vip485bapr252012.htm

ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST

AZL® Allianz AGIC Opportunity Fund

AZL® BlackRock Capital Appreciation Fund

AZL® BlackRock Global Allocation Fund

AZL® Columbia Mid Cap Value Fund

AZL® Columbia Small Cap Value Fund, Class 2

AZL® Davis New York Venture Fund, Class 2

AZL® Dreyfus Research Growth Fund

(formerly AZL® Dreyfus Equity Growth Fund)

AZL® Eaton Vance Large Cap Value Fund

AZL® Enhanced Bond Index Fund

AZL® Federated Clover Small Value Fund

(formerly AZL® Franklin Small Cap Value Fund)

AZL® Franklin Templeton Founding Strategy Plus Fund

AZL® Gateway Fund

AZL® International Index Fund

AZL® Invesco Equity and Income Fund

AZL® Invesco Growth and Income Fund

AZL® Invesco International Equity Fund

AZL® JPMorgan International Opportunities Fund

AZL® JPMorgan U.S. Equity Fund, Class 2

AZL® MFS Investors Trust Fund

AZL® Mid Cap Index Fund

AZL® Money Market Fund

AZL® Morgan Stanley Global Real Estate Fund

AZL® Morgan Stanley Mid Cap Growth Fund

AZL® NFJ International Value Fund

AZL® Oppenheimer Discovery Fund

(formerly AZL® Turner Quantitative Small Cap Growth Fund)

AZL® Russell 1000 Growth Index Fund

AZL® Russell 1000 Value Index Fund

AZL® S&P 500 Index Fund, Class 1 and Class 2

AZL® Schroder Emerging Markets Equity Fund, Class 1 and Class 2

AZL® Small Cap Stock Index Fund

PROSPECTUS DATED APRIL 30, 2012

Allianz Investment Management LLC (the “Manager”)

Shares of each Fund are sold exclusively to certain insurance companies in connection with particular variable annuity contracts and/or variable life insurance policies (each a “Contact” and collectively the “Contacts”) they issue. The insurance companies invest in shares of the Funds in accordance with instructions received from owners of the applicable Contracts.

This Prospectus must be accompanied or preceded by a current prospectus for the Contracts that invest in the Funds.

Questions?

Call toll free at 1-877-833-7113 or contact your investment representative.

The Securities and Exchange Commission has not approved or disapproved the shares described in this Prospectus or determined whether this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

This prospectus may contain information on Funds not available under your Contract. Please refer to your Contract prospectus for information regarding the investment options available to you.

AZL® is a registered service mark of Allianz SE. Allianz SE is the ultimate owner of the Manager.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

TABLE OF CONTENTS

AZL®Allians AGIC Opportunity Fund	3		Financial Intermediary Compensation		100
AZL® BlackRock Capital Appreciation Fund	6		More about the Funds		101
AZL BlackRock Global Allocation Fund	9			Overview	101
AZL® Columbia Mid Cap Value Fund	12			Investment Strategies	105
AZL® Columbia Small Cap Value Fund, Class 2	15			Investment Risks	111
AZL® Davis New York Venture Fund, Class 2	18		Fund Management		128
AZL® Dreyfus Research Growth Fund	21			The Manager	128
AZL® Eaton Vance Large Cap Value Fund	24			The Subadvisers of the Funds	128
AZL® Franklin Small Cap Value Fund	26			The Portfolio Managers of the Funds	132
AZL Enhanced Bond Index Fund	28			More Information About Fund Management	140
AZL Federated Clover Small Value Fund	32			Duties of the Manager and Subadvisers	140
AZL® Franklin Templeton Founding Strategy Plus				Payments to Affiliated Insurance Companies	141
Fund	35			Transfer Supported Features of Certain Annuity Contracts	141
AZL® Gateway Fund	39			Management Fees	142
AZL® International Index Fund	43			Legal Proceedings124	143
AZL® Invesco Equity and Income Fund	46			The Administrator	145
AZL® Invesco Growth and Income Fund	50			The Distributor	145
AZL® Invesco International Equity Fund	53			The Custodian	146
AZL® JPMorgan International Opportunities Fund	56			Licensing Arrangements	146
AZL® JPMorgan U.S. Equity Fund, Class 2	60			Disclosure of Portfolio Holdings	148
AZL® MFS Investors Trust Fund	63
AZL® Mid Cap Index Fund	66		Shareholder Information		149
AZL® Money Market Fund	69			Pricing of Fund Shares	149
AZL® Morgan Stanley Global Real Estate Fund	72			Money Market Fund	149
AZL® Morgan Stanley Mid Cap Growth Fund	75			Purchase and Redemption of Shares	149
AZL NFJ International Value Fund	78			Market Timing	150
AZL Oppenheimer Discovery Fund	81			Distribution (12b-1) Fees	151
AZL Russell 1000 Growth Index Fund	84			Dividends, Distributions, and Taxes	151
AZL Russell 1000 Value Index Fund	87		Financial Highlights		152
AZL® S&P 500 Index Fund, Class 1 and Class 2	90
AZL® Schroder Emerging Markets Equity Fund,
Class 1 and Class 2	93
AZL® Small Cap Stock Index Fund	97

Tax Information		100

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Allianz AGIC Opportunity Fund

AZL® Allianz AGIC Opportunity Fund

Investment Objective

The Fund seeks capital appreciation.

Fees and Expenses

Fees and Expenses of the Fund

The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The Fund is offered exclusively as an investment option for certain Contracts. The table below reflects only Fund expenses and does not reflect Contract fees and expenses. Please refer to the Contract prospectus for a description of those fees and expenses.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.85%
Distribution (12b-1) Fees	0.25%
Other Expenses	0.09%
Total Annual Fund Operating Expenses	1.19%

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year, that the Fund’s operating expenses remain the same, and that you reinvest all dividends and distributions. It does not reflect any Contract fees. If Contract fees were included, the costs shown would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

1 Year	3 Years	5 Years	10 Years
$121	$378	$654	$1,443

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 123% of the average value of its portfolio.

Investments, Risks, and Performance

Principal Investment Strategies of the Fund

The Fund seeks to achieve its investment objective by normally investing at least 65% of its assets in common stocks of “growth” companies with market capitalizations of less than $2 billion at the time of investment.

The subadviser’s investment process focuses on bottom-up, fundamental analysis. The subadviser considers “growth” companies to include companies that they believe to have above-average growth prospects (relative to companies in the same industry or the market as a whole). In seeking to identify these companies, the subadviser will consider fundamental characteristics such as revenue growth, volume and pricing trends, profit margin behavior, margin expansion opportunities, financial strength, cash flow growth, asset value growth and earnings growth. Through extensive, in-depth proprietary research, the subadviser searches for non-consensus information regarding the growth prospects for small-capitalization companies. The investment process includes both quantitative and qualitative analysis aimed at identifying candidate securities. The subadviser generates investment ideas from numerous sources, including proprietary research, Wall Street research, investment publications, and quantitative data. Once a potential investment is identified, the subadviser conducts a quantitative analysis to determine if the stock is reasonably priced with respect to its peer group on a historical and current basis. Then fundamental research is conducted, focusing on a review of financial statements and third-party research. The subadviser may interview company management, competitors and other industry experts to

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Allianz AGIC Opportunity Fund

gauge the company’s business model, future prospects, and financial outlook. For new investments, the subadviser generally begins with making a relatively small investment in a company, which may be increased based upon potential upside performance and conviction in the company. Industry weightings are periodically evaluated versus the benchmark; the subadviser may trim positions in industries that become significantly overweight relative to the Fund’s benchmark. The subadviser seeks to diversify the portfolio among different industries.

The Fund may invest to a limited degree in other kinds of equity securities, including preferred stocks and convertible securities. The Fund may invest up to 15% of its assets in foreign securities, except that it may invest without limit in American Depositary Receipts (ADRs). The Fund may invest a substantial portion of its assets in securities issued in initial public offerings (IPOs). The Fund has in the past invested a significant portion of its assets in technology or technology-related companies, although there is no assurance that it will continue to do so in the future. The Fund may utilize foreign currency exchange contracts, options, and other derivative instruments (for example, forward currency exchange contracts and stock index future contracts).

Principal Risks of Investing in the Fund

The price per share of the Fund will fluctuate with changes in value of the investments held by the Fund. You may lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. There is no guarantee that the Fund will achieve its objective.

The following is a summary of the principal risks to which the Fund’s portfolio as a whole is subject. As changes occur in a Fund’s portfolio holdings, the extent to which the portfolio is subject to each of these risks may also change.

•	Market Risk The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.

•	Issuer Risk The value of a security may decline for a number of reasons directly related to the issuer of the security.

•	Selection Risk Because this Fund is actively managed, there can be no guarantee that investment decisions made for the fund will produce the desired results.

•	Growth Stocks Risk Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks may be susceptible to rapid price swings or to adverse developments in certain sectors of the market.

•	Capitalization Risk Investing in small- and micro-cap companies creates risk because smaller companies may have unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of large companies.

•	Initial Public Offerings Risk Securities purchased in initial public offerings (IPOs) may be issued by companies with limited operating histories or companies that are undercapitalized. The trading market for these securities may be limited.

•	Liquidity Risk An investment that is difficult to purchase or sell may have an adverse affect on the Fund’s returns.

•	Foreign Risk Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in currency values, adverse political, social or economic developments, and differences in social and economic developments or policies.

•

Currency Risk Investing in securities that trade in and receive revenues in foreign currencies creates risk because foreign currencies may decline relative to the U.S. dollar, resulting in a potential loss to the Fund. In the case of hedging positions, the U.S. dollar may decline in value relative to the currency that has been hedged.

•

Industry Sector Risk Investing in a single industry or sector, or concentrating investments in a limited number of industries or sectors, tends to increase the risk that economic, political, or regulatory developments affecting certain industries or sectors will have a large impact on the value of the Fund’s portfolio.

•	Credit Risk The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an adverse impact on the Fund’s earnings.

•	Derivatives Risk Investing in derivative instruments involves risks that may be different from or greater than the risks associated with investing directly in securities or other traditional investments.

•	Convertible Securities Risk The value of convertible securities may be affected by interest rates, default by the issuer on principal or interest payments, and the value of the underlying stock into which the securities may be converted.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Allianz AGIC Opportunity Fund

•	Portfolio Turnover The Fund may trade its portfolio securities frequently, which could result in higher transaction costs and could adversely affect the Fund’s performance.

Performance Information

Both the bar chart and the table assume reinvestment of dividends and distributions.

The performance of the Fund will vary from year to year. The Fund’s performance does not reflect the cost of insurance and separate account charges which are imposed under your variable annuity contract or variable life insurance policy. If they were included, performance would be reduced. Past performance does not indicate how the Fund will perform in the future.

Performance Bar Chart and Table

Highest and Lowest Quarter Returns (for periods shown in the bar chart)

Highest (Q2, 2009)	33.97%
Lowest (Q4, 2008)	-29.67%

Average Annual Total Returns

	One Year Ended December 31, 2011	Five Years Ended December 31, 2011	Since Inception (5/1/2002)
AZL® Allianz AGIC Opportunity Fund	-11.54%	-0.90%	4.88%
Russell 2000® Growth Index (reflects no deduction for fees, expenses, or taxes)	-2.91%	2.09%	5.11%

Management

Allianz Investment Management LLC serves as the investment adviser to the Fund.

Allianz Global Investors Capital LLC serves as the subadviser to the Fund.

The portfolio managers for the Fund are Michael Corelli, Managing Director, since inception, and Eric Sartorius, Senior Vice President, since March 2008.

For important information about tax information and financial intermediary compensation, please turn to the sections “Tax Information” and “Financial Intermediary Compensation” at page 100 in this prospectus.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® BlackRock Capital Appreciation Fund

AZL® BlackRock Capital Appreciation Fund

Investment Objective

The Fund seeks long-term growth of capital.

Fees and Expenses

Fees and Expenses of the Fund

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.80%
Distribution (12b-1) Fees	0.25%
Other Expenses	0.08%
Total Annual Fund Operating Expenses	1.13%

Example

1 Year	3 Years	5 Years	10 Years
$115	$359	$622	$1,375

Portfolio Turnover

Investments, Risks, and Performance

Principal Investment Strategies of the Fund

Under normal market conditions, the Fund invests at least 80% of total assets in common and preferred stock and securities convertible into common and preferred stock. The Fund generally invests in mid- and large-size companies.

The Fund seeks to invest in fundamentally sound companies that, in the subadviser’s opinion, have strong management, superior earnings growth prospects, and attractive relative valuations. The disciplined investment process uses bottom-up stock selection as the primary driver of returns. The Fund emphasizes large companies that exhibit stable growth and accelerating earnings.

While the Fund generally invests across a broad range of industries, the subadviser may favor companies in those industries that appear to offer higher potential for long-term growth.

Although the subadviser does not expect to make such investments as a matter of course, the Fund is permitted to invest up to 20% of total assets in other securities, such as, bonds and small-size company stocks.

The Fund generally will sell a stock when, in the subadviser’s opinion, the stock reaches its price target, or when the company’s future growth prospects deteriorate, the company becomes unable to sustain earnings momentum, the stock’s valuation becomes less attractive, a significant price change occurs, or when the subadviser identifies more compelling investment opportunities elsewhere.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® BlackRock Capital Appreciation Fund

The Fund may, but is not required to, use derivatives by buying or selling options or futures on a security or an index of securities. The primary purpose of using derivatives is to attempt to reduce risk to the Fund as a whole by hedging, but the subadviser may also use derivatives to maintain liquidity and commit cash pending investment. The subadviser also may use derivatives for speculation to increase returns, but under normal market conditions generally does not expect to do so.

Principal Risks of Investing in the Fund

•	Market Risk The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.

•	Issuer Risk The value of a security may decline for a number of reasons directly related to the issuer of the security.

•	Selection Risk Because this Fund is actively managed, there can be no guarantee that investment decisions made for the fund will produce the desired results.

•	Growth Stocks Risk Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks may be susceptible to rapid price swings or to adverse developments in certain sectors of the market.

•

Leveraging Risk The Fund may engage in certain kinds of transactions, including the use of derivatives, that may give rise to a form of leverage. The use of leverage may require the Fund to liquidate a portfolio position at a disadvantageous time or may exaggerate the effect of any increase or decrease in the value of the Fund’s portfolio securities.

•	Capitalization Risk Investing in small to midsized companies creates risk because smaller companies may have unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of large companies.

•	Credit Risk The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an adverse impact on the Fund’s earnings.

•	Convertible Securities Risk The value of convertible securities may be affected by interest rates, default by the issuer on principal or interest payments, and the value of the underlying stock into which the securities may be converted.

•	Interest Rate Risk Debt securities held by the Fund may decline in value due to rising interest rates.

•	Derivatives Risk Investing in derivative instruments involves risks that may be different from or greater than the risks associated with investing directly in securities or other traditional investments.

Performance Information

Both the bar chart and the table assume reinvestment of dividends and distributions.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® BlackRock Capital Appreciation Fund

Performance Bar Chart and Table

Highest and Lowest Quarter Returns (for periods shown in the bar chart)

Highest (Q3, 2009)	16.20%
Lowest (Q4, 2008)	-19.81%

Average Annual Total Returns

	One Year Ended December 31, 2011	Five Years Ended December 31, 2011	Since Inception (4/29/2005)
AZL® BlackRock Capital Appreciation Fund	-9.11%	0.70%	3.66%
Russell 1000® Growth Index (reflects no deduction for fees, expenses, or taxes)	2.64%	2.50%	5.11%

Management

Allianz Investment Management LLC serves as the investment adviser to the Fund.

BlackRock Capital Management, Inc. serves as the subadviser to the Fund.

The Fund’s portfolio managers are: Jeffrey R. Lindsey, CFA, Managing Director, since inception, and Edward P. Dowd, Managing Director, since 2006.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® BlackRock Global Allocation Fund

AZL® BlackRock Global Allocation Fund

Investment Objective

The Fund seeks high total investment return.

Fees and Expenses

Fees and Expenses of the Fund

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.75%
Distribution (12b-1) Fees	0.25%
Other Expenses(1)	0.19%
Total Annual Fund Operating Expenses	1.19%

(1)	Other Expenses and Acquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year.

Example

1 Year	3 Years
$121	$378

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. The portfolio turnover rate is not presented because the Fund had not commenced prior to the current fiscal year.

Investments, Risks, and Performance

Principal Investment Strategies of the Fund

The Fund invests in a portfolio of equity, debt and money market securities. Generally, the Fund’s portfolio will include both equity and debt securities. Equity securities include common stock, preferred stock, securities convertible into common stock, rights and warrants or securities or other instruments whose price is linked to the value of common stock. At any given time, however, the Fund may emphasize either debt securities or equity securities. In selecting equity investments, the Fund mainly seeks securities that the Fund’s subadviser believes are undervalued. The Fund may buy debt securities of varying maturities, debt securities paying a fixed or fluctuating rate of interest, and debt securities of any kind, including by way of example, securities issued or guaranteed by the U.S. Government or its agencies or its instrumentalities, by foreign governments or international agencies or supranational entities, or by domestic or foreign private issuers, mortgage-backed or other asset-backed securities, debt securities convertible into equity securities, inflation-indexed bonds, structured notes, loan assignments and loan participations. The Fund may invest up to 35% of its total assets in “junk bonds,” corporate loans and distressed securities. The Fund may also invest in real estate investment trusts (“REITs”).

When choosing investments, the subadviser considers various factors, including opportunities for equity or debt investments to increase in value, expected dividends and interest rates. The Fund generally seeks diversification across markets, industries and issuers as one of its strategies to reduce volatility. The Fund has no geographic limits on where it may invest. This flexibility allows the subadviser to look for investments in markets around the world, including

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® BlackRock Global Allocation Fund

emerging markets, that it believes will provide the best asset allocation to meet the Fund’s objective. The Fund may invest in the securities of companies of any market capitalization.

Generally, the Fund may invest in the securities of corporate and governmental issuers located anywhere in the world. The Fund may emphasize foreign securities when the subadviser expects these investments to outperform U.S. securities. When choosing investment markets, the subadviser considers various factors, including economic and political conditions, potential for economic growth and possible changes in currency exchange rates. In addition to investing in foreign securities, the Fund actively manages its exposure to foreign currencies through the use of forward currency contracts and other currency derivatives. The Fund may own foreign cash equivalents or foreign bank deposits as part of the Fund’s investment strategy. The Fund will also invest in non-U.S. currencies. The Fund may underweight or overweight a currency based on the subadviser’s outlook.

Under normal circumstances, the Fund will allocate a substantial amount (approximately 40% or more — unless market conditions are not deemed favorable by the subadviser, in which case the Fund would invest at least 30%) — of its total assets in securities of (i) foreign government issuers, (ii) issuers organized or located outside the United States, (iii) issuers which primarily trade in a market located outside the United States, or (iv) issuers doing a substantial amount of business outside the United States, which the Fund considers to be companies that derive at least 50% of their revenue or profits from business outside the United States, or have at least 50% of their sales or assets outside the United States. The Fund will allocate its assets among various regions and countries, including the United States (but in no less than three different countries).

The Fund may seek to provide exposure to the investment returns of real assets that trade in the commodity markets through investment in commodity-linked derivative instruments and investment vehicles that exclusively invest in commodities such as exchange traded funds, which are designed to provide this exposure without direct investment in physical commodities. The Fund may also gain exposure to commodity markets by investing up to 25% of its total assets in AZL Cayman Global Allocation Fund I, Ltd. (the “Subsidiary”), a wholly owned subsidiary of the Fund formed in the Cayman Islands, which invests primarily in commodity-related instruments. The Subsidiary (unlike the Fund) may invest without limitation in commodity-related instruments. However, the Subsidiary is otherwise subject to the same fundamental, non-fundamental and certain other investment restrictions as the Fund.

Principal Risks of Investing in the Fund

•	Market Risk The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.

•	Issuer Risk The value of a security may decline for a number of reasons directly related to the issuer of the security.

•	Selection Risk Because this Fund is actively managed, there can be no guarantee that investment decisions made for the fund will produce the desired results.

•	Credit Risk The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an adverse impact on the Fund’s earnings.

•	Commodities-Related Investments Risk Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities.

•	Convertible Securities Risk The value of convertible securities may be affected by interest rates, default by the issuer on principal or interest payments, and the value of the underlying stock into which the securities may be converted.

•

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® BlackRock Global Allocation Fund

•

Distressed Securities Risk Distressed securities are speculative and involve substantial risks in addition to the risks of investing in junk bonds. The Fund will generally not receive interest payments on the distressed securities and may incur costs to protect its investment. Distressed securities involve the substantial risk that principal will not be repaid and may present a substantial risk of default or may be in default at the time of investment.

•	Interest Rate Risk Debt securities held by the Fund may decline in value due to rising interest rates.

•	Security Quality Risk The Fund may invest in high yield, high risk debt securities, which may be subject to higher levels of credit and liquidity risk than higher quality debt securities. Security quality risk is sometimes known as “high yield risk” or “junk bond risk.”

•	Capitalization Risk Investing in small to midsized companies creates risk because smaller companies may have unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of large companies.

•	Initial Public Offerings Risk Securities purchased in initial public offerings (IPOs) may be issued by companies with limited operating histories or companies that are undercapitalized. The trading market for these securities may be limited.

•	ETF and Investment Company Risk Investing in an exchange-traded fund (ETF) or another mutual fund exposes the Fund to all the risks of that ETF or mutual fund and also to a pro rata portion of its expenses.

•	Foreign Risk Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in currency values, adverse political, social or economic developments, and differences in social and economic developments or policies.

•	Emerging Markets Risk Emerging markets may have less developed or more volatile trading markets, less developed legal and accounting systems, and greater likelihood of government restrictions, nationalization, or confiscation than developed countries.

•

Sovereign Debt Risk Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.

•

Real Estate Investments Risk The performance of investments in real estate depends on the overall strength of the real estate market, the management of real estate investments trusts (REITs), and property management, all of which can be affected by a variety of factors, including national and regional economic conditions.

•	Derivatives Risk Investing in derivative instruments involves risks that may be different from or greater than the risks associated with investing directly in securities or other traditional investments.

•	Subsidiary Risk By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The Subsidiary is not registered under the Investment Company Act and is not subject to all the investor protections of the Investment Company Act.

Performance Information

Performance information is not presented because the Fund has not had a full calendar year of operations.

Management

Allianz Investment Management LLC serves as the investment adviser to the Fund.

BlackRock Investment Management, LLC serves as the subadviser to the Fund.

The Fund’s portfolio managers since inception are: Dennis Stattman, CFA, Dan Chamby, CFA, and Aldo Roldan, PhD, each a Managing Director.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Columbia Mid Cap Value Fund

AZL® Columbia Mid Cap Value Fund

Investment Objective

The Fund seeks long-term growth of capital.

Fees and Expenses

Fees and Expenses of the Fund

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.75%
Distribution (12b-1) Fees	0.25%
Other Expenses	0.08%
Acquired Fund Fees and Expenses(1)	0.01%
Total Annual Fund Operating Expenses	1.09%

(1)	Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table.

Example

1 Year	3 Years	5 Years	10 Years
$111	$347	$601	$1,329

Portfolio Turnover

Investments, Risks, and Performance

Principal Investment Strategies of the Fund

Under normal circumstances, the Fund invests at least 80% of net assets in equity securities of companies that have market capitalizations in the range of the companies in the Russell Midcap® Value Index at the time of purchase that the Fund’s subadviser believes are undervalued and have the potential for long-term growth. The Fund may invest up to 20% of total assets in foreign securities. The Fund also may invest in real estate investment trusts.

The Fund’s subadviser combines fundamental and quantitative analysis with risk management in identifying value opportunities and constructing the Fund’s portfolio. The Fund’s subadviser considers, among other factors:

§	Businesses that are believed to be fundamentally sound and undervalued due to investor indifference, investor misperception of company prospects, or other factors.

§	Various measures of valuation, including price-to-cash flow, price-to-earnings, price-to-sales, and price-to-book value. The Fund’s subadviser believes that companies with lower valuations are generally more likely to provide opportunities for capital appreciation.

§	A company’s current operating margins relative to its historic range and future potential.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Columbia Mid Cap Value Fund

§	Potential indicators of stock price appreciation, such as anticipated earnings growth, company restructuring, changes in management, business model changes, new product opportunities, or anticipated improvements in macroeconomic factors.

The Fund’s subadviser may sell a security when the security’s price reaches a target set by the subadviser, if the subadviser believes that there has been deterioration in the issuer’s financial circumstances or fundamental prospects, or that other investments are more attractive, or for other reasons.

Principal Risks of Investing in the Fund

•	Market Risk The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.

•	Issuer Risk The value of a security may decline for a number of reasons directly related to the issuer of the security.

•	Capitalization Risk Investing in small to midsized companies creates risk because smaller companies may have unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of large companies.

•	Value Stocks Risk Value investing emphasizes stocks of undervalued companies whose characteristics may lead to improved valuations. Value stocks may lose favor with investors, or their valuations may not improve as anticipated.

•	Selection Risk Because this fund is actively managed, there can be no guarantee that investment decisions made for the fund will produce the desired results.

•	Foreign Risk Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in currency values, adverse political, social or economic developments, and differences in social and economic developments or policies.

•

Performance Information

Both the bar chart and the table assume reinvestment of dividends and distributions.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Columbia Mid Cap Value Fund

Performance Bar Chart and Table

Highest and Lowest Quarter Returns (for periods shown in the bar chart)

Highest (Q3, 2009)	20.85%
Lowest (Q4, 2008)	-35.44%

Average Annual Total Returns

	One Year Ended December 31, 2011	Five Years Ended December 31, 2011	Since Inception (5/1/2006)
AZL® Columbia Mid Cap Value Fund	-3.57%	-4.90%	-4.05%
Russell Midcap® Value Index (reflects no deduction for fees, expenses, or taxes)	-1.38%	0.04%	1.88%%

Management

Allianz Investment Management LLC serves as the investment adviser to the Fund.

Columbia Management Investment Advisers, LLC, serves as the subadviser to the Fund.

The Fund’s portfolio managers since inception are: David I. Hoffman, Portfolio Manager; Lori J. Ensinger, CFA, Portfolio Manager; and Noah J. Petrucci, CFA, Portfolio Manager.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Columbia Small Cap Value Fund, Class 2

AZL® Columbia Small Cap Value Fund, Class 2

Investment Objective

The Fund seeks long-term capital appreciation.

Fees and Expenses

Fees and Expenses of the Fund

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.90%
Distribution (12b-1) Fees	0.25%
Other Expenses	0.10%
Total Annual Fund Operating Expenses	1.25%

Example

1 Year	3 Years	5 Years	10 Years
$127	$397	$686	$1,511

Portfolio Turnover

Investments, Risks, and Performance

Principal Investment Strategies of the Fund

Under normal circumstances, the Fund invests at least 80% of net assets in equity securities of companies that have market capitalizations in the range of the companies in the Russell 2000 Value Index® at the time of purchase that the Fund’s subadviser believes are undervalued. The Fund may invest up to 20% of total assets in foreign securities.

§	Businesses that are believed to be fundamentally sound and undervalued due to investor indifference, investor misperception of company prospects, or other factors.

§	Various measures of valuation, including price-to-cash flow, price-to-earnings, price-to-sales, and price-to-book value. The Fund’s subadviser believes that companies with lower valuations are generally more likely to provide opportunities for capital appreciation.

§	A company’s current operating margins relative to its historic range and future potential.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Columbia Small Cap Value Fund, Class 2

§	Potential indicators of stock price appreciation, such as anticipated earnings growth, company restructuring, changes in management, business model changes, new product opportunities, or anticipated improvements in macroeconomic factors.

Principal Risks of Investing in the Fund

•	Market Risk The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.

•	Issuer Risk The value of a security may decline for a number of reasons directly related to the issuer of the security.

•	Selection Risk Because this Fund is actively managed, there can be no guarantee that investment decisions made for the fund will produce the desired results.

•	Value Stocks Risk Value investing emphasizes stocks of undervalued companies whose characteristics may lead to improved valuations. Value stocks may lose favor with investors, or their valuations may not improve as anticipated.

•	Capitalization Risk Investing in small to midsized companies creates risk because smaller companies may have unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of large companies.

•	Foreign Risk Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in currency values, adverse political, social or economic developments, and differences in social and economic developments or policies.

•

Performance Information

Both the bar chart and the table assume reinvestment of dividends and distributions.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Columbia Small Cap Value Fund, Class 2

Performance Bar Chart and Table

Highest and Lowest Quarter Returns (for periods shown in the bar chart)

Highest (Q3, 2009)	20.52%
Lowest (Q4, 2008)	-23.24%

Average Annual Total Returns

	One Year Ended December 31, 2011	Five Years Ended December 31, 2011	Since Inception (5/3/2004)
AZL® Columbia Small Cap Value Fund	-6.21%	-1.70%	3.58%
Russell 2000® Value Index (reflects no deduction for fees, expenses, or taxes)	-5.50%	-1.87%	4.55%

Management

Allianz Investment Management LLC serves as the investment adviser to the Fund.

Columbia Management Investment Advisers, LLC serves as the subadviser to the Fund.

The Fund’s portfolio managers since inception are: Stephen D. Barbaro, CFA, Lead Manager, Jeremy Javidi, CFA, Co-manager, and John S. Barrett, CFA, Co-mananger, since March 2011.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Davis New York Venture Fund, Class 2

AZL® Davis New York Venture Fund, Class 2

Investment Objective

The Fund seeks long-term growth of capital.

Fees and Expenses

Fees and Expenses of the Fund

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.75%
Distribution (12b-1) Fees	0.25%
Other Expenses	0.10%
Total Annual Fund Operating Expenses	1.10%

Example

1 Year	3 Years	5 Years	10 Years
$112	$350	$606	$1,340

Portfolio Turnover

Investments, Risks, and Performance

Principal Investment Strategies of the Fund

Under normal circumstances, the Fund invests the majority of its assets in equity securities issued by large companies with market capitalizations of at least $10 billion. The subadviser tries to identify businesses that possess characteristics it believes foster the creation of long-term value, such as proven management, a durable franchise and business model, and sustainable competitive advantages. The subadviser aims to invest in such businesses when they are trading at a discount to their intrinsic worth.

The subadviser selects companies with the intention of owning their stocks for the long term. The Fund has the ability to invest a limited portion of its assets in companies of any size, to invest in foreign securities, and to invest in non-equity securities. The subadviser considers selling securities if it believes the stock’s market price exceeds the subadviser’s estimates of intrinsic value, or if the ratio of the risks and rewards of continuing to own the company is no longer attractive.

Principal Risks of Investing in the Fund

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Davis New York Venture Fund, Class 2

•	Market Risk The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.

•	Issuer Risk The value of a security may decline for a number of reasons directly related to the issuer of the security.

•	Selection Risk Because this Fund is actively managed, there can be no guarantee that investment decisions made for the fund will produce the desired results.

•	Value Stocks Risk Value investing emphasizes stocks of undervalued companies whose characteristics may lead to improved valuations. Value stocks may lose favor with investors, or their valuations may not improve as anticipated.

•	Foreign Risk Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in currency values, adverse political, social or economic developments, and differences in social and economic developments or policies.

•	Emerging Markets Risk Emerging markets may have less developed or more volatile trading markets, less developed legal and accounting systems, and greater likelihood of government restrictions, nationalization, or confiscation than developed countries.

•	Headline Risk The value of a company’s securities may decline in value if the company is the subject of adverse media attention.

•

Performance Information

Both the bar chart and the table assume reinvestment of dividends and distributions.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Davis New York Venture Fund, Class 2

Performance Bar Chart and Table

Highest and Lowest Quarter Returns (for periods shown in the bar chart)

Highest (Q2, 2009)	20.68%
Lowest (Q4, 2008)	-25.23%

Average Annual Total Returns

	One Year Ended December 31, 2011	Five Years Ended December 31, 2011	Ten Years Ended December 31, 2011
AZL® Davis New York Venture Fund	-4.20%	-2.59%	1.74%
Russell 1000® Value Index (reflects no deduction for fees, expenses, or taxes)	0.39%	-2.64%	3.89%

Management

Allianz Investment Management LLC serves as the investment adviser to the Fund.

Davis Selected Advisers, L.P. serves as the subadviser to the Fund.

The portfolio managers of the Fund since inception are: Christopher C. Davis, Chairman, and Kenneth C. Feinberg, Vice President.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Dreyfus Research Growth Fund

AZL® Dreyfus Research Growth Fund

Investment Objective

The Fund seeks long-term growth of capital and income.

Fees and Expenses

Fees and Expenses of the Fund

The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund The Fund is offered exclusively as an investment option for certain Contracts. The table below reflects only Fund expenses and does not reflect Contract fees and expenses. Please refer to the Contract prospectus for a description of those fees and expenses.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.77%
Distribution (12b-1) Fees	0.25%
Other Expenses	0.08%
Total Annual Fund Operating Expenses	1.10%

Example

1 Year	3 Years	5 Years	10 Years
$112	$350	$606	$1,340

Portfolio Turnover

Investments, Risks, and Performance

Principal Investment Strategies of the Fund

To pursue this goal, the Fund invests primarily in common stocks of large, well-established and mature companies. The Fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in stocks that are included in a widely recognized index of stock market performance. While a significant portion of these stocks normally would be expected to pay regular dividends, the Fund may invest in non-dividend paying companies if they offer better prospects for capital appreciation. The Fund defines large capitalization as companies with market capitalizations within the range of the Russell 1000 Growth Index, which is the large cap Russell index used by the Fund for comparative purposes. At times, the Fund may overweight or underweight certain industry sectors relative to its benchmark index. The Fund may also invest up to 30% of its total assets in foreign securities. The Fund will not invest more than 5% of its net assets in bonds, debentures, convertible securities, and corporate obligations rated below investment grade.

The subadviser manages the Fund using a “growth style” of investing, searching for companies whose fundamental strengths suggest the potential to provide superior earnings growth over time. The subadviser uses a consistent, bottom-up approach to build equity portfolios which emphasizes individual stock selection. The subadviser goes beyond Wall Street analysis and performs intensive qualitative and quantitative in-house research to determine whether companies meet its investment criteria.

The subadviser continually monitors the securities in the Fund’s portfolio, and will consider selling a security if its business momentum deteriorates or valuation becomes excessive. The subadviser also may sell a security if an event

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Dreyfus Research Growth Fund

occurs that contradicts the subadviser’s rationale for owning it, such as a deterioration in the company’s financial fundamentals. In addition, the subadviser may sell a security if better investment opportunities emerge elsewhere. The subadviser also may liquidate a security if the subadviser changes the Fund’s industry or sector weightings.

The Fund may, but is not required to, use derivatives, such as futures, options and forward contracts, as a substitute for taking a position in an underlying asset, to increase returns, to manage interest rate risk, or as part of a hedging strategy.

Principal Risks of Investing in the Fund

•	Market Risk The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.

•	Issuer Risk The value of a security may decline for a number of reasons directly related to the issuer of the security.

•	Selection Risk Because this Fund is actively managed, there can be no guarantee that investment decisions made for the fund will produce the desired results.

•	Growth Stocks Risk Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks may be susceptible to rapid price swings or to adverse developments in certain sectors of the market.

•

•	Foreign Risk Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in currency values, adverse political, social or economic developments, and differences in social and economic developments or policies.

•	Dividend Risk Stocks that are expected to pay dividends may pay lower dividends or no dividends at all. Distributions on debt securities with variable or floating interest rates will vary with fluctuations in market interest rates.

•

•	Derivatives Risk Investing in derivative instruments involves risks that may be different from or greater than the risks associated with investing directly in securities or other traditional investments.

•	Portfolio Turnover The Fund may trade its portfolio securities frequently, which could result in higher transaction costs and could adversely affect the Fund’s performance.

Performance Information

Both the bar chart and the table assume reinvestment of dividends and distributions.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Dreyfus Research Growth Fund

Performance Bar Chart and Table

Highest and Lowest Quarter Returns (for periods shown in the bar chart)

Highest (Q3, 2010)	16.65%
Lowest (Q4, 2008)	-24.68%

Average Annual Total Returns

	One Year Ended December 31, 2011	Five Years Ended December 31, 2011	Ten Years Ended December 31, 2011
AZL® Dreyfus Research Growth Fund	-3.20%	0.36%	1.09%
Russell 1000® Growth Index (reflects no deduction for fees, expenses, or taxes)	2.64%	2.50%	2.60%

Management

Allianz Investment Management LLC serves as the investment adviser to the Fund.

The Dreyfus Corporation serves as the subadviser to the Fund.

Elizabeth Slover, Senior Vice President, has been the portfolio manager of the Fund since January 2009.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Eaton Vance Large Cap Value Fund

AZL® Eaton Vance Large Cap Value Fund

Investment Objective

The Fund seeks total return.

Fees and Expenses

Fees and Expenses of the Fund

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.74%
Distribution (12b-1) Fees	0.25%
Other Expenses	0.08%
Total Annual Fund Operating Expenses	1.07%

Example

1 Year	3 Years	5 Years	10 Years
$109	$340	$590	$1,306

Portfolio Turnover

Investments, Risks, and Performance

Principal Investment Strategies of the Fund

Under normal market conditions, the Fund invests primarily in value stocks of large-cap companies. Value stocks are common stocks that, in the opinion of the subadviser, are inexpensive or undervalued relative to the overall stock market. The portfolio manager generally considers large-cap companies to be those companies having market capitalizations equal to or greater than the median capitalization of companies included in the Russell 1000 Value Index. The Fund normally invests at least 80% of its net assets in equity securities of large-cap companies. The Fund primarily invests in dividend-paying stocks.

The Fund also may invest in convertible debt securities of any credit quality (including securities rated below investment grade), in real estate investment trusts, and in nonincome producing stocks. The Fund’s holdings will represent a number of different sectors and industries, and less than 25% of the Fund’s total assets will be invested in any one industry. The Fund may consider a company’s dividend prospects and estimates of a company’s net value when selecting securities. The portfolio manager may sell a security when the subadviser’s price objective for the security is reached, the fundamentals of the company deteriorate, a security’s price falls below acquisition cost, or to pursue more attractive investment options.

Investment decisions for the Fund are made primarily on the basis of fundamental research conducted by the subadviser’s research staff. In selecting stocks, the portfolio managers consider (among other factors) a company’s earnings or cash

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Eaton Vance Large Cap Value Fund

flow capabilities, dividend prospects, financial strength, growth potential, the strength of the company’s business franchises and management team, sustainability of the company’s competitiveness, and estimates of the company’s net value. Many of these considerations are subjective.

The Fund may invest up to 25% of its total assets in foreign securities, some of which may be located in emerging market countries. As an alternative to holding foreign stocks directly, the Fund may invest in dollar-denominated securities of foreign companies that trade on U.S. exchanges or in the over-the-counter market (including depositary receipts which evidence ownership in underlying foreign stocks). Such investments are not subject to the 25% limitation on investing in foreign securities.

The Fund may invest not more than 15% of its net assets in illiquid securities.

Principal Risks of Investing in the Fund

•	Market Risk The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.

•	Issuer Risk The value of a security may decline for a number of reasons directly related to the issuer of the security.

•	Selection Risk Because this Fund is actively managed, there can be no guarantee that investment decisions made for the fund will produce the desired results.

•	Value Stocks Risk Value investing emphasizes stocks of undervalued companies whose characteristics may lead to improved valuations. Value stocks may lose favor with investors, or their valuations may not improve as anticipated.

•	Dividend Risk Stocks that are expected to pay dividends may pay lower dividends or no dividends at all. Distributions on debt securities with variable or floating interest rates will vary with fluctuations in market interest rates.

•	Foreign Risk Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in currency values, adverse political, social or economic developments, and differences in social and economic developments or policies.

•	Emerging Markets Risk Emerging markets may have less developed or more volatile trading markets, less developed legal and accounting systems, and greater likelihood of government restrictions, nationalization, or confiscation than developed countries.

•	Credit Risk The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an adverse impact on the Fund’s earnings.

•	Liquidity Risk An investment that is difficult to purchase or sell may have an adverse affect on the Fund’s returns.

•	Convertible Securities Risk The value of convertible securities may be affected by interest rates, default by the issuer on principal or interest payments, and the value of the underlying stock into which the securities may be converted.

•	Interest Rate Risk Debt securities held by the Fund may decline in value due to rising interest rates.

•	Security Quality Risk The Fund may invest in high yield, high risk debt securities, which may be subject to higher levels of credit and liquidity risk than higher quality debt securities. Security quality risk is sometimes known as “high yield risk” or “junk bond risk.”

•

•	Portfolio Turnover Risk The Fund may trade its portfolio securities frequently, which could result in higher transaction costs and could adversely affect the Fund’s performance.•

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Eaton Vance Large Cap Value Fund

Performance Information

Both the bar chart and the table assume reinvestment of dividends and distributions.

Performance Bar Chart and Table

Highest and Lowest Quarter Returns (for periods shown in the bar chart)

Highest (Q3, 2009)	18.83%
Lowest (Q4, 2008)	-23.07%

Average Annual Total Returns

	One Year Ended December 31, 2011	Five Years Ended December 31, 2011	Ten Years Ended December 31, 2011
AZL® Eaton Vance Large Cap Value Fund	-4.45%	-3.69%	2.02%
Russell 1000® Value Index (reflects no deduction for fees, expenses, or taxes)	0.39%	-2.64%	3.89%

Management

Allianz Investment Management LLC serves as the investment adviser to the Fund.

Eaton Vance Management (“Eaton Vance”) serves as the subadviser to the Fund. The Fund is managed by a team led by Michael R. Mach, CFA.

The portfolio managers of the Fund since October 2009 are: Michael R. Mach, Matthew F. Beaudry, John D. Crowley, and Stephen J. Kaszynski, CFA. Each is a Vice President of Eaton Vance.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Eaton Vance Large Cap Value Fund

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Enhanced Bond Index Fund

AZL® Enhanced Bond Index Fund

Investment Objective

The Fund seeks to exceed the total return of the Barclays Capital U.S. Aggregate Bond Index (“Barclays Aggregate Index”).

Fees and Expenses

Fees and Expenses of the Fund

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.35%
Distribution (12b-1) Fees	0.25%
Other Expenses	0.08%
Acquired Fund Fees and Expenses(1)	0.03%
Total Annual Fund Operating Expenses	0.71%

(1)	Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table.

Example

1 Year	3 Years	5 Years	10 Years
$73	$227	$395	$883

Portfolio Turnover

Investments, Risks, and Performance

Principal Investment Strategies of the Fund

The Fund generally invests in a combination of securities with an overall weighting close to the capitalization weights of the Barclays Capital 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 Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Enhanced Bond Index Fund

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 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.

Eligible investments for the Fund also include:

•	Agency and non-agency mortgage-backed securities back by loans secured by residential, multifamily, and commercial properties;

• Obligations of U.S. and foreign corporations;

• Obligations of foreign governments and supranational entities, such as the World Bank;

• Asset-backed securities;

• Municipal bonds, both taxable and tax-exempt;

• Preferred stock, including non-convertible preferred stock ; and

•	Cash equivalent securities (any security that has an effective duration under one year, a weighted average life of less than one year, and spread duration less than one year).

Securities must be rated investment grade or better at the time of purchase. The Fund will have a targeted duration within a band of ±10% around the duration of the Index. 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.

Principal Risks of Investing in the Fund

The price per share of the Fund will fluctuate with changes in the value of the investments held by the Fund. You may lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. There is no guarantee that the Fund will achieve its objective.

• Market Risk The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.

•	Issuer Risk The value of a security may decline for a number of reasons directly related to the issuer of the security.

•

Index Fund Risk The Fund does not attempt to manage market volatility or reduce the effects of poor bond performance. In addition, factors such as Fund expenses, selection of a representative portfolio, changes in the composition of the index, or the timing of purchases or redemptions of Fund shares may affect the correlation between the performance of the index and the Fund’s performance.

•	Interest Rate Risk Debt securities held by the Fund may decline in value due to rising interest rates.

•	Leveraging Risk The Fund may engage in certain kinds of transactions, including the use of derivatives, that may give rise to a form of leverage. The use of leverage may require the Fund to liquidate a portfolio position at a

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Enhanced Bond Index Fund

disadvantageous time or may exaggerate the effect of any increase or decrease in the value of the Fund’s portfolio securities.

•	Credit risk The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an adverse impact on the Fund’s earnings.

•	Call Risk If interest rates fall, issuers of callable debt securities are more likely to prepay prior to the maturity date. The Fund may not be able to reinvest the proceeds from the prepayment in investments that will generate the same level of income.

•	Extension Risk If interest rates rise, debt securities may be paid in full more slowly than anticipated.

•	Liquidity Risk An investment that is difficult to purchase or sell may have an adverse affect on the Fund’s returns.

•

Mortgage-Related and Other Asset-Backed Risk Investing in mortgage-related or other asset-backed securities involves a variety of risks associated with the credit markets, such as rising or falling interest rates, increases in the rate of defaults or prepayments, and the quality of the pool of mortgages (subprime risk) or other assets that backs the security.

•	Derivatives Risk Investing in derivative instruments involves risks that may be different from or greater than the risks associated with investing directly in securities or other traditional investments.

•	Foreign Risk Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in currency values, adverse political, social or economic developments, and differences in social and economic developments or policies.

•	Portfolio Turnover The Fund may trade its portfolio securities frequently, which could result in higher transaction costs and could adversely affect the Fund’s performance.

•

Repurchase Agreements and Purchase and Sale Contracts Risk If the other party to a repurchase agreement or purchase and sale contract defaults on it obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in ether situation and the market value of the security declines, the Fund may lose money.

Performance Information

Both the bar chart and the table assume reinvestment of dividends and distributions.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Enhanced Bond Index Fund

Performance Bar Chart and Table

Highest and Lowest Quarter Returns (for periods shown in the bar chart)

Highest (Q3, 2011)	3.36%
Lowest (Q4, 2010)	-1.50%

Average Annual Total Returns

	One Year Ended December 31, 2011	Since Inception (7/10/2009)
AZL® Enhanced Bond Index Fund	7.28%	5.34%
Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)	7.84%	6.94%

Management

Allianz Investment Management LLC serves as the investment adviser to the Fund.

BlackRock Financial Management, Inc. serves as the subadviser to the Fund.

The portfolio manager of the Fund is: Brian Weinstein, Managing Director, since August 2010.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Federated Clover Small Value Fund

AZL® Federated Clover Small Value Fund

Investment Objective

The Fund seeks capital appreciation.

Fees and Expenses

Fees and Expenses of the Fund

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.75%
Distribution (12b-1) Fees	0.25%
Other Expenses	0.09%
Total Annual Fund Operating Expenses	1.09%

Example

1 Year	3 Years	5 Years	10 Years
$111	$347	$601	$1,329

Portfolio Turnover

Investments, Risks, and Performance

Principal Investment Strategies of the Fund

The Fund primarily invests in common stocks and other equity securities of U.S. companies with small market capitalizations. The Fund seeks to achieve its investment objective by investing in common stocks and other equity securities of U.S. companies with small market capitalizations that the subadviser believes are undervalued relative to the market or their historic valuations.

Under normal market conditions, the Fund 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 Russell 2000 Index.

The Fund invests in securities of U.S. companies operating in a broad range of industries based primarily on value characterizations such as price-cash flow, price-earnings and price-book value ratios. In selecting securities for the Fund, the subadviser will seek to identify companies whose stock is out-of-favor with investors. In searching for undervalued companies in which to invest, the subadviser seeks companies with the fundamental strength to capitalize on change agents, such as internal changes (e.g., management changes, restructuring or merger and acquisition activity or sales mix shifts), external changes (e.g., regulatory changes, marketplace shifts or technological advances) or companies with deep seated advantages (e.g., captive customers, pricing power, patents or strong brand names) that are undergoing short-term challenges. The subadviser generally will consider selling a security when its price target for the security has been achieved, its investment thesis has been invalidated or if it finds a more compelling investment alternative.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Federated Clover Small Value Fund

Under normal market conditions, the Fund invests its assets in a diversified portfolio of equity securities which may include common stocks, preferred stocks which are convertible into common stock, and American Depositary Receipts (ADRs) and other domestically traded securities of foreign issuers which may constitute up to 20% of the Fund’s assets. The Fund may also invest in debt securities convertible into common stocks, may invest up to 5% of its net assets in warrants and rights to purchase common stocks and up to 20% of its net assets in equity interests issued by real estate investment trusts (REITs). The Fund also may invest in money market funds, exchange-traded funds and repurchase agreements.

The Fund may use derivative contracts and/or hybrid instruments to implement elements of its investment strategy. For example, the Fund may use derivative contracts or hybrid instruments to increase or decrease the portfolio’s exposure to the investment(s) underlying the derivative or hybrid in an attempt to benefit from changes in the value of the underlying investment(s). The Fund also may use derivative contracts in an attempt to obtain premiums from the sale of derivative contract, realize gains from trading a derivative contract, and hedge against potential losses.

Principal Risks of Investing in the Fund

•	Market Risk The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.

• Issuer Risk The value of a security may decline for a number of reasons directly related to the issuer of the security.

•	Selection Risk Because this Fund is actively managed, there can be no guarantee that investment decisions made for the fund will produce the desired results.

•	Capitalization Risk Investing in small to midsized companies creates risk because smaller companies may have unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of large companies.

•	Value Stocks Risk Value investing emphasizes stocks of undervalued companies whose characteristics may lead to improved valuations. Value stocks may lose favor with investors, or their valuations may not improve as anticipated.

•

•	Derivatives Risk Investing in derivative instruments involves risks that may be different from or greater than the risks associated with investing directly in securities or other traditional investments.

•	Credit Risk The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an adverse impact on the Fund’s earnings.

• Liquidity Risk An investment that is difficult to purchase or sell may have an adverse effect on the Fund’s returns.

•

•	Foreign Risk Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in currency values, adverse political, social or economic developments, and differences in social and economic developments or policies.

•	ETF and Investment Company Risk Investing in an exchange-traded fund (ETF) or another mutual fund exposes the Fund to all the risks of that ETF or mutual fund and also to a pro rata portion of its expenses.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Federated Clover Small Value Fund

Performance Information

Both the bar chart and the table assume reinvestment of dividends and distributions.

Performance Bar Chart and Table

Highest and Lowest Quarter Returns (for periods shown in the bar chart)

Highest (Q3, 2009)	24.52%
Lowest (Q4, 2008)	-28.55%

Average Annual Total Returns

	One Year Ended December 31, 2011	Five Years Ended December 31, 2011	Since Inception (5/1/2003)
AZL® Federated Clover Small Value Fund	-3.92%	0.22%	8.16%
Russell 2000® Value Index (reflects no deduction for fees, expenses, or taxes)	-5.50%	-1.87%	8.45%(1)
(1) The since inception performance data for the Russell 2000® Value Index is calculated from April 30, 2003.

Management

Allianz Investment Management LLC serves as the investment adviser to the Fund.

Federated Global Investment Management Corp., operating primarily through its Federated Clover Investment Advisors division, serves as the subadviser to the Fund.

The Fund’s portfolio managers, since February 2012, are Stephen K. Gutch, Senior Portfolio Manager, and Lawrence R. Creatura, Portfolio Manager.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Franklin Templeton Founding Strategy Plus Fund

AZL® Franklin Templeton Founding Strategy Plus Fund

Investment Objective

The Fund seeks long-term capital appreciation, with income as a secondary goal.

Fees and Expenses

Fees and Expenses of the Fund

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.70%
Distribution (12b-1) Fees	0.25%
Other Expenses(1)	0.19%
Total Annual Fund Operating Expenses	1.14%

(1)	Acquired Fund Fees and Expenses for the fiscal year ended December 31, 2011 were less than 0.01% and are included in “Other Expenses”.

Example

1 Year	3 Years	5 Years	10 Years
$116	$362	$628	$1,386

Portfolio Turnover

Investments, Risks, and Performance

Principal Investment Strategies of the Fund

The Fund seeks to achieve its goal by investing in a combination of subportfolios, or strategies, each of which is managed by an asset manager that is part of Franklin Templeton. Two of the strategies invest primarily in U.S. and foreign equity securities and the other two invest in U.S. and foreign fixed-income securities. The Fund generally makes equal allocations (approximately 25%) of its assets to each of the following four strategies:

•

Mutual Shares Strategy

•

Templeton Growth Strategy

•

Franklin Income Strategy

•

Templeton Global Bond Strategy

The investment results of the individual strategies will vary. As a result, the percentage allocations to the strategies will be monitored daily by the Manager. The allocations to each strategy will generally not exceed plus or minus 3% of the pre-determined fixed allocation percentages. The Manager may recommend additional or different strategies for investment, without seeking the approval of shareholders.

Each of the strategies may use various derivative strategies seeking to protect assets, implement cash or tax management strategies or enhance returns.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Franklin Templeton Founding Strategy Plus Fund

Principal Risks of Investing in the Fund

The price per share of the Fund will fluctuate with changes in value of the investment held by the Fund. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. There is no guarantee that the Fund will achieve its objective.

•	Market Risk The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.

•	Issuer Risk The value of a security may decline for a number of reasons directly related to the issuer of the security.

•	Selection Risk Because this Fund is actively managed, there can be no guarantee that investment decisions made for the fund will produce the desired results.

•	Value Stocks Risk Value investing emphasizes stocks of undervalued companies whose characteristics may lead to improved valuations. Value stocks may lose favor with investors, or their valuations may not improve as anticipated.

•	Interest Rate Risk Debt securities held by the Fund may decline in value due to rising interest rates.

•	Credit Risk The failure of the issuer of a debt security to pay interest or repay principal in a timely manner or at all may have an adverse impact on the Fund’s earnings.

•	Call Risk If interest rates fall, issuers of callable debt securities are more likely to prepay prior to the maturity date. The Fund may not be able to reinvest the proceeds from the prepayment in investments that will generate the same level of income.

•	Security Quality Risk The Fund may invest in high yield, high risk debt securities, which may be subject to higher levels of credit and liquidity risk than higher quality debt securities. Security quality risk is sometimes known as “high yield risk” or “junk bond risk.”

•	Foreign Risk Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in currency values, adverse political, social or economic developments, and differences in social and economic developments or policies.

•	Emerging Markets Risk Emerging markets may have less developed or more volatile trading markets, less developed legal and accounting systems, and greater likelihood of government restrictions, nationalization, or confiscation than developed countries.

•

•	Derivatives Risk Investing in derivative instruments involves risks that may be different from or greater than the risks associated with investing directly in securities or other traditional investments.

•	Convertible Securities Risk The value of convertible securities may be affected by interest rates, default by the issuer on principal or interest payments, and the value of the underlying stock into which the securities may be converted.

•	Special Situations Risk The Fund may use investment strategies that are intended to take advantage of mergers, reorganizations, or other unusual events. If the change or event does not occur, the Fund may not receive the anticipated benefit or may incur a loss.

•

•	Capitalization Risk Investing in small to midsized companies creates risk because smaller companies may have unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of large companies.

•	Income Risk Falling interest rates may cause the Fund’s income to decline.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Franklin Templeton Founding Strategy Plus Fund

Performance Information

The following bar chart and table provide an indication of the risks of an investment in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns for one year and since its inception compare with those of a broad measure of market performance, the S&P 500® Index. The Fund’s performance also is compared to the Barclays Capital U.S. Aggregate Bond Index, which shows how the Fund’s performance compares with the returns of a broad index of investment-grade fixed-rate debt issues, and to a Balanced Composite Index, which shows how the Fund’s performance compares with a composite index composed of the S&P 500® Index (60%) and Barclay’s Capital U.S. Aggregate Bond Index (40%) in proportions similar to the equity to fixed income allocation of the Fund.

