ACQUIRED FUND	ACQUIRING FUND
VIP TRUST
AZL® DFA 5 Year Global Fixed Income Fund ● Shares	AZL® Enhanced Bond Index Fund ● Shares
AZL® Gateway Fund   ● Shares	AZL® Fidelity Institutional Asset Management® (“FIAM”) Multi-Strategy Fund ● Class 2 Shares
AZL® MetWest Total Return Bond Fund ● Shares	AZL® FIAM Total Bond Fund ● Class 2 Shares
AZL® MSCI Emerging Markets Equity Index Fund ● Class 1 Shares ● Class 2 Shares	AZL® International Index Fund ● Class 1 Shares ● Class 2 Shares
VIP FOF TRUST
AZL MVP FusionSM Balanced Fund ● Shares	AZL® MVP Balanced Index Strategy Fund ● Shares
AZL MVP FusionSM Conservative Fund ● Shares	AZL® MVP FIAM Multi-Strategy Fund ● Shares
AZL MVP FusionSM Moderate Fund ● Shares	AZL® MVP DFA Multi-Strategy Fund ● Shares

●

A comparison of the investment objectives, strategies, principal investment risks, fund operating expenses and investment performance between the Acquiring Fund and its corresponding Acquired Fund;

●

The expectation that each reorganization will result in lower overall expenses for shareholders of the Acquired Funds; and

●

The expectation that each reorganization will have no federal income tax consequences for contract owners.

ACQUIRED FUND	ACQUIRING FUND
Allianz Variable Insurance Products Trust (“VIP Trust”)
AZL® DFA 5 Year Global Fixed Income Fund ● Shares	AZL® Enhanced Bond Index Fund ● Shares
AZL® Gateway Fund   ● Shares	AZL® Fidelity Institutional Asset Management® (“FIAM”) Multi-Strategy Fund ● Class 2 Shares
AZL® MetWest Total Return Bond Fund ● Shares	AZL® FIAM Total Bond Fund ● Class 2 Shares
AZL® MSCI Emerging Markets Equity Index Fund ● Class 1 Shares ● Class 2 Shares	AZL® International Index Fund ● Class 1 Shares ● Class 2 Shares
Allianz Variable Insurance Products Fund Of Funds Trust (“VIP FoF Trust”)
AZL MVP FusionSM Balanced Fund ● Shares	AZL® MVP Balanced Index Strategy Fund ● Shares
AZL MVP FusionSM Conservative Fund ● Shares	AZL® MVP FIAM Multi-Strategy Fund ● Shares
AZL MVP FusionSM Moderate Fund ● Shares	AZL® MVP DFA Multi-Strategy Fund ● Shares

•

AZL DFA Five-Year Global Fixed Income Fund into AZL Enhanced Bond Index Fund.  This Reorganization is being recommended due to performance concerns.

•

AZL Gateway Fund into AZL FIAM Multi-Strategy Fund.  This Reorganization is being recommended due to performance concerns, low and declining assets and recent portfolio manager changes at the sub-adviser to the Acquired Fund.

•

AZL MetWest Total Return Bond Fund into AZL FIAM Total Bond Fund.  This Reorganization is being recommended due to performance concerns and recent portfolio manager changes at the sub-adviser to the Acquired Fund.

•

AZL MSCI Emerging Markets Equity Index Fund into AZL International Index Fund.  This Reorganization is being recommended due to concerns with low and declining assets.

•

AZL MVP Fusion Conservative Fund into AZL MVP FIAM Multi-Strategy Fund.  This Reorganization is being recommended due to concerns with performance and a desire to reduce exposure to active strategies as a result of the proposed Reorganizations of certain underlying Funds.

•

AZL MVP Fusion Moderate Fund into AZL MVP DFA Multi-Strategy Fund.  This Reorganization is being recommended due to concerns with performance and a desire to reduce exposure to active strategies as a result of the proposed Reorganizations of certain underlying Funds.

Fund	Total Annual Fund Operating Expenses	Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement
AZL DFA 5 Year Global Fixed Income Fund (Acquired Fund)	0.89%	0.79% (1)

Fund	Total Annual Fund Operating Expenses	Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement
AZL Enhanced Bond Index Fund (Acquiring Fund Pro Forma Combined)	0.64%	0.64%
AZL Gateway Fund (Acquired Fund)	1.10%	1.10%
AZL FIAM Multi-Strategy Fund (Acquiring Fund Pro Forma Combined)	0.72%	0.71%(2)
AZL MetWest Total Return Bond Fund (Acquired Fund)	0.90%	0.80%(1)
AZL FIAM Total Bond Fund (Acquiring Fund Pro Forma Combined)	0.80%	0.79%(1)
AZL MSCI Emerging Markets Equity Index Fund (Acquired Fund)
Class 1 Shares	0.98%	0.58%(1)
Class 2 Shares	1.23%	0.83%(1)
AZL International Index Fund (Acquiring Fund Pro Forma Combined Fund)
Class 1 Shares	0.43%	0.43%
Class 2 Shares	0.68%	0.68%
AZL MVP Fusion Balanced Fund (Acquired Fund)	0.95%	0.90%(1)
AZL MVP Balanced Index Strategy Fund (Acquiring Fund Pro Forma Combined Fund)	0.71%	0.71%
AZL MVP Fusion Conservative Fund (Acquired Fund)	0.96%	0.91%(1)
AZL MVP FIAM Multi-Strategy Fund (Acquiring Fund Pro Forma Combined Fund)	0.83%	0.83%
AZL MVP Fusion Moderate Fund (Acquired Fund)	0.94%	0.89%(1)
AZL MVP DFA Multi-Strategy Fund (Acquiring Fund Pro Forma Combined Fund)	0.96%	0.86%(1)(2)

ACQUIRED FUND	ESTIMATED COSTS OF THE REORGANIZATION
AZL DFA 5 Year Global Fixed Income Fund	$244,097
AZL Gateway Fund	$65,076
AZL MetWest Total Return Bond Fund	$70,241
AZL MSCI Emerging Markets Equity Index Fund	$337,000
AZL MVP Fusion Balanced Fund	$153,350
AZL MVP Fusion Conservative Fund	$94,277
AZL MVP Fusion Moderate Fund	$309,304

ACQUIRED FUND	ACQUIRING FUND
Allianz Variable Insurance Products Trust (“VIP Trust”)
AZL® DFA 5 Year Global Fixed Income Fund ● Shares	AZL® Enhanced Bond Index Fund ● Shares
AZL® Gateway Fund   ● Shares	AZL® Fidelity Institutional Asset Management® (“FIAM”) Multi-Strategy Fund ● Class 2 Shares
AZL® MetWest Total Return Bond Fund ● Shares	AZL® FIAM Total Bond Fund ● Class 2 Shares
AZL® MSCI Emerging Markets Equity Index Fund ● Class 1 Shares ● Class 2 Shares	AZL® International Index Fund ● Class 1 Shares ● Class 2 Shares
Allianz Variable Insurance Products Fund Of Funds Trust (“VIP FoF Trust”)
AZL MVP FusionSM Balanced Fund ● Shares	AZL® MVP Balanced Index Strategy Fund ● Shares
AZL MVP FusionSM Conservative Fund ● Shares	AZL® MVP FIAM Multi-Strategy Fund ● Shares
AZL MVP FusionSM Moderate Fund ● Shares	AZL® MVP DFA Multi-Strategy Fund ● Shares

VIP Trust Acquired Fund	Acquiring Fund
AZL DFA 5 Year Global Fixed Income Fund: The Fund seeks to provide a market rate of return for a fixed income portfolio with low relative volatility of returns, and seeks to focus the eligible universe on securities with relatively less expected upward or downward movement in market value.	AZL Enhanced Bond Index Fund: The Fund seeks to exceed the total return of the Bloomberg U.S. Aggregate Bond Index.

VIP Trust Acquired Fund	Acquiring Fund
AZL Gateway Fund: The Fund seeks to capture the majority of the returns associated with equity market investments, while exposing investors to less risk than other equity investments.	AZL FIAM Multi-Strategy Fund: The Fund seeks a high level of current income while maintaining prospects for capital appreciation.
AZL MetWest Total Return Bond Fund: The Fund seeks to maximize long-term total return.	AZL FIAM Total Bond Fund: The Fund seeks a high level of current income.
AZL MSCI Emerging Markets Equity Index Fund: The Fund seeks to match the performance of the MSCI Emerging Markets Index as closely as possible.	AZL International Index Fund: The Fund seeks to match the performance of the MSCI EAFE® Index as closely as possible.
VIP FoF Trust Acquired Fund	Acquiring Fund
AZL MVP Fusion Balanced Fund: The Fund seeks long-term capital appreciation with preservation of capital as an important consideration.	AZL MVP Balanced Index Strategy Fund: The Fund seeks long-term capital appreciation with preservation of capital as an important consideration.
AZL MVP Fusion Conservative Fund: The Fund seeks long-term capital appreciation with preservation of capital as an important consideration.	AZL MVP FIAM Multi-Strategy Fund: The Fund seeks a high level of current income while maintaining prospects for capital appreciation.
AZL MVP Fusion Moderate Fund: The Fund seeks long-term capital appreciation.	AZL MVP DFA Multi-Strategy Fund: The Fund seeks long-term capital appreciation.

SUMMARY	1
HOW THE REORGANIZATION WILL WORK	1
TAX CONSEQUENCES	2
SUMMARY COMPARISON OF THE ACQUIRED FUNDS AND THE ACQUIRING    FUNDS	3
SUMMARY COMPARISON OF INVESTMENT OBJECTIVES	3
SUMMARY COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES	4
SUMMARY COMPARISON OF FUNDAMENTAL INVESTMENT RESTRICTIONS	7
SUMMARY COMPARISON OF PRINCIPAL RISKS	7
FEES & EXPENSES	9
PERFORMANCE INFORMATION	16
COMPARISON OF PRINCIPAL RISKS	31
COMPARISON OF PRINCIPAL INVESTMENT STRATEGIES	53
THE REORGANIZATION	77
TERMS OF THE REORGANIZATION	77
CONDITIONS TO CLOSING THE REORGANIZATION	77
TERMINATION OF THE PLAN	78
TAX STATUS OF THE REORGANIZATION	78
CERTAIN TAX CONSEQUENCES	79
REASONS FOR THE PROPOSED REORGANIZATION AND BOARD DELIBERATIONS	79
ADDITIONAL INFORMATION ABOUT THE FUNDS	85
OVERVIEW	85
THE MANAGER AND SUBADVISERS	85
THE ADMINISTRATOR	97
PAYMENTS TO AFFILIATED INSURANCE COMPANIES	98
THE DISTRIBUTOR	98
THE CUSTODIAN	98
TAX INFORMATION	98
FINANCIAL INTERMEDIARY COMPENSATION	99
SHAREHOLDER INFORMATION	99
PRICING OF FUND SHARES	99

PURCHASE AND REDEMPTION OF SHARES	100
MARKET TIMING	101
DISTRIBUTION (12B-1) FEES	102
DIVIDENDS, DISTRIBUTIONS, AND TAXES	102
LICENSING ARRANGEMENTS	103
THE COMMODITY EXCHANGE ACT	104
CAPITALIZATION, OWNERSHIP OF FUND SHARES AND OTHER FUND INFORMATION	104
CAPITALIZATION	104
OWNERSHIP OF FUND SHARES	107
FINANCIAL HIGHLIGHTS	109
EXHIBIT A - Form of Agreement and Plan of Reorganization	A-1
EXHIBIT B – Principal Risks of the Acquired Funds and the Acquiring Funds	B-1

ACQUIRED FUND	ACQUIRING FUND
VIP TRUST
AZL® DFA 5 Year Global Fixed Income Fund ● Shares	AZL® Enhanced Bond Index Fund ● Shares
AZL® Gateway Fund   ● Shares	AZL® Fidelity Institutional Asset Management® (“FIAM”) Multi-Strategy Fund ● Class 2 Shares
AZL® MetWest Total Return Bond Fund ● Shares	AZL® FIAM Total Bond Fund ● Class 2 Shares
AZL® MSCI Emerging Markets Equity Index Fund ● Class 1 Shares ● Class 2 Shares	AZL® International Index Fund   ● Class 1 Shares ● Class 2 Shares
VIP FOF TRUST
AZL MVP FusionSM Balanced Fund ● Shares	AZL® MVP Balanced Index Strategy Fund ● Shares
AZL MVP FusionSM Conservative Fund ● Shares	AZL® MVP FIAM Multi-Strategy Fund ● Shares
AZL MVP FusionSM Moderate Fund ● Shares	AZL® MVP DFA Multi-Strategy Fund ● Shares

VIP Trust Acquired Fund	Acquiring Fund
AZL DFA 5 Year Global Fixed Income Fund: The Fund seeks to provide a market rate of return for a fixed income portfolio with low relative volatility of returns, and seeks to focus the eligible universe on securities with relatively less expected upward or downward movement in market value.	AZL Enhanced Bond Index Fund: The Fund seeks to exceed the total return of the Bloomberg U.S. Aggregate Bond Index.
AZL Gateway Fund: The Fund seeks to capture the majority of the returns associated with equity market investments, while exposing investors to less risk than other equity investments.	AZL FIAM Multi-Strategy Fund: The Fund seeks a high level of current income while maintaining prospects for capital appreciation.
AZL MetWest Total Return Bond Fund: The Fund seeks to maximize long-term total return.	AZL FIAM Total Bond Fund: The Fund seeks a high level of current income.
AZL MSCI Emerging Markets Equity Index Fund: The Fund seeks to match the performance of the MSCI Emerging Markets Index as closely as possible.	AZL International Index Fund: The Fund seeks to match the performance of the MSCI EAFE® Index as closely as possible.
VIP FoF Trust Acquired Fund	Acquiring Fund
AZL MVP Fusion Balanced Fund: The Fund seeks long-term capital appreciation with preservation of capital as an important consideration.	AZL MVP Balanced Index Strategy Fund: The Fund seeks long-term capital appreciation with preservation of capital as an important consideration.

VIP FoF Trust Acquired Fund	Acquiring Fund
AZL MVP Fusion Conservative Fund: The Fund seeks long-term capital appreciation with preservation of capital as an important consideration.	AZL MVP FIAM Multi-Strategy Fund: The Fund seeks a high level of current income while maintaining prospects for capital appreciation.
AZL MVP Fusion Moderate Fund: The Fund seeks long-term capital appreciation.	AZL MVP DFA Multi-Strategy Fund: The Fund seeks long-term capital appreciation.

Comparison of Principal Investment Strategies of AZL DFA 5 Year Global Fixed Income Fund (Acquired Fund) and AZL Enhanced Bond Index Fund (Acquiring Fund): •Both Funds invest in investment grade debt securities with the Acquired Fund, but not the Acquiring Fund, investing in a universe of U.S. and foreign debt securities maturing in five years or less from the date of settlement. •The Acquired Fund, unlike the Acquiring Fund, intends to invest its assets to gain exposure to issuers of at least three different countries, one of which may be the United States. •The Acquired Fund primarily invests in obligations issued or guaranteed by the U.S. and foreign governments, their agencies and instrumentalities, corporate debt obligations, bank obligations, commercial paper, repurchase agreements, obligations of other domestic and foreign issuers, securities of domestic or foreign issuers denominated in U.S. dollars but not trading in the United States, and obligations of supranational organizations. •The Acquiring Fund invests in a combination of securities with an overall weighting close to the capitalization weights of the Bloomberg U.S. Aggregate Bond Index, a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market and includes Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency). The Acquired Fund does not invest in a manner that uses an index to guide its investments. •The Acquired Fund is authorized to invest more than 25% of its total assets in U.S Treasury bonds, bills and notes and obligations of federal agencies and instrumentalities. •The Acquired Fund invests in foreign debt securities and the Acquiring Fund may invest in non-dollar denominated securities.

Comparison of Principal Investment Strategies of AZL Gateway Fund (Acquired Fund) and AZL FIAM Multi-Strategy Fund (Acquiring Fund): •Both the Acquired Fund and the Acquiring Fund feature an equity allocation and while the Acquired Fund does not have a fixed income allocation, the Acquired Fund generates income through its options strategy. •The Acquired Fund invests in a diversified portfolio of common stock and index call and put options.  The Acquired Fund also buys index put options, which can protect the Acquired Fund from a significant market decline that may occur over a short period of time. The combination of the diversified stock portfolio, the cash flow from the sale of index call options and downside protection from index put options is intended to provide the Acquired Fund with the majority of the returns associated with equity market investments while exposing investors to less risk than other equity investments. •In contrast, the Acquiring Fund invests in a combination of a fixed-income strategy and an equity strategy. Approximately 60% of the Acquiring Fund’s assets will be allocated to a fixed-income strategy, and under normal market conditions, at least 80% of those assets will be invested in debt securities of all types and repurchase agreements for those securities (the “Fixed-Income Strategy”). Approximately 40% of the Acquiring Fund’s assets will be allocated to an equity strategy and invested primarily in large cap common stocks (the “Equity Strategy”). Under the Equity Strategy, the Acquiring Fund also invests at least 80% of assets allocated to the Equity Strategy in common stocks included in the S&P 500® Index. •The Acquiring Fund uses the Bloomberg U.S. Aggregate Bond Index as a guide in structuring its Fixed-Income Strategy, while the Acquired Fund is not managed with a guide index.

Comparison of Principal Investment Strategies of AZL MetWest Total Return Bond Fund (Acquired Fund) and AZL FIAM Total Bond Fund (Acquiring Fund): •Both the Acquired Fund and the Acquiring Fund invest in debt securities with the Acquired Fund investing at least 80% of its assets in investment grade fixed income securities, or unrated securities that are determined by the Subadviser to be of similar quality, while the Acquiring Fund invests at least 80% of its assets in debt securities of all types and repurchase agreements for those securities. •Both Funds may invest up to 20% of their assets in lower quality debt securities or “junk bonds.” •The Subadviser for the Acquiring Fund uses the Bloomberg U.S. Aggregate Bond Index (which measures the investment grade, US dollar-denominated, fixed-rate taxable bond market) as a guide in structuring the Acquiring Fund and selecting its investments and manages the Acquiring Fund to have similar overall interest rate risk to the index. The Subadviser of the Acquired Fund does not use an index to guide its investments. •The Acquired Fund may sell short up to 25% of the value of its total assets while the Acquiring Fund does not use a similar strategy. •Both Funds may invest in derivatives. However, while the Acquiring Fund may invest in derivatives significantly to gain exposure to assets, instruments, or indexes, interest rates or credit qualities, the Acquired Fund will use derivatives in an effort to hedge investments, for risk management, or to increase income or gains for the Fund.

