investment options profiles

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1 Allianz Life Insurance Company of North America 3Q 2015 investment options profiles September 30, 2015 USA-038

2 Strength. Stability. Service. Variable annuities and a dynamic investment philosophy to help meet your long-term retirement goals At Allianz Life Insurance Company of North America (Allianz), we provide variable annuities designed to help meet the challenges of today s market reality. We offer a diverse portfolio of variable annuities that focus on your long-term retirement planning goals and wealth management needs. Equipped with living and death benefits, our variable annuities may help provide protection as you plan for your financial future. Within each of our variable annuities, you have access to variable investment options from more than 10 highly respected money managers. Using the Allianz Comprehensive Performance Management process, our money managers handpick options to offer many choices for diversification, utilizing asset allocation strategies from all asset classes and investment styles. Allianz variable annuities are issued by Allianz Life Insurance Company of North America, a member of Allianz SE one of the world s largest integrated financial services organizations. Founded in 1890 in Germany, Allianz SE has over 78 million customers in about 70 countries. Not FDIC insured May lose value No bank or credit union guarantee Not a deposit Not insured by any federal government agency or NCUA/NCUSIF This material must be preceded or accompanied by a current prospectus for Allianz variable annuities. Call your financial professional or Allianz Life Financial Services, LLC, member FINRA, at to obtain a prospectus about Allianz variable investment options. The prospectuses contain details on investment objectives, risks, fees, and expenses, as well as other information about the variable annuity and variable investment options, which you should carefully consider. Please read the prospectuses thoroughly before sending money. The investment options described in this brochure are available exclusively with Allianz variable annuity investment products. They are not available to the general public directly. Products are issued by Allianz Life Insurance Company of North America and distributed by its affiliate, Allianz Life Financial Services, LLC, member FINRA, 5701 Golden Hills Drive, Minneapolis, MN

3 What s inside this brochure? This brochure offers statistics and performance information you should find helpful both in selecting investment options and in monitoring your chosen investment options. You ll find stated investment objectives, historical performance, and detailed portfolio manager information. Access to reputable money managers Our variable annuities include variable investment options from some of the most respected money managers in the industry today. Using the Allianz Comprehensive Performance Management process, we actively monitor their performance to ensure they stay true to their stated objectives. Responsive customer service At Allianz, we pride ourselves on providing responsive customer service. You have a direct line to the latest information about your variable annuity contract. Simply call the Allianz Service Center for automated contract and policy information, or to speak directly with a customer service representative. Sound financial strength Allianz variable annuities are issued by Allianz Life Insurance Company of North America. Allianz has been assigned financial strength ratings by Standard & Poor s and A.M. Best. These independent agency ratings are based on an analysis of financial results and evaluation of management objectives and strategies. The ratings do not pertain to the investment options, which fluctuate with market conditions. The ratings do not indicate approval by the analysts, and are subject to change. Visit and for current ratings.

4 3Q 2015 investment options profiles Working to grow your assets Growth potential through investment options Market participation might be able to help you build the assets you ll need. And now that you know how important that is, you re looking for some options. A variable annuity has growth potential based on the performance of its investment options. Allianz knows how important those options can be, so we offer you: Allianz Management LLC Comprehensive Performance Management The choice to design your portfolio from over 50 investment options and over 10 highly respected money managers Comprehensive Performance Management When it comes to choosing money managers and investment options, we don t simply base our selections on investment options that have performed best over the past five or 10 years and then lock them in place. We rigorously monitor, manage, and when necessary modify our investment options and money managers. We call this strict methodology Comprehensive Performance Management. Allianz Life Insurance Company of North America, Allianz Life Financial Services, LLC, Allianz Management LLC, Allianz Global Investors, and PIMCO are affiliated companies.

5 Choose your retirement, design your portfolio You re going to choose the retirement you envision, and with our investment options, you can design a portfolio that may help you get there. Allianz variable annuities provide a wide variety of choices to fit your financial needs and help you achieve your goals. Build and manage it yourself. You can actively choose from our wide selection of investment options covering a broad range of asset classes to tailor a portfolio that best meets your risk tolerance, time horizon, and long-term goals. Let us manage it for you with our model portfolios. You can take a managed approach with our predetermined, fund-of-funds AZL FusionPortfolios SM, portfolios of strategically selected investment options designed for conservative, moderate and growth oriented investors. Allianz Management LLC works with Wilshire as a consultant. Wilshire supplies research for the FusionPortfolios. Founded in 1972, Wilshire provides investment consulting services, analytics, and customized investment solutions to plan sponsors, investment managers, and financial intermediaries worldwide. Wilshire currently serves in excess of 600 organizations in more than 20 countries. Or, use both approaches with a combination of managing it yourself and leaving it to us. We provide you with the choices. It s your future, and you and your financial professional should decide. These investment options are available exclusively with Allianz variable annuity investment products and are not sold directly to the public.

6 2Q 2014 investment options profiles Standardized performance information This book must be accompanied by a product performance summary containing standardized performance information for an Allianz variable annuity. Use the following ordering information and call Allianz Life Insurance Company of North America at Product performance summary Literature order number Contract numbers Allianz Vision Variable Annuity VSN-026 L40529 L40530 L L Allianz Connections Variable Annuity CNT-065 L40529 L SM SM For additional information on price and most recent month-end performance, or to download standardized performance, please visit our Performance Center at Product and feature availability may vary by state and broker/dealer.

7 Disclosure This material must be preceded or accompanied by a current prospectus for Allianz variable annuities. Call your financial professional or Allianz Life Financial Services, LLC at to obtain a prospectus from Allianz Life Insurance Company of North America (Allianz Life ) for the variable annuities and variable investment options. The prospectuses contain details on investment objectives, risks, fees, and expenses, as well as other information about the variable annuity and underlying investment options, which you should carefully consider. Please read the prospectuses thoroughly before sending money. The advisor or subadvisor of the investment options may have a public mutual fund with an investment objective that is similar to that of the listed investment option. These are separate portfolios that will have different investment performance due to differing fees, expenses, relative cash flows, portfolio sizes, and other factors. The investment options are available only as investment options in variable annuity contracts and certain other tax-qualified investments. They are not made available to the general public directly. Allianz Life works exclusively with registered representatives to help them meet their clients financial goals. We offer innovative financial products, responsive customer service, and the financial strength of our parent company, Allianz SE. Not FDIC insured May lose value No bank or credit union guarantee Not a deposit Not insured by any federal government agency or NCUA/NCUSIF All contract and rider guarantees, including optional benefits and any fixed crediting rates or fixed annuity payout rates, are backed by the claims-paying ability of Allianz Life Insurance Company of North America. They are not backed by the broker/dealer from which this annuity is purchased, by the insurance agency from which this annuity is purchased, or any affiliates of those entities, and none makes any representations or guarantees regarding the claims-paying ability of Allianz Life Insurance Company of North America. Guarantees do not apply to the performance of the variable subaccounts, which will fluctuate with market conditions. Products are issued by Allianz Life Insurance Company of North America and distributed by its affiliate, Allianz Life Financial Services, LLC, member FINRA, 5701 Golden Hills Drive, Minneapolis, MN The term volatility is used to mean standard deviation. Standard deviation of fund returns measures how much a fund s total returns have fluctuated in the past. Prospectus Net Expense Ratio This is the percentage of fund assets paid for operating expenses and management fees. The expense ratio typically includes the following types of fees: accounting, administrator, advisor, auditor, board of directors, custodial, distribution (12b-1), legal, organizational, professional, registration, shareholder reporting, sub-advisor, and transfer agency. The expense ratio does not reflect the fund's brokerage costs or any investor sales charges. In contrast to the gross expense ratio, the net expense ratio does reflect fee waivers in effect during the time period. Also known as the Total Annual Fund Ratio Net of Reimbursements, Morningstar pulls the prospectus net expense ratio from the fund's most recent prospectus. Prospectus expense ratios reflect material changes to the expense structure for the current period, while annual report expense ratios reflect the actual fees charged during a particular fiscal year. Overall Morningstar Rating Often simply called the Star Rating, the Morningstar Rating brings load-adjustments, performance (returns) and risk together into one evaluation. To determine a fund's star rating for a given time period (three, five, or 10 years), the fund's risk-adjusted return is plotted on a bell curve: If the fund scores in the top 10% of its category, it receives 5 stars (Highest); if it falls in the next 22.5% it receives 4 stars (Above Average); a place in the middle 35% earns 3 stars (Average); those lower still, in the next 22.5%, receive 2 stars (Below Average); and the bottom 10% get only 1 star (Lowest). The Overall Morningstar Rating is a weighted average of the available three-, five-, and 10-year ratings. The Morningstar Rating shown does not include insurance level contract fees, M&E risk charges and surrender fees. Morningstar Return This statistic is a measurement of a fund's excess return over a risk-free rate (the return of the 90-day Treasury bill), after adjusting for all applicable loads and sales charges. In each Morningstar, the top 10% of funds earn a High Morningstar Return, the next 22.5% Above Average, the middle 35% Average, the next 22.5% Below Average, and the bottom 10% Low. Morningstar Return is measured for up to three time periods (three-, five-, and 10-years). These separate measures are then weighted and averaged to produce an overall measure for the fund. Funds with less than three years of performance history are not rated. Morningstar Risk This statistic evaluates the variations in a fund's monthly returns, with an emphasis on downside variations. In each Morningstar, the 10% of funds with the lowest measured risk are described as Low Risk, the next 22.5% Below Average, the middle 35% Average, the next 22.5% Above Average, and the top 10% High. Morningstar Risk is measured for up to three time periods (three-, five-, and 10-years). These separate measures are then weighted and averaged to produce an overall measure for the fund. Funds with less than three years of performance history are not rated. Risk * An investment in the fund is neither insured nor guaranteed by FDIC or any other governmental agency. Although the fund seeks to preserve your $1.00 per unit, it is possible to lose money in the fund. 1. Small-cap and mid-cap stocks are more volatile than large-cap or more established companies' securities. 2. This investment option seeks to match the performance of the specified market index. Investors cannot invest directly into indexes. 3. The AZL, AGIC, and PIMCO investment options are managed by an affiliate of Allianz Life Insurance Company of North America and Allianz Life Financial Services, LLC. All are affiliated companies. 4. This investment option is subadvised by the listed firm. The subadvisor may have a public mutual fund with an investment objective that is similar to that of this investment option. These are separate portfolios that will have different performance due to differing fees, expenses, relative cash flows, portfolio sizes, and other factors. 5. International investing involves some risks not present with U.S. investments, such as currency fluctuation and political volatility. 6. High-yield securities inherently have a high degree of market risk in addition to credit risk and potential illiquidity. 7. Bond funds are subject to credit risk and inflation risk. They are also subject to interest rate risk. Generally, when interest rates rise, bond prices fall. Bonds with longer maturities tend to be more sensitive to changes in interest rates. 8. Money invested in a specific sector or industry is subject to a higher degree of risk than money that is diversified. 9. The investment option normally invests in commodity-linked derivative instruments backed by a portfolio of inflation-indexed securities and other fixed income instruments. Neither the current market value of inflation-indexed bonds nor the value of shares of a fund that invests in inflation-indexed bonds is guaranteed. Either may fluctuate as they adjust to the rate of inflation. Commodity-linked derivative instruments may more volatile than traditional securities. They are affected by changes in overall market movements, changes in interest rates, and other factors such as weather, disease, embargoes, and international, economic, and political developments. 10. This investment option invests in derivative instruments such as futures, options, and swap agreements. Derivatives can increase the investment option's share price volatility and could magnify losses. Certain derivative instruments also involve costs that could reduce returns. Certain derivatives may involve risk of default. 11. This investment option is classified as "nondiversified" within the meaning of the Company Act of However, these investment options are required, pursuant to the Internal Revenue Code of 1986, to meet certain diversification requirements in order to qualify as regulated investment companies for federal income tax purposes. options that are nondiversified are generally subject to greater risk than investment options that are diversified. 12. Manager Allocation Risk. The risk refers to the possibility that the manager could allocate assets in a manner that will cause the Funds to underperform other funds with similar investment objectives. The manager may have a potential conflict of interest in allocating assets among and between the permitted underlying funds because the subadvisory fee rate it pays to the subadvisors of the permitted underlying funds is different. 13. "Standard & Poor's," "S&P," "S&P 500," "Standard & Poor's 500," "500," "Standard & Poor's SmallCap 600," "S&P 2014 Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at