Both the bar chart and the table assume reinvestment of dividends and distributions.

Performance Bar Chart and Table

AZL Franklin Templeton Founding Strategy Plus Fund

Highest and Lowest Quarter Returns (for periods shown in the bar chart)

Highest (Q3, 2010)	8.87%
Lowest (Q3, 2011)	-13.34%

Average Annual Total Returns

	One Year Ended December 31, 2011	Since Inception (10/23/2009)
AZL® Franklin Templeton Founding Strategy Plus Fund	-1.83%	4.73%
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)	2.11%	9.46%
Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)	7.84%	6.66%
Balanced Composite Index (reflects no deduction for fees, expenses, or taxes)	4.98%	8.90%

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Franklin Templeton Founding Strategy Plus Fund

Management

Allianz Investment Management LLC serves as the investment adviser to the Fund. As of November 12, 2010, Brian Muench, President of the Manager, is primarily responsible for determining allocations to each strategy.

Mutual Shares Strategy: Franklin Mutual Advisers, LLC serves as the subadviser to the Fund for the Mutual Shares Strategy. The portfolio managers for the Mutual Shares Strategy, since inception, are: Peter A. Langerman, Chairman, President and Chief Executive Officer; F. David Segal, CFA, Portfolio Manager; and Deborah A. Turner, CFA, Assistant Portfolio Manager.

Franklin Income Strategy: Franklin Advisers Inc. serves as the subadviser to the Fund for the Franklin Income Strategy. The portfolio managers for the Franklin Income Strategy, since inception, are: Charles B. Johnson, Chairman; Matt Quinlin, Research Analyst; Edward D. Perks, CFA, Senior Vice President; and Alex W. Peters, CFA, Vice President.

Templeton Global Bond Strategy: Franklin Advisers Inc. serves as the subadviser to the Fund for the Templeton Global Bond Strategy. The portfolio managers for the Templeton Global Bond Strategy are Michael Hasenstab, Ph.D., Senior Vice President, since inception; and Canyon Chan, CFA, Senior Vice President, since January 2011.

Templeton Growth Strategy: Templeton Global Advisers Limited serves as the subadviser to the Fund for the Templeton Growth Strategy. The portfolio managers for the Templeton Growth Strategy are: Norman J. Boersma, CFA, President, since March 2011; Lisa F. Myers, CFA, Executive Vice President, Portfolio Manager/Research Analyst, since inception; and Tucker Scott, CFA, Executive Vice President, Lead Portfolio Manager/Research Analyst, since inception.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Gateway Fund

AZL® Gateway Fund

Investment Objective

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.

Fees and Expenses

Fees and Expenses of the Fund

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.80%
Distribution (12b-1) Fees	0.25%
Other Expenses
Recoupment(1)	0.06%
Other Operating Expenses	0.14%
Acquired Fund Fees and Expenses(2)	0.01%
Total Annual Fund Operating Expenses	1.26%

(1)

The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense and Acquired Fund Fees and Expenses), to 1.25% through April 30, 2013. After April 30, 2013, the Manager may terminate the contract for any reason on 30 days written notice to the Fund. Amounts contractually waived or reimbursed in a particular fiscal year may be recouped by the Manager.

(2)	Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table.

Example

1 Year	3 Years	5 Years	10 Years
$128	$400	$692	$1,523

Portfolio Turnover

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Gateway Fund

Investments, Risks, and Performance

Principal Investment Strategies of the 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 of 1940. The Fund may enter into repurchase agreements and/or hold cash and cash equivalents. The Fund may purchase U.S. government securities, certificates of deposit, commercial paper, bankers’ acceptance, and/or repurchase agreements or hold cash (U.S. Dollars, foreign currencies or multinational currency units) for temporary defensive purposes in response to adverse market, economic or political conditions, or, under normal circumstances, for purposes of liquidity. These investments may prevent the Fund from achieving its investment objective.

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 Risks of Investing in the Fund

•	Market Risk The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.

•	Issuer Risk The value of a security may decline for a number of reasons directly related to the issuer of the security.

•	Selection Risk Because this Fund is actively managed, there can be no guarantee that investment decisions made for the Fund will produce the desired results.

•	Correlation Risk The effectiveness of the Fund’s index option-based risk management strategy may be reduced if the performance of the Fund’s equity portfolio does not correlate to the index underlying its option positions.

•	Foreign Risk Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in currency values, adverse political, social or economic developments, and differences in social and economic developments or policies.

•

Options Risk The value of the Fund’s positions in index options fluctuates in response to changes in the value of the underlying index. Writing index call options reduces the risk of owning stocks, but it limits the opportunity to profit from an increase in the market value of stocks in exchange for up-front cash at the time of selling the call option. The Fund also risks losing all or part of the cash paid for purchasing index put options. Unusual market conditions or the lack of a ready market for any particular option at a specific time may reduce the effectiveness of the Fund’s option strategies, and for these and other reasons the Fund’s option strategies may not reduce the Fund’s volatility to the

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Gateway Fund

extent desired. From time to time, the Fund may reduce its holdings of put options, resulting in an increased exposure to a market decline.

•

Performance Information

Both the bar chart and the table assume reinvestment of dividends and distributions.

Performance Bar Chart and Table

Highest and Lowest Quarter Returns (for periods shown in the bar chart)

Highest (Q4, 2011)	5.45%
Lowest (Q3, 2011)	-4.62%

Average Annual Total Returns

	One Year Ended December 31, 2011	Since Inception (4/30/2010)
AZL® Gateway Fund	3.06%	3.02%
S&P 500 Index (reflects no deduction for fees, expenses, or taxes)	2.11%	5.74%

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Gateway Fund

Management

Allianz Investment Management LLC serves as the investment adviser to the Fund.

Gateway Investment Advisers, LLC serves as the subadviser to the Fund.

The portfolio managers for the Fund, since inception, are J. Patrick Rogers, president and chief executive officer of Gateway, Paul R. Stewart, senior vice president and chief investment officer of Gateway, and Michael T. Buckius, a senior vice president of Gateway.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® International Index Fund

AZL® International Index Fund

Investment Objective

The Fund seeks to match the performance of the MSCI EAFE® Index as closely as possible.

Fees and Expenses

Fees and Expenses of the Fund

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.35%
Distribution (12b-1) Fees	0.25%
Other Expenses	0.23%
Total Annual Fund Operating Expenses	0.83%
Expense Reimbursement(1)	-0.06%
Total Annual Fund Operating Expenses After Expense Reimbursement (1)	0.77%

(1)	The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 0.77% through April 30, 2013. After April 30, 2013, the Manager may terminate the contract for any reason on 30 days written notice to the Fund.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year, that the Fund’s operating expenses remain the same, and that you reinvest all dividends and distributions. It reflects the expense reimbursement arrangement for the first year. It does not reflect any Contract fees. If Contract fees were included, the costs shown would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

1 Year	3 Years	5 Years	10 Years
$79	$259	$455	$1,020

Portfolio Turnover

Investments, Risks, and Performance

Principal Investment Strategies of the 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 industrial sectors whose primary trading markets are located outside the United States. Companies included in the MSCI EAFE Index are selected from among the larger-capitalization companies in these markets. The weighting of the MSCI EAFE Index is based on the relative market capitalization of each of the countries in the MSCI EAFE Index.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® International Index Fund

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.

Principal Risks of Investing in the Fund

•	Market Risk The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.

•	Issuer Risk The value of a security may decline for a number of reasons directly related to the issuer of the security.

•	Foreign Risk Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in currency values, adverse political, social or economic developments, and differences in social and economic developments or policies.

•

Index Fund Risk The Fund does not attempt to manage market volatility or reduce the effects of poor stock performance. In addition, factors such as Fund expenses, selection of a representative portfolio, changes in the composition of the index, or the timing of purchases or redemptions of Fund shares may affect the correlation between the performance of the index and the Fund’s performance.

•	Derivatives Risk Investing in derivative instruments involves risks that may be different from or greater than the risks associated with investing directly in securities or other traditional investments.

•

Performance Information

Both the bar chart and the table assume reinvestment of dividends and distributions.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® International Index Fund

Performance Bar Chart and Table

Highest and Lowest Quarter Returns (for periods shown in the bar chart)

Highest (Q3, 2010)	17.43%
Lowest (Q3, 2011)	-20.27%

Average Annual Total Returns

	One Year Ended December 31, 2011	Since Inception (5/1/2009)
AZL® International Index Fund	-12.78%	8.51%
MSCI EAFE Index (reflects no deduction for fees, expenses, or taxes)	-11.73%	10.33%

Management

Allianz Investment Management LLC (the “Manager”) serves as the investment manager to the Fund.

BlackRock Investment Management, LLC serves as the subadviser to the Fund.

The portfolio managers for the Fund are: since December 2009, Edward Corallo, Managing Director, and, since May 2011, Christopher Bliss, and Greg Savage, Managing Director.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Invesco Equity and Income Fund

AZL® Invesco Equity and Income Fund

Investment Objective

The Fund seeks the highest possible income consistent with safety of principal, with long-term growth of capital as an important secondary objective.

Fees and Expenses

Fees and Expenses of the Fund

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.75%
Distribution (12b-1) Fees	0.25%
Other Expenses	0.09%
Acquired Fund Fees and Expenses(1)	0.02%
Total Annual Fund Operating Expenses	1.11%

(1)	Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table.

Example

1 Year	3 Years	5 Years	10 Years
$113	$353	$612	$1,352

Portfolio Turnover

Investments, Risks, and Performance

Principal Investment Strategies of the Fund

Under normal market conditions, the Fund invests at least 65% of its total assets in income-producing equity securities. The subadviser seeks to achieve the Fund’s investment objectives by investing primarily in income-producing equity instruments (including common stocks, preferred stocks and convertible securities) and investment grade quality debt securities. Under normal market conditions, the Fund invests at least 80% of its net assets in equity and income securities.

The Fund emphasizes a value style of investing, seeking well-established, undervalued companies that the Fund’s subadviser believes offer the potential for income with safety of principal and long-term growth of capital. At times, the subadviser may emphasize certain sectors. Portfolio securities are typically sold when the assessments of the Fund’s subadviser of the income or growth potential of such securities materially change.

The Fund may invest up to 15% of its total assets in REITs and up to 25% of its total assets in securities of foreign issuers, including emerging market securities. The Fund may purchase and sell certain derivative instruments, such as options, futures contracts and options on futures contracts, for various portfolio management purposes, including to earn income, facilitate portfolio management and mitigate risks.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Invesco Equity and Income Fund

The Fund may also invest up to 20% of its total assets in high-grade short-term securities and debt securities, including U.S. Government obligations, investment grade corporate bonds, or taxable municipal securities, whether denominated in U.S. dollars or foreign currencies.

Principal Risks of Investing in the Fund

•	Market Risk The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.

•	Issuer Risk The value of a security may decline for a number of reasons directly related to the issuer of the security.

•	Selection Risk Because this Fund is actively managed, there can be no guarantee that investment decisions made for the fund will produce the desired results.

•	Value Stocks Risk Value investing emphasizes stocks of undervalued companies whose characteristics may lead to improved valuations. Value stocks may lose favor with investors, or their valuations may not improve as anticipated.

•	Foreign Risk Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in currency values, adverse political, social or economic developments, and differences in social and economic developments or policies.

•	Emerging Markets Risk Emerging markets may have less developed or more volatile trading markets, less developed legal and accounting systems, and greater likelihood of government restrictions, nationalization, or confiscation than developed countries.

•

•	Convertible Securities Risk The value of convertible securities may be affected by interest rates, default by the issuer on principal or interest payments, and the value of the underlying stock into which the securities may be converted.

•	Credit Risk The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an adverse impact on the Fund’s earnings.

•	Derivatives Risk Investing in derivative instruments involves risks that may be different from or greater than the risks associated with investing directly in securities or other traditional investments.

•

•	Income Risk Falling interest rates may cause the Fund’s income to decline.

•	Call Risk If interest rates fall, issuers of callable debt securities are more likely to prepay prior to the maturity date. The Fund may not be able to reinvest the proceeds from the prepayment in investments that will generate the same level of income.

•

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Invesco Equity and Income Fund

Performance Information

Both the bar chart and the table assume reinvestment of dividends and distributions.

Performance Bar Chart and Table

Highest and Lowest Quarter Returns (for periods shown in the bar chart)

Highest (Q3, 2009)	16.83%
Lowest (Q4, 2008)	-13.29%

Average Annual Total Returns

	One Year Ended December 31, 2011	Five Years Ended December 31, 2011	Since Inception (5/3/2004)
AZL® Invesco Equity and Income Fund	-2.18%	1.04%	4.29%
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)	2.11%	-0.25%	3.66%
Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)	7.84%	6.50%	5.69%

Management

Allianz Investment Management LLC serves as the investment adviser to the Fund.

Invesco Advisers, Inc. serves as the subadviser to the Fund.

The portfolio managers of the Fund, since inception, are: Thomas Bastian, Lead Portfolio Manager, Mary Jayne Maly, James Roeder, Mark J. Laskin and Sergio Marcheli, each a Portfolio Manager, and, since June 2010, Chuck Burge, Portfolio Manager.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Invesco Equity and Income Fund

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Invesco Growth and Income Fund

AZL® Invesco Growth and Income Fund

Investment Objective

The Fund seeks income and long-term growth of capital.

Fees and Expenses

Fees and Expenses of the Fund

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.76%
Distribution (12b-1) Fees	0.25%
Other Expenses	0.08%
Total Annual Fund Operating Expenses	1.09%

Example

1 Year	3 Years	5 Years	10 Years
$111	$347	$601	$1,329

Portfolio Turnover

Investments, Risks, and Performance

Principal Investment Strategies of the Fund

Under normal market conditions, the Fund invests primarily in a portfolio of income-producing equity securities, including common stocks and convertible securities although investments are also made in non-convertible preferred stocks and debt securities rated “investment grade,” which are securities rated within the four highest grades assigned by S&P® or by Moody’s.

In selecting securities for investment the Fund will focus primarily on the security’s potential for income and capital growth. The Fund’s subadviser may focus on larger capitalization companies which it believes possess characteristics for improved valuation. The Fund’s subadviser looks for catalysts for change that may positively impact a company, such as new management, industry development or regulatory change. The aim is to uncover these catalysts for change, and then benefit from potential stock price appreciation of the change taking place at the company. Although focusing on larger capitalization companies, the Fund may invest in securities of small- or medium-sized companies.

The Fund may dispose of a security whenever, in the opinion of the Fund’s subadviser, factors indicate it is desirable to do so. Such factors include change in economic or market factors in general or with respect to a particular industry, a change in the market trend or other factors affecting an individual security, changes in the relative market performance or appreciation possibilities offered by individual securities and other circumstances bearing on the desirability of a given investment.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Invesco Growth and Income Fund

The Fund may invest up to 15% of its total assets in REITs and up to 25% of its total assets in securities of foreign issuers, including emerging market securities. The Fund may purchase and sell certain derivative instruments, such as options, futures and options on futures, for hedging and cash management purposes.

Principal Investment Risks

•	Market Risk The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.

•	Issuer Risk The value of a security may decline for a number of reasons directly related to the issuer of the security.

•	Selection Risk Because this Fund is actively managed, there can be no guarantee that investment decisions made for the fund will produce the desired results.

•	Capitalization Risk Investing in small to midsized companies creates risk because smaller companies may have unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of large companies.

•	Foreign Risk Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in currency values, adverse political, social or economic developments, and differences in social and economic developments or policies.

•	Emerging Markets Risk Emerging markets may have less developed or more volatile trading markets, less developed legal and accounting systems, and greater likelihood of government restrictions, nationalization, or confiscation than developed countries.

•

•	Credit Risk The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an adverse impact on the Fund’s earnings.

•	Interest Rate Risk Debt securities held by the Fund may decline in value due to rising interest rates.

•	Derivatives Risk Investing in derivative instruments involves risks that may be different from or greater than the risks associated with investing directly in securities or other traditional investments.

•

Performance Information

Both the bar chart and the table assume reinvestment of dividends and distributions.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Invesco Growth and Income Fund

Performance Bar Chart and Table

Highest and Lowest Quarter Returns (for periods shown in the bar chart)

Highest (Q3, 2009)	21.78%
Lowest (Q4, 2008)	-20.18%

Average Annual Total Returns

	One Year Ended December 31, 2011	Five Years Ended December 31, 2011	Ten Years Ended December 31, 2011
AZL® Invesco Growth and Income Fund	-1.94%	-1.25%	3.93%
Russell 1000® Value Index (reflects no deduction for fees, expenses, or taxes)	0.39%	-2.64%	3.89%

Management

Allianz Investment Management LLC serves as the investment adviser to the Fund.

Invesco Advisers, Inc. serves as the subadviser to the Fund.

The portfolio managers of the Fund, since inception, are: Thomas Bastian, Lead Portfolio Manager, and Mary Jayne Maly, James Roeder, Mark Laskin and Sergio Marcheli, a Portfolio Manager.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Invesco International Equity Fund

AZL® Invesco International Equity Fund

Investment Objective

The Fund seeks to provide long-term growth of capital.

Fees and Expenses

Fees and expenses of the Fund

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.90%
Distribution (12b-1) Fees	0.25%
Other Expenses	0.12%
Acquired Fund Fees and Expenses(1)	0.01%
Total Annual Fund Operating Expenses	1.28%

(1)	Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table.

Example

1 Year	3 Years	5 Years	10 Years
$130	$406	$702	$1,545

Portfolio Turnover

Investments, Risks, and Performance

Principal Investment Strategies of the Fund

The Fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in a diversified portfolio of equity securities of foreign issuers that are considered by the Fund’s subadviser to have strong earnings growth. The Fund invests in marketable equity securities of foreign companies that are listed on a recognized foreign or U.S. securities exchange or traded in a foreign or U.S. over-the-counter market. The Fund will normally invest in companies located in at least three countries outside of the United States, emphasizing investment in companies in the developed countries of Western Europe and the Pacific Basin.

At the present time, the Fund’s subadviser intends to invest no more than 20% of the Fund’s total assets in foreign companies located in developing countries, i.e., those that are in the initial stages of their industrial cycles. The Fund may invest up to 20% of its total assets in securities exchangeable for or convertible into marketable equity securities of foreign issuers.

The subadviser employs a disciplined investment strategy that emphasizes fundamental research, supported by quantitative analysis and portfolio construction techniques. The strategy primarily focuses on identifying quality companies that have experienced, or exhibit the potential for, accelerating or above average earnings growth but whose

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Invesco International Equity Fund

prices do not fully reflect these attributes. Investments for the portfolio are selected “bottom-up” on a stock-by-stock basis. The focus is on the strengths of individual companies, rather than sector or country trends. The subadviser may consider selling a security for several reasons, including when (1) its fundamentals deteriorate or it posts disappointing earnings, (2) its stock price appears to be overvalued, or (3) a more attractive opportunity is identified.

Principal Risks of Investing in the Fund

•	Market Risk The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.

•	Issuer Risk The value of a security may decline for a number of reasons directly related to the issuer of the security.

•	Selection Risk Because this Fund is actively managed, there can be no guarantee that investment decisions made for the fund will produce the desired results.

•	Growth Stocks Risk Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks may be susceptible to rapid price swings or to adverse developments in certain sectors of the market.

•	Foreign Risk Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in currency values, adverse political, social or economic developments, and differences in social and economic developments or policies.

•	Emerging Markets Risk Emerging markets may have less developed or more volatile trading markets, less developed legal and accounting systems, and greater likelihood of government restrictions, nationalization, or confiscation than developed countries.

•

•	Interest Rate Risk Debt securities held by the Fund may decline in value due to rising interest rates.

•	Convertible Securities Risk The value of convertible securities may be affected by interest rates, default by the issuer on principal or interest payments, and the value of the underlying stock into which the securities may be converted.

Performance Information

Both the bar chart and the table assume reinvestment of dividends and distributions.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Invesco International Equity Fund

Performance Bar Chart and Table

Highest and Lowest Quarter Returns (for periods shown in the bar chart)

Highest (Q2, 2009)	18.20%
Lowest (Q4, 2008)	-20.57%

Average Annual Total Returns

	One Year Ended December 31, 2011	Five Years Ended December 31, 2011	Since Inception (5/1/2002)
AZL® Invesco International Equity Fund	-7.32%	-1.25%	6.02%
MSCI EAFE Index (reflects no deduction for fees, expenses, or taxes)	-11.73%	-4.26%	5.11%

Management

Allianz Investment Management LLC serves as the investment adviser to the Fund.

Invesco Advisers, Inc. serves as the subadviser to the Fund.

The Fund’s portfolio managers are: Clas Olsson, Lead Portfolio Manager, since inception; Shuxin Cao, Portfolio Manager, since 2003; Jason Holzer, Portfolio Manager, since inception; Matthew Dennis, Portfolio Manager, since 2003; and Mark Jason, Portfolio Manager, since August 2011.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® JPMorgan International Opportunities Fund

AZL® JPMorgan International Opportunities Fund

Investment Objective

The Fund seeks long-term capital appreciation.

Fees and Expenses

Fees and Expenses of the Fund

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.95%
Distribution (12b-1) Fees	0.25%
Other Expenses	0.12%
Total Annual Fund Operating Expenses	1.32%

Example

1 Year	3 Years	5 Years	10 Years
$134	$418	$723	$1,590

Portfolio Turnover

Investments, Risks, and Performance

Principal Investment Strategies of the Fund

The Fund’s assets are invested primarily in equity securities of companies from developed countries other than the United States. The Fund’s assets may also be invested to a limited extent in emerging markets issuers. Developed countries primarily include those in the MSCI EAFE Index, which is the Fund’s benchmark; emerging markets include most other countries in the world not in the MSCI EAFE Index or Canada. The equity securities in which the Fund may invest include, but are not limited to, common and preferred stock, convertible securities, trust or partnership interests, depositary receipts, privately placed securities, and warrants and rights. Under normal market conditions, the Fund invests at least 80% of its net assets in equity investments.

Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may also be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts, options and swaps to more effectively gain targeted equity exposure from its cash positions, to hedge various investments, for risk management and to increase the Fund’s gain.

The Fund may invest in securities denominated in U.S. dollars, major reserve currencies and currencies of other countries in which it can invest.

The Fund will invest substantially in securities denominated in foreign currencies and may seek to enhance returns and manage currency risk where appropriate through managing currency exposure.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® JPMorgan International Opportunities Fund

In managing the Fund, the subadviser employs a three-step process that combines research, valuation and stock selection.

The subadviser selects securities for the Fund’s portfolio using its own investment process to determine which companies are most likely to provide high total return to shareholders. The subadviser chooses the most attractive securities in each sector and builds the portfolio bottom up. Stocks in each industry are ranked with the help of fundamental valuations, then selected for investment. The subadviser may adjust currency exposure to manage risks and reduce currency deviations relative to its benchmark, where practical.

Through its extensive global equity research and analytical systems, the subadviser seeks to generate an information advantage. Using fundamental analysis, the subadviser develops proprietary research, primarily on companies but also on countries and currencies. In these processes, the analysts focus on a relatively long period rather than on near-term expectations alone.

Fundamental stock research is used to produce a ranking of companies in each industry group according to their relative value. The Fund’s subadviser then buys and sells stocks, using the research and valuation rankings as well as its assessment of other factors, including catalysts that could trigger a change in a stock’s price, potential reward compared to potential risk, and temporary mispricings caused by market overreactions.

The Fund may invest a substantial part of its assets in just one region or country.

The Fund may also invest in real estate investment trusts (REITS) which are pooled vehicles which invest primarily in income-producing real estate or loans related to real estate.

Principal Investment Risks

•	Market Risk The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.

•	Issuer Risk The value of a security may decline for a number of reasons directly related to the issuer of the security.

•	Selection Risk Because this Fund is actively managed, there can be no guarantee that investment decisions made for the fund will produce the desired results.

•	Foreign Risk Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in currency values, adverse political, social or economic developments, and differences in social and economic developments or policies.

•	Emerging Markets Risk Emerging markets may have less developed or more volatile trading markets, less developed legal and accounting systems, and greater likelihood of government restrictions, nationalization, or confiscation than developed countries.

•	Country/Regional Risk Political events, financial troubles, or natural disasters may have an adverse affect on the securities markets of a country or region.

•

•	Derivatives Risk Investing in derivative instruments involves risks that may be different from or greater than the risks associated with investing directly in securities or other traditional investments.

•	Convertible Securities Risk The value of convertible securities may be affected by interest rates, default by the issuer on principal or interest payments, and the value of the underlying stock into which the securities may be converted.

•	Capitalization Risk Investing in small to midsized companies creates risk because smaller companies may have unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of large companies.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® JPMorgan International Opportunities Fund

•

•	Credit Risk The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an adverse impact on the Fund’s earnings.

•	Liquidity Risk An investment that is difficult to purchase or sell may have an adverse affect on the Fund’s returns.

Performance Information

Both the bar chart and the table assume reinvestment of dividends and distributions.

Performance Bar Chart and Table

AZL JPMorgan International Opportunities

Highest and Lowest Quarter Returns (for periods shown in the bar chart)

Highest (Q2, 2009)	18.13%
Lowest (Q3, 2011)	-22.24%

Average Annual Total Returns

	One Year Ended December 31, 2011	Five Years Ended December 31, 2011	Since Inception (5/1/2003)
AZL® JPMorgan International Opportunities Fund	-13.41%	-1.89%	6.39%
MSCI EAFE Index (reflects no deduction for fees, expenses, or taxes)	-11.73%	-4.26%	7.91%(1)
(1) The since inception performance data for the MSCI EAFE Index is calculated from April 30, 2003.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® JPMorgan International Opportunities Fund

Management

Allianz Investment Management LLC serves as the investment adviser to the Fund.

J.P. Morgan Investment Management Inc. serves as the subadviser to the Fund.

As of May, 2011, the portfolio managers for the Fund are Jeroen Huysinga, Gerd Woort-Menker, and Georgina Perceval Maxwell, each a Managing Director.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® JPMorgan U.S. Equity Fund, Class 2

AZL® JPMorgan U.S. Equity Fund, Class 2

Investment Objective

The Fund seeks to provide high total return from a portfolio of selected equity securities.

Fees and Expenses

Fees and Expenses of the Fund

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.80%
Distribution (12b-1) Fees	0.25%
Other Expenses	0.08%
Total Annual Fund Operating Expenses	1.13%

Example

1 Year	3 Years	5 Years	10 Years
$115	$359	$622	$1,375

Portfolio Turnover

Investments, Risks, and Performance

Principal Investment Strategies of the Fund

Under normal market conditions, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of U.S. companies. The Fund primarily invests in large- and medium-capitalization U.S. companies. Market capitalization is the total market value of a company’s shares. Sector by sector, the Fund’s weightings are similar to those of the S&P 500 Index. The Fund’s subadviser may moderately underweight or overweight sectors when it believes doing so will benefit performance.

Within each sector, the Fund focuses on those equity securities that the subadviser considers most undervalued and seeks to outperform the S&P 500 through superior stock selection. By emphasizing undervalued equity securities, the subadviser seeks to produce returns that exceed those of the S&P 500 Index. At the same time, by controlling the sector weightings of the S&P 500 Index, the subadviser seeks to limit the Fund’s volatility to that of the overall market, as represented by this index.

Equity securities in which the Fund primarily invests include common stocks, depositary receipts, exchange-traded funds (ETFs), and real estate investment trusts (REITs). An ETF is a registered investment company that seeks to track the performance of a particular market index. These indexes include not only broad market indexes, but also more specific indexes as well, including those relating to particular sectors, markets, regions, and industries. REITs are pooled investment vehicles which invest primarily in income-producing real estate or loans relate to real estate.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® JPMorgan U.S. Equity Fund, Class 2

Derivatives, which are instruments that have a value based on another instrument, exchange rate, or index, may be used as substitutes for securities in which the Fund can invest. The subadviser may use futures contracts, options, swaps, and other derivatives as tools in the management of portfolio assets. The subadviser may use derivatives to hedge various investments and for risk management.

In managing the Fund, the subadviser employs a three-step process that combines research, valuation, and stock selection.

The subadviser takes an in-depth look at company prospects over a relatively long period – often as much as five years – rather than focusing on near-term expectations. This approach is designed to provide insight into a company’s real growth potential.

The research findings allow the subadviser to rank the companies in each sector group according to their relative value. The greater a company’s estimated worth compared to the current market price of its stock, the more undervalued the company. The valuation rankings are produced using a variety of models that quantify the research team’s findings.

The subadviser then buys and sells equity securities for the Fund according to its own policies, using the research and valuation rankings as a basis. In general, the subadviser buys equity securities that are identified as undervalued and considers selling them when they appear to be overvalued. Along with attractive valuation, the subadviser often considers a number of other criteria:

•

Catalysts that could trigger a rise in a stock’s price;

•

High potential reward compared to potential risk; and

•

Temporary mispricings cause by apparent market overreactions.

Principal Risks of Investing in the Fund

•	Issuer Risk The value of a security may decline for a number of reasons directly related to the issuer of the security.

•	Market Risk The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.

•	Selection Risk Because this Fund is actively managed, there can be no guarantee that investment decisions made for the fund will produce the desired results.

•	Capitalization Risk Investing in small to midsized companies creates risk because smaller companies may have unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of large companies.

•	Value Stocks Risk Value investing emphasizes stocks of undervalued companies whose characteristics may lead to improved valuations. Value stocks may lose favor with investors, or their valuations may not improve as anticipated.

•	Foreign Risk Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in currency values, adverse political, social or economic developments, and differences in social and economic developments or policies.

•	Derivatives Risk Investing in derivative instruments involves risks that may be different from or greater than the risks associated with investing directly in securities or other traditional investments.

•

•	ETF and Investment Company Risk Investing in an exchange-traded fund (ETF) or another mutual fund exposes the Fund to all the risks of that ETF or mutual fund and also to a pro rata portion of its expenses.

•	Portfolio Turnover The Fund may trade its portfolio securities frequently, which could result in higher transaction costs and could adversely affect the Fund’s performance.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® JPMorgan U.S. Equity Fund, Class 2

Performance Information

Both the bar chart and the table assume reinvestment of dividends and distributions.

Performance Bar Chart and Table

Highest and Lowest Quarter Returns (for periods shown in the bar chart)

Highest (Q2, 2009)	16.84%
Lowest (Q4, 2008)	-22.09%

Average Annual Total Returns

	One Year Ended December 31, 2011	Five Years Ended December 31, 2011	Since Inception (5/3/2004)
AZL® JPMorgan U.S. Equity Fund	-2.20%	-1.22%	2.78%
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)	2.11%	-0.25%	3.66%

Management

Allianz Investment Management LLC serves as the investment adviser to the Fund.

J.P. Morgan Investment Management Inc. serves as the subadviser to the Fund.

The portfolio managers of the Fund, since 2009, are Thomas Luddy, Managing Director, and Susan Bao, Managing Director.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® MFS Investors Trust Fund

AZL® MFS Investors Trust Fund

Investment Objective

The Fund seeks capital appreciation.

Fees and Expenses

Fees and Expenses of the Fund

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.75%
Distribution (12b-1) Fees	0.25%
Other Expenses	0.09%
Total Annual Fund Operating Expenses	1.09%

Example

1 Year	3 Years	5 Years	10 Years
$111	$347	$601	$1,329

Portfolio Turnover

Investments, Risks, and Performance

Principal Investment Strategies of the Fund

Massachusetts Financial Services Company (“MFS”), the Fund’s subadviser, normally invests the Fund’s assets primarily in equity securities. Equity securities include common stocks, preferred stocks, securities convertible into stocks, and depositary receipts for such securities.

In selecting investments for the Fund, MFS is not constrained to any particular investment style. MFS may invest the Fund’s assets in the stocks of companies it believes to have above average earnings growth potential compared to other companies (growth companies), in the stocks of companies it believes are undervalued compared to their perceived worth (value companies), or in a combination of growth and value companies.

While MFS may invest the Fund’s assets in companies of any size, MFS generally focuses on companies with large capitalizations.

MFS may invest the Fund’s assets in foreign securities.

MFS uses a bottom-up investment approach to buying and selling investments for the Fund. Investments are selected primarily based on fundamental analysis of individual issuers and their potential in light of their financial condition, and market, economic, political, and regulatory conditions. Factors considered may include analysis of an issuer’s earnings, cash flows, competitive position, and management ability. Quantitative models that systematically evaluate an issuer’s valuation, price and earnings momentum, earnings quality, and other factors may also be considered.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® MFS Investors Trust Fund

Principal Risks of Investing in the Fund

•	Market Risk The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.

•	Growth Stocks Risk Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks may be susceptible to rapid price swings or to adverse developments in certain sectors of the market.

•	Value Stocks Risk Value investing emphasizes stocks of undervalued companies whose characteristics may lead to improved valuations. Value stocks may lose favor with investors, or their valuations may not improve as anticipated.

•	Issuer Risk The value of a security may decline for a number of reasons directly related to the issuer of the security.

•	Selection Risk Because this Fund is actively managed, there can be no guarantee that investment decisions made for the fund will produce the desired results.

•	Foreign Risk Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in currency values, adverse political, social or economic developments, and differences in social and economic developments or policies.

•

•	Liquidity Risk An investment that is difficult to purchase or sell may have an adverse affect on the Fund’s returns.

•	Portfolio Turnover The Fund may trade its portfolio securities frequently, which could result in higher transaction costs and could adversely affect the Fund’s performance.

Performance Information

Both the bar chart and the table assume reinvestment of dividends and distributions.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® MFS Investors Trust Fund

Performance Bar Chart and Table

Highest and Lowest Quarter Returns (for periods shown in the bar chart)

Highest (Q2, 2009)	21.27%
Lowest (Q4, 2008)	-25.31%

Average Annual Total Returns

	One Year Ended December 31, 2011	Five Years Ended December 31, 2011	Since Inception (4/29/2005)
AZL® MFS Investors Trust Fund	-2.22%	1.79%	6.51%
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)	2.11%	-0.25%	3.40%

Management

Allianz Investment Management LLC serves as the investment adviser to the Fund.

Massachusetts Financial Services Company (“MFS”) serves as the subadviser to the Fund.

The portfolio managers for the Fund are: since October 2009, T. Kevin Beatty, Investment Officer, and since April 2012, Edward Maloney, Investment Officer.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Mid Cap Index Fund

AZL® Mid Cap Index Fund

Investment Objective

The Fund seeks to match the performance of the Standard & Poor’s MidCap 400® Index (“S&P 400 Index”) as closely as possible.

Fees and Expenses

Fees and Expenses of the Fund

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.25%
Distribution (12b-1) Fees	0.25%
Other Expenses
Recoupment(1)	0.01%
Other Operating Expense	0.12%
Acquired Fund Fees and Expenses(2)	0.02%
Total Annual Fund Operating Expenses	0.65%

(1)

The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense and Acquired Fund Fees and Expenses), to 0.63% through April 30, 2013. After April 30, 2013, the Manager may terminate the contract for any reason on 30 days written notice to the Fund. Amounts contractually waived or reimbursed in a particular fiscal year may be recouped by the Manager.

(2)	Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table.

Example

1 Year	3 Years	5 Years	10 Years
$66	$208	$362	$810

Portfolio Turnover

Investments, Risks, and Performance

Principal Investment Strategies of the 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 S&P 400 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 S&P 400 Index and in derivative instruments linked to the S&P 400 Index, primarily futures contracts.

The S&P 400 Index is a market-weighted index composed of approximately 400 common stocks of medium-sized U.S. companies in a wide range of businesses chosen by Standard & Poor's based on a number of factors, including industry

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Mid Cap Index Fund

representation, market value, economic sector and operating/financial condition. As of December 31, 2010, the market capitalizations of companies in the S&P 400 Index ranged from $87 million to $4.7 billion.

The Fund does not necessarily invest in all of the securities in the S&P 400 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 the S&P 400 Index as a whole.

Principal Risks of Investing in the Fund

•	Market Risk The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.

•	Issuer Risk The value of a security may decline for a number of reasons directly related to the issuer of the security.

•	Capitalization Risk Investing in small to midsized companies creates risk because smaller companies may have unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of large companies.

•

•	Derivatives Risk Investing in derivative instruments involves risks that may be different from or greater than the risks associated with investing directly in securities or other traditional investments.

Performance Information

Both the bar chart and the table assume reinvestment of dividends and distributions.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Mid Cap Index Fund

Performance Bar Chart and Table

Highest and Lowest Quarter Returns (for periods shown in the bar chart)

Highest (Q4, 2010)	13.31%
Lowest (Q3, 2011)	-19.96%

Average Annual Total Returns

	One Year Ended December 31, 2011	Since Inception (5/1/2009)
AZL® Mid Cap Index Fund	-2.32%	19.09%
S&P 400 Midcap Index (reflects no deduction for fees, expenses, or taxes)	-1.73%	20.29%

Management

Allianz Investment Management LLC serves as the investment adviser to the Fund.

BlackRock Investment Management, LLC serves as the subadviser to the Fund.

The portfolio managers for the Fund are: since December 2009, Edward Corallo, Managing Director, and, since May 2011, Christopher Bliss, and Greg Savage, Managing Directors.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Money Market Fund

AZL® Money Market Fund

Investment Objective

The Fund seeks current income consistent with stability of principal.

Fees and Expenses

Fees and Expenses of the Fund

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.35%
Distribution (12b-1) Fees	0.25%
Other Expenses	0.06%
Total Annual Fund Operating Expenses	0.66%

Example

1 Year	3 Years	5 Years	10 Years
$67	$211	$368	$822

Investments, Risks, and Performance

Principal Investment Strategies of the Fund

In pursuit of its goal, the Fund invests in a broad range of short-term, high-quality U.S. dollar-denominated money market instruments, including government, U.S. and foreign bank, commercial and other obligations. Under normal market conditions, at least 25% of the Fund’s total assets will be invested in obligations of issuers in the financial services industry or in obligations, such as repurchase agreements, secured by such obligations.

Specifically, the Fund may invest in:

1)	U.S. dollar-denominated obligations issued or supported by the credit of U.S. or foreign banks or savings institutions with total assets of more than $1 billion (including obligations of foreign branches of such banks).

High quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and other issuers rated (at the time of purchase) A-2 or higher by Standard and Poor’s, Prime-2 or higher by Moody’s or F-2 or higher by Fitch, as well as high quality corporate bonds rated A or higher at the time of purchase by those rating agencies.

3)	Unrated notes, paper and other instruments that are determined by the subadviser to be of comparable quality to the instruments described above.

4)	Asset-backed securities (including interests in pools of assets such as mortgages, installment purchase obligations and credit card receivables).

5)	Securities issued or guaranteed by the U.S. Government or by its agencies or authorities.

6)	Dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions, agencies or authorities.

7)	Repurchase agreements relating to the above instruments.

8)	Funding agreements, issued by highly rated U.S. Insurance Companies.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Money Market Fund

9)	State and local debt issues.

10)	Municipal securities guaranteed by the U.S. government.

The Fund will invest at least 97% of its total assets in the securities of issuers with the highest credit rating, with the remainder invested in securities with the second-highest credit rating.

The Fund seeks to maintain a net asset value of $1.00 per share.

Principal Risks of Investing in the Fund

An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. During extended periods of low interest rates, and due in part to Contract fees and expenses, the yield of the Fund may become extremely low and possibly negative.

•

Asset-Backed Securities Risk Asset-backed securities represent interests in “pools” of assets, including consumer loans or receivables held trust. Asset-backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are subject to risk of default of the underlying asset, particularly during periods of economic downturn.

•	Interest Rate Risk Debt securities held by the Fund may decline in value due to rising interest rates.

•	Credit Risk The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an adverse impact on the Fund’s earnings.

•	Market Risk The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.

•	Income Risk Falling interest rates may cause the Fund’s income to decline.

•

•	Issuer Risk The value of a security may decline for a number of reasons directly related to the issuer of the security.

•	Foreign Risk Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in currency values, adverse political, social or economic developments, and differences in social and economic developments or policies.

•	Extension Risk If interest rates rise, debt securities may be paid in full more slowly than anticipated.

•	Liquidity Risk An investment that is difficult to purchase or sell may have an adverse affect on the Fund’s returns.

•	Call Risk If interest rates fall, issuers of callable debt securities are more likely to prepay prior to the maturity date. The Fund may not be able to reinvest the proceeds from the prepayment in investments that will generate the same level of income.

•

Repurchase Agreements and Purchase and Sale Contracts Risk If the other party to a repurchase agreement or purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in ether situation and the market value of the security declines, the Fund may lose money.

•	U.S. Government Obligations Risk Certain securities in which the Fund may invest, including securities issued by certain government agencies and government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United states.

Performance Information

Both the bar chart and the table assume reinvestment of dividends and distributions.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Money Market Fund

they were included, performance would be reduced. Past performance does not indicate how the Fund will perform in the future. Prior to July 1, 2011, the Fund was subadvised by BlackRock Institutional Management Corporation.

Performance Bar Chart and Table

Highest and Lowest Quarter Returns (for periods shown in the bar chart)

Highest (Q3, 2007)	1.20%
Lowest (Q4, 2011)	0.00%

Average Annual Total Returns

	One Year Ended December 31, 2011	Five Years Ended December 31, 2011	Ten Years Ended December 31, 2011
AZL® Money Market Fund	0.00%	1.48%	1.62%
Three-Month U.S. Treasury Bill Index (reflects no deduction for fees, expenses, or taxes)	0.05%	1.21%	1.78%

The seven-day yield for the period ended December 31, 2011 was 0.00%. For the Fund’s current 7-day yield, telephone 877-833-7113 toll-free.

Management

Allianz Investment Management LLC serves as the investment adviser to the Fund.

BlackRock Advisors, LLC serves as the subadviser to the Fund.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Morgan Stanley Global Real Estate Fund

AZL® Morgan Stanley Global Real Estate Fund

Investment Objective

The Fund seeks to provide income and capital appreciation.

Fees and Expenses

Fees and Expenses of the Fund

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.90%
Distribution (12b-1) Fees	0.25%
Other Expenses
Recoupment(1)	0.05%
Other Operating Expenses	0.15%
Total Annual Fund Operating Expenses	1.35%

(1)

The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense and Acquired Fund Fees and Expenses), to 1.35% through April 30, 2013. After April 30, 2013, the Manager may terminate the contract for any reason on 30 days written notice to the Fund. Amounts contractually waived or reimbursed in a particular fiscal year may be recouped by the Manager.

Example

1 Year	3 Years	5 Years	10 Years
$137	$428	$739	$1,624

Portfolio Turnover

Investments, Risks, and Performance

Principal Investment Strategies of the Fund

The subadviser seeks a combination of current income and capital appreciation by investing primarily in equity securities of companies in the real estate industry located throughout the world, including real estate operating companies (REOCs), real estate investment trusts (REITs) and similar entities established outside the United States (foreign real estate companies). The Fund will invest primarily in companies located in the developed countries of North America, Europe and Asia, but may also invest in emerging markets. The subadviser’s approach emphasizes a bottom-up stock selection with a top-down global allocation .

The subadviser actively manages the Fund using a combination of top-down and bottom-up methodologies. The Subadviser’s proprietary models drive the bottom-up value-driven approach for stock selection. The top-down portion seeks diversified exposure to all major asset classes with an overweighting to property markets that offer the best relative valuation. The bottom-up research process strongly influences the subadviser’s perspective on which property markets it believes provide better relative value and growth prospects and, consequently, affects its decision to overweight or

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Morgan Stanley Global Real Estate Fund

underweight a given region, sector and/or country. The subadviser generally considers selling a portfolio holding if the holding’s share price shifts to the point where the position no longer represents an attractive relative value opportunity versus the underlying value of its assets or versus other securities in the universe.

Under normal circumstances, at least 80% of the Fund’s assets, plus any borrowings for investment purposes, will be invested in equity securities of companies in the real estate industry, including REOCs, REITs, and foreign real estate companies.

A company is considered to be in the real estate industry if it (i) derives at least 50% of its revenues or profits from the ownership, construction, management, financing or sale of residential, commercial or industrial real estate or (ii) has at least 50% of the fair market value of its assets invested in residential, commercial or industrial real estate.

Principal Investment Risks

•	Market Risk The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.

•	Issuer Risk The value of a security may decline for a number of reasons directly related to the issuer of the security.

•	Selection Risk Because this Fund is actively managed, there can be no guarantee that investment decisions made for the fund will produce the desired results.

•

Real Estate Investments Risk The performance of investments in real estate depends on the overall strength of the real estate market, the management of real estate investments trusts (REITs), REOCs, and foreign real estate companies, and property management, all of which can be affected by a variety of factors, including national and regional economic conditions.

•	Foreign Risk Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in currency values, adverse political, social or economic developments, and differences in social and economic developments or policies.

•	Emerging Markets Risk Emerging markets may have less developed or more volatile trading markets, less developed legal and accounting systems, and greater likelihood of government restrictions, nationalization, or confiscation than developed countries.

•

•	Convertible Securities Risk The value of convertible securities may be affected by interest rates, default by the issuer on principal or interest payments, and the value of the underlying stock into which the securities may be converted.

Performance Information

Both the bar chart and the table assume reinvestment of dividends and distributions.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Morgan Stanley Global Real Estate Fund

Performance Bar Chart and Table

Highest and Lowest Quarter Returns (for periods shown in the bar chart)

Highest (Q2, 2009)	38.85%
Lowest (Q4, 2008)	-30.62%

Average Annual Total Returns

	One Year Ended December 31, 2011	Five Years Ended December 31, 2011	Since Inception (5/1/2006)
AZL® Morgan Stanley Global Real Estate Fund	-9.94%	-5.47%	-1.49%
FTSE EPRA/NAREIT Developed Real Estate Index (reflects no deduction for fees, expenses, or taxes)	-5.82%	-5.28%	-0.71%

Management

Allianz Investment Management LLC serves as the investment adviser to the Fund.

Morgan Stanley Investment Management, Inc. serves as the subadviser to the Fund.

The portfolio managers of the Fund, since inception, are: Theodore R. Bigman, Michiel te Paske, Sven van Kemenade and Angeline Ho, each a Managing Director.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Morgan Stanley Mid Cap Growth Fund

AZL® Morgan Stanley Mid Cap Growth Fund

Investment Objective

The Fund seeks capital growth.

Fees and Expenses

Annual Fund Operating Expenses

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.80%
Distribution (12b-1) Fees	0.25%
Other Expenses	0.09%
Total Annual Fund Operating Expenses	1.14%

Example

1 Year	3 Years	5 Years	10 Years
$116	$362	$628	$1,386

Portfolio Turnover

Investments, Risks, and Performance

Principal Investment Strategies of the Fund

The Fund normally invests at least 80% of its net assets plus any borrowings for investment purposes in common stocks and other equity securities of mid capitalization growth companies. The Fund considers mid capitalization companies to be those that, at the time of purchase, have market capitalizations within the range of the Russell Midcap Growth Index, which as of December 31, 2010, was between $752 million and $22.1 billion. The Fund may also invest in preferred stocks and securities convertible into common stocks or other equity securities.

The Fund seeks to invest in high quality companies it believes have sustainable competitive advantages and the ability to redeploy capital at high rates of return. The Fund typically favors companies with rising returns on invested capital, above average business visibility, strong free cash flow generation and an attractive risk/reward. The Fund generally considers selling an investment when it determines the company no longer satisfies its investment criteria.

The Fund may utilize foreign forward currency exchange contracts, which are derivatives, in connection with its investments in foreign securities.

The Fund may invest up to 25% of its total assets in securities of foreign companies, including emerging market securities.

The Fund may invest up to 10% of its total assets in real estate investment trusts (REITs). The Fund may also invest in privately-placed securities.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Morgan Stanley Mid Cap Growth Fund

Principal Investment Risks

•	Market Risk The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.

•	Issuer Risk The value of a security may decline for a number of reasons directly related to the issuer of the security.

•	Selection Risk Because this Fund is actively managed, there can be no guarantee that investment decisions made for the fund will produce the desired results.

•	Growth Stocks Risk Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks may be susceptible to rapid price swings or to adverse developments in certain sectors of the market.

•	Capitalization Risk Investing in smaller companies creates risk because smaller companies may have unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of large companies.

•	Convertible Securities Risk The value of convertible securities may be affected by interest rates, default by the issuer on principal or interest payments, and the value of the underlying stock into which the securities may be converted.

•	Foreign Risk Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in currency values, adverse political, social or economic developments, and differences in social and economic developments or policies.

•	Emerging Markets Risk Emerging markets may have less developed or more volatile trading markets, less developed legal and accounting systems, and greater likelihood of government restrictions, nationalization, or confiscation than developed countries.

•

•	Derivatives Risk Investing in derivative instruments involves risks that may be different from or greater than the risks associated with investing directly in securities or other traditional investments.

•

•	Liquidity Risk An investment that is difficult to purchase or sell may have an adverse affect on the Fund’s returns.

Performance Information

Both the bar chart and the table assume reinvestment of dividends and distributions.

The Fund’s performance does not reflect the cost of insurance and separate account charges which are imposed under your variable annuity contract or variable life insurance policy. If they were included, performance would be reduced. Past performance does not indicate how the Fund will perform in the future.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Morgan Stanley Mid Cap Growth Fund

Performance Bar Chart and Table

Highest and Lowest Quarter Returns (for periods shown in the bar chart)

Highest (Q2, 2009)	25.30%
Lowest (Q4, 2008)	-28.50%

Average Annual Total Returns

	One Year Ended December 31, 2011	Five Years Ended December 31, 2011	Ten Years Ended December 31, 2011
AZL® Morgan Stanley Mid Cap Growth Fund	-6.57%	4.19%	6.40%
Russell MidCap® Growth Index (reflects no deduction for fees and expenses)	-1.65%	2.44%	5.29%

Management

Allianz Investment Management LLC serves as the investment adviser to the Fund.

Morgan Stanley Investment Management, Inc. serves as the subadviser to the Fund.

The portfolio managers for the Fund are: Dennis P. Lynch, since 2003, David S. Cohen, since 2003, Sam G. Chainani, since 2004, and Jason C. Yeung, since September 2007, Managing Directors, and Alexander T. Norton, since 2005, and Armistead B. Nash, since September 2008, Executive Directors.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® NFJ International Value Fund

AZL® NFJ International Value Fund

Investment Objective

The Fund seeks long-term growth of capital and income.

Fees and Expenses

Fees and Expenses of the Fund

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.90%
Distribution (12b-1) Fees	0.25%
Other Expenses(1)	0.09%
Total Annual Fund Operating Expenses	1.24%

(1) Acquired Fund Fees and Expenses for the fiscal year ended December 31, 2011 were less than 0.01% and are included in "Other Expenses".

Example

1 Year	3 Years	5 Years	10 Years
$126	$393	$681	$1,500

Portfolio Turnover

Investments, Risks, and Performance

Principal Investment Strategies of the Fund

The Fund seeks to achieve its investment objective by investing normally at least 65% of its net assets, plus any borrowings for investment purposes, in equity securities of non-U.S. companies with market capitalizations greater than $1 billion. The Fund normally invests a significant portion of its assets in equity securities that the Fund’s subadviser expects will generate income by paying dividends. The Fund may invest up to 50% of its assets in emerging market securities. The Fund typically achieves its exposure to equity securities through investing in American Depositary Receipts (ADRs) and/or foreign ordinaries.

The Fund’s subadviser uses a value investing style focusing on equity securities of companies whose stocks the Fund’s portfolio managers believe have low valuations. The portfolio managers use quantitative factors to screen the Fund's initial selection universe. To further narrow the universe, the portfolio managers analyze factors such as price momentum (changes in stock price relative to changes in overall market prices), earnings estimate revisions (changes in analysts' earnings-per-share estimates), and fundamental changes. The portfolio managers also classify the Fund's selection universe by industry and then identify what they believe to be undervalued stocks in each industry to determine potential holdings for the Fund representing a broad range of industry groups. After still further narrowing the universe through a combination of qualitative analysis and fundamental research, the portfolio managers select approximately 40 to 60 stocks for the Fund. The portfolio managers consider selling a stock when any of the factors leading to its purchase materially

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® NFJ International Value Fund

changes or when a more attractive candidate is identified, including when an alternative stock with strong fundamentals demonstrates a lower price-to-earnings ratio, a higher dividend yield, or other favorable qualitative metrics.

Principal Risks of Investing in the Fund

•	Market Risk The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.

•	Issuer Risk The value of a security may decline for a number of reasons directly related to the issuer of the security.

•	Selection Risk Because this Fund is actively managed, there can be no guarantee that investment decisions made for the fund will produce the desired results.

•	Value Stocks Risk Value investing emphasizes stocks of undervalued companies whose characteristics may lead to improved valuations. Value stocks may lose favor with investors, or their valuations may not improve as anticipated.

•	Foreign Risk Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in currency values, adverse political, social or economic developments, and differences in social and economic developments or policies.

•	Emerging Markets Risk Emerging markets may have less developed or more volatile trading markets, less developed legal and accounting systems, and greater likelihood of government restrictions, nationalization, or confiscation than developed countries.

•	Capitalization Risk Investing in small to midsized companies creates risk because smaller companies may have unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of large companies.

•	Focused Investment Risk Investing in a relatively small number of issuers, industries, or regions involves added risk. Changes in the value of a single security or a single economic, political, or regulatory event may have a large impact on the value of the Fund’s portfolio.

•	Credit Risk The failure of the issuer of a debt security to pay interest or repay principal in a timely manner may have an adverse impact on the Fund’s earnings.

•

•	Liquidity Risk An investment that is difficult to purchase or sell may have an adverse affect on the Fund’s returns.

•	Portfolio Turnover The Fund may trade its portfolio securities frequently, which could result in higher transaction costs and could adversely affect the Fund’s performance.

Performance Information

Both the bar chart and the table assume reinvestment of dividends and distributions.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® NFJ International Value Fund

Performance Bar Chart and Table

Highest and Lowest Quarter Returns (for periods shown in the bar chart)

Highest (Q3, 2010)	14.41%
Lowest (Q3, 2011)	-19.45%

Average Annual Total Returns

	One Year Ended December 31, 2011	Since Inception (5/1/2009)
AZL® NFJ International Value Fund	-10.92%	11.54%
MSCI EAFE Index (reflects no deduction for fees, expenses, or taxes)	-11.73%	10.33%

Management

Allianz Investment Management LLC serves as the investment adviser to the Fund.

NFJ Investment Group LLC serves as the subadviser to the Fund.

The portfolio managers for the Fund, since inception, are: Ben Fischer, CFA, Managing Director, Portfolio Manager/Analyst; Paul Magnuson, Managing Director, Portfolio Manager/Analyst; Thomas Oliver, CPA, CFA, Managing Director, Portfolio Manager/Analyst; R. Burns McKinney, CFA, Managing Director, Portfolio Manager/Analyst; and L. Baxter Hines, Vice President, Portfolio Manager/Analyst.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

RISK/RETURN SUMMARY AZL® Oppenheimer Discovery Fund

AZL® Oppenheimer Discovery Fund

Investment Objective

The Fund seeks capital appreciation.

Fees and Expenses

Fees and Expenses of the Fund

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.85%
Distribution (12b-1) Fees	0.25%
Other Expenses(1)	0.09%
Total Annual Fund Operating Expenses	1.19%

(1) Acquired Fund Fees and Expenses for the fiscal year ended December 31, 2011 were less than 0.01% and are included in "Other Expenses".