Comparison of Principal Investment Strategies of AZL MSCI Emerging Markets Equity Index Fund (Acquired Fund) and AZL International Index Fund (Acquiring Fund): •Both the Acquired Fund and the Acquiring Fund feature a passive equity strategy that focuses on international equity securities, but the Acquired Fund focuses more on emerging international markets whereas the Acquiring Fund focuses on developed international markets. •The Acquired Fund is passively managed and invests at least 90% of its assets in securities that comprise the MSCI Emerging Markets Index, an index focused on equity securities issued by issuers in emerging markets and depository receipts representing securities in such index. •The Acquiring Fund is also passively managed and invests at least 80% the value of its net assets in a statistically selected sampling of equity securities of companies included in the MSCI EAFE Index and in derivative instruments linked to the index. The MSCI EAFE Index is composed of common stocks of companies from various economic sectors whose primary trading markets are located in developed market countries excluding the United States and Canada.  Both Funds use a representative sampling strategy to invest in its index.

Comparison of Principal Investment Strategies of AZL MVP Fusion Balanced Fund (Acquired Fund) and AZL MVP Balanced Index Strategy Fund (Acquiring Fund): •Both the Acquired Fund and the Acquiring Fund are asset allocation fund of funds. •The Acquired Fund invests primarily in shares of other mutual funds. The Acquiring Fund primarily invests in a combination of five index funds with specific target allocations for how assets will be invested in the underlying funds. •The Acquired Fund will allocate 95% of its assets to its underlying funds, which will be allocated approximately 50% to equity funds and 50% to fixed income funds. The Acquiring Fund will allocate 95% of its assets to its underlying funds, which will be allocated approximately 50% to the underlying equity index funds and approximately 50% to the underlying bond index fund. •Both the Acquired Fund and Acquiring Fund will allocate approximately 5% of its assets to the MVP risk management process which invests in equity and/or fixed income futures to seek to reduce volatility.

Comparison of Principal Investment Strategies of AZL MVP Fusion Conservative Fund (Acquired Fund) and AZL MVP FIAM Multi-Strategy Fund (Acquiring Fund): •Both the Acquired Fund and the Acquiring Fund are asset allocation fund of funds. •The Acquired Fund invests primarily in shares of other mutual funds. The Acquired Fund will allocate 95% of its assets to its underlying funds, which will be allocated approximately 35% to equity funds and 65% to fixed income funds. •The Acquiring Fund invests 95% of its assets in an underlying fund. Approximately 60% of the underlying fund’s assets will be invested primarily in investment-grade debt securities (the “Fixed-Income Strategy”), and approximately 40% of the underlying fund’s assets will be invested primarily in large cap common stocks (the “Equity Strategy”). The Equity Strategy will invest at least 80% of the strategy’s assets in common stocks included in the S&P 500® Index. •Both the Acquired Fund and the Acquiring Fund will allocate approximately 5% of its assets to the MVP risk management process which invests in equity and/or fixed income futures to seek to reduce volatility.

Comparison of Principal Investment Strategies of AZL MVP Fusion Moderate Fund (Acquired Fund) and AZL MVP DFA Multi-Strategy Fund (Acquiring Fund): •Both the Acquired Fund and the Acquiring Fund are asset allocation fund of funds. •The Acquired Fund invests primarily in shares of other mutual funds. The Acquiring Fund primarily invests in a combination of four funds with specific allocations on how assets will be invested in the underlying funds. •The Acquired Fund will allocate 95% of its assets to its underlying funds, which will be allocated approximately 60% to equity funds and 40% to fixed income funds. •The Acquiring Fund will allocate 95% of its assets to its underlying funds, which will be allocated approximately 60% to the underlying equity funds and approximately 40% of to the underlying bond fund. •Both the Acquired Fund and the Acquiring Fund will allocate approximately 5% of its assets to the MVP risk management process which invests in equity and/or fixed income futures.

	AZL DFA 5 Year Global Fixed Income Fund (Acquired Fund)	AZL Enhanced Bond Index Fund (Acquiring Fund)	Pro Forma Combined Fund
	Shares	Shares	Shares
Management Fee	0.60%	0.35%	0.35%
Distribution (12b-1) Fees	0.25%	0.25%	0.25%
Other Expenses	0.04%	0.04%	0.04%
Total Annual Fund Operating Expenses	0.89%	0.64%	0.64%
Fee Waiver	-0.10% (1)	None	None
Total Annual Fund Operating Expenses After Fee Waiver	0.79% (1)	0.64%	0.64%

	AZL Gateway Fund (Acquired Fund)	AZL FIAM Multi-Strategy Fund (Acquiring Fund)	Pro Forma Combined Fund
	Shares	Class 2 Shares	Class 2 Shares
Management Fee	0.80%	0.43%(1)	0.43%
Distribution (12b-1) Fees	0.25%	0.25%	0.25%
Other Expenses	0.05%	0.04%	0.04%
Total Annual Fund Operating Expenses	1.10%	0.72%	0.72%

Expense Reimbursement	None	-0.01%(2)	-0.01%(2)
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement	1.10%	0.71%(2)	0.71%(2)

	AZL MetWest Total Return Bond Fund (Acquired Fund)	AZL FIAM Total Bond Fund (Acquiring Fund)	Pro Forma Combined Fund
	Shares	Class 2 Shares	Class 2 Shares
Management Fee	0.60%	0.50%	0.50%
Distribution (12b-1) Fees	0.25%	0.25%	0.25%
Other Expenses	0.05%	0.06%	0.05%
Total Annual Fund Operating Expenses	0.90%	0.81%	0.80%
Fee Waiver	-0.10%(1)	None	-0.01%(2)
Total Annual Fund Operating Expenses After Fee Waiver	0.80%(1)	0.81%	0.79%(2)

	AZL MSCI Emerging Markets Equity Index Fund (Acquired Fund)		AZL International Index Fund (Acquiring Fund)		Pro Forma Combined Fund
	Class 1 Shares	Class 2 Shares	Class 1 Shares	Class 2 Shares	Class 1 Shares	Class 2 Shares
Management Fee	0.85%	0.85%	0.35%	0.35%	0.35%	0.35%
Distribution (12b-1) Fees	0.00%	0.25%	0.00%	0.25%	0.00%	0.25%
Other Expenses	0.13%	0.13%	0.08%	0.08%	0.08%	0.08%
Total Annual Fund Operating Expenses	0.98%	1.23%	0.43%	0.68%	0.43%	0.68%
Fee Waiver	-0.40%(1)	-0.40%(1)	None	None	None	None
Total Annual Fund Operating Expenses After Fee Waiver	0.58%(1)	0.83%(1)	0.43%	0.68%	0.43%	0.68%

	AZL MVP Fusion Balanced Fund (Acquired Fund)	AZL MVP Balanced Index Strategy Fund (Acquiring Fund)	Pro Forma Combined Fund
	Shares	Shares	Shares
Management Fee	0.20%	0.10%	0.10%
Other Expenses	0.03%	0.04%	0.03%
Acquired Fund Fees and Expenses(1)	0.72%(1)	0.58%(1)	0.58%(1)
Total Annual Fund Operating Expenses	0.95%	0.72%	0.71%
Fee Waiver	-0.05%(2)	None	None
Total Annual Fund Operating Expenses After Fee Waiver	0.90%(2)	0.72%	0.71%

	AZL MVP Fusion Conservative Fund (Acquired Fund)	AZL MVP FIAM Multi-Strategy Fund (Acquiring Fund)	Pro Forma Combined Fund
	Shares	Shares	Shares
Management Fee	0.20%	0.10%	0.10%
Other Expenses	0.05%	0.05%	0.05%
Acquired Fund Fees and Expenses	0.71%(1)	0.68%(1)	0.68%(1)
Total Annual Fund Operating Expenses	0.96%	0.83%	0.83%
Fee Waiver	-0.05%(2)	None	None
Total Annual Fund Operating Expenses After Fee Waiver	0.91%(2)	0.83%	0.83%

	AZL MVP Fusion Moderate Fund (Acquired Fund)	AZL MVP DFA Multi-Strategy Fund (Acquiring Fund)	Pro Forma Combined Fund
	Shares	Shares	Shares
Management Fee	0.20%	0.20%	0.20%
Other Expenses	0.02%	0.09%	0.02%
Acquired Fund Fees and Expenses	0.72%(1)	0.84%(1)	0.74%(1)
Total Annual Fund Operating Expenses	0.94%	1.13%	0.96%
Fee Waiver and Expense Reimbursement	-0.05%(2)	-0.14%(3)(4)	-0.10%(3)(4)
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement	0.89%(2)	0.99%(3)(4)	0.86%(3)(4)

Fund	1 Year	3 Years	5 Years	10 Years
AZL DFA 5 Year Global Fixed Income Fund (Acquired Fund) Shares	$81	$274	$483	$1,087
AZL Enhanced Bond Index (Acquiring Fund) Shares	$65	$205	$357	$798
Pro Forma Combined Fund Shares	$65	$205	$357	$798
AZL Gateway Fund (Acquired Fund) Shares	$112	$350	$606	$1,340
AZL FIAM Multi-Strategy Fund (Acquiring Fund) Class 2 Shares	$73	$229	$400	$894
Pro Forma Combined Fund Class 2 Shares	$73	$229	$400	$894
AZL MetWest Total Return Bond Fund (Acquired Fund) Shares	$82	$277	$489	$1,099
AZL FIAM Total Bond Fund, (Acquiring Fund) Class 2 Shares	$83	$259	$450	$1,002
Pro Forma Combined Fund Class 2 Shares	$81	$254	$443	$989
AZL MSCI Emerging Markets Equity Index Fund, (Acquired Fund) Class 1 Shares	$59	$272	$503	$1,165
AZL MSCI Emerging Markets Equity Index Fund (Acquired Fund), Class 2 Shares	$85	$351	$637	$1,453
AZL International Index Fund Acquiring Fund), Class 1 Shares	$44	$138	$241	$542
AZL International Index Fund (Acquiring Fund), Class 2 Shares	$69	$218	$379	$847
Pro Forma Combined Fund, Class 1 Shares	$44	$138	$241	$542
Pro Forma Combined Fund, Class 2 Shares	$69	$218	$379	$847
AZL MVP Fusion Balanced Fund (Acquired Fund) Shares	$92	$298	$521	$1,162
AZL MVP Balanced Index Strategy Fund (Acquiring Fund) Shares	$74	$230	$401	$894
Pro Forma Combined Fund Shares	$73	$227	$395	$883
AZL MVP Fusion Conservative Fund (Acquired Fund) Shares	$93	$301	$526	$1,173
AZL MVP FIAM Multi-Strategy Fund (Acquiring Fund) Shares	$85	$265	$460	$1,025
Pro Forma Combined Fund	$85	$265	$460	$1,025
AZL MVP Fusion Moderate Fund (Acquired Fund) Shares	$91	$295	$515	$1,150
AZL MVP DFA Multi-Strategy Fund (Acquiring Fund) Shares	$101	$345	$609	$1,362
Pro Forma Combined Fund Shares	$88	$296	$521	$1,169

Fund	Portfolio Turnover Rate
AZL DFA 5 Year Global Fixed Income Fund (Acquired Fund)	122%
AZL Enhanced Bond Index (Acquiring Fund)	137%
AZL Gateway Fund (Acquired Fund)	11%
AZL FIAM Multi-Strategy Fund (Acquiring Fund)	115%
AZL MetWest Total Return Bond Fund Acquired Fund (Acquired Fund)	258%
AZL FIAM Total Bond Fund (Acquiring Fund)	76%
AZL MSCI Emerging Markets Equity Index Fund (Acquired Fund)	7%
AZL International Index Fund (Acquiring Fund)	14%
AZL MVP Fusion Balanced Fund (Acquired Fund)	9%
AZL MVP Balanced Index Strategy Fund (Acquiring Fund)	10%
AZL MVP Fusion Conservative Fund (Acquired Fund)	15%
AZL MVP FIAM Multi-Strategy Fund (Acquiring Fund)	3%
AZL MVP Fusion Moderate Fund (Acquired Fund)	10%
AZL MVP DFA Multi-Strategy Fund (Acquiring Fund)	13%

Highest (Q1, 2016)	2.22%
Lowest (Q4, 2016)	-1.78%

	One Year Ended September 30, 2022	Five Years Ended September 30, 2022	Since Inception (04/27/2015)
AZL DFA Five-Year Global Fixed Income Fund	-8.64%	-0.91%	-0.32%
FTSE World Government Bond Index, 1-5 Years, Currency-Hedged in USD Terms*	-5.53%	0.63%	0.80%

Highest (Q2, 2020)	3.85%
Lowest (Q1, 2021)	-3.57%

	One Year Ended September 30, 2022	Five Years Ended September 30, 2022	Ten Years Ended September 30, 2022
AZL Enhanced Bond Index Fund	-15.46%	-0.73%	0.45%
Bloomberg U.S. Aggregate Bond Index*	-14.60%	-0.27%	0.89%

*	Reflects no deduction for fees, expenses, or taxes.

Highest (Q2, 2020)	7.87%
Lowest (Q1, 2020)	-9.52%

	One Year Ended September 30, 2022	Five Years Ended September 30, 2022	Ten Years Ended September 30, 2022
AZL Gateway Fund	-12.41%	1.51%	3.22%
S&P 500 Index*	-15.47%	9.24%	11.70%

*	Reflects no deduction for fees, expenses, or taxes.

Highest (Q2, 2020)	11.91%
Lowest (Q1, 2020)	-8.85%

	One Year Ended September 30, 2022	Five Years Ended September 30, 2022	Ten Years Ended September 30, 2022
AZL FIAM Multi-Strategy Fund (Class 2)	-14.42%	4.25%	5.19%
S&P 500 Index*	-15.47%	9.24%	11.70%
Bloomberg U.S. Aggregate Bond Index*	-14.60%	-0.27%	0.89%
Income and Growth Composite Index*	-14.67%	3.92%	5.40%

*	Reflects no deduction for fees, expenses, or taxes.

Highest (Q2, 2020)	4.00%
Lowest (Q1, 2021)	-2.92%

	One Year Ended September 30, 2022	Five Years Ended September 30, 2022	Since Inception (11/17/2014)
AZL MetWest Total Return Bond Fund	-16.47%	-0.55%	0.36%
Bloomberg U.S. Aggregate Bond Index*	-14.60%	-0.27%	0.73%

*	Reflects no deduction for fees, expenses, or taxes.

Highest (Q2, 2020)	6.93%
Lowest (Q4, 2016)	-2.80%

	One Year Ended September 30, 2022	Five Years Ended September 30, 2022	Ten Years Ended September 30, 2022
AZL FIAM Total Bond Fund (Class 2)	-15.19%	0.18%	1.28%
Bloomberg U.S. Aggregate Bond Index*	-14.60%	-0.27%	0.89%

*	Reflects no deduction for fees, expenses, or taxes.

Highest (Q4, 2020)	18.88%
Lowest (Q1, 2020)	-24.20%

	One Year Ended September 30, 2022	Five Years Ended September 30, 2022	Ten Years Ended September 30, 2022
AZL MSCI Emerging Markets Equity Index Fund (Class 1)	-28.53%	-2.74%	0.64%
AZL MSCI Emerging Markets Equity Index Fund (Class 2)	-28.76%	-2.98%	0.38%
MSCI Emerging Markets Index*	-27.80%	-1.44%	1.42%

*	Reflects no deduction for fees, expenses, or taxes.

Highest (Q4, 2020)	15.89%
Lowest (Q1, 2020)	-22.87%

	One Year Ended September 30, 2022	Five Years Ended September 30, 2022	Ten Years Ended September 30, 2022	Since Inception (10/14/2016)
AZL International Index Fund (Class 1)	-25.38%	-1.20%	N/A	2.27%
AZL International Index Fund (Class 2)	-25.56%	-1.45%	3.06%	N/A
MSCI EAFE Index*	-24.75%	-0.36%	4.15%	3.12%

*	Reflects no deduction for fees, expenses, or taxes.

Highest (Q4, 2020)	9.02%
Lowest (Q1, 2020)	-12.01%

	One Year Ended September 30, 2022	Five Years Ended September 30, 2022	Ten Years Ended September 30, 2022
AZL MVP Fusion Balanced Fund	-16.30%	0.66%	3.35%
S&P 500 Index*	-15.47%	9.24%	11.70%
Bloomberg U.S. Aggregate Bond Index*	-14.60%	-0.27%	0.89%
Balanced Composite Index*	-14.75%	4.90%	6.49%

*	Reflects no deduction for fees, expenses, or taxes.

Highest (Q4, 2020)	8.48%
Lowest (Q1, 2020)	-9.78%

	One Year Ended September 30, 2022	Five Years Ended September 30, 2022	Ten Years Ended September 30, 2022
AZL MVP Balanced Index Strategy Fund	-15.62%	1.71%	4.23%
S&P 500 Index*	-15.47%	9.24%	11.70%
Bloomberg U.S. Aggregate Bond Index*	-14.60%	-0.27%	0.89%
Balanced Composite Index*	-14.75%	4.90%	6.49%

*	Reflects no deduction for fees, expenses, or taxes.

Highest (Q4, 2020)	6.66%
Lowest (Q1, 2020)	-8.70%

	One Year Ended September 30, 2022	Five Years Ended September 30, 2022	Ten Years Ended September 30, 2022
AZL MVP Fusion Conservative Fund	-15.33%	0.50%	2.77%
S&P 500 Index*	-15.47%	9.24%	11.70%
Bloomberg U.S. Aggregate Bond Index*	-14.60%	-0.27%	0.89%
Conservative Composite Index*	-14.64%	3.42%	4.85%

*	Reflects no deduction for fees, expenses, or taxes.

Highest (Q1, 2019)	6.54%
Lowest (Q3, 2015)	-7.81%

	One Year Ended September 30, 2022	Five Years Ended September 30, 2022	Ten Years Ended September 30, 2022
AZL MVP FIAM Multi-Strategy Fund	-12.56%	3.19%	3.94%
S&P 500 Index*	-15.47%	9.24%	11.70%
Bloomberg U.S. Aggregate Bond Index*	-14.60%	-0.27%	0.89%
Income & Growth Composite Index*	-14.67%	3.92%	5.40%

*	Reflects no deduction for fees, expenses, or taxes.

