracts Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – If the other party to a repurchase agreement or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">purchase and sale contract defaults on its obligation under the agreement, a fund may suffer delays and incur costs or lose </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">money in exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market value of the security declines, the fund may lose money.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Technology Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Technology companies, including information technology companies, may have limited </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">product lines, markets, financial resources or personnel. Technology companies typically face intense competition and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">adversely affected by the loss or impairment of those rights.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Collateralized Debt Obligations Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – In addition to the typical risks associated with fixed-income securities and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset-backed securities, collateralized debt obligations, including CLOs, carry additional risks including, but not limited to: </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">statistical rating organization; (iii) a fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">characterization of proceeds; (v) the investment return achieved by a fund could be significantly different than those </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">sale” liquidation due to technical defaults such as coverage test failures; and (viii) the CDO’s manager may perform </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">poorly.</span></div> Performance Information <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">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 </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">also is compared to the Bloomberg U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the returns of a broad index of investment-grade fixed-rate debt issues, and to the Balanced Composite Index, which shows </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">how the Fund’s performance compares with a composite index composed of the S&amp;P 500 Index (50%) and the Bloomberg </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">U.S. Aggregate Bond Index (50%) in proportions similar to the equity to fixed income allocation of the Fund.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Both the bar chart and the table assume reinvestment of dividends and distributions.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The performance of the Fund will vary from year to year. The Fund’s performance does not reflect the cost of insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and separate account charges which are imposed under your Contract. If they were included, performance would be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reduced. Past performance does not indicate how the Fund will perform in the future.</span></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: 6pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Highest and Lowest Quarter Returns (for periods shown in the bar chart)</span><span style="color: #000000; font-family: arial narrow; font-size: 1pt; font-weight: bold;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 139pt; width: 216pt;"> <tr style="height: 9.5pt;"> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 181.34pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">Highest (Q4, 2023)</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 34.66pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt;">9.10%</span></div> </div> </td> </tr> <tr style="height: 11.5pt;"> <td style="padding-top: 2.5pt; vertical-align: Top; width: 181.34pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">Lowest (Q1, 2020)</span></div> </div> </td> <td style="padding-top: 2.5pt; vertical-align: Top; width: 34.66pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt;">-9.78%</span></div> </div> </td> </tr> </table> Highest 2023-12-31 0.0910 Lowest 2020-03-31 -0.0978 Average Annual Total Returns  0.1285 0.0555 0.0464 0.2629 0.1569 0.1203 0.0553 0.0110 0.0181 0.1562 0.0863 0.0712 Reflects no deduction for fees, expenses, or taxes. AZL® MVP Growth Index Strategy Fund  Investment Objective <div style="margin-top: 4pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund seeks long-term capital appreciation.</span></div>  Fees and Expenses Fees and Expenses of the Fund <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">offered exclusively as an investment option for certain Contracts. The table below reflects only Fund expenses and does </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">not reflect Contract fees and expenses. If Contract fees and expenses were included, the fees and expenses in the following </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">table would be higher. Please refer to the Contract prospectus for a description of those fees and expenses.</span></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;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">that your investment has a 5% return each year, that the Fund’s operating expenses remain the same, and that you reinvest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">all dividends and distributions. It does not reflect any Contract fees. If Contract fees were included, the costs shown would </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> 69 69 218 218 379 379 847 847 Portfolio Turnover <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio turnover rate was 4% of the average value of its portfolio.</span></div> 0.04  Investments, Risks, and Performance Principal Investment Strategies of the Fund <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective by investing </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">approximately 95% of its assets in a combination of five underlying index funds:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 494pt;"> <tr style="height: 10pt;"> <td style="padding-bottom: 0px; padding-top: 0px; vertical-align: bottom; width: 418.51pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="border-bottom: 0.5pt groove #000000; color: #000000; font-family: arial; font-size: 9pt; font-weight: bold; margin-left: 0.0pt;">Fund</span></div> </div> </td> <td style="padding-bottom: 0px; padding-top: 0px; vertical-align: bottom; width: 75.49pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="border-bottom: 0.5pt solid #000000; margin-left: 1pt; padding-bottom: 1pt;"> <div style="text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Target Allocation</span></div> </div> </div> </td> </tr> <tr style="height: 13.5pt;"> <td style="padding-bottom: 2.5pt; padding-top: 1.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL Enhanced Bond Index Fund</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 1.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 21.45pt;"> <div style="display: flex; white-space: nowrap; width: 21.45pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 21.45pt;">23.8</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL S&amp;P 500 Index Fund</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 21.45pt;"> <div style="display: flex; white-space: nowrap; width: 21.45pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 21.45pt;">42.8</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL International Index Fund</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 21.45pt;"> <div style="display: flex; white-space: nowrap; width: 21.45pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 21.45pt;">21</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL Mid Cap Index Fund</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 21.45pt;"> <div style="display: flex; white-space: nowrap; width: 21.45pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 21.45pt;">4.5</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> <tr style="height: 11.5pt;"> <td style="padding-top: 2.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL Small Cap Stock Index Fund</span></div> </div> </td> <td style="padding-top: 2.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 21.45pt;"> <div style="display: flex; white-space: nowrap; width: 21.45pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 21.45pt;">3</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> </table> <div style="margin-top: 9pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">management process, described below.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL Enhanced Bond Index Fund is a bond index fund, subadvised by BlackRock Financial Management, LLC; the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">other four underlying funds are equity index funds, subadvised by BlackRock Investment Management, LLC. Therefore, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">under normal market conditions, the Fund will allocate approximately 75% of its underlying fund assets in the underlying </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">equity index funds and approximately 25% of its underlying fund assets in the underlying bond index fund. These target </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">allocations represent the Fund’s long-term strategic asset allocation, which is not expected to change under normal market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conditions.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The investment results of the underlying funds will vary. As a result, the Manager monitors the actual allocations to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying funds daily and periodically adjusts the actual allocations to attempt to achieve the target allocation. Generally, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Manager will seek to maintain the actual fund allocations to target using the cash flows that result from shareholders </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">buying or selling shares in the Fund. However, if cash flows were insufficient to maintain the target allocations, the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Manager would then buy or sell underlying funds as necessary to attempt to return the Fund’s actual asset allocations to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">targets. Generally, the actual allocations will not be more than 10% above or below the targets.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL Enhanced Bond Index Fund under normal circumstances invests in a combination of securities with an overall </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">weighting close to the capitalization weights of the Bloomberg U.S. Aggregate Bond Index (the “Index”). Under normal </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market conditions, the Fund invests at least 80% of its net assets in investment-grade debt securities (those of medium and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">high quality) of all types and repurchase agreements for those securities. Further, under normal circumstances, the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">invests at least 80% of the value of its net assets in securities or other financial instruments that are components of or have </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">economic characteristics similar to the securities included in the Index. The subadviser of the AZL Enhanced Bond Index </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund uses the Index as a guide in structuring the Fund and selecting its investments and manages the Fund to have similar </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">overall interest rate risk to the Index, with the investment objective of seeking to exceed the total return of the Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL S&amp;P 500 Index Fund under normal circumstances invests at least 80% of the value of its net assets in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities of or in a statistically selected sampling of the securities of companies included in the S&amp;P 500 Index or in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">derivative instruments linked to that Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL Mid Cap Index Fund under normal circumstances invests at least 80% of the value of its net assets in a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">statistically selected sampling of equity securities of companies included in the S&amp;P 400 Index and in derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments linked to the S&amp;P 400 Index, primarily futures contracts.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL Small Cap Stock Index Fund under normal market conditions invests at least 80% of its assets, plus any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">borrowings for investment purposes, in investments of small-capitalization companies, which for this purpose are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies with market capitalizations (the total market value of a company’s outstanding stock) at the time of purchase </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">included in the S&amp;P SmallCap 600 Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL International Index Fund under normal circumstances invests at least 80% of the value of its net assets in a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">statistically selected sampling of equity securities of companies included in the MSCI EAFE Index and in derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments linked to the MSCI EAFE Index, primarily futures contracts.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Under normal market conditions, the Fund will allocate approximately 95% of its assets to the underlying funds described </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">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 </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index futures and U.S. Treasury futures, which generally are liquid. The futures strategy, called the MVP risk management </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">process, involves a quantitative analysis and seeks to reduce the volatility of the Fund. Volatility refers to the amount by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which the price of an investment can change over a period of time. High volatility indicates that the price has changed </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significantly, up or down, over a short time period; lower volatility indicates that the price is not changing dramatically, but </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">at a steady pace over a period of time. Generally, higher volatility is considered to be more risky.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The goal of the MVP process is to achieve Fund volatility at or below 13% on an annualized basis over a full business </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cycle by either increasing or decreasing the exposure to equities over time. The Fund seeks to accomplish this primarily by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selling equity index futures when markets experience heightened volatility, and by buying equity index futures when </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">markets experience normal or lower levels of volatility. Futures are intended to provide the Manager an effective method </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to reduce volatility of the Fund and limit the need to decrease or increase allocations to the underlying funds. As a result, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the MVP process could cause the equity exposure of the Fund to fluctuate significantly but it will generally not be lower </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">than 10%. The MVP process would generally not reduce equity exposure during periods of moderate and low market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility but during periods of extreme market volatility the MVP process could result in Fund equity exposure that is </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significantly lower than 10%.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Due to market conditions or other factors, the actual or realized volatility of the Fund for any particular period of time may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be materially higher than the threshold volatility level. The Fund’s threshold volatility level is not a total return </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">performance target. It is possible for the Fund to maintain its volatility at or under its threshold volatility level while having </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">negative performance returns.</span></div> Principal Risks of Investing in 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. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Allocation Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The Manager’s decisions regarding how the Fund’s assets should be allocated among the various </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying funds, may cause the Fund to underperform other funds with similar investment objectives. There can be no </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">guarantee that investment decisions made by the Manager will produce the desired results. Further, because the Manager </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">has limited discretion to change the Underlying Fund allocations or under normal market conditions, the Fund may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform comparable funds of funds for which the fund’s manager has such discretion to adjust allocations.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Futures Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Because the Fund may utilize futures pursuant to its MVP risk management process, the Fund also is </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">subject to derivatives risk, including risks related to futures. Investing in derivative instruments involves risks that may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">different from or greater than the risks associated with investing directly in securities or other traditional investments.  The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value of futures contracts depend primarily upon the price of the securities, indexes, commodities, currencies or other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments underlying them. Price movements are also influenced by, among other things, interest rates, changing supply </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and demand relationships, trade, fiscal, monetary, and exchange control programs and policies of governments, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">national and international political and economic events and policies. The cost of futures may also be related, in part, to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">degree of volatility of the underlying indices, securities, currencies, or other assets. Accordingly, futures on highly volatile </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">indices, securities, currency, or other assets may be more expensive than futures on other investments. Changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value of the derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the principal amount invested.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Volatility Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Although the Fund’s investment strategy seeks not to exceed a specific volatility level, certain of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s investments may appreciate or decrease significantly in value over short periods of time, which may cause the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s net asset value per share to experience significant increases or declines in value over short periods of time. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s volatility strategy may not produce the desired result and there can be no guarantee that the Fund will maintain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility at or below its threshold volatility level. Additionally, maintenance of the volatility level will not ensure that the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund will deliver competitive returns. The use of derivatives in connection with the Fund’s volatility strategy may expose </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund to losses (some of which may be sudden) that it would not have otherwise been exposed to if it had only invested </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">directly in equity and/or fixed income securities. Further, in some market conditions the Fund may either underperform or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">outperform as a direct result of the MVP process. The Fund may, for example, outperform in downward trending markets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">when volatility is high (and the equity allocation low) and underperform in upward trending markets when volatility is high </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(and the equity allocation low).</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Quantitative Investing Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The value of securities selected using quantitative analysis can react differently to issuer, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">political, market, and economic developments than the market as a whole or securities selected using only fundamental </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">security’s value. In addition, factors that affect a security’s value can change over time and these changes may not be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reflected in the quantitative model. A quantitative model can be adversely affected by errors or imperfections in the factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or the data on which evaluations are based, or by technical issues with construction or implementation of the model, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in any case may result in a failure of the portfolio to perform as expected or a failure to identify securities that will perform </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">well in the future. Successful operation of a quantitative model is also reliant upon the information technology systems of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Manager or Subadviser, as applicable, and its ability to ensure those systems remain operational and that appropriate </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disaster recovery procedures are in place. There can be no assurance that the Manager or Subadviser will be successful in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">maintaining effective and operational trading models and the related hardware and software systems.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Fund of Funds Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any futures and cash held in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income distributions of the underlying funds allocated according to the target allocations described here.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The value of a security may decline for a number of reasons directly related to the issuer of the security.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Index Fund Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying funds do</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> not attempt to manage market volatility or reduce the effects of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">poor performance. In addition, factors such as fund expenses, selection of a representative portfolio, changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">composition of the index, or the timing of purchases or redemptions of fund shares may affect the correlation between the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">performance of the index and the fund’s performance.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Selection Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Because the AZL Enhanced Bond Index Fund is actively managed, there can be no guarantee that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment decisions made for the Fund will produce the desired results.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Capitalization Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in small- to mid-sized companies creates risk because smaller companies may have </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">large companies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Foreign Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">currency values, adverse political, social or economic developments, and differences in social and economic developments </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or policies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Risks of Investing in Japan</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Japan may be subject to political, economic, nuclear, and labor risks, among others. Any of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">these risks, individually or in the aggregate, can impact an investment made in Japan. Since 2000, Japan’s economic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">growth rate has generally remained low relative to other advanced economies, and it may remain low in the future. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Japanese economy faces several concerns, any of which could negatively affect the value of Japanese investments. In </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">addition, Japan’s labor market is adapting to an aging workforce, declining population, and demand for increased labor </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">mobility. These demographic shifts and fundamental structural changes to the labor market may negatively impact Japan’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">economic competitiveness.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">European Investment Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investments in certain countries in the European Union (the “EU”) are susceptible to high </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">economic risks associated with high levels of debt, such as investments in sovereign debt of Greece, Italy and Spain. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Efforts of the member countries to further unify their economic and monetary policies may increase the potential for the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">downward movement of one member country’s market to cause a similar effect on other member countries’ markets. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Separately, the EU faces issues involving its membership, structure, procedures and policies. The exit of one or more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">member countries from the EU, such as the exit of the United Kingdom (known as “Brexit”), could place its currency and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">banking system in jeopardy. An exit by other member countries could likely result in increased volatility, illiquidity and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">potentially lower economic growth in the affected markets, which may adversely affect a fund’s investments.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">When-Issued, Delayed Delivery Securities and Forward Commitments Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The purchase or sale of securities on a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">when issued basis or on a delayed delivery basis or through a forward commitment involves the purchase or sale of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities by the Fund at an established price with payment and delivery taking place in the future. When-issued and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">delayed delivery transactions subject a fund to market risk because the value or yield of a security at delivery may be more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or less than the purchase price or yield generally available when delivery occurs, and counterparty risk because the fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">relies on the buyer or seller, as the case may be, to consummate the transaction. These transactions also have a leveraging </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">effect on a fund because the fund commits to purchase securities that it does not have to pay for until a later date, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increases the fund’s overall investment exposure and, as a result, its volatility.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Emerging Markets Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Emerging markets may have less developed or more volatile trading markets and greater </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">likelihood of government restrictions, nationalization, or confiscation than developed countries. Companies in emerging </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market countries may have less developed legal and accounting systems and generally may be subject to less stringent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">developed countries. As a result, information, including financial information, about such companies may be less available </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and reliable which can impede a fund’s ability to evaluate such companies. Securities law and the enforcement of systems </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, investments in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">emerging markets securities may be subject to additional transaction costs, delays in settlement procedures, unexpected </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market closures, and lack of timely information. Frontier market countries generally have smaller economies or less </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">developed capital markets and, as a result, the risks of investing in emerging market countries are magnified in frontier </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market countries.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Real Estate Investments Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The performance of investments in real estate depends on the overall strength of the real </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">estate market, the management of real estate investments trusts (REITs), and property management, all of which can be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">affected by a variety of factors, including national and regional economic conditions.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Currency Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in securities that trade in and receive revenues in foreign currencies creates risk because </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">foreign currencies may decline relative to the U.S. dollar, resulting in a potential loss to a fund. In the case of hedging </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">positions, the U.S. dollar may decline in value relative to the currency that has been hedged.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Sovereign Debt Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Treasury Obligations Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Direct obligations of the U.S. Treasury have historically involved little risk of loss of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">during the period shareholders own shares of a fund. Because U.S. Treasury obligations trade actively outside the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">United States, their prices may rise and fall as changes in global economic conditions affect the demand for these </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities. In addition, changes in the credit rating or financial condition of the U.S. government may cause the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">U.S. Treasury Obligations to decline.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">U.S. Government Obligations Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain securities in which a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may invest, including securities issued by certain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government agencies and government sponsored enterprises, are not guaranteed by the U.S. Government or supported by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the full faith and credit of the United States. It is possible that issuers of U.S. government securities will not have the funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to meet their payment obligations in the future. No assurance can be given that the U.S. government will provide financial </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support to its agencies and authorities if it is not obligated by law to do so.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Financial Markets Regulatory Risk - </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Policy changes by the U.S. government or its regulatory agencies and other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental actions and political events within the U.S. and abroad may, among other things, affect investor and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may adversely impact a fund, including by adversely impacting the fund's operations, universe of potential investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options, and return potential.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Interest Rate Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Debt securities held by a fund may decline in value due to rising interest rates. Macroeconomic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">factors, such as inflationary trends, can heighten interest rate risk.