Example

1 Year	3 Years	5 Years	10 Years
$121	$378	$654	$1,443

Portfolio Turnover

Investments, Risks, and Performance

Principal Investment Strategies of the Fund

The Fund mainly invests in common stocks of U.S. companies that the subadviser believes have favorable growth prospects. The Fund emphasizes stocks of small−capitalization (or "small−cap") companies, which generally will have a market capitalization of less than $3 billion when the Fund buys them. The Fund's target capitalization range may change over time. These stocks may be traded on stock exchanges or over−the−counter.

The subadviser looks for companies with high growth potential. This approach includes fundamental analysis of a company's financial statements and management structure and consideration of the company's operations and product development, as well as its position in its industry. The subadviser also evaluates research on particular industries, market trends and general economic conditions.

The subadviser currently seeks companies with proven management records that are able to handle rapid growth, companies with innovative products or services, and companies that have above average growth profiles and have what the subadviser believes are sustainable growth rates. These criteria can vary.

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks and other equity securities of U.S. companies with small market capitalizations. Small capitalization

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

RISK/RETURN SUMMARY AZL® Oppenheimer Discovery Fund

companies are defined for this purpose as companies with market capitalizations at the time of purchase in the range of the market capitalizations of companies included in the Russell 2000 Growth Index.

Principal Risks of Investing in the Fund

•	Market Risk The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.

•	Issuer Risk The value of a security may decline for a number of reasons directly related to the issuer of the security.

•	Selection Risk Because this Fund is actively managed, there can be no guarantee that investment decisions made for the fund will produce the desired results.

•	Capitalization Risk Investing in small to midsized companies creates risk because smaller companies may have unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of large companies.

•	Growth Stocks Risk Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks may be susceptible to rapid price swings or to adverse developments in certain sectors of the market.

•	Portfolio Turnover The Fund may trade its portfolio securities frequently, which could result in higher transaction costs and could adversely affect the Fund’s performance.

Performance Information

Both the bar chart and the table assume reinvestment of dividends and distributions.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

RISK/RETURN SUMMARY AZL® Oppenheimer Discovery Fund

Performance Bar Chart and Table

Highest and Lowest Quarter Returns (for periods shown in the bar chart)

Highest (Q2, 2009)	20.27%
Lowest (Q4, 2008)	-26.57%

Average Annual Total Returns

	One Year Ended December 31, 2010	Five Years Ended December 31, 2010	Since Inception (4/29/2005)
AZL® Oppenheimer Discovery Fund	-5.39%	-0.76%	2.81%
Russell 2000® Growth Index (reflects no deduction for fees, expenses and taxes)	-2.91%	2.09%	6.27%

Management

Allianz Investment Management LLC serves as the investment adviser to the Fund.

OppenheimerFunds, Inc. serves as the subadviser to the Fund.

The Fund’s portfolio manager, since February 2012, is Ronald J. Zibelli, Vice President.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Russell 1000 Growth Index Fund

AZL® Russell 1000 Growth Index Fund

Investment Objective

The Fund seeks to match the total return of the Russell 1000 Growth Index.

Fees and Expenses

Fees and Expenses of the Fund

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.44%
Distribution (12b-1) Fees	0.25%
Other Expenses(1)	0.13%
Total Annual Fund Operating Expenses	0.82%

(1) Acquired Fund Fees and Expenses for the fiscal year ended December 31, 2011 were less than 0.01% and are included in "Other Expenses".

Example

1 Year	3 Years	5 years	10 Years
$84	$262	$455	$1,014

Portfolio Turnover

Investments, Risks, and Performance

Principal Investment Strategies of the Fund

The Fund normally invests in all stocks in the Russell 1000® Growth Index (the “Index”) in proportion to their weighting in the Index. The subadviser attempts to have a correlation between the Fund’s performance and that of the Index of at least 0.95 before expenses. A correlation of 1.00 would mean that the Fund and the Index were perfectly correlated.

The Index is an unmanaged index composed of companies on the Russell 1000® Index which exhibit higher price-to-book ratios and higher forecasted growth values. The Russell 1000® Index is itself composed of approximately 1,000 of the largest securities on the Russell 3000® Index, based on a combination of their market cap and current index membership. The Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.

In seeking to match the performance of the Index, the subadviser uses a passive management approach and purchases all or a representative sample of the stocks comprising the Index. The subadviser also may use stock index futures as a substitute for the sale or purchase of securities. Because the Fund has expenses, performance will tend to be slightly lower than that of the target benchmark.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Russell 1000 Growth Index Fund

Principal Risks of Investing in the Fund

•	Market Risk The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.

•	Growth Stocks Risk Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks may be susceptible to rapid price swings or to adverse developments in certain sectors of the market.

•

Index Fund Risk The Fund does not attempt to manage market volatility or reduce the effects of poor stock performance. In addition, factors such as Fund expenses, changes in the composition of the index, or the timing of purchases or redemptions of Fund shares may affect the correlation between the performance of the index and the Fund’s performance.

•	Issuer Risk The value of a security may decline for a number of reasons directly related to the issuer of the security.

•	Derivatives Risk Investing in derivative instruments involves risks that may be different from or greater than the risks associated with investing directly in securities or other traditional investments.

Performance Information

Both the bar chart and the table assume reinvestment of dividends and distributions.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Russell 1000 Growth Index Fund

Performance Bar Chart and Table

Highest and Lowest Quarter Returns (for periods shown in the bar chart)

Highest (Q4, 2011)	10.34%
Lowest (Q3, 2011)	-13.18%

Average Annual Total Returns

	One Year Ended December 31, 2011	Since Inception (4/30/2010)
AZL® Russell 1000 Growth Index Fund	1.92%	6.78%
Russell 1000 Growth Index (reflects no deduction for fees, expenses, or taxes)	2.64%	7.73%

Management

Allianz Investment Management LLC serves as the investment adviser to the Fund.

BlackRock Investment Management, LLC serves as the subadviser to the Fund.

The portfolio managers for the Fund, since December 2009, are: Edward Corallo, Managing Director, and, since May 2011, Christopher Bliss, and Greg Savage, Managing Director.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Russell 1000 Value Index Fund

AZL® Russell 1000 Value Index Fund

Investment Objective

The Fund seeks to match the total return of the Russell 1000 Value Index.

Fees and Expenses

Fees and Expenses of the Fund

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.44%
Distribution (12b-1) Fees	0.25%
Other Expenses	0.10%
Acquired Fund Fees and Expenses(1)	0.01%
Total Annual Fund Operating Expenses	0.80%

(1)	Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table.

Example

1 Year	3 Years	5 Years	10 Years
$82	$255	$444	$990

Portfolio Turnover

Investments, Risks, and Performance

Principal Investment Strategies of the Fund

The Fund normally invests in all stocks in the Russell 1000® Value Index (the “Index”) in proportion to their weighting in the Index. The subadviser attempts to have a correlation between the Fund’s performance and that of the Index of at least 0.95 before expenses. A correlation of 1.00 would mean that the Fund and the Index were perfectly correlated.

The Index is an unmanaged index composed of companies on the Russell 1000® Index which exhibit lower price-to-book ratios and lower expected growth values. The Russell 1000® Index is itself composed of approximately 1,000 of the largest securities on the Russell 3000® Index, based on a combination of their market cap and current index membership. The Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Russell 1000 Value Index Fund

substitute for the sale or purchase of securities. Because the Fund has expenses, performance will tend to be slightly lower than that of the target benchmark.

Principal Risks of Investing in the Fund

•	Market Risk The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.

•	Value Stocks Risk Value investing emphasizes stocks of undervalued companies whose characteristics may lead to improved valuations. Value stocks may lose favor with investors, or their valuations may not improve as anticipated.

•

•	Issuer Risk The value of a security may decline for a number of reasons directly related to the issuer of the security.

•	Derivatives Risk Investing in derivative instruments involves risks that may be different from or greater than the risks associated with investing directly in securities or other traditional investments.

Performance Information

Both the bar chart and the table assume reinvestment of dividends and distributions.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Russell 1000 Value Index Fund

Performance Bar Chart and Table

Highest and Lowest Quarter Returns (for periods shown in the bar chart)

Highest (Q4, 2011)	12.85%
Lowest (Q3, 2011)	-16.24%

Average Annual Total Returns

	One Year Ended December 31, 2011	Since Inception (4/30/2010)
AZL® Russell 1000 Value Index Fund	-0.25%	2.75%
Russell 1000 Value Index (reflects no deduction for fees, expenses, or taxes)	0.39%	3.47%

Management

Allianz Investment Management LLC serves as the investment adviser to the Fund.

BlackRock Investment Management, LLC serves as the subadviser to the Fund.

The portfolio managers for the Fund, since December 2009, are: Edward Corallo, Managing Director, and, since May 2011, Christopher Bliss, and Greg Savage, Managing Director.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® S&P 500 Index Fund, Class 1 and Class 2

AZL® S&P 500 Index Fund, Class 1 and Class 2

Investment Objective

The Fund seeks to match the total return of the Standard & Poor’s 500 Composite Stock Price Index (S&P 500®).

Fees and Expenses

Fees and Expenses of the Fund

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

	Class 1	Class 2
Management Fee	0.17%	0.17%
Distribution (12b-1) Fees	0.00%	0.25%
Other Expenses	0.10%	0.10%
Total Annual Fund Operating Expenses	0.27%	0.52%

Example

	1 Year	3 Years	5 Years	10 Years
Class 1	$28	$87	$152	$343
Class 2	$53	$167	$291	$653

Portfolio Turnover

Investments, Risks, and Performance

Principal Investment Strategies of the Fund

The subadviser normally invests in all 500 stocks in the S&P 500® in proportion to their weighting in the index.

The subadviser attempts to have a correlation between the Fund’s performance and that of the S&P 500® Index of at least 0.95 before expenses. A correlation of 1.00 would mean that the Fund and the index were perfectly correlated.

The S&P 500® is an unmanaged index of 500 common stocks chosen to reflect the industries of the U.S. economy and is often considered a proxy for the stock market in general. S&P® adjusts each company’s stock weighting in the index by the number of available float shares (those shares available to public investors) divided by the company’s total shares outstanding, which means larger companies with more available float shares have greater representation in the index than smaller ones.

In seeking to match the performance of the index, the subadviser uses a passive management approach and generally purchases all of the stocks comprising the benchmark index. However, in certain circumstances the subadviser may find it advantageous to purchase a representative sample of the stocks comprising the index. The subadviser also may use stock index futures as a substitute for the sale or purchase of securities.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® S&P 500 Index Fund, Class 1 and Class 2

Principal Risks of Investing in the Fund

•	Market Risk The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.

•

•	Issuer Risk The value of a security may decline for a number of reasons directly related to the issuer of the security.

•	Derivatives Risk Investing in derivative instruments involves risks that may be different from or greater than the risks associated with investing directly in securities or other traditional investments.

Performance Information

Both the bar chart and the table assume reinvestment of dividends and distributions.

Performance Bar Chart and Table (Class 2)

Highest and Lowest Quarter Returns (for periods shown in the bar chart)

Highest (Q2, 2009)	15.75%
Lowest (Q4, 2008)	-22.35%

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® S&P 500 Index Fund, Class 1 and Class 2

Average Annual Total Returns

	One Year Ended December 31, 2011	Since Inception (Class 1 – 5/14/2007 and Class 2 – 5/1/2007)
AZL® S&P 500 Index Fund (Class 1)	1.88%	-2.12%
AZL® S&P 500 Index Fund (Class 2)	1.55%	-2.05%
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)(1)	2.11%	-1.38%
(1) The since inception performance data for the S&P 500 Index is calculated from 5/1/2007

Management

Allianz Investment Management LLC serves as the investment adviser to the Fund.

BlackRock Investment Management, LLC serves as the subadviser to the Fund.

The portfolio managers for the Fund, since December 2009, are: Edward Corallo, Managing Director, and, since May 2011, Christopher Bliss, and Greg Savage, Managing Director.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Schroder Emerging Markets Equity Fund, Class 1 and Class 2

AZL® Schroder Emerging Markets Equity Fund, Class 1 and Class 2

Investment Objective

The Fund seeks capital appreciation.

Fees and Expenses

Fees and Expenses of the Fund

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

	Class 1	Class 2
Management Fee	1.23%	1.23%
Distribution (12b-1) Fees	0.00%	0.25%
Other Expenses	0.22%	0.22%
Total Annual Fund Operating Expenses	1.45%	1.70%
Expense Reimbursement(1)	-0.05%	-0.05%
Total Annual Fund Operating Expenses After Expense Reimbursement (1)	1.40%	1.65%

(1)

The Manager and the Fund have entered into a written contract limiting operating expenses, excluding certain expenses (such as interest expense), to 1.40% for Class 1 and 1.65% for Class 2 through April 30, 2013. After April 30, 2013, the Manager may terminate the contract for any reason on 30 days written notice to the Fund. Amounts contractually waived or reimbursed in a particular fiscal year may be recouped by the Manager within the next three fiscal years to the extent that recoupment will not cause the Fund’s expenses to exceed the stated limit during the respective year.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year, that the Fund’s operating expenses remain the same, and that you reinvest all dividends and distributions. It reflects the expense reimbursement arrangement for the first year. It does not reflect any Contract fees. If Contract fees were included, the costs shown would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 Year	3 Years	5 Years	10 Years
Class 1	$143	$454	$787	$1,731
Class 2	$168	$531	$918	$2,004

Portfolio Turnover

Investments, Risks, and Performance

Principal Investment Strategies of the Fund

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies the Fund’s subadviser believes to be “emerging market” issuers. The Fund may use derivatives for purposes of complying with this policy. The Fund may invest the remainder of its assets in securities of issuers located anywhere in the world.

The Fund may invest in common and preferred stocks, securities convertible into common and preferred stocks, warrants to purchase common and preferred stocks, and index-linked warrants. The Fund may also invest in sponsored or unsponsored American Depositary Receipts, Global Depository Receipts, European Depository Receipts or other similar

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Schroder Emerging Markets Equity Fund, Class 1 and Class 2

securities representing ownership of foreign securities. The Fund may also invest in securities of closed-end investment companies and exchange-traded funds (“ETFs”), including securities of emerging market issuers. An investment in a domestic closed-end fund or ETF that has a policy that it will normally invest at least 80% of its net assets in equity securities of emerging market issuers, and has “emerging market” or the equivalent in its name, or foreign funds with similar investment policies, will be treated as an investment in equity securities of emerging market issuers for purposes of determining if the Fund has invested at least 80% of its net assets in such securities.

The Fund invests in equity securities of issuers domiciled or doing business in “emerging market” countries in regions such as Asia, Latin America, Eastern Europe, the Middle East and Africa. The Fund’s subadviser currently considers “emerging market” issuers to be issuers domiciled in or deriving a substantial portion of their revenues from countries not included at the time of investment in the MSCI World Index. Countries currently in this Index include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong SAR, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. At times, the Fund’s subadviser may determine based on its own analysis that an economy included in the Index should nonetheless be considered an emerging market country, in which case that country would constitute an emerging market country for purposes of the Fund’s investments. The Fund’s subadviser has determined that Chinese companies listed in Hong Kong will be considered emerging market issuers for this purpose. There is no limit on the amount of the Fund’s assets that may be invested in securities of issuers domiciled in any one emerging market country, although the Fund will typically seek to allocate its investments among a number of different emerging market countries.

The Fund invests in issuers and countries that its subadviser believes offer the potential for capital growth. In identifying investments for the Fund, the Fund’s subadviser considers a variety of factors, including the issuer’s likelihood of above average earnings growth, the securities’ attractive relative valuation, and whether the issuer enjoys proprietary advantages. The Fund may invest in securities of companies of any size, including companies with large, medium, and small market capitalizations, including micro-cap companies. The Fund may also purchase securities issued in initial public offerings. In addition, the Fund’s subadviser considers the risk of local political and/or economic instability associated with particular countries and regions and the liquidity of local markets. The Fund generally sells securities when the Fund’s subadviser believes they are fully priced or to take advantage of other investments the Fund’s subadviser considers more attractive.

The Fund may purchase or sell structured notes, or enter into swap transactions, for hedging or as an alternative to purchasing or selling securities. The Fund’s subadviser may hedge some of the Fund’s foreign currency exposure back into the U.S. dollar, although it does not normally expect to do so. The Fund may also purchase or sell futures on indices, including country specific or overall emerging market indices. The Fund may use derivatives to gain long or short exposure to securities or market sectors as a substitute for cash investments (not for leverage) or pending the sale of securities by the Fund and reinvestment of the proceeds.

Principal Risks of Investing in the Fund

•	Market Risk The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.

•	Issuer Risk The value of a security may decline for a number of reasons directly related to the issuer of the security.

•	Selection Risk Because this Fund is actively managed, there can be no guarantee that investment decisions made for the fund will produce the desired results.

•	Capitalization Risk Investing in small to midsized companies creates risk because smaller companies may have unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of large companies.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Schroder Emerging Markets Equity Fund, Class 1 and Class 2

•	Foreign Risk Investing in the securities of non-U.S. issuers involves a number of risks, such as fluctuations in currency values, adverse political, social or economic developments, and differences in social and economic developments or policies.

•	Emerging Markets Risk Emerging markets may have less developed or more volatile trading markets, less developed legal and accounting systems, and greater likelihood of government restrictions, nationalization, or confiscation than developed countries.

•	Country/Regional Risk Political events, financial troubles, or natural disasters may have an adverse affect on the securities markets of a country or region.

•

•	Derivatives Risk Investing in derivative instruments involves risks that may be different from or greater than the risks associated with investing directly in securities or other traditional investments.

•	Convertible Securities Risk The value of convertible securities may be affected by interest rates, default by the issuer on principal or interest payments, and the value of the underlying stock into which the securities may be converted.

•	ETF and Investment Company Risk Investing in an exchange-traded fund (ETF) or another mutual fund exposes the Fund to all the risks of that ETF or mutual fund and also to a pro rata portion of its expenses.

•	Liquidity Risk An investment that is difficult to purchase or sell may have an adverse affect on the Fund’s returns.

•	Initial Public Offerings Risk Securities purchased in initial public offerings (IPOs) may be issued by companies with limited operating histories or companies that are undercapitalized. The trading market for these securities may be limited.

•	Portfolio Turnover The Fund may trade its portfolio securities frequently, which could result in higher transaction costs and could adversely affect the Fund’s performance.

Performance Information

Both the bar chart and the table assume reinvestment of dividends and distributions.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Schroder Emerging Markets Equity Fund, Class 1 and Class 2

Performance Bar Chart and Table (Class 2)

Highest and Lowest Quarter Returns (for periods shown in the bar chart)

Highest (Q2, 2009)	31.94%
Lowest (Q3, 2008)	-27.35%

Average Annual Total Returns

	One Year Ended December 31, 2011	Five Years Ended December 31, 2011	Since Inception (Class 1 – 5/6/2007 and Class 2 – 5/1/2006)
AZL® Schroder Emerging Markets Equity Fund (Class 1)	-17.09%	--	-1.66%
AZL® Schroder Emerging Markets Equity Fund (Class 2)	-17.27%	0.03%	1.01%
MSCI Emerging Markets Index (reflects no deduction for fees, expenses, or taxes)(1)	-18.17%	2.70%	4.11%
(1) The since inception performance data for the MSCI Emerging Markets Index is calculated from 5/1/2006

Management

Allianz Investment Management LLC serves as the investment adviser to the Fund.

Schroder Investment Management North America Inc. serves as the subadviser to the Fund.

The portfolio managers for the Fund, since December 2007, are: Allan Conway, Head of Emerging Market Equities; Robert Davy, Fund Manager, Equities; James Gotto, Fund Manager, Equities; and Waj Hashmi, Fund Manager, Equities.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Small Cap Stock Index Fund

AZL® Small Cap Stock Index Fund

Investment Objective

The Fund seeks to match the performance of the Standard & Poor’s (S&P) SmallCap 600 Index®.

Fees and Expenses

Fees and Expenses of the Fund

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	0.26%
Distribution (12b-1) Fees	0.25%
Other Expenses	0.12%
Acquired Fund Fees and Expenses(1)	0.02%
Total Annual Fund Operating Expenses	0.65%

(1)	Because Acquired Fund Fees and Expenses are not included in the Fund’s Financial Highlights, the Fund’s total annual fund operating expenses do not correlate to the ratios of expenses to average net assets shown in the Financial Highlights table.

Example

1 Year	3 Years	5 Years	10 Years
$66	$208	$362	$810

Portfolio Turnover

Investments, Risks, and Performance

Principal Investment Strategies of the Fund

The subadviser normally invests in all of the stocks in the S&P SmallCap 600® Index in proportion to their weighting in the index.

The subadviser attempts to have a correlation between the Fund’s performance and that of the index of at least 0.95 before expenses. A correlation of 1.00 would mean that the Fund and the index were perfectly correlated.

The S&P SmallCap 600® Index is an unmanaged index composed of 600 domestic stocks with market capitalizations ranging between approximately $300 million and $2.0 billion, depending on index composition. S&P® adjusts each company’s stock weighting in the index by the number of available float shares (those shares available to public investors) divided by the total shares outstanding of the company, which means larger companies with more available float shares have greater representation in the index than smaller ones.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Small Cap Stock Index Fund

advantageous to purchase a representative sample of the stocks comprising the index. The subadviser also may use stock index futures as a substitute for the sale or purchase of securities .

Principal Risks of Investing in the Fund

•	Market Risk The market value of portfolio securities may go up or down, sometimes rapidly and unpredictably.

•

•	Capitalization Risk Investing in small to midsized companies creates risk because smaller companies may have unpredictable or limited earnings, and their securities may be less liquid or experience more volatile prices than those of large companies.

•	Issuer Risk The value of a security may decline for a number of reasons directly related to the issuer of the security.

•	Derivatives Risk Investing in derivative instruments involves risks that may be different from or greater than the risks associated with investing directly in securities or other traditional investments.

Performance Information

Both the bar chart and the table assume reinvestment of dividends and distributions.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries AZL® Small Cap Stock Index Fund

Performance Bar Chart and Table

Highest and Lowest Quarter Returns (for periods shown in the bar chart)

Highest (Q2, 2009)	20.83%
Lowest (Q4, 2008)	-25.21%

Average Annual Total Returns

	One Year Ended December 31, 2011	Since Inception (5/1/2007)
AZL® Small Cap Stock Index Fund	0.29%	0.46%
S&P SmallCap 600 Index (reflects no deduction for fees, expenses, or taxes)	1.02%	0.82%

Management

Allianz Investment Management LLC serves as the investment adviser to the Fund.

BlackRock Investment Management, LLC serves as the subadviser to the Fund.

The portfolio managers for the Fund, since December 2009, are: Edward Corallo, Managing Director, and, since May 2011, Christopher Bliss, and Greg Savage, Managing Director.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

Fund Summaries Tax Information and Financial Intermediary Compensation

TAX INFORMATION

Shares of the Funds are sold exclusively to the separate accounts of certain insurance companies in connection with particular variable annuity and variable life insurance contracts (the “Contracts”). Provided that a Fund and a separate account investing in the Fund satisfy applicable tax requirements, any distributions from the Fund to the separate account will be exempt from current federal income taxation to the extent that such distributions accumulate in the Contract. You should refer to your Contract prospectus for further information regarding the tax treatment of the Contract and the separate accounts in which the Contract is invested.

FINANCIAL INTERMEDIARY COMPENSATION

Shares of the Funds are sold exclusively to certain insurance companies in connection with particular Contracts. The Trust and its related companies may pay such insurance companies (or their related companies) for the sale of shares of the Funds and related services. Such insurance companies (or their related companies) may pay broker-dealers or other financial intermediaries (such as banks) that sell the Contracts for the sale of shares of the Funds and related services. When received by an insurance company, such payments may be a factor that the insurance companies consider in including a Fund as an investment option in the Contracts. The prospectus or other disclosures relating to a Contract may contain additional information about these payments. When received by a broker-dealer or other intermediary, such payments may create a conflict of interest by influencing the broker-dealer or other intermediary and salespersons to recommend the Fund over other mutual funds available as investment options in the Contracts. Ask the salesperson or visit the financial intermediary's website for more information.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

100

More About the Funds Overview

MORE ABOUT THE FUNDS

Overview

The Allianz Variable Insurance Products Trust (the “VIP Trust”) consists of 30 separate investment portfolios (together, the “Funds,” “VIP Funds” or “Allianz VIP Funds,” and each individually, a “Fund,” “VIP Fund,” or “Allianz VIP Fund”). Each Fund is a diversified open-end fund and a series of the VIP Trust. Within the scope of an investment program approved by the Board of Trustees to the VIP Funds (the “Board,” the “Trustees” or the “Board of Trustees”), the Funds are managed by Allianz Investment Management LLC (the “Manager”), which in turn has retained certain asset management firms (the “subadvisers”) to make investment decisions on behalf of the Funds. The Manager selected each subadviser based on the subadviser’s experience with the investment strategy for which it was selected. The VIP Trust provides investment vehicles for variable annuity contracts and variable life insurance policies (the “Contracts”) offered by the separate accounts of various life insurance companies affiliated with the Manager. The separate accounts buy, and own, shares of the Funds on behalf of Contract owners who direct purchase payments to subaccounts of the separate accounts that invest in the Funds. Therefore, you cannot directly purchase, nor will you directly own, shares of the Funds.

This prospectus is designed to help you make informed decisions about certain investment options available under your Contract. You will find details about how your Contract works in the related Contract prospectus.

This prospectus summarizes key information about the Funds, including information regarding the investment objectives, strategies and risks and performance and fees for all the Funds. “You” and “your” refer to both direct shareholders (including the insurance company separate accounts that invest assets on behalf of their contract holders) and contract holders who invest in the Funds indirectly through the Contracts.

The Funds have the flexibility to make portfolio investments and engage in investment techniques that differ from the strategies discussed in this prospectus.

Unless otherwise indicated, any percentage limitation on a Fund’s holdings set forth in the summaries above is applied only when that particular type of security is purchased.

Investors should carefully consider their investment goals and willingness to tolerate investment risk before allocating their investment to a Fund.

Certain of the Funds may have names, investment objectives, strategies, portfolio manager(s), and characteristics that are substantially similar to other mutual funds managed by the subadvisers. However, the asset size, portfolio composition, fees, and expenses of a Fund may be different from those of any similar fund, and performance may be better or worse. No representation is made that the Funds will perform in an equivalent manner to the similar funds. Funds may be added or removed from the VIP Trust from time to time.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

101

More About the Funds Overview

The following Funds have (or previously had) names that suggest a focus on a particular type of investment:

AZL Columbia Mid Cap Value Fund

AZL Columbia Small Cap Value Fund

AZL Dreyfus Research Growth Fund

AZL Eaton Vance Large Cap Value Fund

AZL Enhanced Bond Index Fund

AZL Federated Clover Small Value Fund

AZL Invesco Equity and Income Fund

AZL Invesco International Equity Fund

AZL JPMorgan International Opportunities Fund

AZL JPMorgan U.S. Equity Fund

AZL Mid Cap Index Fund

AZL Morgan Stanley Global Real Estate Fund

AZL Morgan Stanley Mid Cap Growth Fund

AZL Oppenheimer Discovery Fund

AZL Schroder Emerging Markets Equity Fund

AZL Small Cap Stock Index Fund

In accordance with Rule 35d-1 under the Investment Company Act of 1940 (the “1940 Act”), each of these funds has adopted a policy that it will, under normal circumstances, invest at least 80% of its assets (exclusive of collateral received in connection with securities lending) in investments of the type suggested by its name. For this policy, “assets” means net assets plus the amount of any borrowings for investment purposes. In addition, in appropriate circumstances, synthetic investments may be included in the 80% basket. A Fund’s policy to invest at least 80% of its assets in such a manner is not a “fundamental” policy, which means that it may be changed without the vote of a majority of a Fund’s outstanding shares as defined in the 1940 Act. The name of each of these Funds may be changed at any time by a vote of the Trustees. However, Rule 35d-1 also requires that shareholders be given written notice at least 60 days prior to any change by a Fund of its 80% investment policy.

The investment objective of each Fund, except the AZL Money Market Fund, may be changed by the Trustees without shareholder approval.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

102

More About the Funds Overview

The following chart identifies each Fund, its subadviser(s), and certain affiliates of the subadvisers:

Fund	subadviser
AZL Allianz AGIC Opportunity Fund	Allianz Global Investors Capital LLC (affiliated with the Manager and NFJ Investment Group LLC)
AZL BlackRock Capital Appreciation Fund	BlackRock Capital Management, Inc. (affiliated with BlackRock Advisors, LLC, BlackRock Financial Management, Inc., and BlackRock Investment Management, LLC)
AZL BlackRock Global Allocation Fund	BlackRock Investment Management, Inc. (affiliated with BlackRock Advisors, LLC, BlackRock Capital Management, Inc., and BlackRock Financial Management, LLC)
AZL Columbia Mid Cap Value Fund	Columbia Management Investment Advisers, LLC
AZL Columbia Small Cap Value Fund	Columbia Management Investment Advisers, LLC
AZL Davis New York Venture Fund	Davis Selected Advisers, L.P.
AZL Dreyfus Research Growth Fund	The Dreyfus Corporation (affilated with the Custodian)
AZL Eaton Vance Large Cap Value Fund	Eaton Vance Management
AZL Enhanced Bond Index Fund	BlackRock Financial Management, Inc. (affiliated with BlackRock Advisors, LLC, BlackRock Capital Management, Inc., and BlackRock Investment Management, LLC)
AZL Federated Clover Small Value Fund	Federated Global Investment Management Corp.
AZL Franklin Templeton Founding Strategy Plus Fund	Franklin Mutual Advisers, LLC (Mutual Shares)/ Templeton Global Advisors Limited (Templeton Growth)/ Franklin Advisers, Inc. (Franklin Income Securities and Templeton Global Bond)
AZL Gateway Fund	Gateway Investment Advisers, LLC
AZL International Index Fund	BlackRock Investment Management, Inc. (affiliated with BlackRock Advisors, LLC, BlackRock Capital Management, Inc., and BlackRock Financial Management, LLC)
AZL Invesco Equity and Income Fund	Invesco Advisers, Inc.
AZL Invesco Growth and Income Fund	Invesco Advisers, Inc.
AZL Invesco International Equity Fund	Invesco Advisers, Inc.
AZL JPMorgan International Opportunities Fund	J.P. Morgan Investment Management Inc.
AZL JPMorgan U.S. Equity Fund	J.P. Morgan Investment Management Inc.
AZL MFS Investors Trust Fund	Massachusetts Financial Services Company
AZL Mid Cap Index Fund	BlackRock Investment Management, Inc. (affiliated with BlackRock Advisors, LLC, BlackRock Capital Management, Inc., and BlackRock Financial Management, LLC)
AZL Money Market Fund	BlackRock Advisors, LLC (affiliated with BlackRock Capital Management, Inc., BlackRock Financial Management, Inc., and BlackRock Investment Management, LLC )
AZL Morgan Stanley Global Real Estate Fund	Morgan Stanley Investment Management Inc.
AZL Morgan Stanley Mid Cap Growth Fund	Morgan Stanley Investment Management Inc.
AZL NFJ International Value Fund	NFJ Investment Group LLC (affiliated with the Manager and Allianz Global Investors Capital LLC)
AZL Oppenheimer Discovery Fund	OppenheimerFunds, Inc.
AZL Russell 1000 Growth Index Fund	BlackRock Investment Management, Inc. (affiliated with BlackRock Advisors, LLC, BlackRock Capital Management, Inc., and BlackRock Financial Management, LLC)
AZL Russell 1000 Value Index Fund	BlackRock Investment Management, Inc. (affiliated with BlackRock Advisors, LLC, BlackRock Capital Management, Inc., and BlackRock Financial Management, LLC)
AZL S&P 500 Index Fund	BlackRock Investment Management, Inc. (affiliated with BlackRock Advisors, LLC, BlackRock Capital Management, Inc., and BlackRock Financial Management, LLC)
AZL Schroder Emerging Markets Equity Fund	Schroder Investment Management North America Inc.
AZL Small Cap Stock Index Fund	BlackRock Investment Management, Inc. (affiliated with BlackRock Advisors, LLC, BlackRock Capital Management, Inc., and BlackRock Financial Management, LLC)

The following chart identifies Funds which have changed name or subadvisers during the last year:

Date	Current Fund name (subadviser)	Previous Fund name (subadviser)
July 1, 2011	AZL Money Market Fund (BlackRock Advisors, LLC)	AZL Money Market Fund (BlackRock Institutional Management Corporation)
February 25, 2012	AZL Federated Clover Small Value Fund (Federated Global Investment Management Corp.)	AZL Franklin Small Cap Value Fund (Franklin Advisory Services, LLC)
February 25, 2012	AZL Oppenheimer Discovery Fund (OppenheimerFunds, Inc.)	AZL Turner Quantitative Small Cap Growth Fund (Turner Investment Partners, Inc.)
April 30, 2012	AZL Dreyfus Research Growth Fund (The Dreyfus Corporation)	AZL Dreyfus Equity Growth Fund (The Dreyfus Corporation)

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

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More About the Funds Overview

Fund Operating Expense Limitation Agreements

The Manager and each of the following Funds have entered into a written agreement, through April 30, 2013, limiting the operating expenses of the Fund, excluding certain expenses (such as interest expense, acquired fund fees, cash overdraft fees, taxes, brokerage commissions, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other extraordinary expenses not incurred in the ordinary course of the Fund’s business), to the amount set forth below. After April 30, 2013, the Manager may terminate the agreement for any reason on 30 days written notice to the Fund. Each Fund is authorized to reimburse the Manager for management fees previously waived and/or for the cost of expenses previously paid by the Manager pursuant to this agreement, provided that such reimbursement will not cause the Fund to exceed any limits in effect at the time of such reimbursement. The Fund’s ability to reimburse the Manager in this manner only applies to fees paid or reimbursements made by the Manager within the three fiscal years prior to the date of such reimbursement. To the extent that a Fund makes such reimbursements to the Manager, the amount of the reimbursements will be reflected in the financial statements in the Fund’s shareholder reports and in Other Expenses under Fees and Expenses of the Fund.

Name of Fund	Operating Expense Limitation (through April 30, 2013)
	Class 1	Class 2
Allianz AGIC Opportunity Fund	N/A	1.35%
BlackRock Capital Appreciation Fund	N/A	1.20%
BlackRock Global Allocation Fund	N/A	1.19%
Columbia Mid Cap Value Fund	N/A	1.30%
Columbia Small Cap Value Fund	1.10%	1.35%
Davis New York Venture Fund	0.95%	1.20%
Dreyfus Research Growth Fund	N/A	1.20%
Eaton Vance Large Cap Value Fund	N/A	1.20%
Enhanced Bond Index Fund	N/A	0.70%
Federated Clover Small Value Fund	N/A	1.35%
Franklin Templeton Founding Strategy Fund	N/A	1.20%
Gateway Fund	N/A	1.25%
International Index Fund	N/A	0.77%
Invesco Equity and Income Fund	N/A	1.20%
Invesco Growth and Income Fund	N/A	1.20%
Invesco International Equity Fund	N/A	1.45%
JPMorgan International Opportunities Fund	N/A	1.39%
JPMorgan U.S. Equity Fund	0.95%	1.20%
MFS Investors Trust Fund	N/A	1.20%
Mid Cap Index Fund	N/A	0.71%
Money Market Fund	N/A	0.87%
MS Global Real Estate Fund	N/A	1.35%
MS Mid Cap Growth Fund	N/A	1.30%
NJF International Value Fund	N/A	1.45%
Oppenheimer Discovery Fund	N/A	1.35%
Russell 1000 Growth Fund	N/A	0.84%
Russell 1000 Value Fund	N/A	0.84%
S&P 500 Index Fund	0.46%	0.71%
Schroder Emerging Markets Equity Fund	1.40%	1.65%
Small Cap Stock Index Fund	N/A	0.71%

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Investment Strategies

Temporary Defensive Positions

For temporary defensive purposes or when cash is temporarily available, each of the Funds may invest in investment grade, short term debt instruments, including government, corporate, and money market securities. If a Fund invests substantially in such instruments, it may not be pursuing its principal investment strategies and may not achieve its investment objective.

Frequent Trading

Each of the following Funds may engage in frequent trading in order to achieve its investment objectives. Frequent trading may result in higher transaction costs, which adversely affects a Fund’s performance.

·	AZL Allianz AGIC Opportunity Fund

·	AZL Dreyfus Research Growth Fund

·	AZL Eaton Vance Large Cap Value Fund

·	AZL Enhanced Bond Index Fund

·	AZL JPMorgan U.S. Equity Fund

·	AZL MFS Investors Trust Fund

·	AZL NFJ International Value Fund

·	AZL Oppenheimer Discovery Fund

·	AZL Schroder Emerging Markets Equity Fund

AZL BlackRock Global Allocation Fund

In addition to investing in foreign securities, the Fund actively manages its exposure to foreign currencies through the use of forward currency contracts and other currency derivatives. From time to time, the Fund may own foreign cash equivalents or foreign bank deposits as part of the Fund’s investment strategy. The Fund will also invest in non-U.S. currencies, however, the Fund may underweight or overweight a currency based on the Fund management team’s outlook.

The Fund may use derivatives, including options, futures, indexed securities, inverse securities, swaps and forward contracts both to seek to increase the return of the Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets. Derivatives are financial instruments whose value is derived from another security, a commodity (such as oil or gas), a currency or an index such as the S&P 500 Index. The use of options, futures, indexed securities, inverse securities, swaps and forward contracts can be effective in protecting or enhancing the value of the Fund’s assets.

For temporary defensive purposes the Fund may deviate very substantially from the allocations described in this prospectus.

Subsidiary

The Fund may seek exposure to the investment returns of real assets that trade in the commodity markets through investment in commodity-linked derivative instruments and investment vehicles that exclusively invest in precious metals, which are designed to provide this exposure without direct investment in physical commodities. The Fund may also gain exposure to commodity markets by investing in the AZL Cayman Global Allocation Fund I, Ltd. (the “Subsidiary”). The Subsidiary invests primarily in commodity-related instruments. BlackRock Investment Management, LLC (“BlackRock”) is the manager of the Subsidiary. The Subsidiary (unlike the Fund) may invest without limitation in commodity-related instruments. However, the Subsidiary is otherwise subject to the same fundamental, non-fundamental and certain other investment restrictions as the Fund. The Fund will limit its investments in the Subsidiary to 25% of its net assets.

The Subsidiary is managed pursuant to compliance policies and procedures that are the same, in material respect, as the policies and procedures adopted by the Fund. As a result, BlackRock, in managing the subsidiary’s portfolio, is subject to the same investment policies and restrictions that apply to its management of the Fund, and, in particular, to the requirements relating to portfolio leverage, liquidity, brokerage, and the timing and method of the valuation of the Subsidiary’s portfolio investments and shares of the Subsidiary. These policies and restrictions are described in detail in the SAI. The Fund’s Chief Compliance Officer oversees implementation of the Subsidiary’s policies and procedures, and makes periodic reports to the Board of Trustees regarding the Subsidiary’s compliance with the policies and procedures.

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The Fund and Subsidiary test for compliance with certain investment restrictions on a consolidated basis, except that with respect to its investments in certain securities that may involve leverage, the Subsidiary complies with asset segregation requirements to the same extent as the Fund.

BlackRock provides investment management and other services to the Subsidiary, but does not receive separate compensation from the Subsidiary for providing it with investment management or administrative services. However, the Fund pays the Manager (and the Manager pays the subadviser) based on the Fund’s assets, including the assets invested in the Subsidiary. The Subsidiary will also enter into separate contracts for the provision of custody, transfer agency, and audit services with the same or with affiliates of the same service providers that provide those services to the Fund.

The financial statements of the Subsidiary will be consolidated with the Fund’s financial statements in the Fund’s Annual and Semi-Annual Reports. The Fund’s Annual and Semi-Annual Reports are distributed to shareholders, and copies of the reports are provided without charge upon request as indicated on the back cover of this prospectus.

AZL Franklin Templeton Founding Strategy Plus Fund

The following briefly describes the investment goals and strategies of the four strategies currently utilized by the Fund. The Manager may recommend additional or different strategies for investment, without seeking the approval of shareholders.

Mutual Shares Strategy

The investment objective of the Mutual Shares Strategy is capital appreciation, which may occasionally be short term, with income as a secondary goal. Under normal market conditions, the strategy invests primarily in equity securities (including securities convertible into, or that the subadviser expects to be exchanged for, common or preferred stock) of U.S. and foreign companies that the subadviser believes are available at market prices less than their value based on certain recognized or objective criteria (intrinsic value). Following this value-oriented approach, the strategy invests primarily in undervalued securities (securities trading at a discount to intrinsic value). The equity securities in which the strategy invests are primarily common stock. To a lesser extent, the strategy also invests in merger arbitrage securities and distressed companies.

The strategy is not limited to pre-set maximums or minimums governing the size of the companies in which it may invest. However, the strategy currently invests the equity portion of its portfolio primarily to predominantly in companies with market capitalizations greater than $5 billion, with a portion or significant amount in smaller companies.

The strategy may attempt, from time to time, to hedge (protect) against currency risks, largely using forward foreign currency exchange contracts and currency futures contracts (including currency index futures contracts) when, in the subadviser’s opinion, it would be advantageous to the strategy to do so. The strategy also, from time to time, may attempt to hedge against market risk using a variety of derivatives.

The strategy expects to invest a significant portion (up to 35%) of its assets in foreign securities, which may include sovereign debt and participations in foreign government debt.

Templeton Growth Strategy

The investment objective of the Templeton Growth Strategy is long-term capital growth. Under normal market conditions, the strategy invests primarily in the equity securities, primarily common stock, of companies located anywhere in the world, including emerging markets. Although the strategy seeks investments across a number of countries and sectors, from time to time, based on economic conditions, the strategy may have significant positions in particular countries or sectors.

When choosing equity investments for the strategy, the subadviser applies a “bottom-up,” value-oriented, long-term approach, focusing on the market price of a company’s securities relative to the subadviser’s evaluation of the company’s long-term earnings, asset value and cash flow potential. The subadviser also considers a company’s price/ earnings ratio, price/cash flow ratio, profit margins and liquidation value.

Franklin Income Strategy

The investment objective of the Franklin Income Strategy is to maximize income while maintaining prospects for capital appreciation. Under normal market conditions, the strategy invests in a diversified portfolio of debt and equity securities. The strategy may shift its investments from one asset class to another based on the subadviser’s analysis of the best

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opportunities for the strategy’s portfolio in a given market. The equity securities in which the strategy invests consist primarily of common stocks. Debt securities include all varieties of fixed, floating and variable rate instruments, including secured and unsecured bonds, bonds convertible into common stock, senior floating rate and term loans, mortgage and asset-backed securities, debentures, and shorter term instruments. The strategy seeks income by selecting investments such as corporate, foreign and U.S. Treasury bonds, as well as stocks with dividend yields the subadviser believes are attractive. The strategy may invest up to 100% of its total assets in debt securities that are rated below investment grade (also known as “junk bonds”), including a portion in defaulted securities. The strategy maintains the flexibility to invest in securities of companies from a variety of sectors, but from time to time, based on economic conditions, the strategy may have significant investments in particular sectors. The strategy also may invest up to 25% of its assets in foreign securities, either directly or through depositary receipts.

The strategy’s subadviser searches for securities it believes offer the most attractive opportunities for income today and significant growth tomorrow. It generally performs independent analysis of the debt securities being considered for the strategy’s portfolio, rather than relying principally on the ratings assigned by rating organizations. In analyzing debt and equity securities, the subadviser considers a variety of factors, including:

•	a security’s relative value based on such factors as anticipated cash flow, interest or dividend coverage, asset coverage, and earnings prospects;

•	the experience and strength of the company’s management;

•	the company’s changing financial condition and market recognition of the change;

•	the company’s sensitivity to changes in interest rates and business conditions; and

•	the company’s debt maturity schedules and borrowing requirements.

When choosing equity investments for the strategy, the subadviser applies a “bottom-up,” long-term approach, focusing on the market price of a company’s securities relative to the subadviser’s evaluation of the company’s long-term earnings, asset value and cash flow potential. The subadviser also considers a company’s price/earnings ratio, profit margins and liquidation value.

Templeton Global Bond Strategy

The investment objective of the Templeton Global Bond strategy is current income with capital appreciation and growth of income. Under normal market conditions, the strategy generally invests at least 80% of its net assets in “bonds.” Bonds include debt securities of any maturity, such as bonds, notes, bills and debentures.

The strategy invests predominantly in bonds issued by governments and government agencies located around the world, including inflation-indexed securities. In addition, the strategy’s assets will be invested in issuers located in at least three countries (including the U.S.).

Although the strategy may buy bonds rated in any category, it focuses on “investment grade” bonds. These are issues rated in the top four rating categories by independent rating agencies such as Standard & Poor’s (S&P®) or Moody’s Investors Service (Moody’s) or, if unrated, determined by the strategy’s subadviser to be comparable. The strategy may invest up to 25% of its total assets in bonds that are rated below investment grade. Generally, lower rated securities pay higher yields than more highly rated securities to compensate investors for the higher risk. The strategy may invest without limit in developing markets.

For purposes of pursuing its investment goals, the strategy regularly uses various currency related transactions involving derivative instruments, principally currency and cross currency forwards, but may also use currency and currency index futures contracts. The strategy maintains significant positions in currency related derivative instruments as a hedging technique or to implement a currency investment strategy, which could expose a large amount of the strategy’s assets to obligations under the instruments. The use of these derivative transactions may allow the strategy to obtain net long or net negative (short) exposure to selected currencies. The subadviser allocates the strategy’s assets based upon its assessment of changing market, political and economic conditions. It will consider various factors, including evaluation of interest and currency exchange rate changes and credit risks.

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AZL Morgan Stanley Mid Cap Growth Fund

The following is additional information regarding the Fund’s investment strategies.

Derivatives

The Fund may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivatives are financial instruments whose value is based on the value of an underlying asset, interest rate, index or financial instrument. A derivative instrument often has risks similar to its underlying instrument and may have additional risks, including imperfect correlation between the value of the derivative and the underlying instrument, risks of default by the counterparty to certain transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which they relate, and risks that the transactions may not be liquid. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments.

Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet earmarking or segregation requirements, pursuant to applicable U.S. Securities and Exchange Commission (the “Commission”) rules and regulations, or may cause a Fund to be more volatile than if the Fund had not been leveraged. Although the subadviser seeks to use derivatives to further the Fund’s investment objectives, there is no assurance that the use of derivatives will achieve this result.

The derivative instruments and techniques that the Fund may use include:

Futures. A futures contract is a standardized agreement to buy or sell a specific quantity of an underlying instrument at a specific price at a specific future time. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. Depending on the terms of the particular contract, futures contracts are settled through either physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. A decision as to whether, when and how to use futures involves the exercise of skill and judgment and even a well-conceived futures transaction may be unsuccessful because of market behavior or unexpected events. In addition to the derivatives risks discussed above, the prices of futures can be highly volatile, using futures can lower total return, and the potential loss from futures can exceed the Fund’s initial investment in such contracts.

Options. If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed-upon price typically in exchange for a premium paid by the Fund. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed upon price typically in exchange for a premium received by the Fund. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile and the use of options can lower total returns.

Swaps. A swap contract is an agreement between two parties pursuant to which the parties exchange payments at specified dates on the basis of a specified notional amount, with the payments calculated by reference to specified securities, indexes, reference rates, currencies or other instruments. Most swap agreements provide that when the period payment dates for both parties are the same, the payments are made on a net basis (i.e., the two payment streams are netted out, with only the net amount paid by one party to the other). The Fund’s obligations or rights under a swap contract entered into on a net basis will generally be equal only to the net amount to be paid or received under the agreement, based on the relative values of the positions held by each counterparty. Swap agreements currently are not entered into or traded on exchanges and there is no central clearing or guaranty function for swaps. Therefore, swaps are subject to credit risk or the risk of default or non-performance by the counterparty. Swaps could result in losses if interest rate or foreign currency exchange rates or credit quality changes are not correctly anticipated by the Fund or if the reference index, security or investments do not perform as expected.

Structured Investments. The Fund also may invest a portion of its assets in structured investments. A structured investment is a derivative security designed to offer a return linked to a particular underlying security, currency, commodity or market. Structured investments may come in various forms including notes, warrants and options to purchase securities. The Fund will typically use structured investments to gain exposure to a permitted underlying

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security, currency or market when direct access to a market is limited or inefficient from a tax or cost standpoint. Investments in structured investments involve risks including counterparty risk and market risk. Holders of structured investments bear risks of the underlying investment and are subject to counterparty risk because the Fund is relying on the creditworthiness of such counterparty and has no rights with respect to the issuer of the underlying investment. Certain structured investments may be thinly traded or have a limited trading market and may have the effect of increasing the Fund’s illiquidity to the extent that the Fund, at a particular point in time, may be unable to find qualified buyers for these securities.

Fixed Income Securities

Fixed income securities are securities that pay a fixed or a variable rate of interest until a stated maturity date. Fixed income securities include U.S. government securities, securities issued by federal or federally sponsored agencies and instrumentalities (“agencies”), corporate bonds and notes, asset-backed securities, mortgage securities, high yield securities, municipal bonds, loan participations and assignments, zero coupon bonds, convertible securities, Eurobonds, Brady Bonds, Yankee Bonds, repurchase agreements, commercial paper and cash equivalents.

These securities are subject to risks related to changes in interest rates and in the financial health or credit rating of the issuers. The maturity and duration of a fixed income instrument also affects the extent to which the price of the security will change in response to these and other factors. Longer term securities tend to experience larger price changes than shorter term securities because they are more sensitive to changes in interest rates or in the credit ratings of the issuers.

Fixed income securities may be called (i.e., redeemed by the issuer) prior to final maturity. If a callable security is called, the Fund may have to reinvest the proceeds at a lower rate of interest.

IPOs

The Fund may purchase shares issued as part of, or a short period after, companies’ initial public offerings (“IPOs”), and may at times dispose of those shares shortly after their acquisition. The Fund’s purchase of shares issued in IPOs exposes it to the risks associated with companies that have little operating history as public companies, as well as to the risks inherent in those sectors of the market where these new issuers operate. The market for IPO issuers has been volatile, and share prices of newly-public companies have fluctuated in significant amounts over short periods of time. The purchase of shares issued in IPOs may have a greater impact upon the Fund’s total returns during any period that the Fund has a small asset base. As the Fund’s assets grow, any impact of IPO investments on the Fund’s total return may decline.

AZL Gateway Fund

The following is additional information regarding the Fund’s investment strategies.

Writing index call options reduces the Fund’s volatility, provides a steady cash flow and is an important source of the Fund’s return, although it also reduces the Fund’s ability to profit from increases in the value of its equity portfolio. The value of an index put option generally increases as the prices of stocks constituting the index decrease and decreases as those stocks increase in price.

Because the Fund writes index call options and purchases index put options in addition to investing in equity securities, the Fund’s volatility is expected to be closer to intermediate- to long-term fixed income investments (intermediate-term are those with approximately five-year maturities and long-term are those with maturities of ten or more years) and hybrid investments (blends of equity and short-term fixed income securities) than to equity investments.

The Fund seeks to provide an efficient trade-off between risk and reward where risk is characterized by volatility or fluctuations in value over time.

Purchasing Stocks

The Fund invests in a diversified stock portfolio, generally consisting of approximately 200 to 400 stocks, designed to support the Fund’s index option-based risk management strategy as efficiently as possible while seeking to enhance the Fund’s total return. The subadviser uses a multi-factor quantitative model to construct the stock portfolio. The model evaluates approximately 9,000 equity securities to construct a portfolio of U.S.-exchange-traded equities that meets criteria and constraints established by the subadviser. Generally, the subadviser tries to minimize the difference between the performance of the stock portfolio and that of the index or indexes underlying the Fund’s option strategies while also considering other factors, such as predicted dividend yield. The subadviser monitors this difference and the other factors,

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and rebalances and adjusts the stock portfolio from time to time, by purchasing and selling stocks. The subadviser expects the portfolio to generally represent the broad U.S. equity market.

Writing Index Call Options

The Fund continuously writes index call options, typically on broad-based securities market indices, on the full value of its broadly diversified stock portfolio. As the seller of the index call option, the Fund receives cash (the “premium”) from the purchaser. The purchaser of an index call option has the right to any appreciation in the value of the index over a fixed price (the “exercise price”) on a certain date in the future (the “expiration date”). If the purchaser does not exercise the option, the Fund retains the premium. If the purchaser exercises the option, the Fund pays the purchaser the difference between the value of the index and the exercise price of the option. The premium, the exercise price and the value of the index determine the gain or loss realized by the Fund as the seller of the index call option. The Fund can also repurchase the call option prior to the expiration date, ending its obligation. In this case, the difference between the cost of repurchasing the option and the premium received will determine the gain or loss realized by the Fund.

Purchasing Index Put Options

The Fund may buy index put options in an attempt to protect the Fund from a significant market decline that may occur over a short period of time. The value of an index put option generally increases as stock prices (and the value of the index) decrease and decreases as those stocks (and the index) increase in price. The Fund may not spend at any time more than 5% of its assets to purchase index put options.

Other Investments

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 1940 Act. The Fund may enter into repurchase agreements and/or hold cash and cash equivalents.

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Investment Risks

The following provides additional information regarding the principal risks of investing in the Funds:

Asset-Backed Securities Risk

•AZL Money Market Fund

Asset-backed securities represent interests in “pools” of assets, including consumer loans or receivables held in trust. Asset-backed, like traditional fixed-income securities, are subject to credit, interest rate, prepayment and extension risks. The Fund’s investments in asset-backed securities are subject to additional risks associated with the nature of the assets and the servicing of those assets. These securities also are subject to the risk of default on the underlying assets, particularly during periods of economic downturn. Asset-backed securities entail certain risks not presented by mortgage-backed securities, including the risk that, in certain states, it may be difficult to perfect the liens securing the collateral backing certain asset-backed securities. In addition, certain asset-backed securities are based on loans that are unsecurued, which means that there is no collateral to seize if the underlying borrower defaults.

Call Risk

•AZL Enhanced Bond Index Fund

•AZL Franklin Templeton Founding Strategy Plus Fund

•AZL Invesco Equity and Income Fund

•AZL Money Market Fund

If interest rates fall, it is possible that issuers of callable securities held by the Fund will call or prepay their securities before their maturity dates. In this event, the proceeds from the called securities would most likely be reinvested by the Fund in securities bearing the new, lower interest rates, resulting in a possible decline in the Fund’s income and distributions to shareholders and termination of any conversion option on convertible securities.