Highest (Q4, 2020)	10.58%
Lowest (Q1, 2020)	-13.71%

	One Year Ended September 30, 2022	Five Years Ended September 30, 2022	Ten Years Ended September 30, 2022
AZL MVP Fusion Moderate Fund	-17.06%	0.99%	3.82%
S&P 500 Index*	-15.47%	9.24%	11.70%
Bloomberg U.S. Aggregate Bond Index*	-14.60%	-0.27%	0.89%
Moderate Composite Index*	-14.84%	5.84%	7.57%

*	Reflects no deduction for fees, expenses, or taxes.

Highest (Q4, 2020)	10.97%
Lowest (Q1, 2020)	-13.30%

	One Year Ended September 30, 2022	Five Years Ended September 30, 2022	Since Inception (04/27/2015)
MVP DFA Multi-Strategy Fund	-13.22%	2.07%	3.03%
S&P 500 Index*	-15.47%	9.24%	9.46%
Bloomberg U.S. Aggregate Bond Index*	-14.60%	-0.27%	0.42%
Moderate Composite Index*	-14.84%	5.84%	6.13%

*	Reflects no deduction for fees, expenses, or taxes.

Principal Risk	AZL DFA 5-Year Global Fixed Income Fund (Acquired Fund)	AZL Enhanced Bond Index Fund (Acquiring Fund)
Market Risk	X	X
Issuer Risk	X	X
Selection Risk	X	X
Sovereign Debt Risk	X	X
Foreign Securities Risk	X	X
Currency Risk	X	X
Treasury Obligations Risk	X	X
U.S. Government Obligations Risk	X	X
Repurchase Agreements and Purchase and Sale Contracts Risk	X	X
Derivatives Risk	X	X
Futures Risk	X
Credit Risk	X	X
Liquidity Risk	X	X
Interest Rate Risk	X	X
Extension Risk	X	X
Income Risk	X	X
Call Risk	X	X
Portfolio Turnover Risk	X	X
Mortgage-Related and Other Asset-Backed Securities Risk		X
Leveraging Risk		X
Emerging Markets Risk		X
Privately Placed Securities Risk		X
Collateralized Debt Obligations Risk		X
LIBOR Transition Risk		X

Principal Risk	AZL Gateway Fund (Acquired Fund)	AZL FIAM Multi-Strategy Fund (Acquiring Fund)
Market Risk	X	X
Issuer Risk	X	X
Selection Risk	X	X
Correlation Risk	X
Foreign Securities Risk	X	X
Derivatives Risk	X	X
Options Risk	X
Capitalization Risk	X
Depository Receipt Risk	X
Real Estate Investments Risk	X	X
Technology Sector Risk	X
Repurchase Agreements and Purchase and Sale Contracts Risk	X	X
Treasury Obligations Risk		X
U.S. Government Obligations Risk		X
Sovereign Debt Risk		X
Interest Rate Risk		X
Credit Risk		X
Call Risk		X
Income Risk		X
Liquidity Risk		X
Extension Risk		X
Currency Risk		X
Emerging Markets Risk		X
Leveraging Risk		X
Privately Placed Securities Risk		X
Security Quality Risk		X
Mortgage-Related and Other Asset-Backed Securities Risk		X
Quantitative Investing Risk		X
Portfolio Turnover Risk		X

Principal Risk	AZL MetWest Total Return Bond Fund (Acquired Fund)	AZL FIAM Total Bond Fund (Acquiring Fund)
Market Risk	X	X
Issuer Risk	X	X
Selection Risk	X	X
U.S Government Obligations Risk	X	X
Treasury Obligations Risk	X	X
Interest Rate Risk	X	X
Credit Risk	X	X
Extension Risk	X	X
Call Risk	X	X
Income Risk	X	X
Liquidity Risk	X	X
LIBOR Transition Risk	X
Security Quality Risk	X	X
Derivatives Risk	X	X
Mortgage-Related and Other Asset-Backed Securities Risk	X	X
Foreign Securities Risk	X	X

Principal Risk	AZL MetWest Total Return Bond Fund (Acquired Fund)	AZL FIAM Total Bond Fund (Acquiring Fund)
Emerging Markets Risk	X	X
Short Sales Risk	X
Repurchase Agreements and Purchase and Sale Contracts Risk	X	X
Privately Placed Securities Risk	X	X
Restricted Securities Risk	X
Portfolio Turnover Risk	X
Sovereign Debt Risk		X
Real Estate Investments Risk		X
Currency Risk		X
Leveraging Risk		X

Principal Risk	AZL MSCI Emerging Markets Equity Index Fund (Acquired Fund)	AZL International Index Fund (Acquiring Fund)
Market Risk	X	X
Issuer Risk	X	X
Index Fund Risk	X	X
Foreign Securities Risk	X	X
Emerging Markets Risk	X
Risks of Investing in China	X
Currency Risk	X	X
Derivatives Risk	X	X
Depositary Receipt Risk	X
Capitalization Risk	X
Focused Investments Risk	X
Technology Sector Risk	X
Risks of Investing in Japan		X
European Investment Risk		X
Futures Risk		X

Principal Risk	AZL MVP Fusion Balanced Fund (Acquired Fund)	AZL MVP Balanced Index Strategy Fund (Acquiring Fund)
Allocation Risk	X	X
Futures Risk	X	X
Volatility Risk	X	X
Quantitative Investing Risk	X	X
Fund of Funds Risk	X	X
Market Risk	X	X
Issuer Risk	X	X
Capitalization Risk	X	X
Foreign Securities Risk	X	X
Emerging Markets Risk	X
Depositary Receipt Risk	X
Sovereign Debt Risk	X	X

Principal Risk	AZL MVP Fusion Balanced Fund (Acquired Fund)	AZL MVP Balanced Index Strategy Fund (Acquiring Fund)
Currency Risk	X	X
Interest Rate Risk	X	X
Credit Risk	X	X
Income Risk	X	X
Call Risk	X	X
Extension Risk	X	X
U.S. Government Obligations Risk	X	X
Index Fund Risk		X
Selection Risk		X
Risks of Investing in Japan		X
European Investment Risk		X
Treasury Obligations Risk		X
Derivatives Risk		X
Leveraging Risk		X
Liquidity Risk		X
Mortgage-Related and Other Asset-Backed Securities Risk		X
Portfolio Turnover Risk		X
Privately Placed Securities Risk		X
Repurchase Agreement and Sales Contracts Risk		X
Technology Sector Risk		X
Collateralized Debt Obligations Risk		X
LIBOR Transition Risk		X

Principal Risk	AZL MVP Fusion Conservative Fund (Acquired Fund)	AZL MVP FIAM Multi-Strategy Fund (Acquiring Fund)
Allocation Risk	X	X

Principal Risk	AZL MVP Fusion Conservative Fund (Acquired Fund)	AZL MVP FIAM Multi-Strategy Fund (Acquiring Fund)
Futures Risk	X	X
Volatility Risk	X	X
Quantitative Investing Risk	X	X
Fund of Funds Risk	X	X
Market Risk	X	X
Issuer Risk	X	X
Sovereign Debt Risk	X	X
Currency Risk	X	X
Interest Rate Risk	X	X
Credit Risk	X	X
Income Risk	X	X
Call Risk	X	X
Extension Risk	X	X
U.S. Government Obligations Risk	X	X
Capitalization Risk	X
Foreign Securities Risk	X	X
Emerging Markets Risk	X	X
Depositary Receipt Risk	X
Selection Risk		X
Treasury Obligations Risk		X
Privately Placed Securities Risk		X
Derivatives Risk		X
Leveraging Risk		X
Security Quality Risk		X
Liquidity Risk		X
Repurchase Agreements and Purchase and Sale Contracts Risk		X
Mortgage-Related and Other Asset-Backed Securities Risk		X
Real Estate Investments Risk		X
Portfolio Turnover Risk		X

Principal Risk	AZL MVP Fusion Moderate Fund (Acquired Fund)	AZL MVP DFA Multi-Strategy Fund (Acquiring Fund)
Allocation Risk	X	X
Futures Risk	X	X
Volatility Risk	X	X
Quantitative Investing Risk	X	X
Fund of Funds Risk	X	X
Market Risk	X	X
Issuer Risk	X	X
Capitalization Risk	X	X
Foreign Securities Risk	X	X
Emerging Markets Risk	X
Depositary Receipt Risk	X	X
Sovereign Debt Risk	X	X
Currency Risk	X	X
Interest Rate Risk	X	X
Credit Risk	X	X
Income Risk	X	X
Call Risk	X
Extension Risk	X
U.S. Government Obligations Risk	X	X
Selection Risk		X
Value Stocks Risk		X
Risks of Investing in Japan		X
Derivatives Risk		X
Liquidity Risk		X
Portfolio Turnover Risk		X
Treasury Obligations Risk		X
Repurchase Agreement and Purchase Sale Contracts Risk		X
Profitability Investment Risk		X
Technology Sector Risk		X
Financials Sector Risk		X
Industry Sector Risk		X

Principal Investment Strategies of Acquired Fund: AZL DFA 5 Year Global Fixed Income Fund   The Fund seeks to achieve its investment objective by generally investing in a universe of U.S. and foreign debt securities maturing in five years or less from the date of settlement. The Fund primarily invests in obligations issued or guaranteed by the U.S. and foreign governments, their agencies and instrumentalities, corporate debt obligations, bank obligations, commercial paper, repurchase agreements, obligations of other domestic and foreign issuers, securities of domestic or foreign issuers denominated in U.S. dollars but not trading in the United States, and obligations of supranational organizations. At the present time, the Subadviser of the Fund expects that most investments will be made in the obligations of issuers which are in developed countries. However, in the future, the Subadviser may consider investing in issuers located in other countries as well. The fixed income securities in which the Fund invests are considered investment grade at the time of purchase, as rated by at least one major rating agency, or determined by the Subadviser to be of similar quality.  Under normal market conditions, the Fund intends to invest its assets to gain exposure to issuers of at least three different countries, one of which may be the United States. An issuer may be considered to be of a country if it is organized under the laws of, maintains its principal place of business in, has at least 50% of its assets or derives at least 50% of its operating income in, or is a government, government agency, instrumentality or central bank of, that country.  As a non-fundamental policy, under normal circumstances, the Fund will invest at least 80% of its net assets in fixed income securities that mature within five years from the date of settlement.   It is the policy of the Fund that the weighted average length of maturity of investments will generally not exceed five years. In making purchase decisions, if the expected term premium is greater for longer-term securities in the eligible maturity range, the Fund will focus investment in the longer-term area, otherwise, the Fund will focus investment in the shorter-term area of the eligible maturity range. The term “expected term premium” means the expected relative return on investment for holding securities having longer-term maturities as compared to securities having shorter-term maturities. The Fund is authorized to invest more than 25% of its total assets in U.S. Treasury bonds, bills and notes and obligations of federal agencies and instrumentalities.   The Subadviser will consider factors such as maturity, credit, anticipated transaction costs and market conditions when deciding whether to sell a security. Changes in expected term premium, including whether other investments present a more favorable expected term premium, may cause the Fund to sell securities. If a security which was investment grade at the time of purchase subsequently is downgraded to below investment grade, the Subadviser may, but is not required to, sell the security.   Because many of the Fund’s investments may be denominated in foreign currencies, the Fund may also enter into foreign currency forward contracts to attempt to protect against uncertainty in the level of future foreign currency rates, to hedge against fluctuations in currency exchange rates or to transfer balances from one currency to another. In regard to currency hedging, it is generally not possible to precisely match the foreign currency exposure of such foreign currency forward contracts to the value of the securities involved due to fluctuations in the market values of such securities and cash flows into and out of the Fund between the date a foreign currency forward contract is entered into and the date it expires. The Fund may purchase or sell futures contracts and options on futures contracts, to hedge its currency exposure or to hedge its interest rate exposure or for non-hedging purposes, such as a substitute for direct investment or to increase or decrease market exposure based on actual or expected cash inflows to or outflows from the Fund.

Principal Investment Strategies of Acquiring Fund: AZL Enhanced Bond Index Fund   The Fund generally invests in a combination of securities with an overall weighting close to the capitalization weights of the Bloomberg U.S. Aggregate Bond Index (the “Index”); however, the Fund’s investments may not replicate the portfolio weights of the Index at all times. Instead, the Subadviser may overweight or underweight securities in the Fund (relative to their weightings in the Index) in order to emphasize securities which have quantitative characteristics (such as above-average yield or below-average valuation) the Subadviser believes may enhance performance. The Fund may not invest in all of the bonds in the Index, or in the same weightings as in the Index. Because the Index typically includes securities not readily available in the market, the Fund may invest in bonds that are not included in the Index but that are selected to reflect as closely as practicable characteristics, such as maturity, duration, or credit quality, of bonds in the Index. This may result in different levels of interest rate, credit or other risks from the levels of risks on the securities included in the Index. The Fund may trade securities to the extent necessary to maintain the duration of certain segments of the portfolio close to the duration of corresponding segments of the Index. The Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The Index includes Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency).   Under normal market conditions, the Fund invests at least 80% of its net assets in investment-grade debt securities (those of medium and high quality) of all types and repurchase agreements for those securities. Further, under normal circumstances, the Fund invests at least 80% of the value of its net assets in securities or other financial instruments that are components of or have economic characteristics similar to the securities included in the Index. The Subadviser uses the Index as a guide in structuring the Fund and selecting its investments and manages the Fund to have similar overall interest rate risk to the Index, with the investment objective of seeking to exceed the total return of the Index.   The Fund usually will invest a portion of its assets in mortgage-backed securities. Most mortgage-backed securities are issued by Federal government agencies, such as the Government National Mortgage Association (“Ginnie Mae”), or government sponsored enterprises, such as the Federal Home Loan Mortgage Corporation (“Freddie Mac”) or the Federal National Mortgage Association (“Fannie Mae”). Principal and interest payments on mortgage-backed securities issued by the Federal government agencies may be guaranteed by either the Federal government or the government agency, but not all such securities issued by certain government agencies and by government sponsored enterprises are guaranteed by the U.S. government or backed by the full faith and credit of the United States. The Fund may also invest up to 5% of its assets in collateralized loan obligations (“CLOs”), a type of asset-backed security. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans.   The Fund also may invest in U.S. Treasury bills, notes and bonds and other “full faith and credit” obligations of the U.S. Government. The Fund may also invest in U.S. Government agency securities, which are debt obligations issued or guaranteed by agencies or instrumentalities of the U.S. Government. “Agency” securities may not be backed by the “full faith and credit” of the U.S. Government. U.S. Government agencies may include the Federal Farm Credit Bank, the Resolution Trust Corporation and the Government National Mortgage Association. “Agency” obligations are not explicitly guaranteed by the U.S. Government and so are perceived as somewhat riskier than comparable Treasury bonds.   Securities must be rated investment grade or better at the time of purchase by at least one major rating agency or determined by the Fund’s Subadviser to be of similar quality. Split rated bonds will be considered to have the higher credit rating. Except for Treasury or agency debentures, pass through securities, or REMICs (real estate mortgage investment conduits), no more than 3% of the Fund’s assets may be invested in the securities of a single issuer.   The Fund may use futures, options, and/or swaps to manage duration and other characteristics of its portfolio. The Fund is permitted to purchase securities in private placements or Rule 144A transactions and to purchase securities on a when-issued basis or for forward delivery. The Fund may also enter into repurchase agreements and covered dollar rolls on mortgage securities. The Fund may invest in non-U.S. dollar denominated securities, but when it does, the Subadviser typically will hedge the foreign currency exposure to the U.S. dollar through the use of currency forwards or cash.   The Fund may engage in active and frequent trading of portfolio securities to achieve its principal investment strategies.

Comparison: •Both funds invest in investment grade debt securities with the Acquired Fund, but not the Acquiring Fund, investing in a universe of U.S. and foreign debt securities maturing in five years or less from the date of settlement. •The Acquired Fund, unlike the Acquiring Fund, intends to invest its assets to gain exposure to issuers of at least three different countries, one of which may be the United States. •The Acquired Fund primarily invests in obligations issued or guaranteed by the U.S. and foreign governments, their agencies and instrumentalities, corporate debt obligations, bank obligations, commercial paper, repurchase agreements, obligations of other domestic and foreign issuers, securities of domestic or foreign issuers denominated in U.S. dollars but not trading in the United States, and obligations of supranational organizations. •The Acquiring Fund invests in a combination of securities with an overall weighting close to the capitalization weights of the Bloomberg U.S. Aggregate Bond Index, a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market and includes Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency). The Acquired Fund does not invest in a manner that uses an index to guide its investments. •The Acquired Fund is authorized to invest more than 25% of its total assets in U.S Treasury bonds, bills and notes and obligations of federal agencies and instrumentalities. •The Acquired Fund invests in foreign debt securities and the Acquiring Fund may invest in non-dollar denominated securities.

Principal Investment Strategies of Acquired Fund: AZL Gateway Fund   Under normal circumstances, the Fund invests in a broadly diversified portfolio of common stocks, while also selling index call options. The Fund also buys index put options, which can protect the Fund from a significant market decline that may occur over a short period of time. The combination of the diversified stock portfolio, the cash flow from the sale of index call options and the downside protection from index put options is intended to provide the Fund with the majority of the returns associated with equity market investments while exposing investors to less risk than other equity investments. The Fund may invest in companies with small, medium or large market capitalizations. Equity securities purchased by the Fund may include U.S.-exchange-listed common stocks, American Depositary Receipts (ADRs), and interests in real estate investment trusts (REITs).   From time to time, the Fund may reduce its holdings of put options, resulting in an increased exposure to a market decline. The Fund may invest in foreign securities traded in U.S. markets (through ADRs or stocks traded in U.S. dollars). The Fund may also invest in other investment companies, including money market funds, to the extent permitted by the Investment Company Act. The Fund may enter into repurchase agreements and/or hold cash and cash equivalents.   The Fund not only strives for the majority of the returns associated with equity market investments, but also returns in excess of those available from other investments comparable in volatility. With its core investment in equities, the Fund is significantly less vulnerable to fluctuations in value caused by interest rate volatility, a risk factor present in both fixed income and hybrid investments, although the Fund expects to generally have lower long-term returns than a portfolio consisting solely of equity securities. The Fund intends that its index option-based risk management strategy will limit the volatility inherent in equities while sacrificing less of the higher equity returns than hybrid investments.