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Credit Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">adverse impact on a fund’s earnings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Income Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Falling interest rates may cause a fund’s income to decline.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Call Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – If interest rates fall, issuers of callable debt securities are more likely to prepay prior to the maturity date. A </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fund may not be able to reinvest the proceeds from the prepayment in investments that will generate the same level of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Extension Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – If interest rates rise, debt securities may be paid in full more slowly than anticipated. Periods of low </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">relative interest rates or inflationary trends may increase the risks associated with rising interest rates.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in derivative instruments involves risks that may be different from or greater than the risks </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">associated with investing directly in securities or other traditional investments. Derivatives are subject to a number of other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks, such as liquidity risk, interest rate risk, market risk, credit risk, counterparty risk, and selection risk. Derivatives also </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">invested.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Leveraging Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying funds</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> may engage in certain kinds of transactions, including the use of derivatives, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">that may give rise to a form of leverage. The use of leverage may require a fund to liquidate a portfolio position at a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disadvantageous time or may exaggerate the effect of any increase or decrease in the value of a fund’s portfolio securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Liquidity Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – An investment that is difficult to purchase or sell may have an adverse effect on a fund’s returns.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Mortgage-Related and Other Asset-Backed Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in mortgage-related or other asset-backed </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities involves a variety of risks associated with the credit markets, such as rising or falling interest rates, increases in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the rate of defaults or prepayments, and the quality of the pool of mortgages (subprime risk) or other assets that backs the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">security.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Portfolio Turnover Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain underlying funds may trade portfolio securities frequently, which could result in higher </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction costs and could adversely affect the fund’s performance.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Privately Placed, Rule 144A and Other Exempt Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying funds</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> may invest in privately </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">placed securities, which are subject to resale restrictions. The market for Rule 144A and other securities exempt from </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain registration requirements may be less active than the market for publicly-traded securities. Rule 144A and other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">exempt securities carry the risk that their liquidity may become impaired and a fund may be unable to dispose of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities at a desirable time or price.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Repurchase Agreements and Purchase and Sale Contracts Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – If the other party to a repurchase agreement or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">purchase and sale contract defaults on its obligation under the agreement, a fund may suffer delays and incur costs or lose </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">money in exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market value of the security declines, the fund may lose money.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Technology Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Technology companies, including information technology companies, may have limited </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">product lines, markets, financial resources or personnel. Technology companies typically face intense competition and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">adversely affected by the loss or impairment of those rights.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Collateralized Debt Obligations Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – In addition to the typical risks associated with fixed-income securities and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset-backed securities, collateralized debt obligations, including CLOs, carry additional risks including, but not limited to: </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">statistical rating organization; (iii) a fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">characterization of proceeds; (v) the investment return achieved by a fund could be significantly different than those </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">sale” liquidation due to technical defaults such as coverage test failures; and (viii) the CDO’s manager may perform </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">poorly.</span></div> Performance Information <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The following bar chart and table provide an indication of the risks of an investment in the Fund by showing changes in its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">performance from year to year and by showing how the Fund’s average annual returns for one year, five years and ten </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">years compare with those of a broad-based measure of market performance, the S&amp;P 500 Index. The Fund’s performance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">also is compared to the Bloomberg U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the returns of a broad index of investment-grade fixed-rate debt issues, and to the Growth Composite Index, which shows </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">how the Fund’s performance compares with a composite index composed of the S&amp;P 500 Index (75%) and the Bloomberg </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">U.S. Aggregate Bond Index (25%) in proportions similar to the equity to fixed income allocation of the Fund.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Both the bar chart and the table assume reinvestment of dividends and distributions.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The performance of the Fund will vary from year to year. The Fund’s performance does not reflect the cost of insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and separate account charges which are imposed under your Contract. If they were included, performance would be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reduced. Past performance does not indicate how the Fund will perform in the future.</span></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 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: 6pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Highest and Lowest Quarter Returns (for periods shown in the bar chart)</span><span style="color: #000000; font-family: arial narrow; font-size: 1pt; font-weight: bold;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 139pt; width: 216pt;"> <tr style="height: 9.5pt;"> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 175.78pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">Highest (Q4, 2020)</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 40.22pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt;">11.26%</span></div> </div> </td> </tr> <tr style="height: 11.5pt;"> <td style="padding-top: 2.5pt; vertical-align: Top; width: 175.78pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">Lowest (Q1, 2020)</span></div> </div> </td> <td style="padding-top: 2.5pt; vertical-align: Top; width: 40.22pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt;">-13.98%</span></div> </div> </td> </tr> </table> Highest 2020-12-31 0.1126 Lowest 2020-03-31 -0.1398 Average Annual Total Returns  0.1681 0.0782 0.0595 0.2629 0.1569 0.1203 0.0553 0.0110 0.0181 0.2088 0.1223 0.0963 Reflects no deduction for fees, expenses, or taxes. AZL® MVP Moderate Index Strategy Fund  Investment Objective <div style="margin-top: 4pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund seeks long-term capital appreciation.</span></div>  Fees and Expenses Fees and Expenses of the Fund <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">offered exclusively as an investment option for certain Contracts. The table below reflects only Fund expenses and does </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">not reflect Contract fees and expenses. If Contract fees and expenses were included, the fees and expenses in the following </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">table would be higher. Please refer to the Contract prospectus for a description of those fees and expenses.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)  0.0010 0.0004 0.0057 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;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">that your investment has a 5% return each year, that the Fund’s operating expenses remain the same, and that you reinvest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">all dividends and distributions. It does not reflect any Contract fees. If Contract fees were included, the costs shown would </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> 73 73 227 227 395 395 883 883 Portfolio Turnover <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio turnover rate was 3% of the average value of its portfolio.</span></div> 0.03  Investments, Risks, and Performance Principal Investment Strategies of the Fund <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective by investing </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">approximately 95% of its assets in a combination of five underlying index funds:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 494pt;"> <tr style="height: 10pt;"> <td style="padding-bottom: 0px; padding-top: 0px; vertical-align: bottom; width: 418.51pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="border-bottom: 0.5pt groove #000000; color: #000000; font-family: arial; font-size: 9pt; font-weight: bold; margin-left: 0.0pt;">Fund</span></div> </div> </td> <td style="padding-bottom: 0px; padding-top: 0px; vertical-align: bottom; width: 75.49pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="border-bottom: 0.5pt solid #000000; margin-left: 1pt; padding-bottom: 1pt;"> <div style="text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Target Allocation</span></div> </div> </div> </td> </tr> <tr style="height: 13.5pt;"> <td style="padding-bottom: 2.5pt; padding-top: 1.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL Enhanced Bond Index Fund</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 1.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 21.45pt;"> <div style="display: flex; white-space: nowrap; width: 21.45pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 21.45pt;">38</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL S&amp;P 500 Index Fund</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 21.45pt;"> <div style="display: flex; white-space: nowrap; width: 21.45pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 21.45pt;">34.5</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL International Index Fund</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 21.45pt;"> <div style="display: flex; white-space: nowrap; width: 21.45pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 21.45pt;">16.5</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL Mid Cap Index Fund</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 21.45pt;"> <div style="display: flex; white-space: nowrap; width: 21.45pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 21.45pt;">3.5</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> <tr style="height: 11.5pt;"> <td style="padding-top: 2.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL Small Cap Stock Index Fund</span></div> </div> </td> <td style="padding-top: 2.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 21.45pt;"> <div style="display: flex; white-space: nowrap; width: 21.45pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 21.45pt;">2.5</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> </table> <div style="margin-top: 9pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">management process, described below.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL Enhanced Bond Index Fund is a bond index fund, subadvised by BlackRock Financial Management, LLC; the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">other four underlying funds are equity index funds, subadvised by BlackRock Investment Management, LLC. Therefore, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">under normal market conditions, the Fund will allocate approximately 60% of its underlying fund assets in the underlying </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">equity index funds and approximately 40% of its underlying fund assets in the underlying bond index fund. These target </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">allocations represent the Fund’s long-term strategic asset allocation, which is not expected to change under normal market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conditions.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The investment results of the underlying funds will vary. As a result, the Manager monitors the actual allocations to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying funds daily and periodically adjusts the actual allocations to attempt to achieve the target allocation. Generally, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Manager will seek to maintain the actual fund allocations to target using the cash flows that result from shareholders </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">buying or selling shares in the Fund. However, if cash flows were insufficient to maintain the target allocations, the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Manager would then buy or sell underlying funds as necessary to attempt to return the Fund’s actual asset allocations to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">targets. Generally, the actual allocations will not be more than 10% above or below the targets.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL Enhanced Bond Index Fund under normal circumstances invests in a combination of securities with an overall </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">weighting close to the capitalization weights of the Bloomberg U.S. Aggregate Bond Index (the “Index”). Under normal </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market conditions, the Fund invests at least 80% of its net assets in investment-grade debt securities (those of medium and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">high quality) of all types and repurchase agreements for those securities. Further, under normal circumstances, the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">invests at least 80% of the value of its net assets in securities or other financial instruments that are components of or have </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">economic characteristics similar to the securities included in the Index. The subadviser of the AZL Enhanced Bond Index </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund uses the Index as a guide in structuring the Fund and selecting its investments and manages the Fund to have similar </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">overall interest rate risk to the Index, with the investment objective of seeking to exceed the total return of the Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL S&amp;P 500 Index Fund under normal circumstances invests at least 80% of the value of its net assets in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities of or in a statistically selected sampling of the securities of companies included in the S&amp;P 500 Index or in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">derivative instruments linked to that Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL Mid Cap Index Fund under normal circumstances invests at least 80% of the value of its net assets in a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">statistically selected sampling of equity securities of companies included in the S&amp;P 400 Index and in derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments linked to the S&amp;P 400 Index, primarily futures contracts.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL Small Cap Stock Index Fund under normal market conditions invests at least 80% of its assets, plus any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">borrowings for investment purposes, in investments of small-capitalization companies, which for this purpose are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies with market capitalizations (the total market value of a company’s outstanding stock) at the time of purchase </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">included in the S&amp;P SmallCap 600 Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL International Index Fund under normal circumstances invests at least 80% of the value of its net assets in a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">statistically selected sampling of equity securities of companies included in the MSCI EAFE Index and in derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments linked to the MSCI EAFE Index, primarily futures contracts.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Under normal market conditions, the Fund will allocate approximately 95% of its assets to the underlying funds described </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">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 </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index futures and U.S. Treasury futures, which generally are liquid. The futures strategy, called the MVP risk management </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">process, involves a quantitative analysis and seeks to reduce the volatility of the Fund. Volatility refers to the amount by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which the price of an investment can change over a period of time. High volatility indicates that the price has changed </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significantly, up or down, over a short time period; lower volatility indicates that the price is not changing dramatically, but </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">at a steady pace over a period of time. Generally, higher volatility is considered to be more risky.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The goal of the MVP process is to achieve Fund volatility at or below 12% on an annualized basis over a full business </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cycle by either increasing or decreasing the exposure to equities over time. The Fund seeks to accomplish this primarily by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selling equity index futures when markets experience heightened volatility, and by buying equity index futures when </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">markets experience normal or lower levels of volatility. Futures are intended to provide the Manager an effective method </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to reduce volatility of the Fund and limit the need to decrease or increase allocations to the underlying funds. As a result, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the MVP process could cause the equity exposure of the Fund to fluctuate significantly but it will generally not be lower </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">than 10%. The MVP process would generally not reduce equity exposure during periods of moderate and low market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility but during periods of extreme market volatility the MVP process could result in Fund equity exposure that is </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significantly lower than 10%.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Due to market conditions or other factors, the actual or realized volatility of the Fund for any particular period of time may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be materially higher than the threshold volatility level. The Fund’s threshold volatility level is not a total return </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">performance target. It is possible for the Fund to maintain its volatility at or under its threshold volatility level while having </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">negative performance returns.</span></div> Principal Risks of Investing in 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. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Allocation Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The Manager’s decisions regarding how the Fund’s assets should be allocated among the various </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying funds, may cause the Fund to underperform other funds with similar investment objectives. There can be no </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">guarantee that investment decisions made by the Manager will produce the desired results. Further, because the Manager </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">has limited discretion to change the Underlying Fund allocations or under normal market conditions, the Fund may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform comparable funds of funds for which the fund’s manager has such discretion to adjust allocations.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Futures Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Because the Fund may utilize futures pursuant to its MVP risk management process, the Fund also is </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">subject to derivatives risk, including risks related to futures. Investing in derivative instruments involves risks that may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">different from or greater than the risks associated with investing directly in securities or other traditional investments.  The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value of futures contracts depend primarily upon the price of the securities, indexes, commodities, currencies or other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments underlying them. Price movements are also influenced by, among other things, interest rates, changing supply </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and demand relationships, trade, fiscal, monetary, and exchange control programs and policies of governments, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">national and international political and economic events and policies. The cost of futures may also be related, in part, to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">degree of volatility of the underlying indices, securities, currencies, or other assets. Accordingly, futures on highly volatile </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">indices, securities, currency, or other assets may be more expensive than futures on other investments. Changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value of the derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the principal amount invested.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Volatility Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Although the Fund’s investment strategy seeks not to exceed a specific volatility level, certain of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s investments may appreciate or decrease significantly in value over short periods of time, which may cause the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s net asset value per share to experience significant increases or declines in value over short periods of time. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s volatility strategy may not produce the desired result and there can be no guarantee that the Fund will maintain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility at or below its threshold volatility level. Additionally, maintenance of the volatility level will not ensure that the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund will deliver competitive returns. The use of derivatives in connection with the Fund’s volatility strategy may expose </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund to losses (some of which may be sudden) that it would not have otherwise been exposed to if it had only invested </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">directly in equity and/or fixed income securities. Further, in some market conditions the Fund may either underperform or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">outperform as a direct result of the MVP process. The Fund may, for example, outperform in downward trending markets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">when volatility is high (and the equity allocation low) and underperform in upward trending markets when volatility is high </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(and the equity allocation low).</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Quantitative Investing Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The value of securities selected using quantitative analysis can react differently to issuer, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">political, market, and economic developments than the market as a whole or securities selected using only fundamental </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">security’s value. In addition, factors that affect a security’s value can change over time and these changes may not be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reflected in the quantitative model. A quantitative model can be adversely affected by errors or imperfections in the factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or the data on which evaluations are based, or by technical issues with construction or implementation of the model, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in any case may result in a failure of the portfolio to perform as expected or a failure to identify securities that will perform </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">well in the future. Successful operation of a quantitative model is also reliant upon the information technology systems of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Manager or Subadviser, as applicable, and its ability to ensure those systems remain operational and that appropriate </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disaster recovery procedures are in place. There can be no assurance that the Manager or Subadviser will be successful in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">maintaining effective and operational trading models and the related hardware and software systems.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Fund of Funds Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any futures and cash held in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income distributions of the underlying funds allocated according to the target allocations described here.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The value of a security may decline for a number of reasons directly related to the issuer of the security.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Index Fund Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying funds do</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> not attempt to manage market volatility or reduce the effects of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">poor performance. In addition, factors such as fund expenses, selection of a representative portfolio, changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">composition of the index, or the timing of purchases or redemptions of fund shares may affect the correlation between the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">performance of the index and the fund’s performance.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Selection Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Because the AZL Enhanced Bond Index Fund is actively managed, there can be no guarantee that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment decisions made for the Fund will produce the desired results.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Capitalization Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in small- to mid-sized companies creates risk because smaller companies may have </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">large companies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Foreign Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">currency values, adverse political, social or economic developments, and differences in social and economic developments </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or policies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Emerging Markets Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Emerging markets may have less developed or more volatile trading markets and greater </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">likelihood of government restrictions, nationalization, or confiscation than developed countries. Companies in emerging </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market countries may have less developed legal and accounting systems and generally may be subject to less stringent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">developed countries. As a result, information, including financial information, about such companies may be less available </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and reliable which can impede a fund’s ability to evaluate such companies. Securities law and the enforcement of systems </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, investments in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">emerging markets securities may be subject to additional transaction costs, delays in settlement procedures, unexpected </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market closures, and lack of timely information. Frontier market countries generally have smaller economies or less </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">developed capital markets and, as a result, the risks of investing in emerging market countries are magnified in frontier </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market countries.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Real Estate Investments Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The performance of investments in real estate depends on the overall strength of the real </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">estate market, the management of real estate investments trusts (REITs), and property management, all of which can be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">affected by a variety of factors, including national and regional economic conditions.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Risks of Investing in Japan</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Japan may be subject to political, economic, nuclear, and labor risks, among others. Any of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">these risks, individually or in the aggregate, can impact an investment made in Japan. Since 2000, Japan’s economic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">growth rate has generally remained low relative to other advanced economies, and it may remain low in the future. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Japanese economy faces several concerns, any of which could negatively affect the value of Japanese investments. In </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">addition, Japan’s labor market is adapting to an aging workforce, declining population, and demand for increased labor </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">mobility. These demographic shifts and fundamental structural changes to the labor market may negatively impact Japan’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">economic competitiveness.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">European Investment Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investments in certain countries in the European Union (the “EU”) are susceptible to high </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">economic risks associated with high levels of debt, such as investments in sovereign debt of Greece, Italy and Spain. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Efforts of the member countries to further unify their economic and monetary policies may increase the potential for the </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">downward movement of one member country’s market to cause a similar effect on other member countries’ markets. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Separately, the EU faces issues involving its membership, structure, procedures and policies. The exit of one or more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">member countries from the EU, such as the exit of the United Kingdom (known as “Brexit”), could place its currency and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">banking system in jeopardy. An exit by other member countries could likely result in increased volatility, illiquidity and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">potentially lower economic growth in the affected markets, which may adversely affect a fund’s investments.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">When-Issued, Delayed Delivery Securities and Forward Commitments Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The purchase or sale of securities on a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">when issued basis or on a delayed delivery basis or through a forward commitment involves the purchase or sale of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities by the Fund at an established price with payment and delivery taking place in the future. When-issued and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">delayed delivery transactions subject a fund to market risk because the value or yield of a security at delivery may be more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or less than the purchase price or yield generally available when delivery occurs, and counterparty risk because the fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">relies on the buyer or seller, as the case may be, to consummate the transaction. These transactions also have a leveraging </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">effect on a fund because the fund commits to purchase securities that it does not have to pay for until a later date, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increases the fund’s overall investment exposure and, as a result, its volatility.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Currency Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in securities that trade in and receive revenues in foreign currencies creates risk because </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">foreign currencies may decline relative to the U.S. dollar, resulting in a potential loss to a fund. In the case of hedging </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">positions, the U.S. dollar may decline in value relative to the currency that has been hedged.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Sovereign Debt Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Treasury Obligations Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Direct obligations of the U.S. Treasury have historically involved little risk of loss of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">during the period shareholders own shares of a fund. Because U.S. Treasury obligations trade actively outside the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">United States, their prices may rise and fall as changes in global economic conditions affect the demand for these </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities. In addition, changes in the credit rating or financial condition of the U.S. government may cause the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">U.S. Treasury Obligations to decline.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">U.S. Government Obligations Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain securities in which a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may invest, including securities issued by certain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government agencies and government sponsored enterprises, are not guaranteed by the U.S. Government or supported by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the full faith and credit of the United States. It is possible that issuers of U.S. government securities will not have the funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to meet their payment obligations in the future. No assurance can be given that the U.S. government will provide financial </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support to its agencies and authorities if it is not obligated by law to do so.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Financial Markets Regulatory Risk - </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Policy changes by the U.S. government or its regulatory agencies and other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental actions and political events within the U.S. and abroad may, among other things, affect investor and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may adversely impact a fund, including by adversely impacting the fund's operations, universe of potential investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options, and return potential.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Interest Rate Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Debt securities held by a fund may decline in value due to rising interest rates. Macroeconomic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">factors, such as inflationary trends, can heighten interest rate risk.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Credit Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">adverse impact on a fund’s earnings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Income Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Falling interest rates may cause a fund’s income to decline.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Call Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – If interest rates fall, issuers of callable debt securities are more likely to prepay prior to the maturity date. A </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fund may not be able to reinvest the proceeds from the prepayment in investments that will generate the same level of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Extension Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – If interest rates rise, debt securities may be paid in full more slowly than anticipated. Periods of low </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">relative interest rates or inflationary trends may increase the risks associated with rising interest rates.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in derivative instruments involves risks that may be different from or greater than the risks </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">associated with investing directly in securities or other traditional investments. Derivatives are subject to a number of other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks, such as liquidity risk, interest rate risk, market risk, credit risk, counterparty risk, and selection risk. Derivatives also </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">invested.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Leveraging Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying funds</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> may engage in certain kinds of transactions, including the use of derivatives, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">that may give rise to a form of leverage. The use of leverage may require a fund to liquidate a portfolio position at a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disadvantageous time or may exaggerate the effect of any increase or decrease in the value of a fund’s portfolio securities.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Liquidity Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – An investment that is difficult to purchase or sell may have an adverse effect on a fund’s returns.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Mortgage-Related and Other Asset-Backed Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in mortgage-related or other asset-backed </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities involves a variety of risks associated with the credit markets, such as rising or falling interest rates, increases in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the rate of defaults or prepayments, and the quality of the pool of mortgages (subprime risk) or other assets that backs the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">security.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Portfolio Turnover Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain underlying funds may trade portfolio securities frequently, which could result in higher </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction costs and could adversely affect the fund’s performance.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Privately Placed, Rule 144A and Other Exempt Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying funds</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> may invest in privately </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">placed securities, which are subject to resale restrictions. The market for Rule 144A and other securities exempt from </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain registration requirements may be less active than the market for publicly-traded securities. Rule 144A and other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">exempt securities carry the risk that their liquidity may become impaired and a fund may be unable to dispose of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities at a desirable time or price.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Repurchase Agreements and Purchase and Sale Contracts Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – If the other party to a repurchase agreement or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">purchase and sale contract defaults on its obligation under the agreement, a fund may suffer delays and incur costs or lose </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">money in exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market value of the security declines, the fund may lose money.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Technology Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Technology companies, including information technology companies, may have limited </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">product lines, markets, financial resources or personnel. Technology companies typically face intense competition and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">adversely affected by the loss or impairment of those rights.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Collateralized Debt Obligations Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – In addition to the typical risks associated with fixed-income securities and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset-backed securities, collateralized debt obligations, including CLOs, carry additional risks including, but not limited to: </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">statistical rating organization; (iii) a fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">characterization of proceeds; (v) the investment return achieved by a fund could be significantly different than those </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">sale” liquidation due to technical defaults such as coverage test failures; and (viii) the CDO’s manager may perform </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">poorly.</span></div> Performance Information <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The following bar chart and table provide an indication of the risks of an investment in the Fund by showing changes in its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">performance from year to year and by showing how the Fund’s average annual returns for one year, five years and ten </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">years compare with those of a broad-based measure of market performance, the S&amp;P 500 Index. The Fund’s performance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">also is compared to the Bloomberg U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the returns of a broad index of investment-grade fixed-rate debt issues, and to the Moderate Composite Index, which shows </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">how the Fund’s performance compares with a composite index composed of the S&amp;P 500 Index (60%) and the Bloomberg </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">U.S. Aggregate Bond Index (40%) in proportions similar to the equity to fixed income allocation of the Fund.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Both the bar chart and the table assume reinvestment of dividends and distributions.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The performance of the Fund will vary from year to year. The Fund’s performance does not reflect the cost of insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and separate account charges which are imposed under your Contract. If they were included, performance would be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reduced. Past performance does not indicate how the Fund will perform in the future.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Prior to October 14, 2016, the Fund was managed pursuant to different investment strategies and known as the AZL MVP </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Invesco Equity and Income Fund. Consequently, the performance information shown below for periods prior to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">October 14, 2016, reflects the Fund’s prior investment strategies and not its current investment strategies.</span></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;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Highest and Lowest Quarter Returns (for periods shown in the bar chart)</span><span style="color: #000000; font-family: arial narrow; font-size: 1pt; font-weight: bold;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 139pt; width: 216pt;"> <tr style="height: 9.5pt;"> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 176.52pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">Highest (Q4, 2020)</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 39.48pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt;">10.04%</span></div> </div> </td> </tr> <tr style="height: 11.5pt;"> <td style="padding-top: 2.5pt; vertical-align: Top; width: 176.52pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">Lowest (Q1, 2020)</span></div> </div> </td> <td style="padding-top: 2.5pt; vertical-align: Top; width: 39.48pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt;">-11.56%</span></div> </div> </td> </tr> </table> Highest 2020-12-31 0.1004 Lowest 2020-03-31 -0.1156 Average Annual Total Returns  0.1459 0.0661 0.0503 0.2629 0.1569 0.1203 0.0553 0.0110 0.0181 0.1771 0.1009 0.0814 Reflects no deduction for fees, expenses, or taxes. AZL® DFA Multi-Strategy Fund  Investment Objective <div style="margin-top: 4pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund seeks long-term capital appreciation.</span></div>  Fees and Expenses Fees and Expenses of the Fund <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">offered exclusively as an investment option for certain Contracts. The table below reflects only Fund expenses and does </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">not reflect Contract fees and expenses. If Contract fees and expenses were included, the fees and expenses in the following </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">table would be higher. Please refer to the Contract prospectus for a description of those fees and expenses.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)  0.0005 0.0003 0.0078 0.0086 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;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">that your investment has a 5% return each year, that the Fund’s operating expenses remain the same, and that you reinvest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">all dividends and distributions. It does not reflect any Contract fees. If Contract fees were included, the costs shown would </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> 88 88 274 274 477 477 1061 1061 Portfolio Turnover <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio turnover rate was 44% of the average value of its portfolio.</span></div> 0.44  Investments, Risks, and Performance Principal Investment Strategies of the Fund <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective by investing </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">primarily in a combination of three underlying funds:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 494pt;"> <tr style="height: 10pt;"> <td style="padding-bottom: 0px; padding-top: 0px; vertical-align: bottom; width: 418.51pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="border-bottom: 0.5pt groove #000000; color: #000000; font-family: arial; font-size: 9pt; font-weight: bold; margin-left: 0.0pt;">Fund</span></div> </div> </td> <td style="padding-bottom: 0px; padding-top: 0px; vertical-align: bottom; width: 75.49pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="border-bottom: 0.5pt solid #000000; margin-left: 1pt; padding-bottom: 1pt;"> <div style="text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Target Allocation</span></div> </div> </div> </td> </tr> <tr style="height: 13.5pt;"> <td style="padding-bottom: 2.5pt; padding-top: 1.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL Enhanced Bond Index Fund</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 1.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 21.45pt;"> <div style="display: flex; white-space: nowrap; width: 21.45pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 21.45pt;">40</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL DFA U.S. Core Equity Fund</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 21.45pt;"> <div style="display: flex; white-space: nowrap; width: 21.45pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 21.45pt;">43.5</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> <tr style="height: 11.5pt;"> <td style="padding-top: 2.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL DFA International Core Equity Fund</span></div> </div> </td> <td style="padding-top: 2.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 21.45pt;"> <div style="display: flex; white-space: nowrap; width: 21.45pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 21.45pt;">16.5</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> </table> <div style="margin-top: 9pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL Enhanced Bond Index Fund is a bond index fund, and the other two underlying funds are equity funds. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Therefore, under normal market conditions, the Fund will allocate approximately 60% of its assets in the underlying equity </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">funds and approximately 40% of its assets in the underlying bond fund. These target allocations represent the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">long-term strategic asset allocation, which is not expected to change under normal market conditions.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The investment results of the underlying funds will vary. As a result, the Manager monitors the actual allocations to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying funds daily and periodically adjusts the actual allocations to attempt to achieve the target allocation. Generally, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Manager will seek to maintain the actual fund allocations to target using the cash flows that result from shareholders </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">buying or selling shares in the Fund. However, if cash flows were insufficient to maintain the target allocations, the </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Manager would then buy or sell underlying funds as necessary to attempt to return the Fund’s actual asset allocations to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">targets. Generally, the actual allocations will not be more than 10% above or below the targets.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL Enhanced Bond Index Fund, which is subadvised by BlackRock Financial Management, Inc., seeks to exceed the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">total return of the Bloomberg U.S. Aggregate Bond Index (the “Index”). Under normal circumstances, it invests in a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">combination of securities with an overall weighting close to the capitalization weights of its Index. Under normal market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conditions, it invests at least 80% of its net assets in investment-grade debt securities (those of medium and high quality) of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">all types and repurchase agreements for those securities. Further, under normal circumstances, it invests at least 80% of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value of its net assets in securities or other financial instruments that are components of or have economic characteristics </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">similar to the securities included in the Index. The subadviser of the AZL Enhanced Bond Index Fund uses the Index as a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">guide in structuring the Fund and selecting its investments and manages the Fund to have similar overall interest rate risk </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to the Index, with the investment objective of seeking to exceed the total return of the Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">AZL DFA U.S. Core Equity Fund, which is subadvised by Dimensional Fund Advisors LP (“DFA”), seeks long-term </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capital appreciation. The fund purchases a broad and diverse group of equity securities of U.S. companies. The fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">invests in companies of all sizes, with increased exposure to smaller capitalization, lower relative price and/or higher </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">profitability companies as compared to their representation in the U.S. Universe. DFA generally defines the U.S. Universe </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">as a market capitalization weighted set (e.g., the larger the company, the greater the proportion of the U.S. Universe it </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">represents) of U.S. operating companies listed on a securities exchange in the United States that is deemed appropriate by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">DFA. Under normal circumstances, the fund will invest at least 80% of its net assets in equity securities of U.S. companies.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">AZL DFA International Core Equity Fund, which is subadvised by DFA, seeks long-term capital appreciation. The fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">purchases a broad and diverse group of equity securities of non-U.S. companies in developed markets. The fund invests in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies of all sizes, with increased exposure to smaller capitalization, lower relative price and/or higher profitability </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies as compared to their representation in the International Universe. For purposes of this fund, DFA defines the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">International Universe as a market capitalization weighted set (e.g., the larger the company, the greater the proportion of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the International Universe it represents) of non-U.S. companies in developed markets that have been authorized as </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">approved markets for investment by DFA’s Investment Committee. Under normal circumstances, the fund will invest at </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">least 80% of its net assets in equity securities.</span></div> Principal Risks of Investing in 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. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Allocation Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The Manager’s decisions regarding how the Fund’s assets should be allocated among the various </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying funds, may cause the Fund to underperform other funds with similar investment objectives. There can be no </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">guarantee that investment decisions made by the Manager will produce the desired results. Further, because the Manager </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">has limited discretion to change the overall asset allocation among equity funds and fixed income funds or the under </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">normal market conditions, the Fund may underperform comparable funds of funds for which the fund’s manager has such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">discretion to adjust allocations.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Fund of Funds Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any futures and cash held in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income distributions of the underlying funds allocated according to the target allocations described here.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The value of a security may decline for a number of reasons directly related to the issuer of the security.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Selection Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Because each underlying fund is actively managed, there can be no guarantee that investment decisions </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">made for the Fund will produce the desired results.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Value Stocks Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Value stocks may perform differently from the market as a whole and following a value-oriented </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment strategy may cause a fund to at times underperform equity funds that use other investment strategies. Value </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">stocks can react differently to political, economic, and industry developments than the market as a whole and other types of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">stocks. If the market does not recognize that a selected security is undervalued, the prices of that security might not </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">appreciate as anticipated. Value stocks also may underperform the market for long periods of time.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Capitalization Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in small- to mid-sized companies creates risk because smaller companies may have </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">large companies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Foreign Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">currency values, adverse political, social or economic developments, and differences in social and economic developments </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or policies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Risks of Investing in Japan</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Japan may be subject to political, economic, nuclear, and labor risks, among others. Any of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">these risks, individually or in the aggregate, can impact an investment made in Japan. Since 2000, Japan’s economic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">growth rate has generally remained low relative to other advanced economies, and it may remain low in the future. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Japanese economy faces several concerns, any of which could negatively affect the value of Japanese investments. In </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">addition, Japan’s labor market is adapting to an aging workforce, declining population, and demand for increased labor </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">mobility. These demographic shifts and fundamental structural changes to the labor market may negatively impact Japan’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">economic competitiveness.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">European Investment Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investments in certain countries in the European Union (the “EU”) are susceptible to high </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">economic risks associated with high levels of debt, such as investments in sovereign debt of Greece, Italy and Spain. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Efforts of the member countries to further unify their economic and monetary policies may increase the potential for the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">downward movement of one member country’s market to cause a similar effect on other member countries’ markets. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Separately, the EU faces issues involving its membership, structure, procedures and policies. The exit of one or more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">member countries from the EU, such as the exit of the United Kingdom (known as “Brexit”), could place its currency and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">banking system in jeopardy. An exit by other member countries could likely result in increased volatility, illiquidity and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">potentially lower economic growth in the affected markets, which may adversely affect a fund’s investments.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">When-Issued, Delayed Delivery Securities and Forward Commitments Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The purchase or sale of securities on a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">when issued basis or on a delayed delivery basis or through a forward commitment involves the purchase or sale of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities by the Fund at an established price with payment and delivery taking place in the future.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> When-issued and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">delayed delivery transactions subject a fund to market risk because the value or yield of a security at delivery may be more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or less than the purchase price or yield generally available when delivery occurs, and counterparty risk because the fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">relies on the buyer or seller, as the case may be, to consummate the transaction. These transactions also have a leveraging </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">effect on a fund because the fund commits to purchase securities that it does not have to pay for until a later date, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increases the fund’s overall investment exposure and, as a result, its volatility.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Emerging Markets Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Emerging markets may have less developed or more volatile trading markets and greater </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">likelihood of government restrictions, nationalization, or confiscation than developed countries. Companies in emerging </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market countries may have less developed legal and accounting systems and generally may be subject to less stringent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">developed countries. As a result, information, including financial information, about such companies may be less available </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and reliable which can impede a fund’s ability to evaluate such companies. Securities law and the enforcement of systems </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, investments in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">emerging markets securities may be subject to additional transaction costs, delays in settlement procedures, unexpected </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market closures, and lack of timely information. Frontier market countries generally have smaller economies or less </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">developed capital markets and, as a result, the risks of investing in emerging market countries are magnified in frontier </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market countries.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Depositary Receipt Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Depositary receipts involve many of the same risks as those associated with direct investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in foreign securities. Investing in these instruments may expose a fund to credit risk with respect to the issuer of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">depositary receipt, in addition to the risks of the underlying investment.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Currency Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in securities that trade in and receive revenues in foreign currencies creates risk because </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">foreign currencies may decline relative to the U.S. dollar, resulting in a potential loss to a fund.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in derivative instruments involves risks that may be different from or greater than the risks </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">associated with investing directly in securities or other traditional investments. Derivatives are subject to a number of other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks, such as liquidity risk, interest rate risk, market risk, credit risk, counterparty risk, and selection risk. Derivatives also </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">invested.