Capitalization Risk

•AZL Allianz AGIC Opportunity Fund

•AZL BlackRock Capital Appreciation Fund

•AZL BlackRock Global Allocation Fund

•AZL Columbia Mid Cap Value Fund

•AZL Columbia Small Cap Value Fund

•AZL Federated Clover Small Value Fund

•AZL Franklin Templeton Founding Strategy Plus Fund

•AZL Invesco Growth and Income Fund

•AZL JPMorgan International Opportunities Fund

•AZL JPMorgan U.S. Equity Fund

•AZL Mid Cap Index Fund

•AZL Morgan Stanley Mid Cap Growth Fund

•AZL NFJ International Value Fund

•AZL Oppenheimer Discovery Fund

•AZL Schroder Emerging Markets Equity Fund

•AZL Small Cap Stock Index Fund

To the extent the Fund invests significantly in small and/or mid-capitalization companies, it may have capitalization risk. These companies may present additional risk because they have less predictable earnings or no earnings, more volatile share prices and less liquid securities than large capitalization companies. These securities may fluctuate in value more than those of larger, more established companies and, as a group, may suffer more severe price declines during periods of generally declining stock prices. The shares of smaller companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the price of smaller companies’ securities and the Fund’s ability to sell them when the portfolio manager deems it appropriate. These companies may have limited product lines, markets, or financial resources, or may depend on a limited management group. The value of some of the Fund’s investments will rise and fall based on investor perception rather than economic factors.

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Convertible Securities Risk

•AZL Allianz AGIC Opportunity Fund

•AZL BlackRock Capital Appreciation Fund

•AZL BlackRock Global Allocation Fund

•AZL Eaton Vance Large Cap Value Fund

•AZL Franklin Templeton Founding Strategy Plus Fund

•AZL Invesco Equity and Income Fund

•AZL Invesco International Equity Fund

•AZL JPMorgan International Opportunities Fund

•AZL Morgan Stanley Global Real Estate Fund

•AZL Morgan Stanley Mid Cap Growth Fund

•AZL Schroder Emerging Markets Equity Fund

The values of the convertible securities in which the Fund may invest also will be affected by market interest rates, the risk that the issuer may default on interest or principal payments and the value of the underlying common stock into which these securities may be converted. Specifically, since these types of convertible securities pay fixed interest and dividends, their values may fall if market interest rates rise, and rise if market interest rates fall. Additionally, an issuer may have the right to buy back certain of the convertible securities at a time and at a price that is unfavorable to the Fund.

Commodities-Related Investment Risk

•AZL BlackRock Global Allocation Fund

Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments. The U.S. Commodities Futures Trading Commission has proposed changes to certain of its rules governing investment in commodities by mutual funds, such as the Fund. In the event these changes are adopted, or if there are changes in the tax treatment of the Fund’s direct and indirect investments in commodities, the Fund may be unable to obtain exposure to commodity markets, or may be limited in the extent to which or manner in which it can obtain such exposure.

Correlation Risk
•AZL Gateway Fund	The effectiveness of the Fund’s index option-based risk management strategy may be reduced if the Fund’s equity portfolio does not correlate to the index underlying its option positions.

Country/ Regional Risk

•AZL JPMorgan International Opportunities Fund

•AZL Schroder Emerging Markets Equity Fund

Local events, such as political upheaval, financial troubles, or natural disasters, may weaken a country’s or a region’s securities markets. Because the Fund may invest a large portion of its assets in securities of companies located in any one country or region, its performance may be hurt disproportionately by the poor performance of its investments in that area. Country/regional risk is especially high in emerging markets.

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Credit Risk
•AZL Allianz AGIC Opportunity Fund •AZL BlackRock Capital Appreciation Fund •AZL BlackRock Global Allocation Fund •AZL Eaton Vance Large Cap Value Fund •AZL Enhanced Bond Index Fund •AZL Federated Clover Small Value Fund •AZL Franklin Templeton Founding Strategy Plus Fund •AZL Invesco Equity and Income Fund •AZL Invesco Growth and Income Fund •AZL JPMorgan International Opportunities Fund •AZL NFJ International Value Fund	Credit risk is the chance that the issuer of a debt security will fail to repay interest and principal in a timely manner, reducing the Fund’s return. Also, an issuer may suffer adverse changes in financial condition that could lower the credit quality and liquidity of a security, leading to greater volatility in the price of the security and the Fund’s shares.
•AZL Money Market Fund	Although credit risk is low because the Fund invests only in high quality obligations, if an issuer fails to pay interest or repay principal, the value of the Fund’s assets could decline.

Currency Risk

•AZL Allianz AGIC Opportunity Fund

•AZL BlackRock Global Allocation Find

• AZL Davis New York Venture Fund

•AZL Dreyfus Research Growth Fund

•AZL Eaton Vance Large Cap Value Fund

•AZL Franklin Templeton Founding Strategy Plus Fund

•AZL International Index Fund

•AZL Invesco Equity and Income Fund

•AZL Invesco Growth and Income Fund

•AZL Invesco International Equity Fund

•AZL JPMorgan International Opportunities Fund

•AZL MFS Investors Trust Fund

•AZL Morgan Stanley Global Real Estate Fund

•AZL Morgan Stanley Mid Cap Growth Fund

•AZL NFJ International Value Fund

•AZL Schroder Emerging Markets Equity Fund

Funds that invest in securities that trade in, and receive revenues in, foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or failure to intervene) by the U.S. or foreign governments, central banks, or supranational authorities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the U.S. or abroad. As a result, the Fund’s investments with exposure to foreign currency fluctuations may decline in value (in terms of the U.S. dollar) and reduce the returns of the Fund.

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Derivatives Risk

•AZL Allianz AGIC Opportunity Fund

•AZL BlackRock Capital Appreciation Fund

•AZL BlackRock Global Allocation Fund

•AZL Dreyfus Research Growth Fund

•AZL Enhanced Bond Index Fund

•AZL Federated Clover Small Value Fund

•AZL Franklin Templeton Founding Strategy Plus Fund

•AZL International Index Fund

•AZL Invesco Equity and Income Fund

•AZL Invesco Growth and Income Fund

•AZL JPMorgan International Opportunities Fund

•AZL JPMorgan U.S. Equity Fund

•AZL Mid Cap Index Fund

•AZL Morgan Stanley Mid Cap Growth Fund

•AZL Russell 1000 Growth Index Fund

•AZL Russell 1000 Value Index Fund

•AZL S&P 500 Index Fund

•AZL Schroder Emerging Markets Equity Fund

•AZL Small Cap Stock Index Fund

The Funds listed may invest in derivatives as a principal strategy. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Funds typically use derivatives as a substitute for taking a position in the underlying asset and/or as part of a strategy designed to reduce exposure to other risks, such as interest rate or currency risk. Funds may also use derivatives for leverage, in which case their use would involve leveraging risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The counterparty to a derivatives contract could default. As required by applicable law, any Fund that invests in derivatives segregates cash or liquid securities, or both, to the extent that its obligations under the instrument (for example, forward contracts and futures that are required to “cash settle”) are not covered through ownership of the underlying security, financial instrument, or currency.

Distressed Securities Risk

•AZL BlackRock Global Allocation Fund

Distressed securities are speculative and involve substantial risks in addition to the risks of investing in junk bonds. The Fund will generally not receive interest payments on the distressed securities and may incur costs to protect its investment. In addition, distressed securities involve the substantial risk that principal will not be repaid. These securities may present a substantial risk of default or may be in default at the time of investment. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

Dividend Risk
•AZL Dreyfus Research Growth Fund •AZL Eaton Vance Large Cap Value Fund	There is no guarantee that the issuers of the stocks held by the Fund will declare dividends in the future or that if declared, they will either remain at current levels or increase over time.

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Emerging Markets Risk
•AZL BlackRock Global Allocation Fund •AZL Davis New York Venture Fund •AZL Eaton Vance Large Cap Value Fund •AZL Franklin Templeton Founding Strategy Plus Fund •AZL Invesco Equity and Income Fund •AZL Invesco Growth and Income Fund •AZL Invesco International Equity Fund •AZL JPMorgan International Opportunities Fund •AZL Morgan Stanley Global Real Estate Fund •AZL Morgan Stanley Mid Cap Growth Fund •AZL NFJ International Value Fund	In addition to the risks described under “Foreign Risk”, issuers in emerging markets may present greater risk than investing in foreign issuers generally. Emerging markets may have less developed trading markets and exchanges which may make it more difficult to sell securities at an acceptable price and their prices may be more volatile than securities of companies in more developed markets. Settlements of trades may be subject to greater delays so that the Fund may not receive the proceeds of a sale of a security on a timely basis. Emerging countries may also have less developed legal and accounting systems and investments may be subject to greater risks of government restrictions, nationalization, or confiscation.
•AZL Schroder Emerging Markets Equity Fund	Emerging markets may have less developed trading markets and exchanges. Emerging countries may have less developed legal and accounting systems and investments may be subject to greater risks of government restrictions of withdrawing the sales proceeds of securities from the country. Economies of developing countries may be more dependent on relatively few industries that may be highly vulnerable to local and global changes. Governments may be more unstable and present greater risks of nationalization or restrictions on foreign ownership of stocks of local companies. These investments may be substantially more volatile than stocks of issuers in the U.S. and other developed countries and may be very speculative.

ETF and Investment Company Risk
•AZL BlackRock Global Allocation Fund •AZL Federated Clover Small Value Fund •AZL JPMorgan U.S. Equity Fund •AZL Schroder Emerging Markets Equity Fund	The Fund may invest in ETFs or shares of open-end or closed-end investment companies, including single country funds. Investing in another investment company exposes the Fund to all the risks of that investment company and, in general, subjects it to a pro rata portion of the other investment company’s fees and expenses.

Extension Risk
•AZL Enhanced Bond Index Fund •AZL Money Market Fund	When interest rates rise, certain bond obligations will be paid in full by the issuer more slowly than anticipated, cause the value of the securities to fall.

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Focused Investment Risk

•AZL NFJ International Value Fund

Focusing investments in a small number of issuers, industries, or regions increases risk. Funds that invest in a relatively small number of issuers may have more risk because changes in the value of a single security or the impact of a single economic, political, or regulatory occurrence may have a greater impact on the Fund’s net asset value. Some of those issuers also may present substantial credit or other risks. The Fund may from time to time have greater risk if it invests a substantial portion of its assets in companies in related industries, such as technology or financial and business services, that may share common characteristics and are often subject to similar business risks and regulatory burdens. The securities of companies in similar industries may react similarly to economic, market, political, or other developments.

Foreign Risk
•AZL Allianz AGIC Opportunity Fund •AZL BlackRock Global Allocation Fund •AZL Columbia Mid Cap Value Fund •AZL Columbia Small Cap Value Fund •AZL Davis New York Venture Fund •AZL Dreyfus Research Growth Fund •AZL Eaton Vance Large Cap Value Fund •AZL Enhanced Bond Index Fund •AZL Federated Clover Small Value Fund •AZL Franklin Templeton Founding Strategy Plus Fund •AZL Gateway Fund •AZL International Index Fund •AZL Invesco Equity and Income Fund •AZL Invesco Growth and Income Fund •AZL Invesco International Equity Fund •AZL JPMorgan International Opportunities Fund •AZL JPMorgan U.S. Equity Fund •AZL MFS Investors Trust Fund •AZL Morgan Stanley Global Real Estate Fund •AZL Morgan Stanley Mid Cap Growth Fund •AZL NFJ International Value Fund •AZL Schroder Emerging Markets Equity Fund	Because the Fund invests in securities of foreign issuers, it may be subject to risks not usually associated with owning securities of U.S. issuers. These risks include, among others, adverse fluctuations in foreign currency values as well as adverse political, social and economic developments affecting a foreign country, including the risk of nationalization, expropriation or confiscatory taxation. In addition, foreign investing involves less publicly available information, and more volatile or less liquid securities markets. Investments in foreign countries could be affected by factors not present in the U.S., such as restrictions on receiving the investment proceeds from a foreign country, confiscatory foreign tax laws, and potential difficulties in enforcing contractual obligations. Transactions in foreign securities may be subject to less efficient settlement practices, including extended clearance and settlement periods. Foreign accounting may be less revealing than U.S. accounting practices. Foreign regulation may be inadequate or irregular. Owning foreign securities could cause the Fund’s performance to fluctuate more than if it held only U.S. securities.
•AZL Money Market Fund	The Fund may invest in obligations of foreign banks and other foreign issuers that involve certain risks in addition to those of domestic issuers, including higher transaction costs, less complete financial information, political and economic instability, less stringent regulatory requirements and less market liquidity.

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Growth Stocks Risk

•AZL Allianz AGIC Opportunity Fund

•AZL BlackRock Capital Appreciation Fund

•AZL Dreyfus Research Growth Fund

•AZL Invesco International Equity Fund

•AZL MFS Investors Trust Fund

•AZL Morgan Stanley Mid Cap Growth Fund

•AZL Oppenheimer Discovery Fund

•AZL Russell 1000 Growth Index Fund

The returns on growth stocks may or may not move in tandem with the returns on other categories of stocks, or the stock market as a whole. Growth stocks may be particularly susceptible to rapid price swings during periods of economic uncertainty or in the event of earnings disappointments. Further, growth stocks typically have little or no dividend income to cushion the effect of adverse market conditions. To the extent a growth style of investing emphasizes certain sectors of the market, such investments will be more sensitive to market, political, regulatory and economic factors affecting those sectors.

Headline Risk

•AZL Davis New York Venture Fund

The subadviser seeks to acquire companies with expanding earnings at value prices. They may make such investments when a company becomes the center of controversy after receiving adverse media attention. The company may be involved in litigation, the company’s financial reports or corporate governance may be challenged, the company’s annual report may disclose a weakness in internal controls, investors may question the company’s published financial reports, greater government regulation may be contemplated, or other adverse events may threaten the company’s future. While the subadviser researches companies subject to such contingencies, it cannot be correct every time, and the company’s stock may never recover.

Income Risk
•AZL Franklin Templeton Founding Strategy Plus Fund •AZL Invesco Equity and Income Fund •AZL Money Market Fund	Income risk is the chance that falling interest rates will cause the Fund’s income to decline. Income risk is generally higher for short-term bonds.

Index Fund Risk

•AZL Enhanced Bond Index Fund

•AZL International Index Fund

•AZL Mid Cap Index Fund

•AZL Russell 1000 Growth Index Fund

•AZL Russell 1000 Value Index Fund

•AZL S&P 500 Index Fund

•AZL Small Cap Stock Index Fund

The Fund uses an indexing strategy. It does not attempt to manage market volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. The correlation between the performance of the Fund and the performance of the index may be affected by the Fund’s expenses, changes in securities markets, selection of certain securities for the portfolio to represent the index, changes in the composition of the index, and the timing of purchases and redemptions of Fund shares.

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Industry Sector Risk
•AZL Allianz AGIC Opportunity Fund	The value of the Fund’s shares is particularly vulnerable to risks affecting technology companies and/or companies having investments in technology. The technology sector historically has had greater stock price fluctuation as compared to the general market. By focusing on the technology sector of the stock market rather than a broad spectrum of companies, the Fund’s share price will be particularly sensitive to market and economic events that affect those technology companies. The stock prices of technology companies during the past few years have been highly volatile, largely due to the rapid pace of product change and development within this sector. This phenomenon may also result in future stock price volatility. In addition, technologies that are dependent on consumer demand may be more sensitive to changes in consumer spending patterns. Technology companies focusing on the information and telecommunications sectors may also be subject to international, federal and state regulations and may be adversely affected by changes in those regulations.
•AZL Davis New York Venture Fund • AZL Invesco Equity and Income Fund	At times, the Fund may invest a significant portion of its assets in the securities of companies involved in the financial services sector. By focusing on a particular sector from time to time, the Fund carries greater risk of adverse developments in a sector than a fund that always invests in a wide variety of sectors. Financial services companies are subject to extensive government regulation, which may affect their profitability in many ways, including by limiting the amount and types of loans and other commitments they can make, and the interest rates and fees they can charge. A financial services company’s profitability, and therefore its stock price is especially sensitive to interest rate changes throughout the world, as well as the ability of borrowers to repay their loans. Changing regulations, continuing consolidations, and development of new products and structures are all likely to have a significant impact on financial services companies.
•AZL Columbia Small Cap Value Fund •AZL Dreyfus Equity Growth Fund •AZL Federated Clover Small Value Fund •AZL Franklin Templeton Founding Strategy Plus Fund	At times, the Fund may increase the relative emphasis of its investments in a particular industry. Stocks of issuers in a particular industry are subject to changes in economic conditions, government regulations, availability of basic resources or supplies, or other events that affect that industry more than others. To the extent that the Fund has greater emphasis on investments in a particular industry, its share values may fluctuate in response to events affecting that industry.
•AZL Money Market Fund	Because of its concentration in the financial services industry, the fund will be exposed to a large extent to the risks associated with that industry, such as government regulation, the availability and cost of capital funds, consolidation and general economic conditions. Financial services companies are also exposed to losses if borrowers and other counter-parties experience financial problems and/or cannot repay their obligations.

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Initial Public Offerings Risk

•AZL Allianz AGIC Opportunity Fund

•AZL BlackRock Global Allocation Fund

•AZL Schroder Emerging Markets Equity Fund

The Fund may invest in initial public offerings (IPOs). By definition, securities issued in IPOs have not traded publicly until the time of their offerings. There may be only a limited number of shares available for trading, the market for those securities may be unseasoned, and the issuer may have a limited operating history. These factors may contribute to price volatility. The limited number of shares available for trading in some IPOs may also make it more difficult for the Fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. In addition, some companies initially offering their shares publicly are involved in relatively new industries or lines of business, which may not be widely understood by investors. Some of the companies involved in new industries may be regarded as developmental stage companies, without revenues or operating income, or the near-term prospects of them. Many IPOs are by small- or micro-cap companies that are undercapitalized.

Interest Rate Risk
•AZL BlackRock Capital Appreciation Fund •AZL BlackRock Global Allocation Fund •AZL Eaton Vance Large Cap Value Fund •AZL Invesco Growth and Income Fund •AZL Invesco International Equity Fund	Interest rate risk is the chance that the value of the bonds the Fund holds will decline due to rising interest rates. When interest rates rise, the price of most bonds goes down. The price of a bond is also affected by its maturity. Bonds with longer maturities generally have greater sensitivity to changes in interest rates.
•AZL Money Market Fund	This is the risk that changes in nominal interest rates, which consist of a real interest rate and the expected rate of inflation, will affect the value of the Fund’s investments in income-producing or debt securities. Although the value of money market investments is less sensitive to interest rate risk than longer-term securities, increases in nominal interest rates may cause the value of the Fund’s investments to decline.
•AZL Enhanced Bond Index Fund •AZL Franklin Templeton Founding Strategy Plus Fund	As nominal interest rates rise, the value of fixed income securities held by a Fund is likely to decrease. Securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Inflation-indexed securities, including Treasury Inflation-Protected Securities (“TIPS”), decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed securities may experience greater losses than other fixed income securities with similar durations.

Issuer Risk
•All of the Funds	The value of a security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage, and reduced demand for the issuer’s products or services.

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Leveraging Risk

•AZL BlackRock Capital Appreciation Fund

•AZL Enhanced Bond Index Fund

•AZL Federated Clover Small Value Fund

Certain transactions may give rise to a form of leverage. Such transactions may include, among others, reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery, or forward commitment transaction. The use of derivatives may also create leveraging risk. To mitigate leveraging risk, the Fund will segregate or “earmark” liquid assets or otherwise cover transactions that may give rise to such risk. The use of leverage may cause a Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. In addition, leverage, including borrowing, may exaggerate the effect of any increase or decrease in the value of a Fund’s portfolio securities.

Liquidity Risk
•AZL Allianz AGIC Opportunity Fund •AZL Eaton Vance Large Cap Value Fund •AZL Enhanced Bond Index Fund •AZL Federated Clover Small Value Fund •AZL JPMorgan International Opportunities Fund •AZL MFS Investors Trust Fund •AZL Morgan Stanley Mid Cap Growth Fund •AZL NFJ International Value Fund •AZL Schroder Emerging Markets Equity Fund	Liquidity risk exists when particular investments are difficult to purchase or sell. Investments in illiquid securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price. Restricted securities may be subject to liquidity risk because they may have terms that limit their resale to other investors or may require registration under applicable securities laws before they may be sold publicly. Funds with principal investment strategies that involve restricted securities, foreign securities, derivatives, companies with small market capitalization or securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk. Due to the lack of liquidity and, in some cases, of publicly available information, it may in some circumstances be difficult to arrive at a fair value for certain illiquid securities.
•AZL Money Market Fund	The Fund may purchase variable and floating rate instruments. The absence of an active market for these securities could make it difficult for the Fund to dispose of them if the issuer defaults.

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Market Risk

•All of the Funds

The market price of securities owned by the Fund may go up or down, sometimes rapidly and unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. The value of the Fund’s portfolio may fluctuate to a greater or lesser degree than fluctuations of the general stock market. For those Funds that invest in stocks of foreign companies, the value of the Fund’s portfolio will be affected by changes in foreign stock markets and the special economic and other factors that might primarily affect stock markets in particular foreign countries and regions. Equity securities generally have greater price volatility than fixed income securities. Preferred stock generally holds preference as to dividends and liquidation over an issuer's common stock but ranks junior to an issuer's debt securities. Preferred stock dividends are payable only if declared by the issuer's board, and preferred stock also may be subject to optional or mandatory redemption provisions.

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Mortgage-Related and Other Asset-Backed Risk

•AZL Enhanced Bond Index Fund

•AZL Invesco Equity and Income Fund

The Fund may invest in a variety of mortgage-related and other asset-backed securities, which are subject to certain additional risks. Generally, rising interest rates tend to extend the duration of fixed rate mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, a Fund that holds mortgage-related securities may exhibit additional volatility. This is known as extension risk. In addition, adjustable and fixed rate mortgage-related securities are subject to call risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of a Fund because the Fund will have to reinvest that money at the lower prevailing interest rates. If a Fund purchases mortgage-backed or asset-backed securities that are subordinated to other interests in the same mortgage pool, the Fund may receive payments only after the pool’s obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool’s ability to make payments of principal or interest to the Fund as a holder of such subordinated securities, reducing the values of those securities or in some cases rendering them worthless. An unexpectedly high or low rate of prepayments on a pool’s underlying mortgages may have a similar effect on subordinated securities. A mortgage pool may issue securities subject to various levels of subordination. The risk of non-payment affects securities at each level, although the risk is greater in the case of more highly subordinated securities. A Fund’s investments in other asset-backed securities are subject to risks similar to those associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets.

Options Risk

•AZL Gateway Fund

The value of the Fund’s positions in index options fluctuates in response to changes in the value of the underlying index. Writing index call options reduces the risk of owning stocks, but it limits the opportunity to profit from an increase in the market value of stocks in exchange for up-front cash at the time of selling the call option. The Fund also risks losing all or part of the cash paid for purchasing index put options. Unusual market conditions or the lack of a ready market for any particular option at a specific time may reduce the effectiveness of the Fund’s option strategies, and for these and other reasons the Fund’s option strategies may not reduce the Fund’s volatility to the extent desired. From time to time, the Fund may reduce its holdings of put options, resulting in an increased exposure to a market decline.

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Portfolio Turnover
•AZL Allianz AGIC Opportunity Fund •AZL Dreyfus Research Growth Fund •AZL Eaton Vance Large Cap Value Fund •AZL Enhanced Bond Index Fund •AZL JPMorgan U.S. Equity Fund •AZL MFS Investors Trust Fund •AZL NFJ International Value Fund •AZL Oppenheimer Discovery Fund •AZL Schroder Emerging Markets Equity Fund	The Fund may actively and frequently trade its portfolio securities or may turn over a significant portion of its portfolio securities in a single year. High portfolio turnover (100% or more) results in higher transaction costs and can adversely affect the Fund’s performance.

Real Estate Investments Risk
•AZL BlackRock Global Allocation Fund •AZL Columbia Mid Cap Value Fund •AZL Eaton Vance Large Cap Value Fund •AZL Gateway Fund •AZL Invesco Equity and Income Fund •AZL Invesco Growth and Income Fund •AZL JPMorgan International Opportunities Fund •AZL JPMorgan U.S. Equity Fund •AZL Morgan Stanley Mid Cap Growth Fund	The performance of real estate investments (REITs) depends on the strength of real estate markets, REIT management and property management which can be affected by many factors, including national and regional economic conditions.
•AZL Morgan Stanley Global Real Estate Fund	Because of the Fund’s policy of concentrating its investments in securities of companies operating in the real estate industry, the Fund is more susceptible to the risks of investing in real estate directly. Real estate is a cyclical business, highly sensitive to general and local economic developments and characterized by intense competition and periodic overbuilding. Real estate income and values may also be greatly affected by demographic trends, such as population shifts or changing tastes and values. Government actions, such as tax increases, zoning law changes or environmental regulations, may also have a major impact on real estate. Changing interest rates and credit quality requirements will also affect the cash flow of real estate companies and their ability to meet capital needs. Investing in companies operating in the real estate industry also exposes investors to the way in which these real estate companies are organized and operated. In addition to investing directly in real estate, these companies may engage directly in real estate management or development activities. Operating these companies requires specialized management skills and the Fund indirectly bears the management expenses of these companies along with the direct expenses of the Fund. Individual real estate companies may own a limited number of properties and may concentrate in a particular region or property type.

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Repurchase Agreements and Purchase and Sale Contracts Risks
•AZL Enhanced Bond Index Fund •AZL Money Market Fund	If the other party to a repurchase agreement or purchase and sale contract defaults on it obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in ether situation and the market value of the security declines, the Fund may lose money.

Security Quality Risk (also known as “High Yield Risk”)

•AZL BlackRock Global Allocation Fund

•AZL Eaton Vance Large Cap Value Fund

•AZL Franklin Templeton Founding Strategy Plus Fund

The Fund may invest in high yield, high risk debt securities and unrated securities of similar credit quality (commonly known as “junk bonds”) may be subject to greater levels of credit and liquidity risk than funds that do not invest in such securities. These securities are considered predominately speculative with respect to the issuer’s continuing ability to make principal and interest payments. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce the Fund’s ability to sell these securities (liquidity risk). If the issuer of a security is in default with respect to interest or principal payments, the Fund may lose the value of its entire investment.

Selection Risk

•AZL Allianz AGIC Opportunity Fund

•AZL BlackRock Capital Appreciation Fund

•AZL BlackRock Global Allocation Fund

•AZL Columbia Mid Cap Value Fund

•AZL Columbia Small Cap Value Fund

•AZL Davis New York Venture Fund

•AZL Dreyfus Research Growth Fund

•AZL Eaton Vance Large Cap Value Fund

•AZL Federated Clover Small Value Fund

•AZL Franklin Templeton Founding Strategy Plus Fund

•AZL Gateway Fund

•AZL Invesco Equity and Income Fund

•AZL Invesco Growth and Income Fund

•AZL Invesco International Equity Fund

•AZL JPMorgan International Opportunities Fund

•AZL JPMorgan U.S. Equity Fund

•AZL MFS Investors Trust Fund

•AZL Morgan Stanley Global Real Estate Fund

•AZL Morgan Stanley Mid Cap Growth Fund

•AZL NFJ International Value Fund

•AZL Oppenheimer Discovery Fund

•AZL Schroder Emerging Markets Equity Fund

The Fund is an actively managed investment portfolio. The portfolio manager(s) make investment decisions for the Fund’s assets. The investment approach of some Funds emphasizes buying and holding securities, even through adverse markets, while the investment approach of other Funds emphasizes frequent trading in order to take advantage of short-term market movements. However, there can be no guarantee they will produce the desired results and poor security selection may cause the Fund to underperform its benchmark index or other funds with similar investment objectives.

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Sovereign Debt Risk

•AZL BlackRock Global Allocation Fund

Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting sovereign debt that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

Special Situations Risk

•AZL Franklin Templeton Founding Strategy Plus Fund

Periodically, the Fund might use aggressive investment techniques. These might include seeking to benefit from what the subadviser perceives to be “special situations”, such as mergers, reorganizations, restructurings or other unusual events expected to affect a particular issuer. However, there is a risk that the change or event might not occur, which could have a negative impact on the price of the issuer’s securities. The Fund’s investment might not produce the expected gains or could incur a loss for the portfolio.

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Subsidiary Risk

•AZL BlackRock Global Allocation Fund

By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund (see “Commodities-Related Investment Risk” above). There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the Investment Company Act, and is not subject to all the investor protections of the Investment Company Act. However, the Fund wholly owns and controls the Subsidiary, and the Fund is subadvised, and the Subsidiary is managed, by BlackRock, making it unlikely that the Subsidiary will take action contrary to the interests of the Fund and its shareholders. The Board has oversight responsibility for the investment activities of the Fund, including its investment in the Subsidiary, and the Fund’s role as sole shareholder of the Subsidiary. The Subsidiary will be subject to the same investment restrictions and limitations, and follow the same compliance policies and procedures, as the Fund. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as described in this prospectus and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns.

U.S. Government Obligations Risks

•AZL Money Market Fund

Obligations of U.S. Government agencies, authorities, instrumentalities and sponsored enterprises have historically involved little risk of loss of principal if held to maturity. However, not all U.S. Government securities are backed by the full faith and credit of the United States. Obligations of certain agencies, authorities, instrumentalities and sponsored enterprises of the U.S. Government are backed by the full faith and credit of the United States (e.g., the Government National Mortgage Association); other obligations are backed by the right of the issuer to borrow from the U.S. Treasury (e.g., the Federal Home Loan Banks) and others are supported by the discretionary authority of the U.S. Government to purchase an agency’s obligations. Still others are backed only by the credit of the agency, authority, instrumentality or sponsored enterprise issuing the obligation. No assurance can be given that the U.S. Government would provide financial support to any of these entities if it is not obligated to do so by law.

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Value Stocks Risk

•AZL Columbia Mid Cap Value Fund

•AZL Columbia Small Cap Value Fund

•AZL Davis New York Venture Fund

•AZL Eaton Vance Large Cap Value Fund

•AZL Federated Clover Small Value Fund

•AZL Franklin Templeton Founding Strategy Plus Fund

•AZL Invesco Equity and Income Fund

•AZL JPMorgan U.S. Equity Fund

•AZL MFS Investors Trust Fund

•AZL NFJ International Value Fund

•AZL Russell 1000 Value Index Fund

The value style of investing emphasizes stocks of undervalued companies whose characteristics may lead to improved valuations. These stocks may remain undervalued because value stocks, as a category, may lose favor with investors compared to other categories of stocks or because the valuations of these stocks do not improve in response to changing market or economic conditions.

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FUND MANAGEMENT

The Manager

Allianz Investment Management LLC serves as the Manager for the Funds pursuant to the terms of an investment management agreement. The Manager has signed subadvisory agreements or portfolio management agreements (“Subadvisory Agreements”) with various subadvisers for portfolio management functions for the Funds. The subadvisers manage the portfolio securities of the Funds and provide additional services including research, selection of brokers and similar services. The Manager compensates the subadvisers for their services as provided in the Subadvisory Agreements. A discussion of the Board of Trustees’ basis for approving the Funds’ Investment Management Agreement with the Manager and the Subadvisory Agreements with the subadvisers is available in the Funds’ Annual Reports for the year ended December 31, 2011, and will be available in the Funds’ Annual Reports for the year ended December 31, 2011, or in the Semi-Annual Reports for the six-month period ended June 30, 2012.

The Manager was established as an investment adviser by Allianz Life Insurance Company of North America in April 2001. The Manager evaluates and selects subadvisers for the Trust, subject to the oversight of the Board of Trustees, and to a more limited extent, provides investment advice with regard to selection of individual portfolio securities. In addition, the Manager constantly evaluates possible additional or alternative subadvisers for the Trust. The Manager currently acts as Manager of all of the Funds of the Trust. The Manager’s other clients are the Allianz Variable Insurance Products Fund of Funds Trust (“FOF Trust”) and unregistered investment pools owned by series of FOF Trust, and various affiliated entities. As of December 31, 2011, the Manager had aggregate assets under management of $10.26 billion. The Manager monitors and reviews the activities of each of the subadvisers.

Brian Muench is the president of the Manager and of the Trust and ultimately responsible for evaluating and selecting subadvisers for the Trust. Mr. Muench joined Allianz Life Insurance Company of North America (Allianz Life), the parent of the Manager, in 1998. Mr. Muench served as vice president of the Manager from 2005 until he was elected president in 2010. Mr. Muench is also a vice president of Allianz Life. Previously, Mr. Muench held positions with The Principal Financial Group.

The Manager’s address is 5701 Golden Hills Drive, Minneapolis, Minnesota 55416.

The Subadvisers of the Funds

Subadviser	Fund(s)
Allianz Global Investors Capital LLC (“AGIC”) is a Delaware limited liability company and is a registered investment adviser under the Investment Advisers Act of 1940. Its principal place of business is 600 West Broadway, Suite 2900, San Diego, California 92101 with additional offices located in New York and Texas. As of December 31, 2011, AGIC had aggregate assets under management of $46.4 billion. AGIC is affiliated with the Manager.	AZL Allianz AGIC Opportunity Fund
BlackRock Advisors, LLC ("BlackRock Advisors") was organized in 1994 to perform advisory services for investment companies. BlackRock Advisors, which and has its principal offices at 100 Bellevue Parkway, Wilmington, Delaware 19809 has served as the Fund’s investment adviser since July 1, 2011. Prior thereto, BlackRock Institutional Management Corporation (“BIMC”), an affiliate of BlackRock Advisors, served as the Fund’s investment adviser. BlackRock Advisors is a wholly-owned indirect subsidiary of BlackRock, Inc. (“BlackRock”). BlackRock and its affiliates had approximately $3.513 trillion in assets under management as of December 31, 2011. BlackRock is an affiliate of The PNC Financial Services Group, Inc.	AZL Money Market Fund

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BlackRock Capital Management, Inc. (“BlackRock Capital”) was organized in 1994 to perform advisory services for investment companies and has its principal offices at 100 Bellevue Parkway, Wilmington, DE 19809. BlackRock Capital is a wholly-owned, indirect subsidiary of BlackRock, Inc. BlackRock, Inc., one of the largest publicly traded investment management firms in the United States having, together with its affiliates, approximately $3.513 trillion in investment company and other assets under management as of December 31, 2011. BlackRock, Inc. is an affiliate of The PNC Financial Services Group, Inc.	AZL BlackRock Capital Appreciation Fund
BlackRock Financial Management, Inc. (“BlackRock Financial”) has its principal offices at 1 University Square Drive, Princeton, NJ 08540. BlackRock Financial is a wholly-owned, indirect subsidiary of BlackRock, Inc., one of the largest publicly traded investment management firms in the United States having, together with its affiliates, approximately $3.513 trillion in investment company and other assets under management as of December 31, 2011. BlackRock, Inc. is an affiliate of The PNC Financial Services Group, Inc.	AZL Enhanced Bond Index Fund
BlackRock Investment Management, LLC (“BlackRock Investment”) has its principal offices at 1 University Square Drive, Princeton, NJ 08540. BlackRock Investment is a wholly-owned, indirect subsidiary of BlackRock, Inc., one of the largest publicly traded investment management firms in the United States having, together with its affiliates, approximately $3.513 trillion in investment company and other assets under management as of December 31, 2011. BlackRock, Inc. is an affiliate of The PNC Financial Services Group, Inc.	AZL BlackRock Global Allocation Fund AZL International Index Fund AZL Mid Cap Index Fund AZL S&P 500 Index Fund AZL Small Cap Index Fund AZL Russell 1000 Growth Index Fund AZL Russell 1000 Value Index Fund
Columbia Management Investment Advisers, LLC (“CMIA”) is located at 225 Franklin Street, Boston, MA 02110. In addition to serving as an investment adviser to mutual funds, CMIA acts as investment manager for itself, its affiliates, individuals, corporations, retirement plans, private investment companies, exchange-traded funds and financial intermediaries. CMIA is registered as an investment advisor with the SEC and is a wholly-owned subsidiary of Ameriprise Financial, Inc. Ameriprise Financial, Inc. is a financial planning and financial services company that has been offering solutions for clients’ asset accumulation, income management and protection needs for more than 110 years.	AZL Columbia Mid Cap Value Fund AZL Columbia Small Cap Value Fund
Davis Selected Advisers, L.P. (“Davis”) is located at 2949 East Elvira Road, Suite 101, Tucson, Arizona 85756. Davis is controlled by its general partner, Davis Investments, LLC. Davis Investments, LLC is a holding company with no business operations. Davis Investments, LLC is controlled by Christopher Davis as sole member. Christopher Davis’s principal business over the last five years has been portfolio manager. Davis has been providing investment advice since 1969. As of December 31, 2011, Davis managed over $55 billion in assets.	AZL Davis New York Venture Fund

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The Dreyfus Corporation (“Dreyfus”) is located at 200 Park Avenue, New York, NY 10166. Founded in 1947, Dreyfus manages approximately $301 billion in 195 mutual fund portfolios. Dreyfus is the primary mutual fund business of The Bank of New York Mellon Corporation (BNY Mellon), a global financial services company focused on helping clients move and manage their financial assets, operating 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing asset and wealth management, asset servicing, issuer services, and treasury services through a worldwide client-focused team. As of December 31, 2011, BNY Mellon has more than $24.4 trillion in assets under custody and administration and $1.1 trillion in assets under management, and it services more than $12.0 trillion in outstanding debt.	AZL Dreyfus Research Growth Fund
Eaton Vance Management (“Eaton Vance”) is located at Two International Place, Boston, MA 02110. Eaton Vance has been managing assets since 1924 and managing mutual funds since 1931. Eaton Vance and its affiliates manage over $180 billion on behalf of mutual funds, institutional clients and individuals, as of December 31, 2011.	AZL Eaton Vance Large Cap Value Fund
Franklin Advisers, Inc. (“Franklin Advisers”) is located at One Franklin Parkway, San Mateo, CA 94403-1906. Together, Franklin Advisers and its affiliates manage, as of December 31, 2011, over $670 billion in assets, and have been in the investment management business since 1947.	AZL Franklin Templeton Founding Strategy Plus Fund (Franklin Income Strategy and Templeton Global Bond Strategy)
Federated Global Investment Management Corp. (“Federated”) manages the Fund primarily through Federated Clover Investment Advisors, a division of Federated. Federated manages the Fund’s assets, including buying and selling portfolio securities. Federated Advisory Services Company (“FASC”), an affiliate of Federated, provides research, quantitative analysis, equity trading and transaction settlement and certain support services to Federated. The fee for these services provided by FASC is paid by Federated and not by the Fund. Federated, and other subsidiaries of Federated Investors, Inc., advise approximately 134 equity, fixed-income and money market mutual funds as well as a variety of other customized separately managed accounts and private investment companies and other pooled investment vehicles (including non-U.S./offshore funds) which totaled approximately $369.7 billion in assets as of December 31, 2011. Federated Investors, Inc. was established in 1955 and is one of the largest investment managers in the United States with approximately 1,352 employees. Federated Investors, Inc. provides investment products to approximately 4,700 investment professionals and institutions. The subadviser, Federated, advises approximately 19 equity mutual funds (including subadvised funds) as well as a variety of separately managed accounts, institutional separate accounts and private investment companies and other pooled investment vehicles (including non-U.S./offshore funds) which totaled approximately $7.6 billion in assets as of December 31, 2011. The address of Federated is 450 Lexington Avenue, Suite 3700, New York, NY 10017-3943. The address of FASC is Federated Investors Tower, 1001 Liberty Avenue, Pittsburgh, PA 15222-3779. Federated and FASC are subsidiaries of Federated Investors, Inc.	AZL Federated Clover Small Value Fund

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Franklin Mutual Advisers, LLC (“Franklin Mutual”) is located at 101 John F. Kennedy Parkway, Short Hills, NJ 07078. Together, Franklin Mutual and its affiliates manage, as of December 31, 2011, over $670 billion in assets, and have been in the investment management business since 1947.	AZL Franklin Templeton Founding Strategy Plus Fund (Mutual Shares Strategy)
Gateway Investment Advisers, LLC (“Gateway”) is located at 312 Walnut Street, 35th Floor, Cincinnati, OH 45202, serves as the subadviser of the Fund. Gateway is a subsidiary of Natixis US. Gateway had approximately $8.1 billion in assets under management at December 31, 2011.	AZL Gateway Fund
Invesco Advisers, Inc. (“Invesco”) is located at 1555 Peachtree, N.E., Atlanta, GA 30309, is the subadviser to the AZL Invesco International Equity Fund, AZL Invesco Equity and Income Fund, and AZL Invesco Growth and Income Fund. Invesco, as successor in interest to multiple investment advisers, has been an investment adviser since 1976. Today, Invesco advises or manages investment portfolios, including the Funds, encompassing a broad range of investment objectives. Invesco is an indirect wholly owned subsidiary of Invesco Ltd., Atlanta, GA. Total net assets under the management of Invesco Ltd. And its affiliates was approximately $625.3 billion as of December 31, 2011.	AZL Invesco Equity and Income Fund AZL Invesco Growth and Income Fund AZL Invesco International Equity Fund
J.P. Morgan Investment Management Inc. (“JPMIM”) is a wholly-owned subsidiary of J.P. Morgan Asset Management Holdings Inc., which is a wholly-owned subsidiary of JPMorgan Chase & Co., a bank holding company. JPMIM is located at 270 Park Avenue, New York, NY 10017. As of December 31, 2011, JPMIM and its affiliates had $1.3 trillion in assets under management.	AZL JPMorgan International Opportunities Fund AZL JPMorgan U.S. Equity Fund
Massachusetts Financial Services Company (“MFS”) is located at 500 Boylston Street, Boston, Massachusetts 02116. MFS is America’s oldest mutual fund organization. MFS and its predecessor organizations have a history of money management dating from 1924 and the founding of the first mutual fund, Massachusetts Investors Trust. MFS is a subsidiary of Sun Life of Canada (U.S.) Financial Services Holdings, Inc., which in turn is an indirect majority owned subsidiary of Sun Life Financial Inc. (a diversified financial services organization). Net assets under the management of the MFS organization were approximately $251 billion as of December 31, 2011.	AZL MFS Investors Trust Fund
Morgan Stanley Investment Management Inc. (“MSIM”) is a wholly-owned subsidiary of Morgan Stanley. MSIM, together with its affiliated asset management companies, had approximately $287.4 billion under management or supervision as of December 31, 2011. The offices of MSIM are located at 522 Fifth Avenue, New York, NY 10036. The following affiliates of MSIM serve as sub-subadvisers to the AZL Morgan Stanley Global Real Estate Fund, and are responsible for day-to-day management of the Funds' assets: (i) Morgan Stanley Investment Management Limited, with headquarters located at 25 Cabot Square, Canary Wharf, London E144QA, England, and (ii) Morgan Stanley Investment Management Company, with headquarters located at 23 Church Street, #16-01 Capital Square, Singapore 049481.	AZL Morgan Stanley Global Real Estate Fund AZL Morgan Stanley Mid Cap Growth Fund
NFJ Investment Group LLC (“NFJ”) is a Delaware limited liability company and is a registered investment adviser under the Advisers Act. Its principal place of business is 2100 Ross Avenue, Suite 700, Dallas, Texas 75201. As of December 31, 2011, NFJ had aggregate assets under management of $33.9 billion. NFJ is affiliated with the Manager.	AZL NFJ International Value Fund

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OppenheimerFunds, Inc. (“Oppenheimer”) has been an investment adviser since 1960. Oppenheimer manages open-end mutual funds, and is the parent company of several other companies that provide investment advisory services for institutional clients and distribution and shareholder services for other investment companies. Oppenheimer is wholly owned by Oppenheimer Acquisition Corporation, a holding company controlled by Massachusetts Mutual Life Insurance Company. Oppenheimer is located at Two World Financial Center, 225 Liberty Street, 11th Floor, New York, NY 10281-1008.	AZL Oppenheimer Discovery Fund
Schroder Investment Management North America Inc. (“Schroder”), 875 Third Avenue, 22nd Floor, New York, NY 10022-6225, is a registered investment advisor that is part of a worldwide group of financial services companies that are together known as Schroders, with assets under management as of December 31, 2011 of approximately $291 billion. Schroder currently serves as investment advisor to other mutual funds, and a broad range of institutional investors. Schroder Investment Management North America Ltd (Schroder Ltd), an affiliate of Schroder with headquarters located at 31 Gresham Street, London EC2V 7QA, England, serves as the sub-subadviser to the Fund and is responsible for day-to-day management of the Fund’s assets.	AZL Schroder Emerging Markets Equity Fund
Templeton Global Advisors Limited (“Global Advisors”) is located in Lyford Cay, Nassau, Bahamas. Together, Global Advisors and its affiliates manage, as of December 31, 2011, over $670 billion in assets, and have been in the investment management business since 1947.	AZL Franklin Templeton Founding Strategy Plus Fund (Templeton Growth Strategy)

The Portfolio Managers of the Funds

AZL Allianz AGIC Opportunity Fund

Michael Corelli, Managing Director and Portfolio Manager for AGIC’s Small Cap Growth team, is the co-portfolio manager of the AZL Allianz AGIC Opportunity Fund. Prior to joining the firm in 1999 as a research analyst, he spent six years at Bankers Trust as an analyst in the small and mid cap growth group. Mr. Corelli earned a BA from Bucknell University.

Eric Sartorius, Senior Vice President and Portfolio Manager for AGIC’s Small Cap Growth team, is the co-portfolio manager of the AZL Allianz AGIC Opportunity Fund. He specializes in researching the information technology, medical technology and health care sectors of the small-cap equity market. Prior to joining the firm in 2001, he spent two years as a research associate covering the technology sector at Fred Alger Management. He earned his B.A. from Williams College.

AZL BlackRock Capital Appreciation Fund

The fund management team is led by Jeffrey R. Lindsey, CFA, Managing Director at BlackRock Capital Management, Inc. (BlackRock Capital), and Edward P. Dowd, Managing Director at BlackRock Capital. Mr. Lindsey and Mr. Dowd also lead the portfolio management team of the BlackRock Exchange Fund.

Mr. Lindsey and Mr. Dowd joined BlackRock following the merger with State Street Research & Management Company (SSRM) in 2005. Mr. Lindsey is head of BlackRock Capital’s Large Cap Growth equity team. He is primarily responsible for the financials and health care sectors. Mr. Lindsey, as Managing Director at SSRM, headed the Mid- and Large-Cap Growth Teams. He joined SSRM in 2002 and was promoted to Chief Investment Officer-Growth in 2003. He was responsible for overseeing all of the firm’s growth and core products. He was the co-portfolio manager of the State Street Legacy Fund and the firm’s large cap growth institutional portfolios. Prior to joining SSRM, he spent eight years at Putnam Investments, most recently as Managing Director and Director of Concentrated Growth Products.

Mr. Dowd joined BlackRock Capital as a Director following the SSRM merger, and was promoted to Managing Director in 2006. He is primarily responsible for the technology and energy sectors. Prior to joining BlackRock Capital, Mr. Dowd was a Vice President at SSRM. He was employed by SSRM beginning in 2002 and was a co-portfolio manager of the SSR Legacy Fund. During the prior five years, he also served as a Senior Vice President and Technology Sector Leader for Independence Investment LLC and as an equity research associate at Donaldson, Lufkin & Jenrette.

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AZL BlackRock Global Allocation Fund

Dennis Stattman, CFA, Managing Director of BlackRock, Inc. since 2006 and Head of BlackRock Global Allocation Team; Managing Director of Merrill Lynch Investment Manager, L.P. (“MLIM”) from 2000 to 2006; Director of MLIM from 1989 to 2000.

Dan Chamby, CFA, Managing Director of BlackRock, Inc. since 2007; Director of BlackRock, Inc. in 2006; Director of MLIM from 2000 to 2006; Vice President of MLIM from 1993 to 2000.

Aldo Roldan, PhD, Managing Director of BlackRock, Inc. since 2008; Director of BlackRock, Inc. from 2006 to 2007; and Director of MLIM from 1998 to 2006.

AZL Columbia Mid Cap Value Fund

David I. Hoffman is co-manager of the Fund. He has been in the investment industry since 1986. He is a Portfolio Manager of CMIA. Prior to joining CMIA in May 2010, he was associated with Columbia Management Advisers, LLC (“CMA”) or its predecessors since 2001 as an investment professional.

Lori J. Ensinger, CFA, is co-manager of the Fund. She has been in the investment industry since 1983. She is a Portfolio Manager of CMIA. Prior to joining CMIA in May 2010, she was associated with CMA or its predecessors since 2001 as an investment professional.

Noah J. Petrucci, CFA, is co-manager of the Fund. He has been in the investment industry since 1993. He is a Portfolio Manager of CMIA. Prior to joining CMIA in May 2010, he was associated with CMA or its predecessors since 2002 as an investment professional.

AZL Columbia Small Cap Value Fund

Stephen D. Barbaro, CFA, is the Fund’s lead manager. He has been in the investment industry since 1971. He is a Portfolio Manager of CMIA. Prior to joining CMIA in May 2010, he was associated with CMA or its predecessors since 2002.

Jeremy Javidi, CFA, is the Fund’s co-manager. He has been in the investment industry since 2000. He is a Portfolio Manager of CMIA. Prior to joining CMIA in May 2010, he was associated with CMA or its predecessors since 2005.

John S. Barrett, CFA, is the Fund’s co-manager. He has been in the investment industry since 1995. He is a Portfolio Manager of CMIA. Prior to Joining CMIA in May 2010, he was associated with CMA or its predecessors since 2003.

AZL Davis New York Venture Fund

The portfolio managers of the Fund are Christopher C. Davis and Kenneth C. Feinberg, who together serve as portfolio manager for a number of large cap value equity portfolios managed by the subadviser. They are the persons primarily responsible for investing the Fund’s assets on a daily basis. Mr. Davis has over 22 years experience in investment management and securities research. He joined the subadviser in 1989. Mr. Feinberg joined the subadviser in 1994.

AZL Dreyfus Research Growth Fund

Elizabeth Slover has been the portfolio manager of the Fund since January 2009. Ms. Slover is Managing Director at The Boston Company Asset Management, LLC (“The Boston Company”), an affiliate of The Dreyfus Corporation, and is the director of The Boston Company’s core research team. Ms. Slover has been a dual employee of Dreyfus and The Boston Company since September 2003.

AZL Eaton Vance Large Cap Value Fund

The Fund is managed by a team of portfolio managers led by Michael R. Mach, CFA. Mr. Mach manages other Eaton Vance portfolios, has been an Eaton Vance portfolio manager for more than five years and is a Vice President of Eaton Vance. The other members of the portfolio management team are Matthew F. Beaudry, John D. Crowley and Stephen J. Kaszynski, CFA (all since December 2009). Messrs. Beaudry and Crowley have been managing other Eaton Vance portfolios for more than five years and each is a Vice President of Eaton Vance. Mr. Kaszynski has been managing other Eaton Vance portfolios since September 2008. Prior to joining Eaton Vance in 2008, he was Managing Director and Head of U.S. Equities for Credit Suisse Asset Management, as well as the lead portfolio manager of a Credit Suisse fund (January 2004 - January 2007). He is a Vice President of Eaton Vance.

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AZL Enhanced Bond Index Fund

Brian Weinstein, Managing Director, is a portfolio manager in the Multi-Sector & Mortgages Group within BlackRock Fundamental Fixed Income. He is head of Institutional Multi-Sector Portfolios. Mr. Weinstein is also head of BlackRock’s inflation-linked strategies. Mr. Weinstein has held several key roles at BlackRock. Prior to assuming his current role in 2010, he was most recently co-head of the Global Bond team. Following the close of the merger with Merrill Lynch Investment Managers in 2006, Mr. Weinstein spent a year in London leading the integration efforts within the fixed income portfolio management group before returning to New York. Since 2002, Mr. Weinstein has spent much of his time at BlackRock focused on the rates sectors. In 2004, he was appointed to lead the inflation-linked bond business. He joined BlackRock in 2000 as an Analyst in the Portfolio Analytics Group and become a portfolio manager in 2002. Mr. Weinstein earned a BA degree in history from the University of Pennsylvania in 2000.

AZL Federated Clover Small Value Fund

Stephen K. Gutch and Lawrence R. Creatura have been the portfolio managers of the Fund since February 2012.

Stephen Gutch is Senior Vice President of the Fund’s subadviser. Mr. Gutch conducts investment research in the Financial Services sector and is jointly responsible for the day-to-day management of the Fund. Prior to joining Federated Investors, Inc., Mr. Gutch was employed with Clover Capital Management, Inc. (“Clover”) where he served as Director of Research, overseeing the firm’s portfolio management effort, and co-manager of Clover’s small-cap value strategy. Prior to joining Clover in 2003, Mr. Gutch worked for Continental Advisors, LLC where he was managing director for the firm’s financial services hedge fund. Previous to this, Mr. Gutch managed the financial services portfolio at Fulcrum Investment Group, LLC in Chicago for five years. Mr. Gutch earned a B.A. in Economics from the University of Rochester and an M.B.A. from the William E. Simon Graduate School of Business Administration, also at the University of Rochester. Mr. Gutch has received the Chartered Financial Analyst designation.

Lawrence Creatura is Vice President of the Fund’s subadviser. Mr. Creatura conducts equity research in the Consumer Discretionary, Consumer Staples and Technology sectors and is jointly responsible for the day-to-day management of the Fund. Prior to joining Federated Investors, Inc., Mr. Creatura was employed with Clover where he co-managed the small-cap value and small-mid-cap value investment strategies. Prior to joining Clover in 1994, Mr. Creatura worked in laser research and development for industrial and medical applications. He received a B.S. from the University of Rochester, Institute of Optics and earned his M.B.A. in Finance and International Management, also from the University of Rochester. Mr. Creatura has received the Chartered Financial Analyst designation.

AZL Franklin Templeton Founding Strategy Plus Fund

Mutual Shares Strategy:

Peter A. Langerman, President and Chief Executive Officer of Franklin Mutual, Mr. Langerman rejoined Franklin Templeton Investments in 2005 and assumed the duties of lead portfolio manager of the Mutual Shares Fund in 2005. He joined Franklin Templeton in 1996, serving in various capacities, including President and Chief Executive Officer of Franklin Mutual and member of the management team of the Funds, including Mutual Shares Fund, before leaving in 2002 and serving as director of New Jersey’s Division of Investment, overseeing employee pension funds. Between 1986 and 1996, he was employed at Heine Securities Corporation, the Funds’ former manager.

F. David Segal, CFA, Portfolio Manager of Franklin Mutual, Mr. Segal has been a portfolio manager for Mutual Shares Fund since 2005 and assumed the duties of lead portfolio manager in 2007. He joined Franklin Templeton Investments in 2002. Previously, he was an analyst in the Structured Finance Group of MetLife for the period 1999 – 2002.

Deborah A. Turner, CFA, Portfolio Manager of Franklin Mutual, Ms. Turner has been a portfolio manager for Mutual Shares Fund since 2001. She joined Franklin Templeton Investments in 1996. Between 1993 and 1996, she was employed at Heine Securities Corporation, the Funds’ former manager.

Franklin Income Strategy:

Charles B. Johnson, Chairman of Franklin Resources, Inc., Mr. Johnson has been a portfolio manager of the Fund since 1957. He joined Franklin Templeton Investments in 1957.

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Matt Quinlin, Research Analyst of Franklin Advisers, Inc., Mr. Quinlan is a research analyst for Franklin Global Advisers focusing on retail and consumer products sectors. He joined Franklin Templeton Investments in 2005.

Edward D. Perks, CFA, Senior Vice President of Franklin Advisers, Mr. Perks has been a portfolio manager of the Fund since 2002. He joined Franklin Templeton Investments in 1992.

Alex W. Peters, CFA, Vice President of Franklin Advisers, Inc., Mr. Peters is a portfolio manager of the Fund.