8 Disclosure SmallCap 600," and "S&P MidCap 400" are trademarks of Standard & Poor's Financial Services LLC and have been licensed for use by the Allianz Variable Insurance Products Trust and Allianz Management LLC. The product is not sponsored, endorsed, sold, or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of purchasing the product. 14. Because certain investment options are not available with certain optional benefits, the performance of these investment options does not reflect the rider charges associated with these benefits. 15. The Russell 1000 Value Index is a market-capitalization weighted index of those firms in the Russell 1000 with lower price-to-book ratios and lower forecasted growth values. The Russell 1000 includes the largest 1,000 firms in the Russell 3000, which represents approximately 98% of the investable U.S. equity markets. 16. The Russell 1000 Growth Index is a market-capitalization weighted index of those firms in the Russell 1000 with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 includes the largest 1,000 firms in the Russell 3000, which represents approximately 98% of the investable U.S. equity markets. 17. MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. EAFE is a registered service mark of MSCI, Inc. 18. Emerging market securities carry special risks, such as less developed or less efficient trading markets, a lack of company information, and differing auditing and legal standards. The securities markets of emerging market countries can be extremely volatile; performance can also be influenced by political, social, and economic factors affecting companies in emerging market countries. 19. The Portfolio invests in stocks believed to be undervalued, but that may not realize their perceived value for extended periods of time or may never realize their perceived value. The stocks in which the Portfolio invests may respond differently to market and other developments than other types of stocks. 20. Because growth stocks have higher valuations and lower dividend yields than slower-growth or cyclical companies, the share price volatility may be higher. As such, fund prices could decline further in market downturns than non-growth-oriented funds. 21. The value approach carries the risk that the market will not recognize a security's true worth for a long time, or that a stock judged to be undervalued may actually be appropriately priced. As with all equity funds, the fund s share price can fall because of weakness in the broad market, a particular industry, or specific holdings. 22. Due to the fund's concentration in health sciences companies, its share price will be more volatile than that of more diversified funds. Further, these firms are often dependent on government funding and regulation and are vulnerable to product liability lawsuits and competition from low-cost generic products. 23. Equity funds are subject generally to market, market sector, market liquidity issuer, and investment style risks, among other factors and to varying degrees. 24. Franklin Rising Dividends Fund invests in value securities, which may not increase in price as anticipated or may decline further in value. While smaller and midsize companies may offer substantial opportunities for capital growth, they also involve heightened risks and should be considered speculative. Historically, smaller- and midsizecompany securities have been more volatile in price than larger company securities, especially over the short term. These and other risks are detailed in the fund s prospectus. 25. s in the utilities sector can be very volatile because of supply and/or demand for services or fuel, financing costs, conservation efforts, the negative impact of regulation, and other factors. Trademarks of Barclays Capital Inc. ("Barclays Capital"). The product is not sponsored, endorsed, sold or promoted by Barclays Capital. Barclays Capital makes no representation or warranty, express or implied, to the owners of the product or any member of the public regarding the advisability of investing in securities generally or in the product particularly or the ability of the Barclays Capital indices, including without limitation, the Barclays capital indices, to track general bond market performance Barclays Capital s only relationship to Allianz Life Insurance Company of North America ("Allianz") and its affiliates is the licensing of the Barclays Capital indices which are determined, composed and calculated by Barclays Capital without regard to Allianz or the product. Barclays Capital has no obligation to take the needs of Allianz or the owners of the product into consideration in determining, composing or calculating the Barclays Capital indices. Barclays Capital is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the product to be issued or in the determination or calculation of the equation by which the product is to be converted into cash. Barclays Capital has no obligation or liability in connection with the administration, marketing or trading of the product. BARCLAYS CAPITAL DOES NOT GUARANTEE THE QUALITY, ACCURACY AND/OR THE COMPLETENESS OF THE BARCLAYS CAPITAL INDICES, OR ANY DATA INCLUDED THEREIN, OR OTHERWISE OBTAINED BY ALLIANZ, OWNERS OF PRODUCT, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BARCLAYS CAPITAL INDICES, IN CONNECTION WITH THE RIGHTS LICENSED HEREUNDER OR FOR ANY OTHER USE. BARCLAYS CAPITAL MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BARCLAYS CAPITAL INDICES, OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL BARCLAYS CAPITAL HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. "FTSE", "FT-SE", "Footsie", "FTSE4Good", and "techmark" are trademarks jointly owned by the London Stock Exchange Plc and the Financial Times and are used by the FTSE International Limited ("FTSE") under license. "All-World", "All-Share", and "All-Small" are trademarks of FTSE. The FTSE 100 is calculated by FTSE. FTSE does not sponsor, endorse, or promote this product and is not in any way connected to it and does not accept any liability in relation to its issue, operation, and trading. The weighting of the portfolio in various asset classes, including "Other" is shown in the table. "Other" includes security types that are not neatly classified in the other asset classes, such as convertible bonds and preferred stocks. Morningstar Style Box For equity funds the vertical axis shows the market capitalization of the long stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the long bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information Morningstar accepts credit ratings reported by fund companies that have been issued by all Nationally Recognized Statistical Rating Organizations (NRSROs). For a list of all NRSROs, please visit Additionally, Morningstar accepts foreign credit ratings from widely recognized or registered rating agencies. If two rating organizations/agencies have rated a security, fund companies are to report the lower rating; if three or more organizations/agencies have rated a security, fund companies are to report the median rating, and in cases where there are more than two organization/agency ratings and a median rating does not exist, fund companies are to use the lower of the two middle ratings. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO or rating agency ratings can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average 2014 Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at

9 Disclosure effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-us taxable and non-us domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years. Fixed Income Portfolio Statistics: Average Effective Duration is a measure of a fund's interest-rate sensitivity--the longer a fund's duration, the more sensitive the fund is to shifts in interest rates. Average effective duration is a weighted average of the duration of the underlying fixed income securities within the portfolio. Average Effective Maturity is a weighted average of all the maturities of the bonds in a portfolio, computed by weighting each bond's effective maturity by the market value of the security. Average effective maturity takes into consideration all mortgage prepayments, puts, and adjustable coupons. Longer-maturity funds are generally considered more interest-rate sensitive than their shorter counterparts. Average Weighted Price is calculated from the fund s portfolio by weighing the price of each bond by its relative size in the portfolio. This number reveals if the fund favors bonds selling at prices above or below face value (discount or premium securities, respectively). A higher number indicates a bias toward premiums. This statistic is expressed as a percentage of par (face) value. Statistics The Price/Earnings Ratio for a fund is the asset-weighted average of the prospective earnings yields of all the domestic stocks in a fund s portfolio. The P/E ratio of a stock is calculated by dividing the current price of the stock by its trailing 12 months earnings per share. The P/E ratio relates the price of the stock to the per-share earnings of the company. A high P/E generally indicates that the market will pay more to obtain the company because it has confidence in the company s ability to increase its earnings. Conversely, a low P/E indicates that the market has less confidence that the company s earnings will increase, and therefore will not pay as much for its stock. The Price/Book Ratio for a fund is the asset-weighted average of the prospective book value yields of all the domestic stocks in the fund s portfolio. P/B ratio of a company is calculated by dividing the market price of its stock by the company s per-share book value. A high P/B ratio indicates that the price of the stock exceeds the actual worth of the company s assets. A low P/B ratio would indicate that the stock is a bargain, priced below what the company s assets could be worth if liquidated. The Price/Cash Ratio for a fund represents the weighted average of the price/cash-flow ratios of the stocks in a fund's portfolio. Price/cash-flow represents the amount an investor is willing to pay for a dollar generated from a particular company's operations. Price/cash-flow shows the ability of a business to generate cash and acts as a gauge of liquidity and solvency. Geometric Average Cap ($mil) is the overall "size" of a stock fund's portfolio, or the geometric mean of the market capitalization for all of the stocks it owns. Risk Measures R-squared reflects the percentage of a fund's movements that are explained by movements in its benchmark index, showing the degree of correlation between the fund and the benchmark. Beta is a measure of a fund's sensitivity to market movements. A portfolio with a beta greater than 1 is more volatile than the market, and a portfolio with a beta less than 1 is less volatile than the market. Alpha measures the difference between a fund's actual returns and its expected performance, given its level of risk (as measured by beta). Sharpe ratio uses standard deviation and excess return to determine reward per unit of risk. Standard deviation is a statistical measure of the volatility of the fund's returns. Sectors The fixed income sector framework consists of three levels: Super Sector, Primary Sector, and Secondary Sector. There are six Super Sectors, Government, Corporate, Securitized, Municipal, Cash & Equivalents, and Other, which divide into 17 Primary Sectors, which in turn are formed by 72 Secondary Sectors. The Government Super Sector includes Government and Government Related Primary Sectors; Municipal includes Municipal Taxable and Municipal Tax-Exempt sectors; Corporate includes Bank Loan, Convertible, Corporate Bond and Preferred Stock sectors; Securitized includes Agency Mortgage-Backed, Non-Agency Residential Mortgage-Backed, Commercial Mortgage-Backed, Covered Bond, and Asset-Backed sectors; Cash & Equivalents includes Cash & Equivalents; Other includes Swap, Future/Forward, and Option/Warrant sectors. Equity sectors are consolidated in three Super Sectors: Cyclical, Defensive and Sensitive. These Super Sectors are a broader representation of Morningstar's 11 equity sectors. The Defensive Super Sector includes Consumer Defensive, Healthcare, and Utilities sectors; Cyclical includes Basic Materials, Consumer Cyclical, Financial Services, and Real Estate sectors; Sensitive includes Communication Services, Energy, Industrials, and Technology sectors Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at

10 User s Guide The Profile Page User s Guide This guide will help you use the Morningstar Profile to your advantage. For more information about each investment, we recommend you read the prospectus before investing. 1 Overall Morningstar RatingTM money manager logo XYZ Equity Fund (Portfolio, Ratings) Release Date Overall Morningstar Rating Morningstar Return Morningstar Risk QQQQQ Above Average Average Out of 220 Fund s. A fund s overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details. Strategy from investment s prospectus 2 Description Morningstar : Large-cap Growth Large-cap growth funds invest in big companies that are projected to grow faster than the overall stock market. Most of these funds focus on companies in rapidly expanding industries, such as technology and health care, or multinational companies with a high percentage of earnings coming from sales in foreign markets. 5 Low Moderate High 1 4 Volatility and Risk In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. 0% (Feb 01 - Apr 01) 0% (Oct 01 - Dec 01) 5 30-Day Yield Fund Inception Date Subadvisor % of fund assets Portfolio Manager(s) John Doe, CFA. Since BS, DePaul University MBA, Northwestern University Jim Doe, CFA. Since BS, Cincinnati University MM, Northwestern University XXXXXXXXXXXX 3-Year 5-Year 10-Year QQQ QQQQQ Morningstar Proprietary Statistics 8 U.S. Stocks Non-U.S. Stocks Bonds Cash Other Morningstar Equity Style BoxTM as of Top Holdings as of % Mkt Cap Giant 0.0 Large Medium Small Micro 0.0 Statistics as of Port Avg Rel S&P 500 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Reliant Energy Schlumberger International Paper Sara Lee Federated Dept. Stores Risk Measures as of Reliant Energy Schlumberger International Paper Sara Lee Federated Dept. Stores Reliant Energy Schlumberger International Paper Sara Lee Federated Dept. Stores h r t y u Cyclical Basic Materials Consumer Cyclical Financial Services Real Estate ,00 j i o p a Sensitive Communication Services Energy Industrials Technology k s d f Defensive Consumer Defensive Healthcare Utilities Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) Rel Cat Haliburton Sprint Conocco CI A BP PLC ADR Motorola Port Avg Rel S&P 500 Rel Cat 3-Yr Std Dev 3-Yr Beta 3-Yr Sharpe Ratio 3-Yr Alpha 3-Yr R-Squared Income Ratio Information Ratio Morningstar Equity Sectors as of Composition 9 Morningstar Style BoxTM 10 Statistics 11 Risk Measures performance information, please visit our website < This page must be accompanied by the Important disclosure pages. Individual profile is not complete without all pages for the most current quarter end Performance Summary for Allianz Life Insurance Company of North America [ROOM FOR 1150 CHARACTERS AND SPACES MAX] 2011 Morningstar, Inc., Morningstar ProfilesTM All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/ or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment web site at Morningstar. All rights reserved. Product specifications are subject to change without notice. 1-Year Composition as of % Xyz Management Company 6 Morningstar Rating Fund Rank Percentile Out of # of s Small 3 Large Mid Information The investment seeks capital appreciation and current income. The fund normally invests at least 65% of assets in securities designed to achieve growth and/or income. It invests primarily in common stocks, preferred stocks, and convertibles. The fund may also invest in nonconvertible debt securities rated B or higher; it may invest no more than 10% of assets in securities rated below BBB. The fund may invest up to 20% of assets in foreign securities in the form of American and European Depositary Receipts. [ROOM FOR 650 CHARACTERS AND SPACES MAX] Past names: XYZ Equity Fund A. Rae numquat quas ilitios ipsa etur simporr ovitiumendit volest fugit nonsed. 12 Morningstar Sectors 13 Top 10 Holdings