Principal Investment Strategies of Acquiring Fund: AZL FIAM Multi-Strategy Fund   Under normal market conditions, the Fund seeks to achieve its objective by investing in a combination of two strategies. Approximately 60% of the Fund’s assets will be allocated to a fixed-income strategy, and under normal market conditions, at least 80% of those assets will be invested in debt securities of all types and repurchase agreements for those securities (the “Fixed-Income Strategy”). Approximately 40% of the Fund’s assets will be allocated to an equity strategy and invested primarily in large cap common stocks (the “Equity Strategy”). The percentage allocations to each strategy will be monitored regularly by the Manager, but generally will not exceed plus or minus 3% of the 60%/40% allocation.   The Fixed-Income Strategy   Under normal market conditions, the strategy will invest at least 80% of its assets in debt securities of all types and repurchase agreements for those securities. Such investments include corporate bonds, U.S. Treasury obligations, U.S. government agency mortgage securities and real estate investment trusts. A portion of the investments may not be publicly traded. The Subadviser uses the Bloomberg U.S. Aggregate Bond Index as a guide in structuring the strategy and selecting its investments and manages the strategy to have similar overall interest rate risk to the index. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage backed securities (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency).   The Subadviser considers other factors when selecting strategy investments, including the credit quality of the issuer, security-specific features and the Subadviser’s assessment of whether the investment is undervalued. In managing the strategy’s exposure to various risks, including interest rate risk, the Subadviser considers, among other things, the market’s overall risk characteristics, the market’s current pricing of those risks, and internal views of potential future market conditions.   The strategy’s assets may be allocated among different market sectors (for example, corporate, asset-backed, or government securities) and different maturities based on the Subadviser’s view of the relative value of each sector or maturity. The strategy’s assets may be invested in securities of foreign issuers, denominated in U.S. dollars or in local currency, in addition to securities of domestic issuers.   The strategy may invest significantly in derivatives instruments, such as interest rate swaps, total return swaps, credit default swaps, and futures contracts (both long and short positions) on securities and indexes, and in forward-settling securities. Such investments may give rise to a form of leverage, particularly when the strategy does not own the assets, instruments or components underlying the derivative instruments. Depending on the Subadviser’s outlook and market conditions, the strategy may invest in derivatives instruments in order to gain exposure to assets, instruments, or indexes, interest rates, or credit qualities.   The strategy also may invest up to 20% of its assets in lower-quality debt securities, sometimes called “junk bonds.”   To earn additional income for the strategy, the Subadviser may use a trading strategy that involves selling (or buying) mortgage securities and simultaneously agreeing to purchase (or sell) mortgage securities on a later date at a set price. This trading strategy may increase interest rate exposure and result in an increased portfolio turnover rate, which increases transaction costs.   The Equity Strategy   The Subadviser normally invests at least 80% of the strategy’s assets in common stocks included in the S&P 500® Index. The S&P 500® Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. large-capitalization equity performance.   The Subadviser will also invest in securities of issuers that are not part of the S&P 500® Index. The Subadviser considers the strategy’s security, industry, and market capitalization weightings relative to the index. A company’s market capitalization is based on its current market capitalization or its market capitalization at the time of the Fund’s investment. Companies whose capitalization falls below this level after purchase continue to be considered to have a large market capitalization. The size of the companies in an index changes with market conditions and the composition of the index. In buying and selling securities for the strategy, the Subadviser seeks to outperform the S&P 500® Index by, in general, quantitatively evaluating factors such as historical valuation, momentum, profitability, and other factors. The portfolio managers incorporate these analyses using a proprietary program to construct the optimal portfolio holdings and further manage benchmark relative risks. The portfolio managers will generally attempt to overweight securities with positive characteristics identified in the evaluation process and underweight securities with negative characteristics. The Subadviser may also use various techniques, such as buying and selling futures contracts and swaps, to increase or decrease the strategy’s exposure to changing security prices or other factors that affect security values.   The Subadviser may invest the strategy’s assets in securities of foreign issuers in addition to securities of domestic issuers.

Comparison: •Both the Acquired Fund and the Acquiring Fund feature an equity allocation and while the Acquired Fund does not have a fixed income allocation, the Acquired Fund generates income through its options strategy. •The Acquired Fund invests in a diversified portfolio of common stock and index call and put options.  The Acquired Fund also buys index put options, which can protect the Acquired Fund from a significant market decline that may occur over a short period of time. The combination of the diversified stock portfolio, the cash flow from the sale of index call options and downside protection from index put options is intended to provide the Acquired Fund with the majority of the returns associated with equity market investments while exposing investors to less risk than other equity investments. •In contrast, the Acquiring Fund invests in a combination of a fixed-income strategy and an equity strategy. Approximately 60% of the Acquiring Fund’s assets will be allocated to a fixed-income strategy, and under normal market conditions, at least 80% of those assets will be invested in debt securities of all types and repurchase agreements for those securities (the “Fixed-Income Strategy”). Approximately 40% of the Acquiring Fund’s assets will be allocated to an equity strategy and invested primarily in large cap common stocks (the “Equity Strategy”). Under the Equity Strategy, the Acquiring Fund also invests at least 80% of assets allocated to the Equity Strategy in common stocks included in the S&P 500® Index. •The Acquiring Fund uses the Bloomberg U.S. Aggregate Bond Index as a guide in structuring its Fixed-Income Strategy, while the Acquired Fund is not managed with a guide index.

Principal Investment Strategies of Acquired Fund: AZL MetWest Total Return Bond Fund   The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets in investment-grade fixed income securities or unrated securities that are determined by the Subadviser to be of similar quality. Up to 20% of the Fund’s net assets may be invested in securities rated below investment grade. The Fund also invests, under normal circumstances, at least 80% of its net assets plus borrowings for investment purposes in fixed income securities it regards as bonds. Under normal conditions, the portfolio duration generally is two to eight years and the dollar-weighted average maturity generally ranges from two to fifteen years. The Fund invests in the U.S. and abroad, including emerging markets and may purchase securities of varying maturities issued by domestic and foreign corporations and governments. The Subadviser will focus the Fund’s portfolio holdings in areas of the bond market (based on quality, sector, coupon or maturity) that the Subadviser believes to be relatively undervalued.   Investments include various types of bonds and other securities, typically corporate bonds, notes, collateralized bond obligations, collateralized debt obligations, mortgage-related and asset-backed securities, bank loans, money-market securities, swaps, futures, municipal securities, options, credit default swaps, private placements and restricted securities. These investments may have interest rates that are fixed, variable or floating.   The Fund may sell short up to 25% of the value of its total assets.   Derivatives will be used in an effort to hedge investments, for risk management, or to increase income or gains for the Fund. The Fund may also seek to obtain market exposure to the securities in which it invests by entering into a series of purchase and sale contracts or by using other investment techniques such as reverse repurchase agreements.

Principal Investment Strategies of Acquiring Fund: AZL FIAM Total Bond Fund   Under normal market conditions, the Fund will invest at least 80% of its assets in debt securities of all types and repurchase agreements for those securities. Such investments include corporate bonds, U.S. Treasury obligations, U.S. government agency mortgage securities and real estate investment trusts. A portion of the investments may not be publicly traded. The Subadviser uses the Bloomberg U.S. Aggregate Bond Index as a guide in structuring the Fund and selecting its investments and manages the Fund to have similar overall interest rate risk to the index. The Bloomberg US Aggregate Bond Index is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and nonagency).   The Subadviser considers other factors when selecting Fund investments, including the credit quality of the issuer, security-specific features and the Subadviser’s assessment of whether the investment is undervalued. In managing the Fund’s exposure to various risks, including interest rate risk, the Subadviser considers, among other things, the market’s overall risk characteristics, the market’s current pricing of those risks, and internal views of potential future market conditions.   The Fund’s assets may be allocated among different market sectors (for example, corporate, asset-backed, or government securities) and different maturities based on the Subadviser’s view of the relative value of each sector or maturity.   The Fund’s assets may be invested in securities of foreign issuers, denominated in US dollars or in local currency, in addition to securities of domestic issuers.   The Fund may invest significantly in derivatives instruments, such as interest rate swaps, total return swaps, credit default swaps, and futures contracts (both long and short positions) on securities and indexes, and in forward-settling securities. Such investments may give rise to a form of leverage, particularly when the Fund does not own the assets, instrument or components underlying the derivative instruments. Depending on the Subadviser’s outlook and market conditions, the Fund may invest in derivatives instruments in order to gain exposure to assets, instruments, or indexes, interest rates, or credit qualities.   The Fund also may invest up to 20% of its assets in lower-quality debt securities, sometimes called “junk bonds.”   To earn additional income for the Fund, the Subadviser may use a trading strategy that involves selling (or buying) mortgage securities and simultaneously agreeing to purchase (or sell) mortgage securities on a later date at a set price. This trading strategy may increase interest rate exposure and result in an increased portfolio turnover rate, which increases transaction costs.

Comparison: •Both the Acquired Fund and the Acquiring Fund invest in debt securities with the Acquired Fund investing at least 80% of its assets in investment grade fixed income securities, or unrated securities that are determined by the Subadviser to be of similar quality, while the Acquiring Fund invests at least 80% of its assets in debt securities of all types and repurchase agreements for those securities. •Both Funds may invest up to 20% of their assets in lower quality debt securities or “junk bonds.” •The Subadviser for the Acquiring Fund uses the Bloomberg U.S. Aggregate Bond Index (which measures the investment grade, US dollar-denominated, fixed-rate taxable bond market) as a guide in structuring the Acquiring Fund and selecting its investments and manages the Acquiring Fund to have similar overall interest rate risk to the index. The Subadviser of the Acquired Fund does not use an index to guide its investments. •The Acquired Fund may sell short up to 25% of the value of its total assets while the Acquiring Fund does not use a similar strategy. •Both Funds may invest in derivatives. However, while the Acquiring Fund may invest in derivatives significantly to gain exposure to assets, instruments, or indexes, interest rates or credit qualities, the Acquired Fund will use derivatives in an effort to hedge investments, for risk management, or to increase income or gains for the Fund.

Principal Investment Strategies of Acquired Fund: AZL MSCI Emerging Markets Equity Index Fund   The Fund seeks to track the investment results, before the fees and expenses of the Fund, of the MSCI Emerging Markets Index (the “Underlying Index”), which is designed to measure equity market performance in the global emerging markets. The Underlying Index includes equity securities issued by issuers, which range in size between approximately $65 million and $531 billion, although this range may change from time to time. As of February 28, 2022, the Underlying Index consisted of 25 emerging market countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. As of February 28, 2022, China represented approximately 32% of the Underlying Index by weight. The Underlying Index may include large- or mid-capitalization companies. With approximately 1,420 constituents as of February 28, 2022, the Underlying Index covers approximately 85% of the free float-adjusted market capitalization in each country. The components of the Underlying Index, and the degree to which these components represent certain industries, are likely to change over time.   The Subadviser uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.   Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs by keeping portfolio turnover low in comparison to actively managed investment companies.   The Subadviser generally uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index.   The Fund generally invests at least 90% of its net assets in the securities of its Underlying Index and in depositary receipts representing securities in its Underlying Index. The Fund may invest the remainder of its assets in other securities, including securities not in the Underlying Index, but which the Subadviser believes will help the Fund track the Underlying Index, and in other investments, including futures contracts, options on futures contracts, other types of options and swaps related to its Underlying Index, as well as cash and cash equivalents.   The Underlying Index is calculated by MSCI Inc. (the “Index Provider” or “MSCI”), which is independent of the Fund, the Manager and the Subadviser. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index.   Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

Principal Investment Strategies of Acquiring Fund: AZL International Index Fund   The Fund employs a passive management approach, investing in a portfolio of assets whose performance is expected to match approximately the performance of the MSCI EAFE Index before the deduction of Fund expenses. Under normal circumstances, the Fund invests at least 80% of the value of its net assets in a statistically selected sampling of equity securities of companies included in the MSCI EAFE Index and in derivative instruments linked to the MSCI EAFE Index, primarily futures contracts.   The MSCI EAFE Index is a market-weighted index composed of common stocks of companies from various economic sectors whose primary trading markets are located outside the United States. The MSCI EAFE Index includes large- and mid-capitalization companies across developed markets countries around the world, excluding the US and Canada, and may change over time.   The Fund does not necessarily invest in all of the securities in the MSCI EAFE Index, or in the same weightings as the securities have in the index. The Fund’s Subadviser chooses investments so that the market capitalizations, industry weightings, and other fundamental characteristics of the securities chosen are similar to those of the MSCI EAFE Index as a whole. At February 28, 2022, Japan represented approximately 23% of the MSCI EAFE Index.   Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the MSCA EAFE Index is concentrated.

Comparison: •Both the Acquired Fund and the Acquiring Fund feature a passive equity strategy that focuses on international equity securities, but the Acquired Fund focuses more on emerging international markets whereas the Acquiring Fund focuses on developed international markets. •The Acquired Fund is passively managed and invests at least 90% of its assets in securities that comprise the MSCI Emerging Markets Index, an index focused on equity securities issued by issuers in emerging markets and depository receipts representing securities in such index. •The Acquiring Fund is also passively managed and invests at least 80% the value of its net assets in a statistically selected sampling of equity securities of companies included in the MSCI EAFE Index and in derivative instruments linked to the index. The MSCI EAFE Index is composed of common stocks of companies from various economic sectors whose primary trading markets are located in developed market countries excluding the United States and Canada.  Both Funds use a representative sampling strategy to invest in its index.

Principal Investment Strategies of Acquired Fund: AZL MVP Fusion Balanced Fund The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective by investing primarily in the shares of other mutual funds managed by the Manager or affiliates of the Manager. The Fund is designed to provide a diversified portfolio consisting of funds in equity and fixed income asset classes. Under normal market conditions, the Fund will allocate approximately 95% of its assets to the underlying funds, which will be allocated approximately 50% to underlying equity funds and 50% to underlying fixed income funds. In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk management process, described below. The investment results of the underlying funds will vary. As a result, the Manager monitors the actual allocations to the underlying funds daily and periodically adjusts the actual allocations to attempt to achieve the target allocation. Generally, the Manager will seek to maintain the actual fund allocations to target using the cash flows that result from contract holders buying or selling shares in the Fund. However, if cash flows were insufficient to maintain the target allocations, the Manager would then buy or sell underlying funds as necessary to attempt to return the Fund’s actual asset allocations to the targets. Generally, the actual allocations will not be more than 10% above or below the targets. The Manager utilizes a strategic asset allocation process to help determine appropriate asset allocations for the Fund among the underlying funds. Under normal market conditions, the Fund will allocate approximately 95% of its assets to the underlying funds as described above, and approximately 5% of the Fund’s assets may be invested in equity and/or fixed income futures, such as S&P 500 Index futures and U.S. Treasury futures, which generally are liquid. The futures strategy, called the MVP risk management process, involves a quantitative analysis and seeks to reduce the volatility of the Fund. Volatility refers to the amount by which the price of an investment can change over a period of time. High volatility indicates that the price has changed significantly, up or down, over a short time period; lower volatility indicates that the price is not changing dramatically, but at a steady pace over a period of time. Generally, higher volatility is considered to be more risky. The goal of the MVP process is to achieve Fund volatility at or below 10% on an annualized basis over a full business cycle by either increasing or decreasing the exposure to equities over time. The Fund seeks to accomplish this primarily by selling equity index futures when markets experience heightened volatility, and by buying equity index futures when markets experience normal or lower levels of volatility. Futures are intended to provide the Manager an effective method to reduce volatility of the Fund and limit the need to decrease or increase allocations to the underlying funds. As a result, the MVP process could cause the equity exposure of the Fund to fluctuate significantly but it will generally not be lower than 10%. The MVP process would generally not reduce equity exposure during periods of moderate and low market volatility but during periods of extreme market volatility the MVP process could result in Fund equity exposure that is significantly lower than 10%. Due to market conditions or other factors, the actual or realized volatility of the Fund for any particular period of time may be materially higher than the threshold volatility level. The Fund’s threshold volatility level is not a total return performance target. It is possible for the Fund to maintain its volatility at or under its threshold volatility level while having negative performance returns.