Templeton Global Bond Strategy:

Michael Hasenstab Ph.D., Senior Vice President of Franklin Advisers, Dr. Hasenstab has been a lead portfolio manager of the Fund since 2001. He has primary responsibility for the investments of the Fund. He has final authority over all aspects of the Fund’s investment portfolio, including but not limited to, purchases and sales of individual securities, portfolio risk assessment, and the management of daily cash balances in accordance with anticipated management requirements. The degree to which he may perform these functions, and the nature of these functions, may change from time to time. Dr. Hasenstab first joined Franklin Templeton Investments in 1995, rejoining again in 2001 after a three-year leave to obtain his Ph.D.

Canyon Chan, Senior Vice President of Franklin Advisers, Mr. Chan has been a lead portfolio manager of the Fund since January 2011. Canyon Chan is a senior vice president and portfolio manager in the Franklin Templeton Fixed Income Group's international bond department. He focuses on portfolio construction and implementation, derivatives, quantitative strategies and analytics, and risk management. Additionally, he performs generalist research across global asset classes.

Mr. Chan was a director in Franklin Templeton's alternative investment strategies group from 2003 to 2007. He managed Franklin Templeton's fund of hedge funds portfolios and the style allocation for the Franklin Templeton Global Growth and Value Fund. In addition, he researched and developed new hedge fund, currency and commodity investment strategies.

Prior to 2003, Mr. Chan was a vice president and portfolio manager for Franklin Advisers, Inc. He was a co-manager of the Franklin Flex Cap Growth Fund, Franklin Equity Fund and Franklin Technology Fund. His equity research experience included coverage of the Internet, enterprise software, new media, electronic commerce, telecommunications equipment, entertainment software, paper, packaging and engineering and construction industries, as well as quantitative stock research and modeling. In addition to his investment management responsibilities, Mr. Chan served as the director of Portfolio Technology for the Franklin Equity Group of Franklin Advisers, Inc. He developed various portfolio analytics, risk management, research database and knowledge management systems, as well as internal analyst and manager performance measurement and benchmarking processes.

Mr. Chan joined Franklin Templeton in 1991 after earning his B.A. in quantitative economics from Stanford University. He is a Chartered Financial Analyst (CFA) Charterholder, a member of the Security Analysts of San Francisco (SASF) and the CFA Institute.

Templeton Growth Strategy:

Norman J. Boersma, CFA, President of Global Advisors, Mr. Boersma has been lead portfolio manager of the Fund since March 2011. He has primary responsibility for the investments of the Fund. He has final authority over all aspects of the Fund’s investment portfolio, including but not limited to, purchases and sales of individual securities, portfolio risk assessment, and the management of daily cash balances in accordance with anticipated management requirements. The degree to which he may perform these functions, and the nature of these functions, may change from time to time. He joined Franklin Templeton Investments in 1991.

Lisa F. Myers, J.D., CFA, Executive Vice President of Global Advisors, Ms. Myers has been a portfolio manager of the Fund since 2003 providing research and advice on the purchases and sales of individual securities, and portfolio risk assessment. She joined Franklin Templeton Investments in 1996.

Tucker Scott, CFA, Executive Vice President of Global Advisors, Mr. Scott has been a portfolio manager of the Fund since 2007, providing research and advice on the purchases and sales of individual securities, and portfolio risk assessment. He joined Franklin Templeton Investments in 1996.

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AZL Gateway Fund

AZL International Index Fund, AZL Mid Cap Index Fund, AZL Russell 1000 Growth Index Fund, AZL Russell 1000 Value Index Fund, AZL S&P 500 Index Fund and AZL Small Cap Stock Index Fund

Edward Corallo, Managing Director, is a member of BlackRock's Institutional Index Equity team. Mr. Corallo's service with the firm dates back to 1997, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. At BGI, he was head of the Institutional Indexing Group. He started his career at BGI in 1997 as manager of the Financial Planning and Analysis Group in the Controller's Office and made the transition to portfolio management in 1999. Prior to joining BGI, he was a finance manager at California Federal Bank. Mr. Corallo earned a BS degree in finance from San Diego State University in 1989, and an MBA degree from the University of San Diego.

Christopher Bliss, Managing Director; has been responsible for the Fund since May 2011 and has been associated with BlackRock, Inc. since 2009; Principal of Barclays Global Investors (BGI) from 2005 to 2009.

Greg Savage, Managing Director; has been responsible for the Fund since May 2011 and has been associated with BlackRock, Inc. since 2009; Principal of Barclays Global Investors (BGI) from 2007 to 2009; Associate of BGI from 1999 to 2007.

AZL Invesco Equity and Income Fund

The following individuals are jointly and primarily responsible for the day-to-day management of the Fund: Thomas Bastian, (lead manager) Portfolio Manager, who has responsible for the Fund since 2010, and has been associated with Invesco and/or affiliates since 2010. Mr. Bastian served as Portfolio Manager of the predecessor fund since 2003. Prior to commencement of operations by the Fund, Mr. Bastian was associated with Van Kampen Asset Management in an investment management capacity (2003 to 2010). Chuck Burge, Portfolio Manager, who has been responsible for the Fund since 2010, and has been associated with Invesco and/or affiliates since 2002. Mark Laskin, Portfolio Manager, who has been responsible for the Fund since 2010, and has been associated with Invesco and/or affiliates since 2010. Mr. Laskin served as Portfolio Manager of the predecessor fund since 2007. Prior to commencement of operations by the Fund, Mr. Laskin was associated with Van Kampen Asset Management in an investment management capacity (2000 to 2010). Mary Jayne Maly, Portfolio Manager, who has been responsible for the Fund since 2010, and has been associated with Invesco and/or affilities since 2010. Ms. Maly served as Portfolio Manager of the predecessor fund since 2008. Prior to commencement of operations by the Fund, Ms. Maly was associated with Van Kampen Asset Management in an investment management capacity (1992 to 2010). Sergio Marcheli, Portfolio Manager, who has been responsible for the Fund since 2010, and has been associated with Invesco and/or affiliates since 2010. Mr. Marcheli served as Portfolio Manager of the predecessor fund since 2003. Prior to commencement of operations by the Fund, Mr. Marcheli was associated with Van Kampen Asset Management in an investment management capacity (2002 to 2010). James Roeder, Portfolio Manager, who Has been responsible for the Fund since 2010, and has been associated with Invesco and/or affiliates since 2010. Mr. Roeder served as Portfolio Manager of the predecessor fund since 1999. Prior to commencement of operations by the Fund, Mr. Roeder was associated with Van Kampen Asset Managementin an investment capacity (1999 to 2010).

AZL Invesco Growth and Income Fund

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of operations by the Fund, Ms. Maly was associated with Van Kampen Asset Management in an investment management capacity (1992 to 2010). Sergio Marcheli, Portfolio Manager, who has been responsible for the Fund since 2010, and has been associated with Invesco and/or affiliates since 2010. Mr. Marcheli served as Portfolio Manager of the predecessor fund since 2003. Prior to commencement of operations by the Fund, Mr. Marcheli was associated with Van Kampen Asset Management in an investment management capacity (2002 to 2010). James Roeder, Portfolio Manager, who Has been responsible for the Fund since 2010, and has been associated with Invesco and/or affiliates since 2010. Mr. Roeder served as Portfolio Manager of the predecessor fund since 1999. Prior to commencement of operations by the Fund, Mr. Roeder was associated with Van Kampen Asset Managementin an investment capacity (1999 to 2010). Mr. Marcheli manages the cash position in the Fund, submits trades and aids in providing research.

AZL Invesco International Equity Fund

The following individuals are jointly and primarily responsible for the day-to-day management of the Fund: Clas G. Olsson, Lead Portfolio Manager, who has responsible for the Fund since 1997, and has been associated with Invesco and/or affiliates since 1994. Shuxin Cao, Portfolio Manager, who has been responsible for the Fund since 2003, and has been associated with Invesco and/or affiliates since 1997. Jason T. Holzer, Portfolio Manager, who has been responsible for the Fund since 1999, and has been associated with Invesco and/or affilities since 1996. Matthew W. Dennis, Portfolio Manager, who has been responsible for the Fund since 2003, and has been associated with Invesco and/or affiliates since 2000. Mark Jason, Portfolio Manager, who has been responsible for the Fund since 2011, and has been associated with Invesco and/or affiliates since 2001.

The lead managers generally have final authority over all aspects of the Fund’s investment portfolio, including but not limited to, purchases and sales of individual securities, portfolio construction techniques, portfolio risk assessment, and the management of daily cash flows in accordance with portfolio holdings. The degree to which the lead managers may perform these functions, and the nature of these functions, may change from time to time.

AZL JPMorgan International Opportunities Fund

Jeroen Huysinga, managing director, is a portfolio manager in the Global Equities Team. An employee since 1997, he previously spent two years at Lombard Odier (UK) Ltd., where he was a Japanese equity portfolio manager. Prior to this, he held positions with the British Steel pension fund as a UK analyst and latterly a Japanese equity portfolio manager, after beginning his career at Lloyds Bank. Jeroen obtained a BA in Economics and International Studies from the University of Warwick. Jeroen is an associate of the Institute of Investment Management and Research.

Gerd Woort-Menker, managing director, is a senior portfolio manager in the Global Equities Team. An employee since 1987, Gerd started his investing career as a research analyst following the European insurance industry, was later promoted to head of European research, and then named global head of research. Gerd currently manages international and global equity portfolios; he has also managed the International Value strategy since its inception. Gerd began his career at VARTA in Hanover, where he was a financial comptroller. Gerd obtained a business accounting degree from Muenster University and earned an MA in Economics from Freiburg University. He is a CFA charterholder.

Georgina Perceval Maxwell, managing director, is a portfolio manager in the Global Equities Team in London. An employee since 1997, Georgina was previously a senior investment manager with Lombard Odier Ltd. in London, where she managed Asia ex-Japan portfolios for North American and European institutional clients. She was based in Hong Kong following the Asian markets with special responsibilities for Malaysia, Singapore and Indonesia for three years. Prior to this, from 1986 to 1993, Georgina was a director of Kleinwort Benson International Investment. Before Kleinwort, Georgina was a Pacific Basin analyst with Capel-Cure Myres. Georgina obtained an MA in history from Edinburgh University.

AZL JPMorgan U.S. Equity Fund

The portfolio management team is led by Thomas Luddy, Managing Director of JPMIM and a CFA charterholder, and Susan Bao, Managing Director of JPMIM and a CFA charterholder. Mr. Luddy has held numerous key positions in the firm, including Global Head of Equity, Head of Equity Research, and Chief Investment Officer. He began as an equity research analyst, becoming a portfolio manager in 1982. Ms. Bao has been a portfolio manager in the U.S. Equity Group since 2002 and has been employed by the firm since 1997.

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AZL MFS Investors Trust Fund

T. Kevin Beatty and Edward Maloney are the portfolio managers for the Fund and are primarily responsible for the day-to-day management of the Fund. Mr. Beatty, an Investment Officer of MFS, has been employed in the investment area of MFS since 2002. Mr. Maloney, an Investment Officer of MFS, has been employed in the investment area of MFS since 2005.

AZL Morgan Stanley Global Real Estate Fund

The Fund’s assets are managed within the Real Estate Team. The members of the team who are currently responsible for the day-to-day management of the Fund are Theodore R. Bigman, Michiel te Paske, Sven van Kemenade and Angeline Ho, each a Managing Director of the subadviser. Together, the team determines the investment strategy, establishes asset-allocation frameworks and directs the implementation of investment strategy.

See below for more information about the portfolio managers.

AZL Morgan Stanley Mid Cap Growth Fund

The Fund’s portfolio is managed within the subadviser’s Growth Team. The Current members of the team include Dennis P. Lynch, David S. Cohen, Sam G. Chainani and Jason C. Yeung, Managing Directors of the subadviser, and Alexander T. Norton, and Armistead B. Nash Executive Directors of the subadviser.

Mr. Lynch is the lead portfolio manager of the Fund. Messrs. Cohen, Chainani, Norton, Yeung and Nash are co-portfolio managers. Members of the team collaborate to manage the assets of the Fund. The team manages their funds in 5 primary strategies.

The composition of the team may change without notice from time to time. See below for more information about the portfolio managers.

The Morgan Stanley Portfolio Managers:

•	Theodore R. Bigman has worked for the subadviser since 1995 and has been managing the AZL Morgan Stanley Global Real Estate Fund since 2006.

•	Sam G. Chainani has worked for the subadviser since 1996 and has managed the AZL Morgan Stanley Mid Cap Growth since 2004.

•	David S. Cohen has worked for the subadviser since 1993 and has managed the AZL Morgan Stanley Mid Cap Growth Fund since 2003.

•	Angeline Ho has worked for the subadviser since 1997 and has been managing the AZL Morgan Stanley Global Real Estate Fund since 2006.

•	Sven van Kemenade has worked for the subadviser since 1997 and has been managing the AZL Morgan Stanley Global Real Estate Fund since 2006.

•	Dennis P. Lynch has worked for the subadviser since 1998 and has managed the AZL Morgan Stanley Mid Cap Growth Fund since 2003.

•	Armistead B. Nash has worked for the subadviser since 2002 and has managed the AZL Morgan Stanley Mid Cap Growth Fund since September 2008.

•	Alexander T. Norton has worked for the subadviser since 2000 and has managed the AZL Morgan Stanley Mid Cap Growth Fund since July 2005.

•	Michiel te Paske has worked for the subadviser since 1997 and has been managing the AZL Morgan Stanley Global Real Estate Fund since 2006.

▪	Jason C. Yeung has worked for the subadviser since 2002 and has managed the AZL Morgan Stanley Mid Cap Growth Fund since September 2007

AZL NFJ International Value Fund

The NFJ Investment Group, LLC ("NFJ") portfolio managers work collaboratively on a team basis. Each team supports one of NFJ's investment strategies and is led by a portfolio manager acting as team leader. Each of the portfolio managers on the NFJ investment team participates in the investment decision process, serving as both a portfolio manager and a securities analyst. This structure assures the seamless transfer of critically important investment information.

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The International Value team is led by Ben J. Fischer, CFA, Managing Director.

Ben Fischer, CFA, Managing Director, Portfolio Manager/Analyst, is a founding partner of NFJ Investment Group. He has over 46 years experience in portfolio management, investment analysis and research. Prior to founding NFJ in 1989, he was chief investment officer (institutional and fixed income), senior vice president and senior portfolio manager at NationsBank which he joined in 1971. Prior to joining NationsBank, Mr. Fischer was a securities analyst at Chase Manhattan Bank and Clark, Dodge. He received his BA degree in Economics and a JD degree from Oklahoma University, and an MBA from New York University.

Paul Magnuson, Managing Director, Portfolio Manager/Analyst, joined NFJ in 1992. He is a senior research analyst and a portfolio manager with over 26 years of experience in equity analysis and portfolio management. He currently manages the Small Cap Value strategy and oversees NFJ investment processes. Prior to joining NFJ Investment Group in 1992, Mr. Magnuson was an assistant vice president at NationsBank which he joined in 1985. Within the trust investment quantitative services group, he managed structured investment strategies and performed qualitative equity risk analysis on domestic and international portfolios. Mr. Magnuson received his BBA degree in Finance from the University of Nebraska in 1984.

Thomas Oliver, CFA, CPA, Managing Director, Portfolio Manager/Analyst, has over 16 years of experience in accounting, reporting, and financial analysis. Prior to joining NFJ Investment Group in 2005, Mr. Oliver was a manager of corporate reporting at Perot Systems Corporation which he joined in 1999. He began his career as an auditor with Deloitte & Touche in 1995. Mr. Oliver received his BBA and MBA degrees from the University of Texas in 1995 and 2005, respectively.

R. Burns McKinney, CFA, Managing Director, Portfolio Manager/Analyst, has 15 years of experience in equity research, financial analysis, and investment banking. Prior to joining NFJ Investment Group in 2006, Mr. McKinney was an equity analyst covering the energy sector for Evergreen Investments in Boston. He began his career as an investment banking analyst at Alex. Brown & Sons in 1996. Prior to attending business school, he served as a Vice President in equity research at Merrill Lynch in New York, and also worked as an equity analyst at Morgan Stanley. Mr. McKinney received his BA in Economics from Dartmouth College in 1996 and his MBA from the Wharton School of Business in 2003.

L. Baxter Hines, Vice President, Portfolio Manager/Analyst, has over 6 years of experience in equity research and investment consulting. Prior to joining NFJ Investment Group in 2008, Mr. Hines attended the University of Texas where he completed an MBA from the McCombs School of Business. During business school, he studied finance and accounting and worked with the Teacher Retirement System of Texas. Before attending graduate school, Mr. Hines worked as a market data specialist for Reuters. Mr. Hines received his BA degree in Economics from the University of Virginia in 2001.

AZL Oppenheimer Discovery Fund

Since February 2012, the Fund’s portfolio is managed by Ronald J. Zibelli, Jr., who is primarily responsible for the day-to-day management of the Fund’s investments. Mr. Zibelli has been a Vice President of OppenheimerFunds, Inc. since May 2006. Prior to joining OppenheimerFunds, Inc., he spent six years at Merrill Lynch Investment Managers, during which time he was a Managing Director and Small Cap Growth Team Leader, responsible for managing 11 portfolios. Prior to joining Merrill Lynch Investment Managers, Mr. Zibelli spent 12 years with Chase Manhattan Bank, including two year as Senior Portfolio Manager (U.S. Small Cap Equity) at Chase Asset Management. Mr. Zibelli is a portfolio manager and officer of other portfolios in the OppenheimerFunds complex.

AZL Schroder Emerging Markets Equity Fund

The Fund is managed on a team basis and is co-led by Allan Conway and Robert Davy. The Emerging Markets Equity Team has overall responsibility for the management of the Fund and also includes portfolio managers James Gotto and Waj Hashmi.

Mr. Conway has been an employee of Schroder Ltd. since 2004, prior to that, he was head of global emerging markets, West LB Asset Management and Chief Executive Officer of WestAM (UK) Ltd. Mr. Davy has been an employee of Schroder Ltd. since 1986. Mr. Gotto has been an employee of Schroder Ltd. since 1991. Mr. Hashmi has been an employee of Schroder Ltd. since 2005.

More Information About Fund Management

The Manager, Allianz Global Investors Capital LLC and NFJ Investment Group LLC., are subsidiaries of Allianz SE, one of the world’s largest insurance and financial services companies. Allianz SE is headquartered in Munich, Germany and has operations in more than 70 countries. As of December 31, 2011, Allianz SE had third-party assets under management of $2.151 trillion. In North America, Allianz SE subsidiaries are engaged in the life insurance, property/casualty insurance, broker-dealer, banking, investment adviser, and mutual fund businesses.

The SAI has more detailed information about the Manager, the subadvisers and other service providers. The SAI also provides additional information about the portfolio managers’ compensation, other accounts managed by the portfolio managers, and the portfolio managers’ ownership of securities in the Funds.

Duties of the Manager and Subadvisers

Within the scope of an investment program approved by the Board of Trustees, the Manager oversees the AZL Funds and the selection of subadvisers and advises on the Funds’ investment policies. The subadvisers determine which securities are bought and sold, and in what amounts. The Manager is also responsible for allocation of assets among the four strategies in the AZL Franklin Templeton Founding Strategy Plus Fund. However, the subadvisers determine which securities are bought and sold, and in what amounts, for each of those strategies. The Manager continuously monitors the performance of various investment management organizations, including the subadvisers, and generally oversees the services provided to the VIP Funds by its administrator, custodian and other service providers. Further information about the subadvisers is included in the SAI.

The Manager is paid a fee as set forth under “Fees” below, by the Fund for its services, which includes any fee paid to the subadviser.

Each of these Funds and the Manager, under an order received from the Securities and Exchange Commission (“SEC”) on September 17, 2002, may enter into and materially amend agreements with subadvisers without obtaining shareholder approval. This type of structure is commonly known as a “Manager of Managers” structure. For any Fund that is relying on the order, the Manager may:

•	hire one or more subadvisers;

•	change subadvisers; and

•	reallocate management fees between itself and subadvisers.

The Manager continues to have the ultimate responsibility for the investment performance of these Funds due to its responsibility to oversee subadvisers and recommend their hiring, termination and replacement. No Fund will rely on the order until it receives approval from:

•	its shareholders; or

•

the Fund’s sole initial shareholder before the Fund is available to the public, and the Fund states in its prospectus that it intends to rely on the order. The Manager will not enter into an agreement with an affiliated subadviser without that agreement, including the compensation to be paid under it, being similarly approved except as may be permitted by applicable law.

Payments to Affiliated Insurance Companies

Currently, the Funds are available as underlying investment options of Contracts offered by Allianz Life Insurance Company of North America and its affiliates (the “Affiliated Insurance Companies”), which are also affiliates of the Manager. In addition to the Funds, these Contracts include other funds for which the Manager is not the investment manager (the “Nonproprietary Funds”). The Affiliated Insurance Companies may receive payments from the sponsors of the Nonproprietary Funds as a result of including them as investment options in the Contracts. Similarly, the Affiliated Insurance Companies are allocated resources, including revenue earned by the Manager for providing investment management and other services to the Funds, as a result of including the Funds in the Contracts. The amount of payments from Nonproprietary Funds or allocations of resources from the Manager varies, and may be significant and may create an incentive for the Affiliated Insurance Companies regarding its decision of which funds to include in the Contracts.

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Other Administrative Services

The Affiliated Insurance Companies provide administrative and other services to Contract owners on behalf of the funds, including the Funds and the Nonproprietary Funds, that are available under the Contracts. The Affiliated Insurance Companies may receive payment for these services.

Transfer Supported Features of Certain Annuity Contracts

The Funds may be offered under certain variable annuities that have guaranteed value or benefit features that are supported by automatic transfers between investment choices available under the product (the “Transfer Supported Features”). If the Transfer Supported Features are available to you, they are described in the prospectus for your Contract. These features may be known as the Guaranteed Account Value Benefit, Guaranteed Principal Value Benefit, the PRIME Plus Benefit, the Lifetime Plus Benefit, the Lifetime Plus II Benefit, Target Date Retirement Benefit, Income Protector, Investment Protector, or another name. Under the Transfer Supported Features, contract values may be rebalanced periodically. This rebalancing can cause a fund, including the Funds, to incur transactional expenses as it buys or sells securities to manage asset inflows or outflows. During periods of market volatility, brokerage fees resulting from such transfers could increase substantially. Also, large outflows from a fund may increase expenses attributable to the assets remaining in the fund. These increased expenses can have an adverse impact on the performance of an affected fund and on contract or policy owners who have assets allocated to it. Even if you do not participate in the Transfer Supported Programs you may be impacted if you allocate assets to a fund, including the Funds, that is affected by transfers under the Transfer Supported Features.

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Management Fees

Each Fund paid the Manager a fee for advisory services (including subadvisory fees) during 2011 at the annual rate shown on the following table, before and after fee waivers:

	Percentage of Average Net Assets for the Period Ended 12/31/11 Before Fee Waivers	Percentage of Average Net Assets for the Period Ended 12/31/11 After Fee Waivers
AZL Allianz AGIC Opportunity Fund	0.85%	0.85%
AZL BlackRock Capital Appreciation Fund	0.80%	0.69%
AZL BlackRock Global Allocation Fund	0.75%	0.75%
AZL Columbia Mid Cap Value Fund	0.75%	0.75%
AZL Columbia Small Cap Value Fund	0.90%	0.85%
AZL Davis New York Venture Fund	0.75%	0.71%
AZL Dreyfus Research Growth Fund	0.77%	0.70%
AZL Eaton Vance Large Cap Value Fund	0.74%	0.71%
AZL Enhanced Bond Index Fund*	0.35%	0.36%
AZL Federated Clover Small Value Fund	0.75%	0.75%
AZL Franklin Templeton Founding Strategy Plus Fund*	0.70%	0.72%
AZL Gateway Fund*	0.80%	0.86%
AZL International Index Fund	0.35%	0.26%
AZL Invesco Equity and Income Fund	0.75%	0.67%
AZL Invesco Growth and Income Fund	0.76%	0.66%
AZL Invesco International Equity Fund	0.90%	0.82%
AZL JPMorgan International Opportunities Fund	0.95%	0.84%
AZL JPMorgan U.S. Equity Fund	0.80%	0.74%
AZL MFS Investors Trust Fund	0.75%	0.72%
AZL Mid Cap Index Fund*	0.25%	0.24%
AZL Money Market Fund	0.35%	0.00%
AZL Morgan Stanley Global Real Estate Fund*	0.90%	0.95%
AZL Morgan Stanley Mid Cap Growth Fund*	0.80%	0.79%
AZL NFJ International Value Fund	0.90%	0.85%
AZL Oppenheimer Discovery Fund	0.85%	0.85%
AZL Russell 1000 Growth Index Fund*	0.44%	0.46%
AZL Russell 1000 Value Index Fund	0.44%	0.44%
AZL S&P 500 Index Fund	0.17%	0.16%
AZL Schroder Emerging Markets Equity Fund	1.23%	1.03%
AZL Small Cap Stock Index Fund	0.26%	0.24%

*The percentage shown for the Fund reflects recoupment of the fee waiver.

AZL Money Market Fund

The Manager has voluntarily undertaken to waive, reimburse, or pay the Fund’s expenses to the extent necessary in order to maintain a minimum daily net investment income for the Fund of 0.00%. The Distributor may waive its Rule 12b-1 fees. The amount waived, reimbursed, or paid by the Manager and/or the Distributor will be repaid to the Manager and/or the Distributor subject to the following limitations:

(1) the repayments will not cause the Fund’s net investment income to fall below 0.00%;

(2) the repayments must be made no later than three years after the end of the fiscal year in which the waiver, reimbursement, or payment took place; and

(3) any expense recovery paid by the Fund will not cause its expense ratio to exceed 0.87%.

The ability of the Manager and/or the Distributor to receive such payments could negatively affect the Fund’s future yield.

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Legal Proceedings

As of April 30, 2012 the Manager is not aware of any material pending legal proceedings, other than routine litigation incidental to the conduct of their respective businesses, to which the Funds, the Manager or the principal underwriter is a party. However, some of the subadvisers currently are the subject of investigations or proceedings which relate to their management of other mutual funds. Brief descriptions thereof are set forth below. Terms that are defined in the following legal proceedings apply only to the sections in which they appear. Such proceedings would be material only to the extent that they are likely to have a material adverse effect on the ability of the subadviser to perform its agreement with the Manager.

Allianz Global Investors Capital LLC

To the best of its knowledge, the subadviser is not a party to any material pending legal proceedings, other than ordinary routine litigation incidental to the business.

BlackRock Advisors, LLC

BlackRock Advisors, LLC is not the subject of any litigation that is currently expected to be material to its business or have a material impact on the services it provides to its clients.

BlackRock Capital Management, Inc.

BlackRock Capital Management, Inc. is not the subject of any litigation that is currently expected to be material to its business or have a material impact on the services BlackRock Capital Management, Inc. provides to its clients.

BlackRock Financial Management, Inc.

BlackRock Financial Management, Inc. is not the subject of any litigation that is currently expected to be material to its business or have a material impact on the services BlackRock Financial Management, Inc. provides to its clients.

BlackRock Investment Management, LLC

BlackRock Investment Management, LLC is not the subject of any litigation that is currently expected to be material to its business or have a material impact on the services BlackRock Investment Management, Inc. provides to its clients.

Columbia Management Investment Advisors, LLC

To the best of its knowledge, the subadviser is not a party to any material pending legal proceedings, other than ordinary routine litigation incidental to the business.

Davis Selected Advisers, L.P.

In August 2008, a class action lawsuit was filed in the United States District Court for the District of Arizona on behalf of investors in Davis New York Venture Fund (“DNYVF”) against Davis Selected Advisers L.P. (DNYVF’s adviser) and Davis Distributors, LLC (DNYVF’s principal distributor). The plaintiffs claim that the defendants (“Davis Entities”) charged DNYVF excessive and disproportionate fees to manage DNYVF and distribute DNYVF’s shares. The lawsuit seeks monetary damages and other relief. The Davis Entities believe that the action is without merit and have undertaken a vigorous defense in these proceedings. Although no determination can be made at this time, it is not anticipated that this lawsuit will have a material adverse effect on the Davis Entities, their assets, or the Funds. On June 1, 2011 the Court granted Davis Advisors motion to dismiss the suit with prejudice. On June 15, 2011 the plaintiff’s filed a motion for reconsideration.

The Dreyfus Corporation

To the best of its knowledge, the subadviser is not a party to any material pending legal proceedings, other than ordinary routine litigation incidental to the business.

Eaton Vance Management

To the best of its knowledge, the subadviser is not a party to any material pending legal proceedings, other than ordinary routine litigation incidental to the business.

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Federated Global Investment Management Corp.

To the best of its knowledge, the subadviser is not a party to any material pending legal proceedings, other than ordinary routine litigation incidental to the business.

Franklin Advisers, Inc.

Franklin Mutual Advisers, LLC

To the best of its knowledge, the subadviser is not a party to any material pending legal proceedings, other than ordinary routine litigation incidental to the business.

Gateway Investment Advisers, LLC

To the best of its knowledge, the subadviser is not a party to any material pending legal proceedings.

Invesco Advisers, Inc.

Other than ordinary routine litigation incidental to the business, Invesco Advisers, Inc. is not subject of any pending legal proceedings that are currently expected to be material to its business or to have a material impact on the services it provides to its clients.

J.P. Morgan Investment Management Inc.

J.P. Morgan Investment Management Inc. is not the subject of any litigation that is currently expected to be material to its business or have a material impact on the services J.P. Morgan Investment Management provides to its clients.

Massachusetts Financial Services Company

Massachusetts Financial Services Company ("MFS") is not a party to any pending legal proceedings that are currently expected to have a material adverse effect on the AZL MFS Investors Trust Fund or on the ability of MFS to perform services to the AZL MFS Investors Trust Fund.

Morgan Stanley Investment Management Inc.

Morgan Stanley discloses pending litigation that it believes is or may be material in its filings on Form 10-K and Forms 10-Q made with the U.S. Securities and Exchange Commission (the “Commission”). For information regarding such litigation, please refer to the information under Part I, Item 3 in Morgan Stanley’s Form 10-K (File No. 1-11758) with respect to the fiscal year ended December 31, 2011, as filed with the Commission.

NFJ Investment Group LLC

To the best of its knowledge, the subadviser is not a party to any material pending legal proceedings, other than ordinary routine litigation incidental to the business.

OppenheimerFunds, Inc.

Since 2009, a number of lawsuits have been filed in federal and state courts against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc. (“OFDI”), a subsidiary of OFI, and certain Oppenheimer mutual funds advised by OFI and distributed by OFDI (the “Defendant Funds”). Several of these lawsuits also name as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raise claims under federal and state securities laws and state common law and allege, among other things, that the disclosure documents of the respective Defendant Funds contained misrepresentations and omissions and that the respective Defendant Fund’s investment policies were not followed.

The plaintiffs in these actions seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. On June 1, 2011, the U.S. District Court for the District of Colorado gave preliminary approval to stipulations and agreements of settlement in certain putative class action lawsuits involving two Defendant Funds, Oppenheimer Champion Income Fund and Oppenheimer Core Bond Fund. On September 30, 2011, the court entered orders approving the settlements as fair, reasonable and adequate. These settlements do not resolve any of the other outstanding lawsuits relating to Oppenheimer Champion Income Fund, Oppenheimer Core Bond Fund or other Defendant Funds.

In 2009, what are claimed to be derivative lawsuits were filed in New Mexico state court against OFI and a subsidiary on behalf of the New Mexico Education Plan Trust. These lawsuits alleged breach of contract, breach of fiduciary duty, negligence and violation of state securities laws, and sought compensatory damages, equitable relief and an award of

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attorneys’ fees and litigation expenses. On October 27, 2011, the parties filed a joint motion to dismiss these lawsuits with prejudice, which the court granted on October 28, 2011.

Other lawsuits have been filed since 2008 in various state and federal courts against OFI and certain of its affiliates by investors seeking to recover investments they allegedly lost as a result of the “Ponzi” scheme run by Bernard L. Madoff and his firm, Bernard L. Madoff Investment Securities, LLC (“BLMIS”). Plaintiffs in these suits allege that they suffered losses as a result of their investments in several funds managed by an affiliate of OFI and assert a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. None of the suits have named OFDI, any of the Oppenheimer mutual funds or any of their independent Trustees or Directors as defendants. None of the Oppenheimer mutual funds invested in any funds or accounts managed by Mr. Madoff or BLMIS. On February 28, 2011, a stipulation of partial settlement of certain putative class action lawsuits relating to these matters was filed in the U.S. District Court for the Southern District of New York. On August 19, 2011, the court entered a final judgment and order of dismissal with prejudice approving the settlement as fair, reasonable and adequate. In September 2011, certain parties filed notices of appeal from the court’s order approving the settlement. On July 29, 2011, a stipulation of settlement between certain affiliates of OFI and the Trustee appointed under the Securities Investor Protection Act to liquidate BLMIS was filed in the U.S. Bankruptcy Court for the Southern District of New York to resolve purported preference and fraudulent transfer claims by the Trustee. On September 22, 2011, the court issued a ruling approving the settlement as fair, reasonable and adequate. In October 2011, certain parties filed notices of appeal from the court’s order approving the settlement. The aforementioned settlements do not resolve any of the other outstanding lawsuits relating to these matters.

On April 16, 2010, a lawsuit was filed in New York state court against OFI, an affiliate of the OFI and AAArdvark IV Funding Limited (“AAArdvark IV”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark IV. Plaintiffs allege breach of contract against the defendants and seek compensatory damages, costs and disbursements, including attorney fees. On July 15, 2011, a lawsuit was filed in New York state court against OFI, an affiliate of OFI and AAArdvark Funding Limited (“AAArdvark I”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark I. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.

OFI believes the lawsuits described above are without legal merit and, with the exception of actions it has agreed to settle, is defending against them vigorously. While it is premature to render any opinion as to the outcome in these lawsuits, or whether any costs that OFI may bear in defending the suits might not be reimbursed by insurance, OFI believes that these suits should not impair the ability of OFI or OFDI to perform their respective duties, and that the outcome of all of the suits together should not have any material effect on the operations of any of the Oppenheimer mutual funds.

Schroder Investment Management North America Inc.

To the best of its knowledge, the subadviser is not a party to any material pending legal proceedings, other than ordinary routine litigation incidental to the business.

Templeton Global Advisors Limited

To the best of its knowledge, the subadviser is not a party to any material pending legal proceedings, other than ordinary routine litigation incidental to the business.

The Administrator

Citi Fund Services Ohio, Inc. (“CFSO”), whose address is 3435 Stelzer Road, Columbus, Ohio 43219-3035, serves as the Funds’ administrator, transfer agent and fund accountant. Administrative services of CFSO include providing office space, equipment and clerical personnel to the Funds and supervising custodial, auditing, valuation, bookkeeping, legal and dividend disbursing services.

The Distributor

Allianz Life Financial Services, LLC (“ALFS”), whose address is 5701 Golden Hills Drive, Minneapolis, Minnesota 55416, serves as the Funds’ distributor. ALFS is affiliated with the Manager.

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Other Distribution Services

The Affiliated Insurance Companies may make payments for distribution services to other companies, including their affiliates, to provide certain distribution related services for the Funds. The companies that receive such payments may in turn, pay any or all of these fees to their registered representatives who have provided distribution services. The payments made for distribution services under these agreements are paid by the Affiliated Insurance Companies and are not paid out of Fund assets.

The Custodian

The Bank of New York Mellon (“BNY Mellon”), whose address is One Wall Street, New York, New York 10286, serves as custodian of the Fund. BNY Mellon. BNY Mellon is paid certain fees and reimbursed for certain out-of-pocket expenses for its services. Fees paid by the Fund for these services are included under “Other Expenses” in the Fees and Expenses table for each Fund. BNY Mellon is affiliated with The Dreyfus Corporation.

The SAI provides additional information about the services provided to the Funds.

Licensing Arrangements

AZL S&P 500 Index Fund, AZL Mid Cap Index Fund, and AZL Small Cap Stock Index Fund (the “AZL Index Funds”)

The AZL S&P 500 Index Fund, AZL Mid Cap Index Fund and AZL Small Cap Stock Index Fund (the “AZL Index Funds”) are not sponsored, endorsed, sold or promoted by Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P"). S&P makes no representation or warranty, express or implied, to the owners of the AZL Index Funds or any member of the public regarding the advisability of investing in securities generally or in the AZL Index Funds particularly or the ability of the S&P 500 Index, the S&P Mid Cap 400 Index and the S&P SmallCap 600 Index to track general stock market performance. S&P's only relationship to the Manager (the “Licensee”) is the licensing of certain trademarks and trade names of S&P and of the S&P 500 Index, the S&P Mid Cap 400 Index and the S&P SmallCap 600 Index which is determined, composed and calculated by S&P without regard to the Licensee or the AZL Index Funds. S&P has no obligation to take the needs of the Licensee or the owners of the AZL Index Funds into consideration in determining, composing or calculating the S&P 500 Index, the S&P Mid Cap 400 Index and the S&P SmallCap 600 Index. S&P is not responsible for and has not participated in the determination of the prices and amount of the AZL Index Funds or the timing of the issuance or sale of the AZL Index Funds or in the determination or calculation of the equation by which the AZL Index Funds is to be converted into cash. S&P has no obligation or liability in connection with the administration, marketing or trading of the AZL Index Funds.

S&P DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P 500 INDEX, THE S&P MID CAP 400 INDEX, THE S&P SMALLCAP 600 INDEX OR ANY DATA INCLUDED THEREIN AND S&P SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. S&P MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE AZL INDEX FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX, THE S&P MID CAP 400 INDEX, THE S&P SMALLCAP 600 INDEX OR ANY DATA INCLUDED THEREIN. S&P MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S&P 500 INDEX, THE S&P MID CAP 400 INDEX, THE S&P SMALLCAP 600 INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

AZL Russell 1000 Growth Index Fund and AZL Russell 1000 Value Index Fund (the “AZL Russell Index Funds”)

Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group.

The AZL Russell Index Funds are not promoted, sponsored or endorsed by, nor in any way affiliated with Russell Investments (“Russell”). Russell is not responsible for and has not reviewed the AZL Russell Index Funds nor any associated literature or publications and Russell makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise.

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FUND MANAGEMENT

Russell reserves the right, at any time and without notice, to alter, amend, terminate or in any way change the Russell Indexes. Russell has no obligation to take the needs of any particular fund or its participants or any other product or person into consideration in determining, composing or calculating any of the Russell Indexes.

Russell's publication of the Russell Indexes in no way suggests or implies an opinion by Russell as to the attractiveness or appropriateness of investment in any or all securities upon which the Russell Indexes are based. RUSSELL MAKES NO REPRESENTATION, WARRANTY, OR GUARANTEE AS TO THE ACCURACY, COMPLETENESS, RELIABILITY, OR OTHERWISE OF THE RUSSELL INDEXES OR ANY DATA INCLUDED IN THE RUSSELL INDEXES. RUSSELL MAKES NO REPRESENTATION, WARRANTY OR GUARANTEE REGARDING THE USE, OR THE RESULTS OF USE, OF THE RUSSELL INDEXES OR ANY DATA INCLUDED THEREIN, OR ANY SECURITY (OR COMBINATION THEREOF) COMPRISING THE RUSSELL INDEXES. RUSSELL MAKES NO OTHER EXPRESS OR IMPLIED WARRANTY, AND EXPRESSLY DISCLAIMS ANY WARRANTY, OF ANY KIND, INCLUDING WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE RUSSELL INDEX(ES) OR ANY DATA OR ANY SECURITY (OR COMBINATION THEREOF) INCLUDED THEREIN.

AZL International Index Fund

THIS FUND IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MSCI INC. (“MSCI”), ANY OF ITS AFFILIATES, ANY OF ITS INFORMATION PROVIDERS OR ANY OTHER THIRD PARTY INVOLVED IN, OR RELATED TO, COMPILING, COMPUTING OR CREATING ANY MSCI INDEX (COLLECTIVELY, THE “MSCI PARTIES”). THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES ARE SERVICE MARK(S) OF MSCI OR ITS AFFILIATES AND HAVE BEEN LICENSED FOR USE FOR CERTAIN PURPOSES BY THE MANAGER AND THE FUND. NONE OF THE MSCI PARTIES MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE ISSUER OR OWNERS OF THIS FUND OR ANY OTHER PERSON OR ENTITY REGARDING THE ADVISABILITY OF INVESTING IN FUNDS GENERALLY OR IN THIS FUND PARTICULARLY OR THE ABILITY OF ANY MSCI INDEX TO TRACK CORRESPONDING STOCK MARKET PERFORMANCE. MSCI OR ITS AFFILIATES ARE THE LICENSORS OF CERTAIN TRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE MSCI INDEXES WHICH ARE DETERMINED, COMPOSED AND CALCULATED BY MSCI WITHOUT REGARD TO THIS FUND OR THE ISSUER OR OWNERS OF THIS FUND OR ANY OTHER PERSON OR ENTITY. NONE OF THE MSCI PARTIES HAS ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUER OR OWNERS OF THIS FUND OR ANY OTHER PERSON OR ENTITY INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE MSCI INDEXES. NONE OF THE MSCI PARTIES IS RESPONSIBLE FOR OR HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THIS FUND TO BE ISSUED OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY OR THE CONSIDERATION INTO WHICH THIS FUND IS REDEEMABLE. FURTHER, NONE OF THE MSCI PARTIES HAS ANY OBLIGATION OR LIABILITY TO THE ISSUER OR OWNERS OF THIS FUND OR ANY OTHER PERSON OR ENTITY IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR OFFERING OF THIS FUND.

ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM SOURCES THAT MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER OF THE FUND, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARITES HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

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FUND MANAGEMENT

No purchaser, seller or holder of this Fund, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this security without first contacting MSCI to determine whether MSCI’s permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

Disclosure of Portfolio Holdings

A description of the Fund’s policies and procedures with respect to the disclosure of the Fund’s portfolio holdings is included in the SAI.

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SHAREHOLDER INFORMATION

Pricing of Fund Shares

The price of each fund share is based on its Net Asset Value (NAV). The NAV is the current value of a share in a mutual fund. The NAV is calculated by adding the total value of a Fund’s investments and other assets, subtracting its liabilities, and then dividing that figure by the number of outstanding shares of the Fund:

NAV = (Total Assets – Liabilities) ÷ Number of Shares Outstanding

Per share NAV for each Fund, other than the Money Market Fund, is determined and its shares are priced at the close of regular trading on the New York Stock Exchange, normally at 4:00 p.m. Eastern Time, on days the NYSE is open. Shares will not be priced on the days on which the NYSE is closed for trading.

The securities (other than short-term debt securities) of the Funds, with the exception of the AZL Money Market Fund, are generally valued at current market prices. The AZL Money Market Fund values its securities at amortized cost (see below). Also, if market quotations are not available, or if an event occurs after the pricing of a security has been established that would likely cause the value to change, the value of the security may be priced at fair value as determined in good faith by or at the direction of the Funds’ Trustees.

Options purchased and held by the Funds generally are valued at the average of the closing bid and ask quotations on the principal exchange on which the option is traded, as of the close of trading on the principal exchange. The close of trading for some options exchanges may occur later than the 4:00 p.m. closing of the NYSE, but is not expected to occur later than 4:15 p.m. Eastern Time. This means that a Fund holding options may not determine its NAV until 4:15 p.m. Eastern Time. If market quotations are not available, the value of an option may be priced at fair value as determined in good faith by or at the direction of the Funds’ Trustees.

Foreign securities held by the Funds are valued on a daily basis using a fair valuation program approved by the Funds’ Trustees. The fair valuation program includes processes administered by an independent pricing agent (based upon changes in certain markets, indices, and/or securities, if applicable) that may result in a value different from the last closing price of such foreign security on its principal overseas market or exchange.

The effect of using fair value pricing is that the Fund’s NAV will be subject to the judgment of the Board of Trustees or its designees instead of being determined by the market. In addition, foreign securities acquired by a Fund may be valued in foreign markets on days when the Fund’s NAV is not calculated. In such cases, the NAV of a Fund may be significantly affected on days when investors cannot buy or sell shares.

Money Market Fund

The Money Market Fund’s NAV, the offering price, is expected to be constant at $1.00 per share although this value is not guaranteed. The NAV is determined as of the close of trading on the NYSE (generally 4:00 p.m. Eastern Time) that day. The Money Market Fund values its securities at its amortized cost. The amortized cost method values a portfolio security initially at its cost on the date of the purchase and thereafter assuming a constant amortization to maturity of the difference between the principal amount due at maturity and initial cost.

Purchase and Redemption of Shares

Investors may not purchase or redeem shares of the Funds directly, but only through the variable annuity contracts and variable life insurance policies offered through the separate accounts of participating insurance companies. You should refer to the prospectus of the participating insurance company’s variable products for information on how to purchase a variable annuity contract or variable life insurance policy, how to select specific Allianz VIP Funds as investment options for your contract or policy and how to redeem monies from the Funds.

Orders for the purchase and redemption of shares of a Fund received before the NYSE closes are effected at the net asset value per share determined as of the close of trading on the NYSE (generally 4:00 p.m. Eastern Time) that day. Orders received after the NYSE closes are effected at the next calculated net asset value. Payment for redemption will be made by the Funds within 7 days after the request is received.

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SHAREHOLDER INFORMATION

The Funds may suspend the right of redemption under certain extraordinary circumstances in accordance with the rules of the Securities and Exchange Commission. The Funds do not assess any fees when they sell or redeem their shares.

The right of purchase of Fund shares may also be restricted, and purchase orders may be rejected, in accordance with the market timing policy of the Trust as described under the “Market Timing” section below, and the market timing policy of the separate accounts of participating insurance companies. Please refer to your contract prospectus for the market timing policy of the separate account for your contract.

Each Fund reserves the right to make payment in securities rather than cash, known as “redemption in kind.” This could occur under extraordinary circumstances, such as a large redemption that could affect Fund operations (for example, more than 1% of the Fund’s net assets). If the Fund deems it advisable for the benefit of all shareholders, redemption in kind will consist of securities equal in market value to the accumulation unit value allocated under your variable contract to the subaccount that invests in the Fund. When these securities are converted to cash, the associated brokerage charges will be deducted from the assets of the subaccount.

The Funds currently do not foresee any disadvantages to investors if the Funds serve as an investment medium for both variable annuity contracts and variable life insurance policies. However, it is theoretically possible that the interest of owners of annuity contracts and insurance policies for which the Funds serve as an investment medium might at some time be in conflict due to differences in tax treatment or other considerations. The Board of Trustees and each participating insurance company would be required to monitor events to identify any material conflicts between variable annuity contract owners and variable life insurance policy owners, and would have to determine what action, if any, should be taken in the event of such a conflict. If such a conflict occurred, an insurance company investing in a Fund might be required to redeem the investment of one or more of its separate accounts from the Fund, which might force the Fund to sell securities at disadvantageous prices.

Market Timing

The Board of Trustees has adopted a policy that the Funds will not knowingly permit market timing or other abusive short-term trading practices. Market timing is frequent or short-term trading activity by certain investors in a fund intending to profit at the expense of other investors in the same fund by taking advantage of pricing inefficiencies that can prevent a fund’s share price from accurately reflecting the value of its portfolio securities. For example, investors may engage in short-term trading in funds that invest in securities which trade on overseas securities markets to take advantage of the difference between the close of the overseas markets and the close of the U.S. markets. This type of short-term trading is sometimes referred to as “time-zone arbitrage.” Funds that invest in other securities which are less liquid, or are traded less often, may be vulnerable to similar pricing inefficiencies.

Market timing and other abusive short-term trading practices may adversely impact a fund’s performance by preventing portfolio managers from fully investing the assets of the fund, diluting the value of shares, or increasing the fund’s transaction costs. To the extent that certain of the Funds have significant holdings in foreign securities (including emerging markets securities), small cap stocks, or high yield bonds, or any combination thereof, the risks of market timing may be greater for those Funds than for other Funds. The Funds are offered only through variable annuity contracts and life insurance policies, and shares of the Funds are held in subaccounts of affiliated insurance companies. Because Fund transactions are processed by those insurance companies, rather than by the Trust, the Board of Trustees has not adopted procedures to monitor market timing activity at the Fund level, but rather has approved monitoring procedures designed to detect and deter market timing activities at the contract or policy level.

As required by SEC rules, the Funds have entered into agreements with their financial intermediaries, including the affiliated insurance companies, whereby the Funds or their agents may require the financial intermediaries to provide individual account level information about you and your trading activities in the Funds. If the Funds detect market timing activities either at the omnibus or individual account level, the Funds may require the financial intermediaries to take actions to curtail the activity, which may include restricting your trading activity in the Funds.

Your variable annuity or variable life insurance prospectus contains a description of the market timing detection and deterrence policy at the contract or policy level. Please refer to your annuity contract or life insurance policy prospectus for specific details on transfers between accounts.

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SHAREHOLDER INFORMATION

The procedures that are designed to detect and deter market timing activities at the contract or policy level cannot provide a guarantee that all market timing activity will be identified and restricted. In addition, state law and the terms of some contracts and policies may prevent or restrict the effectiveness of the market timing procedures from stopping certain market timing activity. Market timing activity that is not identified, prevented, or restricted may adversely impact the performance of a Fund.

Distribution (12b-1) Fees

Each Fund has adopted a plan under Rule 12b-1 of the Investment Company Act of 1940. Distribution fees (“12b-1 fees”) under the plan compensate the Distributor and affiliates of Allianz Life Insurance Company of North America for services and expenses relating to the distribution of the Funds’ shares in connection with the variable products through which Fund shares are sold. 12b-1 fees are paid from Fund assets on an ongoing basis. Over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

Each of the Funds (except Class 1 shares of the Multi-Class Funds as identified below) pays an annual 12b-1 fee in the maximum amount of 0.25% of their average daily net assets.

The Trustees have authorized the Trust to issue two classes of shares, Class 1 and Class 2, for the following Funds: AZL Davis New York Venture Fund, AZL Columbia Small Cap Value Fund, AZL JPMorgan U.S. Equity Fund, AZL S&P 500 Index Fund, and AZL Schroder Emerging Markets Equity Fund (the “Multi-Class Funds”). Class 1 and Class 2 shares of the Multi-Class Funds are substantially identical, except that Class 1 shares are not subject to a 12b-1 distribution fee, while Class 2 shares are subject to a 12b-1 distribution fee in the amount of 0.25% of average daily net assets attributable to Class 2 shares. Class 1 shares of the AZL S&P 500 Index Fund and AZL Schroder Emerging Markets Equity Fund are available as an investment option only for certain Contracts. Currently, only Class 2 shares of the AZL Davis New York Venture Fund, AZL Columbia Small Cap Value Fund, and AZL JPMorgan U.S. Equity Fund are available; Class 1 shares are not available.

Dividends, Distributions, and Taxes

Any income a Fund receives is paid out, less expenses, in the form of dividends to its shareholders. Shares begin accruing dividends on the day they are purchased. Income dividends are usually paid annually. Income dividends on the AZL Money Market Fund are usually paid monthly. Capital gains for all Funds are distributed at least annually.

All dividends and capital gain distributions will be automatically reinvested in additional shares of a Fund at the net asset value of such shares on the payment date.

Each Fund is treated as a separate corporate entity for tax purposes. Each Fund intends to elect to be treated as a regulated investment company and each Fund intends to qualify for such treatment for each taxable year under Subchapter M of the Internal Revenue Code of 1986, as amended. In addition, each Fund will diversify its investments so that on the last day of each quarter of a calendar year, no more than 55% of the value of its total assets is represented by any one investment, no more than 70% is represented by any two investments, no more than 80% is represented by any three investments, and no more than 90% is represented by any four investments. For this purpose, securities of a given issuer generally are treated as one investment and each U.S. Government agency or instrumentality is treated as a separate issuer. Any security issued, guaranteed, or insured (to the extent so guaranteed or insured) by the U.S. Government or an agency or instrumentality of the U.S. Government is treated as a security issued by the U.S. Government or its agency or instrumentality, whichever is applicable. If a Fund fails to meet this diversification requirement, income with respect to variable insurance contracts invested in the Fund at any time during the calendar quarter in which the failure occurred could become currently taxable to the owners of the contracts. Similarly, income for prior periods with respect to such contracts also could be taxable, most likely in the year of the failure to achieve the required diversification. Provided that a Fund and a separate account investing in the Fund satisfy applicable tax requirements, any distributions from the Fund to the separate account will be exempt from current federal income taxation to the extent that such distributions accumulate in a variable annuity contract or a variable life insurance policy.

Persons investing in variable annuity contracts or variable life insurance policies should refer to the prospectuses with respect to such contracts or policies for further information regarding the tax treatment of the contracts or policies and the separate accounts in which the contracts or policies are invested.

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FINANCIAL HIGHLIGHTS

The financial highlights tables are intended to help you understand the financial performance of the Funds for the periods shown. Certain information reflects financial results for a single Fund share. The total returns in the tables represent returns that you would have earned (or lost) on an investment in the indicated Fund (assuming reinvestment of all dividends and distributions). The returns include reinvested dividends and fund level expenses, but exclude insurance contract charges. If insurance contract charges were included, the return would be reduced.

This information has been derived from information audited by KPMG LLP, independent registered public accounting firm, whose report, along with the Funds' financial statements, are included in the Annual Report to Shareholders and incorporated by reference into the Statement of Additional Information. This should be read in conjunction with those financial statements. Copies of such Annual Report are available without charge upon written request from the Funds at 3435 Stelzer Road, Columbus, Ohio 43219, or by calling toll free 1-877-833 7113.

Financial highlights are not presented for the AZL BlackRock Global Allocation Fund because the Fund had not commenced operations prior to the current fiscal year.

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FINANCIAL HIGHLIGHTS

AZL Allianz AGIC Opportunity Fund

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2011	2010	2009	2008	2007
Net Asset Value, Beginning of Period	$13.09	$11.01	$6.97	$14.97	$15.84

Investment Activities:
Net Investment Income/(Loss)	(0.11)	(0.08)	(0.07)	(0.04)	(0.07)
Net Realized and Unrealized Gains/(Losses) on Investments	(1.40)	2.16	4.11	(6.60)	1.49

Total from Investment Activities	(1.51)	2.08	4.04	(6.64)	1.42

Dividends to Shareholders From:
Net Realized Gains	—	—	—	(1.36)	(2.29)

Total Dividends	—	—	—	(1.36)	(2.29)

Net Asset Value, End of Period	$11.58	$13.09	$11.01	$6.97	$14.97

Total Return(a)	(11.54)%	18.78%	58.11%	(47.15)%	8.89%
Ratios to Average Net Assets/ Supplemental Data:
Net Assets, End of Period ($000’s)	$148,609	$193,234	$151,180	$87,046	$195,330
Net Investment Income/(Loss)	(0.81)%	(0.71)%	(0.81)%	(0.38)%	(0.47)%
Expenses Before Reductions(b)	1.19%	1.20%	1.23%	1.25%	1.21%
Expenses Net of Reductions	1.15%	1.09%	1.08%	1.06%	1.10%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly(c)	1.19%	1.20%	1.23%	1.25%	1.21%
Portfolio Turnover Rate	123%	138%	163%	203%	184%

(a)	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.

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

(c)	Expenses net of reductions excludes expenses paid indirectly, pursuant to a “commission recapture” program, under which brokers remit a portion of the brokerage commission which is used to pay certain Fund expenses. See note 2 in the Notes to the Financial Statements.