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Futures Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The value of futures contracts depend primarily upon the price of the securities, indexes, commodities, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">currencies or other instruments underlying them. Price movements are also influenced by, among other things, interest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rates, changing supply and demand relationships, trade, fiscal, monetary, and exchange control programs and policies of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governments, and national and international political and economic events and policies. The cost of futures may also be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">related, in part, to the degree of volatility of the underlying indices, securities, currencies, or other assets. Accordingly, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">futures on highly volatile indices, securities, currency, or other assets may be more expensive than futures on other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">a fund could lose more than the principal amount invested.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Credit Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">adverse impact on a fund’s earnings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Liquidity Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – An investment that is difficult to purchase or sell may have an adverse effect on a fund’s returns.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Interest Rate Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Debt securities held by a fund may decline in value due to rising interest rates. Macroeconomic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">factors, such as inflationary trends, can heighten interest rate risk.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Call Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – If interest rates fall, issuers of callable debt securities are more likely to prepay prior to the maturity date. A </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fund may not be able to reinvest the proceeds from the prepayment in investments that will generate the same level of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Extension Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – If interest rates rise, debt securities may be paid in full more slowly than anticipated. Periods of low </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">relative interest rates or inflationary trends may increase the risks associated with rising interest rates.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Leveraging Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain underlying funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may engage in certain kinds of transactions, including the use of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">derivatives, that may give rise to a form of leverage. The use of leverage may require a fund to liquidate a portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">position at a disadvantageous time or may exaggerate the effect of any increase or decrease in the value of a fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Income Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Falling interest rates may cause a fund’s income to decline.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Portfolio Turnover Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain underlying funds may trade portfolio securities frequently, which could result in higher </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction costs and could adversely affect the fund’s performance.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Sovereign Debt Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Treasury Obligations Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Direct obligations of the U.S. Treasury have historically involved little risk of loss of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">during the period shareholders own shares of a fund. Because U.S. Treasury obligations trade actively outside the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">United States, their prices may rise and fall as changes in global economic conditions affect the demand for these </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities. In addition, changes in the credit rating or financial condition of the U.S. government may cause the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">U.S. Treasury Obligations to decline.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">U.S. Government Obligations Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain securities in which a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may invest, including securities issued by certain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government agencies and government sponsored enterprises, are not guaranteed by the U.S. Government or supported by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the full faith and credit of the United States. It is possible that issuers of U.S. government securities will not have the funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to meet their payment obligations in the future. No assurance can be given that the U.S. government will provide financial </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support to its agencies and authorities if it is not obligated by law to do so.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Financial Markets Regulatory Risk - </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Policy changes by the U.S. government or its regulatory agencies and other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental actions and political events within the U.S. and abroad may, among other things, affect investor and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may adversely impact a fund, including by adversely impacting the fund's operations, universe of potential investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options, and return potential.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Mortgage-Related and Other Asset-Backed Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in mortgage-related or other asset-backed </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities involves a variety of risks associated with the credit markets, such as rising or falling interest rates, increases in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the rate of defaults or prepayments, and the quality of the pool of mortgages (subprime risk) or other assets that backs the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">security.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Privately Placed, Rule 144A and Other Exempt Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain underlying funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may invest in privately </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">placed securities, which are subject to resale restrictions. The market for Rule 144A and other securities exempt from </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain registration requirements may be less active than the market for publicly-traded securities. Rule 144A and other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">exempt securities carry the risk that their liquidity may become impaired and a fund may be unable to dispose of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities at a desirable time or price.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Collateralized Debt Obligations Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – In addition to the typical risks associated with fixed-income securities and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset-backed securities, collateralized debt obligations, including CLOs, carry additional risks including, but not limited to: </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">statistical rating organization; (iii) a fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">characterization of proceeds; (v) the investment return achieved by a fund could be significantly different than those </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">sale” liquidation due to technical defaults such as coverage test failures; and (viii) the CDO’s manager may perform </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">poorly.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Repurchase Agreements and Purchase and Sale Contracts Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – If the other party to a repurchase agreement or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">purchase and sale contract defaults on its obligation under the agreement, a fund may suffer delays and incur costs or lose </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">money in exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market value of the security declines, the fund may lose money.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Profitability Investment Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – High relative profitability stocks may perform differently from the market as a whole and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">following a profitability-oriented strategy may cause a fund to, at times, underperform equity funds that use other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment strategies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Technology Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Technology companies, including information technology companies, may have limited </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">product lines, markets, financial resources or personnel. Technology companies typically face intense competition and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">adversely affected by the loss or impairment of those rights.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Financials Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The performance of companies in the financials sector may be adversely impacted by many </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">factors, including, among others, changes in government regulations, economic conditions, increases in interest rates and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">loan losses, decreases in the availability of money or asset valuations, credit rating downgrades, decreased liquidity in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">credit markets and adverse conditions in other related markets. Companies in the financials sector may also hold portfolios </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of assets concentrated in geographic markets, industries or products (such as commercial and residential real estate loans) </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which makes them especially vulnerable to unstable economic conditions. The extent to which a fund may invest in a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">company that engages in securities-related activities or banking is limited by applicable law. The impact of changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capital requirements and recent or future regulation of any individual financial company, or of the financials sector as a </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">whole, cannot be predicted. In recent years, cyberattacks and technology malfunctions and failures have become </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increasingly frequent in this sector and have caused significant losses to companies in this sector, which may negatively </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">impact a fund.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Industry Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in a single industry or sector, or concentrating investments in a limited number of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industries or sectors, tends to increase the risk that economic, political, or regulatory developments affecting certain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industries or sectors will have a large impact on the value of a fund’s portfolio.</span></div> Performance Information <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The following bar chart and table provide an indication of the risks of an investment in the Fund by showing changes in its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">performance from year to year and by showing how the Fund’s average annual returns for one year, five years, and ten </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">years compare with those of a broad-based measure of market performance, the S&amp;P 500 Index. The Fund’s performance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">also is compared to the Bloomberg U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the returns of a broad index of investment-grade fixed-rate debt issues, and to the Moderate Composite Index, which shows </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">how the Fund’s performance compares with a composite index composed of the S&amp;P 500 Index (60%) and the Bloomberg </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">U.S. Aggregate Bond Index (40%) in proportions similar to the equity to fixed income allocation of the Fund.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Both the bar chart and the table assume reinvestment of dividends and distributions.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The performance of the Fund will vary from year to year. The Fund’s performance does not reflect the cost of insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and separate account charges which are imposed under your Contract. If they were included, performance would be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reduced. Past performance does not indicate how the Fund will perform in the future.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Prior to April 27, 2015, the Fund was managed pursuant to different investment strategies and known as the AZL Growth </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index Strategy Fund. Consequently, the performance information shown below for periods prior to April 27, 2015, reflects </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s prior investment strategies and not its current investment strategies.</span></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;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Highest and Lowest Quarter Returns (for periods shown in the bar chart)</span><span style="color: #000000; font-family: arial narrow; font-size: 1pt; font-weight: bold;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 139pt; width: 216pt;"> <tr style="height: 9.5pt;"> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 175.78pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">Highest (Q2, 2020)</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 40.22pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt;">12.96%</span></div> </div> </td> </tr> <tr style="height: 11.5pt;"> <td style="padding-top: 2.5pt; vertical-align: Top; width: 175.78pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">Lowest (Q1, 2020)</span></div> </div> </td> <td style="padding-top: 2.5pt; vertical-align: Top; width: 40.22pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt;">-15.67%</span></div> </div> </td> </tr> </table> Highest 2020-06-30 0.1296 Lowest 2020-03-31 -0.1567 Average Annual Total Returns  0.1322 0.0804 0.0609 0.2629 0.1569 0.1203 0.0553 0.0110 0.0181 0.1771 0.1009 0.0814 Reflects no deduction for fees, expenses, or taxes. AZL® MVP Global Balanced Index Strategy Fund  Investment Objective <div style="margin-top: 4pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund seeks long-term capital appreciation with preservation of capital as an important consideration.</span></div>  Fees and Expenses Fees and Expenses of the Fund <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">offered exclusively as an investment option for certain Contracts. The table below reflects only Fund expenses and does </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">not reflect Contract fees and expenses. If Contract fees and expenses were included, the fees and expenses in the following </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">table would be higher. Please refer to the Contract prospectus for a description of those fees and expenses.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)  0.0010 0.0004 0.0062 0.0076 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;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">that your investment has a 5% return each year, that the Fund’s operating expenses remain the same, and that you reinvest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">all dividends and distributions. It does not reflect any Contract fees. If Contract fees were included, the costs shown would </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> 78 78 243 243 422 422 942 942  Investments, Risks, and Performance Principal Investment Strategies of the Fund Portfolio Turnover <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio turnover rate was 6% of the average value of its portfolio.</span></div> 0.06 <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective by investing </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">approximately 95% of its assets in a combination of two underlying funds:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 494pt;"> <tr style="height: 10pt;"> <td style="padding-bottom: 0px; padding-top: 0px; vertical-align: bottom; width: 418.51pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="border-bottom: 0.5pt groove #000000; color: #000000; font-family: arial; font-size: 9pt; font-weight: bold; margin-left: 0.0pt;">Fund</span></div> </div> </td> <td style="padding-bottom: 0px; padding-top: 0px; vertical-align: bottom; width: 75.49pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="border-bottom: 0.5pt solid #000000; margin-left: 1pt; padding-bottom: 1pt;"> <div style="text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Target Allocation</span></div> </div> </div> </td> </tr> <tr style="height: 13.5pt;"> <td style="padding-bottom: 2.5pt; padding-top: 1.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL MSCI Global Equity Index Fund</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 1.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 21.45pt;"> <div style="display: flex; white-space: nowrap; width: 21.45pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 21.45pt;">47.5</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> <tr style="height: 11.5pt;"> <td style="padding-top: 2.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL Enhanced Bond Index Fund</span></div> </div> </td> <td style="padding-top: 2.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 21.45pt;"> <div style="display: flex; white-space: nowrap; width: 21.45pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 21.45pt;">47.5</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> </table> <div style="margin-top: 9pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">management process, described below.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">These target allocations represent the Fund’s long-term strategic asset allocation, which is not expected to change under </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">normal market conditions. The investment results of the underlying funds will vary. As a result, the Manager monitors the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">actual allocations to the underlying funds daily and periodically adjusts the actual allocations to attempt to achieve the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">target allocation. Generally, the Manager will seek to maintain the underlying fund target allocations using the cash flows </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">that result from shareholders buying or selling shares in the Fund. However, if cash flows were insufficient to maintain the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">target allocations, the Manager would then buy or sell underlying funds as necessary to attempt to return the Fund to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">target allocations. Generally, the actual allocations will not be more than 10% above or below the targets.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL Enhanced Bond Index Fund, which is subadvised by BlackRock Financial Management, Inc., seeks to exceed the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">total return of the Bloomberg U.S. Aggregate Bond Index (the “Index”). Under normal circumstances, it invests in a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">combination of securities with an overall weighting close to the capitalization weights of its Index. Under normal market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conditions, it invests at least 80% of its net assets in investment-grade debt securities (those of medium and high quality) of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">all types and repurchase agreements for those securities. Further, under normal circumstances, it invests at least 80% of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value of its net assets in securities or other financial instruments that are components of or have economic characteristics </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">similar to the securities included in the Index. The subadviser of the AZL Enhanced Bond Index Fund uses the Index as a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">guide in structuring the Fund and selecting its investments and manages the Fund to have similar overall interest rate risk </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to the Index, with the investment objective of seeking to exceed the total return of the Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL MSCI Global Equity Index Fund, which is subadvised by BlackRock Investment Management, LLC, seeks to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">match the performance of the MSCI World Index as closely as possible. Under normal circumstances, it generally invests </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">at least 90% of its assets, plus the amount of any borrowing for investment purposes, in securities of its underlying index </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and in depositary receipts representing securities of its underlying index.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Under normal market conditions, the Fund will allocate approximately 95% of its assets to the underlying funds described </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">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 </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index futures and U.S. Treasury futures, which generally are liquid.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The futures strategy, called the MVP risk management process, seeks to reduce the volatility of the Fund. Volatility refers </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to the amount by which the price of an investment can change over a period of time. High volatility indicates that the price </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">has changed significantly, up or down, over a short time period; lower volatility indicates that the price is not changing </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">dramatically, but at a steady pace over a period of time. Generally, higher volatility is considered to be more risky.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The goal of the MVP process is to achieve Fund volatility at or below 10% on an annualized basis over a full business </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cycle by either increasing or decreasing the exposure to equities over time. The Fund seeks to accomplish this primarily by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selling equity index futures when markets experience heightened volatility, and by buying equity index futures when </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">markets experience normal or lower levels of volatility. Futures are intended to provide the Manager an effective method </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to reduce volatility of the Fund and limit the need to decrease or increase allocations to the underlying funds. As a result, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the MVP process could cause the equity exposure of the Fund to fluctuate significantly but it will generally not be lower </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">than 10%. The MVP process would generally not reduce equity exposure during periods of moderate and low market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility but during periods of extreme market volatility the MVP process could result in Fund equity exposure that is </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significantly lower than 10%.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Due to market conditions or other factors, the actual or realized volatility of the Fund for any particular period of time may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be materially higher than the threshold volatility level. The Fund’s threshold volatility level is not a total return </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">performance target. It is possible for the Fund to maintain its volatility at or under its threshold volatility level while having </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">negative performance returns.</span></div> Principal Risks of Investing in 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. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Allocation Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The Manager’s decisions regarding how the Fund’s assets should be allocated among the various </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying funds, may cause the Fund to underperform other funds with similar investment objectives. There can be no </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">guarantee that investment decisions made by the Manager will produce the desired results. Further, because the Manager </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">has limited discretion to change the Underlying Fund allocations or under normal market conditions, the Fund may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform comparable funds of funds for which the fund’s manager has such discretion to adjust allocations.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Futures Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Because the Fund may utilize futures pursuant to its MVP risk management process, the Fund also is </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">subject to derivatives risk, including risks related to futures. Investing in derivative instruments involves risks that may be </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">different from or greater than the risks associated with investing directly in securities or other traditional investments.  The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value of futures contracts depend primarily upon the price of the securities, indexes, commodities, currencies or other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments underlying them. Price movements are also influenced by, among other things, interest rates, changing supply </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and demand relationships, trade, fiscal, monetary, and exchange control programs and policies of governments, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">national and international political and economic events and policies. The cost of futures may also be related, in part, to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">degree of volatility of the underlying indices, securities, currencies, or other assets. Accordingly, futures on highly volatile </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">indices, securities, currency, or other assets may be more expensive than futures on other investments. Changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value of the derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the principal amount invested.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Volatility Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Although the Fund’s investment strategy seeks not to exceed a specific volatility level, certain of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s investments may appreciate or decrease significantly in value over short periods of time, which may cause the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s net asset value per share to experience significant increases or declines in value over short periods of time. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s volatility strategy may not produce the desired result and there can be no guarantee that the Fund will maintain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility at or below its threshold volatility level. Additionally, maintenance of the volatility level will not ensure that the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund will deliver competitive returns. The use of derivatives in connection with the Fund’s volatility strategy may expose </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund to losses (some of which may be sudden) that it would not have otherwise been exposed to if it had only invested </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">directly in equity and/or fixed income securities. Further, in some market conditions the Fund may either underperform or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">outperform as a direct result of the MVP process. The Fund may, for example, outperform in downward trending markets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">when volatility is high (and the equity allocation low) and underperform in upward trending markets when volatility is high </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(and the equity allocation low).</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Quantitative Investing Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The value of securities selected using quantitative analysis can react differently to issuer, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">political, market, and economic developments than the market as a whole or securities selected using only fundamental </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">security’s value. In addition, factors that affect a security’s value can change over time and these changes may not be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reflected in the quantitative model. A quantitative model can be adversely affected by errors or imperfections in the factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or the data on which evaluations are based, or by technical issues with construction or implementation of the model, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in any case may result in a failure of the portfolio to perform as expected or a failure to identify securities that will perform </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">well in the future. Successful operation of a quantitative model is also reliant upon the information technology systems of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Manager or Subadviser, as applicable, and its ability to ensure those systems remain operational and that appropriate </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disaster recovery procedures are in place. There can be no assurance that the Manager or Subadviser will be successful in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">maintaining effective and operational trading models and the related hardware and software systems.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Fund of Funds Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any futures and cash held in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income distributions of the underlying funds allocated according to the target allocations described here.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The value of a security may decline for a number of reasons directly related to the issuer of the security.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Selection Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Because AZL Enhanced Bond Index Fund is actively managed, there can be no guarantee that investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">decisions made for the Fund will produce the desired results.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Index Fund Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain of the underlying funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">do</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> not attempt to manage market volatility or reduce the effects of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">poor performance. In addition, factors such as fund expenses, selection of a representative portfolio, changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">composition of the index, or the timing of purchases or redemptions of fund shares may affect the correlation between the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">performance of the index and the fund’s performance.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Sovereign Debt Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Treasury Obligations Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Direct obligations of the U.S. Treasury have historically involved little risk of loss of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">during the period shareholders own shares of a fund. Because U.S. Treasury obligations trade actively outside the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">United States, their prices may rise and fall as changes in global economic conditions affect the demand for these </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities. In addition, changes in the credit rating or financial condition of the U.S. government may cause the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">U.S. Treasury Obligations to decline.