11 1 Morningstar Rating TM the Morningstar Rating. See How to Use 9 Morningstar Style Box TM See How to Use the Morningstar Style Box. company s earnings will increase, and therefore will not pay as much for its stock. 2 Information A summary of the Objectives and Policy section found in every prospectus. It states the objective of the fund and how the manager(s) intend to invest to achieve this objective. It includes any limitations to the fund s investment policies, as well as any share class structure differences, previous names, mergers, liquidation, and opening and closing information. 3 Description Morningstar assigns each investment option to one category, based on the stocks and bonds that have found their way into the portfolio over the past three years. Here, we describe that category. 4 Volatility and Risk We classify investment portfolios as having one of three volatility levels relative to all types of mutual funds: Low, Moderate, and High. s with wider ranges of returns are labeled high, as they are considered riskier than low volatility investments, which have had smaller ranges of returns. We also show where the portfolio s category lands. For portfolios that haven t been in existence for three years, we simply show the category average. 5 Learn the inception date of the strategy and when it incepted into your plan. Find out the name of the person(s) who determines which stocks or bonds belong in the investment portfolio and who is the management company and subadvisor(s). 6 The name of the person who determines which stocks or bonds belong in the investment portfolio. 7 See How to Use the Morningstar Ratings TM 8 Composition See How to Use Morningstar s Composition Graphics. Fixed Income Portfolio Statistics Average Effective Duration: Average Effective Duration is a measure of a fund s interest-rate sensitivity--the longer a fund s duration, the more sensitive the fund is to shifts in interest rates. Average effective duration is a weighted average of the duration of the underlying fixed income securities within the portfolio. Average Effective Maturity Average Effective Maturity is a weighted average of all the maturities of the bonds in a portfolio, computed by weighting each bond s effective maturity by the market value of the security. Average effective maturity takes into consideration all mortgage prepayments, puts, and adjustable coupons. Longer-maturity funds are generally considered more interest-rate sensitive than their shorter counterparts. Average Weighted Price Average Weighted Price is calculated from the fund s portfolio by weighing the price of each bond by its relative size in the portfolio. This number reveals if the fund favors bonds selling at prices above or below face value (discount or premium securities, respectively). A higher number indicates a bias toward premiums. This statistic is expressed as a percentage of par (face) value. 10 Statistics Price/Earnings Ratio The Price/Earnings Ratio for a fund is the assetweighted average of the prospective earnings yields of all the domestic stocks in a fund s portfolio. The P/E ratio of a stock is calculated by dividing the current price of the stock by its trailing 12 months earnings per share. The P/E ratio relates the price of the stock to the per-share earnings of the company. A high P/E generally indicates that the market will pay more to obtain the company because it has confidence in the company s ability to increase its earnings. Conversely, a low P/E indicates that the market has less confidence that the Price/Book Ratio The Price/Book Ratio for a fund is the assetweighted average of the prospective book value yields of all the domestic stocks in the fund s portfolio. P/B ratio of a company is calculated by dividing the market price of its stock by the company s per-share book value. A high P/B ratio indicates that the price of the stock exceeds the actual worth of the company s assets. A low P/B ratio would indicate that the stock is a bargain, priced below what the company s assets could be worth if liquidated. Price/Cash Ratio The Price/Cash Ratio for a fund represents the weighted average of the price/cash-flow ratios of the stocks in a fund s portfolio. Price/ cash-flow represents the amount an investor is willing to pay for a dollar generated from a particular company s operations. Price/cashflow shows the ability of a business to generate cash and acts as a gauge of liquidity and solvency. Geometric Average Cap $mil The Geometric Average Cap ($mil) is the overall size of a stock fund s portfolio, or the geometric mean of the market capitalization for all of the stocks it owns. This number is different from the fund s median market cap the capitalization of the median stock in its portfolio. The geometric mean better identifies the portfolio s center of gravity. That is, it provides more accurate insight into how market trends (as defined by capitalization) might affect the portfolio. 11 Risk Measures Beta is a measure of a fund s sensitivity to market movements. A portfolio with a beta greater than 1 is more volatile than the market, and a portfolio with a beta less than 1 is less volatile than the market. Alpha measures the difference between a fund s actual returns and its expected performance, 2012 Morningstar. All rights reserved. Product specifications are subject to change without notice.

12 given its level of risk (as measured by beta). Standard deviation is a statistical measure of the volatility of the fund s returns. 12 Morningstar Sectors Morningstar determines how much of each stock portfolio is held in each of Morningstar s 11 major industrial sectors, which roll up into three broader categories. A portfolio with 25% or more of assets in any one sector is almost certainly taking on more risk than a portfolio that spreads itself more evenly among sectors. Equity sectors are consolidated in three Super Sectors: Cyclical, Defensive and Sensitive. These Super Sectors are a broader representation of Morningstar s 11 equity sectors. The Defensive Super Sector includes Consumer Defensive, Healthcare, and Utilities sectors; Cyclical includes Basic Materials, Consumer Cyclical, Financial Services, and Real Estate sectors; Sensitive includes Communication Services, Energy, Industrials, and Technology sectors. Moody s, or did not have a rating available. Morningstar World Regions (International only) This data set provides a breakdown of the geographical exposure of a fund s stock assets. Regional exposure summarizes a portfolio s exposure to geopolitical risk, and it also provides a reference point for understanding fund returns. Morningstar Categories are assigned based on three years of regional exposure. 13 Top Ten Holdings The top holdings are the stocks or bonds with the most influence on a portfolio s returns. Conservative portfolios typically devote no more than 3% to 4% of their assets to any one stock or bond. More daring portfolios may devote 7% or more to one stock. Add up the weighting of the top five holdings for another measure of risk. A conservative option generally bets 15% or less on the top 5 holdings, while a portfolio with more than 25% in the top five may be considered aggressive. The fixed income sector framework consists of three levels: Super Sector, Primary Sector, and Secondary Sector. There are six Super Sectors, Government, Corporate, Securitized, Municipal, Cash & Equivalents, and Other, which divide into 17 Primary Sectors, which in turn are formed by 72 Secondary Sectors. Credit Analysis (Fixed Income only) For corporate-bond and municipal-bond funds, the credit analysis depicts the quality of US and non-us bonds in the fund s portfolio. The analysis reveals the percentage of fixed-income securities that fall within each credit-quality rating as assigned by Standard & Poor s or Moody s. At the top of the ratings are AAA bonds. Bonds with a BBB rating are the lowest bonds that are still considered to be of investment grade. Bonds that are rated at or lower than BB (often called junk bonds or high-yield bonds) are considered to be quite speculative. (For municipal bonds, ratings BBB and below are considered speculative). Any bonds that appear in the NR/NA category are either not rated by Standard & Poor s or 2012 Morningstar. All rights reserved. Product specifications are subject to change without notice.

13 User s Guide How to Use the Morningstar Style Box TM The Morningstar Style Box is a visual tool that helps investors see past confusing fund names and descriptions to better understand the investment style of stocks and mutual funds. We assign each investment into one of our nine Style Box squares by analyzing its portfolio and determining the best fit. Things to Remember About the Morningstar Style Box Risk increases as you move down and to the right of the Morningstar Style Box. Don t put all your eggs in one basket. The returns of investments from different parts of the Morningstar Style Box probably won t move in the same direction at the same time. By combining investments from different parts of the Morningstar Style Box, your portfolio s overall returns will likely be more stable. What the Morningstar Style Box Does It paints a picture of what s in an investment s portfolio. Are the companies large or small? Are the stocks cheap or expensive? Do the bonds have limited or extensive sensitivity to interest rate changes? Are they of high or low quality? The Morningstar Style Box also provides a basis for our domestic stock fund categories. Similar investments are categorized together, then rated on their ability to balance risk and reward relative to other investments in that same, fairly narrow category. K Morningstar Equity Style Box Morningstar Fixed-Income Style Box Style Risk Interest Rate Sensitivity Risk Limited Moderate Extensive Size Small Mid Large Large-cap Value Mid-cap Value Small-cap Value Large-cap Blend Mid-cap Blend Small-cap Blend Large-cap Growth Mid-cap Growth Small-cap Growth Low High Quality Low Medium High Limited Sensitivity High Quality Limited Sensitivity Med Quality Limited Sensitivity Low Quality Moderate Sensitivity High Quality Moderate Sensitivity Med Quality Moderate Sensitivity Low Quality Extensive Sensitivity High Quality Extensive Sensitivity Med Quality Extensive Sensitivity Low Quality Low High Within the stock grid, nine possible combinations exist, ranging from large-cap value for the safest investments to small-cap growth for the riskiest. Within the bond grid, nine possible combinations exist, ranging from limited sensitivity to interest rate changes/high quality for the safest investments, to extensive sensitivity to interest rate changes/low quality for the riskiest Morningstar. All rights reserved. Product specifications are subject to change without notice.

14 User s Guide How to Use the Morningstar Rating TM The Morningstar Rating is a useful tool for identifying investments worthy of further research, but it s not the only thing to consider. The Morningstar Rating, commonly called the star rating, tells you how well an investment has performed relative to similar offerings after adjusting for all costs and risk. It rates investments from one to five stars, with the best performers receiving five stars and the worst performers receiving a single star. The star rating is best used as an initial screen to identify investments worthy of further research, those that have performed well relative to their peers. It s a strictly quantitative measure a high rating doesn t imply the approval or endorsement of a Morningstar analyst. Keep in mind that the rating is based solely on historical performance, and a highly rated offering may no longer have the portfolio manager responsible for that performance. Or conversely a lower-rated or non-rated offering might now employ a manager who produced excellent results with other managed investment products. Also, because ratings are based on perform-ance within specific categories, it s important to note that not all five-star offerings are equal or even interchangeable. A five-star sector fund, for example, might have the best risk-adjusted return within its specific category, but it s probably far riskier than a highly rated diversified offering. Rather than choosing investments according to their ratings, investors should first decide on an overall portfolio strategy and then seek the best investments for each portion of their portfolio. The Morningstar Rating can then be used to identify possible candidates, but you should never make a buy or sell decision based solely on the rating. K Morningstar Rating Percent of all rated investments 40% 30% 20% 10% Q QQ QQQ QQQQ QQQQQ 10% 22.5% 35% 22.5% 10% The Morningstar Rating is based on risk-adjusted return, which is calculated by subtracting a risk penalty from total return, after accounting for all sales charges, loads, and redemption fees. The penalty is determined by the amount of variation in monthly returns, with an emphasis on downward variation. The greater the variation, the larger the penalty. s are ranked within their Morningstar Categories by their risk-adjusted return and assigned stars using the following distribution: the top 10% receive five stars, the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star. Ratings are calculated for up to three time periods three-, five-, and 10 years and combined to produce an overall rating. s with less than three years of performance history are not rated Morningstar. All rights reserved. Product specifications are subject to change without notice.

15 User s Guide How to Use Morningstar s Composition Graphics Morningstar s Composition graphics are tools that visually break down how a fund s assets are invested. Morningstar allocates stocks into one of five asset classes: U.S. Stocks, Non-U.S. Stocks, Bonds, Cash and Other. For each of these asset classes, Morningstar calculates portfolio statistics on the long and short positions and displays long, short, and net (long minus short) statistics as appropriate. Calculations are run on the most-recent portfolio available. Asset Allocation 3 The U.S. Stock data point indicates the percentage of the fund s assets devoted to U.S.-domiciled equity investments. 3 The Non-U.S. Stock data point reflects only the percentage of a portfolio s equity investments that are domiciled outside the United States. 3 The Bond data point identifies the percentage of the fund s assets held in bonds and bond exposure gained from derivatives. Bonds include everything from government notes to high-yield corporate bonds. 3 The Cash data point identifies the percentage of the fund s assets held in cash. Cash encompasses both actual cash and cash equivalents (fixed-income securities with a maturity of one year or less) held by the portfolio plus receivables minus payables. 3 Lastly, the Other data point includes positions in preferred stocks (equity securities that pay dividends at a specific rate) as well as convertible bonds and convertible preferreds. Derivatives and unidentified holdings are also grouped in this asset class. Using the Bar Chart The x-axis of this chart represents the percentage each investment group holds, with the y-axis representing a zero value. Values to the right of the y-axis represent positive, or long, security positions, while values to the left of the y-axis represent negative, or short, security positions. The table to the right of the bar chart sums these two values to present the net emphasis of each investment group. For example, a bar representing Cash Allocations that extends left of the y-axis indicates negative percentages of cash in which the portfolio is leveraged, meaning it has borrowed against its own assets to buy more securities or that it has used other techniques to gain more than 100% exposure to the market. Over 100% Long or short positions in any asset class that are greater than 100% are indicated by a line break. Where are the Shorts? Sometimes the amount of shorts in a portfolio is so small the bar chart cannot visually represent the miniscule amount. For example, if a portfolio has a 0.01% position in Cash, the bar chart appears, though the green to the left of the y-axis may not be visible. K When Do We Use the Bar Chart or the Pie Graph? Net % U.S. Stocks 66.9 U.S. Stocks 55.1 Non-U.S. Stocks 00.0 Non-U.S. Stocks 12.5 Bonds Bonds 19.3 Cash Cash 10.4 Other 1.0 Other Total Total Morningstar Profiles and Guides display a horizontal bar chart when a fund s portfolio contains short and derivative positions of which the net sum, including any offsetting long positions in that asset class, is greater or less than 100%. When a fund s portfolio takes only long positions in securities, we represent the portfolio s asset allocation in a pie graph that sums to 100% Morningstar. All rights reserved. Product specifications are subject to change without notice.