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FINANCIAL HIGHLIGHTS

AZL BlackRock Capital Appreciation Fund

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2011	2010	2009	2008	2007
Net Asset Value, Beginning of Period	$13.83	$11.73	$8.66	$13.61	$12.27

Investment Activities:
Net Investment Income/(Loss)	0.01	(0.01)	0.01	0.01	(0.01)
Net Realized and Unrealized Gains/(Losses) on Investments	(1.27)	2.24	3.06	(4.96)	1.35

Total from Investment Activities	(1.26)	2.23	3.07	(4.95)	1.34

Dividends to Shareholders From:
Net Investment Income	—	(0.01)	—(a)	—	—
Net Realized Gains	—	(0.12)	—	—	—
Return of Capital	—	—(a)	—	—	—

Total Dividends	—	(0.13)	—(a)	—	—

Net Asset Value, End of Period	$12.57	$13.83	$11.73	$8.66	$13.61

Total Return(b)	(9.11)%	19.20%	35.46%	(36.37)%	10.92%
Ratios to Average Net Assets/ Supplemental Data:
Net Assets, End of Period ($000’s)	$477,619	$562,801	$489,930	$99,344	$62,264
Net Investment Income/(Loss)	0.05%	(0.06)%	0.11%	0.08%	(0.11)%
Expenses Before Reductions(c)	1.13%	1.13%	1.15%	1.20%	1.18%
Expenses Net of Reductions	1.02%	1.00%	1.07%	1.16%	1.16%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly(d)	1.02%	1.00%	1.07%	1.19%	1.18%
Portfolio Turnover Rate	81%	80%(e)	80%(f)	175%	76%

(a)	Represents less than $0.005.

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

(d)	Expenses net of reductions excludes expenses paid indirectly, pursuant to a “commission recapture” program, under which brokers remit a portion of the brokerage commission which is used to pay certain Fund expenses. See note 2 in the Notes to the Financial Statements.

(e)	Cost of purchases and proceeds from sales of portfolio securities incurred to realign the Fund’s portfolio after a fund merger are excluded from the portfolio turnover rate. If such amounts had not been excluded, the portfolio turnover rate would have been 81%.

(f)	Cost of purchases and proceeds from sales of portfolio securities incurred to realign the Fund’s portfolio after a fund merger are excluded from the portfolio turnover rate. If such amounts had not been excluded, the portfolio turnover rate would have been 102%.

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FINANCIAL HIGHLIGHTS

AZL Columbia Mid Cap Value Fund

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2011	2010	2009	2008	2007
Net Asset Value, Beginning of Period	$8.02	$6.58	$5.01	$10.53	$10.14

Investment Activities:
Net Investment Income/(Loss)	0.05	0.07	0.03	0.06	0.05
Net Realized and Unrealized Gains/(Losses) on Investments	(0.34)	1.41	1.59	(5.53)	0.34

Total from Investment Activities	(0.29)	1.48	1.62	(5.47)	0.39

Dividends to Shareholders From:
Net Investment Income	(0.07)	(0.04)	(0.05)	(0.05)	—(a)

Total Dividends	(0.07)	(0.04)	(0.05)	(0.05)	—(a)

Net Asset Value, End of Period	$7.66	$8.02	$6.58	$5.01	$10.53

Total Return(b)	(3.57)%	22.66%	32.30%	(52.15)%	3.85%
Ratios to Average Net Assets/ Supplemental Data:
Net Assets, End of Period ($000’s)	$132,790	$133,340	$100,908	$52,313	$94,377
Net Investment Income/(Loss)	0.62%	1.12%	0.98%	0.74%	0.50%
Expenses Before Reductions(c)	1.08%	1.10%	1.13%	1.13%	1.10%
Expenses Net of Reductions	1.06%	1.04%	1.07%	1.10%	1.07%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly(d)	1.08%	1.10%	1.13%	1.13%	1.10%
Portfolio Turnover Rate	53%	71%	67%	99%	63%

(a)	Represents less than $0.005.

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

(d)	Expenses net of reductions excludes expenses paid indirectly, pursuant to a “commission recapture” program, under which brokers remit a portion of the brokerage commission which is used to pay certain Fund expenses. See note 2 in the Notes to the Financial Statements.

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FINANCIAL HIGHLIGHTS

AZL Columbia Small Cap Value Fund

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2011	2010	2009	2008	2007
Net Asset Value, Beginning of Period	$10.88	$8.67	$6.97	$11.29	$13.20

Investment Activities:
Net Investment Income/(Loss)	0.06	0.05	0.02	0.04	0.05
Net Realized and Unrealized Gains/(Losses) on Investments	(0.74)	2.19	1.70	(3.43)	(1.09)

Total from Investment Activities	(0.68)	2.24	1.72	(3.39)	(1.04)

Dividends to Shareholders From:
Net Investment Income	(0.08)	(0.03)	(0.02)	(0.05)	(0.03)
Net Realized Gains	—	—	—	(0.88)	(0.84)

Total Dividends	(0.08)	(0.03)	(0.02)	(0.93)	(0.87)

Net Asset Value, End of Period	$10.12	$10.88	$8.67	$6.97	$11.29

Total Return(a)	(6.21)%	25.93%	24.69%	(32.09)%	(8.24)%
Ratios to Average Net Assets/ Supplemental Data:
Net Assets, End of Period ($000’s)	$144,888	$167,622	$87,683	$36,420	$59,468
Net Investment Income/(Loss)	0.48%	0.80%	0.60%	0.52%	0.33%
Expenses Before Reductions(b)	1.25%	1.27%	1.40%	1.49%	1.29%
Expenses Net of Reductions	1.18%	1.16%	1.30%	1.37%	1.23%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly(c)	1.20%	1.22%	1.35%	1.37%	1.24%
Portfolio Turnover Rate	36%	37%	46%	214%	60%

(a)	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.

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

(c)	Expenses net of reductions excludes expenses paid indirectly, pursuant to a “commission recapture” program, under which brokers remit a portion of the brokerage commission which is used to pay certain Fund expenses. See note 2 in the Notes to the Financial Statements.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

155

FINANCIAL HIGHLIGHTS

AZL Davis New York Venture Fund

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2011	2010	2009	2008	2007
Net Asset Value, Beginning of Period	$11.57	$10.59	$8.09	$14.13	$13.61

Investment Activities:
Net Investment Income/(Loss)	0.09	0.14	0.16	0.07	0.11
Net Realized and Unrealized Gains/(Losses) on Investments	(0.58)	1.10	2.41	(5.70)	0.47

Total from Investment Activities	(0.49)	1.24	2.57	(5.63)	0.58

Dividends to Shareholders From:
Net Investment Income	(0.10)	(0.26)	(0.07)	(0.11)	(0.06)
Net Realized Gains	—	—	—	(0.30)	—

Total Dividends	(0.10)	(0.26)	(0.07)	(0.41)	(0.06)

Net Asset Value, End of Period	$10.98	$11.57	$10.59	$8.09	$14.13

Total Return(a)	(4.20)%	12.05%	31.83%	(40.50)%	4.15%
Ratios to Average Net Assets/ Supplemental Data:
Net Assets, End of Period ($000’s)	$364,642	$425,305	$573,305	$451,995	$572,298
Net Investment Income/(Loss)	0.71%	0.55%	1.72%	0.83%	0.82%
Expenses Before Reductions(b)	1.10%	1.08%	1.11%	1.12%	1.09%
Expenses Net of Reductions	1.06%	1.03%	1.06%	1.07%	1.09%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly(c)	1.06%	1.03%	1.06%	1.08%	1.09%
Portfolio Turnover Rate	11%	14%	23%	26%	15%

(a)	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.

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

(c)	Expenses net of reductions excludes expenses paid indirectly, pursuant to a “commission recapture” program, under which brokers remit a portion of the brokerage commission which is used to pay certain Fund expenses. See note 2 in the Notes to the Financial Statements.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

156

FINANCIAL HIGHLIGHTS

AZL Dreyfus Research Growth Fund (formerly AZL Dreyfus Equity Growth Fund)

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2011	2010	2009	2008	2007
Net Asset Value, Beginning of Period	$9.62	$7.86	$5.86	$11.05	$10.52

Investment Activities:
Net Investment Income/(Loss)	0.03	0.05	0.04	0.04	0.02
Net Realized and Unrealized Gains/(Losses) on Investments	(0.34)	1.75	1.99	(4.40)	0.89

Total from Investment Activities	(0.31)	1.80	2.03	(4.36)	0.91

Dividends to Shareholders From:
Net Investment Income	(0.03)	(0.04)	(0.03)	(0.03)	(0.01)
Net Realized Gains	—	—	—	(0.80)	(0.37)

Total Dividends	(0.03)	(0.04)	(0.03)	(0.83)	(0.38)

Net Asset Value, End of Period	$9.28	$9.62	$7.86	$5.86	$11.05

Total Return(a)	(3.20)%	22.92%	34.76%	(41.63)%	8.75%
Ratios to Average Net Assets/ Supplemental Data:
Net Assets, End of Period ($000’s)	$219,720	$193,126	$154,388	$124,602	$292,684
Net Investment Income/(Loss)	0.43%	0.49%	0.49%	0.33%	0.34%
Expenses Before Reductions(b)	1.10%	1.11%	1.12%	1.10%	1.23%
Expenses Net of Reductions	1.00%	0.99%	0.97%	0.98%	1.17%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly(c)	1.03%	1.04%	1.05%	1.03%	1.20%
Portfolio Turnover Rate	109%	112%	165%	127%	73%

(a)	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.

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

(c)	Expenses net of reductions excludes expenses paid indirectly, pursuant to a “commission recapture” program, under which brokers remit a portion of the brokerage commission which is used to pay certain Fund expenses. See note 2 in the Notes to the Financial Statements.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

157

FINANCIAL HIGHLIGHTS

AZL Eaton Vance Large Cap Value Fund

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2011	2010	2009	2008	2007
Net Asset Value, Beginning of Period	$8.24	$7.59	$6.17	$11.21	$12.00

Investment Activities:
Net Investment Income/(Loss)	0.13	0.07	0.10	0.22	0.19
Net Realized and Unrealized Gains/(Losses) on Investments	(0.50)	0.67	1.53	(3.95)	(0.43)

Total from Investment Activities	(0.37)	0.74	1.63	(3.73)	(0.24)

Dividends to Shareholders From:
Net Investment Income	(0.08)	(0.09)	(0.21)	(0.20)	(0.20)
Net Realized Gains	—	—	—	(1.11)	(0.35)

Total Dividends	(0.08)	(0.09)	(0.21)	(1.31)	(0.55)

Net Asset Value, End of Period	$7.79	$8.24	$7.59	$6.17	$11.21

Total Return(a)	(4.45)%	9.83%	26.53%	(36.18)%	(2.22)%
Ratios to Average Net Assets/ Supplemental Data:
Net Assets, End of Period ($000’s)	$436,251	$484,333	$408,379	$345,769	$754,496
Net Investment Income/(Loss)	1.40%	1.02%	1.36%	2.00%	1.58%
Expenses Before Reductions(b)	1.07%	1.08%	1.10%	1.07%	1.08%
Expenses Net of Reductions	1.04%	1.05%	1.05%	1.01%	1.05%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly(c)	1.04%	1.05%	1.07%	1.03%	1.05%
Portfolio Turnover Rate	49%	34%	118%	26%	23%

(a)	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.

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

(c)	Expenses net of reductions excludes expenses paid indirectly, pursuant to a “commission recapture” program, under which brokers remit a portion of the brokerage commission which is used to pay certain Fund expenses. See note 2 in the Notes to the Financial Statements.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

158

FINANCIAL HIGHLIGHTS

AZL Enhanced Bond Index Fund

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,		July 10, 2009 to December 31, 2009(a)
	2011	2010	July 10, 2009 to December 31, 2009(a)
Net Asset Value, Beginning of Period	$10.51	$10.04	$10.00

Investment Activities:
Net Investment Income/(Loss)	0.11	0.15	0.03
Net Realized and Unrealized Gains/(Losses) on Investments	0.65	0.41	0.01

Total from Investment Activities	0.76	0.56	0.04

Dividends to Shareholders From:
Net Investment Income	(0.13)	(0.03)	—
Net Realized Gains	(0.12)	(0.06)	—

Total Dividends	(0.25)	(0.09)	—

Net Asset Value, End of Period	$11.02	$10.51	$10.04

Total Return(b)	7.28%	5.62%	0.40%(c)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period ($000’s)	$341,219	$205,572	$127,833
Net Investment Income/(Loss)(d)	1.69%	2.01%	1.34%
Expenses Before Reductions(d)(e)	0.69%	0.71%	0.76%
Expenses Net of Reductions(d)	0.69%	0.70%	0.70%
Portfolio Turnover Rate	407%	700%	366%(c)

(a)	Period from commencement of operations.

(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.

(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.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

159

FINANCIAL HIGHLIGHTS

AZL Federated Clover Small Value Fund (formerly AZL Franklin Small Cap Value Fund)

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2011	2010	2009	2008	2007
Net Asset Value, Beginning of Period	$16.72	$13.27	$10.31	$16.47	$17.96

Investment Activities:
Net Investment Income/(Loss)	0.11	0.09	0.15	0.18	0.14
Net Realized and Unrealized Gains/(Losses) on Investments	(0.77)	3.48	3.01	(5.47)	(0.88)

Total from Investment Activities	(0.66)	3.57	3.16	(5.29)	(0.74)

Dividends to Shareholders From:
Net Investment Income	(0.10)	(0.12)	(0.20)	(0.17)	(0.10)
Net Realized Gains	—	—	—	(0.70)	(0.65)

Total Dividends	(0.10)	(0.12)	(0.20)	(0.87)	(0.75)

Net Asset Value, End of Period	$15.96	$16.72	$ 13.27	$10.31	$16.47

Total Return(a)	(3.92)%	27.11%	30.61%	(33.73)%	(4.37)%
Ratios to Average Net Assets/ Supplemental Data:
Net Assets, End of Period ($000’s)	$199,020	$234,305	$187,475	$181,941	$361,804
Net Investment Income/(Loss)	0.60%	0.59%	0.96%	1.00%	0.75%
Expenses Before Reductions(b)	1.09%	1.08%	1.12%	1.12%	1.11%
Expenses Net of Reductions	1.09%	1.08%	1.12%	1.12%	1.11%
Portfolio Turnover Rate	15%	23%	10%	20%	24%

(a)	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.

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

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

160

FINANCIAL HIGHLIGHTS

AZL Franklin Templeton Founding Strategy Plus Fund

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,		October 23, 2009 to December 31, 2009(a)
	2011	2010	October 23, 2009 to December 31, 2009(a)
Net Asset Value, Beginning of Period	$10.99	$10.20	$10.00

Investment Activities:
Net Investment Income/(Loss)	0.23	0.20	0.04
Net Realized and Unrealized Gains/(Losses) on Investments	(0.43)	0.82	0.21

Total from Investment Activities	(0.20)	1.02	0.25

Dividends to Shareholders From:
Net Investment Income	(0.02)	(0.18)	(0.05)
Net Realized Gains	(0.02)	(0.05)	—

Total Dividends	(0.04)	(0.23)	(0.05)

Net Asset Value, End of Period	$10.75	$10.99	$10.20

Total Return(b)	(1.83)%	10.02%	2.45%(c)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period ($000’s)	$302,592	$156,980	$54,952
Net Investment Income/(Loss)(d)	2.90%	3.13%	2.11%
Expenses Before Reductions(d)(e)	1.16%	1.25%	1.20%
Expenses Net of Reductions(d)	1.16%	1.19%	1.20%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly(d)(f)	1.16%	1.19%	1.20%
Portfolio Turnover Rate	17%	17%	2%(c)

(a)	Period from commencement of operations.

(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.

(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)	Expenses net of reductions excludes expenses paid indirectly, pursuant to a “commission recapture” program, under which brokers remit a portion of the brokerage commission which is used to pay certain Fund expenses. See note 2 in the Notes to the Financial Statements.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

161

FINANCIAL HIGHLIGHTS

AZL Gateway Fund

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31, 2011	April 30, 2010 to December 31, 2010(a)
Net Asset Value, Beginning of Period	$10.13	$10.00

Investment Activities:
Net Investment Income/(Loss)	0.09	0.07
Net Realized and Unrealized Gains/(Losses) on Investments	0.22	0.13

Total from Investment Activities	0.31	0.20

Dividends to Shareholders From:
Net Investment Income	—	(0.07)

Total Dividends	—	(0.07)

Net Asset Value, End of Period	$10.44	$10.13

Total Return(b)	3.06%	1.98%(c)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period ($000’s)	$52,116	$16,217
Net Investment Income/(Loss)(d)	1.37%	1.38%
Expenses Before Reductions(d)(e)	1.25%	1.59%
Expenses Net of Reductions(d)	1.24%	1.25%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly(d)(f)	1.25%	1.25%
Portfolio Turnover Rate	12%	28%(c)

(a)	Period from commencement of operations.

(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.

(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)	Expenses net of reductions excludes expenses paid indirectly, pursuant to a “commission recapture” program, under which brokers remit a portion of the brokerage commission which is used to pay certain Fund expenses. See note 2 in the Notes to the Financial Statements.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

162

FINANCIAL HIGHLIGHTS

AZL International Index Fund

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,		May 1, 2009 to December 31, 2009(a)
	2011	2010	May 1, 2009 to December 31, 2009(a)
Net Asset Value, Beginning of Period	$13.99	$13.31	$10.00

Investment Activities:
Net Investment Income/(Loss)	0.28	0.15	0.10
Net Realized and Unrealized Gains/(Losses) on Investments	(2.07)	0.77	3.21

Total from Investment Activities	(1.79)	0.92	3.31

Dividends to Shareholders From:
Net Investment Income	(0.17)	(0.07)	—
Net Realized Gains	—	(0.17)	—

Total Dividends	(0.17)	(0.24)	—

Net Asset Value, End of Period	$12.03	$13.99	$13.31

Total Return(b)	(12.78)%	7.12%	33.10%(c)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period ($000’s)	$380,763	$340,781	$161,184
Net Investment Income/(Loss)(d)	2.70%	2.07%	1.79%
Expenses Before Reductions(d)(e)	0.83%	0.83%	0.91%
Expenses Net of Reductions(d)	0.74%	0.70%	0.70%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly(d)(f)	0.74%	0.70%	0.70%
Portfolio Turnover Rate	12%	3%	23%(c)(g)

(a)	Period from commencement of operations.

(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.

(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)	Expenses net of reductions excluding expenses paid indirectly, pursuant to a “commission recapture” program, under which brokers remit a portion of the brokerage commission which is used to pay certain Fund expenses. See note 2 in the Notes to the Financial Statements.

(g)	Costs of purchases and proceeds from sales of portfolio securities incurred to realign the Fund’s portfolio after a fund merger are excluded from the portfolio turnover rate. If such amounts had not been excluded, the portfolio turnover rate would have been 42%.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

163

FINANCIAL HIGHLIGHTS

AZL Invesco Equity and Income Fund

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2011	2010	2009	2008	2007
Net Asset Value, Beginning of Period	$11.95	$10.83	$9.00	$12.57	$12.68

Investment Activities:
Net Investment Income/(Loss)	0.14	0.12	0.07	0.34	0.26
Net Realized and Unrealized Gains/(Losses) on Investments	(0.41)	1.14	1.98	(3.25)	0.13

Total from Investment Activities	(0.27)	1.26	2.05	(2.91)	0.39

Dividends to Shareholders From:
Net Investment Income	(0.14)	(0.14)	(0.22)	(0.30)	(0.20)
Net Realized Gains	—	—	—	(0.36)	(0.30)

Total Dividends	(0.14)	(0.14)	(0.22)	(0.66)	(0.50)

Net Asset Value, End of Period	$11.54	$11.95	$10.83	$9.00	$12.57

Total Return(a)	(2.18)%(b)	11.74%	22.85%	(23.92)%	3.07%
Ratios to Average Net Assets/ Supplemental Data:
Net Assets, End of Period ($000’s)	$442,396	$351,159	$242,485	$135,765	$244,193
Net Investment Income/(Loss)	1.57%	1.49%	1.80%	2.37%	2.05%
Expenses Before Reductions(c)	1.09%	1.10%	1.13%	1.13%	1.11%
Expenses Net of Reductions	1.01%	1.02%	1.07%	1.07%	1.06%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly(d)	1.01%	1.02%	1.07%	1.07%	1.06%
Portfolio Turnover Rate	28%	37%	69%	59%	69%

(a)	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.

(b)	During the year ended December 31, 2011, Invesco Advisers, Inc. reimbursed $1,491 to the Fund in connection with violations of certain investment policies and limitations. The corresponding impact to the return was less than 0.005%.

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

(d)	Expenses net of reductions excludes expenses paid indirectly, pursuant to a “commission recapture” program, under which brokers remit a portion of the brokerage commission which is used to pay certain Fund expenses. See note 2 in the Notes to the Financial Statements.

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164

FINANCIAL HIGHLIGHTS

AZL Invesco Growth and Income Fund

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2011	2010	2009	2008	2007
Net Asset Value, Beginning of Period	$10.70	$9.61	$7.95	$12.95	$13.37

Investment Activities:
Net Investment Income/(Loss)	0.15	0.07	0.12	0.24	0.22
Net Realized and Unrealized Gains/(Losses) on Investments	(0.36)	1.11	1.75	(4.31)	0.14

Total from Investment Activities	(0.21)	1.18	1.87	(4.07)	0.36

Dividends to Shareholders From:
Net Investment Income	(0.10)	(0.09)	(0.21)	(0.24)	(0.18)
Net Realized Gains	—	—	—	(0.69)	(0.60)

Total Dividends	(0.10)	(0.09)	(0.21)	(0.93)	(0.78)

Net Asset Value, End of Period	$10.39	$10.70	$9.61	$7.95	$12.95

Total Return(a)	(1.94)%(b)	12.37%	23.64%	(32.86)%	2.64%
Ratios to Average Net Assets/ Supplemental Data:
Net Assets, End of Period ($000’s)	$251,302	$267,458	$183,359	$159,898	$327,862
Net Investment Income/(Loss)	1.32%	1.03%	1.32%	1.71%	1.39%
Expenses Before Reductions(c)	1.09%	1.10%	1.13%	1.12%	1.09%
Expenses Net of Reductions	0.98%	0.99%	1.00%	1.00%	0.99%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly(d)	0.99%	1.00%	1.03%	1.03%	1.00%
Portfolio Turnover Rate	22%	34%	54%	40%	25%

(a)	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.

(b)	During the year ended December 31, 2011, Invesco Advisers, Inc. reimbursed $1,687 to the Fund in connection with violations of certain investment policies and limitations. The corresponding impact to the return was less than 0.005%.

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

(d)	Expenses net of reductions excludes expenses paid indirectly, pursuant to a “commission recapture” program, under which brokers remit a portion of the brokerage commission which is used to pay certain Fund expenses. See note 2 in the Notes to the Financial Statements.

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165

FINANCIAL HIGHLIGHTS

AZL Invesco International Equity Fund

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2011	2010	2009	2008	2007
Net Asset Value, Beginning of Period	$15.24	$13.61	$10.31	$19.95	$18.27

Investment Activities:
Net Investment Income/(Loss)	0.28	0.12	0.08	0.28	0.13
Net Realized and Unrealized Gains/(Losses) on Investments	(1.40)	1.58	3.45	(8.16)	2.51

Total from Investment Activities	(1.12)	1.70	3.53	(7.88)	2.64

Dividends to Shareholders From:
Net Investment Income	(0.15)	(0.07)	(0.23)	(0.08)	(0.11)
Net Realized Gains	—	—	—	(1.68)	(0.85)

Total Dividends	(0.15)	(0.07)	(0.23)	(1.76)	(0.96)

Net Asset Value, End of Period	$13.97	$15.24	$13.61	$10.31	$19.95

Total Return(a)	(7.32)%(b)	12.52%(c)	34.33%	(41.51)%	14.62%
Ratios to Average Net Assets/ Supplemental Data:
Net Assets, End of Period ($000’s)	$459,529	$556,045	$405,230	$176,746	$373,047
Net Investment Income/(Loss)	1.72%	1.04%	1.09%	1.66%	0.61%
Expenses Before Reductions(d)	1.27%	1.28%	1.32%	1.37%	1.35%
Expenses Net of Reductions	1.19%	1.15%	1.28%	1.37%	1.35%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly(e)	1.19%	1.15%	1.28%	1.37%	1.35%
Portfolio Turnover Rate	30%	39%	35%(f)	44%	42%

(a)	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.

(b)	During the year ended December 31, 2011, Invesco Advisers, Inc. reimbursed $13,257 to the Fund in connection with violations of certain investment policies and limitations. The corresponding impact to the return was less than 0.005%.

(c)	During the year ended December 31, 2010, Invesco Advisers, Inc. reimbursed $45,566 to the Fund related to violation of certain investment policies and limitations. The corresponding impact to the total return was 0.01%.

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

(e)	Expenses net of reductions excludes expenses paid indirectly, pursuant to a “commission recapture” program, under which brokers remit a portion of the brokerage commission which is used to pay certain Fund expenses. See note 2 in the Notes to the Financial Statements.

(f)	Costs of purchases and proceeds from sales of portfolio securities incurred to realign the Fund’s portfolio after a fund merger are excluded from the portfolio turnover rate. If such amounts had not been excluded, the portfolio turnover rate would have been 77%.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

166

FINANCIAL HIGHLIGHTS

AZL JPMorgan International Opportunities Fund

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2011	2010	2009	2008	2007
Net Asset Value, Beginning of Period	$15.62	$14.90	$12.77	$19.57	$18.14

Investment Activities:
Net Investment Income/(Loss)	0.21	0.27	0.26	0.46	0.35
Net Realized and Unrealized Gains/(Losses) on Investments	(2.31)	0.61	3.06	(5.80)	1.42

Total from Investment Activities	(2.10)	0.88	3.32	(5.34)	1.77

Dividends to Shareholders From:
Net Investment Income	(0.10)	(0.07)	(1.19)	(0.34)	—
Net Realized Gains	—	(0.09)	—	(1.12)	(0.34)

Total Dividends	(0.10)	(0.16)	(1.19)	(1.46)	(0.34)

Net Asset Value, End of Period	$13.42	$15.62	$14.90	$12.77	$19.57

Total Return(a)	(13.41)%	5.95%	26.32%	(28.56)%	9.82%
Ratios to Average Net Assets/ Supplemental Data:
Net Assets, End of Period ($000’s)	$398,683	$331,815	$362,547	$207,351	$413,382
Net Investment Income/(Loss)	1.88%	1.68%	1.51%	2.31%	1.71%
Expenses Before Reductions(b)	1.32%	1.33%	1.33%	1.35%	1.32%
Expenses Net of Reductions	1.21%	1.18%	1.26%	1.29%	1.32%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly(c)	1.21%	1.18%	1.26%	1.30%	1.32%
Portfolio Turnover Rate	128%(d)	35%	30%(e)	27%	31%

(a)	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.

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

(c)	Expenses net of reductions excludes expenses paid indirectly, pursuant to a “commission recapture” program, under which brokers remit a portion of the brokerage commission which is used to pay certain Fund expenses. See note 2 in the Notes to the Financial Statements.

(d)

Effective May 1, 2011, the Subadviser changed from Morgan Stanley Management, Inc. to J.P. Morgan Investment Management, Inc. Costs of purchases and proceeds from sales of portfolio securities associated with the change in the Subadviser contributed to a higher portfolio turnover rate for the year ended December 31, 2011 as compared to prior years.

(e)	Cost of purchases and proceeds from sales of portfolio securities incurred to realign the Fund’s portfolio after a fund merger are excluded from the portfolio turnover rate. If such amounts had not been excluded, the portfolio turnover rate would have been 153%.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

167

FINANCIAL HIGHLIGHTS

AZL JPMorgan U.S. Equity Fund

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2011	2010	2009	2008	2007
Net Asset Value, Beginning of Period	$9.50	$8.46	$6.35	$12.42	$12.68

Investment Activities:
Net Investment Income/(Loss)	0.09	0.07	—(a)	0.10	0.09
Net Realized and Unrealized Gains/(Losses) on Investments	(0.30)	1.02	2.14	(4.51)	0.41

Total from Investment Activities	(0.21)	1.09	2.14	(4.41)	0.50

Dividends to Shareholders From:
Net Investment Income	(0.07)	(0.05)	(0.03)	(0.11)	(0.07)
Net Realized Gains	—	—	—	(1.55)	(0.69)

Total Dividends	(0.07)	(0.05)	(0.03)	(1.66)	(0.76)

Net Asset Value, End of Period	$9.22	$9.50	$8.46	$6.35	$12.42

Total Return(b)	(2.20)%	12.97%	33.71%	(38.68)%	3.80%(c)
Ratios to Average Net Assets/ Supplemental Data:
Net Assets, End of Period ($000’s)	$312,277	$325,037	$301,111	$63,203	$139,593
Net Investment Income/(Loss)	0.90%	0.79%	0.97%	0.79%	0.72%
Expenses Before Reductions(d)	1.13%	1.13%	1.20%	1.30%	1.25%
Expenses Net of Reductions	1.08%	1.08%	1.15%	1.22%	1.20%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly(e)	1.08%	1.08%	1.15%	1.22%	1.20%
Portfolio Turnover Rate	81%	86%	103%	125%	126%

(a)	Represents less than $0.005.

(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)	During the year ended December 31, 2007, OppenheimerFunds, Inc. reimbursed $51,744 to the Fund related to violations of certain investment policies and limitations. The corresponding impact to the total return was 0.04%.

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

(e)	Expenses net of reductions excludes expenses paid indirectly, pursuant to a “commission recapture” program, under which brokers remit a portion of the brokerage commission which is used to pay certain Fund expenses. See note 2 in the Notes to the Financial Statements.

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168

FINANCIAL HIGHLIGHTS

AZL MFS Investors Trust Fund

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2011	2010	2009	2008	2007
Net Asset Value, Beginning of Period	$14.20	$12.81	$8.44	$14.85	$13.92

Investment Activities:
Net Investment Income/(Loss)	0.12	0.10	0.02	—(a)	0.02
Net Realized and Unrealized Gains/(Losses) on Investments	(0.44)	1.31	4.35	(5.77)	1.45

Total from Investment Activities	(0.32)	1.41	4.37	(5.77)	1.47

Dividends to Shareholders From:
Net Investment Income	(0.09)	(0.02)	—(a)	(0.01)	(0.03)
Net Realized Gains	—	—	—	(0.63)	(0.51)

Total Dividends	(0.09)	(0.02)	—(a)	(0.64)	(0.54)

Net Asset Value, End of Period	$13.79	$14.20	$12.81	$8.44	$14.85

Total Return(b)	(2.22)%	11.01%	51.80%	(40.11)%	10.73%
Ratios to Average Net Assets/ Supplemental Data:
Net Assets, End of Period ($000’s)	$272,336	$314,596	$354,622	$272,746	$383,239
Net Investment Income/(Loss)	0.79%	0.62%	0.15%	0.02%	0.11%
Expenses Before Reductions(c)	1.09%	1.10%	1.10%	1.11%	1.12%
Expenses Net of Reductions	1.05%	1.06%	1.04%	1.03%	1.04%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly(d)	1.05%	1.06%	1.07%	1.08%	1.07%
Portfolio Turnover Rate	22%	21%(e)	193%	144%	120%

(a)	Represents less than $0.005.

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

(d)	Expenses net of reductions excludes expenses paid indirectly, pursuant to a “commission recapture” program, under which brokers remit a portion of the brokerage commission which is used to pay certain Fund expenses. See note 2 in the Notes to the Financial Statements.

(e)	Effective October 26, 2009, the Subadviser changed from Jennison Associates LLC to Massachusettes FinancialServices Company (“MFS”). Implementation of MFS’ investment strategy has contributed to a lower portfolio turnover rate for the year ended December 31, 2010 as compared to prior years.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

169

FINANCIAL HIGHLIGHTS

AZL Mid Cap Index Fund

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,		May 1, 2009 to December 31, 2009(a)
	2011	2010	May 1, 2009 to December 31, 2009(a)
Net Asset Value, Beginning of Period	$16.17	$13.09	$10.00

Investment Activities:
Net Investment Income/(Loss)	0.07	0.05	0.06
Net Realized and Unrealized Gains/(Losses) on Investments	(0.47)	3.16	3.03

Total from Investment Activities	(0.40)	3.21	3.09

Dividends to Shareholders From:
Net Investment Income	(0.06)	(0.04)	—
Net Realized Gains	(0.61)	(0.09)	—

Total Dividends	(0.67)	(0.13)	—

Net Asset Value, End of Period	$15.10	$16.17	$13.09

Total Return(b)	(2.32)%	24.67%	30.90%(c)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period ($000’s)	$209,586	$154,995	$65,210
Net Investment Income/(Loss)(d)	0.66%	0.71%	1.12%
Expenses Before Reductions(d)(e)	0.63%	0.61%	0.66%
Expenses Net of Reductions(d)	0.61%	0.60%	0.60%
Portfolio Turnover Rate	15%	34%	27%(c)

(a)	Period from commencement of operations.

(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.

(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.

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170

FINANCIAL HIGHLIGHTS

AZL Money Market Fund

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2011	2010	2009	2008	2007
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00

Investment Activities:
Net Investment Income/(Loss)	—	—(a)	—(a)	0.02	0.05
Net Realized and Unrealized Gains/(Losses) on Investments	—(a)	—(a)	—(a)	—(a)	—(a)

Total from Investment Activities	—(a)	—(a)	—(a)	0.02	0.05

Dividends to Shareholders From:
Net Investment Income	—	—(a)	—(a)	(0.02)	(0.05)
Net Realized Gains	—(a)	—(a)	—(a)	—	—

Total Dividends	—(a)	—(a)	—(a)	(0.02)	(0.05)

Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00

Total Return(b)	—%	—%	0.22%	2.44%	4.79%
Ratios to Average Net Assets/ Supplemental Data:
Net Assets, End of Period ($000’s)	$865,626	$861,070	$901,771	$1,029,286	$596,861
Net Investment Income/(Loss)	—%	—%	0.22%	2.36%	4.66%
Expenses Before Reductions(c)	0.66%	0.70%	0.69%	0.69%	0.69%
Expenses Net of Reductions	0.28%(d)	0.33%(d)	0.59%(d)	0.69%	0.69%

(a)	Represents less than $0.005.

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

(d)	The expense ratio for the period reflects the reduction of certain expenses to maintain a certain minimum yield.

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171

FINANCIAL HIGHLIGHTS

AZL Morgan Stanley Global Real Estate Fund

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2011	2010	2009	2008	2007
Net Asset Value, Beginning of Period	$8.99	$7.57	$5.46	$10.93	$12.08

Investment Activities:
Net Investment Income/(Loss)	0.13	0.23	0.11	0.13	0.13
Net Realized and Unrealized Gains/(Losses) on Investments	(1.02)	1.34	2.08	(4.91)	(1.17)

Total from Investment Activities	(0.89)	1.57	2.19	(4.78)	(1.04)

Dividends to Shareholders From:
Net Investment Income	(0.28)	(0.15)	(0.08)	(0.16)	(0.06)
Net Realized Gains	—	—	—	(0.53)	(0.05)

Total Dividends	(0.28)	(0.15)	(0.08)	(0.69)	(0.11)

Net Asset Value, End of Period	$7.82	$8.99	$7.57	$5.46	$10.93

Total Return(a)	(9.94)%	20.86%	40.19%	(45.83)%	(8.68)%
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period ($000’s)	$168,465	$185,485	$144,909	$88,600	$157,039
Net Investment Income/(Loss)	1.44%	2.91%	2.08%	1.70%	1.07%
Expenses Before Reductions(b)	1.35%	1.35%	1.40%	1.43%	1.37%
Expenses Net of Reductions	1.35%	1.34%	1.34%	1.36%	1.35%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly(c)	1.35%	1.35%	1.35%	1.36%	1.35%
Portfolio Turnover Rate	23%	27%	48%	46%	46%

(a)	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.

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

(c)	Expenses net of reductions excludes expenses paid indirectly, pursuant to a “commission recapture” program, under which brokers remit a portion of the brokerage commission which is used to pay certain Fund expenses. See note 2 in the Notes to the Financial Statements.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

172

FINANCIAL HIGHLIGHTS

AZL Morgan Stanley Mid Cap Growth Fund

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2011	2010	2009	2008	2007
Net Asset Value, Beginning of Period	$14.31	$10.80	$6.85	$15.59	$13.48

Investment Activities:
Net Investment Income/(Loss)(a)	(0.04)	0.01	(0.02)	—(a)	0.03
Net Realized and Unrealized Gains/(Losses) on Investments	(0.90)	3.50	3.97	(7.01)	2.89

Total from Investment Activities	(0.94)	3.51	3.95	(7.01)	2.92

Dividends to Shareholders From:
Net Investment Income	(0.05)	—	—	(0.03)	—(a)
Net Realized Gains	—	—	—	(1.69)	(0.81)
Return of Capital	—	—	—	(0.01)	—

Total Dividends	(0.05)	—	—	(1.73)	(0.81)

Net Asset Value, End of Period	$13.32	$14.31	$10.80	$6.85	$15.59

Total Return(b)	(6.57)%	32.50%	57.66%	(48.52)%	22.19%
Ratios to Average Net Assets/ Supplemental Data:
Net Assets, End of Period ($000’s)	$375,663	$456,423	$354,846	$229,647	$559,566
Net Investment Income/(Loss)	(0.20)%	0.07%	(0.18)%	(0.07)%	0.31%
Expenses Before Reductions(c)	1.14%	1.15%	1.17%	1.15%	1.18%
Expenses Net of Reductions	1.12%	1.09%	1.11%	1.10%	1.12%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly(d)	1.13%	1.10%	1.13%	1.11%	1.14%
Portfolio Turnover Rate	32%	42%	40%	41%	72%

(a)	Represents less than $0.005.

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

(d)	Expenses net of reductions excludes expenses paid indirectly, pursuant to a “commission recapture” program, under which brokers remit a portion of the brokerage commission which is used to pay certain Fund expenses. See note 2 in the Notes to the Financial Statements.

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173

FINANCIAL HIGHLIGHTS

AZL NFJ International Value Fund

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,		May 1, 2009 to December 31, 2009(a)
	2011	2010	May 1, 2009 to December 31, 2009(a)
Net Asset Value, Beginning of Period	$14.65	$13.70	$10.00

Investment Activities:
Net Investment Income/(Loss)	0.53	0.15	0.16
Net Realized and Unrealized Gains/(Losses) on Investments	(2.13)	1.15	3.54

Total from Investment Activities	(1.60)	1.30	3.70

Dividends to Shareholders From:
Net Investment Income	(0.36)	(0.09)	—
Net Realized Gains	(0.55)	(0.26)	—

Total Dividends	(0.91)	(0.35)	—

Net Asset Value, End of Period	$12.14	$14.65	$13.70

Total Return(b)	(10.92)%	9.67%	37.00%(c)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period ($000’s)	$92,191	$167,175	$78,308
Net Investment Income/(Loss)(d)	2.45%	2.01%	2.01%
Expenses Before Reductions(d)(e)	1.24%	1.21%	1.33%
Expenses Net of Reductions(d)	1.17%	1.10%	1.20%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly(d)(f)	1.19%	1.11%	1.23%
Portfolio Turnover Rate	43%	29%	25%(c)

(a)	Period from commencement of operations.

(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.

(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)	Expenses net of reductions excludes expenses paid indirectly, pursuant to a “commission recapture” program, under which brokers remit a portion of the brokerage commission which is used to pay certain Fund expenses. See note 2 in the Notes to the Financial Statements.

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174

FINANCIAL HIGHLIGHTS

AZL Oppenheimer Discovery Fund (formerly AZL Turner Quantitative Small Cap Growth Fund)

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2011	2010	2009	2008	2007
Net Asset Value, Beginning of Period	$9.92	$7.70	$5.86	$12.90	$12.50

Investment Activities:
Net Investment Income/(Loss)	(0.04)	0.01	(0.02)	(0.04)	(0.08)
Net Realized and Unrealized Gains/(Losses) on Investments	(0.50)	2.21	1.86	(4.96)	0.83

Total from Investment Activities	(0.54)	2.22	1.84	(5.00)	0.75

Dividends to Shareholders From:
Net Investment Income	—(a)	—	—	—	—
Net Realized Gains	—	—	—	(2.04)	(0.35)

Total Dividends	—(a)	—	—	(2.04)	(0.35)

Net Asset Value, End of Period	$9.38	$9.92	$7.70	$5.86	$12.90

Total Return(b)	(5.39)%	28.83%	31.40%	(43.35)%	6.07%
Ratios to Average Net Assets/ Supplemental Data:
Net Assets, End of Period ($000’s)	$79,768	$91,473	$47,457	$36,237	$62,425
Net Investment Income/(Loss)	(0.40)%	0.11%	(0.23)%	(0.54)%	(0.47)%
Expenses Before Reductions(c)	1.19%	1.22%	1.24%	1.26%	1.23%
Expenses Net of Reductions	1.19%	1.22%	1.24%	1.26%	1.23%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly(d)	1.19%	1.22%	1.24%	1.26%	1.23%
Portfolio Turnover Rate	145%(e)	97%	173%	226%	240%

(a)	Represents less than $0.005.

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

(d)	Expenses net of reductions excludes expenses paid indirectly, pursuant to a “commission recapture” program, under which brokers remit a portion of the brokerage commission which is used to pay certain Fund expenses. See note 2 in the Notes to the Financial Statements.

(e)	The portfolio turnover rate for the year ended December 31, 2011 was higher than the prior year primarily due to the amount and timing of sales and purchases of fund shares during the period.

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175

FINANCIAL HIGHLIGHTS

AZL Russell 1000 Growth Index Fund

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31, 2011	April 30, 2010 to December 31, 2010(a)
Net Asset Value, Beginning of Period	$10.95	$10.00

Investment Activities:
Net Investment Income/(Loss)	0.08	0.05
Net Realized and Unrealized Gains/(Losses) on Investments	0.13	0.90

Total from Investment Activities	0.21	0.95

Dividends to Shareholders From:
Net Investment Income	(0.06)	—

Total Dividends	(0.06)	—

Net Asset Value, End of Period	$11.10	$10.95

Total Return(b)	1.92%	9.50%(c)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period ($000’s)	$111,887	$105,577
Net Investment Income/(Loss)(d)	0.72%	0.87%
Expenses Before Reductions(d)(e)	0.84%	0.87%
Expenses Net of Reductions(d)	0.84%	0.84%
Portfolio Turnover Rate	24%	29%(c)

(a)	Period from commencement of operations.

(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.

(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.

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176

FINANCIAL HIGHLIGHTS

AZL Russell 1000 Value Index Fund

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31, 2011	April 30, 2010 to December 31, 2010(a)
Net Asset Value, Beginning of Period	$10.49	$10.00

Investment Activities:
Net Investment Income/(Loss)	0.16	0.10
Net Realized and Unrealized Gains/(Losses) on Investments	(0.19)	0.39

Total from Investment Activities	(0.03)	0.49

Dividends to Shareholders From:
Net Investment Income	(0.10)	—

Total Dividends	(0.10)	—

Net Asset Value, End of Period	$10.36	$10.49

Total Return(b)	(0.25)%	4.90%(c)
Ratios to Average Net Assets/Supplemental Data:
Net Assets, End of Period ($000’s)	$182,515	$169,075
Net Investment Income/(Loss)(d)	1.59%	1.68%
Expenses Before Reductions(d)(e)	0.79%	0.84%
Expenses Net of Reductions(d)	0.79%	0.84%
Portfolio Turnover Rate	20%	25%(c)

(a)	Period from commencement of operations.

(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.

(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.

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177

FINANCIAL HIGHLIGHTS

AZL S&P 500 Index Fund, Class 1

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,				May 14, 2007 to December 31, 2007(a)
	2011	2010	2009	2008	May 14, 2007 to December 31, 2007(a)
Class 1
Net Asset Value, Beginning of Period	$8.68	$7.71	$6.16	$9.86	$10.14

Investment Activities:
Net Investment Income	0.16(b)	0.14(b)	0.13(b)	0.18(b)	0.11
Net Realized and Unrealized Gains (Losses) on Investments	—(c)	0.98	1.45	(3.87)	(0.26)

Total from Investment Activities	0.16	1.12	1.58	(3.69)	(0.15)

Dividends to Shareholders From:
Net Investment Income	(0.13)	(0.13)	(0.03)	(0.01)	(0.11)
Net Realized Gains	—	(0.02)	—	—(c)	(0.02)

Total Dividends	(0.13)	(0.15)	(0.03)	(0.01)	(0.13)

Net Asset Value, End of Period	$8.71	$8.68	$7.71	$6.16	$9.86

Total Return(d)	1.88%	14.75%	25.69%	(37.46)%	(1.48)%(e)
Ratios to Average Net Assets/ Supplemental Data:
Net Assets at End of Period (000’s)	$13,488	$15,506	$14,462	$11,158	$411
Net Investment Income/(Loss)(f)	1.79%	1.79%	2.06%	2.67%	1.81%
Expenses Before Reductions(f)(g)	0.27%	0.29%	0.30%	0.37%	0.53%
Expenses Net of Reductions(f)	0.26%	0.24%	0.24%	0.26%	0.24%
Portfolio Turnover Rate(h)	2%	14%	16%(i)	82%	16%(e)

(a)	Period from commencement of operations.

(b)	Average shares method used in calculation.

(c)	Represents less than $0.005.

(d)	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.

(e)	Not annualized.

(f)	Annualized for periods less than one year.

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

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

(i)	Costs of purchases and proceeds from sales of portfolio securities incurred to realign the Fund’s portfolio after a fund merger are excluded from the portfolio turnover rate. If such amounts had not been excluded, the portfolio turnover rate would have been 37%.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

178

FINANCIAL HIGHLIGHTS

AZL S&P 500 Index Fund, Class 2

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,				May 1, 2007 to December 31, 2007(a)
	2011	2010	2009	2008	May 1, 2007 to December 31, 2007(a)
Class 2
Net Asset Value, Beginning of Period	$8.65	$7.68	$6.15	$9.86	$10.00

Investment Activities:
Net Investment Income	0.14(b)	0.12(b)	0.12(b)	0.16(b)	0.09
Net Realized and Unrealized Gains (Losses) on Investments	(0.01)	0.98	1.44	(3.87)	(0.12)

Total from Investment Activities	0.13	1.10	1.56	(3.71)	(0.03)

Dividends to Shareholders From:
Net Investment Income	(0.11)	(0.11)	(0.03)	—(c)	(0.09)
Net Realized Gains	—	(0.02)	—	—(c)	(0.02)

Total Dividends	(0.11)	(0.13)	(0.03)	—(c)	(0.11)

Net Asset Value, End of Period	$8.67	$8.65	$7.68	$6.15	$9.86

Total Return(d)	1.55%	14.57%	25.36%	(37.62)%	(0.25)%(e)
Ratios to Average Net Assets/ Supplemental Data:
Net Assets at End of Period (000’s)	$732,892	$594,350	$707,448	$245,652	$27,614
Net Investment Income/(Loss)(f)	1.56%	1.51%	1.78%	2.29%	1.60%
Expenses Before Reductions(f)(g)	0.52%	0.54%	0.54%	0.65%	0.73%
Expenses Net of Reductions(f)	0.51%	0.49%	0.49%	0.51%	0.49%
Portfolio Turnover Rate(h)	2%	14%	16%(i)	82%	16%(e)

(a)	Period from commencement of operations.

(b)	Average shares method used in calculation.

(c)	Represents less than $0.005.

(d)	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.

(e)	Not annualized.

(f)	Annualized for periods less than one year.

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

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

(i)Costs of purchases and proceeds from sales of portfolio securities incurred to realign the Fund’s portfolio after a fund merger are excluded from the portfolio turnover rate. If such amounts had not been excluded, the portfolio turnover rate would have been 37%.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

179

FINANCIAL HIGHLIGHTS

AZL Schroder Emerging Markets Equity Fund, Class 1

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,				May 6, 2007 to December 31, 2007(a)
	2011	2010	2009	2008	May 6, 2007 to December 31, 2007(a)
Class 1
Net Asset Value, Beginning of Period	$8.76	$7.84	$4.56	$13.77	$11.64

Investment Activities:
Net Investment Income	0.12	0.10(b)	0.06(b)	0.03	0.04
Net Realized and Unrealized Gains (Losses) on Investments	(1.61)	0.88	3.24	(6.38)	2.10

Total from Investment Activities	(1.49)	0.98	3.30	(6.35)	2.14

Dividends to Shareholders From:
Net Investment Income	(0.08)	(0.06)	(0.02)	(0.04)	(0.01)
Net Realized Gains	(0.11)	—	—	(2.82)	—

Total Dividends	(0.19)	(0.06)	(0.02)	(2.86)	(0.01)

Net Asset Value, End of Period	$7.08	$8.76	$7.84	$4.56	$13.77

Total Return(d)	(17.09)%	12.61%	72.46%	(51.82)%	19.23%(c)
Ratios to Average Net Assets/ Supplemental Data:
Net Assets at End of Period (000’s)	$34,046	$47,962	$49,392	$34,118	$359
Net Investment Income/(Loss)(e)	1.28%	1.19%	0.99%	0.78%	0.32%
Expenses Before Reductions(e)	1.45%	1.45%	1.54%	1.70%	1.69%
Expenses Net of Reductions(e)(f)	1.25%	1.17%	1.26%	1.41%	1.40%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly(e)(g)	1.25%	1.17%	1.26%	1.42%	1.40%
Portfolio Turnover Rate(h)	66%	101%	100%	159%	193%(c)

(a)	Period from commencement of operations.

(b)	Average shares method used in calculation.

(c)	Not annualized.

(d)	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.

(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.

(g)	Expenses net of reductions excludes expenses paid indirectly, pursuant to a “commission recapture” program, under which brokers remit a portion of the brokerage commission which is used to pay certain Fund expenses. See note 2 in the Notes to the Financial Statements.

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

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

180

FINANCIAL HIGHLIGHTS

AZL Schroder Emerging Markets Equity Fund, Class 2

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,
	2011	2010	2009	2008	2007
Class 2
Net Asset Value, Beginning of Period	$8.74	$7.82	$4.56	$13.76	$10.56

Investment Activities:
Net Investment Income	0.09	0.08(a)	0.04(a)	0.02	0.03
Net Realized and Unrealized Gains (Losses) on Investments	(1.59)	0.89	3.23	(6.38)	3.17

Total from Investment Activities	(1.50)	0.97	3.27	(6.36)	3.20

Dividends to Shareholders From:
Net Investment Income	(0.06)	(0.05)	(0.01)	(0.02)	—(b)
Net Realized Gains	(0.11)	—	—	(2.82)	—

Total Dividends	(0.17)	(0.05)	(0.01)	(2.84)	—(b)

Net Asset Value, End of Period	$7.07	$8.74	$7.82	$4.56	$13.76

Total Return(c)	(17.27)%	12.40%	71.78%	(51.89)%	30.32%
Ratios to Average Net Assets/ Supplemental Data:
Net Assets at End of Period (000’s)	$266,106	$376,825	$373,541	$187,058	$249,236
Net Investment Income/(Loss)	1.03%	0.91%	0.68%	0.86%	0.40%
Expenses Before Reductions(d)	1.70%	1.70%	1.79%	1.95%	1.96%
Expenses Net of Reductions	1.50%	1.42%	1.51%	1.66%	1.65%
Expenses Net of Reductions, Excluding Expenses Paid Indirectly(e)	1.50%	1.42%	1.51%	1.67%	1.65%
Portfolio Turnover Rate(f)	66%	101%	100%	159%	193%

(a)	Average shares method used in calculation.

(b)	Represents less than $0.005.

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

(e)	Expenses net of reductions excludes expenses paid indirectly, pursuant to a “commission recapture” program, under which brokers remit a portion of the brokerage commission which is used to pay certain Fund expenses. See note 2 in the Notes to the Financial Statements.

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

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

181

FINANCIAL HIGHLIGHTS

AZL Small Cap Stock Index Fund

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)


	Year Ended December 31,				May 1, 2007 to December 31, 2007(a)
	2011	2010	2009	2008	May 1, 2007 to December 31, 2007(a)
Net Asset Value, Beginning of Period	$9.90	$7.94	$6.36	$9.27	$10.00

Investment Activities:
Net Investment Income/(Loss)	0.05	0.07	0.04	0.03	0.04
Net Realized and Unrealized Gains/(Losses) on Investments	(0.03)	1.94	1.54	(2.90)	(0.63)

Total from Investment Activities	0.02	2.01	1.58	(2.87)	(0.59)

Dividends to Shareholders From:
Net Investment Income	(0.05)	(0.05)	—	(0.03)	(0.05)
Net Realized Gains	—	—	—	(0.01)	(0.09)

Total Dividends	(0.05)	(0.05)	—	(0.04)	(0.14)

Net Asset Value, End of Period	$9.87	$9.90	$7.94	$6.36	$9.27

Total Return(b)	0.29%	25.49%	24.84%	(30.94)%	(5.83)%(c)
Ratios to Average Net Assets/ Supplemental Data:
Net Assets, End of Period ($000’s)	$203,895	$199,967	$193,665	$119,265	$22,061
Net Investment Income/(Loss)(d)	0.46%	0.62%	0.68%	1.09%	0.73%
Expenses Before Reductions(d)(e)	0.63%	0.65%	0.67%	0.77%	0.87%
Expenses Net of Reductions(d)	0.62%	0.58%	0.58%	0.60%	0.58%
Portfolio Turnover Rate	21%	24%	25%	89%	19%(c)

(a)	Period from commencement of operations.

(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.

(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.

The Allianz Variable Insurance Products Trust ¨ Prospectus ¨ April 30, 2012

182

This Prospectus is intended for use only when accompanied or preceded by a variable product prospectus.

For more information about the Funds, the following documents are available free upon request:

Annual/Semi-Annual Reports (Shareholder Reports):

Each Fund’s annual and semi-annual reports to shareholders contain additional information about the Funds’ investments. In the annual report, you will find a discussion of the market conditions and investment strategies that significantly affected each Fund’s performance, except the AZL Money Market Fund, during its last fiscal year.

Proxy Voting Records

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available without charge.

Statement of Additional Information (SAI):

The SAI provides more detailed information about the Funds, including their respective operations and investment policies. It is incorporated by reference and is legally considered a part of this Prospectus.

Your request for free documents may be made in the following ways:

Shareholder Reports and the SAI	Contact a broker or investment adviser that sells products that offer the Funds.	Contact the Funds at: 3435 Stelzer Road, Columbus, Ohio 43219 (toll-free) 1-877-833-7113	Access the Allianz Life website at: www.allianzlife.com/VariableInvestments (for the SAI) www.allianzlife.com/shareholderreports (for the shareholder reports)
Proxy Voting Records	Access the Allianz Life website at: www.allianzlife.com/VariableInvestments

INFORMATION FROM THE SECURITIES AND EXCHANGE COMMISSION:

You can review information about the Funds (including the SAI), and obtain copies, after paying a duplicating fee, from the SEC as follows:

In Person:

Public Reference Room in Washington, D.C. (For their hours of operation, call 1-202-551-8090.)

By Mail:

Securities and Exchange Commission

Public Reference Section

100 F Street NE

Washington, D.C. 20549-0102

On the EDGAR database via the Internet:

www.sec.gov

By electronic request:

publicinfo@sec.gov.