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">U.S. Government Obligations Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain securities in which a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may invest, including securities issued by certain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government agencies and government sponsored enterprises, are not guaranteed by the U.S. Government or supported by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the full faith and credit of the United States. It is possible that issuers of U.S. government securities will not have the funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to meet their payment obligations in the future. No assurance can be given that the U.S. government will provide financial </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support to its agencies and authorities if it is not obligated by law to do so.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Financial Markets Regulatory Risk - </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Policy changes by the U.S. government or its regulatory agencies and other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental actions and political events within the U.S. and abroad may, among other things, affect investor and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may adversely impact a fund, including by adversely impacting the fund's operations, universe of potential investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options, and return potential.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Credit Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">adverse impact on a fund’s earnings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Interest Rate Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Debt securities held by a fund may decline in value due to rising interest rates. Macroeconomic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">factors, such as inflationary trends, can heighten interest rate risk.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Call Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – If interest rates fall, issuers of callable debt securities are more likely to prepay prior to the maturity date. A </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fund may not be able to reinvest the proceeds from the prepayment in investments that will generate the same level of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Extension Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – If interest rates rise, debt securities may be paid in full more slowly than anticipated. Periods of low </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">relative interest rates or inflationary trends may increase the risks associated with rising interest rates.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Income Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Falling interest rates may cause a fund’s income to decline.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Foreign Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">currency values, adverse political, social or economic developments, and differences in social and economic developments </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or policies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">When-Issued, Delayed Delivery Securities and Forward Commitments Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The purchase or sale of securities on a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">when issued basis or on a delayed delivery basis or through a forward commitment involves the purchase or sale of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities by the Fund at an established price with payment and delivery taking place in the future.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> When-issued and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">delayed delivery transactions subject a fund to market risk because the value or yield of a security at delivery may be more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or less than the purchase price or yield generally available when delivery occurs, and counterparty risk because the fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">relies on the buyer or seller, as the case may be, to consummate the transaction. These transactions also have a leveraging </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">effect on a fund because the fund commits to purchase securities that it does not have to pay for until a later date, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increases the fund’s overall investment exposure and, as a result, its volatility.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Depositary Receipt Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Depositary receipts involve many of the same risks as those associated with direct investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in foreign securities. Investing in these instruments may expose a fund to credit risk with respect to the issuer of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">depositary receipt, in addition to the risks of the underlying investment.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Emerging Markets Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Emerging markets may have less developed or more volatile trading markets and greater </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">likelihood of government restrictions, nationalization, or confiscation than developed countries. Companies in emerging </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market countries may have less developed legal and accounting systems and generally may be subject to less stringent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">developed countries. As a result, information, including financial information, about such companies may be less available </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and reliable which can impede a fund’s ability to evaluate such companies. Securities law and the enforcement of systems </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, investments in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">emerging markets securities may be subject to additional transaction costs, delays in settlement procedures, unexpected </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market closures, and lack of timely information. Frontier market countries generally have smaller economies or less </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">developed capital markets and, as a result, the risks of investing in emerging market countries are magnified in frontier </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market countries.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Currency Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in securities that trade in and receive revenues in foreign currencies creates risk because </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">foreign currencies may decline relative to the U.S. dollar, resulting in a potential loss to a fund. In the case of hedging </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">positions, the U.S. dollar may decline in value relative to the currency that has been hedged.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in derivative instruments involves risks that may be different from or greater than the risks </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">associated with investing directly in securities or other traditional investments. Derivatives are subject to a number of other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks, such as liquidity risk, interest rate risk, market risk, credit risk, counterparty risk, and selection risk. Derivatives also </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">invested.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Leveraging Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain underlying funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may engage in certain kinds of transactions, including the use of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">derivatives, that may give rise to a form of leverage. The use of leverage may require a fund to liquidate a portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">position at a disadvantageous time or may exaggerate the effect of any increase or decrease in the value of a fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Capitalization Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in small- to mid-sized companies creates risk because smaller companies may have </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">large companies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Technology</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;"> Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Technology companies</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">, including</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information technology</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies,</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may have limited </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">product lines</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">markets,</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">financial resources</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or personnel</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Technology companies typically face intense competition and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">potentially rapid product obsolescence</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">They are also</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">heavily dependent on intellectual property rights and may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">adversely affected by the loss or impairment of those rights</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Liquidity Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – An investment that is difficult to purchase or sell may have an adverse effect on a fund’s returns.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Privately Placed, Rule 144A and Other Exempt Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain underlying funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may invest in privately </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">placed securities, which are subject to resale restrictions. The market for Rule 144A and other securities exempt from </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain registration requirements may be less active than the market for publicly-traded securities. Rule 144A and other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">exempt securities carry the risk that their liquidity may become impaired and a fund may be unable to dispose of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities at a desirable time or price.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Portfolio Turnover Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain underlying funds may trade portfolio securities frequently, which could result in higher </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction costs and could adversely affect the fund’s performance.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Mortgage-Related and Other Asset-Backed Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in mortgage-related or other asset-backed </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities involves a variety of risks associated with the credit markets, such as rising or falling interest rates, increases in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the rate of defaults or prepayments, and the quality of the pool of mortgages (subprime risk) or other assets that backs the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">security.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Repurchase Agreements and Purchase and Sale Contracts Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – If the other party to a repurchase agreement or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">purchase and sale contract defaults on its obligation under the agreement, a fund may suffer delays and incur costs or lose </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">money in exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market value of the security declines, the fund may lose money.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Collateralized Debt Obligations Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – In addition to the typical risks associated with fixed-income securities and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset-backed securities, collateralized debt obligations, including CLOs, carry additional risks including, but not limited to: </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">statistical rating organization; (iii) a fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">characterization of proceeds; (v) the investment return achieved by a fund could be significantly different than those </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">sale” liquidation due to technical defaults such as coverage test failures; and (viii) the CDO’s manager may perform </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">poorly.</span></div> Performance Information <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The following bar chart and table provide an indication of the risks of an investment in the Fund by showing changes in its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">performance from year to year and by showing how the Fund’s average annual returns for one year, five years and ten </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">years compare with those of a broad-based measure of market performance, the MSCI World Index. The Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">performance also is compared to the returns of the the Bloomberg U.S. Aggregate Bond Index and the Global Balanced </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Composite Index, which are relevant to the Fund because they have characteristics similar to the Fund’s investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">strategies. The Global Balanced Composite Index is composed of the MSCI World Index (50%) and Bloomberg </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">U.S. Aggregate Bond Index (50%).</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Both the bar chart and the table assume reinvestment of dividends and distributions.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The performance of the Fund will vary from year to year. The Fund’s performance does not reflect the cost of insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and separate account charges which are imposed under your Contract. If they were included, performance would be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reduced. Past performance does not indicate how the Fund will perform in the future.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Prior to November 15, 2019, the Fund was managed pursuant to different investment strategies and known as the AZL </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">MVP BlackRock Global Strategy Plus Fund, and prior to October 14, 2016, the Fund was managed pursuant to different </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment strategies and known as the AZL MVP BlackRock Global Allocation Fund. Consequently, the performance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information shown below for prior periods reflects the Fund’s prior investment strategies and not its current investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">strategies.</span></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 MSCI World Index. The Fund’s performance also is compared to the returns of the 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 (50%) 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;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Highest and Lowest Quarter Returns (for periods shown in the bar chart)</span><span style="color: #000000; font-family: arial narrow; font-size: 1pt; font-weight: bold;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 139pt; width: 216pt;"> <tr style="height: 9.5pt;"> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 181.34pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">Highest (Q4, 2023)</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 34.66pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt;">9.00%</span></div> </div> </td> </tr> <tr style="height: 11.5pt;"> <td style="padding-top: 2.5pt; vertical-align: Top; width: 181.34pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">Lowest (Q2, 2022)</span></div> </div> </td> <td style="padding-top: 2.5pt; vertical-align: Top; width: 34.66pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt;">-9.19%</span></div> </div> </td> </tr> </table> Highest 2023-12-31 0.0900 Lowest 2022-06-30 -0.0919 Average Annual Total Returns  0.1385 0.0527 0.0350 0.2442 0.1337 0.0918 0.0553 0.0110 0.0181 0.1472 0.0754 0.0574 Reflects no deduction for fees, expenses, or taxes. AZL® MVP DFA Multi-Strategy Fund  Investment Objective <div style="margin-top: 4pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund seeks long-term capital appreciation.</span></div>  Fees and Expenses Fees and Expenses of the Fund <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">offered exclusively as an investment option for certain Contracts. The table below reflects only Fund expenses and does </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">not reflect Contract fees and expenses. If Contract fees and expenses were included, the fees and expenses in the following </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">table would be higher. Please refer to the Contract prospectus for a description of those fees and expenses.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)  0.0020 0.0003 0.0074 0.0097 -0.0010 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. April 30, 2025 Example <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">that your investment has a 5% return each year, that the Fund’s operating expenses remain the same, and that you reinvest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">all dividends and distributions. It does not reflect any Contract fees. It reflects the management fee waiver </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">agreement</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> for </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the first year. If Contract fees were included, the costs shown would be higher. Although your actual costs may be higher </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or lower, based on these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> 89 89 299 299 527 527 1181 1181 Portfolio Turnover <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio turnover rate was 18% of the average value of its portfolio.</span></div> 0.18  Investments, Risks, and Performance Principal Investment Strategies of the Fund <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective by investing </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">approximately 95% of its assets in a combination of three underlying funds:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 494pt;"> <tr style="height: 10pt;"> <td style="padding-bottom: 0px; padding-top: 0px; vertical-align: bottom; width: 418.51pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="border-bottom: 0.5pt groove #000000; color: #000000; font-family: arial; font-size: 9pt; font-weight: bold; margin-left: 0.0pt;">Fund</span></div> </div> </td> <td style="padding-bottom: 0px; padding-top: 0px; vertical-align: bottom; width: 75.49pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="border-bottom: 0.5pt solid #000000; margin-left: 1pt; padding-bottom: 1pt;"> <div style="text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Target Allocation</span></div> </div> </div> </td> </tr> <tr style="height: 13.5pt;"> <td style="padding-bottom: 2.5pt; padding-top: 1.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL Enhanced Bond Index Fund</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 1.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 21.45pt;"> <div style="display: flex; white-space: nowrap; width: 21.45pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 21.45pt;">38</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL DFA U.S. Core Equity Fund</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 21.45pt;"> <div style="display: flex; white-space: nowrap; width: 21.45pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 21.45pt;">40.5</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> <tr style="height: 11.5pt;"> <td style="padding-top: 2.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL DFA International Core Equity Fund</span></div> </div> </td> <td style="padding-top: 2.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 21.45pt;"> <div style="display: flex; white-space: nowrap; width: 21.45pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 21.45pt;">16.5</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> </table> <div style="margin-top: 9pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">management process, described below.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL Enhanced Bond Index Fund is a bond index fund, and the other two underlying funds are equity funds. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Therefore, under normal market conditions, the Fund will allocate approximately 60% of its underlying fund assets in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying equity funds and approximately 40% of its underlying fund assets in the underlying bond fund. These target </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">allocations represent the Fund’s long-term strategic asset allocation, which is not expected to change under normal market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conditions.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The investment results of the underlying funds will vary. As a result, the Manager monitors the actual allocations to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying funds daily and periodically adjusts the actual allocations to attempt to achieve the target allocation. Generally, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Manager will seek to maintain the actual fund allocations to target using the cash flows that result from shareholders </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">buying or selling shares in the Fund. However, if cash flows were insufficient to maintain the target allocations, the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Manager would then buy or sell underlying funds as necessary to attempt to return the Fund’s actual asset allocations to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">targets. Generally, the actual allocations will not be more than 10% above or below the targets.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL Enhanced Bond Index Fund, which is subadvised by BlackRock Financial Management, Inc., seeks to exceed the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">total return of the Bloomberg U.S. Aggregate Bond Index (the “Index”). Under normal circumstances, it invests in a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">combination of securities with an overall weighting close to the capitalization weights of its Index. Under normal market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conditions, it invests at least 80% of its net assets in investment-grade debt securities (those of medium and high quality) of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">all types and repurchase agreements for those securities. Further, under normal circumstances, it invests at least 80% of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value of its net assets in securities or other financial instruments that are components of or have economic characteristics </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">similar to the securities included in the Index. The subadviser of the AZL Enhanced Bond Index Fund uses the Index as a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">guide in structuring the Fund and selecting its investments and manages the Fund to have similar overall interest rate risk </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to the Index, with the investment objective of seeking to exceed the total return of the Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">AZL DFA U.S. Core Equity Fund, which is subadvised by Dimensional Fund Advisors LP (“DFA”), seeks long-term </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capital appreciation. The fund purchases a broad and diverse group of equity securities of U.S. companies. The fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">invests in companies of all sizes, with increased exposure to smaller capitalization, lower relative price and/or higher </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">profitability companies as compared to their representation in the U.S. Universe. DFA generally defines the U.S. Universe </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">as a market capitalization weighted set (e.g., the larger the company, the greater the proportion of the U.S. Universe it </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">represents) of U.S. operating companies listed on a securities exchange in the United States that is deemed appropriate by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Subadviser. Under normal circumstances, the fund will invest at least 80% of its net assets in equity securities of U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">AZL DFA International Core Equity Fund, which is subadvised by DFA, seeks long-term capital appreciation. The fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">purchases a broad and diverse group of equity securities of non-U.S. companies in developed markets. The fund invests in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies of all sizes, with increased exposure to smaller capitalization, lower relative price and/or higher profitability </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies as compared to their representation in the International Universe. For purposes of this fund, DFA defines the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">International Universe as a market capitalization weighted set (e.g., the larger the company, the greater the proportion of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the International Universe it represents) of non-U.S. companies in developed markets that have been authorized as </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">approved markets for investment by DFA’s Investment Committee. Under normal circumstances, the fund will invest at </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">least 80% of its net assets in equity securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Under normal market conditions, the Fund will allocate approximately 95% of its assets to the underlying funds described </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">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 </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index futures and U.S. Treasury futures, which generally are liquid. The futures strategy, called the MVP risk management </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">process, involves a quantitative analysis and seeks to reduce the volatility of the Fund. Volatility refers to the amount by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which the price of an investment can change over a period of time. High volatility indicates that the price has changed </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significantly, up or down, over a short time period; lower volatility indicates that the price is not changing dramatically, but </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">at a steady pace over a period of time. Generally, higher volatility is considered to be more risky.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The goal of the MVP process is to achieve Fund volatility at or below 12% on an annualized basis over a full business </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cycle by either increasing or decreasing the exposure to equities over time. The Fund seeks to accomplish this primarily by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selling equity index futures when markets experience heightened volatility, and by buying equity index futures when </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">markets experience normal or lower levels of volatility. Futures are intended to provide the Manager an effective method </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to reduce volatility of the Fund and limit the need to decrease or increase allocations to the underlying funds. As a result, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the MVP process could cause the equity exposure of the Fund to fluctuate significantly but it will generally not be lower </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">than 10%. The MVP process would generally not reduce equity exposure during periods of moderate and low market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility but during periods of extreme market volatility the MVP process could result in Fund equity exposure that is </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significantly lower than 10%.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Due to market conditions or other factors, the actual or realized volatility of the Fund for any particular period of time may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be materially higher than the threshold volatility level. The Fund’s threshold volatility level is not a total return </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">performance target. It is possible for the Fund to maintain its volatility at or under its threshold volatility level while having </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">negative performance returns.</span></div> Principal Risks of Investing in 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. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Allocation Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The Manager’s decisions regarding how the Fund’s assets should be allocated among the various </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying funds, may cause the Fund to underperform other funds with similar investment objectives. There can be no </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">guarantee that investment decisions made by the Manager will produce the desired results. Further, because the Manager </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">has limited discretion to change the Underlying Fund allocations or under normal market conditions, the Fund may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform comparable funds of funds for which the fund’s manager has such discretion to adjust allocations.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Futures Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Because the Fund may utilize futures pursuant to its MVP risk management process, the Fund also is </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">subject to derivatives risk, including risks related to futures. Investing in derivative instruments involves risks that may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">different from or greater than the risks associated with investing directly in securities or other traditional investments.  The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value of futures contracts depend primarily upon the price of the securities, indexes, commodities, currencies or other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments underlying them. Price movements are also influenced by, among other things, interest rates, changing supply </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and demand relationships, trade, fiscal, monetary, and exchange control programs and policies of governments, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">national and international political and economic events and policies. The cost of futures may also be related, in part, to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">degree of volatility of the underlying indices, securities, currencies, or other assets. Accordingly, futures on highly volatile </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">indices, securities, currency, or other assets may be more expensive than futures on other investments. Changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value of the derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the principal amount invested.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Volatility Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Although the Fund’s investment strategy seeks not to exceed a specific volatility level, certain of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s investments may appreciate or decrease significantly in value over short periods of time, which may cause the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s net asset value per share to experience significant increases or declines in value over short periods of time. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s volatility strategy may not produce the desired result and there can be no guarantee that the Fund will maintain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility at or below its threshold volatility level. Additionally, maintenance of the volatility level will not ensure that the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund will deliver competitive returns. The use of derivatives in connection with the Fund’s volatility strategy may expose </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund to losses (some of which may be sudden) that it would not have otherwise been exposed to if it had only invested </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">directly in equity and/or fixed income securities. Further, in some market conditions the Fund may either underperform or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">outperform as a direct result of the MVP process. The Fund may, for example, outperform in downward trending markets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">when volatility is high (and the equity allocation low) and underperform in upward trending markets when volatility is high </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(and the equity allocation low).