Principal Investment Strategies of Acquiring Fund: AZL MVP Balanced Index Strategy Fund The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective by investing approximately 95% of its assets in a combination of five underlying index funds: Underlying Fund Target Allocation AZL Enhanced Bond Index Fund:                            47.5% AZL S&P 500 Index Fund:                                       23.5% AZL International Index Fund:                                  12.5% AZL Mid Cap Index Fund:                                          7.5% AZL Small Cap Stock Index Fund:                             4.0% In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk management process described below. The AZL Enhanced Bond Index Fund is a bond index fund, subadvised by BlackRock Financial Management, LLC; the other four underlying funds are equity index funds, subadvised by BlackRock Investment Management, LLC. Therefore, under normal market conditions, the Fund will allocate approximately 50% of its assets in the underlying equity index funds and approximately 50% of its assets in the underlying bond index fund. These target allocations represent the Fund’s long-term strategic asset allocation, which is not expected to change under normal market conditions. The investment results of the underlying funds will vary. As a result, the Manager monitors the actual allocations to the underlying funds daily and periodically adjusts the actual allocations to attempt to achieve the target allocation. Generally, the Manager will seek to maintain the actual fund allocations to target using the cash flows that result from shareholders buying or selling shares in the Fund. However, if cash flows were insufficient to maintain the target allocations, the Manager would then buy or sell underlying funds as necessary to attempt to return the Fund’s actual asset allocations to the targets. Generally, the actual allocations will not be more than 10% above or below the targets. The AZL Enhanced Bond Index Fund under normal circumstances invests in a combination of securities with an overall weighting close to the capitalization weights of the Bloomberg U.S. Aggregate Bond Index (the “Index”). Under normal market conditions, the Fund invests at least 80% of its net assets in investment-grade debt securities (those of medium and high quality) of all types and repurchase agreements for those securities. Further, under normal circumstances, the Fund invests at least 80% of the value of its net assets in securities or other financial instruments that are components of or have economic characteristics similar to the securities included in the Index. The Subadviser of the AZL Enhanced Bond Index Fund uses the Index as a guide in structuring the Fund and selecting its investments and manages the Fund to have similar overall interest rate risk to the Index, with the investment objective of seeking to exceed the total return of the Index. The AZL S&P 500 Index Fund under normal circumstances invests at least 80% of the value of its net assets in the securities of or in a statistically selected sampling of the securities of companies included in the S&P 500 Index or in derivative instruments linked to that Index. The AZL Mid Cap Index Fund under normal circumstances invests at least 80% of the value of its net assets in a statistically selected sampling of equity securities of companies included in the S&P 400 Index and in derivative instruments linked to the S&P 400 Index, primarily futures contracts. The AZL Small Cap Stock Index Fund under normal market conditions invests at least 80% of its assets, plus any borrowings for investment purposes, in investments of small-capitalization companies, which for this purpose are companies with market capitalizations (the total market value of a company’s outstanding stock) at the time of purchase included in the S&P SmallCap 600 Index. The AZL International Index Fund under normal circumstances invests at least 80% of the value of its net assets in a statistically selected sampling of equity securities of companies included in the MSCI EAFE Index and in derivative instruments linked to the MSCI EAFE Index, primarily futures contracts. Under normal market conditions, the Fund will allocate approximately 95% of its assets to the underlying funds described above, and approximately 5% of the Fund’s assets may be invested in equity and/or fixed income futures, such as S&P 500 Index futures and U.S. Treasury futures, which generally are liquid. The futures strategy, called the MVP risk management process, involves a quantitative analysis and seeks to reduce the volatility of the Fund. Volatility refers to the amount by which the price of an investment can change over a period of time. High volatility indicates that the price has changed significantly, up or down, over a short time period; lower volatility indicates that the price is not changing dramatically, but at a steady pace over a period of time. Generally, higher volatility is considered to be more risky. The goal of the MVP process is to achieve Fund volatility at or below 10% on an annualized basis over a full business cycle by either increasing or decreasing the exposure to equities over time. The Fund seeks to accomplish this primarily by selling equity index futures when markets experience heightened volatility, and by buying equity index futures when markets experience normal or lower levels of volatility. Futures are intended to provide the Manager an effective method to reduce volatility of the Fund and limit the need to decrease or increase allocations to the underlying funds. As a result, the MVP process could cause the equity exposure of the Fund to fluctuate significantly but it will generally not be lower than 10%. The MVP process would generally not reduce equity exposure during periods of moderate and low market volatility but during periods of extreme market volatility the MVP process could result in Fund equity exposure that is significantly lower than 10%. Due to market conditions or other factors, the actual or realized volatility of the Fund for any particular period of time may be materially higher than the threshold volatility level. The Fund’s threshold volatility level is not a total return performance target. It is possible for the Fund to maintain its volatility at or under its threshold volatility level while having negative performance returns.

Comparison: •Both the Acquired Fund and the Acquiring Fund are asset allocation fund of funds. •The Acquired Fund invests primarily in shares of other mutual funds. The Acquiring Fund primarily invests in a combination of five index funds with specific target allocations for how assets will be invested in the underlying funds. •The Acquired Fund will allocate 95% of its assets to its underlying funds, which will be allocated approximately 50% to equity funds and 50% to fixed income funds. The Acquiring Fund will allocate 95% of its assets to its underlying funds, which will be allocated approximately 50% to the underlying equity index funds and approximately 50% to the underlying bond index fund. •Both the Acquired Fund and Acquiring Fund will allocate approximately 5% of its assets to the MVP risk management process which invests in equity and/or fixed income futures to seek to reduce volatility.

Principal Investment Strategies of Acquired Fund: AZL MVP Fusion Conservative Fund The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective by investing primarily in the shares of other mutual funds managed by the Manager or affiliates of the Manager. The Fund is designed to provide a diversified portfolio consisting of funds in equity and fixed income asset classes. Under normal market conditions, the Fund will allocate approximately 95% of its assets to the underlying funds, which will be allocated approximately 35% to underlying equity funds and 65% to underlying fixed income funds. In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk management process, described below. The investment results of the underlying funds will vary. As a result, the Manager monitors the actual allocations to the underlying funds daily and periodically adjusts the actual allocations to attempt to achieve the target allocation. Generally, the Manager will seek to maintain the actual fund allocations to target using the cash flows that result from contract holders buying or selling shares in the Fund. However, if cash flows were insufficient to maintain the target allocations, the Manager would then buy or sell underlying funds as necessary to attempt to return the Fund’s actual asset allocations to the targets. Generally, the actual allocations will not be more than 10% above or below the targets. The Manager utilizes a strategic asset allocation process to help determine appropriate asset allocations for the Fund among the underlying funds. Under normal market conditions, the Fund will allocate approximately 95% of its assets to the underlying funds as described above, and approximately 5% of the Fund’s assets may be invested in equity and/or fixed income futures, such as S&P 500 Index futures and U.S. Treasury futures, which generally are liquid. The futures strategy, called the MVP risk management process, involves a quantitative analysis and seeks to reduce the volatility of the Fund. Volatility refers to the amount by which the price of an investment can change over a period of time. High volatility indicates that the price has changed significantly, up or down, over a short time period; lower volatility indicates that the price is not changing dramatically, but at a steady pace over a period of time. Generally, higher volatility is considered to be more risky. The goal of the MVP process is to achieve Fund volatility at or below 8% on an annualized basis over a full business cycle by either increasing or decreasing the exposure to equities over time. The Fund seeks to accomplish this primarily by selling equity index futures when markets experience heightened volatility, and by buying equity index futures when markets experience normal or lower levels of volatility. Futures are intended to provide the Manager an effective method to reduce volatility of the Fund and limit the need to decrease or increase allocations to the underlying funds. As a result, the MVP process could cause the equity exposure of the Fund to fluctuate significantly but it will generally not be lower than 10%. The MVP process would generally not reduce equity exposure during periods of moderate and low market volatility but during periods of extreme market volatility the MVP process could result in Fund equity exposure that is significantly lower than 10%. Due to market conditions or other factors, the actual or realized volatility of the Fund for any particular period of time may be materially higher than the threshold volatility level. The Fund’s threshold volatility level is not a total return performance target. It is possible for the Fund to maintain its volatility at or under its threshold volatility level while having negative performance returns.

Principal Investment Strategies of Acquiring Fund: AZL MVP FIAM Multi-Strategy Fund The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective by investing approximately 95% of its assets in an underlying fund, the AZL Fidelity Institutional Asset Management® Multi-Strategy Fund, managed by the underlying fund’s Subadviser, FIAM LLC. Under normal market conditions, the underlying fund seeks to achieve its objective by investing in a combination of two strategies. Approximately 60% of the underlying fund’s assets will be invested primarily in investment-grade debt securities (the “Fixed-Income Strategy”), and approximately 40% of the underlying fund’s assets will be invested primarily in large cap common stocks (the “Equity Strategy”). The percentage allocations to each strategy will be monitored regularly by the underlying fund’s Manager, but generally will not exceed plus or minus 3% of the 60%/40% allocation. In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk management process, described below. Under normal market conditions, the Fund will allocate approximately 95% of its assets to the underlying fund. Approximately 5% of the Fund’s assets may be invested in equity and/or fixed income futures, such as S&P 500 Index futures and U.S. Treasury futures, which generally are liquid. The futures strategy, called the MVP risk management process, involves a quantitative analysis and seeks to reduce the volatility of the Fund. Volatility refers to the amount by which the price of an investment can change over a period of time. High volatility indicates that the price has changed significantly, up or down, over a short time period; lower volatility indicates that the price is not changing dramatically, but at a steady pace over a period of time. Generally, higher volatility is considered to be more risky. The goal of the MVP process is to achieve Fund volatility at or below 8% on an annualized basis over a full business cycle by either increasing or decreasing the exposure to equities over time. The Fund seeks to accomplish this primarily by selling equity index futures when markets experience heightened volatility, and by buying equity index futures when markets experience normal or lower levels of volatility. Futures are intended to provide the Manager an effective method to reduce volatility of the Fund and limit the need to decrease or increase allocations to the underlying fund. As a result, the MVP process could cause the equity exposure of the Fund to fluctuate significantly but it will generally not be lower than 10%. The MVP process would generally not reduce equity exposure during periods of moderate and low market volatility but during periods of extreme market volatility the MVP process could result in Fund equity exposure that is significantly lower than 10%. Due to market conditions or other factors, the actual or realized volatility of the Fund for any particular period of time may be materially higher than the threshold volatility level. The Fund’s threshold volatility level is not a total return performance target. It is possible for the Fund to maintain its volatility at or under its threshold volatility level while having negative performance returns. The Underlying Fund’s Fixed-Income Strategy Under normal market conditions, the strategy will invest at least 80% of its net assets in investment-grade debt securities (those of medium and high quality) of all types and repurchase agreements for those securities. Such investments include corporate bonds, U.S. Treasury obligations, U.S. government agency mortgage securities and real estate investment trusts.  A portion of the investments may not be publicly traded. The Subadviser uses the Bloomberg U.S. Aggregate Bond Index as a guide in structuring the strategy and selecting its investments and manages the strategy to have similar overall interest rate risk to the index. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency). The Subadviser considers other factors when selecting strategy investments, including the credit quality of the issuer, security-specific features and the Subadviser’s assessment of whether the investment is undervalued. In managing the strategy’s exposure to various risks, including interest rate risk, the Subadviser considers, among other things, the market’s overall risk characteristics, the market’s current pricing of those risks, and internal views of potential future market conditions. The strategy’s assets may be allocated among different market sectors (for example, corporate, asset-backed, or government securities) and different maturities based on the Subadviser’s view of the relative value of each sector or maturity. The strategy’s assets may be invested in securities of foreign issuers, denominated in U.S. dollars or in local currency, in addition to securities of domestic issuers. The strategy may invest significantly in derivatives instruments, such as interest rate swaps, total return swaps, credit default swaps, and futures contracts (both long and short positions) on securities and indexes, and in forward-settling securities. Such investments may give rise to a form of leverage, particularly when the strategy does not own the assets, instrument or components underlying the derivative instruments. Depending on the Subadviser’s outlook and market conditions, the strategy may invest in derivatives instruments in order to gain exposure to assets, instruments, or indexes, interest rates, or credit qualities. The strategy also may invest up to 20% of its assets in lower-quality debt securities, sometimes called “junk bonds.” To earn additional income for the strategy, the Subadviser may use a trading strategy that involves selling (or buying) mortgage securities and simultaneously agreeing to purchase (or sell) mortgage securities on a later date at a set price. This trading strategy may increase interest rate exposure and result in an increased portfolio turnover rate which increases transaction costs. The Underlying Fund’s Equity Strategy The Subadviser normally invests at least 80% of the strategy’s assets in common stocks included in the S&P 500® Index. The S&P 500® Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. A company’s market capitalization is based on its current market capitalization or its market capitalization at the time of the Fund’s investment. Companies whose capitalization falls below this level after purchase continue to be considered to have a large market capitalization. The size of the companies in an index changes with market conditions and the composition of the index. The Subadviser will also invest in securities of issuers that are not part of the S&P 500® Index. The Subadviser considers the strategy’s security, industry, and market capitalization weightings relative to the index. In buying and selling securities for the strategy, the Subadviser seeks to outperform the S&P 500® Index by, in general, quantitatively evaluating factors such as historical valuation, momentum, profitability, and other factors. The portfolio managers incorporate these analyses using a proprietary program to construct the optimal portfolio holdings and further manage benchmark relative risks. The portfolio managers will generally attempt to overweight securities with positive characteristics identified in the evaluation process and underweight securities with negative characteristics. The Subadviser may invest the strategy’s assets in securities of foreign issuers in addition to securities of domestic issuers. The Subadviser may also use various techniques, such as buying and selling futures contracts and swaps, to increase or decrease the strategy’s exposure to changing security prices or other factors that affect security values.

Comparison: •Both the Acquired Fund and the Acquiring Fund are asset allocation fund of funds. •The Acquired Fund invests primarily in shares of other mutual funds. The Acquired Fund will allocate 95% of its assets to its underlying funds, which will be allocated approximately 35% to equity funds and 65% to fixed income funds. •The Acquiring Fund invests 95% of its assets in an underlying fund. Approximately 60% of the underlying fund’s assets will be invested primarily in investment-grade debt securities (the “Fixed-Income Strategy”), and approximately 40% of the underlying fund’s assets will be invested primarily in large cap common stocks (the “Equity Strategy”). The equity strategy will invest at least 80% of the strategy’s assets in common stocks included in the S&P 500® Index. •Both the Acquired Fund and the Acquiring Fund will allocate approximately 5% of its assets to the MVP risk management process which invests in equity and/or fixed income futures to seek to reduce volatility.

Principal Investment Strategies of Acquired Fund: AZL MVP Fusion Moderate Fund The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective by investing primarily in the shares of other mutual funds managed by the Manager or affiliates of the Manager. The Fund is designed to provide a diversified portfolio consisting of funds in equity and fixed income asset classes. Under normal market conditions, the Fund will allocate approximately 95% of its assets to the underlying funds, which will be allocated approximately 60% to underlying equity funds and 40% to underlying fixed income funds. In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk management process, described below. The investment results of the underlying funds will vary. As a result, the Manager monitors the actual allocations to the underlying funds daily and periodically adjusts the actual allocations to attempt to achieve the target allocation. Generally, the Manager will seek to maintain the actual fund allocations to target using the cash flows that result from contract holders buying or selling shares in the Fund. However, if cash flows were insufficient to maintain the target allocations, the Manager would then buy or sell underlying funds as necessary to attempt to return the Fund’s actual asset allocations to the targets. Generally, the actual allocations will not be more than 10% above or below the targets. The Manager utilizes a strategic asset allocation process to help determine appropriate asset allocations for the Fund among the underlying funds. Under normal market conditions, the Fund will allocate approximately 95% of its assets to the underlying funds as described above, and approximately 5% of the Fund’s assets may be invested in equity and/or fixed income futures, such as S&P 500 Index futures and U.S. Treasury futures, which generally are liquid. The futures strategy, called the MVP risk management process, involves a quantitative analysis and seeks to reduce the volatility of the Fund. Volatility refers to the amount by which the price of an investment can change over a period of time. High volatility indicates that the price has changed significantly, up or down, over a short time period; lower volatility indicates that the price is not changing dramatically, but at a steady pace over a period of time. Generally, higher volatility is considered to be more risky. The goal of the MVP process is to achieve Fund volatility at or below 12% on an annualized basis over a full business cycle by either increasing or decreasing the exposure to equities over time. The Fund seeks to accomplish this primarily by selling equity index futures when markets experience heightened volatility, and by buying equity index futures when markets experience normal or lower levels of volatility. Futures are intended to provide the Manager an effective method to reduce volatility of the Fund and limit the need to decrease or increase allocations to the underlying funds. As a result, the MVP process could cause the equity exposure of the Fund to fluctuate significantly but it will generally not be lower than 10%. The MVP process would generally not reduce equity exposure during periods of moderate and low market volatility but during periods of extreme market volatility the MVP process could result in Fund equity exposure that is significantly lower than 10%. Due to market conditions or other factors, the actual or realized volatility of the Fund for any particular period of time may be materially higher than the threshold volatility level. The Fund’s threshold volatility level is not a total return performance target. It is possible for the Fund to maintain its volatility at or under its threshold volatility level while having negative performance returns.

Principal Investment Strategies of Acquiring Fund: AZL MVP DFA Multi-Strategy Fund The Fund is a fund of funds that, under normal market conditions, seeks to achieve its investment objective by investing approximately 95% of its assets in a combination of four underlying funds, subadvised by Dimensional Fund Advisors LP (the “Subadviser”): Underlying Fund Target Allocation: AZL DFA Five-Year Global Fixed Income Fund: 38% (to be replaced by the AZL Enhanced Bond Index Fund as a result of the Reorganization) AZL DFA U.S. Core Equity Fund: 35% AZL DFA U.S. Small Cap Fund: 10% AZL DFA International Core Equity Fund: 12% In addition, under normal market conditions, the Fund will allocate approximately 5% of its assets to the MVP risk management process, described below. The AZL DFA Five-Year Global Fixed Income Fund is a bond index fund, and the other four underlying funds are equity funds. Therefore, under normal market conditions, the Fund will allocate approximately 60% of its assets in the underlying equity funds and approximately 40% of its assets in the underlying bond fund. These target allocations represent the Fund’s long-term strategic asset allocation, which is not expected to change under normal market conditions. The investment results of the underlying funds will vary. As a result, the Manager monitors the actual allocations to the underlying funds daily and periodically adjusts the actual allocations to attempt to achieve the target allocation. Generally, the Manager will seek to maintain the actual fund allocations to target using the cash flows that result from shareholders buying or selling shares in the Fund. However, if cash flows were insufficient to maintain the target allocations, the Manager would then buy or sell underlying funds as necessary to attempt to return the Fund’s actual asset allocations to the targets. Generally, the actual allocations will not be more than 10% above or below the targets. AZL DFA Five-Year Global Fixed Income Fund seeks to provide a market rate of return for a fixed income portfolio with low relative volatility of returns, and seeks to focus the eligible universe on securities with relatively less expected upward or downward movement in market value. The fund seeks to achieve its investment objective by generally investing in a universe of U.S. and foreign debt securities maturing in five years or less. The fund primarily invests in obligations issued or guaranteed by the U.S. and foreign governments, their agencies and instrumentalities, corporate debt obligations, bank obligations, commercial paper, repurchase agreements, obligations of other domestic and foreign issuers, securities of domestic or foreign issuers denominated in U.S. dollars but not trading in the United States, and obligations of supranational organizations. At the present time, the Subadviser expects that most investments will be made in the obligations of issuers which are in developed countries. The fixed income securities in which the Fund invests are considered investment grade at the time of purchase as rated by at least one major rating agency, or determined by the Subadviser to be of similar quality. Under normal market conditions, the Fund intends to invest its assets to gain exposure to issuers of at least three different countries, one of which may be the United States. An issuer may be considered to be of a country if it is organized, has substantial assets, or derives substantial operating income in that country. As a non-fundamental policy, under normal circumstances, the Fund will invest at least 80% of its net assets in fixed income securities that mature within five years from the date of settlement. AZL DFA U.S. Core Equity Fund seeks long-term capital appreciation. The fund purchases a broad and diverse group of securities of U.S. companies. The fund invests in companies of all sizes, with increased exposure to smaller capitalization, lower relative price and/or higher profitability companies as compared to their representation in the U.S. Universe. The Subadviser generally defines the U.S. Universe as a market capitalization weighted set (e.g., the larger the company, the greater the proportion of the U.S. Universe it represents) of U.S. operating companies listed on a securities exchange in the United States that is deemed appropriate by the Subadviser. Under normal circumstances, the Fund will invest at least 80% of its net assets in equity securities of U.S. companies. AZL DFA U.S. Small Cap Fund seeks long-term capital appreciation. The fund, using a market capitalization weighted approach, purchases a broad and diverse group of readily marketable securities of U.S. small-cap companies. A company’s market capitalization is the number of its shares outstanding times its price per share. In general, the higher the relative market capitalization of the U.S. small-cap company, the greater its representation in the Fund. Under normal circumstances, the Fund will invest at least 80% of its net assets in securities of small-cap U.S. companies. AZL DFA International Core Equity Fund seeks long-term capital appreciation. The fund purchases a broad and diverse group of securities of non-U.S. companies in developed markets. The fund invests in companies of all sizes, with increased exposure to smaller capitalization, lower relative price and/or higher profitability companies as compared to their representation in the International Universe. For purposes of this fund, the Subadviser defines the International Universe as a market capitalization weighted set (e.g., the larger the company, the greater the proportion of the International Universe it represents) of non-U.S. companies in developed markets that have been authorized as approved markets for investment by the Subadviser’s Investment Committee. Under normal circumstances, the Fund will invest at least 80% of its net assets in equity securities. Under normal market conditions, the Fund will allocate approximately 95% of its assets to the underlying funds described above, and approximately 5% of the Fund’s assets may be invested in equity and/or fixed income futures, such as S&P 500 Index futures and U.S. Treasury futures, which generally are liquid. The futures strategy, called the MVP risk management process, involves a quantitative analysis and seeks to reduce the volatility of the Fund. Volatility refers to the amount by which the price of an investment can change over a period of time. High volatility indicates that the price has changed significantly, up or down, over a short time period; lower volatility indicates that the price is not changing dramatically, but at a steady pace over a period of time. Generally, higher volatility is considered to be more risky. The goal of the MVP process is to achieve Fund volatility at or below 12% on an annualized basis over a full business cycle by either increasing or decreasing the exposure to equities over time. The Fund seeks to accomplish this primarily by selling equity index futures when markets experience heightened volatility, and by buying equity index futures when markets experience normal or lower levels of volatility. Futures are intended to provide the Manager an effective method to reduce volatility of the Fund and limit the need to decrease or increase allocations to the underlying funds. As a result, the MVP process could cause the equity exposure of the Fund to fluctuate significantly but it will generally not be lower than 10%. The MVP process would generally not reduce equity exposure during periods of moderate and low market volatility but during periods of extreme market volatility the MVP process could result in Fund equity exposure that is significantly lower than 10%. Due to market conditions or other factors, the actual or realized volatility of the Fund for any particular period of time may be materially higher than the threshold volatility level. The Fund’s threshold volatility level is not a total return performance target. It is possible for the Fund to maintain its volatility at or under its threshold volatility level while having negative performance returns.

