These investment options invest in assets of companies around the world, including emerging markets. Because of fluctuations in value of various currencies and the political and economic uncertainties of foreign countries, international funds involve greater levels of risk and volatility not present with U.S. investments.

Money Manager Investment Option
BlackRock AZL International Index Fund CL 2
AZL MSCI Global Equity Index Fund
Oppenheimer Oppenheimer Global Multi Alternatives Fund VA

The Allianz Investment Management LLC, Allianz Global Investors, NFJ Investment Group LLC, RCM Capital Management LLC, and PIMCO investment options are managed by an affiliate of Allianz Life Insurance Company of North America, and Allianz Life Financial Services, LLC. All are affiliated companies.

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

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

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