</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Quantitative Investing Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The value of securities selected using quantitative analysis can react differently to issuer, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">political, market, and economic developments than the market as a whole or securities selected using only fundamental </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">security’s value. In addition, factors that affect a security’s value can change over time and these changes may not be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reflected in the quantitative model. A quantitative model can be adversely affected by errors or imperfections in the factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or the data on which evaluations are based, or by technical issues with construction or implementation of the model, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in any case may result in a failure of the portfolio to perform as expected or a failure to identify securities that will perform </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">well in the future. Successful operation of a quantitative model is also reliant upon the information technology systems of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Manager or Subadviser, as applicable, and its ability to ensure those systems remain operational and that appropriate </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disaster recovery procedures are in place. There can be no assurance that the Manager or Subadviser will be successful in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">maintaining effective and operational trading models and the related hardware and software systems.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Fund of Funds Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any futures and cash held in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income distributions of the underlying funds allocated according to the target allocations described here.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The value of a security may decline for a number of reasons directly related to the issuer of the security.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Selection Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Because each underlying fund is actively managed, there can be no guarantee that investment decisions </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">made for the Fund will produce the desired results.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Value Stocks Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Value stocks may perform differently from the market as a whole and following a value-oriented </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment strategy may cause a fund to at times underperform equity funds that use other investment strategies. Value </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">stocks can react differently to political, economic, and industry developments than the market as a whole and other types of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">stocks. If the market does not recognize that a selected security is undervalued, the prices of that security might not </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">appreciate as anticipated. Value stocks also may underperform the market for long periods of time.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Capitalization Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in small- to mid-sized companies creates risk because smaller companies may have </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">large companies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Foreign Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">currency values, adverse political, social or economic developments, and differences in social and economic developments </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or policies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">When-Issued, Delayed Delivery Securities and Forward Commitments Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The purchase or sale of securities on a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">when issued basis or on a delayed delivery basis or through a forward commitment involves the purchase or sale of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities by the Fund at an established price with payment and delivery taking place in the future. When-issued and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">delayed delivery transactions subject a fund to market risk because the value or yield of a security at delivery may be more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or less than the purchase price or yield generally available when delivery occurs, and counterparty risk because the fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">relies on the buyer or seller, as the case may be, to consummate the transaction. These transactions also have a leveraging </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">effect on a fund because the fund commits to purchase securities that it does not have to pay for until a later date, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increases the fund’s overall investment exposure and, as a result, its volatility.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">European Investment Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investments in certain countries in the European Union (the “EU”) are susceptible to high </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">economic risks associated with high levels of debt, such as investments in sovereign debt of Greece, Italy and Spain. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Efforts of the member countries to further unify their economic and monetary policies may increase the potential for the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">downward movement of one member country’s market to cause a similar effect on other member countries’ markets. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Separately, the EU faces issues involving its membership, structure, procedures and policies. The exit of one or more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">member countries from the EU, such as the exit of the United Kingdom (known as “Brexit”), could place its currency and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">banking system in jeopardy. An exit by other member countries could likely result in increased volatility, illiquidity and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">potentially lower economic growth in the affected markets, which may adversely affect a fund’s investments.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Risks of Investing in Japan</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Japan may be subject to political, economic, nuclear, and labor risks, among others. Any of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">these risks, individually or in the aggregate, can impact an investment made in Japan. Since 2000, Japan’s economic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">growth rate has generally remained low relative to other advanced economies, and it may remain low in the future. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Japanese economy faces several concerns, any of which could negatively affect the value of Japanese investments. In </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">addition, Japan’s labor market is adapting to an aging workforce, declining population, and demand for increased labor </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">mobility. These demographic shifts and fundamental structural changes to the labor market may negatively impact Japan’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">economic competitiveness.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Emerging Markets Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Emerging markets may have less developed or more volatile trading markets and greater </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">likelihood of government restrictions, nationalization, or confiscation than developed countries. Companies in emerging </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market countries may have less developed legal and accounting systems and generally may be subject to less stringent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">developed countries. As a result, information, including financial information, about such companies may be less available </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and reliable which can impede a fund’s ability to evaluate such companies. Securities law and the enforcement of systems </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, investments in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">emerging markets securities may be subject to additional transaction costs, delays in settlement procedures, unexpected </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market closures, and lack of timely information. Frontier market countries generally have smaller economies or less </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">developed capital markets and, as a result, the risks of investing in emerging market countries are magnified in frontier </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market countries.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Depositary Receipt Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Depositary receipts involve many of the same risks as those associated with direct investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in foreign securities. Investing in these instruments may expose a fund to credit risk with respect to the issuer of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">depositary receipt, in addition to the risks of the underlying investment.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Currency Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in securities that trade in and receive revenues in foreign currencies creates risk because </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">foreign currencies may decline relative to the U.S. dollar, resulting in a potential loss to a fund.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in derivative instruments involves risks that may be different from or greater than the risks </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">associated with investing directly in securities or other traditional investments. Derivatives are subject to a number of other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks, such as liquidity risk, interest rate risk, market risk, credit risk, counterparty risk, and selection risk. Derivatives also </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">invested.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Credit Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">adverse impact on a fund’s earnings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Liquidity Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – An investment that is difficult to purchase or sell may have an adverse effect on a fund’s returns.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Interest Rate Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Debt securities held by a fund may decline in value due to rising interest rates. Macroeconomic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">factors, such as inflationary trends, can heighten interest rate risk.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Call Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – If interest rates fall, issuers of callable debt securities are more likely to prepay prior to the maturity date. A </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fund may not be able to reinvest the proceeds from the prepayment in investments that will generate the same level of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Extension Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – If interest rates rise, debt securities may be paid in full more slowly than anticipated. Periods of low </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">relative interest rates or inflationary trends may increase the risks associated with rising interest rates.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Leveraging Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain underlying funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may engage in certain kinds of transactions, including the use of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">derivatives, that may give rise to a form of leverage. The use of leverage may require a fund to liquidate a portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">position at a disadvantageous time or may exaggerate the effect of any increase or decrease in the value of a fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Income Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Falling interest rates may cause a fund’s income to decline.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Portfolio Turnover Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain underlying funds may trade portfolio securities frequently, which could result in higher </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction costs and could adversely affect the fund’s performance.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Sovereign Debt Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Treasury Obligations Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Direct obligations of the U.S. Treasury have historically involved little risk of loss of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">during the period shareholders own shares of a fund. Because U.S. Treasury obligations trade actively outside the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">United States, their prices may rise and fall as changes in global economic conditions affect the demand for these </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities. In addition, changes in the credit rating or financial condition of the U.S. government may cause the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">U.S. Treasury Obligations to decline.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">U.S. Government Obligations Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain securities in which a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may invest, including securities issued by certain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government agencies and government sponsored enterprises, are not guaranteed by the U.S. Government or supported by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the full faith and credit of the United States. It is possible that issuers of U.S. government securities will not have the funds </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to meet their payment obligations in the future. No assurance can be given that the U.S. government will provide financial </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support to its agencies and authorities if it is not obligated by law to do so.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Financial Markets Regulatory Risk - </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Policy changes by the U.S. government or its regulatory agencies and other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental actions and political events within the U.S. and abroad may, among other things, affect investor and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may adversely impact a fund, including by adversely impacting the fund's operations, universe of potential investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options, and return potential.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Mortgage-Related and Other Asset-Backed Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in mortgage-related or other asset-backed </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities involves a variety of risks associated with the credit markets, such as rising or falling interest rates, increases in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the rate of defaults or prepayments, and the quality of the pool of mortgages (subprime risk) or other assets that backs the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">security.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Privately Placed, Rule 144A and Other Exempt Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain underlying funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may invest in privately </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">placed securities, which are subject to resale restrictions. The market for Rule 144A and other securities exempt from </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain registration requirements may be less active than the market for publicly-traded securities. Rule 144A and other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">exempt securities carry the risk that their liquidity may become impaired and a fund may be unable to dispose of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities at a desirable time or price.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Collateralized Debt Obligations Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – In addition to the typical risks associated with fixed-income securities and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset-backed securities, collateralized debt obligations, including CLOs, carry additional risks including, but not limited to: </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">statistical rating organization; (iii) a fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">characterization of proceeds; (v) the investment return achieved by a fund could be significantly different than those </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">sale” liquidation due to technical defaults such as coverage test failures; and (viii) the CDO’s manager may perform </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">poorly.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Repurchase Agreements and Purchase and Sale Contracts Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – If the other party to a repurchase agreement or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">purchase and sale contract defaults on its obligation under the agreement, a fund may suffer delays and incur costs or lose </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">money in exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market value of the security declines, the fund may lose money.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Profitability Investment Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – High relative profitability stocks may perform differently from the market as a whole and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">following a profitability-oriented strategy may cause a fund to, at times, underperform equity funds that use other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment strategies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Technology Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Technology companies, including information technology companies, may have limited </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">product lines, markets, financial resources or personnel. Technology companies typically face intense competition and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">adversely affected by the loss or impairment of those rights.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Financials Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The performance of companies in the financials sector may be adversely impacted by many </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">factors, including, among others, changes in government regulations, economic conditions, increases in interest rates and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">loan losses, decreases in the availability of money or asset valuations, credit rating downgrades, decreased liquidity in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">credit markets and adverse conditions in other related markets. Companies in the financials sector may also hold portfolios </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of assets concentrated in geographic markets, industries or products (such as commercial and residential real estate loans) </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which makes them especially vulnerable to unstable economic conditions. The extent to which a fund may invest in a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">company that engages in securities-related activities or banking is limited by applicable law. The impact of changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capital requirements and recent or future regulation of any individual financial company, or of the financials sector as a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">whole, cannot be predicted. In recent years, cyberattacks and technology malfunctions and failures have become </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increasingly frequent in this sector and have caused significant losses to companies in this sector, which may negatively </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">impact a fund.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Industry Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in a single industry or sector, or concentrating investments in a limited number of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industries or sectors, tends to increase the risk that economic, political, or regulatory developments affecting certain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industries or sectors will have a large impact on the value of a fund’s portfolio.</span></div> Performance Information <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The following bar chart and table provide an indication of the risks of an investment in the Fund by showing changes in its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">performance from year to year and by showing how the Fund’s average annual returns for one year and since its inception </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">compare with those of a broad-based measure of market performance, the S&amp;P 500 Index. The Fund’s performance also is </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">compared to the Bloomberg U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">returns of a broad index of investment-grade fixed-rate debt issues, and to a Moderate Composite Index, which shows how </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s performance compares with a composite index composed of the S&amp;P 500 Index (60%) and the Bloomberg </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">U.S. Aggregate Bond Index (40%) in proportions similar to the equity to fixed income allocation of the Fund.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Both the bar chart and the table assume reinvestment of dividends and distributions.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The performance of the Fund will vary from year to year. The Fund’s performance does not reflect the cost of insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and separate account charges which are imposed under your Contract. If they were included, performance would be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reduced. Past performance does not indicate how the Fund will perform in the future.</span></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;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Highest and Lowest Quarter Returns (for periods shown in the bar chart)</span><span style="color: #000000; font-family: arial narrow; font-size: 1pt; font-weight: bold;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 139pt; width: 216pt;"> <tr style="height: 9.5pt;"> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 175.78pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">Highest (Q4, 2020)</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 40.22pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt;">10.97%</span></div> </div> </td> </tr> <tr style="height: 11.5pt;"> <td style="padding-top: 2.5pt; vertical-align: Top; width: 175.78pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">Lowest (Q1, 2020)</span></div> </div> </td> <td style="padding-top: 2.5pt; vertical-align: Top; width: 40.22pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt;">-13.30%</span></div> </div> </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 0.1369 0.0652 0.0477 0.2629 0.1569 0.1192 0.0553 0.0110 0.0120 0.1771 0.1009 0.0785 Reflects no deduction for fees, expenses, or taxes. AZL® MVP Fidelity Institutional Asset Management® Multi-Strategy Fund  Investment Objective <div style="margin-top: 4pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund seeks a high level of current income while maintaining prospects for capital appreciation.</span></div>  Fees and Expenses Fees and Expenses of the Fund <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">offered exclusively as an investment option for certain Contracts. The table below reflects only Fund expenses and does </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">not reflect Contract fees and expenses. If Contract fees and expenses were included, the fees and expenses in the following </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">table would be higher. Please refer to the Contract prospectus for a description of those fees and expenses.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)  0.0010 0.0005 0.0067 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: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">that your investment has a 5% return each year, that the Fund’s operating expenses remain the same, and that you reinvest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">all dividends and distributions. It does not reflect any Contract fees. If Contract fees were included, the costs shown would </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> 84 84 262 262 455 455 1014 1014 Portfolio Turnover <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio turnover rate was 21% of the average value of its portfolio.</span></div> 0.21  Investments, Risks, and Performance Principal Investment Strategies of the Fund <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective by investing </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">approximately 95% of its assets in an underlying fund, the AZL Fidelity Institutional Asset Management</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Multi-Strategy </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund, managed by the underlying fund’s Subadviser, FIAM LLC. Under normal market conditions, the underlying fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">seeks to achieve its objective by investing in a combination of two strategies. Approximately 60% of the underlying fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assets will be invested primarily in investment-grade debt securities (the “Fixed-Income Strategy”), and approximately </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">40% of the underlying fund’s assets will be invested primarily in large cap common stocks (the “Equity Strategy”). The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">percentage allocations to each strategy will be monitored regularly by the underlying fund’s Manager, but generally will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">not exceed plus or minus 3% of the 60%/40% allocation.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">management process, described below.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Under normal market conditions, the Fund will allocate approximately 95% of its assets to the underlying fund. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Approximately 5% of the Fund’s assets may be invested in equity and/or fixed income futures, such as S&amp;P 500 Index </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">futures and U.S. Treasury futures, which generally are liquid. The futures strategy, called the MVP risk management </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">process, involves a quantitative analysis and seeks to reduce the volatility of the Fund. Volatility refers to the amount by </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which the price of an investment can change over a period of time. High volatility indicates that the price has changed </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significantly, up or down, over a short time period; lower volatility indicates that the price is not changing dramatically, but </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">at a steady pace over a period of time. Generally, higher volatility is considered to be more risky.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The goal of the MVP process is to achieve Fund volatility at or below 8% on an annualized basis over a full business cycle </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">by either increasing or decreasing the exposure to equities over time. The Fund seeks to accomplish this primarily by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selling equity index futures when markets experience heightened volatility, and by buying equity index futures when </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">markets experience normal or lower levels of volatility. Futures are intended to provide the Manager an effective method </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to reduce volatility of the Fund and limit the need to decrease or increase allocations to the underlying fund. As a result, the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">MVP process could cause the equity exposure of the Fund to fluctuate significantly but it will generally not be lower than </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">10%. The MVP process would generally not reduce equity exposure during periods of moderate and low market volatility </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">but during periods of extreme market volatility the MVP process could result in Fund equity exposure that is significantly </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">lower than 10%.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Due to market conditions or other factors, the actual or realized volatility of the Fund for any particular period of time may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be materially higher than the threshold volatility level. The Fund’s threshold volatility level is not a total return </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">performance target. It is possible for the Fund to maintain its volatility at or under its threshold volatility level while having </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">negative performance returns.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Underlying Fund’s Fixed-Income Strategy</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; line-height: 12pt;"> </span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Under normal market conditions, the strategy will invest at least 80% of its net assets in investment-grade debt securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(those of medium and high quality) of all types and repurchase agreements for those securities. Such investments include </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">corporate bonds, U.S. Treasury obligations, U.S. government agency mortgage securities and real estate investment trusts. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">A portion of the investments may not be publically traded. The Subadviser uses the Bloomberg U.S. Aggregate Bond </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index as a guide in structuring the strategy and selecting its investments and manages the strategy to have similar overall </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">interest rate risk to the index. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">U.S.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Treasury obligations</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid ARM </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency).</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Subadviser considers other factors when selecting strategy investments, including the credit quality of the issuer, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">security-specific features and the Subadviser’s assessment of whether the investment is undervalued. In managing the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">strategy's exposure to various risks, including interest rate risk, the Subadviser considers, among other things, the market's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">overall risk characteristics, the market's current pricing of those risks, and internal views of potential future market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conditions.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The strategy's assets may be allocated among different market sectors (for example, corporate, asset-backed, or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government securities) and different maturities based on the Subadviser’s view of the relative value of each sector or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">maturity.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The strategy's assets may be invested in securities of foreign issuers, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">including those located in emerging markets,</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">denominated in U.S. dollars or in local currency, in addition to securities of domestic issuers.