Comparison: •Both the Acquired Fund and the Acquiring Fund are asset allocation fund of funds. •The Acquired Fund invests primarily in shares of other mutual funds. The Acquiring Fund primarily invests in a combination of four funds with specific allocations on how assets will be invested in the underlying funds. •The Acquired Fund will allocate 95% of its assets to its underlying funds, which will be allocated approximately 60% to equity funds and 40% to fixed income funds. •The Acquiring Fund will allocate 95% of its assets to its underlying funds, which will be allocated approximately 60% to the underlying equity funds and approximately 40% of to the underlying bond fund. •Both the Acquired Fund and the Acquiring Fund will allocate approximately 5% of its assets to the MVP risk management process which invests in equity and/or fixed income futures.

•

AZL Gateway Fund into AZL FIAM Multi-Strategy Fund.  This Reorganization was recommended by Fund management due to performance concerns, low and declining assets and recent portfolio manager changes at the sub-adviser to the Acquired Fund.

•

AZL MetWest Total Return Bond Fund into AZL FIAM Total Bond Fund.  This Reorganization was recommended by Fund management due to performance concerns and recent portfolio manager changes at the sub-adviser to the Acquired Fund.

•

AZL MSCI Emerging Markets Equity Index Fund into AZL International Index Fund.  This Reorganization was recommended by Fund management due to concerns with low and declining assets.

•

AZL MVP Fusion Conservative Fund into AZL MVP FIAM Multi-Strategy Fund.  This Reorganization was recommended by Fund management due to concerns with performance and a desire to reduce exposure to active strategies as a result of the proposed reorganizations of certain underlying Funds.

•

AZL MVP Fusion Moderate Fund into AZL MVP DFA Multi-Strategy Fund.  This Reorganization was recommended by Fund management due to concerns with performance and a desire to reduce exposure to active strategies as a result of the proposed reorganizations of certain underlying Funds.

ACQUIRED FUND	ESTIMATED COSTS OF THE REORGANIZATION
AZL DFA 5 Year Global Fixed Income Fund	$244,097
AZL Gateway Fund	$65,076
AZL MetWest Total Return Bond Fund	$70,241
AZL MSCI Emerging Markets Equity Index Fund	$337,000
AZL MVP Fusion Balanced Fund	$153,350
AZL MVP Fusion Conservative Fund	$94,277
AZL MVP Fusion Moderate Fund	$309,304

Name of Fund	Gross Management Fee	Management Fee After Waivers
AZL DFA Five-Year Global Fixed Income Fund (Acquired Fund)	0.60%	0.50%
AZL Enhanced Bond Index Fund (Acquiring Fund)	0.35%	0.35%
AZL Gateway Fund (Acquired Fund)	0.80%	0.80%
AZL FIAM Multi-Strategy Fund (Acquiring Fund)	0.43% on the first $20 billion and 0.40% on all assets over $20 billion.	0.43%
AZL MetWest Total Return Bond Fund (Acquired Fund)	0.60%	0.50%
AZL FIAM Total Bond Fund (Acquiring Fund)	0.50% on the first $2.5 billion, 0.40% on the next $15 billion, and 0.37% on all assets over $17.5 billion.	0.49%
AZL MSCI Emerging Markets Equity Index Fund (Acquired Fund)	0.85%	0.45%
AZL International Index Fund (Acquiring Fund)	0.35%	0.35%
AZL MVP Fusion Conservative Fund (Acquired Fund)	0.20%	0.15%
AZL MVP FIAM Multi-Strategy Fund (Acquiring Fund)	0.10%	0.10%
AZL MVP Fusion Balanced Fund (Acquired Fund)	0.20%	0.15%
AZL MVP Balanced Index Strategy Fund (Acquiring Fund)	0.10%	0.10%
AZL MVP Fusion Moderate Fund (Acquired Fund)	0.20%	0.15%
AZL MVP DFA Multi-Strategy Fund (Acquiring Fund)	0.20%	0.10%

Name of Fund	Expense Limitation For Fund
AZL DFA Five-Year Global Fixed Income Fund (Acquired Fund)	0.95%
AZL Enhanced Bond Index Fund (Acquiring Fund)	0.70%
AZL Gateway Fund (Acquired Fund)	1.25%
AZL FIAM Multi-Strategy Fund (Acquiring Fund)	Class 2: 0.71%
AZL MetWest Total Return Bond Fund (Acquired Fund)	0.91%
AZL FIAM Total Bond Fund (Acquiring Fund)	Class 2: 0.95%
AZL MSCI Emerging Markets Equity Index Fund (Acquired Fund)	Class 1: 0.85% Class 2: 1.10%
AZL International Index Fund (Acquiring Fund)	Class 1: 0.52% Class 2:: 0.77%
AZL MVP Fusion Conservative Fund (Acquired Fund)	0.35%
AZL MVP FIAM Multi-Strategy Fund (Acquiring Fund)	0.15%
AZL MVP Fusion Balanced Fund (Acquired Fund)	0.30%
AZL MVP Balanced Index Strategy Fund (Acquiring Fund)	0.20%
AZL MVP Fusion Moderate Fund (Acquired Fund)	0.30%
AZL MVP DFA Multi-Strategy Fund (Acquiring Fund)	0.15%

Name of Fund	Sub-Advisor
AZL DFA Five-Year Global Fixed Income Fund (Acquired Fund)	Dimensional Fund Advisors LP 6300 Bee Cave Road, Building One, Austin, TX 78746
AZL Enhanced Bond Index Fund (Acquiring Fund)	BlackRock Financial Management, Inc. 55 East 52nd Street New York, New York 10055
AZL Gateway Fund (Acquired Fund)	Gateway Investment Advisers, LLC 312 Walnut Street, 35th Floor, Cincinnati, OH 45202
AZL FIAM Multi-Strategy Fund (Acquiring Fund)	Fidelity Institutional Asset Management LLC 900 Salem Street, Smithfield, RI 02917
AZL MetWest Total Return Bond Fund (Acquired Fund)	Metropolitan West Asset Management, LLC 865 South Figueroa Street, Los Angeles, California 90017
AZL FIAM Total Bond Fund (Acquiring Fund)	Fidelity Institutional Asset Management LLC 900 Salem Street, Smithfield, RI 02917
AZL MSCI Emerging Markets Equity Index Fund (Acquired Fund)	BlackRock Investment Management, LLC 1 University Square Drive, Princeton, NJ 08540
AZL International Index Fund (Acquiring Fund)	BlackRock Investment Management, LLC 1 University Square Drive, Princeton, NJ 08540
AZL MVP Fusion Conservative Fund (Acquired Fund)	None
AZL MVP FIAM Multi-Strategy Fund (Acquiring Fund)	None
AZL MVP Fusion Balanced Fund (Acquired Fund)	None
AZL MVP Balanced Index Strategy Fund (Acquiring Fund)	None
AZL MVP Fusion Moderate Fund (Acquired Fund)	None
AZL MVP DFA Multi-Strategy Fund (Acquiring Fund)	None

I.

AZL DFA Five Year Global Fixed Income Fund into AZL Enhanced Bond Index Fund

II.	AZL Gateway Fund into AZL FIAM Multi-Strategy Fund

III.	AZL MetWest Total Return Bond Fund into AZL FIAM Total Bond Fund

IV.	AZL MSCI Emerging Markets Equity Index Fund into AZL International Index Fund

	AZL DFA 5 Year Global Fixed Income Fund (Acquired Fund)	AZL Enhanced Bond Index Fund (Acquiring Fund)	Pro Forma Combined AZL Enhanced Bond Index Fund (1)(2)
Net Assets	Shares: $330,760,415	Shares: $2,101,596,603	Shares: $2,432,357,018
Net Asset Value Per Share	Shares: $8.46	Shares:  $9.48	Shares: $9.48
Shares Outstanding	Shares: 39,091,310	Shares:  221,673,265	Shares: 256,563,604

	AZL Gateway Fund (Acquired Fund)	AZL FIAM Multi-Strategy Fund (Acquiring Fund)	Pro Forma Combined AZL FIAM Multi-Strategy Fund (1)(2)
Net Assets	Shares: $114,197,436	Class 1: $88,130,140 Class 2:  $1,353,330,198	Class 1: $88,130,140 Class 2:  $1,467,462,558
Net Asset Value Per Share	Shares: $14.50	Class 1: $7.88 Class 2:  $12.69	Class 1: $7.88 Class 2:  $12.69
Shares Outstanding	Shares: 7,874,697	Class 1: 11,185,939 Class 2:  106,656,888	Class 1: 11,185,939 Class 2:  115,655,898

	AZL MetWest Total Return Bond Fund (Acquired Fund)	AZL FIAM Total Bond Fund (Acquiring Fund)	Pro Forma Combined AZL FIAM Total Bond Fund (1)(2)
Net Assets	Shares: $218,231,458	Class 1: $16,728,795 Class 2:  $322,004,540	Class 1: $16,728,795 Class 2:  $540,235,998
Net Asset Value Per Share	Shares: $8.50	Class 1: $8.40 Class 2:  $8.70	Class 1: $8.40 Class 2:  $8.70
Shares Outstanding	Shares: 25,682,307	Class 1: 1,991,642 Class 2:  36,999,066	Class 1: 1,991,642 Class 2:  62,083,142

	AZL MSCI Emerging Markets Equity Index Fund (Acquired Fund)	AZL International Index Fund (Acquiring Fund)	Pro Forma Combined AZL International Index Fund (1)(2)
Net Assets	Class 1: $11,596,727 Class 2: $171,613,825	Class 1: $78,642,775 Class 2: $1,285,132,385	Class 1: $90,239,502 Class 2: $1,456,746,210
Net Asset Value Per Share	Class 1: $6.19 Class 2: $6.20	Class 1: $10.05 Class 2: $15.54	Class 1: $10.05 Class 2: $15.54
Shares Outstanding	Class 1: 1,873,606 Class 2: 27,660,778	Class 1: 7,824,926 Class 2: 82,672,756	Class 1: 8,978,829 Class 2: 93,716,117

	AZL MVP Fusion Conservative Fund (Acquired Fund)	AZL MVP FIAM Multi-Strategy Fund (Acquiring Fund)	Pro Forma Combined AZL MVP FIAM Multi-Strategy Fund (1)(2)
Net Assets	Shares: $171,950,840	Shares:  $186,081,554	Shares: $358,032,394
Net Asset Value Per Share	Shares: $9.94	Shares:  $11.15	Shares: $11.15
Shares Outstanding	Shares: 17,291,965	Shares:  16,688,968	Shares: 32,110,568

	AZL MVP Fusion Balanced Fund (Acquired Fund)	AZL MVP Balanced Index Strategy Fund (Acquiring Fund)	Pro Forma Combined AZL MVP Balanced Index Strategy Fund (1)(2)
Net Assets	Shares: $596,017,284	Shares: $247,185,646	Shares: $843,202,930
Net Asset Value Per Share	Shares: $9.39	Shares:  $11.16	Shares: $11.16
Shares Outstanding	Shares: 63,478,724	Shares:  22,149,718	Shares: 75,556,285

	AZL MVP Fusion Moderate Fund (Acquired Fund)	AZL MVP DFA Multi-Strategy Fund (Acquiring Fund)	Pro Forma Combined AZL MVP DFA Multi-Strategy Fund (1)(2)
Net Assets	Shares: $1,387,442,078	Shares: $81,037,872	Shares: $1,468,479,950
Net Asset Value Per Share	Shares: $9.48	Shares:  $10.04	Shares: $10.04
Shares Outstanding	Shares: 146,388,557	Shares:  8,073,769	Shares: 146,265,211

(1)	The adjustment to shares outstanding represents the impact as a result of the shares being issued by the Acquiring Fund to the Acquired Fund shareholders.

(2)	The Acquiring Fund will be the accounting survivor.

Fund	5% Owners	Percent Of Shares Held	Percent Of Shares Held Following The Reorganization
AZL DFA 5 Year Global Fixed Income Fund, Shares	AZL DFA Multi Strategy Fund	87.58%	N/A
AZL DFA 5 Year Global Fixed Income Fund, Shares	AZL MVP DFA Multi Strategy Fund	9.21%	N/A
AZL Enhanced Bond Index Fund, Shares	AZL Balanced Index Strategy Fund	8.20%	6.10%
AZL Enhanced Bond Index Fund, Shares	AZL Moderate Index Strategy Fund	27.30%	20.31%
AZL Enhanced Bond Index Fund, Shares	AZL MVP Balanced Index Strategy Fund	5.51%	14.54%
AZL Enhanced Bond Index Fund, Shares	AZL MVP DFA Multi-Strategy Fund	N/A	20.38%
AZL Enhanced Bond Index Fund, Shares	AZL MVP Global Balanced Index Strategy Fund	11.85%	8.81%
AZL Enhanced Bond Index Fund, Shares	AZL MVP Growth Index Strategy Fund	22.22%	16.53%
AZL Enhanced Bond Index Fund, Shares	AZL MVP Moderate Index Strategy Fund	7.20%	5.36%
AZL Enhanced Bond Index Fund, Shares	AZL MVP T. Rowe Price Capital Appreciation Fund	9.66%	7.18%
AZL Gateway Fund, Shares	Allianz Life Insurance Company of North America	49.46%	N/A
AZL Gateway Fund, Shares	Allianz Life Insurance Company of New York	5.91%	N/A

AZL Gateway Fund, Shares	AZL MVP Fusion Balanced Fund	10.97%	N/A
AZL Gateway Fund, Shares	AZL MVP Fusion Moderate Fund	31.31%	N/A
AZL FIAM Multi-Strategy Fund, Class 2 Shares	Allianz Life Insurance Company of North America	77.94%%	78.45%
AZL FIAM Multi-Strategy Fund, Class 2 Shares	Allianz Life Insurance Company of New York	8.81%	8.89%
AZL FIAM Multi-Strategy Fund, Class 2 Shares	AZL MVP FIAM Multi-Strategy Fund	13.25%	12.66%
AZL MetWest Total Return Bond Fund, Shares	Allianz Life Insurance Company of North America	9.50%%	N/A
AZL MetWest Total Return Bond Fund, Shares	AZL MVP Fusion Balanced Fund	27.27%	N/A
AZL MetWest Total Return Bond Fund, Shares	AZL MVP Fusion Conservative Fund	10.31%	N/A
AZL MetWest Total Return Bond Fund, Shares	AZL MVP Fusion Moderate Fund	51.79%	N/A

Fund	5% Owners	Percent of Shares Held	Percent of Shares Held Following The Reorganization
AZL FIAM Total Bond Fund, Class 2 Shares	Allianz Life Insurance Company of North America	34.84%	88.40%
AZL FIAM Total Bond Fund, Class 2 Shares	Allianz Life Insurance Company of New York	4.65%	11.60%
AZL FIAM Total Bond Fund, Class 2 Shares	AZL MVP Fusion Balanced Fund	18.46%	N/A
AZL FIAM Total Bond Fund, Class 2 Shares	AZL MVP Fusion Conservative Fund	6.98%	N/A
AZL FIAM Total Bond Fund, Class 2 Shares	AZL MVP Fusion Moderate Fund	35.07%	N/A
AZL MSCI Emerging Markets Equity Index Fund, Class 1 Shares	Allianz Life Insurance Company of North America	96.31%	N/A
AZL MSCI Emerging Markets Equity Index Fund, Class 2 Shares	Allianz Life Insurance Company of North America	37.36%	N/A
AZL MSCI Emerging Markets Equity Index Fund, Class 2 Shares	AZL MVP Fusion Balanced Fund	10.66%	N/A
AZL MSCI Emerging Markets Equity Index Fund, Class 2 Shares	AZL MVP Fusion Moderate Fund	32.97%	N/A
AZL MSCI Emerging Markets Equity Index Fund, Class 2 Shares	AZL MVP Global Balanced Index Strategy Fund	15.68%	N/A
AZL International Index Fund, Class 1 Shares	Allianz Life Insurance Company of North America	94.19%	94.46%
AZL International Index Fund, Class 1 Shares	Allianz Life Insurance Company of New York	5.81%	5.54%
AZL International Index Fund, Class 2 Shares	Allianz Life Insurance Company of North America	22.87%	25.36%
AZL International Index Fund, Class 2 Shares	AZL Moderate Index Strategy Fund	17.90%	19.85%
AZL International Index Fund, Class 2 Shares	AZL MVP Balanced Index Strategy Fund	2.48%	9.75%