16 Templeton Growth VIP Fund 5... QQ Average Above Average Out of 1001 World Stock investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. The investment seeks long-term capital growth. The fund invests predominantly in the equity securities of companies located anywhere in the world, including developing markets. The equity securities in which the fund primarily invests are common stock. Although the fund seeks investments across a number of countries and sectors, from time to time, based on economic conditions, it may have significant positions in particular countries or sectors. Past name(s) : Templeton Growth Securities Cl2. Morningstar : World Stock World-stock portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in the U.S., Europe, and Japan, with the remainder divided among the globe s smaller markets. These portfolios typically have 20%-60% of assets in U.S. stocks. In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies % % (Mar '09 - May '09) (Sep '08 - Nov '08) 1.03 Fund Inception Date Templeton Global s Limited Subadvisor. James Harper, CFA. M.A., University of Cambridge,. Norman J. Boersma, CFA. B.A., York University,. M.B.A., University of Toronto,. Morningstar Rating. QQQ QQ QQ Fund Rank Percentile Out of # of s 1,220 1, U.S. Stocks 36.0 Non-U.S. Stocks 62.9 Bonds 0.0 Cash 1.1 Other 0.0 Microsoft Corp 3.08 Samsung Electronics Co Ltd 3.06 Citigroup Inc 2.53 Teva Pharmaceutical Industries Ltd ADR 2.41 Comcast Corp Class A 2.11 American International Group Inc 2.09 CRH PLC 2.03 Roche Holding AG Dividend Right Cert Amgen Inc 1.89 Pfizer Inc 1.81 Medtronic PLC 1.79 Total SA 1.78 JPMorgan Chase & Co 1.77 Credit Suisse Group 1.72 Sanofi 1.70 Hewlett-Packard Co 1.68 AXA SA 1.63 Kingfisher PLC 1.58 Telefonica SA 1.51 GlaxoSmithKline PLC 1.49 Total Number of Stock Holdings 91 Total Number of Bond Holdings 0 Annual Turnover Ratio % Total Fund Assets ($mil) 1, Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium 7.81 Small 0.81 Micro P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Top 10 Countries as of United States United Kingdom France 9.90 South Korea 6.32 Germany Switzerland 5.12 Ireland 3.07 Netherlands 3.01 Israel 2.44 China 2.15 FVF840

17 Templeton Global Bond Securities Fund 5,6,7... QQQQ Above Average Above Average Out of 316 World Bond investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. The investment seeks high current income consistent with preservation of capital; capital appreciation is a secondary objective. Under normal market conditions, the fund 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 fund invests predominantly in bonds issued by governments and government agencies located around the world. Under normal market conditions, the expects to invest at least 40% of its net assets in foreign securities, and may invest without limit in emerging or developing markets. It is non-diversified. Past name(s) : Templeton Global Bond Sec Cl2. Morningstar : World Bond World-bond portfolios invest 40% or more of their assets in foreign bonds. Some world-bond portfolios follow a conservative approach, favoring high-quality bonds from developed markets. Others are more adventurous and own some lower-quality bonds from developed or emerging markets. Some portfolios invest exclusively outside the U.S., while others regularly invest in both U.S. and non-u.s. bonds. In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy % -7.52% (Mar '09 - May '09) (Jul '11 - Sep '11) 0.76 Fund Inception Date Franklin Advisers, Inc. Subadvisor. Michael J. Hasenstab B.A., Carleton College,. Ph.D., Australian National University,. M.A., Australian National University,. Sonal Desai. Ph.D., Northwestern University (Kellogg),. B.A., Delhi University,. Morningstar Rating. QQQ QQQ QQQQQ Fund Rank Percentile Out of # of s U.S. Stocks 0.0 Non-U.S. Stocks 0.0 Bonds 42.9 Cash 55.9 Other 1.2 United Mexican States % Poland(Rep Of) 4.75% Malaysia (Govt Of) 3.394% Ireland(Rep Of) 5.4% Portugal(Rep Of) 3.875% Korea Monetary Stab Bond Korea(Republic Of) 3% Malaysia (Govt Of) 3.172% Serbia Rep 7.25% Indonesia(Rep Of) 12.8% Brazil(Fed Rep Of) 10% Mexico(Utd Mex St) 7.75% India(Govt Of) 8.83% Portugal Rep 5.125% Bk Of Korea 2.07% Hungary Rep 5.375% Ukraine Cabinet Of Ministers 9.25% Indonesia(Rep Of) 11% Hungary(Rep Of) 5.75% Indonesia(Rep Of) 9.5% Total Number of Stock Holdings 0 Total Number of Bond Holdings 120 Annual Turnover Ratio % Total Fund Assets ($mil) 3, Morningstar Fixed Income Style Box as of Avg Eff Duration 0.16 Avg Eff Maturity 2.11 Avg Wtd Price. Ltd Mod Ext High Med Low Risk Measures as of Port Avg Rel BC Aggr Rel Cat 3 Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar F-I Sectors as of % Government Corporate Securitized 7.49 Municipal 0.68 fi Cash/Cash Equivalents ± Other Credit Analysis as of % Bonds AAA 5 AA 17 A 44 BBB 18 BB 8 B 4 Below B 3 Not Rated 0 FVF827

18 RCM Dynamic Multi-Asset Plus Fund 3, Out of 465 World Allocation investments. An investment's overall Morningstar Rating, based on its risk-adjusted The investment seeks long term capital appreciation. The fund invests directly and indirectly in a globally diverse combination of equity securities, and U.S. dollar denominated fixed income securities, in each case including emerging market securities. It targets a strategic asset allocation of 60% to equity exposure (the "Equity Component") and 40% to fixed income exposure (the "Fixed Income Component"). The fund may either invest directly in these different asset classes or indirectly through derivatives and other instruments, such as through investments in mutual funds or exchange-traded funds ("ETFs"). Morningstar : World Allocation World-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. While these portfolios do explore the whole world, most of them focus on the U.S., Canada, Japan, and the larger markets in Europe. It is rare for such portfolios to invest more than 10% of their assets in emerging markets. These portfolios typically have at least 10% of assets in bonds, less than 70% of assets in stocks, and at least 40% of assets in non- U.S. stocks or bonds. The volatility measure is not displayed for investments with fewer than three years of history. The category average, however, is shown above % -5.78% (May '15 - Jul '15) (Jun '15 - Aug '15) 1.20 Fund Inception Date Allianz Global Inv Fund Mgmt LLC Subadvisor Allianz Global Investors U.S. LLC New York Claudio Marsala. B.A., University of Pisa,. M.A., University of Turin,. Michael Stamos, CFA. Ph.D., University of Frankfurt,. Morningstar Rating.... Fund Rank Percentile.... Out of # of s.... Composition as of U.S. Stocks 0.0 Non-U.S. Stocks 31.3 Bonds 24.6 Cash 43.4 Other 0.8 HoldingModuleTopHeader as of S+p500 Emini Fut Sep15 Xcme Mini Msci Eafe Sep15 Ifus Us 5yr Note (Cbt) Dec15 Xcbt PIMCO Grade Corp Bd Instl 2.02 Us 10yr Note (Cbt)dec15 Xcbt Topix Indx Futr Sep15 Xose Euro Stoxx 50 Sep15 Xeur ishares iboxx $ Invst Grade Crp Bond 1.16 Us Long Bond(Cbt) Dec15 Xcbt US Treasury Note 1.125% US Treasury Bond 7.625% US Treasury Note 2% US Treasury Note 2% US Treasury Note 3% US Treasury Note 1% US Treasury Note 1.875% US Treasury Note 1.5% FHLMC 1% ishares JPMorgan USD Emerg Markets Bond 0.71 Ftse 100 Idx Fut Sep15 Ifll Total Number of Stock Holdings 0 Total Number of Bond Holdings 20 Annual Turnover Ratio %. Total Fund Assets ($mil) Morningstar Style Box Equity (as of ) Fixed Income (as of ) Not Available Not Available Statistics as of Port Avg Rel S&P 500 Rel Cat P/E Ratio... P/B Ratio... P/C Ratio... GeoAvgCap ($mil)... 3 Yr Std Dev... 3 Yr Beta... 3 Yr Sharpe Ratio... 3 Yr Alpha... 3 Yr R-squared... IncomeRatio InformationRatio... Morningstar Super Sectors as of h Cyclical j Sensitive k Defensive Morningstar F-I Sectors as of % Government Corporate Securitized Municipal fi Cash/Cash Equivalents ± Other AGI001

19 Allianz NFJ Dividend Value VIT Portfolio... QQ Below Average Average Out of 1211 Large Value investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. The investment seeks long-term growth of capital and income. The fund normally invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of companies that pay or are expected to pay dividends. Under normal conditions, it will invest primarily in common stocks of companies with market capitalizations greater than $3.5 billion. Morningstar : Large Value Large-value portfolios invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow). In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. 9.92% % (Jan '13 - Mar '13) (Jul '15 - Sep '15) 1.17 Fund Inception Date Allianz Global Investors Fund Mgmt Subadvisor NFJ Group LLC - Dallas R. Burns McKinney, CFA (2005). M.B.A., University of Pennsylvania (Wharton), B.A., Dartmouth College, Thomas W. Oliver, CPA (1998). M.B.A., University of Texas, B.B.A., University of Texas, Morningstar Rating. QQ.. Fund Rank Percentile Out of # of s 1,384 1,211.. Composition as of U.S. Stocks 85.8 Non-U.S. Stocks 11.9 Bonds 0.0 Cash 2.4 Other 0.0 HoldingModuleTopHeader as of JPMorgan Chase & Co 4.24 Wells Fargo & Co 4.16 AT&T Inc 4.04 MetLife Inc 3.93 Total SA ADR 3.91 International Business Machines Corp 3.81 Royal Dutch Shell PLC ADR Class A 3.80 Travelers Companies Inc 3.73 Ford Motor Co 3.66 Teva Pharmaceutical Industries Ltd ADR 2.36 Hartford Financial Services Group Inc 2.33 Valero Energy Corp 2.22 PNC Financial Services Group Inc 2.18 Citigroup Inc 2.16 Pfizer Inc 2.14 Public Service Enterprise Group Inc 2.10 Verizon Communications Inc 2.08 Cisco Systems Inc 2.04 Johnson & Johnson 2.04 Macy's Inc 2.01 Total Number of Stock Holdings 42 Total Number of Bond Holdings 0 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small Micro Statistics as of Port Avg Rel S&P 500 Rel Cat P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Equity Sectors as of h Cyclical r Basic Materials 1.91 t Consumer Cyclical 9.36 y Financial Services u Real Estate j Sensitive i Communication Services 6.27 o Energy p Industrials 7.84 a Technology k Defensive s Consumer Defensive 2.04 d Healthcare f Utilities NFJ001

20 PIMCO VIT Total Return Portfolio 3,7,10... QQQQ Average Above Average Out of 945 Intermediate-Term Bond investments. An investment's overall Morningstar Rating, based on its riskadjusted The investment seeks maximum total return, consistent with preservation of capital and prudent investment management. The portfolio normally invests at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. It invests primarily in investment grade debt securities, but may invest up to 10% of its total assets in junk bonds rated B or higher. The Portfolio will normally limit its foreign currency exposure (from non-u.s. dollar denominated securities or currencies) to 20% of its total assets. Morningstar : Intermediate-Term Bond Intermediate-term bond portfolios invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 3.5 to 6.0 years. These portfolios are less sensitive to interest rates, and therefore less volatile, than portfolios that have longer durations. Morningstar calculates monthly breakpoints using the effective duration of the Morningstar Core Bond Index in determining duration assignment. Intermediate-term is defined as 75% to 125% of the three-year average effective duration of the MCBI. In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. 6.33% -4.18% (Mar '09 - May '09) (May '13 - Jul '13) 0.65 Fund Inception Date Pacific Management Co Subadvisor. Mihir P. Worah Ph.D., University of Chicago,. Mark R. Kiesel B.A., University of Michigan,. M.B.A., University of Chicago,. Morningstar Rating. QQ QQQ QQQQQ Fund Rank Percentile Out of # of s 1, % Net U.S. Stocks 0.0 Non-U.S. Stocks 0.0 Bonds 83.1 Cash 8.5 Other Total Fin Fut Uk 90day Ice (Red) 03/15/ Irs Usd /16/15-30y Cme Euro BUND Future Sept Irs Usd /16/15-7y Lch FNMA Irs Gbp /16/15-2y Cme FNMA Fin Fut Uk 90day Ice (Red) 06/21/ US Treasury Bond 3.375% US Treasury Note 2.25% Irs Mxn /26/14-7y* Cme Irs Gbp /16/16-2y Cme Irs Usd /19/13-30y Cme US Treasury Note 2% FNMA FNMA Year US Treasury Bond Future Sept US Treasury TIP 2% US Treasury TIP 1.75% US Treasury TIP Total Number of Stock Holdings 0 Total Number of Bond Holdings 1269 Annual Turnover Ratio % Total Fund Assets ($mil) 8, Morningstar Fixed Income Style Box as of Avg Eff Duration 3.80 Avg Eff Maturity 6.00 Not Available Avg Wtd Price Risk Measures as of Port Avg Rel BC Aggr Rel Cat 3 Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar F-I Sectors as of % Government Corporate Securitized Municipal fi Cash/Cash Equivalents ± Other Credit Analysis Not Available % Bonds PIM331

