Managed Volatility (Fund of Funds)

Managed Volatility strategies trade volatility as an asset class. Directional volatility strategies aim to profit from the trend in the implied volatility embedded in derivatives referencing other asset classes. Volatility arbitrage seeks to profit from the implied volatility discrepancies between related securities

Money Manager	Investment Option
	RCM Dynamic Multi-Asset Plus VIT Portfolio
	AZL MVP Balanced Index Strategy Fund AZL MVP Global Balanced Index Strategy Fund AZL MVP DFA Multi-Strategy Fund AZL MVP Fusion Dynamic Balanced Fund AZL MVP Fusion Dynamic Conservative Fund AZL MVP Fusion Dynamic Moderate Fund AZL MVP Growth Index Strategy Fund AZL MVP Moderate Index Strategy Fund AZL MVP T. Rowe Price Capital Appreciation Plus Fund
	PIMCO VIT Balanced Allocation Portfolio

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. Both 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

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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Managed Volatility (Fund of Funds)

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