AZL International Index Fund, Class 2 Shares	AZL MVP Fusion Moderate Fund	11.24%	N/A
AZL International Index Fund, Class 2 Shares	AZL MVP Growth Index Strategy Fund	31.14%	34.53%
AZL International Index Fund, Class 2 Shares	AZL MVP Moderate Index Strategy Fund	4.85%	5.38%
AZL MVP Fusion Conservative Fund, Shares	Allianz Life Insurance Company of North America	91.67%	N/A
AZL MVP Fusion Conservative Fund, Shares	Allianz Life Insurance Company of New York	8.33%	N/A
AZL MVP FIAM Multi-Strategy Fund, Shares	Allianz Life Insurance Company of North America	86.70%	89.09%
AZL MVP FIAM Multi-Strategy Fund, Shares	Allianz Life Insurance Company of New York	13.30%	10.91%

Fund	5% Owners	Percent of Shares Held	Percent of Shares Held Following The Reorganization
AZL MVP Fusion Balanced Fund, Shares	Allianz Life Insurance Company of North America	90.72%	N/A
AZL MVP Fusion Balanced Fund, Shares	Allianz Life Insurance Company of New York	9.28%	N/A
AZL MVP Balanced Index Strategy Fund, Shares	Allianz Life Insurance Company of North America	86.66%	89.54%
AZL MVP Balanced Index Strategy Fund, Shares	Allianz Life Insurance Company of New York	13.34%	10.46%
AZL MVP Fusion Moderate Fund, Shares	Allianz Life Insurance Company of North America	89.51%	N/A
AZL MVP Fusion Moderate Fund, Shares	Allianz Life Insurance Company of New York	10.49%	N/A
AZL MVP DFA Multi-Strategy Fund, Shares	Allianz Life Insurance Company of North America	89.77%	89.52%
AZL MVP DFA Multi-Strategy Fund, Shares	Allianz Life Insurance Company of New York	10.23%	10.48%

	Six Months Ended	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,
	June 30, 2022	2021	2020	2019	2018	2017
	(Unaudited)
Net Asset Value, Beginning of Period	$  9.49	$  9.65	$  9.82	$ 10.06	$ 10.00	$  9.96
Investment Activities:
Net Investment Income/(Loss)	0.02(a)	(0.01)(a)	(0.03)(a)	0.01(a)	0.06	0.11
Net Realized and Unrealized Gains/(Losses) on
Investments	(0.60)	(0.15)	0.09	0.34	0.06	0.05
Total from Investment Activities	(0.58)	(0.16)	0.06	0.35	0.12	0.16
Distributions to Shareholders From:
Net Investment Income	—	—	(0.23)	(0.59)	(0.06)	(0.12)
Total Dividends	—	—	(0.23)	(0.59)	(0.06)	(0.12)
Net Asset Value, End of Period	$  8.91	$  9.49	$  9.65	$  9.82	$ 10.06	$ 10.00
Total Return(b) Ratios to Average Net Assets/Supplemental Data:	(6.11)%(c)	(1.66)%	0.57%	3.50%	1.17%	1.57%
Net Assets, End of Period (000’s)	$356,425	$419,120	$410,371	$434,284	$460,894	$506,088
Net Investment Income/(Loss)(d)	0.51%	(0.10)%	(0.34)%	0.12%	0.45%	1.11%
Expenses Before Reductions(d)(e)	0.89%	0.91%	0.93%	0.92%	0.91%	0.90%
Expenses Net of Reductions(d)	0.79%	0.81%	0.83%	0.82%	0.81%	0.80%
Portfolio Turnover Rate	57%(c)	122%	62%	35%	69%	83%

(a)

Calculated using the average shares method.

(b)

The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c)

Not annualized for periods less than one year.

(d)

Annualized for periods less than one year.

(e)

Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

	Six Months Ended	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,
	June 30, 2022	2021	2020	2019	2018	2017
	(Unaudited)
Net Asset Value, Beginning of Period	$    11.17	$    11.78	$    11.21	$    10.59	$    10.89	$    10.67
Investment Activities: Net Investment Income/(Loss)	0.07(a)	0.09(a)	0.17(a)	0.25(a)	0.28	0.20
Net Realized and Unrealized Gains/(Losses) on Investments	(1.29)	(0.32)	0.67	0.64	(0.35)	0.12
Total from Investment Activities	(1.22)	(0.23)	0.84	0.89	(0.07)	0.32
Distributions to Shareholders From: Net Investment Income	—	(0.09)	(0.27)	(0.27)	(0.23)	(0.10)
Net Realized Gains	—	(0.29)	—	—	—	—
Total Dividends	—	(0.38)	(0.27)	(0.27)	(0.23)	(0.10)
Net Asset Value, End of Period	$    9.95	$    11.17	$    11.78	$    11.21	$    10.59	$    10.89
Total Return(b)	(10.92)%(c)	(1.94)%	7.53%	8.38%	(0.58)%	3.01%
Ratios to Average Net Assets/Supplemental Data: Net Assets, End of Period (000’s)	$2,266,359	$2,689,733	$2,081,430	$2,239,557	$1,936,318	$2,048,679
Net Investment Income/(Loss)(d)	1.37%	0.80%	1.45%	2.28%	2.41%	1.87%
Expenses Before Reductions(d)(e)	0.64%	0.66%	0.66%	0.65%	0.65%	0.65%
Expenses Net of Reductions(d)	0.64%	0.66%	0.66%	0.65%	0.65%	0.65%
Portfolio Turnover Rate	65%(c)	137%	140%	119%	144%	214%

(a)

Calculated using the average shares method.

(b)

The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c)

Not annualized for periods less than one year.

(d)

Annualized for periods less than one year.

(e)

Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

	Six Months Ended	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,
	June 30, 2022	2021	2020	2019	2018	2017
	(Unaudited)
Net Asset Value, Beginning of Period	$ 16.13	$ 14.61	$ 13.76	$ 12.54	$ 13.32	$ 12.29
Investment Activities: Net Investment Income/(Loss)	0.03(a)	0.04(a)	0.09(a)	0.13(a)	0.18	0.12
Net Realized and Unrealized Gains/(Losses) on Investments	(2.06)	1.58	0.91	1.22	(0.79)	1.04
Total from Investment Activities	(2.03)	1.62	1.00	1.35	(0.61)	1.16
Distributions to Shareholders From: Net Investment Income	—	(0.10)	(0.15)	(0.13)	(0.17)	(0.13)
Total Dividends	—	(0.10)	(0.15)	(0.13)	(0.17)	(0.13)
Net Asset Value, End of Period	$ 14.10	$ 16.13	$ 14.61	$ 13.76	$ 12.54	$ 13.32
Total Return(b)	(12.59)%(c)	11.13%	7.30%	10.82%	(4.65)%	9.46%
Ratios to Average Net Assets/Supplemental Data: Net Assets, End of Period (000’s)	$116,368	$142,410	$144,383	$150,961	$147,792	$213,295
Net Investment Income/(Loss)(d)	0.41%	0.27%	0.67%	1.01%	0.93%	1.06%
Expenses Before Reductions(d)(e)	1.11%	1.12%	1.12%	1.11%	1.10%	1.10%
Expenses Net of Reductions(d)	1.11%	1.12%	1.12%	1.11%	1.10%	1.10%
Portfolio Turnover Rate	7%(c)	11%	30%	19%	9%	24%

(a)

Calculated using the average shares method.

(b)

The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c)

Not annualized for periods less than one year.

(d)

Annualized for periods less than one year.

(e)

Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

	Six Months Ended	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,
	June 30, 2022	2021^	2020	2019	2018	2017
	(Unaudited)
Class 1
Net Asset Value, Beginning of Period	$    10.29	$    10.00
Investment Activities: Net Investment Income/(Loss) Net Realized and Unrealized Gains/(Losses) on Investments	0.08(a)   (1.50)	0.07(a)   0.52
Total from Investment Activities	(1.42)	0.59
Distributions to Shareholders From: Net Investment Income	—	(0.08)
Net Realized Gains	—	(0.22)
Total Dividends	—	(0.30)
Net Asset Value, End of Period	$    8.87	$    10.29
Total Return(b)	(13.80)%(c)	6.03%(c)
Ratios to Average Net Assets/Supplemental Data: Net Assets, End of Period (000’s)	$  91,064	$ 113,445
Net Investment Income/(Loss)(d)	1.71%	1.35%
Expenses Before Reductions(d)(e)	0.47%	0.51%
Expenses Net of Reductions(d)	0.45%	0.46%
Portfolio Turnover Rate(f)	34%(c)	115%
Class 2
Net Asset Value, Beginning of Period	$    15.81	$    14.44	$ 13.45	$ 12.26	$ 13.35	$ 12.43
Investment Activities: Net Investment Income/(Loss)	0.11(a)	0.19(a)	0.26(a)	0.31(a)	0.34	0.28
Net Realized and Unrealized Gains/(Losses) on Investments	(2.31)	1.48	1.51	1.76	(0.58)	1.09
Total from Investment Activities	(2.20)	1.67	1.77	2.07	(0.24)	1.37
Distributions to Shareholders From: Net Investment Income	—	(0.08)	(0.35)	(0.33)	(0.32)	—
Net Realized Gains	—	(0.22)	(0.43)	(0.55)	(0.53)	(0.45)
Total Dividends	—	(0.30)	(0.78)	(0.88)	(0.85)	(0.45)
Net Asset Value, End of Period	$    13.61	$    15.81	$ 14.44	$ 13.45	$ 12.26	$ 13.35
Total Return(b)	(13.92)%(c)	11.65%	13.47%	17.27%	(2.02)%	11.12%
Ratios to Average Net Assets/Supplemental Data: Net Assets, End of Period (000’s)	$1,401,568	$1,754,265	$558,527	$559,027	$539,355	$627,375
Net Investment Income/(Loss)(d)	1.45%	1.22%	1.92%	2.35%	2.24%	2.06%
Expenses Before Reductions(d)(e)	0.72%	0.80%	1.03%	1.02%	1.01%	1.00%
Expenses Net of Reductions(d)	0.70%	0.71%	0.71%	0.71%	0.71%	0.71%
Portfolio Turnover Rate(f)	34%(c)	115%	77%	77%	66%	82%

(a)

Calculated using the average shares method.

(b)

The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c)

Not annualized for periods less than one year.

(d)

Annualized for periods less than one year.

(e)

Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(f)

Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

	Six Months Ended	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,
	June 30, 2022	2021	2020	2019	2018	2017
	(Unaudited)
Net Asset Value, Beginning of Period	$ 10.09	$ 10.96	$ 10.55	$  9.97	$ 10.20	$ 10.07
Investment Activities:
Net Investment Income/(Loss)	0.08(a)	0.09(a)	0.16(a)	0.25(a)	0.26	0.17
Net Realized and Unrealized Gains/(Losses) on
Investments	(1.24)	(0.23)	0.74	0.60	(0.29)	0.15
Total from Investment Activities	(1.16)	(0.14)	0.90	0.85	(0.03)	0.32
Distributions to Shareholders From:
Net Investment Income	—	(0.16)	(0.30)	(0.27)	(0.20)	(0.16)
Net Realized Gains	—	(0.57)	(0.19)	—	—	(0.03)
Total Dividends	—	(0.73)	(0.49)	(0.27)	(0.20)	(0.19)
Net Asset Value, End of Period	$  8.93	$ 10.09	$ 10.96	$ 10.55	$  9.97	$ 10.20
Total Return(b) Ratios to Average Net Assets/Supplemental Data:	(11.50)%(c)	(1.33)%	8.58%	8.49%	(0.21)%	3.14%
Net Assets, End of Period (000’s)	$237,888	$288,495	$295,786	$318,407	$321,344	$366,574
Net Investment Income/(Loss)(d)	1.70%	0.88%	1.47%	2.37%	2.25%	1.63%
Expenses Before Reductions(d)(e)	0.90%	0.91%	0.92%	0.91%	0.91%	0.91%
Expenses Net of Reductions(d)	0.80%	0.81%	0.82%	0.81%	0.85%	0.86%
Portfolio Turnover Rate	155%(c)	258%	211%	203%	184%	198%

(a)

Calculated using the average shares method.

(b)

The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c)

Not annualized for periods less than one year.

(d)

Annualized for periods less than one year.

(e)

Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

	Six Months Ended	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,
	June 30, 2022	2021	2020	2019	2018	2017
	(Unaudited)
Class 1
Net Asset Value, Beginning of Period	$ 10.27	$ 10.73	$ 10.20	$  9.54	$  9.96	$  9.77
Investment Activities:
Net Investment Income/(Loss)	0.12(a)	0.23(a)	0.29(a)	0.32(a)	0.32	0.23
Net Realized and Unrealized Gains/(Losses) on
Investments	(1.29)	(0.17)	0.63	0.69	(0.42)	0.21
Total from Investment Activities	(1.17)	0.06	0.92	1.01	(0.10)	0.44
Distributions to Shareholders From:
Net Investment Income	—	(0.31)	(0.39)	(0.35)	(0.32)	(0.25)
Net Realized Gains	—	(0.21)	—	—	—	—
Total Dividends	—	(0.52)	(0.39)	(0.35)	(0.32)	(0.25)
Net Asset Value, End of Period	$  9.10	$ 10.27	$ 10.73	$ 10.20	$  9.54	$  9.96
Total Return(b) Ratios to Average Net Assets/Supplemental Data:	(11.39)%(c)	0.59%	9.12%	10.57%	(1.00)%	4.55%
Net Assets, End of Period (000’s)	$ 17,643	$ 21,203	$ 22,495	$ 22,823	$ 21,476	$ 24,077
Net Investment Income/(Loss)(d)	2.55%	2.21%	2.78%	3.17%	2.96%	2.23%
Expenses Before Reductions(d)(e)	0.56%	0.57%	0.58%	0.57%	0.56%	0.56%
Expenses Net of Reductions(d)	0.56%	0.57%	0.58%	0.57%	0.56%	0.56%
Portfolio Turnover Rate(f)	11%	76%	71%	68%	38%	81%
Class 2
Net Asset Value, Beginning of Period	$ 10.60	$ 11.06	$ 10.50	$  9.81	$ 10.23	$ 10.05
Investment Activities:
Net Investment Income/(Loss)	0.11(a)	0.21(a)	0.27(a)	0.30(a)	0.31	0.22
Net Realized and Unrealized Gains/(Losses) on
Investments	(1.32)	(0.18)	0.65	0.71	(0.44)	0.21
Total from Investment Activities	(1.21)	0.03	0.92	1.01	(0.13)	0.43
Distributions to Shareholders From:
Net Investment Income	—	(0.28)	(0.36)	(0.32)	(0.29)	(0.25)
Net Realized Gains	—	(0.21)	—	—	—	—
Total Dividends	—	(0.49)	(0.36)	(0.32)	(0.29)	(0.25)
Net Asset Value, End of Period	$  9.39	$ 10.60	$ 11.06	$ 10.50	$  9.81	$ 10.23
Total Return(b) Ratios to Average Net Assets/Supplemental Data:	(11.42)%(c)	0.31%	8.84%	10.28%	(1.25)%	4.28%
Net Assets, End of Period (000’s)	$349,690	$425,299	$436,803	$470,864	$478,991	$552,678
Net Investment Income/(Loss)(d)	2.30%	1.96%	2.53%	2.92%	2.71%	1.98%
Expenses Before Reductions(d)(e)	0.81%	0.82%	0.83%	0.82%	0.81%	0.81%
Expenses Net of Reductions(d)	0.81%	0.82%	0.83%	0.82%	0.81%	0.81%
Portfolio Turnover Rate(f)	11%	76%	71%	68%	38%	81%

(a)

Calculated using the average shares method.

(b)

The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c)

Not annualized for periods less than one year.

(d)

Annualized for periods less than one year.

(e)

Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(f)

Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Not annualized for periods less than one year.

	Six Months Ended	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,
	June 30, 2022	2021	2020	2019	2018	2017
	(Unaudited)
Class 1
Net Asset Value, Beginning of Period	$  7.94	$  8.54	$  7.85	$  6.99	$  8.78	$  6.60
Investment Activities: Net Investment Income/(Loss)	0.09(a)	0.13(a)	0.10(a)	0.15(a)	0.16	0.12
Net Realized and Unrealized Gains/(Losses) on Investments	(1.47)	(0.44)	1.17	1.04	(1.50)	2.30
Total from Investment Activities	(1.38)	(0.31)	1.27	1.19	(1.34)	2.42
Distributions to Shareholders From: Net Investment Income	—	(0.14)	(0.29)	(0.15)	(0.16)	(0.04)
Net Realized Gains	—	(0.15)	(0.29)	(0.18)	(0.29)	(0.20)
Total Dividends	—	(0.29)	(0.58)	(0.33)	(0.45)	(0.24)
Net Asset Value, End of Period	$  6.56	$  7.94	$  8.54	$  7.85	$  6.99	$  8.78
Total Return(b)	(17.38)%(c)	(3.68)%	17.26%	17.55%	(15.31)%	36.97%
Ratios to Average Net Assets/Supplemental Data: Net Assets, End of Period (000’s)	$ 12,068	$ 15,392	$ 17,703	$ 17,995	$ 17,072	$ 22,883
Net Investment Income/(Loss)(d)	2.49%	1.51%	1.32%	1.97%	1.89%	1.56%
Expenses Before Reductions(d)(e)	0.97%	1.09%	1.17%	1.10%	1.03%	1.11%
Expenses Net of Reductions(d)	0.57%	0.69%	0.77%	0.70%	0.63%	0.71%
Portfolio Turnover Rate(f)	2%	7%	12%	25%	20%	19%
Class 2
Net Asset Value, Beginning of Period	$  7.95	$  8.54	$  7.85	$  6.99	$  8.77	$  6.60
Investment Activities: Net Investment Income/(Loss)	0.08(a)	0.11(a)	0.08(a)	0.12(a)	0.14	0.10
Net Realized and Unrealized Gains/(Losses) on Investments	(1.47)	(0.44)	1.16	1.05	(1.49)	2.30
Total from Investment Activities	(1.39)	(0.33)	1.24	1.17	(1.35)	2.40
Distributions to Shareholders From: Net Investment Income	—	(0.11)	(0.26)	(0.13)	(0.14)	(0.03)
Net Realized Gains	—	(0.15)	(0.29)	(0.18)	(0.29)	(0.20)
Total Dividends	—	(0.26)	(0.55)	(0.31)	(0.43)	(0.23)
Net Asset Value, End of Period	$  6.56	$  7.95	$  8.54	$  7.85	$  6.99	$  8.77
Total Return(b)	(17.48)%(c)	(3.83)%	16.92%	17.18%	(15.46)%	36.63%
Ratios to Average Net Assets/Supplemental Data: Net Assets, End of Period (000’s)	$175,845	$221,288	$259,447	$308,248	$297,839	$351,886
Net Investment Income/(Loss)(d)	2.25%	1.26%	1.06%	1.65%	1.61%	1.35%
Expenses Before Reductions(d)(e)	1.22%	1.34%	1.42%	1.35%	1.28%	1.36%
Expenses Net of Reductions(d)	0.82%	0.94%	1.02%	0.95%	0.88%	0.96%
Portfolio Turnover Rate(f)	2%	7%	12%	25%	20%	19%

(a)

Calculated using the average shares method.