21 PIMCO VIT Real Return Portfolio 3,5,7... QQQQ Above Average Above Average Out of 196 Inflation-Protected Bond investments. An investment's overall Morningstar Rating, based on its riskadjusted The investment seeks maximum real return, consistent with preservation of real capital and prudent investment management. The Portfolio normally invests at least 80% of its net assets in inflation-indexed bonds of varying maturities issued by the U.S. and non-u.s. governments, their agencies or instrumentalities and corporations, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. It invests primarily in investment grade securities, but may invest up to 10% of its total assets in high yield securities ("junk bonds") rated B or higher. Past name(s) : PIMCO VIT Real Return Bond Admin. Morningstar : Inflation-Protected Bond Inflation-protected bond portfolios invest primarily in debt securities that adjust their principal values in line with the rate of inflation. These bonds can be issued by any organization, but the U.S. Treasury is currently the largest issuer for these types of securities. In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. 8.34% % (Jul '02 - Sep '02) (Sep '08 - Nov '08) 0.65 Fund Inception Date Pacific Management Co LLC Subadvisor. Mihir P. Worah Ph.D., University of Chicago,. Jeremie Banet. Morningstar Rating. QQQ QQQ QQQQ Fund Rank Percentile Out of # of s % Net U.S. Stocks 0.0 Non-U.S. Stocks 0.0 Bonds 60.7 Cash 32.3 Other Total Fin Fut Euro$ Cme (Wht) 12/14/ Pimco Fds US Treasury TIP Fin Fut Euro$ Cme (Red) 12/19/ US Treasury TIP Irs Gbp /16/15-2y Cme US Treasury TIP Irs Usd /16/15-10y Lch US Treasury TIP US Treasury TIP 0.125% US Treasury TIP 2.375% Irs Usd /06/16-1y (Red) Cme Irs Usd /16/15-2y Cme US Treasury TIP 2% Fin Fut Euro$ Cme (Wht) 03/14/ US Treasury TIP US Treasury TIP 1.75% US Treasury TIP US Treasury TIP 1.25% US Treasury TIP Total Number of Stock Holdings 0 Total Number of Bond Holdings 284 Annual Turnover Ratio % Total Fund Assets ($mil) 2, Morningstar Fixed Income Style Box as of Avg Eff Duration 5.04 Avg Eff Maturity 8.72 Not Available Avg Wtd Price Risk Measures as of Port Avg Rel BC Aggr Rel Cat 3 Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar F-I Sectors as of % Government Corporate Securitized Municipal fi Cash/Cash Equivalents ± Other Credit Analysis Not Available % Bonds PIM343

22 PIMCO VIT High Yield Portfolio 3,6,7... QQQ Average Average Out of 627 High Yield Bond investments. An investment's overall Morningstar Rating, based on its risk-adjusted The investment seeks maximum total return, consistent with preservation of capital and prudent investment management. The Portfolio invests at least 80% of assets in a diversified portfolio of junk bonds, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements, rated below investment grade. It may invest up to 20% of its total assets in securities denominated in foreign currencies and may invest beyond this limit in U.S. dollardenominated securities of foreign issuers. The Portfolio may invest up to 15% of its total assets in securities and instruments that are economically tied to emerging market countries. Morningstar : High Yield Bond High-yield bond portfolios concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These portfolios generally offer higher yields than other types of portfolios, but they are also more vulnerable to economic and credit risk. These portfolios primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor's or Moody's at the level of BB (considered speculative for taxable bonds) and below. In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy % % (Mar '09 - May '09) (Sep '08 - Nov '08) 0.75 Fund Inception Date Pacific Management Co LLC Subadvisor. Andrew Jessop. Morningstar Rating. QQQQ QQQ QQQ Fund Rank Percentile Out of # of s % Net U.S. Stocks 0.0 Non-U.S. Stocks 0.0 Bonds 93.5 Cash 4.4 Other Total Pimco Fds Cdx Hy23 5y Ice Crimson Merger Sub / Ortho-C % Renaissance Acquisition 144A 6.875% Cit Grp 5% Lloyds Bkg Grp FRN 0.65 Denali Borrower Llc / Denali % Tenet Healthcare 4.5% Chesapeake Engy 5.75% Mgm Resorts Intl 6.625% Platform Specialty Prods 144A 6.5% Reynolds Grp Issuer 5.75% Crown Castle Intl 5.25% Hca 4.75% Sabine Pass Liquefaction 5.75% Telecom Italia S P A New 144A 5.303% Altice Financing S.A. 144A 6.625% Cco Hldgs Llc / Cco Hldgs Cap 5.25% Dish Dbs 5.875% Numericable Grp Sa 144A 6% Total Number of Stock Holdings 0 Total Number of Bond Holdings 612 Annual Turnover Ratio % Total Fund Assets ($mil) 1, Morningstar Fixed Income Style Box as of Avg Eff Duration 4.06 Avg Eff Maturity 5.84 Not Available Avg Wtd Price Risk Measures as of Port Avg Rel BC Aggr Rel Cat 3 Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar F-I Sectors as of % Government Corporate Securitized Municipal 0.68 fi Cash/Cash Equivalents ± Other Credit Analysis Not Available % Bonds PIM337

23 PIMCO VIT Global Multi-Asset Mananged Volatiliy Portfolio 3,10,12... Q Below Average Average Out of 465 World Allocation investments. An investment's overall Morningstar Rating, based on its risk-adjusted The investment seeks total return which exceeds that of a blend of 60% MSCI World Index/40% Barclays U.S. Aggregate Index with explicit management of overall portfolio volatility. The Portfolio will typically invest 50% to 70%, and under normal circumstances will invest a minimum of 20%, of its net assets in equity-related investments. It may invest up to 5% of its net assets in real estate investment trusts. The Portfolio may invest up to 10% of its net assets in equity securities that are economically tied to emerging market countries. While the fund is non-diversified, it invests in diversified underlying holdings. Morningstar : World Allocation World-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. While these portfolios do explore the whole world, most of them focus on the U.S., Canada, Japan, and the larger markets in Europe. It is rare for such portfolios to invest more than 10% of their assets in emerging markets. These portfolios typically have at least 10% of assets in bonds, less than 70% of assets in stocks, and at least 40% of assets in non- U.S. stocks or bonds. In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. 5.04% -7.81% (Jun '12 - Aug '12) (May '13 - Jul '13) 1.22 Fund Inception Date Pacific Management Co LLC Subadvisor. Mihir P. Worah Ph.D., University of Chicago,. Geraldine Sundstrom. M.A., University of London,. B.A./B.S., University Paris Dauphine,. Morningstar Rating. Q.. Fund Rank Percentile Out of # of s % Net U.S. Stocks 13.2 Non-U.S. Stocks 48.6 Bonds Cash 44.6 Other Total Fin Fut Euro$ Cme (Wht) 12/14/ Fin Fut Euro$ Cme (Wht) 03/14/ Fin Fut Emini S&P500 Cme 09/18/ Fin Fut Euro$ Cme (Red) 09/19/ PIMCO Income Instl Year US Treasury Note Future Sept Irs Usd /06/16-1y (Red) Cme PIMCO StocksPLUS Instl Pimco Cayman Commodity Portfolio Iv Lt US Treasury TIP EURO STOXX 50 Index Future Sept Inf Swap Gb Ni R /15/15-15y Myc Fin Fut Jpnk400 Ose 09/10/ US Treasury Note 1.75% Fin Fut H-Shares Idx Hkg 07/30/ Uk Tsy 0.125% 2024 I/L Gilt Irs Gbp /16/15-10y Cme PIMCO TRENDS Managed Futures Strat Ins Irs Gbp /17/15-2y Cme Inf Swap Us It P /19/14-2y Dub Total Number of Holdings 206 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Style Box Equity (as of ) Fixed Income (as of ) Not Available P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Super Sectors as of h Cyclical j Sensitive k Defensive Morningstar F-I Sectors as of % Government Corporate Securitized Municipal fi Cash/Cash Equivalents ± Other PIM879

24 PIMCO VIT Global Multi-Asset Portfolio 3,12... QQ Below Average Average Out of 234 Tactical Allocation investments. An investment's overall Morningstar Rating, based on its risk-adjusted The investment seeks total return which exceeds that of a blend of 60% MSCI World Index/40% Barclays U.S. Aggregate Index. The Portfolio will typically invest 50% to 70%, and under normal circumstances will invest a minimum of 20%, of its net assets in equity-related investments. It may invest up to 5% of its net assets in real estate investment trusts. The Portfolio may invest up to 10% of its net assets in equity securities that are economically tied to emerging market countries. While the fund is non-diversified, it invests in diversified underlying holdings. Morningstar : Tactical Allocation Tactical Allocation portfolios seek to provide capital appreciation and income by actively shifting allocations across investments. These portfolios have material shifts across equity regions, and bond sectors on a frequent basis. To qualify for the tactical allocation category, the fund must have minimum exposures of 10% in bonds and 20% in equity. Next, the fund must historically demonstrate material shifts in sector or regional allocations either through a gradual shift over three years or through a series of material shifts on a quarterly basis. Within a three-year period, typically the average quarterly changes between equity regions and bond sectors exceeds 15% or the difference between the maximum and minimum exposure to a single equity region or bond sector exceeds 50%. In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies % -8.97% (May '09 - Jul '09) (May '13 - Jul '13) 1.13 Fund Inception Date Pacific Management Co LLC Subadvisor. Mihir P. Worah Ph.D., University of Chicago,. Geraldine Sundstrom. M.A., University of London,. B.A./B.S., University Paris Dauphine,. Morningstar Rating. QQ QQ. Fund Rank Percentile Out of # of s % Net U.S. Stocks 14.6 Non-U.S. Stocks 47.0 Bonds 56.1 Cash Other Total E-mini S&P Year US Treasury Note Future Sept PIMCO Income Instl Irs Usd /06/16-1y (Red) Cme PIMCO StocksPLUS Instl Fin Fut Jpnk400 Ose 09/10/ Irs Gbp /16/15-10y Cme Irs Usd /16/15-7y Lch Uk Tsy 0.125% 2024 I/L Gilt PIMCO TRENDS Managed Futures Strat Ins Inf Swap Gb Ni R /15/15-15y Myc Fin Fut H-Shares Idx Hkg 07/30/ Pimco Cayman Commodity Fund Ii Ltd Spv Irs Usd /16/15-10y Lch US Treasury Note 1.75% US Treasury Note 2.125% US Treasury TIP Year US Treasury Bond Future Sept EURO STOXX 50 Index Future Sept Irs Gbp /17/15-2y Cme Total Number of Holdings 243 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Style Box Equity (as of ) Fixed Income (as of ) Not Available P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Super Sectors as of h Cyclical j Sensitive k Defensive Morningstar F-I Sectors as of % Government Corporate Securitized Municipal fi Cash/Cash Equivalents ± Other PIM971

25 PIMCO VIT Global Advantage Strategy Bond Portfolio 3,4,5,6,7... QQ Below Average Above Average Out of 316 World Bond investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. The investment seeks total return which exceeds that of its benchmarks, consistent with prudent investment management. The Portfolio invests under normal circumstances at least 80% of its assets in Fixed Income Instruments that are economically tied to at least three countries (one of which may be the United States), which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. It may also invest up to 10% of its total assets in preferred stocks. The fund is non-diversified. Morningstar : World Bond World-bond portfolios invest 40% or more of their assets in foreign bonds. Some world-bond portfolios follow a conservative approach, favoring high-quality bonds from developed markets. Others are more adventurous and own some lower-quality bonds from developed or emerging markets. Some portfolios invest exclusively outside the U.S., while others regularly invest in both U.S. and non-u.s. bonds. In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. 3.74% -5.28% (Apr '14 - Jun '14) (May '13 - Jul '13) 0.90 Fund Inception Date Pacific Management Co LLC Subadvisor. Andrew Thomas Balls B.A., University of Oxford,. M.A., Harvard University,. Lupin Rahman. Ph.D., London School of Economics,. Morningstar Rating. QQ.. Fund Rank Percentile Out of # of s % Net U.S. Stocks 0.0 Non-U.S. Stocks 1.6 Bonds 35.8 Cash 60.0 Other Total Irs Usd /06/16-1y (Red) Cme Euro SCHATZ Future Sept Irs Usd /16/15-7y Lch Irs Usd /16/15-2y Cme Year US Treasury Note Future Sept Pimco Fds Irs Gbp /13/15-1y (Wht) Cme Irs Gbp /16/15-10y Cme Irs Gbp /19/15-1y (Wht) Cme Fin Fut Uk Gilt Ice 09/28/ Irs Jpy /17/14-7y Cme Irs Gbp /16/15-5y Cme Irs Gbp /16/15-2y Cme Irs Usd /16/15-10y Lch US Treasury TIP Irs Eur /16/15-10y Cme Italian Btp Bond Msci Acwi US Treasury Note US Treasury Note Total Number of Stock Holdings 5 Total Number of Bond Holdings 258 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Fixed Income Style Box as of Avg Eff Duration 3.66 Avg Eff Maturity 6.44 Not Available Avg Wtd Price. Risk Measures as of Port Avg Rel BC Aggr Rel Cat 3 Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar F-I Sectors as of % Government Corporate Securitized Municipal fi Cash/Cash Equivalents ± Other Credit Analysis Not Available % Bonds PIM005

