These investment options are focused on specific sectors or industries, such as semiconductors, airlines, utilities, retailing, etc., making it relatively easy to invest in any given sector. Sector investing can pay big returns, but it involves big risks as well as being subject to a higher degree of risk than money that is diversified across economic sectors or industries.

Money Manager Investment Option
Morgan Stanley AZL Morgan Stanley Global Real Estate Fund CL 1
AZL Morgan Stanley Global Real Estate Fund CL 2

Guarantees are backed by the financial strength and claims-paying ability of the issuing company. Variable annuity guarantees do not apply to the performance of the variable subaccounts, which will fluctuate with market conditions.

• Not FDIC insured • May lose value • No bank or credit union guarantee • Not a deposit • Not insured by any federal government agency or NCUA/NCUSIF

Products are issued by Allianz Life Insurance Company of North America, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297. Variable products are distributed by its affiliate, Allianz Life Financial Services, LLC, member FINRA, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297.

Product and feature availability may vary by state and broker/dealer.

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