(b)

The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c)

Not annualized for periods less than one year.

(d)

Annualized for periods less than one year.

(e)

Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(f)

Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Not annualized for periods less than one year.

	Six Months Ended	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,
	June 30, 2022	2021	2020	2019	2018	2017
	(Unaudited)
Class 1
Net Asset Value, Beginning of Period	$    12.69	$    11.76	$    11.53	$    9.94	$    12.30	$    10.07
Investment Activities:
Net Investment Income/(Loss)	0.22(a)	0.27(a)	0.20(a)	0.32(a)	0.36	0.37
Net Realized and Unrealized Gains/(Losses) on
Investments	(2.64)	0.99	0.61	1.79	(2.00)	2.15
Total from Investment Activities	(2.42)	1.26	0.81	2.11	(1.64)	2.52
Distributions to Shareholders From:
Net Investment Income	—	(0.33)	(0.55)	(0.42)	(0.50)	(0.16)
Net Realized Gains	—	—	(0.03)	(0.10)	(0.22)	(0.13)
Total Dividends	—	(0.33)	(0.58)	(0.52)	(0.72)	(0.29)
Net Asset Value, End of Period	$    10.27	$    12.69	$    11.76	$    11.53	$    9.94	$    12.30
Total Return(b) Ratios to Average Net Assets/Supplemental Data:	(19.07)%(c)	10.80%	7.66%	21.67%	(13.80)%	25.12%
Net Assets, End of Period (000’s)	$  75,902	$  99,304	$ 100,924	$ 106,657	$  98,902	$ 132,265
Net Investment Income/(Loss)(d)	3.77%	2.13%	1.93%	2.89%	2.62%	2.48%
Expenses Before Reductions(d)(e)	0.43%	0.45%	0.46%	0.44%	0.45%	0.48%
Expenses Net of Reductions(d)	0.43%	0.45%	0.46%	0.44%	0.45%	0.48%
Portfolio Turnover Rate(f)	1%	14%	9%	4%	2%	8%
Class 2
Net Asset Value, Beginning of Period	$    18.97	$    17.43	$    16.79	$    14.25	$    17.30	$    14.10
Investment Activities:
Net Investment Income/(Loss)	0.30(a)	0.35(a)	0.26(a)	0.42(a)	0.43	0.36
Net Realized and Unrealized Gains/(Losses) on
Investments	(3.95)	1.48	0.91	2.60	(2.81)	3.12
Total from Investment Activities	(3.65)	1.83	1.17	3.02	(2.38)	3.48
Distributions to Shareholders From:
Net Investment Income	—	(0.29)	(0.50)	(0.38)	(0.45)	(0.15)
Net Realized Gains	—	—	(0.03)	(0.10)	(0.22)	(0.13)
Total Dividends	—	(0.29)	(0.53)	(0.48)	(0.67)	(0.28)
Net Asset Value, End of Period	$    15.32	$    18.97	$    17.43	$    16.79	$    14.25	$    17.30
Total Return(b)	(19.24)%(c)	10.55%	7.40%	21.44%	(14.04)%	24.77%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period (000’s)	$1,245,155	$1,650,118	$1,496,990	$1,591,233	$1,422,711	$1,862,508
Net Investment Income/(Loss)(d)	3.52%	1.85%	1.69%	2.64%	2.36%	2.21%
Expenses Before Reductions(d)(e)	0.68%	0.70%	0.71%	0.69%	0.70%	0.73%
Expenses Net of Reductions(d)	0.68%	0.70%	0.71%	0.69%	0.70%	0.73%
Portfolio Turnover Rate(f)	1%	14%	9%	4%	2%	8%

(a)

Calculated using the average shares method.

(b)

The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c)

Not annualized for periods less than one year.

(d)

Annualized for periods less than one year.

(e)

Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(f)

Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Not annualized for periods less than one year.

	Six Months Ended	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,
	June 30, 2022	2021	2020	2019	2018	2017
	(Unaudited)
Net Asset Value, Beginning of Period	$ 12.36	$ 11.93	$ 11.96	$ 11.16	$ 12.23	$ 11.89
Investment Activities:
Net Investment Income/(Loss)	0.02(a)	0.14(a)	0.23(a)	0.25(a)	0.23	0.16
Net Realized and Unrealized Gains/(Losses) on
Investments	(1.66)	0.59	0.31	1.24	(0.67)	0.93
Total from Investment Activities	(1.64)	0.73	0.54	1.49	(0.44)	1.09
Distributions to Shareholders From:
Net Investment Income	—	(0.30)	(0.27)	(0.30)	(0.17)	(0.23)
Net Realized Gains	—	—	(0.30)	(0.39)	(0.46)	(0.52)
Total Dividends	—	(0.30)	(0.57)	(0.69)	(0.63)	(0.75)
Net Asset Value, End of Period	$ 10.72	$ 12.36	$ 11.93	$ 11.96	$ 11.16	$ 12.23
Total Return(b) Ratios to Average Net Assets/Supplemental Data:	(13.27)%(c)	6.15%	4.79%	13.54%	(3.75)%	9.31%
Net Assets, End of Period (000’s)	$182,825	$227,600	$240,118	$249,093	$235,129	$268,572
Net Investment Income/(Loss)(d)	0.36%	1.14%	1.96%	2.11%	1.83%	1.14%
Expenses Before Reductions*(d)(e)	0.25%	0.24%	0.25%	0.25%	0.24%	0.23%
Expenses Net of Reductions*(d)	0.20%	0.19%	0.25%	0.25%	0.24%	0.23%
Portfolio Turnover Rate	3%(c)	15%	17%	21%	16%	18%

(a)

Calculated using the average shares method.

(b)

The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c)

Not annualized for periods less than one year.

(d)

Annualized for periods less than one year.

(e)

Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

	Six Months Ended	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,
	June 30, 2022	2021	2020	2019	2018	2017
	(Unaudited)
Net Asset Value, Beginning of Period	$ 13.55	$ 13.00	$ 12.47	$ 11.17	$ 11.81	$ 10.79
Investment Activities:
Net Investment Income/(Loss)	(0.01)(a)	0.05(a)	0.27(a)	0.27(a)	0.28	—(b)
Net Realized and Unrealized
Gains/(Losses) on Investments	(1.69)	1.36	0.61	1.52	(0.52)	1.17
Total from Investment Activities	(1.70)	1.41	0.88	1.79	(0.24)	1.17
Distributions to Shareholders From:
Net Investment Income	—	(0.36)	(0.35)	(0.49)	(0.40)	(0.15)
Net Realized Gains	—	(0.50)	—	—	—	—
Total Dividends	—	(0.86)	(0.35)	(0.49)	(0.40)	(0.15)
Net Asset Value, End of Period	$ 11.85	$ 13.55	$ 13.00	$ 12.47	$ 11.17	$ 11.81
Total Return(c) Ratios to Average Net	(12.55)%(d)	11.07%	7.16%	16.25%	(2.14)%	10.93%
Assets/Supplemental Data:
Net Assets, End of Period (000’s)	$197,201	$243,789	$254,918	$265,363	$245,936	$274,843
Net Investment Income/(Loss)(e)	(0.12)%	0.35%	2.19%	2.24%	2.12%	(0.09)%
Expenses Before Reductions*(e)(f)	0.14%	0.14%	0.15%	0.14%	0.14%	0.13%
Expenses Net of Reductions*(e)	0.14%	0.14%	0.15%	0.14%	0.14%	0.13%
Portfolio Turnover Rate	—(b)(d)	3%	6%	7%	7%	4%

(a)

Calculated using the average shares method.

(b)

Represents less than $0.005 or 0.5%.

(c)

The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(d)

Not annualized for periods less than one year.

(e)

Annualized for periods less than one year.

(f)

Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

	Six Months Ended	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,
	June 30, 2022	2021	2020	2019	2018	2017
	(Unaudited)
Net Asset Value, Beginning of Period	$ 11.75	$ 11.01	$ 11.24	$ 10.44	$ 11.91	$    11.88
Investment Activities: Net Investment Income/(Loss)	0.01(a)	0.12(a)	0.20(a)	0.22(a)	0.22	0.14
Net Realized and Unrealized Gains/(Losses) on Investments	(1.72)	0.89	0.18	1.38	(0.83)	1.27
Total from Investment Activities	(1.71)	1.01	0.38	1.60	(0.61)	1.41
Distributions to Shareholders From: Net Investment Income	—	(0.27)	(0.26)	(0.29)	(0.15)	(0.22)
Net Realized Gains	—	—	(0.35)	(0.51)	(0.71)	(1.16)
Total Dividends	—	(0.27)	(0.61)	(0.80)	(0.86)	(1.38)
Net Asset Value, End of Period	$ 10.04	$ 11.75	$ 11.01	$ 11.24	$ 10.44	$    11.91
Total Return(b)	(14.55)%(c)	9.20%	3.78%	15.76%	(5.40)%	12.23%
Ratios to Average Net Assets/Supplemental Data: Net Assets, End of Period (000’s)	$625,427	$785,108	$827,734	$923,719	$919,206	$1,099,494
Net Investment Income/(Loss)(d)	0.27%	1.06%	1.88%	1.95%	1.74%	1.00%
Expenses Before Reductions*(d)(e)	0.22%	0.22%	0.23%	0.23%	0.22%	0.22%
Expenses Net of Reductions*(d)	0.17%	0.17%	0.23%	0.23%	0.22%	0.22%
Portfolio Turnover Rate	—(c)(f)	9%	17%	12%	15%	17%

(a)

Calculated using the average shares method.

(b)

The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c)

Not annualized for periods less than one year.

(d)

Annualized for periods less than one year.

(e)

Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(f)

Represents less than 0.5%.

	Six Months Ended	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,
	June 30, 2022	2021	2020	2019	2018	2017
	(Unaudited)
Net Asset Value, Beginning of Period	$ 14.38	$ 14.04	$ 13.90	$ 12.37	$ 13.38	$ 12.74
Investment Activities:
Net Investment Income/(Loss)	(0.01)(a)	0.11(a)	0.24(a)	0.25(a)	0.24	0.11
Net Realized and Unrealized
Gains/(Losses) on Investments	(2.09)	1.26	0.54	1.82	(0.82)	1.32
Total from Investment Activities	(2.10)	1.37	0.78	2.07	(0.58)	1.43
Distributions to Shareholders From:
Net Investment Income	—	(0.26)	(0.27)	(0.29)	(0.11)	(0.26)
Net Realized Gains	—	(0.77)	(0.37)	(0.25)	(0.32)	(0.53)
Total Dividends	—	(1.03)	(0.64)	(0.54)	(0.43)	(0.79)
Net Asset Value, End of Period	$ 12.28	$ 14.38	$ 14.04	$ 13.90	$ 12.37	$ 13.38
Total Return(b) Ratios to Average Net	(14.60)%(c)	10.02%	5.98%	16.92%	(4.44)%	11.40%
Assets/Supplemental Data:
Net Assets, End of Period (000’s)	$259,902	$324,718	$320,488	$331,516	$301,934	$322,231
Net Investment Income/(Loss)(d)	(0.11)%	0.74%	1.82%	1.84%	1.79%	0.72%
Expenses Before Reductions*(d)(e)	0.14%	0.13%	0.14%	0.14%	0.13%	0.13%
Expenses Net of Reductions*(d)	0.14%	0.13%	0.14%	0.14%	0.13%	0.13%
Portfolio Turnover Rate	—(c)(f)	10%	13%	9%	7%	9%

(a)

Calculated using the average shares method.

(b)

The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c)

Not annualized for periods less than one year.

(d)

Annualized for periods less than one year.

(e)

Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(f)

Represents less than 0.5%.

	Six Months Ended	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,
	June 30, 2022	2021	2020	2019	2018	2017
	(Unaudited)
Net Asset Value, Beginning of Period	$    11.94	$    10.98	$    11.16	$    10.31	$    11.97	$    11.60
Investment Activities: Net Investment Income/(Loss)	0.01(a)	0.12(a)	0.19(a)	0.20(a)	0.21	0.12
Net Realized and Unrealized Gains/(Losses) on Investments	(1.85)	1.09	0.26	1.53	(0.93)	1.46
Total from Investment Activities	(1.84)	1.21	0.45	1.73	(0.72)	1.58
Distributions to Shareholders From: Net Investment Income	—	(0.25)	(0.23)	(0.29)	(0.14)	(0.20)
Net Realized Gains	—	—	(0.40)	(0.59)	(0.80)	(1.01)
Total Dividends	—	(0.25)	(0.63)	(0.88)	(0.94)	(1.21)
Net Asset Value, End of Period	$    10.10	$    11.94	$    10.98	$    11.16	$    10.31	$    11.97
Total Return(b)	(15.41)%(c)	11.09%	4.54%	17.31%	(6.46)%	13.98%
Ratios to Average Net Assets/Supplemental Data: Net Assets, End of Period (000’s)	$1,442,927	$1,832,010	$1,893,425	$2,032,770	$1,953,730	$2,361,486
Net Investment Income/(Loss)(d)	0.19%	1.01%	1.84%	1.81%	1.66%	0.90%
Expenses Before Reductions(d)(e)	0.22%	0.22%	0.22%	0.22%	0.22%	0.22%
Expenses Net of Reductions(d)	0.17%	0.17%	0.22%	0.22%	0.22%	0.22%
Portfolio Turnover Rate	—(c)(f)	10%	18%	12%	18%	17%

(a)

Calculated using the average shares method.

(b)

The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c)

Not annualized for periods less than one year.

(d)

Annualized for periods less than one year.

(e)

Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

(f)

Represents less than 0.5%.

	Six Months Ended	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,	Year Ended December 31,
	June 30, 2022	2021	2020	2019	2018	2017
	(Unaudited)
Net Asset Value, Beginning of Period	$ 12.21	$ 11.58	$ 12.03	$ 10.65	$ 11.60	$ 10.36
Investment Activities:
Net Investment Income/(Loss)	(0.01)(a)	0.05(a)	0.16(a)	0.31(a)	0.08	0.09
Net Realized and Unrealized Gains/(Losses) on
Investments	(1.58)	1.51	0.22	1.36	(0.79)	1.21
Total from Investment Activities	(1.59)	1.56	0.38	1.67	(0.71)	1.30
Distributions to Shareholders From:
Net Investment Income	—	(0.17)	(0.34)	(0.11)	(0.08)	(0.05)
Net Realized Gains	—	(0.76)	(0.49)	(0.18)	(0.16)	(0.01)
Total Dividends	—	(0.93)	(0.83)	(0.29)	(0.24)	(0.06)
Net Asset Value, End of Period	$ 10.62	$ 12.21	$ 11.58	$ 12.03	$ 10.65	$ 11.60
Total Return(b) Ratios to Average Net Assets/Supplemental Data:	(13.02)%(c)	13.74%	3.77%	15.81%	(6.22)%	12.55%
Net Assets, End of Period (000’s)	$81,733	$99,979	$90,668	$95,959	$86,601	$77,757
Net Investment Income/(Loss)(d)	(0.12)%	0.42%	1.44%	2.71%	0.91%	0.96%
Expenses Before Reductions*(d)(e)	0.28%	0.29%	0.30%	0.29%	0.29%	0.30%
Expenses Net of Reductions*(d)	0.15%	0.15%	0.15%	0.15%	0.15%	0.15%
Portfolio Turnover Rate	1%(c)	13%	18%	10%	16%	15%

(a)

Calculated using the average shares method.

(b)

The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If these charges were included, the returns would have been lower.

(c)

Not annualized for periods less than one year.

(d)

Annualized for periods less than one year.

(e)

Excludes fee reductions. If such fee reductions had not occurred, the ratios would have been as indicated.

Acquired Fund	Acquiring Fund
VIP Trust
AZL® DFA 5 Year Global Fixed Income Fund •    Shares	AZL® Enhanced Bond Index Fund •    Shares
AZL® Gateway Fund •    Shares	AZL® Fidelity Institutional Asset Management® Multi-Strategy Fund •    Class 2 Shares
AZL® MetWest Total Return Bond Fund •    Shares	AZL® Fidelity Institutional Asset Management® Total Bond Fund •    Class 2 Shares
AZL® MSCI Emerging Markets Equity Index Fund •    Class 1 Shares •    Class 2 Shares	AZL® International Index Fund •    Class 1 Shares •    Class 2 Shares
VIP FoF Trust
AZL MVP FusionSM Conservative Fund •    Shares	AZL® MVP Fidelity Institutional Asset Management®   Multi-Strategy Fund •    Shares

AZL MVP FusionSM Balanced Fund •    Shares	AZL® MVP Balanced Index Strategy Fund •    Shares
AZL MVP FusionSM Moderate Fund •    Shares	AZL® MVP DFA Multi-Strategy Fund •    Shares