26 PIMCO VIT Global Bond Portfolio 3,5,7... QQQ Average Average Out of 316 World Bond investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. The investment seeks maximum total return, consistent with preservation of capital and prudent investment management. The Portfolio invests under normal circumstances at least 80% of its assets in Fixed Income Instruments that are economically tied to at least three countries (one of which may be the United States), which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. It normally invests at least 25% of its net assets in instruments that are economically tied to foreign (non-u.s.) countries. The fund is non-diversified. Morningstar : World Bond World-bond portfolios invest 40% or more of their assets in foreign bonds. Some world-bond portfolios follow a conservative approach, favoring high-quality bonds from developed markets. Others are more adventurous and own some lower-quality bonds from developed or emerging markets. Some portfolios invest exclusively outside the U.S., while others regularly invest in both U.S. and non-u.s. bonds. In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy % % (Jul '09 - Sep '09) (Aug '08 - Oct '08) 0.90 Fund Inception Date Pacific Management Co LLC Subadvisor. Andrew Thomas Balls B.A., University of Oxford,. M.A., Harvard University,. Lorenzo Pagani. Morningstar Rating. QQ QQQ QQQ Fund Rank Percentile Out of # of s % Net U.S. Stocks 0.0 Non-U.S. Stocks 0.0 Bonds 18.4 Cash 78.4 Other Total Irs Usd /06/16-1y (Red) Cme Irs Usd /16/15-7y Lch Year US Treasury Note Future Sept Irs Jpy /19/13-20y Cme Irs Eur /16/15-2y Cme FNMA Irs Gbp /16/15-10y Cme Fin Fut Uk Gilt Ice 09/28/ Irs Eur /16/15-10y Cme Irs Jpy /17/14-7y Cme Irs Eur /21/18-5y Cme Cdx Itraxx Sen22 5y Ice Irs Usd /16/15-7y Cme FNMA Euro BUND Future Sept Irs Eur /16/15-5y Cme Irs Usd /16/15-10y Lch US Treasury Note 2.375% Spain Govt Sw D03 Sp Cbk US Treasury Note 2.125% Total Number of Stock Holdings 0 Total Number of Bond Holdings 290 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Fixed Income Style Box as of Avg Eff Duration 6.44 Avg Eff Maturity 9.20 Not Available Avg Wtd Price. Risk Measures as of Port Avg Rel BC Aggr Rel Cat 3 Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar F-I Sectors as of % Government Corporate Securitized Municipal fi Cash/Cash Equivalents ± Other Credit Analysis Not Available % Bonds PIM336

27 PIMCO VIT All Asset Portfolio 3... QQ Below Average Below Average Out of 234 Tactical Allocation investments. An investment's overall Morningstar Rating, based on its risk-adjusted The investment seeks maximum real return, consistent with preservation of real capital and prudent investment management. The Portfolio invests under normal circumstances substantially all of its assets in Institutional Class or, as applicable, Class M shares of any funds of the PIMCO Funds and PIMCO Equity Series, affiliated open-end investment companies, except funds of funds, and shares of any activelymanaged funds of the PIMCO ETF Trust, an affiliated investment company (collectively, "Underlying PIMCO Funds"). While the fund is non-diversified, it invests in diversified underlying holdings. Morningstar : Tactical Allocation Tactical Allocation portfolios seek to provide capital appreciation and income by actively shifting allocations across investments. These portfolios have material shifts across equity regions, and bond sectors on a frequent basis. To qualify for the tactical allocation category, the fund must have minimum exposures of 10% in bonds and 20% in equity. Next, the fund must historically demonstrate material shifts in sector or regional allocations either through a gradual shift over three years or through a series of material shifts on a quarterly basis. Within a three-year period, typically the average quarterly changes between equity regions and bond sectors exceeds 15% or the difference between the maximum and minimum exposure to a single equity region or bond sector exceeds 50%. In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies % % (Mar '09 - May '09) (Sep '08 - Nov '08) 1.22 Fund Inception Date Pacific Management Co LLC Subadvisor Research Affiliates LLC Robert D. Arnott B.A., University of California, Morningstar Rating. QQ QQ QQQ Fund Rank Percentile Out of # of s % Net U.S. Stocks 5.1 Non-U.S. Stocks 12.4 Bonds 15.2 Cash 48.7 Other Total PIMCO Emerging Markets Currency Instl PIMCO Emerging Local Bond Instl PIMCO RAE Low Volatility PLUS EMG Inst PIMCO RAE Worldwide Long/Short PLUS In PIMCO Real Return Asset Instl PIMCO Income Instl PIMCO RAE Fundamental PLUS EMG Inst PIMCO RAE Low Volatility PLUS Intl Ins PIMCO RAE Worldwide Fdmtl AdvtgPLUS In PIMCO RAE Fundamental AdvantagePLUS 3.76 In PIMCO High Yield Spectrum Instl PIMCO High Yield Instl PIMCO Senior Floating Rate Instl PIMCO Unconstrained Bond Inst PIMCO CommoditiesPLUS Strategy Instl PIMCO Commodity Real Ret Strat Instl PIMCO Real Estate Real Return Strategy PIMCO Grade Corp Bd Instl PIMCO RAE Low Volatility PLUS Inst PIMCO RAE Fundamental PLUS Intl Inst Total Number of Holdings 45 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Style Box Equity (as of ) Fixed Income (as of ) Not Available P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil)... 3 Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Super Sectors as of h Cyclical j Sensitive k Defensive Morningstar F-I Sectors as of % Government Corporate Securitized Municipal fi Cash/Cash Equivalents ± Other PIM328

28 PIMCO EqS Pathfinder Portfolio 3,5,6,7... QQ Below Average Below Average Out of 1001 World Stock investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. The investment seeks current income that exceeds the average yield on global stocks; its secondary objective is to seek longterm capital appreciation. The fund normally invests at least 75% of its assets in equity and equity-related securities, including common and preferred stock, as well as securities issued by real estate investment trusts, master limited partnerships and other equity trusts and depositary receipts. It may invest a significant portion of its assets in securities and instruments that are economically tied to foreign countries. Past name(s) : PIMCO EqS Pathfinder Port Adv. Morningstar : World Stock World-stock portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in the U.S., Europe, and Japan, with the remainder divided among the globe s smaller markets. These portfolios typically have 20%-60% of assets in U.S. stocks. In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. 9.49% % (Dec '10 - Feb '11) (Jul '11 - Sep '11) 1.22 Fund Inception Date Pacific Management Co LLC Subadvisor. Brad Kinkelaar. M.B.A., Northwestern University (Kellogg),. B.A., University of Illinois,. Austin Graff. Morningstar Rating. Q QQ. Fund Rank Percentile Out of # of s 1,220 1, % Net U.S. Stocks 44.4 Non-U.S. Stocks 50.1 Bonds 0.0 Cash 2.1 Other Total Microsoft Corp 3.71 Reckitt Benckiser Group PLC 3.53 Vodafone Group PLC 3.24 Imperial Tobacco Group PLC 3.23 Intesa Sanpaolo 3.14 Berkshire Hathaway Inc Class B 3.04 Colony Capital Inc 2.86 AT&T Inc 2.83 Aia Grp ADR 2.66 Nippon Telegraph & Telephone Corp 2.53 Qualcomm Inc 2.23 Altria Group Inc 2.14 ONE Gas, Inc Brink's Co 2.06 Capital Power Corp 1.98 Suez Environnement Company SA 1.98 E.On Se 1.97 Li & Fung Ltd 1.97 Electricite De France 1.94 Aegon NV 1.93 Total Number of Stock Holdings 58 Total Number of Bond Holdings 0 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small Micro P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Top 10 Countries as of United States United Kingdom Netherlands 6.99 Hong Kong 6.28 France Italy 3.47 Japan 2.79 Canada 2.77 Switzerland 1.77 Taiwan 1.58 PIM969

29 PIMCO VIT Emerging Market Bond Portfolio 3,5,6,7... QQQ Average Average Out of 249 Emerging Markets Bond investments. An investment's overall Morningstar Rating, based on its riskadjusted The investment seeks maximum total return, consistent with preservation of capital and prudent investment management. The fund normally invests at least 80% of its assets in Fixed Income Instruments that are economically tied to emerging market countries, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. The fund may invest in both investment-grade securities and high yield securities ("junk bonds") subject to a maximum of 15% of its total assets in securities rated below B. It is non-diversified. Past name(s) : PIMCO VIT Emerging Markets Bond Admin. Morningstar : Emerging Markets Bond Emerging-markets bond portfolios invest more than 65% of their assets in foreign bonds from developing countries. The largest portion of the emerging-markets bond market comes from Latin America, followed by Eastern Europe. Africa, the Middle East, and Asia make up the rest. In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies % % (Oct '02 - Dec '02) (Aug '08 - Oct '08) 1.00 Fund Inception Date Pacific Management Co LLC Subadvisor. Michael A. Gomez M.B.A., University of Pennsylvania (Wharton),. B.A., University of Pennsylvania,. Morningstar Rating. QQQ QQQ QQQ Fund Rank Percentile Out of # of s % Net U.S. Stocks 0.0 Non-U.S. Stocks 0.0 Bonds Cash Other Total Cdx Em23 Ice Pimco Fds Petroleos Mexicanos 6.5% Petrobras Intl Fin 5.75% Zcs Brl R /10/12-01/02/17 Uag Pt Pertamina Persero 144A 6.45% Jsc Kazmunayg 7% Brazil La Sp Myc Year US Treasury Note Future Sept Rio Oil Fin Tr 144A 6.25% Petroleos Mexicanos 8% Indonesia Rep 6.875% Colombia La Sp Hus Long Term Euro BTP Future Sept Indonesia Rep % Pemex Proj Fdg Master Tr 0.02% Petroleos Mexicanos 4.875% Tnk-Bp Fin 144a 144A 7.5% Colombia La Sp Cbk Colombia La Sp Gst Total Number of Stock Holdings 0 Total Number of Bond Holdings 324 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Fixed Income Style Box as of Avg Eff Duration 6.02 Avg Eff Maturity Not Available Avg Wtd Price. Risk Measures as of Port Avg Rel BC Aggr Rel Cat 3 Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar F-I Sectors as of % Government Corporate Securitized Municipal 0.81 fi Cash/Cash Equivalents ± Other Credit Analysis Not Available % Bonds PIM333

30 PIMCO VIT Commodity RealReturn Strategy Portfolio 3,9,11... QQQ Average Above Average Out of 119 Commodities Broad Basket investments. An investment's overall Morningstar Rating, based on its riskadjusted The investment seeks maximum real return, consistent with prudent investment management. The fund normally invests in commodity-linked derivative instruments backed by a portfolio of inflation-indexed securities and other Fixed Income Instruments. It invests in commoditylinked derivative instruments, including commodity indexlinked notes, swap agreements, commodity options, futures and options on futures, that provide exposure to the investment returns of the commodities markets, without investing directly in physical commodities. It is non-diversified. Morningstar : Commodities Broad Basket Broad-basket portfolios can invest in a diversified basket of commodity goods including but not limited to grains, minerals, metals, livestock, cotton, oils, sugar, coffee, and cocoa. can be made directly in physical assets or commodity-linked derivative instruments, such as commodity swap agreements. In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies % % (Dec '07 - Feb '08) (Sep '08 - Nov '08) 0.89 Fund Inception Date Pacific Management Co LLC Subadvisor. Mihir P. Worah Ph.D., University of Chicago,. Jeremie Banet. Morningstar Rating. QQ QQQQ QQQ Fund Rank Percentile Out of # of s % Net U.S. Stocks 0.0 Non-U.S. Stocks 0.0 Bonds 53.2 Cash 38.9 Other Total Pimco Fds US Treasury TIP US Treasury TIP Irs Usd /16/15-2y Cme Fin Fut Euro$ Cme (Wht) 12/14/ US Treasury TIP 1.25% US Treasury TIP Year US Treasury Note Future Sept Irs Usd /16/15-10y Lch Fin Fut Euro$ Cme (Wht) 03/14/ Inf Swap Us It P /19/14-2y Dub Irs Usd /06/16-1y (Red) Cme Irs Usd /16/15-30y Cme Irs Gbp /17/15-2y Cme Irs Eur /16/15-10y Cme Inf Swap Us It P /07/14-2y My Uk Tsy 0.125% 2024 I/L Gilt Inf Swap Us It P /08/13-10y Dub US Treasury TIP Irs Gbp /16/15-2y Cme Total Number of Stock Holdings 0 Total Number of Bond Holdings 170 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Fixed Income Style Box as of Avg Eff Duration 1.24 Avg Eff Maturity 2.82 Not Available Avg Wtd Price Risk Measures as of Port Avg Rel BC Aggr Rel Cat 3 Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar F-I Sectors as of % Government Corporate Securitized Municipal fi Cash/Cash Equivalents ± Other Credit Analysis Not Available % Bonds PIM850