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The strategy may invest significantly in derivatives instruments, such as interest rate swaps, total return swaps, credit </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">default swaps, and futures contracts (both long and short positions) on securities and indexes, and in forward-settling </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities. Such investments may give rise to a form of leverage, particularly when the strategy does not own the assets, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instrument or components underlying the derivative instruments. Depending on the Subadviser’s outlook and market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conditions, the strategy may invest in derivatives instruments in order to gain exposure to assets, instruments, or indexes, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">interest rates, or credit qualities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The strategy also may invest up to 20% of its assets in lower-quality debt securities, sometimes called “junk bonds.”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">To earn additional income for the strategy, the Subadviser may use a trading strategy that involves selling (or buying) </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">mortgage securities and simultaneously agreeing to purchase (or sell) mortgage securities on a later date at a set price. This </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">trading strategy may increase interest rate exposure and result in an increased portfolio turnover rate which increases </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction costs.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">The Underlying Fund’s Equity Strategy</span><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold; line-height: 12pt;"> </span></div> <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Under normal market condistions, the strategy will invest at least 80% of its assets in common stocks included in the S&amp;P </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">500</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Index, but does not seek to replicate the index. The S&amp;P 500</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Index is a market capitalization-weighted index of 500 </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">A company’s market capitalization is based on its current market capitalization or its market capitalization at the time of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s investment. Companies whose capitalization falls below this level after purchase continue to be considered to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">have a large market capitalization. The size of the companies in an index changes with market conditions and the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">composition of the index.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Subadviser will also invest in securities of issuers that are not part of the S&amp;P 500</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Index. The Subadviser considers </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the strategy’s security, industry, and market capitalization weightings relative to the index. In buying and selling securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">for the strategy, the Subadviser seeks to outperform the S&amp;P 500</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Index by, in general, quantitatively evaluating factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">such as historical valuation, momentum, profitability, and other factors. The portfolio managers incorporate these analyses </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">using a proprietary program to construct the optimal portfolio holdings and further manage benchmark relative risks. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio managers will generally attempt to overweight securities with positive characteristics identified in the evaluation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">process and underweight securities with negative characteristics.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Subadviser may invest the strategy’s assets in securities of foreign issuers in addition to securities of domestic issuers.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Subadviser may also use various techniques, such as buying and selling futures contracts and swaps, to increase or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">decrease the strategy’s exposure to changing security prices or other factors that affect security values.</span></div> Principal Risks of Investing in 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. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Allocation Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The Manager’s decisions regarding how the Fund’s assets should be allocated among the various </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying funds, may cause the Fund to underperform other funds with similar investment objectives. There can be no </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">guarantee that investment decisions made by the Manager will produce the desired results. Further, because the Manager </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">has limited discretion to change the Underlying Fund allocations or under normal market conditions, the Fund may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform comparable funds of funds for which the fund’s manager has such discretion to adjust allocations.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Futures Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Because the Fund may utilize futures pursuant to its MVP risk management process, the Fund also is </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">subject to derivatives risk, including risks related to futures. Investing in derivative instruments involves risks that may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">different from or greater than the risks associated with investing directly in securities or other traditional investments.  The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value of futures contracts depend primarily upon the price of the securities, indexes, commodities, currencies or other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments underlying them. Price movements are also influenced by, among other things, interest rates, changing supply </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and demand relationships, trade, fiscal, monetary, and exchange control programs and policies of governments, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">national and international political and economic events and policies. The cost of futures may also be related, in part, to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">degree of volatility of the underlying indices, securities, currencies, or other assets. Accordingly, futures on highly volatile </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">indices, securities, currency, or other assets may be more expensive than futures on other investments. Changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value of the derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the principal amount invested.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Volatility Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Although the Fund’s investment strategy seeks not to exceed a specific volatility level, certain of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s investments may appreciate or decrease significantly in value over short periods of time, which may cause the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s net asset value per share to experience significant increases or declines in value over short periods of time. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s volatility strategy may not produce the desired result and there can be no guarantee that the Fund will maintain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility at or below its threshold volatility level. Additionally, maintenance of the volatility level will not ensure that the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund will deliver competitive returns. The use of derivatives in connection with the Fund’s volatility strategy may expose </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund to losses (some of which may be sudden) that it would not have otherwise been exposed to if it had only invested </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">directly in equity and/or fixed income securities. Further, in some market conditions the Fund may either underperform or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">outperform as a direct result of the MVP process. The Fund may, for example, outperform in downward trending markets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">when volatility is high (and the equity allocation low) and underperform in upward trending markets when volatility is high </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(and the equity allocation low).</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Quantitative Investing Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The value of securities selected using quantitative analysis can react differently to issuer, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">political, market, and economic developments than the market as a whole or securities selected using only fundamental </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">security’s value. In addition, factors that affect a security’s value can change over time and these changes may not be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reflected in the quantitative model. A quantitative model can be adversely affected by errors or imperfections in the factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or the data on which evaluations are based, or by technical issues with construction or implementation of the model, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in any case may result in a failure of the portfolio to perform as expected or a failure to identify securities that will perform </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">well in the future. Successful operation of a quantitative model is also reliant upon the information technology systems of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Manager or Subadviser, as applicable, and its ability to ensure those systems remain operational and that appropriate </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disaster recovery procedures are in place. There can be no assurance that the Manager or Subadviser will be successful in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">maintaining effective and operational trading models and the related hardware and software systems.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Fund of Funds Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment management fees and other expenses of the underlying fund. Further due to the fees and expenses paid by the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any futures and cash held in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income distributions of the underlying funds allocated according to the target allocations described here.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The value of a security may decline for a number of reasons directly related to the issuer of the security.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Selection Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Because the underlying fund is actively managed, there can be no guarantee that investment decisions </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">made for the Fund will produce the desired results.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Sovereign Debt Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">U.S. Government Obligations Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain securities in which a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may invest, including securities issued by certain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government agencies and government sponsored enterprises, are not guaranteed by the U.S. Government or supported by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the full faith and credit of the United States. It is possible that issuers of U.S. government securities will not have the funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to meet their payment obligations in the future. No assurance can be given that the U.S. government will provide financial </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support to its agencies and authorities if it is not obligated by law to do so.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Financial Markets Regulatory Risk - </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Policy changes by the U.S. government or its regulatory agencies and other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental actions and political events within the U.S. and abroad may, among other things, affect investor and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may adversely impact a fund, including by adversely impacting the fund's operations, universe of potential investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options, and return potential.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Treasury Obligations Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Direct obligations of the U.S. Treasury have historically involved little risk of loss of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">during the period shareholders own shares of a fund. Because U.S. Treasury obligations trade actively outside the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">United States, their prices may rise and fall as changes in global economic conditions affect the demand for these </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities. In addition, changes in the credit rating or financial condition of the U.S. government may cause the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">U.S. Treasury Obligations to decline.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Interest Rate Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Debt securities held by a fund may decline in value due to rising interest rates. Macroeconomic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">factors, such as inflationary trends, can heighten interest rate risk.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Credit Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">adverse impact on a fund’s earnings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Call Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – If interest rates fall, issuers of callable debt securities are more likely to prepay prior to the maturity date. A </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fund may not be able to reinvest the proceeds from the prepayment in investments that will generate the same level of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Extension Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – If interest rates rise, debt securities may be paid in full more slowly than anticipated. Periods of low </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">relative interest rates or inflationary trends may increase the risks associated with rising interest rates.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Income Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Falling interest rates may cause a fund’s income to decline.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Privately Placed, Rule 144A and Other Exempt Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> may invest in privately </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">placed securities, which are subject to resale restrictions. The market for Rule 144A and other securities exempt from </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain registration requirements may be less active than the market for publicly-traded securities. Rule 144A and other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">exempt securities carry the risk that their liquidity may become impaired and a fund may be unable to dispose of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities at a desirable time or price.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Foreign Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">currency values, adverse political, social or economic developments, and differences in social and economic developments </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or policies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Currency Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in securities that trade in and receive revenues in foreign currencies creates risk because </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">foreign currencies may decline relative to the U.S. dollar, resulting in a potential loss to a fund. In the case of hedging </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">positions, the U.S. dollar may decline in value relative to the currency that has been hedged.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Emerging Markets Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Emerging markets may have less developed or more volatile trading markets and greater </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">likelihood of government restrictions, nationalization, or confiscation than developed countries. Companies in emerging </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market countries may have less developed legal and accounting systems and generally may be subject to less stringent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">developed countries. As a result, information, including financial information, about such companies may be less available </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and reliable which can impede a fund’s ability to evaluate such companies. Securities law and the enforcement of systems </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, investments in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">emerging markets securities may be subject to additional transaction costs, delays in settlement procedures, unexpected </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market closures, and lack of timely information. Frontier market countries generally have smaller economies or less </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">developed capital markets and, as a result, the risks of investing in emerging market countries are magnified in frontier </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market countries.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in derivative instruments involves risks that may be different from or greater than the risks </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">associated with investing directly in securities or other traditional investments. Derivatives are subject to a number of other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks, such as liquidity risk, interest rate risk, market risk, credit risk, counterparty risk, and selection risk. Derivatives also </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">invested.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Leveraging Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> may engage in certain kinds of transactions, including the use of derivatives, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">that may give rise to a form of leverage. The use of leverage may require a fund to liquidate a portfolio position at a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disadvantageous time or may exaggerate the effect of any increase or decrease in the value of a fund’s portfolio securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Security Quality Risk (also known as “High Yield Risk” or “Junk Bond Risk”)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> A fund may invest in high yield, high </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk debt securities, which may be subject to higher levels of credit and liquidity risk than higher quality debt securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Liquidity Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – An investment that is difficult to purchase or sell may have an adverse effect on the Underlying fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">returns.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Repurchase Agreements and Purchase and Sale Contracts Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – If the other party to a repurchase agreement or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">purchase and sale contract defaults on its obligation under the agreement, a fund may suffer delays and incur costs or lose </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">money in exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market value of the security declines, the fund may lose money.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Mortgage-Related and Other Asset-Backed Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in mortgage-related or other asset-backed </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities involves a variety of risks associated with the credit markets, such as rising or falling interest rates, increases in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the rate of defaults or prepayments, and the quality of the pool of mortgages (subprime risk) or other assets that backs the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">security.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Real Estate Investments Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The performance of investments in real estate depends on the overall strength of the real </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">estate market, the management of real estate investments trusts (REITs), and property management, all of which can be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">affected by a variety of factors, including national and regional economic conditions.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Portfolio Turnover Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">– Certain underlying funds may trade portfolio securities frequently, which could result in higher </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction costs and could adversely affect the fund’s performance.</span></div> Performance Information <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The following bar chart and table provide an indication of the risks of an investment in the Fund by showing changes in its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">performance from year to year and by showing how the Fund’s average annual returns for one year, five years and ten </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">years compare with those of a broad-based measure of market performance, the S&amp;P 500 Index. The Fund’s performance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">also is compared to the Bloomberg U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the returns of a broad index of investment-grade fixed-rate debt issues, and to the Income &amp; Growth Composite Index, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which shows how the Fund’s performance compares with a composite index composed of the S&amp;P 500 Index (40%) and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Bloomberg U.S. Aggregate Bond Index (60%) in proportions similar to the equity to fixed income allocation of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Both the bar chart and the table assume reinvestment of dividends and distributions.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The performance of the Fund will vary from year to year. The Fund’s performance does not reflect the cost of insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and separate account charges which are imposed under your Contract. If they were included, performance would be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reduced. Past performance does not indicate how the Fund will perform in the future.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Prior to October 14, 2016, the Fund was managed pursuant to different investment strategies and known as the AZL MVP </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Franklin Templeton Founding Strategy Plus Fund. Consequently, the performance information shown below for periods </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prior to October 14, 2016, reflects the Fund’s prior investment strategies and not its current investment strategies.</span></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 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;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Highest and Lowest Quarter Returns (for periods shown in the bar chart)</span><span style="color: #000000; font-family: arial narrow; font-size: 1pt; font-weight: bold;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 139pt; width: 216pt;"> <tr style="height: 9.5pt;"> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 181.34pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">Highest (Q4, 2023)</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 34.66pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt;">8.21%</span></div> </div> </td> </tr> <tr style="height: 11.5pt;"> <td style="padding-top: 2.5pt; vertical-align: Top; width: 181.34pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">Lowest (Q3, 2015)</span></div> </div> </td> <td style="padding-top: 2.5pt; vertical-align: Top; width: 34.66pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt;">-7.81%</span></div> </div> </td> </tr> </table> Highest 2023-12-31 0.0821 Lowest 2015-09-30 -0.0781 Average Annual Total Returns  0.1263 0.0608 0.0350 0.2629 0.1569 0.1203 0.0553 0.0110 0.0181 0.1356 0.0716 0.0608 Reflects no deduction for fees, expenses, or taxes. AZL® MVP T. Rowe Price Capital Appreciation Plus Fund  Investment Objective <div style="margin-top: 4pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund seeks long term capital appreciation with preservation of capital as an important intermediate-term objective.</span></div>  Fees and Expenses Fees and Expenses of the Fund <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">offered exclusively as an investment option for certain Contracts. The table below reflects only Fund expenses and does </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">not reflect Contract fees and expenses. If Contract fees and expenses were included, the fees and expenses in the following </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">table would be higher. Please refer to the Contract prospectus for a description of those fees and expenses.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)  0.0010 0.0003 0.0075 0.0088 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;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">that your investment has a 5% return each year, that the Fund’s operating expenses remain the same, and that you reinvest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">all dividends and distributions. It does not reflect any Contract fees. If Contract fees were included, the costs shown would </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> 90 90 281 281 488 488 1084 1084 Portfolio Turnover <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio turnover rate was 9% of the average value of its portfolio.</span></div> 0.09  Investments, Risks, and Performance Principal Investment Strategies of the Fund <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective primarily by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investing approximately 95% of its assets in a combination of three underlying funds:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; width: 494pt;"> <tr style="height: 10pt;"> <td style="padding-bottom: 0px; padding-top: 0px; vertical-align: bottom; width: 418.51pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="border-bottom: 0.5pt groove #000000; color: #000000; font-family: arial; font-size: 9pt; font-weight: bold; margin-left: 0.0pt;">Fund</span></div> </div> </td> <td style="padding-bottom: 0px; padding-top: 0px; vertical-align: bottom; width: 75.49pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="border-bottom: 0.5pt solid #000000; margin-left: 1pt; padding-bottom: 1pt;"> <div style="text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Target Allocation</span></div> </div> </div> </td> </tr> <tr style="height: 13.5pt;"> <td style="padding-bottom: 2.5pt; padding-top: 1.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL T. Rowe Price Capital Appreciation Fund</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 1.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 13.11pt;"> <div style="display: flex; white-space: nowrap; width: 13.11pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 13.11pt;">50</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL S&amp;P 500 Index Fund</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 13.11pt;"> <div style="display: flex; white-space: nowrap; width: 13.11pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 13.11pt;">27</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> <tr style="height: 11.5pt;"> <td style="padding-top: 2.5pt; vertical-align: Top; width: 418.51pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">AZL Enhanced Bond Index Fund</span></div> </div> </td> <td style="padding-top: 2.5pt; vertical-align: Top; white-space: nowrap; width: 75.49pt;"> <div style="line-height: 12pt; margin-left: 3pt; text-align: right; width: 72.49pt;"> <div style="display: flex; margin: auto; width: 13.11pt;"> <div style="display: flex; white-space: nowrap; width: 13.11pt;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: 13.11pt;">18</span></div> <div style="display: flex;"><span style="color: #000000; font-family: arial; font-size: 10pt; width: auto;">%</span></div> </div> </div> </td> </tr> </table> <div style="margin-top: 9pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">management process, described below.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">These target allocations represent the Fund’s long-term strategic asset allocation, which is not expected to change under </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">normal market conditions. The investment results of the underlying funds will vary. As a result, the Manager monitors the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">actual allocations to the underlying funds daily and periodically adjusts the actual allocations to attempt to achieve the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">target allocation. Generally, the Manager will seek to maintain the underlying fund target allocations using the cash flows </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">that result from shareholders buying or selling shares in the Fund. However, if cash flows were insufficient to maintain the </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">target allocations, the Manager would then buy or sell underlying funds as necessary to attempt to return the Fund to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">target allocations. Generally, the actual allocations will not be more than 10% above or below the targets.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The “Plus” within the Fund's name refers to the combination of the underlying AZL T. Rowe Price Capital Appreciation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund with complementary exposure to the two underlying index funds that seeks to provide the Fund with a broad and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">diverse exposure across both equity and fixed income markets.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL T. Rowe Price Capital Appreciation Fund, which is subadvised by T. Rowe Price Associates, Inc., and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">sub-subadvised by T. Rowe Price Investment Management, Inc. (together, the “Subadviser”), seeks long term capital </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">appreciation with preservation of capital as an important intermediate-term objective. The underlying fund normally </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">invests at least 50% of its total assets in the common stocks of established U.S. companies that the Subadviser believes has </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">above-average potential for capital growth. The remaining assets are generally invested in convertible securities, corporate </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and government debt, mortgage- and asset-backed securities, bank loans (which represent an interest in amounts owed by a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">borrower to a syndicate of lenders), and foreign securities, in keeping with the fund’s objective. The fund may invest up to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">25% of its total assets in foreign securities, which may be denominated in U.S. or non-U.S. dollars.