The SEC charges a fee to copy any documents.

Investment Company Act file no. 811-09491

CODE OF ETHICS FOR ACCESS PERSONS

Introduction

This Code sets forth standards of conduct and professionalism that apply to all persons designated as Access Persons by the Compliance Department. This Code was designed and established, and will be maintained and enforced, to protect Federated’s clients (or Funds) by deterring misconduct and to guard against violations of the Federal Securities Laws. This Code reinforces the value that Federated places on ethical conduct. Each Access Person must comply with this Code and uphold Federated’s ethical standards at all times. Each Access Person also is responsible for ensuring that spouses, children and others residing in the same household do not violate applicable provisions of this Code.

It is Federated's policy that business must be conducted in accordance with the highest fiduciary, legal and ethical standards. Federated's reputation for integrity is its most important asset and each Access Person must contribute to the care and preservation of that asset. This reputation for integrity is the cornerstone of the public's faith and trust in Federated; it is what provides Federated an opportunity to serve investors, shareholders and other stakeholders. A single Access Person's misconduct can damage Federated's hard-earned reputation.

This Code sets forth the fiduciary, legal and ethical requirements and certain “best practices” that must be satisfied to comply with this Code. This Code also establishes procedures that Access Persons must follow in order to comply with this Code.

Key terms are defined in Section 8 of this Code.

Access Persons. Access Persons are defined under Section 8.4 of this Code and include:

(a)

Designated employees of Federated, including those who work for any subsidiary that is an Adviser, an Underwriter for funds and employees of certain other subsidiaries;

(b)

Independent Directors of a fund;

(c)

Designated officers of Federated funds or proprietary funds who are not employed by Federated. (e.g., designated outside counsel who serve as secretary to one or more funds); and

(d)

All Investment Personnel;

(e)

Any other individual designated by the Compliance Department. This may include a Federated employee or a temporary hire, vendor, consultant, service provider or other third party employee.

Application to Access Persons. This Code applies only to those individuals specified above, designated as Access Persons under this Code. Please note that certain requirements of this Code apply to Access Persons, while others may only apply to Investment Persons.

Application to Household Members. As noted above, each Access Person also is responsible for assuring that spouses, children or any others residing in the same household do not violate the provisions of this Code that are applicable to the Access Person (even if certain provisions of this Code do not specifically reference household members). See the definitions of "Access Person" and "Investment Personnel" in Section 8 of this Code for further information.

This Code also applies to accounts or holdings for persons outside the household, over which the Access Person has investment discretion, influence or control.

Questions. All Access Persons are obligated to read the requirements of this Code carefully. If you have any questions regarding how this Code applies to any conduct or practice, please contact the Compliance Department. When in doubt, an Access Person should ask before taking any action.

Compliance with Other Requirements Still Required. This Code supersedes prior versions of this Code. This Code does not supersede, or relieve an Access Person from complying with applicable laws or with other Federated standards and corporate and departmental policies or procedures which can be found on Federated’s internal website. A violation of any of these policies or procedures by an Access Person may, depending upon the circumstances, also constitute a violation of this Code.

Sanctions for Violations of this Code. Federated intends to enforce the provisions of this Code vigorously. A violation of this Code may subject an Access Person to sanctions as set forth in Section 7 below, and possible civil and criminal liability.

Adoption. Pursuant to Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act (as applicable), this Code has been adopted on behalf of each investment company that is served by the Board of Directors of the Federated funds, Federated's Advisers and Federated's Underwriters.

1	Responsibilities

1.1	General Principles

The following general principles govern all conduct of Access Persons, whether or not the conduct also is covered by more specific standards or procedures set forth below.

(a) Fiduciary Principles

Each Access Person must:

·	(i) place the Funds’ interests ahead of his or her personal interests;

·	(ii) disclose and, where possible, avoid conflicts of interest (actual or potential) and the appearance of any conflict with the Funds or any other party;

·	(iii) conduct his or her personal transactions in a manner, which is consistent with this Code and which does not interfere with Fund portfolio transactions or otherwise take unfair or inappropriate advantage of his or her position or relationship to a Fund or any other party;

·	(iv) not show inappropriate favoritism of one Fund over another Fund in a manner that would constitute a breach of fiduciary duty;

·	(v) not accept or offer inappropriate gifts, favors, entertainment, special accommodations or other things of material value that could influence decision-making by either Federated, an Adviser, a Fund or any other party;

·	(vi) safeguard material nonpublic Fund information and control its dissemination in a manner consistent with Federated’s policies and applicable legal requirements; and

(vii) otherwise act in good faith, in an open, honest, non-misleading, professional and unbiased manner, with integrity, and in a manner that instills trust and confidence and promotes independence in the investment decision-making process, in each aspect of the Access Person’s professional activities and business (including, without limitation, in all disclosures, advertisements and other communications, and dealings, with Funds, shareholders and accountholders).

For example, an Access Person’s failure to recommend or purchase a Covered Security for the Fund in order to purchase the Covered Security for the Access Person’s personal benefit may be considered a violation of this Code.

(b) Legal Principles

In addition to complying with the above fiduciary principles, each Access Person must comply with State and Federal securities laws, rules and regulations. If you have questions concerning complying with applicable law, contact the Compliance Department or Federated's General Counsel.

1.2	Compliance with this Code is a Condition of Employment

Every Access Person must adhere to the general principles set forth in Section 1.1 above, and comply with the specific provisions and Associated Procedures of this Code and the spirit of those provisions. Literal compliance with specific provisions will not be sufficient where the transactions undertaken by an Access Person show a pattern of abuse of the Access Person’s fiduciary duty or of violation of applicable legal requirements.

1.3	Personal Responsibility

It is the responsibility of each Access Person to take all steps necessary before executing a personal trade, or taking other action, to verify that the trade or other action is in compliance with the provisions and intent of this Code.

1.4	Perceived Ambiguity shall not Excuse Violations

Any Access Person who believes a particular provision of this Code is ambiguous is required to contact the Compliance Department for a determination prior to executing a transaction or taking other action subject to that provision.

1.5

Preclearance does not Protect Wrongdoing

Receipt of express prior preclearance approval does not exempt you from the prohibitions outlined in this Code.

2	Reporting Requirements

The Reporting Requirements in Sections 2.1, 2.2, and 2.3 of this Code apply to Access Persons and their household members (generally including members of the immediate family sharing the same household, e.g., a spouse and unemancipated children) and certain partnerships, trusts, corporations or other similar arrangements. Access Persons should contact the Chief Compliance Officer for further clarification if they have questions regarding the application of this Code.

Every Access Person must report (1) all Covered Securities in which the Access Person or members of his or her household have direct or indirect investment discretion, influence or control (either for the benefit of the Access Person or for any other party), (2) all transactions in those Covered Securities, and (3) all accounts in which any Covered Securities are held. An Access Person is deemed to have influence or control over a discretionary account as described in Section 4.2.

NOTE: All information provided by the Access Person must be current as of a date no more than 45 days before the report is required to be submitted. Failure to provide that information within the time specified (if it is not being provided directly to Compliance by the financial institution or other party) shall be deemed a violation of the Code and SEC Rules.

Covered Securities transactions of Access Persons will be reviewed for compliance with the provisions of this Code. A violation may result from either a single transaction or multiple transactions if the Compliance Department determines that the transaction(s) did not comply with provisions of this Code.

Information relating to the holdings and personal trades of Access Persons will be shared with Senior Management of Federated from time to time for purposes of reviewing Access Person trading patterns and practices.

2.1	Initial Reporting Requirements

Within ten (10) calendar days of becoming an Access Person, the Access Person is required to submit to the Compliance Department, a holdings report including:

(a)

The full security name and description (i.e., type), CUSIP, SEDOL or exchange ticker symbol, number of shares and principal amount of each Covered Security held in any form, (e.g., brokerage/bank accounts, registered holdings, physical certificates, etc.) in any location, in which the Access Person or household member had any direct or indirect investment

discretion, influence or control, including, without limitation, those shares of Federated funds included under this Code’s definition of “Covered Security,”

(b)

All investment accounts with a financial institution or intermediary, including the name and address of any broker, dealer, bank or other financial institution holding any Securities in which the Access Person or members of his or her household have any direct or indirect investment discretion, influence or control, and the account numbers (this does not include accounts held directly with Federated’s Transfer Agent or 401k Plan Administrator);

The Compliance Department will direct the broker, dealer, bank or other financial institution maintaining each account to provide duplicate confirmations of all transactions and account statements directly to the attention of the Compliance Department, in a timely fashion. The Compliance Department also will obtain reports on accounts held directly with Federated’s Transfer Agent or 401k Plan Administrator. Each Access Person must assure that such information is received.

2.2	Quarterly Reporting Requirements

By the date specified by the Compliance Department (but in no event later than thirty (30) calendar days after the end of the calendar quarter) every Access Person must review the information recorded by the Compliance Department relating to his or her personal accounts (discretionary and non-discretionary) and all transactions in any Covered Securities, regardless of the form in which such securities are held, (e.g., brokerage/bank accounts, registered holdings, physical certificates, etc.), and each Access Person must complete and submit to the Compliance Department a quarterly Securities transaction report, using TradeComply where available, to:

(a)

Identify and confirm that all Covered Security transactions during the previous calendar quarter in all accounts in which the Access Person or household members have a direct or indirect investment discretion, influence or control, have been reported, including, without limitation, transactions in Federated funds included under this Code’s definition of “Covered Security” that are held in accounts with a financial institution or intermediary (this does not include accounts held directly with Federated’s Transfer Agent or 401k Plan Administrator);

(b)

Identify and confirm that all investment account information has been reported, including any new investment account(s) established during the quarter with broker-dealers, banks or other financial institutions holding any Securities in which the Access Person or members of his or her household have any direct or indirect investment discretion, influence or control, along with the name and address of the intermediary, the date the account was established and account number;

(d)

Record an electronic signature and date on TradeComply or other process approved by the Compliance Department.

The information required in Section 2.2(a) above shall include at least the following information about each transaction involving a Covered Security in which the Access Person or household member had, or as a result of a transaction acquired, any direct or indirect investment discretion, influence or control: (1) the date of the transaction, (2) the full security name, description (i.e., type), CUSIP, SEDOL or exchange ticker symbol, interest rate, maturity date, number of shares and principal amount of each Covered Security held, (3) the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition), (4) the price of the Security at which the transaction was effected, and (5) the name of the broker, dealer, bank or other financial institution with or through which the transaction was effected.

An Access Person need not submit a quarterly Securities transactions report to the extent that the report would duplicate information contained in broker trade confirmations or account statements delivered to Federated so long as trade confirmations or account statements are received by the Compliance Department no later than 25 days after the end of the applicable calendar quarter.

2.3	Annual Reporting Requirements

On an annual basis and by the date specified by the Compliance Department (but in no event later than thirty (30) calendar days after a request) from the Compliance Department, every Access Person is required to provide a written acknowledgment (1) that he or she is subject to, has received a copy of and read this Code, and (2) of his or her understanding of and compliance with this Code, its requirements and Associated Procedures. At the same time, the Access Person must review a current list of Covered Securities held in the Access Person’s account(s), as recorded by the Compliance Department, for accuracy, and complete and submit to the Compliance Department an annual report using TradeComply to:

(a)

Identify and confirm all Covered Securities held in any form (e.g., brokerage/bank accounts, registered holdings, physical certificates, etc.) in any location, in which the Access Person or household member had any direct or indirect investment discretion, influence or control, including the full security name and description (i.e., type), CUSIP, SEDOL or exchange ticker symbol, number of shares and principal amount of each Covered Security held, including, without limitation, those shares of Federated funds included under this Code’s definition of “Covered Security,” that are held in accounts with a financial institution or intermediary (this does not include accounts held directly with Federated’s Transfer Agent or 401k Plan Administrator);

(b) Resolve any discrepancies with the Compliance Department, and

(c)

Record an electronic signature and date on TradeComply or other process approved by the Compliance Department.

2.4	Independent Directors

Independent Directors must report all holdings and transactions in shares of Federated funds included under this Code’s definition of “Covered Security” that are held in accounts with a broker-dealer, bank or other financial institution or

intermediary (this does not include accounts held directly with Federated’s Transfer Agent or 401k Plan Administrator).

Except for holdings and transactions involving Federated funds, an Independent Director (unless previously identified by the Compliance Department as being an Access Person who cannot take advantage of this Section) is exempt from all other reporting requirements so long as, at the time of a personal transaction in a Covered Security, such Independent Director neither knew nor, in the ordinary course of fulfilling his or her official duties as a fund director, should have known that during the 15-day period immediately before or after the director's transaction that the Covered Security was purchased or sold by the Fund, or considered for Purchase or Sale.

Any Independent Director who is identified by the Compliance Department as being an Access Person who cannot take advantage of this Section must comply with all reporting requirements applicable to Access Persons set forth in this Code or its Associated Procedures.

2.5	Non-Federated Officers of Federated Funds or Proprietary Client Funds

(a)

Non-Federated personnel serving as officers of a fund who are specifically designated as Access Persons subject to this provision shall be so notified by the Compliance Department and shall be deemed to be Access Persons.

(b)

Such specially designated Access Persons shall be subject to all provisions under this Code applicable to Access Persons (as applicable), except that only the following provisions apply:

Section 1 Responsibilities

Section 2 Reporting Requirements

Section 4.1 Exempt Securities

Section 4.2 Discretionary Accounts

Section 5.1 General Prohibitions

Section 5.2 Equity Initial Public Offerings (IPOs) are Prohibited

Section 5.3 Private Placements Require Prior Compliance Approval

Section 5.5 Minimum Holding Period – Designated Federated Funds

Section 5.6

Prohibition on Insider Trading

Section 5.7 Disclosure or Misuse of Fund Information

Section 5.9 Prior Knowledge

Section 5.11 Excessive Trading and Market Timing

Section 5.13 Restrictions on Investment Clubs

Section 5.14 Disclosure of Personal Interests

Section 6 Prohibitions on Giving/Receiving Gifts; Political and

Charitable Contributions

Section 7 Review, Reporting, Education and Sanctions

Section 8 Definitions

(c)

Each specially designated Access Person must notify the Compliance Department of any positions held on the Board of Directors of any publicly held company and any “for-profit” private company. In the event that the Access Person, thereafter, should be advised of an issue relating to any such company, the Access Person must recuse himself or herself from any discussion or consideration of such issues.

(d)

Violations of this Code and/or suspicious trading activity shall be reported by the Compliance Department to the Senior Manager of such Access Person. A report by the employer of the steps taken in response to the issues raised shall be requested by the Compliance Department and reported to Federated management, and, in the case of a personal transaction that conflicts with a mutual fund transaction, the fund’s Audit Committee and, ultimately, the fund’s Board of Directors.

2.6	Access Persons Acknowledgments of Receipt of Code of Ethics and Amendments

(a)

The Compliance Department shall provide each Access Person with a copy of this Code annually. The Compliance Department also shall provide each Access Person with a copy of any amendment to this Code promptly after such amendments are adopted (and, to the extent possible, prior to their effectiveness).

(b)

After receiving the copy of this Code or an amendment to this Code, each Access Person is required to provide the Compliance Department, within the time period prescribed by the Compliance Department, a written or electronic acknowledgment (1) that he or she has received and read this Code or such amendment, and (2) of his or her understanding of and compliance with this Code or such amendment, its requirements and any Associated Procedures.

3	Preclearance Requirements

3.1	Preclearance of Trades

Unless subject to a preclearance exception, all Access Persons must preclear every Purchase or Sale of a Covered Security in which the Access Person or member of his or her household has any investment discretion, influence or control (including, without limitation, transactions in pension or profit-sharing plans, Equity Initial Public Offerings (IPOs) (to the extent approved as satisfying the limited exceptions in Sections 5.2(a) or (b) to the general prohibition), and Private Placements), in accordance with the Associated Procedures governing preclearance.

(a) All Private Placement securities must be precleared by contacting the Compliance Department;

(b) All other Covered Securities must be precleared using TradeComply;

(c)

Access Persons without access to TradeComply must contact the Compliance Department for assistance in preclearing transactions on their behalf.

3.2	Duration and Revocation

Preclearance approval remains in effect until the end of the following business day. Preclearance approval may be revoked at any time upon notification of revocation being provided by the Compliance Department. Any revocation shall not affect any transaction made prior to such revocation notice being delivered during a time when the preclearance approval was effective.

3.3	Preclearance Does Not Protect Wrongdoing

Preclearance approval and the receipt of express prior preclearance approval does not exempt an Access Person from the prohibitions outlined in this Code.

3.4	Exceptions

Preclearance requirements do not apply to:

(a)

Shares of any registered open end investment companies, including, without limitation, Federated funds included under this Code’s definition of “Covered Security” (note that this exception does not apply to ETFs; all ETF transactions must be precleared);

(b)

Involuntary purchases or sales, including mandatory corporate actions (e.g. corporate mergers, exchanges);

(c)

Automatic Investment Plans, including, without limitation, dividend reinvestment plans; or automatic payroll deduction plan purchases that are either (a) made solely with the dividend proceeds, or (b) whereby an employee purchases Securities issued by an employer;

(d)

Exercise of rights to purchase and any sales of such rights issued by an issuer pro rata to all holders of a class of its Covered Securities, to the extent such rights were acquired from such issuer;

(e)

Exercise of rights to tender Securities when an offer is made on a pro rata basis to all holders of a class of Covered Securities;

(f) Gifts or charitable donations of a Covered Security;

(g)

Purchases or sales in discretionary accounts (as outlined in Section 4.2) and/or purchases or sales in other accounts over which the Access Person or household member had or has no investment discretion, influence or control.

(h)

Purchases and sales of Covered Securities executed by an Independent Director.

NOTE: Notwithstanding anything in this Section to the contrary, Equity Initial Public Offerings (IPOs) (to the extent approved as satisfying the limited exceptions in Sections 5.2(a) or (b) to the general prohibition) and Private Placements shall in no event be exempt from the preclearance requirements.

3.5	Exception for Employee Stock Options of a Previous Employer

Subject to the conditions indicated, an Access Person or Investment Person may exercise employee stock options for Securities of a previous employer, as follows:

(a)

Access Persons and Investment Persons who are not also Portfolio Managers, Traders or Research Analysts may exercise employee stock options for Securities of a previous employer for cash or in a cashless exercise and hold the stock thereafter without preclearance or restriction that would otherwise be imposed by concurrent fund transactions, but must report the Securities when exercised.

(b)

Investment Persons who are Portfolio Managers, Traders or Research Analysts may exercise such an employee stock option for cash or in a cashless exercise and hold the stock thereafter, without restriction that would otherwise be imposed by concurrent fund transactions after requesting and receiving in writing a determination by the Compliance Department that no material conflict of interest exists.

(c)

A cashless exercise of employee stock options of a previous employer may occur without regard to the 60-day rule.

(d)

All such exception provisions for the exercise of employee stock options shall be conditioned on:

(i)

Access Persons and Investment Personnel who are not Portfolio Managers, Traders or Research Analysts must notify the Compliance Department of the exercise of any employee stock options within five business days.

(ii)

Investment Personnel who are Portfolio Managers, Traders or Research Analysts must request a determination in writing by the Compliance Department that no apparent material conflict of interest exists prior to the exercise of any employee stock options and may not proceed with the exercise until such determination is received.

(iii)

Approval of any such exercise shall be conditioned on full disclosure to the Compliance Department of all communications concerning that Security within Federated by the Access Person or Investment Person during the seven days prior to the exercise of an employee stock option.

(iv)

Any apparent conflict of interest that is identified by the Compliance Department, before or after an exercise of employer stock options

shall be reported to the President of the Advisory Companies and the Chief Executive Officer of Federated Investors, Inc., and investigated further for determination as to whether a violation has occurred.

3.6

Federated Stock and Options Trading

(a)

All Federated employees are prohibited from trading Federated stock during announced blackout periods.

(b)

All Federated employees are prohibited from short selling Federated stock.

(c)

All Federated employees are further prohibited from options trading on Federated stock or purchasing Federated stock on margin without Compliance Committee approval.

Note: Employees should refer to the Federated Policy on Trading and Confidentiality for additional details.

3.7

Special Rules forEquity Transactions Based on Market Capitalization

(a)

To insure proper compliance with the Code and limit unintended preclearance mistakes, the Chief Compliance Officer, in conjunction with the President of the Advisory Companies may require individuals or select groups of Portfolio Managers, Analysts and Traders to manually preclear all trades in Equity Securities and further require that transactions in equity securities of issuers having a market capitalization of less than $500 Million be submitted for preclearance and the written approval of the CIO – Equities and the Chief Compliance Officer;

(b)

All significant micro cap holdings of Access Persons (defined as any equity securities having a market capitalization below the Small Cap breakpoint or minimum as measured and published from time to time by Morningstar Direct) will be monitored and compared to Fund holdings for any appearance of conflicts of interest. The Compliance Department will review this information with the CIO - Global Equity to identify any holdings that might require special preclearance and may impose a blackout or holding period of up to 90 days from the date of the last Fund trade in such security. These additional requirements will be communicated to and discussed with each affected Access Person as they are identified.

4	Exempt Transactions

4.1	Exempt Securities

Unless otherwise specified within this Code, purchases or sales of the following Securities are not subject to the Preclearance (Section 3) or Prohibitions and Restrictions (Section 5) sections of this Code:

(a)

Direct obligations of the Government of the United States and U. S. Government Agencies;

(b) Bankers’ acceptances;

(d) Commercial paper;

(e)

High quality short-term debt instruments1, including, without limitation, repurchase agreements; and

(f)

Shares of those registered open-end investment companies that are not included under this Code’s definition of “Covered Security”.

NOTE: Specified provisions of this Code are applicable to investment in Federated funds included under this Code’s definition of “Covered Security”.

4.2	Discretionary Accounts

Discretionary accounts over which the Access Person (or household member) has no investment discretion, but over which the Access Person retains control to designate an investment manager, are not subject to preclearance requirements (Section 3), prohibition of short-term profits (Section 5.4) or blackout periods caused by fund transactions (Section 5.8), but retain the prohibition on trading Federated stock (Section 3.6), Equity Initial Public Offerings (IPOs) (Section 5.2), the limitations of Private Placements (Section 5.3), and the minimum holding period for designated Federated Funds (Section 5.5) specified in this Code and are subject to all reporting requirements (Section 2).

It is the Access Person’s responsibility to notify his or her broker or manager of these restrictions and limitations.

Access Persons establishing discretionary accounts and the individuals accepting discretionary authority over such accounts are required to acknowledge, in writing, their understanding and acceptance of the restrictions applicable to such accounts. Access Persons must provide information relating to the investment objective and any restrictions placed on his or her (or household member's) discretionary account(s) and any changes made to those objectives or restrictions to the Compliance Department.

5	Prohibitions and Restrictions

5.1	General Prohibitions

Every Access Person is prohibited from:

1 The SEC has interpreted "high quality short-term debt instruments" to mean any instrument having a maturity at issuance of less than 366 days and which is rated in one of the highest two rating categories by a Nationally Recognized Statistical Rating Organization, or which is unrated but is of comparable quality. Personal Investment Activities of Investment Company Personnel and Codes of Ethics of Investment Companies and Their Investment Advisers and Principal Underwriters, Investment Company Act Release No. 21341 (Sept. 8, 1995) [60 FR 47844 (Sept. 14, 1995)] (proposing amendments to rule 17j-1) at note 66.This definition is repeated in the footnotes to the adopting and proposing releases for the Adviser's Code of Ethics requirement under Rule 204A-1.

(a) Employing any device, scheme or artifice to defraud the Fund;

(b)

Making any untrue statement of a material fact to the Fund or omitting to state a material fact necessary in order to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;

(c)

Engaging in any act, practice or course of business that operates or would operate as a fraud or deceit on the Fund; or

(d) Engaging in any manipulative practice with respect to the Fund.

Examples: Causing the Fund to purchase a Covered Security owned by the Access Person for the purpose of supporting or driving up the price of the Covered Security, and causing the Fund to refrain from selling a Covered Security in an attempt to protect the value of the Access Person's investment, such as an outstanding option.

Without limiting the foregoing:

(i)

Each Access Person is prohibited from usurping investment or other business opportunities of a Fund for personal benefit (or for the inappropriate benefit of Federated). Each Access Person owes a duty to the Funds to advance the Funds’ legitimate interests when the opportunity to do so arises. This duty of loyalty is violated if an Access Person personally profits (or allows Federated to inappropriately profit) from an investment or other business opportunity that rightfully belongs to a Fund. This problem could arise, for example, if an Access Person becomes aware through the use of Federated or Fund property, information or relationships of an investment opportunity (either a loan or equity transaction) in which the Fund is or may be interested, and then participates in the transaction personally or informs others of the opportunity before offering it to the Fund. An Access Person is prohibited from using Federated or Fund property, information or relationships for personal gain (or for the inappropriate gain of Federated);

(ii)

Each Access Person is prohibited from taking inappropriate or unfair advantage of his or her relationship with a Fund or a Vendor. Under this duty of fair dealing, no Access Person should take advantage of a Fund or a Vendor, or another person or entity, through manipulation, concealment, abuse of privileged information, misrepresentation of material facts or any other unfair dealing practice. All business conducted on behalf of Federated is to be done with integrity and high fiduciary, legal and ethical business standards;

(iii)

Each Access Person is prohibited from misappropriating Federated or Fund assets; and

(iv)	Each Access Person is prohibited from taking any action to fraudulently influence, control, coerce, manipulate or mislead any independent accountants engaged in the performance of an audit of

Federated's or a Fund's financial statements for the purpose of rendering such financial statements materially misleading.

(Any Access Person who is a director, officer or employee of Federated should also refer to the "Corporate Opportunities," "Fair Dealing," "Protection and Proper Use of Company Assets" and "Improper Influence on the Conduct of Audits" requirements in Federated's Code of Business Conduct and Ethics. If you have questions concerning the duty of loyalty, the duty of fair dealing, use of assets or conduct of audits, contact the Compliance Department or Federated’s General Counsel.)

5.2	Equity Initial Public Offerings (IPOs) are Prohibited

Access Persons may not directly or indirectly acquire Beneficial Ownership or exercise investment discretion, influence or control in any equity Security in an Initial Public Offering (IPO) without prior approval. Exceptions may be approved in the following instances:

(a)

Initial Public Offerings (IPOs) relating to Securities of the employer of a spouse, when offered to all employees at the spouse’s level, or the demutualization of insurance companies, banks or savings and loans, if the Access Person owned a policy or held such a prior interest or relationship in or with the issuer, are allowed, and

(b)

Initial offering of diversified investment funds, including, without limitation, closed-end funds and unit investment trusts (or "UITs") are allowed.

All such exceptions require reporting and preclearance approval in accordance with the provisions of Sections 2 and 3 above.

Initial public offerings in fixed income securities are permitted, however no Access Person will be allowed to invest in a fixed income Security during a blackout period caused by a Fund trade.

5.3	Private Placements Require Prior Compliance Approval

Access Persons may not directly or indirectly acquire Beneficial Ownership or exercise investment discretion, influence or control in any Private Placement Security without prior approval. Any such transaction requires reporting and preclearance approval directly from the Compliance Department. No Access Person will be allowed to invest in a Private Placement Security in which a Fund has an investment or contemplates participation.

If an Investment Person receives prior approval and acquires a Private Placement Security, the Investment Person must disclose this investment to the Chief Investment Officer (or the Chief Investment Officer’s designee) before the Investment Person may participate in any subsequent consideration of any potential investment by a Fund in the issuer of that Security.

Following a purchase by an Investment Person in an approved personal transaction, any purchase by a Fund of Securities issued by the same company (other than secondary market purchases of publicly traded Securities) will be subject to an independent review by the Compliance Department.

5.4	Prohibition of Short-Term Profits – 60 Day Rule – Individual Securities

As a general rule, personal Securities transactions of Access Persons should be for long-term investment purposes and should not be initiated for short-term profits. Profits realized on the sale of an individual Security held less than 60 days must be disgorged.

(a)

When a new purchase results in multiple lots of a Security held in personal portfolios, no lot of the same Security may be sold within 60 days if sale of any lot of the Security would result in a gain.

(b)

Similarly, no Security may be purchased within 60 days of the sale of the same Security, unless the Security is purchased at a price greater than the price of any sale of the Security within the prior 60 days.

5.5	Minimum Holding Period – Designated Federated Funds

Any holding of a Federated fund which, according to its prospectus has adopted Frequent Trading Policies and is subject to monitoring for Frequent Trading will be subject to the following conditions:

(a)

The minimum required holding period for shares of Federated funds subject to monitoring for Frequent Trading is 60 days, unless the particular fund has a redemption fee provision lasting for a longer period, in which case the minimum holding period will be the same as the redemption fee period. Holding periods will be measured for fund transactions for this condition on a "first in, first out" (FIFO) accounting basis.

(b)

In addition to the holding period specified above, shares of Federated funds that are subject to monitoring for Frequent Trading are further subject to the limitations expressed within the prospectus regarding frequency of trading that may be deemed excessive or disruptive, including but not limited to purchases and sales within 30 days or trading that is deemed disruptive over periods longer than 30 days. Such frequent or disruptive trading may occur in the same account or more than one account; that is to say that a purchase may be made in one account and a sale in another account and still be subject to these provisions. Access persons making asset allocation adjustments (transfers between or re-balancing) to investments in Federated funds that are subject to monitoring for Frequent Trading must observe these limitations and restrictions. A violation of the Frequent Trading Policies of any Federated Fund will be treated as a violation of the Code and will be subject to sanctions imposed by the Chief Compliance Officer.

(c)

Systematic purchases (periodic contributions or 401k deferrals) or systematic or periodic withdrawals, that are part of a regular pattern, as determined by the Compliance Department, will generally not trigger a holding period violation. Similarly, required income distributions by a trust, minimum required individual retirement account (IRA) distributions and 529 Plan distributions for education expenses will not generally trigger a holding period violation.

(d)	The Compliance Department shall be authorized to grant further exception from the required holding period in cases of exceptional hardship that could not be reasonably foreseen by an Access Person.

5.6	Prohibition on Insider Trading

Use of material, non-public information about any issuer of Securities by an Access Person is prohibited, regardless of whether such Securities are held by or have been recommended for any Fund. “Material non-public information” relates not only to issuers, but also includes, without limitation, an Adviser’s Securities recommendations and Fund Securities holdings and transactions. In limited instances, awareness of material, non-public information relating to a specific Federated Fund, could subject certain Access Persons, as identified by the Compliance Department, to a blackout period during which those specified Access Person would be prohibited from buying or selling shares of the Fund.

(See the Federated “Policy on Trading and Confidentiality” for more information. Also, any Access Person who is a director, officer or employee of Federated should also refer to the "Insider Trading" requirements in Federated's Code of Business Conduct and Ethics. If you have questions concerning insider trading issues, contact the Compliance Department or Federated’s General Counsel.)

5.7	Disclosure or Misuse of Fund Information

Selective disclosure to third parties or misuse of any material, nonpublic Fund-related information by an access person is prohibited. No portfolio holdings or any other material, nonpublic information regarding a Fund may be disclosed, unless the same data is posted on the public website for other investors or is otherwise publicly available on a simultaneous basis. “Material” information is defined as any Fund-related information that might be expected to impact an investor's decision to buy, sell or hold a Fund or Security, and may include, without limitation, holdings, trading strategies, pending transactions, performance or performance attribution, duration, yields or other key statistics. Requests for public disclosure of previously undisclosed information or to release information on a more frequent schedule must be approved by the President of the Advisory Companies and the Chief Compliance Officer.

The Purchase or Sale of Federated fund shares based on material, nonpublic information about the fund's portfolio is similarly prohibited.

(See the Federated “Fund Information Disclosure Policy” for more information. Also, any Access Person who is a director, officer or employee of Federated should also refer to the "Confidentiality" requirements in Federated's Code of Business Conduct and Ethics. If you have questions concerning disclosure or misuse of Fund information, contact the Compliance Department or Federated’s General Counsel.

5.8	Blackout Periods – Fund Trades

Portfolio Managers and Research Analysts identified as serving a Fund or group of Fund(s) are prohibited from purchasing or selling any Covered Security for which

there is an open “buy” or “sell” order or any Covered Security that has been purchased or sold by those Fund(s) in any amount within fifteen (15) calendar days before or after the Fund purchases or sells that Security. All such transactions will trigger a blackout period. This provision supersedes any prior preclearance.

Investment Personnel who are not among the Portfolio Managers and Research Analysts identified as serving the Fund(s), as provided above, may not purchase or sell a Covered Security within seven (7) calendar days after one or more Funds have open “buy” or “sell” orders and/or purchases or sells in the same Covered Security in an amount sufficient to trigger a blackout period, subject to any prior preclearance.

All other Access Persons may not purchase or sell a Covered Security on any day during which one or more Funds have open “buy” or “sell” orders and/or purchases or sells the same Covered Security in an amount sufficient to trigger a blackout period, subject to any prior preclearance.

NOTE: For purposes of administering this Section, all MDT employees shall be considered Investment Personnel, but generally no MDT employees shall be considered portfolio managers, traders or research analysts.

The Compliance Department shall have discretion in determining the methodology by which blackout periods are calculated.

5.9	Prior Knowledge

No Access Person may execute a personal transaction, directly or indirectly, in any Covered Security and no prior preclearance will apply, when he or she knows, or should have known, that the Covered Security is being:

(a)	Considered for Purchase or Sale by the Fund; or

(b)	Purchased or sold by the Fund.

5.10	Serving as a Director or Officer of Outside Organizations

This Section applies to Access Persons, but not any household members of such Access Persons.

While serving the community is a worthy objective, a director or officer of any organization has access to sensitive information and charts the course of that entity. Federated must take safeguards to shield Federated and Access Persons (including, without limitation, Investment Personnel) from even the appearance of impropriety. To that end:

(a)

All Access Persons are prohibited from serving as an officer or director of any other organization unless written approval is first granted by the Compliance Committee. Approval of the Committee is not required in those situations where the organization is not-for-profit and does not issue securities.

(b)

All Access Persons must notify the Chief Compliance Officer in writing (by completing the Non-Federated Business or Board Activity request form) of any organization for which such Access Person serves in compliance with

this Section: (1) initially upon becoming an Access Person or, (2) before they accept and begin to serve as an officer or director, and/or (3) upon resigning from any such position.

(c)

If approval to serve as an officer or director of an organization is granted, an Access Person has an affirmative duty to (1) recuse himself or herself from participating in any deliberations inside Federated regarding such organization, and (2) not share non-public information of such organization with any Federated personnel (including, without limitation, any Investment Personnel).

(d)

The President of the Advisory Companies and all Investment Personnel reporting directly or indirectly to him are further prohibited from serving as an officer or director of any publicly issued or privately held issuer of a Security (whether “for profit,” “not for profit,” “charitable” or otherwise) that is or may become an eligible investment for a Fund unless an exception is granted by the Compliance Committee pursuant to the following provisions:

(i)

In the case of charitable, eleemosynary, municipal or educational organizations only, if the organization has no securities outstanding or if all Chief Investment Officers confirm in writing that the securities of the issuer either are not qualified for investment by the funds or that adequate alternative investments are available, and the President of the Advisory Companies approves, then the Compliance Committee may approve service as an officer or director by an Investment Person, subject to semi-annual confirmation by the Chief Investment Officers and approval by the President of the Advisory Companies that these conditions have not changed.

(ii)

In the instances specified in Paragraph d. (i) of this Section, above, the Compliance Department shall maintain the organization on the Funds Restricted List. Inclusion on the Restricted List shall make any security of the issuer an ineligible investment for the funds. The Compliance Department shall communicate the Restricted List to all Chief Investment Officers and the President of the Advisory Companies quarterly.

(iii)

If an Investment Person, at the time of adoption of this amended provision of the Code or, in the case of a new hire, at the time of his or her employment, is serving as an officer or of a charitable or eleemosynary organization that has issued securities eligible for or owned by the funds, then the Investment Person shall recuse himself or herself from all discussions concerning possible investment by the funds in such security and may request that his or her current term in such role may be completed. The Compliance Committee may approve completion of terms under such circumstances if it deems the remaining term reasonable. Approval to continue a current term will not permit the Investment Person to begin another term on the board.

(iv)	If a Security issued by a charitable or eleemosynary organization becomes an eligible investment for a Fund while an Investment Person is serving as an officer or director, the Investment Person shall be subject to

the same terms as are provided in Paragraph (d)(iii) of this Section, above.

(v)

If a Security issued by any organization that is not a charitable or eleemosynary organization becomes an eligible investment for a Fund after an Investment Person has begun serving as an officer or director, the Investment Person must immediately resign from such role and recuse himself or herself from all matters relating to the organization.

(e)

If an Access Person serves as an officer or director of a non-public organization, and the organization seeks to issue securities, such Access Person must, promptly after the company’s intention to issue securities becomes public, take steps to notify the Chief Compliance Officer in writing. If an exception has not been reconfirmed under this Section or if continued service would be prohibited under this Section, as of the time when the organization’s securities are first offered to the public, then the Access Person must immediately resign from such board and recuse himself or herself from all board matters.

(f)

Nothing in this Section limits or restricts service on the Board of Federated, its subsidiaries, Federated Funds, Proprietary Funds, or other funds administered by subsidiaries of Federated.

NOTE: Any Access Person who is a director, officer or employee of Federated should also refer to the "Corporate Boards" requirements in Federated's Code of Business Conduct and Ethics.

5.11	Excessive Trading and Market Timing

(a)

Access Persons are strongly discouraged from trading excessively. This applies to both individual Securities and registered investment company Securities included under this Code’s definition of “Covered Security.” The Chief Investment Officers, the President of the Advisory Companies and the Head of Trading will review the transaction volume of Investment Personnel on a monthly basis. The transaction volume of other Access Persons may be reviewed with other managers periodically.

(b)

Access Persons are prohibited from market timing. This includes, without limitation, entering into any agreement or arrangement to permit market timing by any fund, shareholder or accountholder or in any fund, or by any broker, dealer, bank or other financial institution, person or entity. Frequent or short-term trading into and out of funds can have adverse consequences for the funds, shareholders and accountholders who use the funds as long-term investment vehicles. Such trading in significant amounts can disrupt the funds' investment strategies (e.g., by requiring the funds to sell investments at inopportune times or maintain excessive short-term or cash positions to support redemptions or cash flow needs), increase brokerage and administrative costs and affect the timing and amount of taxable gains distributed by or in respect of the funds. Such trading may also seek to profit by estimating changes in a fund’s net asset value in advance of the time as of which net asset value is calculated.

5.12	Independent Directors

Notwithstanding the other restrictions or exemptions provided under this Code, Independent Directors (other than Independent Directors identified by the Compliance Department as being Access Persons subject to additional provisions of this Code) and their household members are subject only to the following Code restrictions:

Section 5.1 General Prohibitions

Section 5.5 Minimum Holding Period – Designated Federated Funds

Section 5.6 Prohibition on Insider Trading

Section 5.7 Disclosure or Misuse of Fund Information

Section 5.9 Prior Knowledge

Section 5.11 Excessive Trading and Market Timing

In order to monitor compliance with the above referenced Code provisions, Section 2.4 further requires Independent Directors to disclose holdings and transactions in certain Federated funds for themselves and their household members.

5.13	Restrictions on Investment Clubs

Investment Personnel who wish to participate in an investment club must request Chief Investment Officer approval prior to joining in the club activity. Names of other club members must be disclosed. The Chief Investment Officer shall notify the Compliance Department when such approval is granted.

Access Persons will be deemed to have investment discretion, influence or control in any trade by the club. All investment club activity by any Access Person will require preclearance and must be reported by duplicate confirms and statements.

5.14 Disclosure of Personal Interests

All Access Persons (including, without limitation, Investment Personnel) are prohibited from:

(a)

Recommending, implementing or considering any Securities transaction for a Fund, or

(b)

Negotiating any agreement or otherwise arranging for any relationship with any Vendor,

without having disclosed in writing to the Chief Investment Officer (in the case of Investment Personnel) (or another person designated by the Chief Investment Officer) (Chief Investment Officers shall disclose to the President of the Advisory Companies) or the Compliance Department (in the case of all other Access Persons):

(i)	any material Beneficial Ownership, business or personal relationship, or other material interest, that the Access Person has in an issuer or its affiliates, or in a Vendor, or

(ii)	other material conflict of interest that the Access Person has with an issuer or its affiliates or with a Vendor.

If the Chief Investment Officer (or other designated person) or Compliance Department determines that the disclosed interest is a material conflict of interest, then the Access Person may not participate in (a) any decision-making process regarding the Securities of that issuer, or (b) any negotiations or discussions with any Vendor.

In addition to the specific requirements above, each Access Person has the responsibility to use his or her best judgment to assess objectively whether there might be even the appearance of a conflict of interest or acting for reasons of personal gain (or the inappropriate gain of Federated to the detriment of a Fund, an issuer or its affiliates or a Vendor). If you have questions regarding disclosure of personal interests and conflicts of interest, contact the Compliance Department or Federated’s General Counsel).

NOTE: Refer also to the "Conflicts of Interest" and "Personal Financial Interests; Outside Business Interests" requirements in Federated's Code of Business Conduct and Ethics.

6	Prohibitions on Giving/Receiving Gifts; Political and Charitable Contributions

Access Persons are in a position of trust and must exercise great care to preserve their independence. As a general rule, no Access Person should ever receive, solicit, make or offer an inappropriate payment or anything of value in exchange for a decision involving Federated's, a Fund's or a Vendor's business. Decisions must be made in an unbiased manner. Bribery, kickbacks and other improper payments have no place in Federated's business.

Without limiting the foregoing general principles:

(a)

Every Access Person is prohibited from giving, either individually or in the aggregate with all other Access Persons, or receiving any gift, favor, preferential treatment, valuable consideration, or other thing of more than a de minimis value in any year to or from any Fund, or other person or entity, from, to or through whom Fund purchases or sells Securities, or an issuer of Securities or its affiliates or a Vendor. For purposes of this Code, “de minimis value” is equal to $100 or less. This prohibition does not apply to:

·	(i) salaries, wages, fees or other compensation paid, or expenses paid or reimbursed, in the usual scope of an Access Person's employment responsibilities for the Access Person's employer;

·	(ii) meals, refreshments or entertainment of reasonable value in the course of a meeting or other occasion, the purpose of which is to hold bona fide business discussions;

·	(iii) advertising or promotional material of nominal value, such as pens, pencils, note pads, key chains, calendars and similar items;

·	(iv) the acceptance of gifts, meals, refreshments, or entertainment of reasonable value that are related to commonly recognized events or occasions, such as a promotion, new job or recognized holiday; or

·	(v) the acceptance of awards, from an employer to an employee, for recognition of service and accomplishment.

Note: Access Persons must be aware that in certain instances, gifts and/or various forms of entertainment may be subject to lower limitations or be prohibited entirely to certain individuals, including government officials, and it remains the obligation of the Access Person to verify actual limits or prohibitions with the Compliance Department, (which may further require discussion with the Legal Department) prior to making a gift or engaging in such other activities. Such activities may be limited or prohibited by federal, state, local or foreign laws.

Investment Personnel should also refer to the Investment Management Gift and Entertainment Policy and Procedures.

(b)

Every Access Person is prohibited from (i) making political or charitable contributions solely for the purpose of obtaining or retaining assets from, or advisory contracts or other business relationships with, federal, state, local or foreign governments or governmental agencies, or political subdivisions of any of them, or charitable organizations; and (ii) considering an Adviser’s or Federated’s current or anticipated business relationships as a factor in soliciting political or charitable donations.

NOTE: Any Access Person who is a director, officer or employee of Federated should also refer to the "Payments and Gifts" requirements in Federated's Code of Business Conduct and Ethics. Any Access Persons who are subject to the Broker-Dealer Written Supervisory Policies and Procedures also should consult those procedures for additional guidance on the receipt of gifts and gratuities. If you have questions regarding the receipt of gifts or political and charitable contributions, contact the Compliance Department or Federated’s General Counsel.

7	Review, Reporting, Education and Sanctions

7.1	Management Review of Investment Personnel’s Trading Activity

The President of the Advisory Companies, the Chief Investment Officers, the Head of Trading and such additional managers as the President of the Advisory Companies may designate will receive monthly reports of investment-related activity by Investment Personnel, such as preclearance requests, executed transactions and any other activity. Personal investment data will be reviewed to determine whether the transactions conflict with any Fund activity and whether the transactions appear

appropriate and consistent with the position and responsibility of the Investment Person.

7.2	Compliance Review of Reports and Trading Activity, and this Code of Ethics

Federated’s Compliance Department will review all initial holdings reports, confirmations, quarterly transaction reports, annual holdings reports and other reports and information required to be submitted under this Code to identify improper trading activity or patterns of trading, and to otherwise seek to verify compliance with this Code. Without limiting the foregoing, the Compliance Department will review personal trading activity and trading records to identify possible violations, including:

(a) Delay in reporting individual investments or investment accounts;

(b) Failure to report individual investments or investment accounts;

(d) Failure to preclear individual trades;

(e) Executing trades that violate provisions of this Code; and

(f) Failure to comply with the receipt of gifts provision.

In addition, the review may also include (as applicable, and in the Compliance Department's discretion): (i) a comparison of personal trading to applicable restricted lists; (ii) an assessment of whether an Access Person is trading for his or her own account in the same Securities he or she is trading for Funds (and, if so, whether the Funds are receiving terms as favorable as the Access Person takes for himself or herself); (iii) an assessment of Access Person trading patterns for indications of abuse (including, without limitation, "market timing"); (iv) an analysis of any substantial disparities between the quality of performance an Access Person receives for his or her own account and that he or she receives for Funds; and (iv) an analysis of any substantial disparities between the percentage of personal trades that are profitable and the percentage that are profitable when he or she places trades for Funds.

Federated's Compliance Department also will review this Code, and the implementation, effectiveness and enforcement of this Code, at least once annually or more frequently in response to material changes in legal requirements or business practices, as contemplated by Federated's written compliance program.

7.3	Self-discovery and Reporting

(a)

Each Access Person is required to report violations or suspected violations by any party of this Code promptly to the Compliance Department. If the person within the Compliance Department that receives the report is not the Chief Compliance Officer, that person must report all violations reported to the Chief Compliance Officer.

(b)

Immediate disclosure by an Access Person to the Compliance Department of a self-discovered violation and correction of that violation (including, without

limitation, the immediate disgorging of any gain) will generally be treated as a violation to be recorded, but not as a material violation, if the Access Person has not benefited by the transaction and the Compliance Department determines that the violation was not intentional.

(c)

It is Federated's policy that retaliation against Access Persons who report actual or suspected violations of this Code is prohibited. Any actual or attempted retaliation will be treated as a separate violation of this Code, which will be subject to sanction in accordance with Section 7.5 below (including, without limitation, termination).

NOTE: Any Access Person who is a director, officer or employee of Federated should also refer to the "Reporting of any Illegal or Unethical Behavior" requirements in Federated's Code of Business Conduct and Ethics. If you have questions concerning reporting violations, contact the Compliance Department or Federated’s General Counsel.

7.4

Education

From time to time the Compliance Department will schedule training sessions or may otherwise distribute educational materials regarding this Code. Access Persons are required to participate in all training sessions offered. Access Persons will be required to provide a written acknowledgment that the Access Person received, read and understood the Code and its administration.

7.5

Sanctions

Upon determining that a violation of this Code or its Associated Procedures has occurred, the Chief Compliance Officer may take such actions or impose such sanctions, if any, as may be deemed appropriate, including, without limitation:

(a) Issue a letter of censure;

(b) Assess a fine, either nominal or substantial;

(d) Require the disgorging of profits;

(e)

Disallow discretionary accounts or required preclearance of discretionary account trades;

(f) Prohibit or place further restrictions on personal trading or other activities;

(g) Recommend suspension;

(h) Recommend a reassignment of duties or job functions; or

(i) Recommend that the employment of the violator be terminated.

7.6	Factors for Consideration

Sanctions listed above may be assessed individually or in combination. Prior violations of the Access Person and the degree of responsibility exercised by the Access Person will be taken into consideration in the assessment of sanctions.

In instances where a member of the Access Person’s household commits the violation, any sanction will be imposed on the Access Person.

If extraordinary or unforeseen circumstances exist, an appeal may be directed to the Compliance Department. Appeals are solely within the discretion of the Chief Compliance Officer. The Chief Compliance Officer shall further have full discretion and authority to make special provision under and/or interpret or apply provisions of this Code.

7.7	Reporting of Violations

(a)

Violations of Investment Personnel and proposed sanctions will be reported to the responsible Chief Investment Officer and/or Manager. Violations of other Access Persons, and proposed sanctions, will be reported to the responsible Senior Manager. All violations and the proposed sanction will be reported to Senior Management and the Board of Directors of the Federated Funds quarterly.

(b)

Any patterns or trends noted and any difficulties in administration of this Code shall be reported to Senior Management and to the Board of Directors of the Federated Funds, at least annually.

8	Definitions

8.1

1933 Act

The “1933 Act” means the Securities Act of 1933, as amended.

8.2

1934 Act

The “1934 Act” means the Securities Exchange Act of 1934, as amended.

8.3

1940 Act

The “1940 Act” means the Investment Company Act of 1940, as amended.

8.4	Access Person

“Access Person” means any person who participates in or who: (i) in connection with his or her duties, obtains or could obtain any information concerning recommendations on Covered Securities being made by the investment adviser to any Fund or (ii) any person who has access to nonpublic information regarding any Fund’s Purchase or Sale of Securities, or nonpublic information regarding the portfolio holdings of any Reportable Fund.

“Access Person” includes, without limitation, a director, trustee, officer, managing general partner, general partner, or Investment Person of a Fund, of the Underwriter, and of the Adviser and other persons designated by the Compliance Department, any trust over which an Access Person is a trustee with investment discretion, influence or control, (either for the benefit of the Access Person or for any other party), any closely-held entity (such as a partnership, limited liability company or corporation) and any account (including, without limitation, any retirement, pension, deferred compensation or similar account) with respect to which the Access Person has investment discretion, influence or control.

Activity (including, without limitation, trading activity) by an Access Person’s household members will generally be attributed to the Access Person. (If emancipated adult children or other independent parties also reside in the household, the Access Person must either declare that the Access Person has no discretion, influence or control over the investment decisions of such other party or the Access Person must report the party as an Access Person.)

8.5

Adviser

“Adviser” means any subsidiary of Federated registered as an investment adviser with the SEC.

8.6	Advisers Act

“Advisers Act” means the Investment Advisers Act of 1940, as amended.

8.7	Associated Procedures

“Associated Procedures” means those procedures and/or statements that have been adopted by the Underwriter, the Adviser, a Fund or the Compliance Department, and which are designed to supplement this Code and its provisions.

8.8	Automatic Investment Plan

“Automatic Investment Plan” means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An “Automatic Investment Plan” includes, without limitation, a dividend reimbursement plan.

8.9	Beneficial Ownership

“Beneficial Ownership” will be attributed to an Access Person in all instances where the Access Person directly or indirectly (i) possesses the ability to purchase or sell the Covered Securities (or the ability to direct the disposition of the Covered Securities); (ii) possesses voting power (including the power to vote or to direct the voting) over such Covered Securities; or (iii) receives any benefits substantially equivalent to those of ownership. It is the intent of Federated that “Beneficial Ownership” be interpreted in the same manner as it would be under 17 C.F.R. § 240.16a-1(a)(2) in determining whether a person has Beneficial Ownership of a

Security for purposes of Section 16 of the 1934 Act and the rules and regulations thereunder.

8.10

Board

The “Board” means, with respect to a fund, the board of directors or trustees or any other group serving a similar function that has adopted this Code on behalf of the fund.

8.11

Code

“Code” means this Code of Ethics and any Associated Procedures.

8.12	Compliance Committee

“Compliance Committee” means the committee referenced under the Federated Code of Business Conduct and Ethics, consisting of, among others, the Chief Compliance Officer, the General Counsel, the Chief Audit Executive and the Chief Risk Officer.

8.13	Compliance Department

The “Compliance Department” means the Chief Compliance Officer of Federated and those other individuals designated by him or her as responsible for implementing this Code and the Associated Procedures.

8.14

Control

“Control” has the same meaning as that set forth in Section 2(a)(9) of the 1940 Act.

8.15	Covered Security

“Covered Security” means any Security, or interest in a Security held in any form, not expressly excluded by provisions of this Code, including, without limitation: equity and debt Securities; derivative Securities, including, without limitation, options on and warrants to purchase equity or debt Securities; shares of closed-end investment companies; investments in unit investment trusts; and any related instruments and Securities. “Covered Security” also means shares of any Reportable Funds and any 529 Plan or annuity employing such funds, unless specifically excluded in the paragraph below. Also included are futures, swaps and other derivative contracts.

“Covered Security” does not include: (1) direct obligations of the Government of the United States or U. S. Government Agencies (regardless of their maturities); (2) bankers' acceptances; bank certificates of deposit; commercial paper; high quality short-term debt instruments, including repurchase agreements; (3) shares of 1940 Act registered investment companies that are designated as money market funds; (4) shares issued by 1940 Act registered open-end investment companies (other than Reportable Funds) in a direct account with a mutual fund, or 529 Plan or annuity offeror when that account may only hold registered open-end investment company Securities; or (5) shares issued by unit investment trusts (or "UITs") that are invested exclusively in one or more open-end funds, none of which are Reportable Funds.

8.16	Federal Securities Laws

“Federal Securities Laws” means (a) the 1933 Act, (b) the 1934 Act, (c) the Sarbanes-Oxley Act of 2002, (d) the 1940 Act, (e) the Advisers Act, (f) Title V of the Gramm-Leach Bliley Act, (g) any rules of the SEC promulgated under any of the statutes identified in (a) through (f) above, (h) the Bank Secrecy Act as it applies to registered mutual funds and investment advisers, and (i) any rules adopted under the Bank Secrecy Act by the SEC or the Department of Treasury.

8.17

Federated

“Federated” means Federated Investors, Inc. and any of its subsidiaries as the context may require.

8.18

Fund

“Fund” means (i) each investment company registered under the 1940 Act (and any series or portfolios of such company) for which an Adviser serves as an investment adviser (as defined in § 2(a)(20) of the 1940 Act or an Underwriter serves as a principal underwriter (as defined in §§ 2(a)(29) and (40) of the 1940 Act) and (ii) any other investment account or portfolio over which an Adviser exercises investment discretion (whether pursuant to a direct advisory agreement, through a managed account or "wrap fee" program, or otherwise), and (iii) any investment adviser, broker, dealer, bank, or other financial institution to which Federated provides non-discretionary investment advisory services.

8.19	Independent Director

“Independent Director” means a member of the Federated Funds’ Board who is not an “interested person” of the Fund within the meaning of Section 2(a)(19) of the 1940 Act.

8.20

Influence

Influence means taking an action that is reasonably expected to materially modify the independent investment decision-making of a person who controls or otherwise has investment discretion with respect to an account (whether by imposing a restraint on such decision-making ability or directing a decision).

8.21	Initial Public Offering

“Initial Public Offering” means an offering of Securities registered under the 1933 Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the 1934 Act.

8.22	Investment Person; Investment Personnel

“Investment Person” or “Investment Personnel” means (a) Access Persons with direct responsibility and authority to make investment decisions affecting the Fund (such as portfolio managers and Chief Investment Officers) and individuals who provide information and advice to such portfolio managers (such as Securities

analysts); and (b) those who assist in executing investment decisions for the Fund (such as traders) and their related staff members.