31 MFS VIT Research Bond Portfolio 7... QQQQ Above Average Average Out of 945 Intermediate-Term Bond investments. An investment's overall Morningstar Rating, based on its riskadjusted The investment seeks total return with an emphasis on current income, but also considering capital appreciation. The fund normally invests at least 80% of the fund's net assets in debt instruments. Debt instruments include corporate bonds, U.S. government securities, foreign government securities, asset-backed securities, municipal instruments, and other obligations to repay money borrowed. It primarily invests the fund's assets in investment grade debt instruments, but may also invest in below investment grade quality debt instruments. The fund may invest the fund's assets in foreign securities. Past name(s) : MFS VIT Research Bond Init. Morningstar : Intermediate-Term Bond Intermediate-term bond portfolios invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 3.5 to 6.0 years. These portfolios are less sensitive to interest rates, and therefore less volatile, than portfolios that have longer durations. Morningstar calculates monthly breakpoints using the effective duration of the Morningstar Core Bond Index in determining duration assignment. Intermediate-term is defined as 75% to 125% of the three-year average effective duration of the MCBI. In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. 7.37% -6.73% (May '09 - Jul '09) (Aug '08 - Oct '08) 0.52 Fund Inception Date Massachusetts Financial Services Co Subadvisor. Jeffrey S. Wakelin, CFA. M.B.A., New York University,. B.A., Denison University,. Robert D. Persons, CFA. M.B.A., Northwestern University,. B.A., Bucknell University,. Morningstar Rating. QQQQ QQQQ QQQQ Fund Rank Percentile Out of # of s 1, Composition as of U.S. Stocks 0.0 Non-U.S. Stocks 0.0 Bonds 97.8 Cash 1.3 Other 0.9 HoldingModuleTopHeader as of US Treasury Note 1.625% US Treasury Note 0.75% FNMA 2.5% FHLMC 4% Govt Natl Mtg Asso 3.5% Forest Labs 144A 4.875% US Treasury Bond 4.375% US Treasury Bond 2.875% GNMA 4.5% Verizon Comms 6.55% CD 2007-CD4 MTG TRUST Jp Morgan Chase 2007-Ldp11 CMO US Treasury Note 0.875% FHLMC 4% Morgan Stanley % US Treasury Bond 4.5% FHLMC 3.5% Bk Amer 3.3% Morgan Stanley Cap 2007-Iq14 CMO Life Tech 5% Total Number of Stock Holdings 0 Total Number of Bond Holdings 691 Annual Turnover Ratio % Total Fund Assets ($mil) 2, Morningstar Fixed Income Style Box as of Avg Eff Duration 5.37 Avg Eff Maturity 7.66 Avg Wtd Price Ltd Mod Ext High Med Low Risk Measures as of Port Avg Rel BC Aggr Rel Cat 3 Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar F-I Sectors as of % Government Corporate Securitized Municipal fi Cash/Cash Equivalents ± Other 4.24 Credit Analysis as of % Bonds AAA 48 AA 4 A 11 BBB 29 BB 6 B 4 Below B 0 Not Rated -1 2MFS002

32 JPMorgan Insurance Trust Core Bond Portfolio 7... QQQ Average Below Average Out of 945 Intermediate-Term Bond investments. An investment's overall Morningstar Rating, based on its riskadjusted The investment seeks to maximize total return by investing primarily in a diversified portfolio of intermediate- and long-term debt securities. The fund invests in a portfolio of investment grade intermediate- and long-term debt securities. It invests at least 80% of its net assets in bonds. The fund's average weighted maturity will ordinarily range between 4 and 12 years. The adviser may invest a significant portion or all of its assets in mortgage-related and mortgage-backed securities. The adviser expects to invest no more than 10% of its assets in "sub-prime" mortgage-related securities at the time of purchase. Morningstar : Intermediate-Term Bond Intermediate-term bond portfolios invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 3.5 to 6.0 years. These portfolios are less sensitive to interest rates, and therefore less volatile, than portfolios that have longer durations. Morningstar calculates monthly breakpoints using the effective duration of the Morningstar Core Bond Index in determining duration assignment. Intermediate-term is defined as 75% to 125% of the three-year average effective duration of the MCBI. In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. 4.66% -3.13% (Nov '08 - Jan '09) (Aug '08 - Oct '08) 0.86 Fund Inception Date J.P. Morgan Management Inc. Subadvisor. Mark M. Jackson, CFA. Henry Song, CFA. B.B.A., University of Michigan,. Morningstar Rating. QQQ QQQ. Fund Rank Percentile Out of # of s 1, U.S. Stocks 0.0 Non-U.S. Stocks 0.0 Bonds 86.3 Cash 7.5 Other 6.3 U.S. Treasury Coupon Strips, 2.048% Jp Morgan Liquid Assets Money Market Fund, 4.42 Institutional Class Shares Financing Corp., % Federal National Mortgage Assoc % Tennessee Valley Authority Stri % Residual Funding Corp. Strips, % U.S. Treasury Coupon Strips, 3.591% U.S. Treasury Coupon Strips, 2.511% U.S. Treasury Coupon Strips, 7.107% Federal National Mortgage Assoc % U.S. Treasury Coupon Strips, 2.705% Federal Home Loan Mortgage Corp % Alternative Loan Trust, Series % Federal National Mortgage Associ 3.290% Financing Corp., % Resolution Funding Corp. Strips % FNMA 3.5% US Treasury Note 2.125% Federal National Mortgage Association US Treasury Bond 4.375% Total Number of Stock Holdings 0 Total Number of Bond Holdings 983 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Fixed Income Style Box as of Avg Eff Duration 4.98 Avg Eff Maturity 6.16 Avg Wtd Price Ltd Mod Ext High Med Low Risk Measures as of Port Avg Rel BC Aggr Rel Cat 3 Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar F-I Sectors as of % Government Corporate Securitized Municipal fi Cash/Cash Equivalents ± Other 4.24 Credit Analysis as of % Bonds AAA 73 AA 4 A 9 BBB 8 BB 1 B 2 Below B 2 Not Rated 2 2JPM005

33 Franklin US Government Securities VIP Fund 7... QQQ Average Below Average Out of 302 Intermediate Government investments. An investment's overall Morningstar Rating, based on its riskadjusted The investment seeks income. The fund normally invests at least 80% of net assets in U.S. government securities. It invests primarily to predominantly in fixed income and variable rate mortgage-backed securities, a significant to substantial amount of which is in securities issued by the Government National Mortgage Association. The fund may also invest in mortgage-backed and other securities issued or guaranteed by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac). It may invest in U.S. Treasury STRIPS, bills, bonds and notes. Past name(s) : Franklin US Government Cl1. Morningstar Rating. QQQ QQQ QQQ Fund Rank Percentile Out of # of s U.S. Stocks 0.0 Non-U.S. Stocks 0.0 Bonds 94.8 Cash 5.2 Other 0.0 Morningstar Fixed Income Style Box as of Avg Eff Duration 3.50 Avg Eff Maturity 5.00 Avg Wtd Price High Med Low Morningstar : Intermediate Government Intermediate-government portfolios have at least 90% of their bond holdings in bonds backed by the U.S. government or by government-linked agencies. This backing minimizes the credit risk of these portfolios, as the U.S. government is unlikely to default on its debt. These portfolios have durations typically between 3.5 and 6.0 years. Consequently, the group's performance--and its level of volatility--tends to fall between that of the short government and long government bond categories. Morningstar calculates monthly breakpoints using the effective duration of the Morningstar Core Bond Index in determining duration assignment. Intermediate is defined as 75% to 125% of the three-year average effective duration of the MCBI. In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. 5.30% -2.96% (Nov '08 - Jan '09) (May '13 - Jul '13) GNMA 3.5% GNMA 4% FNMA GNMA 3.5% FNMA FRN GNMA 2.317% GNMA 3.5% GNMA 4% GNMA 3.5% GNMA 3.5% FNMA 5.375% GNMA 4% FHLBA 4.75% GNMA 3.5% GNMA 4% US Treasury TIP 2% AID 5.5% GNMA 3.5% FHLMC FRN FARMER MAC 144A Total Number of Stock Holdings 0 Total Number of Bond Holdings 1549 Annual Turnover Ratio % Total Fund Assets ($mil) 1, Ltd Mod Ext Risk Measures as of Port Avg Rel BC Aggr Rel Cat 3 Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar F-I Sectors as of % Government Corporate Securitized Municipal 2.67 fi Cash/Cash Equivalents ± Other 2.00 Credit Analysis as of % Bonds AAA 95 AA 3 A 1 BBB 0 BB 0 B 0 Below B 0 Not Rated Fund Inception Date Franklin Advisers, Inc. Subadvisor. Paul Varunok. Patrick Klein. FVF830

34 Frankling Mutual Shares VIP Fund... QQQ Average Below Average Out of 1211 Large Value investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. The investment seeks capital appreciation; income is a secondary consideration. The fund invests primarily in equity securities. The equity securities in which the fund invests are primarily common stock. To a lesser extent, it also invests in merger arbitrage securities and the debt and equity of distressed companies. The fund may invest a significant portion of its assets (up to 35%) in foreign securities, which may include sovereign debt and participations in foreign government debt. It is not limited to pre-set maximums or minimums governing the size of the companies in which it may invest. Past name(s) : Franklin Mutual Shares Securities Cl1. Morningstar : Large Value Large-value portfolios invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow). In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies % % (Mar '09 - May '09) (Sep '08 - Nov '08) 0.73 Fund Inception Date Franklin Mutual Advisers, LLC Subadvisor. F. David Segal, CFA. B.A., University of Michigan,. M.B.A., New York University (Stern),. Peter A. Langerman B.A., Yale University,. J.D., Stanford University,. M.S., New York University (Stern),. Morningstar Rating. QQQ QQ QQQ Fund Rank Percentile Out of # of s 1,384 1,211 1, U.S. Stocks 68.1 Non-U.S. Stocks 18.5 Bonds 4.7 Cash 7.2 Other 1.6 Merck & Co Inc 2.59 Microsoft Corp 2.58 Medtronic PLC 2.55 Eli Lilly and Co 2.18 PNC Financial Services Group Inc 2.00 Time Warner Cable Inc 1.94 American International Group Inc 1.93 Apple Inc 1.87 Teva Pharmaceutical Industries Ltd ADR 1.82 Twenty-First Century Fox Inc Class B 1.70 Directv 1.66 British American Tobacco PLC 1.59 White Mountains Insurance Group Ltd 1.54 JPMorgan Chase & Co 1.50 Symantec Corp 1.46 Hospira Inc 1.43 Cisco Systems Inc 1.40 XL Group PLC 1.30 Vodafone Group PLC 1.29 General Motors Co 1.28 Total Number of Stock Holdings 96 Total Number of Bond Holdings 14 Annual Turnover Ratio % Total Fund Assets ($mil) 4, Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small 1.33 Micro 0.60 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Equity Sectors as of h Cyclical r Basic Materials 2.43 t Consumer Cyclical y Financial Services u Real Estate 0.44 j Sensitive i Communication Services 6.44 o Energy 8.27 p Industrials 5.10 a Technology k Defensive s Consumer Defensive d Healthcare f Utilities 0.70 FVF846

35 Franklin Income VIP Fund 6,7,8... QQQ Above Average High Out of 725 Conservative Allocation investments. An investment's overall Morningstar Rating, based on its riskadjusted The investment seeks to maximize income while maintaining prospects for capital appreciation. The fund invests in a diversified portfolio of debt and equity securities. It may shift its investments from one asset class to another based on the investment manager's analysis of the best opportunities for the fund's portfolio in a given market. The fund 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. It may also invest up to 25% of its assets in foreign securities, either directly or through depositary receipts. Past name(s) : Franklin Income Securities Cl1. Morningstar : Conservative Allocation Conservative-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. These portfolios tend to hold smaller positions in stocks than moderate-allocation portfolios. These portfolios typically have 20% to 50% of assets in equities and 50% to 80% of assets in fixed income and cash. In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies % % (Mar '09 - May '09) (Sep '08 - Nov '08) 0.47 Fund Inception Date Franklin Advisers, Inc. Subadvisor. Edward D. Perks, CFA. B.A., Yale University,. Matthew D. Quinlan, CFA. Morningstar Rating. QQQ QQQQ QQQ Fund Rank Percentile Out of # of s U.S. Stocks 42.7 Non-U.S. Stocks 8.9 Bonds 31.1 Cash 11.0 Other 6.3 Dow Chemical Co 1.93 Royal Dutch Shell PLC ADR Class A 1.66 Pfizer Inc 1.57 General Electric Co 1.49 Target Corp 1.44 First Data % Duke Energy Corporation 1.38 Exelon Corp 1.35 BP PLC ADR 1.20 E I du Pont de Nemours & Company 1.19 Southern Co 1.18 Chevron Corp 1.15 Rio Tinto PLC ADR 1.14 Bk Amer Pfd PG&E Corp 1.05 Jpmorgan Chase FRN Sanofi ADR 1.01 NextEra Energy Inc 0.96 Total SA ADR 0.88 Merck & Co Inc 0.87 Total Number of Stock Holdings 85 Total Number of Bond Holdings 196 Annual Turnover Ratio % Total Fund Assets ($mil) 5, Morningstar Style Box Equity (as of ) Fixed Income (as of ) Ltd Mod Ext P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Super Sectors as of h Cyclical j Sensitive k Defensive Morningstar F-I Sectors as of % Government Corporate Securitized Municipal fi Cash/Cash Equivalents ± Other 2.87 High Med Low FVF829