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL S&amp;P 500 Index Fund, which is subadvised by BlackRock Investment Management, LLC, seeks to match the total </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">return of the Standard &amp; Poor’s 500 Index. Under normal circumstances, it invests at least 80% of the value of its net assets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">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 </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">derivative instruments linked to that Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The AZL Enhanced Bond Index Fund, which is subadvised by BlackRock Financial Management, Inc., seeks to exceed the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">total return of the Bloomberg U.S. Aggregate Bond Index. Under normal circumstances, it invests in a combination of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities with an overall weighting close to the capitalization weights of the Bloomberg U.S. Aggregate Bond Index (the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“Index”). Under normal market conditions, the Fund invests at least 80% of its net assets in investment-grade debt </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities (those of medium and high quality) of all types and repurchase agreements for those securities. Further, under </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">normal circumstances, the Fund invests at least 80% of the value of its net assets in securities or other financial instruments </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">that are components of or have economic characteristics similar to the securities included in the Index. The subadviser of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the AZL Enhanced Bond Index Fund uses the Index as a guide in structuring the Fund and selecting its investments and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">manages the Fund to have similar overall interest rate risk to the Index, with the investment objective of seeking to exceed </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the total return of the Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Under normal market conditions, the Fund will allocate approximately 95% of its assets to the underlying funds described </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">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 </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index futures and U.S. Treasury futures, which generally are liquid. The futures strategy, called the MVP risk management </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">process, involves a quantitative analysis and seeks to reduce the volatility of the Fund. Volatility refers to the amount by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which the price of an investment can change over a period of time. High volatility indicates that the price has changed </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significantly, up or down, over a short time period; lower volatility indicates that the price is not changing dramatically, but </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">at a steady pace over a period of time. Generally, higher volatility is considered to be more risky.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The goal of the MVP process is to achieve Fund volatility at or below 12% on an annualized basis over a full business </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cycle by either increasing or decreasing the exposure to equities over time. The Fund seeks to accomplish this primarily by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selling equity index futures when markets experience heightened volatility, and by buying equity index futures when </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">markets experience normal or lower levels of volatility. Futures are intended to provide the Manager an effective method </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to reduce volatility of the Fund and limit the need to decrease or increase allocations to the underlying funds. As a result, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the MVP process could cause the equity exposure of the Fund to fluctuate significantly but it will generally not be lower </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">than 10%. The MVP process would generally not reduce equity exposure during periods of moderate and low market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility but during periods of extreme market volatility the MVP process could result in Fund equity exposure that is </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significantly lower than 10%.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Due to market conditions or other factors, the actual or realized volatility of the Fund for any particular period of time may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be materially higher than the threshold volatility level. The Fund’s threshold volatility level is not a total return </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">performance target. It is possible for the Fund to maintain its volatility at or under its threshold volatility level while having </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">negative performance returns.</span></div> Principal Risks of Investing in 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. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Allocation Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The Manager’s decisions regarding how the Fund’s assets should be allocated among the various </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying funds, may cause the Fund to underperform other funds with similar investment objectives. There can be no </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">guarantee that investment decisions made by the Manager will produce the desired results. Further, because the Manager </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">has limited discretion to change the Underlying Fund allocations or under normal market conditions, the Fund may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform comparable funds of funds for which the fund’s manager has such discretion to adjust allocations.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Emerging Markets Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Emerging markets may have less developed or more volatile trading markets and greater </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">likelihood of government restrictions, nationalization, or confiscation than developed countries. Companies in emerging </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market countries may have less developed legal and accounting systems and generally may be subject to less stringent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">developed countries. As a result, information, including financial information, about such companies may be less available </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and reliable which can impede a fund’s ability to evaluate such companies. Securities law and the enforcement of systems </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, investments in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">emerging markets securities may be subject to additional transaction costs, delays in settlement procedures, unexpected </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market closures, and lack of timely information. Frontier market countries generally have smaller economies or less </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">developed capital markets and, as a result, the risks of investing in emerging market countries are magnified in frontier </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market countries.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Income Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Falling interest rates may cause a fund’s income to decline.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Technology Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Technology companies, including information technology companies, may have limited </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">product lines, markets, financial resources or personnel. Technology companies typically face intense competition and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">adversely affected by the loss or impairment of those rights.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Futures Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Because the Fund may utilize futures pursuant to its MVP risk management process, the Fund also is </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">subject to derivatives risk, including risks related to futures. Investing in derivative instruments involves risks that may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">different from or greater than the risks associated with investing directly in securities or other traditional investments.  The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value of futures contracts depend primarily upon the price of the securities, indexes, commodities, currencies or other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments underlying them. Price movements are also influenced by, among other things, interest rates, changing supply </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and demand relationships, trade, fiscal, monetary, and exchange control programs and policies of governments, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">national and international political and economic events and policies. The cost of futures may also be related, in part, to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">degree of volatility of the underlying indices, securities, currencies, or other assets. Accordingly, futures on highly volatile </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">indices, securities, currency, or other assets may be more expensive than futures on other investments. Changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value of the derivative may not correlate perfectly with the underlying asset, rate or index, and a fund could lose more than </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the principal amount invested.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Volatility Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Although the Fund’s investment strategy seeks not to exceed a specific volatility level, certain of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s investments may appreciate or decrease significantly in value over short periods of time, which may cause the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s net asset value per share to experience significant increases or declines in value over short periods of time. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s volatility strategy may not produce the desired result and there can be no guarantee that the Fund will maintain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility at or below its threshold volatility level. Additionally, maintenance of the volatility level will not ensure that the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund will deliver competitive returns. The use of derivatives in connection with the Fund’s volatility strategy may expose </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund to losses (some of which may be sudden) that it would not have otherwise been exposed to if it had only invested </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">directly in equity and/or fixed income securities. Further, in some market conditions the Fund may either underperform or </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">outperform as a direct result of the MVP process. The Fund may, for example, outperform in downward trending markets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">when volatility is high (and the equity allocation low) and underperform in upward trending markets when volatility is high </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(and the equity allocation low).</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Quantitative Investing Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The value of securities selected using quantitative analysis can react differently to issuer, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">political, market, and economic developments than the market as a whole or securities selected using only fundamental </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">security’s value. In addition, factors that affect a security’s value can change over time and these changes may not be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reflected in the quantitative model. A quantitative model can be adversely affected by errors or imperfections in the factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or the data on which evaluations are based, or by technical issues with construction or implementation of the model, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in any case may result in a failure of the portfolio to perform as expected or a failure to identify securities that will perform </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">well in the future. Successful operation of a quantitative model is also reliant upon the information technology systems of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Manager or Subadviser, as applicable, and its ability to ensure those systems remain operational and that appropriate </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disaster recovery procedures are in place. There can be no assurance that the Manager or Subadviser will be successful in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">maintaining effective and operational trading models and the related hardware and software systems.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Fund of Funds Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The Fund, as a shareholder of the underlying funds, indirectly bears its proportionate share of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment management fees and other expenses of the underlying funds. Further due to the fees and expenses paid by the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund, as well as small variations in the Fund’s actual allocations to the underlying funds and any futures and cash held in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s portfolio, the performance and income distributions of the Fund will not be the same as the performance and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income distributions of the underlying funds allocated according to the target allocations described here.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The value of a security may decline for a number of reasons directly related to the issuer of the security.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Selection Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – If an underlying fund is actively managed, there can be no guarantee that investment decisions made for </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund will produce the desired results.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Index Fund Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain of the underlying funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">do</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> not attempt to manage market volatility or reduce the effects of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">poor performance. In addition, factors such as fund expenses, selection of a representative portfolio, changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">composition of the index, or the timing of purchases or redemptions of fund shares may affect the correlation between the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">performance of the index and the fund’s performance.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Value Stocks Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Value </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">stocks may perform differently from the market as a whole and following a value-</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">oriented </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment strategy may cause the fund to at times underperform equity funds that use other investment strategies</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Value </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">stocks </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">can react differently to political</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">economic,</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and industry developments than the market as a whole and other types of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">stocks.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">If the market does not recognize that a selected security is undervalued, the prices of that security might not </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">appreciate </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">as anticipated.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Value stocks also may underperform the market for long periods of time.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Capitalization Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in small- to mid-sized companies creates risk because smaller companies may have </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">large companies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Focused Investments Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in a relatively small number of issuers, industries, or regions involves added risk. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Changes in the value of a single security or a single economic, political, or regulatory event may have a large impact on the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value of a fund’s portfolio.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Bank Loan Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – To the extent a fund invests in bank loans, it is exposed to additional risks beyond those normally </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">associated with more traditional debt securities. A fund’s ability to receive payments in connection with the loan depends </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">primarily on the financial condition of the borrower, and whether or not a loan is secured by collateral, although there is no </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assurance that the collateral securing the loan will be sufficient to satisfy the loan obligation. In addition, bank loans often </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">have contractual restrictions on resale, which can delay the sale and adversely impact the sale price. Transactions involving </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">bank loans may have significantly longer settlement periods than more traditional investments (settlement can take longer </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">than 7 days) and often involve borrowers whose financial condition is troubled or highly leveraged, which increases the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">redemption proceeds to its shareholders. In addition, loans are not registered under the federal securities laws like stocks </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and bonds, so investors in loans have less protection against improper practices than investors in registered securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Convertible Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The value of convertible securities may be affected by interest rates, default by the issuer </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">on principal or interest payments, and the value of the underlying stock into which the securities may be converted.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Interest Rate Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Debt securities held by a fund may decline in value due to rising interest rates. Macroeconomic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">factors, such as inflationary trends, can heighten interest rate risk.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Credit Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">adverse impact on a fund’s earnings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Call Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – If interest rates fall, issuers of callable debt securities are more likely to prepay prior to the maturity date. A </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fund may not be able to reinvest the proceeds from the prepayment in investments that will generate the same level of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Extension Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – If interest rates rise, debt securities may be paid in full more slowly than anticipated. Periods of low </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">relative interest rates or inflationary trends may increase the risks associated with rising interest rates.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">When-Issued, Delayed Delivery Securities and Forward Commitments Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The purchase or sale of securities on a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">when issued basis or on a delayed delivery basis or through a forward commitment involves the purchase or sale of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities by the Fund at an established price with payment and delivery taking place in the future.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> When-issued and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">delayed delivery transactions subject a fund to market risk because the value or yield of a security at delivery may be more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or less than the purchase price or yield generally available when delivery occurs, and counterparty risk because the fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">relies on the buyer or seller, as the case may be, to consummate the transaction. These transactions also have a leveraging </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">effect on a fund because the fund commits to purchase securities that it does not have to pay for until a later date, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increases the fund’s overall investment exposure and, as a result, its volatility.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Security Quality Risk (also known as “High Yield Risk” or “Junk Bond Risk”)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> A fund may invest in high yield, high </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk debt securities, which may be subject to higher levels of credit and liquidity risk than higher quality debt securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Treasury Obligations Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Direct obligations of the U.S. Treasury have historically involved little risk of loss of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">during the period shareholders own shares of a fund. Because U.S. Treasury obligations trade actively outside the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">United States, their prices may rise and fall as changes in global economic conditions affect the demand for these </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities. In addition, changes in the credit rating or financial condition of the U.S. government may cause the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">U.S. Treasury Obligations to decline.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">U.S. Government Obligations Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain securities in which a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may invest, including securities issued by certain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government agencies and government sponsored enterprises, are not guaranteed by the U.S. Government or supported by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the full faith and credit of the United States. It is possible that issuers of U.S. government securities will not have the funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to meet their payment obligations in the future. No assurance can be given that the U.S. government will provide financial </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support to its agencies and authorities if it is not obligated by law to do so.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Financial Markets Regulatory Risk - </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Policy changes by the U.S. government or its regulatory agencies and other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental actions and political events within the U.S. and abroad may, among other things, affect investor and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may adversely impact a fund, including by adversely impacting the fund's operations, universe of potential investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options, and return potential.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Foreign Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">currency values, adverse political, social or economic developments, reduced liquidity, and differences in social and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">economic developments or policies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Sovereign Debt Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Currency Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in securities that trade in and receive revenues in foreign currencies creates risk because </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">foreign currencies may decline relative to the U.S. dollar, resulting in a potential loss to a fund. In the case of hedging </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">positions, the U.S. dollar may decline in value relative to the currency that has been hedged.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in derivative instruments involves risks that may be different from or greater than the risks </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">associated with investing directly in securities or other traditional investments. Derivatives are subject to a number of other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks, such as liquidity risk, interest rate risk, market risk, credit risk, counterparty risk, and selection risk. Derivatives also </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">invested.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Options Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – To the extent a fund uses options, it is exposed to additional volatility and potential losses. Writing call </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options exposes a fund to the risk that the underlying security may not move in the direction anticipated by the portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">manager, requiring the fund to buy or sell the security at a price that is disadvantageous to the fund.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Leveraging Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain underlying funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may engage in certain kinds of transactions, including the use of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">derivatives, that may give rise to a form of leverage. The use of leverage may require a fund to liquidate a portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">position at a disadvantageous time or may exaggerate the effect of any increase or decrease in the value of a fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Liquidity Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – An investment that is difficult to purchase or sell may have an adverse effect on a fund’s returns.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Mortgage-Related and Other Asset-Backed Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Investing in mortgage-related or other asset-backed </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities involves a variety of risks associated with the credit markets, such as rising or falling interest rates, increases in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the rate of defaults or prepayments, and the quality of the pool of mortgages (subprime risk) or other assets that backs the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">security.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Repurchase Agreements and Purchase and Sale Contracts Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – If the other party to a repurchase agreement or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">purchase and sale contract defaults on its obligation under the agreement, a fund may suffer delays and incur costs or lose </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">money in exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market value of the security declines, the fund may lose money.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Privately Placed, Rule 144A and Other Exempt Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain underlying funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may invest in privately </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">placed securities, which are subject to resale restrictions. The market for Rule 144A and other securities exempt from </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain registration requirements may be less active than the market for publicly-traded securities. Rule 144A and other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">exempt securities carry the risk that their liquidity may become impaired and a fund may be unable to dispose of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities at a desirable time or price.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Portfolio Turnover Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – Certain underlying funds may trade portfolio securities frequently, which could result in higher </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction costs and could adversely affect the fund’s performance.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold;">Collateralized Debt Obligations Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> – In addition to the typical risks associated with fixed-income securities and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset-backed securities, collateralized debt obligations, including CLOs, carry additional risks including, but not limited to: </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">statistical rating organization; (iii) a fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">characterization of proceeds; (v) the investment return achieved by a fund could be significantly different than those </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">sale” liquidation due to technical defaults such as coverage test failures; and (viii) the CDO’s manager may perform </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">poorly.</span></div> Performance Information <div style="margin-top: 2pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The following bar chart and table provide an indication of the risks of an investment in the Fund by showing changes in its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">performance from year to year and by showing how the Fund’s average annual returns for one year, five years and since its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">inception compare with those of a broad measure of market performance, the S&amp;P 500 Index. The Fund’s performance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">also is compared to the Bloomberg U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the returns of a broad index of investment-grade fixed-rate debt issues, and to the Moderate Composite Index, which shows </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">how the Fund’s performance compares with a composite index composed of the S&amp;P 500 Index (60%) and the Bloomberg </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">U.S. Aggregate Bond Index (40%) in proportions similar to the equity to fixed income allocation of the Fund.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Both the bar chart and the table assume reinvestment of dividends and distributions.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The performance of the Fund will vary from year to year. The Fund’s performance does not reflect the cost of insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and separate account charges which are imposed under your Contract. If they were included, performance would be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reduced. Past performance does not indicate how the Fund will perform in the future.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Prior to October 14, 2016, the Fund was managed pursuant to different investment strategies and known as the AZL MVP </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">T. Rowe Price Capital Appreciation Fund. Consequently, the performance information shown below for periods prior to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">October 14, 2016, reflects the Fund’s prior investment strategies and not its current investment strategies.</span></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;"><span style="color: #000000; font-family: arial narrow; font-size: 10pt; font-weight: bold;">Highest and Lowest Quarter Returns (for periods shown in the bar chart)</span><span style="color: #000000; font-family: arial narrow; font-size: 1pt; font-weight: bold;"> </span></div> <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 139pt; width: 216pt;"> <tr style="height: 9.5pt;"> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 181.34pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">Highest (Q1, 2019)</span></div> </div> </td> <td style="padding-bottom: 2.5pt; padding-top: 2.5pt; vertical-align: Top; width: 34.66pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt;">9.20%</span></div> </div> </td> </tr> <tr style="height: 11.5pt;"> <td style="padding-top: 2.5pt; vertical-align: Top; width: 181.34pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt; margin-left: 0.0pt;">Lowest (Q2, 2022)</span></div> </div> </td> <td style="padding-top: 2.5pt; vertical-align: Top; width: 34.66pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 10pt;">-9.67%</span></div> </div> </td> </tr> </table> Highest 2019-03-31 0.0920 Lowest 2022-06-30 -0.0967 Average Annual Total Returns  2014-01-10 2014-01-10 2014-01-10 2014-01-10 0.1736 0.0922 0.0810 0.2629 0.1569 0.1209 0.0553 0.0110 0.0174 0.1771 0.1009 0.0814 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. The Manager and the Fund have entered into a written agreement reducing the management fee to 0.10% through at least April 30, 2025, 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. Reflects no deduction for fees, expenses, or taxes. Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table. Reflects no deduction for fees, expenses, or taxes. Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table. Reflects no deduction for fees, expenses, or taxes. Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table. Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table. Reflects no deduction for fees, expenses, or taxes. Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table. 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.