“Investment Person” or “Investment Personnel” further means any trust over which an Investment Person is a trustee with investment discretion, influence or control, (either for the benefit of the Investment Person or for any other party), any closely-held entity (such as a partnership, limited liability company or corporation) in which an Investment Person holds a Controlling interest and with respect to which he or she has investment influence or control, and any account (including, without limitation, any retirement, pension, deferred compensation or similar account) with respect to which the Access Person has investment discretion, influence or control. Investment Person is intended to include and includes persons deemed to be Supervised Persons pursuant to Rule 204A-1 under the Investments Advisers Act of 1940, as further defined hereunder.

Activity (including, without limitation, trading activity) by an Investment Person’s household members will generally be attributed to the Investment Person. (If emancipated adult children or other independent parties also reside in the household, the Investment Person must either declare that the Investment Person has no discretion, influence or control over the investment decisions of such other party or the Investment Person must report the party as an Investment Person.)

8.23	Private Placement

“Private Placement” (or “limited offering”) means an offering that is exempt from registration under the 1933 Act pursuant to Section 4(2) or Section 4(6) of the 1933 Act or pursuant to rule 504, rule 505 or rule 506 under the 1933 Act.

8.24	Purchase or Sale

“Purchase or Sale” of a Security or Covered Security includes, among other things, the writing of an option, future or other derivative contract to purchase or sell a Security or Covered Security.

8.25	Reportable Fund

“Reportable Fund” means any 1940-Act registered open end investment company for which an Adviser serves as investment adviser as defined in Section 2(a)(2) of the 1940 Act, or any 1940-Act registered investment company whose investment adviser or principal underwriter Controls an Adviser, is Controlled by an Adviser or is under common Control with an Adviser.

8.26

SEC

The “SEC” means the Securities and Exchange Commission of the United States, and any successor thereto.

8.27

Security

“Security” or "Securities" means any security as defined in Section 2(a)(36) of the 1940 Act or Section 202(a)(18) of the Advisers Act.

8.28	Supervised Person

"Supervised Person" means directors, officers and partners of an Adviser (or other persons occupying a similar status or performing similar functions), employees of an Adviser, and any other person who provides advice on behalf of an Adviser and is subject to the Adviser’s supervision and control.

8.29	Underwriter

“Underwriter” means any subsidiary of Federated registered as a broker/dealer with the SEC.

8.30

Vendor

"Vendor" means any borrower, lender, tenant, landlord, supplier, service provider (including, without limitation, a service provider to a mutual fund) or other vendor of Federated (including, without limitation, any Adviser or any other affiliate), any managed account or "wrap fee" program sponsor or turn key platform provider, or any other third party that has or is seeking a relationship with Federated (including, without limitation, any Adviser or other affiliate).

Approved by: /s/ John B. Fisher Date: 09/16/11

President of the Advisory Companies

Approved by: /s/ Brian P. Bouda Date: 09/16/11

Compliance

Addendum

ACCESS PERSONS PROCEDURES

1 Preclearance Approval Using TradeComply

(a)

All Access Persons who wish to effect a personal Securities transaction, whether a purchase, sale, or other disposition, must preclear the Covered Security in TradeComply prior to engaging in the transaction. Private Placement securities must be precleared directly through the Compliance Department.

(b)	When trading options, the Access Person must preclear the option and the underlying Security before entering into the option contract.

(c)

Based on established criteria, TradeComply determines whether the contemplated transaction should be permitted. The primary criterion applied is whether the Covered Security is on the Federated Equity Restricted List or Open Order lists, or whether the Covered Security was traded by any of the Federated advised Funds (fund trade information is updated nightly in TradeComply).

(d)	Approval is either granted or denied immediately in TradeComply.

(e)	If approval is denied, the contemplated personal transaction in that Covered Security is prohibited until prior approval is subsequently granted upon request in TradeComply.

(f)

If approval is granted, the Access Person is free to effect the personal transaction in that Covered Security until the end of the next trading day only (subject to revocation as contemplated in Section 3.2 of this Code). In this regard, open orders extending beyond the next trading day (good till cancel) must be resubmitted for approval in TradeComply to comply with this Code.

(g)	All trade requests and their dispositions are maintained in TradeComply and reviewed by the Compliance Department in conjunction with other information provided by Access Persons in accordance with this Code.

(h)	The Compliance Department reviews all potential violations identified by TradeComply after Fund trades and personal trades have been compared and determines the appropriate action to be taken to resolve each identified violation.

2 Federated Funds Compliance Review

Access Persons must provide all relevant information concerning investments in Federated funds held in accounts with financial institutions or intermediaries (banks,

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broker-dealers, etc.) to the Compliance Department in the same manner and subject to the same timing requirements as individual Securities.

3 Non-U.S. Based Federated Access Persons

(a)

Access Persons who are not located in the U.S. must request preclearance approval from the Compliance Department via email. Access Persons must provide specific trade details including the issuer name, anticipated date of transaction, full name of Security (i.e., title), description (i.e., type), CUSIP or SEDOL number or exchange ticker symbol, number of shares and principal amount, interest rate and maturity date (if applicable) and the type of transaction (purchase or sale). The Compliance Department requests preclearance for the transaction through TradeComply during normal business hours on the day the request is received. The Compliance Department notifies the Access Person via email of the results of the preclearance request.

If the trade request is approved, the Access Person must execute the trade no later than the close of business on the business day following the date of the request (subject to revocation as contemplated in Section 3.2 of this Code).

4 Non-Federated Access Persons

(a)

Transaction and holdings information of non-Federated officers of Federated and/or proprietary funds shall be reviewed on a quarterly basis to determine whether any patterns of conflict are exhibited with any Funds for which Federated has access to Fund transaction information, and

(b)

Data relating to the trades of all personnel designated as Access Persons of a Fund for which Federated does not have access to Fund transaction information will be submitted to Compliance Department or other appropriate personnel of the Fund’s adviser for review on a quarterly basis.

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COMPLIANCE DEPARTMENT PROCEDURES

1	Preclearance

(a)

Documentation of valid preclearance approval, including a statement that the Access Person was not aware of any consideration of a Security by research analysts or Fund portfolio managers for a recommendation, an actual Fund trade or an anticipated transaction, shall be conclusive for purposes of reviewing a personal transaction, unless additional facts or a preponderance of circumstances suggest otherwise. This conclusive presumption does not apply to research analysts covering or recommending a Covered Security involved in a Fund trade or portfolio managers of a Fund making a trade in that Security.

(b)

Before approving a preclearance request for a Private Placement, submitted by an Access Person, the Compliance Department shall inquire of the appropriate portfolio manager(s) and head trader(s) as to whether an order is pending or expected to be entered for the same Security. In cases where an Investment Person has submitted the request for preclearance, the Compliance Department shall also notify the Chief Investment Officer to whom the Investment Person reports. The Compliance Department will notify the Access Person as to whether or not the investment has been precleared.

2 Initial Reporting Process

(a)	A member of the Compliance Department meets with each new Access Person and reviews this Code, the Insider Trading Policy and the procedures for preclearing personal Securities transactions through TradeComply.

(b)	The Access Person is required to complete the “Certification and Acknowledgment Form” to acknowledge his/her understanding of this Code and return it to the designated Compliance Assistant within ten (10) calendar days.

(c)	In addition, the Access Person is required to complete the “Personal Security Portfolio Forms” which includes information detailed in Section 2.1 of the Code, and:

NOTE: Information provided by the Access Person must be current as of a date no more than 45 days before the report is submitted. Failure to provide that information within 10 calendar days is deemed a violation of the Code and SEC Rules.

(d)	Separate forms must be completed for the Access Person and all household members as defined in Section 8.4 of this Code. The signed form(s) must be returned to the Compliance Department within ten (10) calendar days.

(e)	A member of the Compliance Department inputs current portfolio holdings information into TradeComply as “initial” holdings.

(f)	The Compliance Department notifies each broker, dealer, bank or other financial institution that duplicate confirmations and statements for the Access Person and household members, if applicable, must be sent to the Chief Compliance Officer,

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effective immediately. The Compliance Department also will obtain reports on accounts held directly with Federated’s Transfer Agent and 401k Plan Administrator.

3 Quarterly Reporting Process

(a)	On the first business day after each calendar quarter end, the Compliance Assistant sends an e-mail to each Access Person giving step-by-step instructions on how to complete the quarterly reporting requirements using TradeComply.

(b)	By the date specified by the Compliance Department (but no later than thirty (30) calendar days of the quarter end), the Access Person is required to:

(i)	review for accuracy all Covered Security transactions recorded during the previous calendar quarter in all personal and household member accounts;

(ii)	review all open account information, including names of broker-dealers, banks and other financial institutions, addresses and account numbers;

(iii)

notify the Compliance Department of any new accounts established with broker-dealers, banks or other financial institutions during the quarter and the date the account was established;

(iv)	resolve any discrepancies with the Compliance Department;

(v)	record an electronic signature and date on TradeComply.

Information provided by the Access Person must be current as of a date no more than 45 days before the report is submitted. Failure to provide that information within 10 calendar days is deemed a violation of the Code and SEC Rules.

The information required shall include the information detailed in Section 2.2 of the Code.

An Access Person need not submit a quarterly Securities transactions report to the extent that the report would duplicate information contained in broker trade confirmations or account statements delivered to Federated so long as such trade confirmations or account statements are received by the Compliance Department by the date specified by the Compliance Department (but in no later than 25 days after the end of the applicable calendar quarter).

(c)	Chief Compliance Officer Brian P. Bouda reviews potential violations of the Code by any Access Person periodically during the calendar quarter.

(d)	The Compliance Department issues memos to each Access Person involved if any personal transactions executed during the quarter appear to be violations of this Code.

(e)	Based on the facts and the Access Person’s response to the memo, the Chief Compliance Officer may impose or recommend any of the sanctions identified in Section 7 of this Code.

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4 Annual Reporting Process

(a)	At least annually, the Compliance Department requires that each Access Person read this Code and certify and acknowledge his/her understanding of this Code and its requirements.

(b)

In addition to the quarterly reporting requirements, on an annual basis, the Compliance Department requires each Access Person to confirm and certify that the records of all Covered Securities holdings in Trade Comply are complete and accurate.

This re-certification is required to be completed by the date specified by the Compliance Department (but in no event later than thirty (30) calendar days after a request) from the Compliance Department. The Compliance Department monitors compliance with this requirement through the electronic signatures on TradeComply.

5 Reportable Funds Transactions

On a quarterly basis, the Compliance Department will request and review a report of Federated Fund Securities transactions by Access Persons and Investment Personnel from both the Federated Transfer Agent and the 401k Plan Administrator and from other accounts reported by Access Persons and Investment Personnel. After reviewing these transactions, the Compliance Department will discuss any issues identified with the Access Person and management and take appropriate action, as provided by the Code.

6 Blackout Periods – Fund Trades

A transaction in a Covered Security by a Fund shall trigger a blackout period as specified above for Access Persons and Investment Persons, (other than the Portfolio Managers, Traders and Research Analysts serving a Fund in which such purchase or sale occurs), only if the aggregate of open orders and executed purchases and sales in the security within the Federated complex is equal to or exceeds a specified threshold on each trading day. That threshold shall be defined by asset type, as follows:

Covered Security Threshold equal to or greater than:

Equity

1% of the average daily volume measured over the preceding 20 trading days.

Fixed Income

Investment Grade

Corporate Obligation

$250,000

State or Foreign Obligation

$250,000

Municipal Obligation

$250,000

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High Yield

Corporate Obligation

$100,000

State or Foreign Obligation

$100,000

Municipal Obligation

$100,000

An open order or executed trade in any equity Covered Security for which an average daily volume cannot be determined shall trigger a blackout period. Any trades in any fixed income Covered Security not specified above shall trigger a blackout period.

7 Reporting to the Board of Directors

(a)

Each quarter, the Compliance Department will provide reports of any violations of this Code to Senior Management and the Board of Directors of the Federated Funds. Any patterns or trends noted and any difficulties in administration of this Code shall be reported to Senior Management and, to the Board Directors of the Federated Funds, at least annually.

(b)	The Compliance Department will also report any difficulties in administration of this Code and any trends or patterns of personal Securities trading which are deemed by the Compliance Department to be violations of this Code.

(c)	The Compliance Department provides the Board with the job title of the Access Person; the type of violation; the details of the transaction(s); and the types of sanctions imposed, if any.

(d)	At least annually, the Compliance Department shall certify that the Fund, investment adviser or principal underwriter, as applicable, has adopted procedures reasonably necessary to prevent Access Persons from violating this Code.

8 Record Keeping Requirements

The Compliance Department maintains the following books and records in TradeComply for a period equal to (a) no less than six (6) calendar years or (b) any longer period that may be required under applicable law:

(a)	a copy of this Code (current and for the past five years)

(b)	a record of any violation of this Code and any action taken as a result of the violation;

(c)	a record of all written acknowledgments of access persons (current and for the past five years).

(d)	a record of each report made by an Access Person, including initial, quarterly and annual reporting (and including any information on a broker trade confirmation or account statement that was submitted in lieu of such reports);

(e)	a record of all Access Persons (current and for the past five years);

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(f)	a record of any decision, and the reasons supporting the decision, to approve the acquisition of Securities by Access Persons in an Initial Public Offering (IPO) (to the extent approved as satisfying the limited exceptions in Sections 5.2(a) or (b) to the general prohibition) or Private Placement;

(g)	a record of persons responsible for reviewing reports; and

(h)	a copy of any supporting documentation used in making decisions regarding action taken by the Compliance Department with respect to personal Securities trading.

Such records will be kept in such locations, and for such periods, as required under the Advisers Act and the 1940 Act.

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History of the Trust		4		Valuation of the Money Market Fund	35
Investment Strategies and Policies		5		Valuation of the Non-Money Market Funds	35
	The Funds	5		Redemption in Kind	36
Additional Information on Portfolio Instruments and			Management of the Trust		37
	Investment Policies	8		Trustees and Officers	37
	Alternative Strategies and Unregistered Investment Pools	8		Trustee Holdings	43
	Bank Obligations	8		Control Persons and Principal Holders of Securities	44
	Commercial Paper	9		The Manager	45
	Common Stocks	9		The Subadvisers	49
	Convertible Securities	9		Allianz Global Investors Capital LLC	53
	Corporate Debt Securities	9		BlackRock Advisors, LLC	53
	Delayed Funding Loans and Revolving Credit Facilities	11		BlackRock Capital Management, Inc.	54
	Derivative Instruments	11		BlackRock Financial Management, Inc.	54
	Event-Linked Exposure	12		BlackRock Investment Management, LLC	54
	Foreign Currency Options and Futures Transactions	13		Columbia Management Investment Advisers, LLC	54
	Foreign Securities	13		Davis Selected Advisers, L.P.	54
	Forward Foreign Currency Exchange Contracts	15		The Dreyfus Corporation	54
	Futures	16		Eaton Vance Management	54
	Futures and Options Investment Risks	16		Federated Global Investment Management Corp	55
	Guaranteed Investment Contracts	17		Franklin Advisers, Inc.	55
	Illiquid Securities	17		Franklin Mutual Advisers, LLC	55
	Initial Public Offerings	17		Gateway Investment Advisers, LLC	55
	Investment Company Securities	18		Invesco Advisers, Inc.	55
	Lending of Portfolio Securities	18		J.P. Morgan Investment Management Inc	55
	Loan Participations and Assignments	19		Massachusetts Financial Services Company	56
	Mortgage - Related Securities	19		Morgan Stanley Investment Management Inc.	56
	Options	21		NFJ Investment Group LLC	56
	Preferred Stocks	22		Oppenheimer Funds, Inc.	56
	Real Estate Investment Trusts (REITs)	22		Schroder Investment Management North America Inc.	56
	Repurchase Agreements	22		Templeton Global Advisors Limited	56
	Risks of Techniques Involving Leverage	23		Other Managed Accounts	56
	Short Sales Against the Box	24		Potential Material Conflicts of Interest	63
	Small Company Stocks	25		Portfolio Manager Compensation	64
	Special Situation Companies	25		Portfolio Manager Ownership of Securities in the Funds	81
	Structured Notes	25		Affiliated Persons	81
	Swap Agreements	25		Portfolio Transactions	81
	Taxable and Tax Exempt Municipal Securities	26		Affiliated Brokers	82
	U.S. Government Obligations	27		Administrator, Transfer Agent, and Fund Accountant	85
	Variable and Floating Rate Demand and			Distributor	87
	Master Demand Notes	27		Custodian	89
	When-Issued and Delayed Delivery Securities	28		Independent Registered Public Accounting Firm	89
	Zero Coupon and Pay-In-Kind Securities	28		Legal Counsel	89
	AZL BlackRock Global Allocation Fund – Investments in the subsidiary	28		Codes of Ethics	90
Investment Restrictions		31		Licensing Arrangements	90
	Portfolio Turnover	33	Additional Information		92
Other Fund Policies		33		Description of Shares	92
	Disclosure of Portfolio Holdings	33		Vote of a Majority of the Outstanding Shares	93
	Additional Purchase and Redemption Information	34	Additional Tax Information		93
	Net Asset Value	34	Performance Information		98
				Yields of the Money Market Fund	98
				Yields of the Non-Money Market Funds	99
				Calculation of Total Return	99

Recipient (holdings)	Frequency	Delay before dissemination
The Bank of New York Mellon (Fund Custodian)	Daily	None
Citi Fund Services Ohio, Inc. (Fund Accountant, Administrator and Transfer Agent)	Daily	None
Broadridge Investor Communications Solutions, Inc. (proxy voting services)	As necessary	None
ISS, a subsidary of RiskMetrics Group (proxy voting services)	As necessary	None
Glass Lewis & Co., LLC (proxy voting services)	As necessary	None
Factset	Daily	1 day
Bloomberg	Quarterly	31 Calendar days after quarter end
Lipper	Quarterly	31 Calendar days after quarter end
S&P	Quarterly	31 Calendar days after quarter end
Morningstar Associates, LLC	Quarterly	31 Calendar days after month end
Thomson/Vestek	Quarterly	31 Calendar days after quarter end

NON-INTERESTED TRUSTEES(1)
Name, Address, and Age	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/ Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the AZL Fund Complex During Past 5 Years
Peter R. Burnim, Age 65 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Managing Director iQ Venture Advisors, LLC., 2005 to present; Chairman, Northstar Group Holdings, 2011 to present; EVP, Northstar Companies, 2002 to 2005; Senior Officer Citibank and Citicorp for over 25 years	43	Argus Group Holdings; Northstar Group Holdings, NRIL, Sterling Centrecorp Inc.; Highland Financial Holdings; and Bank of Bermuda NY
Peggy L. Ettestad, Age 54 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/07	Managing Director, Red Canoe Management Consulting LLC, 2008 to present; Senior Managing Director, Residential Capital LLC, 2003 to 2008; Chief Operations Officer, Transamerica Reinsurance 2002 to 2003	43	Luther College
Roger Gelfenbien, Age 68 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 10/99	Retired; Partner of Accenture 1983 to 1999	43	Virtus Funds (8 Funds)
Claire R. Leonardi, Age 56 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Chief Executive Officer, Connecticut Innovations, 2012 to present; General Partner of Fairview Capital, L.P., 1994 to present	43	The Natural History Museum of the Adirondacks
Dickson W. Lewis, Age 63 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Vice President/General Manager, Yearbooks & Canada-Lifetouch National School Studios, 2006 to present; Vice President/General Manager of Jostens, Inc., 2002 to 2006; Senior Vice President of Fortis Group, 1997 to 2002; Consultant to Hartford Insurance Co., 2001	43	None
Peter W. McClean, Age 68 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 2/04	Retired; President and CEO of Measurisk, LLC, 2001 to 2003; Chief Risk Management Officer at Bank Of Bermuda Ltd., 1996 to 2001	43	PNMAC Opportunity Fund; Northeast Bank; and FHI
Arthur C. Reeds III, Age 68 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 10/99	Retired; Senior Investment Officer, Hartford Foundation for Public Giving, 2000 to 2003; Chairman, Chief Executive and President of Conning Corp., 1999 to 2000; Investment Consultant 1997 to 1999	43	Connecticut Water Service, Inc.

INTERESTED TRUSTEE(3)
Name, Address, and Age	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/ Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen for Allianz VIP and VIP FOF Trust	Other Directorships Held Outside the Fund Complex During Past 5 Years
Robert DeChellis, Age 45 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 3/08	President and CEO, Allianz Life Financial Services, LLC, 2007 to present.	43	None
Brian Muench, Age 41 5701 Golden Hills Drive Minneapolis, MN 55416	Trustee	Since 6/11	President, Allianz Investment Management LLC from November 2010 to present; Vice President, Allianz Life from April 2011 to present; Vice President, Advisory Management, Allianz Investment Management LLC from December 2005 to November 2010.	43	None

OFFICERS
Name, Address, and Age	Positions Held with Allianz VIP and VIP FOF Trust	Term of Office(2)/ Length of Time Served	Principal Occupation(s) During Past 5 Years
Brian Muench, Age 41 5701 Golden Hills Drive Minneapolis, MN 55416	President	Since 11/10	President, Allianz Investment Management LLC from November 2010, to present; Vice President, Allianz Life from April 2011 to present; Vice President, Allianz Investment Management LLC from December 2005 to November 2010.
Michael Radmer, Age 67 Dorsey & Whitney LLP, Suite 1500 50 South Sixth Street Minneapolis, MN 55402-1498	Secretary	Since 2/02	Partner, Dorsey and Whitney LLP since 1976.
Ty Edwards, Age 45 Citi Fund Services Ohio, Inc. 3435 Stelzer Road Columbus, OH 43219	Treasurer, Principal Accounting Officer and Principal Financial Officer	Since 4/10	Senior Vice President, Financial Administration, Citi Fund Services Ohio, Inc., December 2009 to present; Director, Product Management, Columbia Management, April 2007 to April 2009; Deputy Treasurer, Columbia Funds and Director, Fund Administration, Columbia Management, January 2006 to April 2007.
Stephen G. Simon, Age 44 5701 Golden Hills Drive Minneapolis, MN 55416	Chief Compliance Officer(4) and Anti-MoneyLaundering Compliance Officer	Since 11/06	Chief Compliance Officer, Allianz Investment Management LLC, July 2004 to present.

Name of Director	Dollar Range of Equity Securities in each Fund	Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen by Trustee in Family of Investment Companies
Peter R. Burnim 5701 Golden Hills Drive Minneapolis, MN 55416	None	None
Peggy L. Ettestad 5701 Golden Hills Drive Minneapolis, MN 55416	None	None
Roger A. Gelfenbien 5701 Golden Hills Drive Minneapolis, MN 55416	None	None
Claire R. Leonardi 5701 Golden Hills Drive Minneapolis, MN 55416	None	None
Dickson W. Lewis 5701 Golden Hills Drive Minneapolis, MN 55416	None	None
Peter W. McClean 5701 Golden Hills Drive Minneapolis, MN 55416	None	None
Arthur C. Reeds III 5701 Golden Hills Drive Minneapolis, MN 55416	None	None
Robert DeChellis 5701 Golden Hills Drive Minneapolis, MN 55416	None	None
Brian Muench 5701 Golden Hills Drive Minneapolis, MN 55416	None	None

Name	Name of Owners and Relationships to Director	Company	Title of Class	Value of Securities	Percent of Class
Peter R. Burnim	N/A	N/A	None	N/A	N/A
Peggy L. Ettestad	N/A	N/A	None	N/A	N/A
Roger A. Gelfenbien	N/A	N/A	None	N/A	N/A
Arthur C. Reeds III	N/A	N/A	None	N/A	N/A
Claire R. Leonardi	N/A	N/A	None	N/A	N/A
Dickson W. Lewis	N/A	N/A	None	N/A	N/A
Peter W. McClean	N/A	N/A	None	N/A	N/A

Name of Trustee	Aggregate Compensation from the Trust	Pension or Retirement Benefits Accrued as Part of the Trust’s Expenses	Estimated Annual Benefits Upon Retirement	Total Compensation from the Trusts
NON-INTERESTED TRUSTEES
Peter R. Burnim	$88,568	$0	N/A	$132,000
Peggy L. Ettestad	$88,568	$0	N/A	$132,000
Roger A. Gelfenbien	$88,568	$0	N/A	$132,000
Arthur C. Reeds III	$88,568	$0	N/A	$132,000
Peter W. McClean	$88,568	$0	N/A	$132,000
Claire R. Leonardi	$88,568	$0	N/A	$132,000
Dickson W. Lewis	$88,568	$0	N/A	$132,000
INTERESTED TRUSTEE
Robert DeChellis	$0	$0	N/A	$0
Brian Muench	$0	$0	N/A	$0

Fund/Shareholder	Percent of the Class Total Assets Held by Allianz Life Insurance Company of North America*	Percent of the Class Total Assets Held by Allianz Life Insurance Company of New York**
AGIC Opportunity Fund	96.72%	–
BlackRock Capital Appreciation Fund	95.33%	–
BlackRock Global Allocation Fund	100.00%	–
Columbia Mid Cap Value Fund	93.97%	6.03%
Columbia Small Cap Value Fund	94.31%	5.69%
Davis New York Venture Fund	95.82%	–
Dreyfus Research Growth Fund	97.17%	–
Eaton Vance Large Cap Value Fund	96.98%	–
Enhanced Bond Index Fund	100.00%	–
Federated Clover Small Value Fund	95.51%	5.26%
Franklin Templeton Founding Strategy Plus Fund	91.89%	8.11%
Gateway Fund	87.17%	12.83%
International Index Fund	90.13%	9.87%
Invesco Equity And Income Fund	94.13%	5.87%
Invesco Growth and Income Fund	97.22%	–
Invesco International Equity Fund	95.60%	–
JPMorgan International Opportunities Fund	95.64%	–
JPMorgan U.S. Equity Fund	95.27%	–
MFS Investors Trust Fund	95.55%	–
Mid Cap Index Fund	97.91%	–
Money Market Fund	94.28%	5.72%
MS Global Real Estate Fund	95.53%	–
MS Mid Cap Growth Fund	95.13%	–
NFJ International Value Fund	100.00%	–
Oppenheimer Discovery Fund	94.84%	–
Russell 1000 Growth Index Fund	100.00%	–
Russell 1000 Value Index Fund	100.00%	–
S&P 500 Index Fund (Class 1)	96.35%	–
S&P 500 Index Fund (Class 2)	94.48%	5.52%
Schroder Emerging Markets Equity Fund (Class 1)	95.49%	–
Schroder Emerging Markets Equity Fund (Class 2)	95.61%	–
Small Cap Stock Index Fund	96.97%	–

Name of Fund	Gross Management Fee
AGIC Opportunity Fund	0.85%
BlackRock Capital Appreciation Fund	0.80%
BlackRock Global Allocation Fund	0.75%
Columbia Mid Cap Value Fund	0.75%
Columbia Small Cap Value Fund	0.90%
Davis New York Venture Fund	0.75%
Dreyfus Research Growth Fund	(1)
Eaton Vance Large Cap Value Fund	(2)
Enhanced Bond Index Fund	0.35%
Federated Clover Small Value Fund	0.75%
Franklin Templeton Founding Strategy Plus Fund	0.70%
Gateway Fund	0.80%
International Index Fund	0.35%
Invesco Equity and Income Fund	0.75%
Invesco Growth and Income Fund	(2)
Invesco International Equity Fund	0.90%
JPMorgan International Opportunities Fund	0.95%
JPMorgan U.S. Equity Fund	0.80%
MFS Investors Trust Fund	0.75%
Mid Cap Index Fund	0.25%
Money Market Fund	0.35%
MS Global Real Estate Fund	0.90%
MS Mid Cap Growth Fund	(2)
NFJ International Value Fund	0.90%
Oppenheimer Discovery Fund	0.85%
Russell 1000 Growth Index Fund	0.44%
Russell 1000 Value Index Fund	0.44%
S&P 500 Index Fund	0.17%
Schroder Emerging Markets Equity Fund	1.23%
Small Cap Stock Index Fund	0.26%

(1)	Average Net Assets in Millions (M)
	Up to $10M	$10M to $20M	$20M and More 0.750%
Dreyfus Research Growth Fund	1.000%	0.875%	$20M and More 0.750%

(2)	Average Net Assets in Millions (M)
	Up to $100M	$100M to $250M	$250M to $500M	$500M and More
Eaton Vance Large Cap Value Fund	0.775%	0.750%	0.725%	0.675%
Invesco Growth and Income Fund	0.775%	0.750%	0.725%	0.675%
MS Mid Cap Growth Fund	0.850%	0.800%	0.775%	0.750%

Name of Fund	Expense Limitation for Fund
	Class 1	Class 2
AGIC Opportunity Fund	N/A	1.35%
BlackRock Capital Appreciation Fund	N/A	1.20%
BlackRock Global Allocation Fund	N/A	1.19%
Columbia Mid Cap Value Fund	N/A	1.30%
Columbia Small Cap Value Fund	1.10%	1.35%
Davis New York Venture Fund	0.95%	1.20%
Dreyfus Research Growth Fund	N/A	1.20%
Eaton Vance Large Cap Value Fund	N/A	1.20%
Enhanced Bond Index Fund	N/A	0.70%
Federated Clover Small Value Fund	N/A	1.35%
Franklin Templeton Founding Strategy Fund	N/A	1.20%
Gateway Fund	N/A	1.25%
International Index Fund	N/A	0.77%
Invesco Equity and Income Fund	N/A	1.20%
Invesco Growth and Income Fund	N/A	1.20%
Invesco International Equity Fund	N/A	1.45%
JPMorgan International Opportunities Fund	N/A	1.39%
JPMorgan U.S. Equity Fund	0.95%	1.20%
MFS Investors Trust Fund	N/A	1.20%
Mid Cap Index Fund	N/A	0.71%
Money Market Fund	N/A	0.87%
MS Global Real Estate Fund	N/A	1.35%
MS Mid Cap Growth Fund	N/A	1.30%
NFJ International Value Fund	N/A	1.45%
Oppenheimer Discovery Fund	N/A	1.35%
Russell 1000 Growth Fund	N/A	0.84%
Russell 1000 Value Fund	N/A	0.84%
Schroder Emerging Markets Equity Fund	1.40%	1.65%
S&P 500 Index Fund	0.46%	0.71%
Small Cap Stock Index Fund	N/A	0.71%

Period Ended	December 31, 2011			December 31, 2010			December 31, 2009
Fund	Management Fees Earned	Recoupment*	Management Fees Waived	Management Fees Earned	Recoupment*	Management Fees Waived	Management Fees Earned	Recoupment*	Management Fees Waived
AGIC Opportunity Fund	$1,569,340	$0	$0	$1,459,838	$0	$0	$1,003,793	$0	$0
BlackRock Capital Appreciation Fund	4,225,790	0	590,952	3,894,849	0	$630,284	1,796,800	0	181,066
BlackRock Global Allocation Fund	NA	NA	NA	NA	NA	NA	NA	NA	NA
Columbia Mid Cap Value Fund	1,023,227	0	0	811,698	0	0	521,782	0	0
Columbia Small Cap Value Fund	1,388,929	0	80,679	1,107,573	8,124	61,534	573,331	21,682	31,853
Davis New York Venture Fund	2,986,371	0	157,452	3,436,003	0	193,110	3,690,670	0	206,495
Dreyfus Research Growth Fund	1,698,752	0	148,254	1,232,114	0	117,144	1,044,673	0	104,648
Eaton Vance Large Cap Value Fund	3,394,921	0	151,553	3,171,362	0	143,841	2,671,299	0	126,598
Enhanced Bond Index Fund	966,157	24,651	0	522,842	0	7,593	106,341	0	17,058
Federated Clover Small Value Fund	1,608,170	0	0	1,524,718	0	0	1,291,594	0	0
Franklin Templeton Founding Strategy Plus Fund	1,713,160	53,765	0	622,039	0	53,256	69,499	0	509
Gateway Fund	267,836	21,020	0	59,061	0	25,000	NA	NA	NA
International Index Fund	1,277,255	0	322,520	843,772	0	309,793	233,849	0	138,328
Invesco Equity and Income Fund	3,051,071	0	331,810	2,143,600	0	210,815	1,428,433	0	120,816
Invesco Growth and Income Fund	1,985,819	0	257,788	1,698,870	0	222,860	1,246,284	0	162,836
Invesco International Equity Fund	4,642,016	0	412,047	4,232,420	0	605,403	2,099,934	0	90,265
JPMorgan International Opportunities Fund	3,850,958	0	460,951	3,110,281	0	491,098	2,245,128	0	149,166
JPMorgan U.S. Equity Fund	2,564,898	0	177,708	2,330,630	0	145,668	1,354,569	31,893	84,663
MFS Investors Trust Fund	2,230,338	0	98,692	2,331,442	0	105,433	2,272,466	0	101,501
Mid Cap Index Fund	470,124	10,039	30,000	263,938	0	15,938	70,684	0	17,584
Money Market Fund**	3,038,064	0	3,038,064	3,182,927	0	3,182,927	3,742,371	0	1,064,636
MS Global Real Estate Fund	1,662,109	84,305	0	1,452,582	29,572	0	1,036,488	0	62,970
MS Mid Cap Growth Fund	3,568,406	0	60,025	3,077,370	0	158,145	2,308,108	0	131,518
NFJ International Value Fund	1,101,667	0	57,435	1,109,462	0	123,273	405,552	0	45,061
Oppenheimer Discovery Fund	744,093	0	0	516,197	0	0	342,401	0	0
Russell 1000 Growth Index Fund	469,109	16,000	0	263,261	0	16,000	NA	NA	NA
Russell 1000 Value Index Fund	765,931	0	0	420,155	0	0	NA	NA	NA
Schroder Emerging Markets Equity Fund	4,524,686	0	730,252	4,724,071	0	1,067,884	3,843,845	151,744	876,014
S&P 500 Index Fund	1,166,829	0	53,390	1,002,928	0	270,682	711,803	0	222,765
Small Cap Stock Index Fund	527,660	0	30,975	465,131	0	124,909	380,969	0	139,199

Fund	Subadviser	Subadvisory Fee*
AGIC Opportunity Fund	Allianz Global Investors Capital LLC (affiliated with the Manager)	.58%
BlackRock Capital Appreciation Fund	BlackRock Capital Management, Inc.	.37%
BlackRock Global Allocation Fund	BlackRock Investment Management, LLC	N/A
Columbia Mid Cap Value Fund	Columbia Management Investment Advisers, LLC	.45%
Columbia Small Cap Value Fund	Columbia Management Investment Advisers, LLC	.49%
Davis New York Venture Fund	Davis Selected Advisers, L.P.	.41%
Dreyfus Research Growth Fund	The Dreyfus Corporation	.41%
Eaton Vance Large Cap Value Fund	Eaton Vance Management	.38%
Enhanced Bond Index Fund	BlackRock Financial Management, LLC	.14%
Federated Clover Small Value Fund	Federated Global Investment Management Corp.	.64%(1)
Franklin Templeton Founding Strategy Plus Fund	Franklin Advisers, Inc., Franklin Mutual Advisers, LLC, and Templeton Global Advisors Limited	.08%
Gateway Fund	Gateway Investment Advisers, LLC	.45%
International Index Fund	BlackRock Investment Management, LLC	.25%
Invesco Equity and Income Fund	Invesco Advisers, Inc.	.45%
Invesco Growth and Income Fund	Invesco Advisers, Inc.	.42%
Invesco International Equity Fund	Invesco Advisers, Inc.	.54%
JPMorgan International Opportunities Fund	J.P. Morgan Investment Management Inc.	.56%
JPMorgan U.S. Equity Fund	J.P. Morgan Investment Management Inc.	.36%
MFS Investors Trust Fund	Massachusetts Financial Services Company	.49%
Mid Cap Index Fund	BlackRock Investment Management, LLC	.09%
Money Market Fund	BlackRock Advisors, LLC	.08%
MS Global Real Estate Fund	Morgan Stanley Investment Management, Inc.	.64%
MS Mid Cap Growth Fund	Morgan Stanley Investment Management, Inc.	.47%
NFJ International Value Fund	NFJ Investment Goup LLC (affiliated with the Manager)	.41%
Oppenheimer Discovery Fund	OppenheimerFunds, Inc.	.54%(2)
Russell 1000 Growth Index Fund	BlackRock Investment Management, LLC	N/A
Russell 1000 Value Index Fund	BlackRock Investment Management, LLC	N/A
Schroder Emerging Markets Equity Fund	Schroder Investment Management North America Inc.	.64%
S&P 500 Index Fund	BlackRock Investment Management, LLC	.14%
Small Cap Stock Index Fund	BlackRock Investment Management, LLC	.05%

Fund	Rate
	Average Daily Net Assets (for Breakpoints)
	First $50 million	Next $200 million	Thereafter
AGIC Opportunity Fund	0.600%	0.550%	0.500%

	First $300 million	Next $700 million	Thereafter

	First $500 million		Next $500 million		Thereafter
Money Market Fund	0.090%		0.070%		0.060%

	All Assets
MS Global Real Estate Fund	0.650%

	First $100 million	Next $150 million		Next $250 million		Thereafter
MS Mid Cap Growth Fund+	0.500%	0.450%		0.425%		0.400%
	All Assets
NFJ International Value Fund	0.550%

	First $250 million		Next $250 million		Thereafter
Oppenheimer Discovery Fund	0.500%		0.450%		0.400%

	First $300 million			Thereafter
Russell 1000 Growth Index Fund	0.040%			0.020%

	First $300 million			Thereafter
Russell 1000 Value Index Fund	0.040%			0.020%

	All Assets
Schroder Emerging Markets Equiity Fund	0.650%

	First $300 million			Thereafter
S&P 500 Index Fund*	0.040%			0.020%

	First $300 million			Thereafter
Small Cap Stock Index Fund*	0.040%			0.020%

For the fiscal year or period ended:	December 31, 2011	December 31, 2010	December 31, 2009
Fund	Subadvisory Fees Earned	Subadvisory Fees Earned	Subadvisory Fees Earned
AGIC Opportunity Fund	$1,039,793	$969,605	$675,576
BlackRock Capital Appreciation Fund	1,998,200	1,875,914	1,584,496
BlackRock Global Allocation Fund(1)	NA	NA	NA
Columbia Mid Cap Value Fund	613,855	487,411	313,842
Columbia Small Cap Value Fund	821,429	664,991	350,841
Davis New York Venture Fund	1,641,806	1,867,917	2,010,317
Dreyfus Research Growth Fund	814,098	628,144	553,104
Eaton Vance Large Cap Value Fund	1,265,134	1,188,468	1,330,693
Enhanced Bond Index Fund	297,539	184,451	318,032
Federated Clover Small Value Fund(2)	1,270,142	1,212,983	1,033,916
Franklin Templeton Founding Strategy Fund	1,026,240	376,052	41,450
Gateway Fund	151,473	33,230	NA
International Index Fund	265,933	216,239	497,563
Invesco Equity and Income Fund	1,775,112	1,287,818	858,730
Invesco Growth and Income Fund	1,068,574	916,690	676,567
Invesco International Equity Fund	2,303,880	2,110,492	1,945,498
JPMorgan International Opportunities Fund	1,667,612	1,483,851	1,928,477
JPMorgan U.S. Equity Fund	1,332,222	1,213,310	941,880
MFS Investors Trust Fund	1,102,738	1,150,014	1,386,039
Mid Cap Index Fund	48,081	29,954	72,043
Money Market Fund	707,644	736,500	839,843
MS Global Real Estate Fund	1,178,940	1,049,594	749,695
MS Mid Cap Growth Fund	2,006,374	1,739,498	1,317,407
NFJ International Value Fund	673,108	678,558	248,331
Oppenheimer Discovery Fund(3)	399,968	292,893	208,166
Russell 1000 Growth Index Fund	44,885	37,912	NA
Russell 1000 Value Index Fund	67,395	23,774	NA
S&P 500 Index Fund	175,486	157,261	868,699
Schroder Emerging Markets Equity Fund	2,388,657	2,502,095	2,034,176
Small Cap Stock Index Fund	51,880	47,869	96,799

Fund	Portfolio Manager	Other Registered Investment Company Accounts/ Assets Under Management	Other Pooled Investment Vehicles/ Assets Under Management	Other Accounts/ Assets Under Management
AGIC Opportunity Fund	Michael Corelli	8 / $632.5 million	0 / $0	15 / $404.2 million

	Eric Sartorius	8 / $632.5 million	0 / $0	15 / $404.2 million
BlackRock Capital Appreciation Fund	Jeffrey R. Lindsey	11 / $7.5 billion	8 / $1.5 billion	15 / $2.8 billion additional account with performance based fees: 1 / $125 million
BlackRock Capital Appreciation Fund	Edward P. Dowd	11 / $7.5 billion	8 / $1.5 billion	15 / $2.8 billion additional account with performance based fees: 1 / $125 million
BlackRock Global Allocation Fund	Dennis Stattman	5 / $52. 3 billion	4 / $15.9 billion	0 / $0
	Dan Chamby	5 / $52. 3 billion	4 / $15.9 billion	0 / $0
	Aldo Roldan	5 / $52. 3 billion	4 / $15.9 billion	0 / $0
Columbia Mid Cap Value Fund	David I. Hoffman	1 / $3.9 billion	1 / $82.2 million	19 / $104.3 million
	Lori J. Ensinger	1 / $3.9 billion	1 / $82.2 million	12 / $104.3 million
	Noah J. Petrucci	1 / $3.9 billion	1 / $82.2 million	16 / $104.3 million
Columbia Small Cap Value Fund	Steven D. Barboro	3 / $2.1 billion	1 / $30 million	18 / $66 million
	Jeremy Javidi	3 / $2.1 billion	1 / $30 million	17 / $62 million
	John S. Barrett	3 / $2.1 billion	1 / $30 million	14 / $62 million
Davis New York Venture Fund	Christopher Davis	24 / $43.8 billion	13 / $1.2 billion	85 / $6.5 billion Managed Money/Wrap accounts have been counted at the sponser level
Davis New York Venture Fund	Kenneth Feinberg	22 / $43.6 billion	9 / $1.0 billion	75 / $6.1 billion Managed Money/Wrap accounts have been counted at the sponser level
Dreyfus Research Growth Fund	Elizabeth Slover	5 / $899 million	0 /$0	0 /$0
Eaton Vance Large Cap Value Fund	Michael R. Mach	12 / $16.2 billion	6 / $778.2 billion	71 / $5.8 billion(1)
	Matthew R. Beaudry	12 / $16.2 billion	5 / $749.3 million	70 / $5.8 billion(1)
	John D. Crowley	12 / $16.2 billion	5 / $749.3 million	71 / $5.8 billion(1)
	Stephen J. Kaszynski	12 / $16.2 billion	6 / $778.2 million	70 / $5.8 billion(1)
Enhanced Bond Index Fund	Brian Weinstein	14 / $7.9 billion	25 / $9.2 billion	206 / $8.3 billion additional account with performance based fees: 8 / $2.8 billion
Federated Clover Small Value Fund	Stephen K. Gutch	3 / $1.3 billion	0 / $0	724 / $1.3 billion

	Lawrence R. Creatura	2 / $433.5 million	0 / $0	25 / $79.6 million
Mutual Shares Portfolio of: Franklin Templeton Founding Strategy Plus Fund	Peter A. Langerman	12 / $40.3 billion	6 / $2.8 billion	0 / $0
	F. David Segal	8 / $21.9 billion	2 / $892.4 million	0 / $0
	Deborah A. Turner	8 / $21.9 billion	3 / $913.3 million	0 / $0
Income Fund Portfolio of: Franklin Templeton Founding Strategy Plus Fund	Edward D. Perks	10 / $72.2 billion	2 / $1.1 billion	0 /$0
	Charles B. Johnsom	7 / $70.3 billion	2 / $1.1 billion	0 /$0
	Alex W. Peters	8 / $70.6 billion	7 / $2.0 billion	3 / $116.5 million
	Matt Quinlin	9 / $72.6 billion	2 / $1.1 billion	0 / $0
Templeton Growth Portfolio of: Franklin Templeton Founding Strategy Plus Fund	Norman Boersma	10 / $31.3 billion	15 / $10.2 billion	17 / $2.6 billion
	Lisa F. Myers	11 / $31.7 billion	5 / $7.7 billion	9 / $1.4 billion
	Tucker Scott	13 / $33.0 billion	4 / $7.5 billion	6 / $1.9 billion
Global Bond Portfolio of: Franklin Templeton Founding Strategy Plus Fund	Michael Hasenstab	13 / $67.7 billion	32 / $78.8 billion	18 / $3.9 billion
	Canyon Chan	4 / $1.6 billion	6 / $ 1.4 billion	10 / $2.2 billion
Gateway Fund	J. Patrick Rogers	5 / $7.3 billion	1 / $33 million	25 / $706 million
	Paul R. Stewart	1 / $5.4 billion	1 / $33 million	26 / $706 million
	Michael T. Buckius	3 / $5.9 billion	1 / $33 million	12 / $399 million

International Index Fund	Edward Corallo	60 / $47 billion	164 / $416 billion additional performance based fees: 8 / $5.7 billion	66 / $154 billion additional accounts with performance based fees: 3 / $1.7 billion
	Christopher Bliss	60 / $47 billion	77 / $27.4 billion additional performance based fees: 2 / $1.3 billion	5 / $7.4 billion
	Greg Savage	0 / $0	193 / $347.7 billion	7 / $365.7 million
Invesco Equity and Income Fund	Mary Jayne Maly	7 / $21.8 billion	0 / $0	165 / $16.8 billion
	James Roeder	7 / $21.8 billion	0 / $0	165 / $16.8 billion
	Mark Laskin	7 / $21.8 billion	0 / $0	165 / $16.8 billion
	Thomas Bastian	7 / $21.8 billion	0 / $0	165 / $16.8 billion
	Sergio Marcheli	12 / $23.6 billion	0 / $0	165 / $16.8 billion
	Chuck Burge	8 / $14.5 billion	8 / $2.7 billion	2 / $203.2 million
Invesco Equity and Income Fund	Thomas Bastian	7 / $21.8 billion	0 / $0	165 / $16.8 billion
	Mark Laskin	7 / $21.8 billion	0 / $0	165 / $16.8 billion
	Mary Jayne Maly	7 / $21.8 billion	0 / $0	165 / $16.8 billion
	Sergio Marcheli	12 / $23.6 billion	0 / $0	165 / $16.8 billion
	James Roeder	7 / $21.8 billion	0 / $0	165 / $16.8 billion

Invesco International Equity Fund	Shuxin Cao	18 / $14.0 billion	2 / $268.8 million	6,133 / $2.5 billion
	Matthew Dennis	14 /$10.6 billion	6 /$469.6 million	6,132 /$2.3 billion
	Jason Holzer	29 /$12.1 billion	11 /$2.5 billion	6,133 / $2.5 billion
	Clas Olsson	16 /$10.9 billion	11 /$2.5 billion	6,133 / $2.5 billion
	Mark Jason	14 /$12.7 billion	0 /$0	6,132 /$2.3 billion
JPMorgan International Opportunities Fund	Jeroen Huysinga	7 / $1.31 billion	6 / $ 4.77 billion	12 / $1.92 billion performance Based fees: 2 / $910 million
	Gerd Woort-Menker	13 / $5.3 billion	6 / $1.0 billion	1 / $59 million
	Georgina Maxwell	7 / $659 million	5 / $597 million	5 / $530 million performance Based fees: 2 / $1.4 billion
JPMorgan U.S. Equity Fund	Thomas Luddy	10 / $10.9 billion	5 / $1.2 billion performance Based fees: 3 / $6.0 bllion	55 / $13.9 billion performance Based fees: 4 / $1.6 billion
JPMorgan U.S. Equity Fund	Susan Bao	10 / $10.9 billion	5/ $1.2 billion performance Based fees: 3 / $6.0 bllion	55/ $13.9 billion performance Based fees: 4 / $1.6 billion
MFS Investors Trust Fund	T. Kevin Beatty	4 / $4.2 billion	0 / $0	12 / $2.5 billion
MFS Investors Trust Fund	Edward Maloney	0 / $0	0 / $0	1 / $7.1 million
Mid Cap Index Fund	Edward Corallo	60 / $47 billion	164 / $416 billion additional performance based fees: 8 / $5.7 billion	66 / $154 billion additional accounts with performance based fees: 3 / $1.7 billion
	Christopher Bliss	60 / $47 billion	77 / $27.4 billion additional performance based fees: 2 / $1.3 billion	5 / $7.4 billion
	Greg Savage	0 / $0	193 / $347.7 billion	7 / $365.7 million

MS Global Real Estate Fund	Theodore R. Bigman	14 / $5.0 billion	12 / $6.8 billion	65 / $6.3 billion seperate accounts with performance based fees: 15 / $766.0 million
	Michiel te Paske	5 / $2.3 billion	10 / $6.5 billion	47 / $3.7 billion seperate accounts with performance based fees: 7 / $138.1 million
	Sven van Kemenade	5 / $2.3 billion	10 / $6.5 billion	47 / $3.7 billion seperate accounts with performance based fees: 8 / $138.1 million
	Angeline Ho	5 / $2.3 billion	10 / $6.7 billion	45 / $3.5 billion seperate accounts with performance based fees: 7 / $138.1 million
MS Mid Cap Growth Fund	Dennis P. Lynch	35 / $17.3 billion	4 / $3.7 billion	13 / $1.1 billion million
	David S. Cohen	35 / $17.3 billion	4 / $3.7 billion	13 / $1.1 billion million
	Sam G. Chainani	35 / $17.3 billion	4 / $3.7 billion	13 / $1.1 billion million
	Alexander T. Norton	35 / $17.3 billion	4 / $3.7 billion	13 / $1.1 billion million
	Jason C. Yeung	35 / $17.3 billion	4 / $3.7 billion	13 / $1.1 billion million
	Armistead B. Nash	35 / $17.3 billion	4 / $3.7 billion	13 / $1.1 billion million
NFJ International Value Fund	Ben Fischer	23 / $23.6 billion	5 / $157 million	49 / $9.7 billion
	Paul Magnuson	20 / $23.5 billion	5 / $157 million	44 / $9.2 billion
	Thomas Oliver	17 / $15.1 billion	2 / $79.4 million	42 / $8.9 billion
	R. Burns McKinney	15 / $15.1 billion	2 / $79.4 million	39 / $8.6 billion
	L. Baxter Hines	10 / $14.0 billion	2 / $79.4 million	36 / $8.4 billion
Oppenheimer Discovery Fund	Ronald J. Zibelli	5 / $2.19 billion	1 / $20 million	0 / $0
Russell 1000 Growth Index Fund	Edward Corallo	60 / $47 billion	164 / $416 billion additional performance based fees: 8 / $5.7 billion	66 / $154 billion additional accounts with performance based fees: 3 / $1.7 billion
	Christopher Bliss	60 / $47 billion	77 / $27.4 billion additional performance based fees: 2 / $1.3 billion	5 / $7.4 billion
	Greg Savage	0 / $0	193 / $347.7 billion	7 / $365.7 million
Russell 1000 Value Index Fund	Edward Corallo	60 / $47 billion	164 / $416 billion additional performance based fees: 8 / $5.7 billion	66 / $154 billion additional accounts with performance based fees: 3 / $1.7 billion

Portfolio Manager	Funds Managed	Benchmarks Applicable to Each Manager
Jeffrey Lindsey Edward Dowd	BlackRock Capital Appreciation Fund	Lipper Large-Cap Growth Funds classification

Portfolio Manager	Primary Benchmark(s)	Peer Group
David I. Hoffman	Russell Mid Cap Value Index	Lipper Mid Cap Value
Lori J. Ensinger	Russell Mid Cap Value Index	Lipper Mid Cap Value
Noah J. Petrucci	Russell Mid Cap Value Index	Lipper Mid Cap Value
Jeremy Javidi	Russell 2000 Value Index	Lipper Small Cap Value
Stephen D. Barbaro	Russell 2000 Value Index	Lipper Small Cap Value
John Barrett	Russell 2000 Value Index	Lipper Small Cap Value

TABLE 1
Subadviser	Performance time period1
Invesco2,3	One-, Three- and Five-year performance against Fund peer group.

Name	Position with Trust	Position with the Manager
Brian Muench	Chairman, Trustee, and President	Governor and President
Stephen G. Simon	Chief Compliance Officer and Anti-Money Laundering Compliance Officer	Chief Compliance Officer
Michael Tanski	Vice President of Operations of the Trust	Assistant Vice President - Operations

Fund	Total Brokerage Commission Paid for the Fiscal Year Ended December 31, 2011	Total Brokerage Commission Paid for the Fiscal Year Ended December 31, 2010	Total Brokerage Commission Paid for the Fiscal Year Ended December 31, 2009
AGIC Opportunity Fund	$718,532	$757,970	$675,432
BlackRock Capital Appreciation Fund	740,577	687,652	526,167
BlackRock Global Allocation Fund	NA	NA	NA
Columbia Mid Cap Value Fund	125,032	172,966	152,735
Columbia Small Cap Value Fund	158,440	200,740	163,590
Davis New York Venture Fund	92,565	212,429	212,793
Dreyfus Research Growth Fund	359,773	271,122	570,768
Eaton Vance Large Cap Value Fund	283,677	201,000	421,106
Enhanced Bond Index Fund	9,800	51,616	3,083
Federated Clover Small Value Fund	52,951	85,442	93,443
Franklin Templeton Founding Strategy Plus Fund	110,839	45,765	17,015
Gateway Fund	42,743	18,167	NA
International Index Fund	94,026	78,296	83,894
Invesco Equity and Income Fund	196,014	148,601	202,278
Invesco Growth and Income Fund	144,938	157,198	227,977
Invesco International Equity Fund	501,785	629,135	327,684
JPMorgan International Opportunities Fund	817,824	332,126	443,167
JPMorgan U.S. Equity Fund	361,976	343,979	366,876
MFS Investors Trust Fund	123,484	129,019	855,483
Mid Cap Index Fund	21,751	51,564	25,671
Money Market Fund	0	0	0
MS Global Real Estate Fund	126,883	143,645	177,744
MS Mid Cap Growth Fund	226,257	307,597	254,707
NFJ International Value Fund	132,563	155,106	84,481
Oppenheimer Discovery Fund	148,119	96,509	116,859
Russell 1000 Growth Index Fund	7,253	9,429	NA
Russell 1000 Value Index Fund	8,832	19,517	NA
Schroder Emerging Markets Equity Fund	855,060	1,285,412	1,123,653
S&P 500 Index Fund	51,093	59,458	188,676
Small Cap Stock Index Fund	22,183	40,595	47,834

Name of Affiliated Broker	Aggregate Dollar Amount of Brokerage Commissions Paid for the Fiscal Year Ended December 31, 2011	Aggregate Dollar Amount of Brokerage Commissions Paid for the Fiscal Year Ended December 31, 2010	Aggregate Dollar Amount of Brokerage Commissions Paid for the Fiscal Year Ended December 31, 2009
BNY Mellon Securities LLC	$90,125	$12,137	$ 0
Citigroup Global Markets	$ 0	$25,920	$ 0
JPMorgan Securities, Inc.	$9,443	$93	$ 0
Morgan Stanley & Co., Inc.	$1,913	$6,862	$13,046
Pershing LLC	$21,110	$3,129	$ 0