36 Franklin High Income Securities Fund 6,7,8... QQQ Average Above Average Out of 627 High Yield Bond investments. An investment's overall Morningstar Rating, based on its risk-adjusted The investment seeks a high level of current income; capital appreciation is a secondary objective. Under normal market conditions, the fund invests predominantly in high yield, lower-rated debt securities. Lowerrated securities generally pay higher yields than more highly rated securities to compensate investors for the higher risk. These securities include bonds, notes, debentures, convertible securities, and senior and subordinated debt securities. The fund may also invest in preferred stock. Past name(s) : Franklin High Income Securities Cl1. Morningstar : High Yield Bond High-yield bond portfolios concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These portfolios generally offer higher yields than other types of portfolios, but they are also more vulnerable to economic and credit risk. These portfolios primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor's or Moody's at the level of BB (considered speculative for taxable bonds) and below. In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy % % (Apr '09 - Jun '09) (Sep '08 - Nov '08) 0.57 Fund Inception Date Franklin Advisers, Inc. Subadvisor. Patricia O'Connor, CPA. M.B.A., University of Chicago,. B.A., Lehigh University,. Eric G. Takaha, CFA. B.S., University of California, Berkeley, M.B.A., Stanford University, Morningstar Rating. QQ QQ QQQ Fund Rank Percentile Out of # of s U.S. Stocks 0.0 Non-U.S. Stocks 0.0 Bonds 96.2 Cash 2.1 Other 1.7 Intelsat Jackson Hldgs 7.5% Fmg Resources August 2006 Pty 144A 0.1% Sallie Mae 5.5% Wind Acquisition Fin Sa 144A 7.375% Par Pharma Cos 7.375% Sprint Nextel 144A 9% Dish Dbs 5.875% Equinix 5.375% Tenet Healthcare 8.125% Vpi Escrow 144A 6.375% Eldorado Gold Corp New 144A 6.125% Chesapeake Engy 6.625% Engy Transfer Equity L P 7.5% Fiat Chrysler Automobiles N V % Reynolds Grp Issuer 8.5% Intl Game Tech 144A % Jbs Usa Llc / Jbs Usa Fin 144A 8.25% Bombardier 144A 7.5% Citigroup FRN Bk Amer FRN Total Number of Stock Holdings 1 Total Number of Bond Holdings 218 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Fixed Income Style Box as of Avg Eff Duration 4.48 Avg Eff Maturity 5.47 Avg Wtd Price Ltd Mod Ext High Med Low Risk Measures as of Port Avg Rel BC Aggr Rel Cat 3 Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar F-I Sectors as of % Government Corporate Securitized 1.82 Municipal 0.68 fi Cash/Cash Equivalents ± Other 2.16 Credit Analysis as of % Bonds AAA 0 AA 0 A 0 BBB 2 BB 35 B 45 Below B 18 Not Rated 1 FVF826

37 Fidelity VIP FundsManager 60% Portfolio... QQQ Average Average Out of 838 Moderate Allocation investments. An investment's overall Morningstar Rating, based on its risk-adjusted The investment seeks high total return. The fund normally invests in a combination of underlying Fidelity retail and Variable Insurance Products (VIP) funds. It seeks to invest approximately 35% of assets in fixed-income funds, 5% of assets in money market funds, 42% of assets in domestic equity funds and 18% of assets in international equity funds. The fund uses proprietary fundamental and quantitative fund research, considering factors including fund performance, a fund manager's experience and investment style, and fund characteristics such as expense ratio, asset size, and portfolio turnover to select underlying funds. Past name(s) : Fidelity VIP FundsManager 60% Service 2. Morningstar : Moderate Allocation Moderate-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. These portfolios tend to hold larger positions in stocks than conservative-allocation portfolios. These portfolios typically have 50% to 70% of assets in equities and the remainder in fixed income and cash. In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies % % (Mar '09 - May '09) (Sep '08 - Nov '08) 0.98 Fund Inception Date FMR Co., Inc. (FMRC) Subadvisor. Xuehai En. Morningstar Rating. QQQ QQQ. Fund Rank Percentile Out of # of s Composition as of U.S. Stocks 38.4 Non-U.S. Stocks 24.5 Bonds 30.2 Cash 6.7 Other 0.1 HoldingModuleTopHeader as of Fidelity Spartan US Bond Idx Investor Fidelity Diversified International 9.60 Fidelity Select Health Care Portfolio 4.63 Fidelity Select Technology Portfolio 4.20 Fidelity Select Financial Services Port 4.15 Fidelity Select Consumer Discret Port 3.96 Fidelity Instl MM Fds Prime MMkt I 3.54 Fidelity Overseas 3.42 Fidelity Select Consumer Staples Port 3.26 Fidelity Select Industrials Portfolio 2.47 Fidelity Select Banking Portfolio 2.22 Fidelity Spartan L/T Tr Bd Idx Inv 2.06 Fidelity Select Energy Portfolio 2.00 Fidelity International Discovery 1.74 Fidelity Spartan International Idx Inv 1.39 Fidelity Europe 1.03 Fidelity Select Pharmaceuticals Port 0.99 Fidelity Select Computers Portfolio 0.97 Fidelity Select Insurance Port 0.97 Fidelity Select Software & Comp Port 0.96 Total Number of Holdings 77 Annual Turnover Ratio % Total Fund Assets ($mil) 6, Morningstar Style Box Equity (as of ) Fixed Income (as of ) Ltd Mod Ext Statistics as of Port Avg Rel S&P 500 Rel Cat P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Super Sectors as of h Cyclical j Sensitive k Defensive Morningstar F-I Sectors as of % Government Corporate Securitized Municipal fi Cash/Cash Equivalents ± Other High Med Low FID882

38 Fidelity VIP FundsManager 50% Portfolio... QQQ Below Average Low Out of 838 Moderate Allocation investments. An investment's overall Morningstar Rating, based on its risk-adjusted The investment seeks high total return. The fund normally invests in a combination of underlying Fidelity retail and Variable Insurance Products (VIP) funds. It seeks to invest approximately 40% of assets in fixed-income funds, 10% of assets in money market funds, 35% of assets in domestic equity funds and 15% of assets in international equity funds. The fund uses proprietary fundamental and quantitative fund research, considering factors including fund performance, a fund manager's experience and investment style, and fund characteristics such as expense ratio, asset size, and portfolio turnover to select underlying funds. Past name(s) : Fidelity VIP FundsManager 50% Service 2. Morningstar : Moderate Allocation Moderate-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. These portfolios tend to hold larger positions in stocks than conservative-allocation portfolios. These portfolios typically have 50% to 70% of assets in equities and the remainder in fixed income and cash. In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy % % (Mar '09 - May '09) (Sep '08 - Nov '08) 0.91 Fund Inception Date FMR Co., Inc. (FMRC) Subadvisor. Xuehai En. Morningstar Rating. QQQ QQQ. Fund Rank Percentile Out of # of s Composition as of U.S. Stocks 32.0 Non-U.S. Stocks 21.0 Bonds 34.3 Cash 12.5 Other 0.1 HoldingModuleTopHeader as of Fidelity Spartan US Bond Idx Investor Fidelity Instl MM Fds Prime MMkt I 9.32 Fidelity Diversified International 6.67 Fidelity Select Health Care Portfolio 3.48 Fidelity Select Consumer Discret Port 2.94 Fidelity Select Financial Services Port 2.83 Fidelity Select Technology Portfolio 2.60 Fidelity Overseas 2.49 Fidelity Select Consumer Staples Port 2.45 Fidelity Spartan L/T Tr Bd Idx Inv 2.24 Fidelity Europe 1.86 Fidelity Select Industrials Portfolio 1.77 Fidelity Blue Chip Growth 1.75 Fidelity International Discovery 1.68 Fidelity Spartan International Idx Inv 1.39 Fidelity Select Energy Portfolio 1.35 Fidelity Select Banking Portfolio 1.28 Fidelity Stock Selec Lg Cp Val 1.04 Fidelity Select Computers Portfolio 0.96 Fidelity Select Insurance Port 0.90 Total Number of Holdings 79 Annual Turnover Ratio % Total Fund Assets ($mil) 5, Morningstar Style Box Equity (as of ) Fixed Income (as of ) Ltd Mod Ext Statistics as of Port Avg Rel S&P 500 Rel Cat P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Super Sectors as of h Cyclical j Sensitive k Defensive Morningstar F-I Sectors as of % Government Corporate Securitized Municipal fi Cash/Cash Equivalents ± Other High Med Low FID589

39 BlackRock Global Allocation V.I. Fund... QQQQ Above Average Below Average Out of 465 World Allocation investments. An investment's overall Morningstar Rating, based on its risk-adjusted The investment seeks high total investment return. The fund invests in a portfolio of equity, debt and money market securities. Generally, its portfolio will include both equity and debt securities. In selecting equity investments, the fund mainly seeks securities that the adviser 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. It 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 Trusts and securities related to real assets. Past name(s) : Mercury Global Allocation V.I. 3. Morningstar : World Allocation World-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. While these portfolios do explore the whole world, most of them focus on the U.S., Canada, Japan, and the larger markets in Europe. It is rare for such portfolios to invest more than 10% of their assets in emerging markets. These portfolios typically have at least 10% of assets in bonds, less than 70% of assets in stocks, and at least 40% of assets in non- U.S. stocks or bonds. In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy % % (Mar '09 - May '09) (Sep '08 - Nov '08) 0.98 Fund Inception Date BlackRock s LLC Subadvisor. Dennis W. Stattman, CFA (1984). B.S., University of Virginia, M.B.A., University of Chicago, Dan Chamby, CFA. M.B.A., University of Pennsylvania, B.A., Duquesne University, Morningstar Rating. QQQQ QQQ QQQQ Fund Rank Percentile Out of # of s U.S. Stocks 28.6 Non-U.S. Stocks 27.2 Bonds 19.0 Cash 21.0 Other 4.2 United Kingdom (Government Of) 2.25% US Treasury Note 2.25% US Treasury Note 0.01% Mexico (United Mexican States) 10 12/ JPMorgan Chase & Co 0.67 Italy (Republic Of) /01/ Procter & Gamble Co 0.65 Anadarko Petroleum Corp 0.58 Bank of America Corporation 0.57 Google Inc Class C Capital Stock 0.54 Wells Fargo & Co 0.54 Fuji Heavy Industries Ltd 0.46 Mobileye Nv 0.44 Nestle SA 0.44 Verizon Communications Inc 0.43 Apple Inc 0.41 Citigroup Inc 0.39 FedEx Corp 0.39 US Treasury Note 1.75% Uber Technologies, Inc Total Number of Stock Holdings 633 Total Number of Bond Holdings 153 Annual Turnover Ratio % Total Fund Assets ($mil) 10, Morningstar Style Box Equity (as of ) Fixed Income (as of ) Not Available P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Super Sectors as of h Cyclical j Sensitive k Defensive Morningstar F-I Sectors as of % Government Corporate Securitized Municipal 0.73 fi Cash/Cash Equivalents ± Other 6.99 BLK001

40 AZL T.Rowe Price Capital Apprciation Fund 3,4... QQQQ Above Average High Out of 838 Moderate Allocation investments. An investment's overall Morningstar Rating, based on its risk-adjusted The investment seeks long term capital appreciation with preservation of capital as an important intermediate-term objective. The fund will normally invest at least 50% of its total assets in the common stocks of established U.S. companies that the subadviser believes has above-average potential for capital growth. The remaining assets are generally invested in convertible securities, corporate and government debt, bank loans (which represent an interest in amounts owed by a borrower to a syndicate of lenders), and foreign securities, in keeping with the fund's objective. It may invest up to 25% of its total assets in foreign securities. Past name(s) : AZL Davis NY Venture 2. Morningstar : Moderate Allocation Moderate-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. These portfolios tend to hold larger positions in stocks than conservative-allocation portfolios. These portfolios typically have 50% to 70% of assets in equities and the remainder in fixed income and cash. In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies % % (Mar '09 - May '09) (Sep '08 - Nov '08) 1.05 Fund Inception Date Allianz Management LLC Subadvisor T. Rowe Price Associates, Inc. David R. Giroux, CFA. B.A., Hillsdale College,. Morningstar Rating. QQQQQ QQQQQ QQ Fund Rank Percentile Out of # of s U.S. Stocks 56.1 Non-U.S. Stocks 4.6 Bonds 23.8 Cash 12.3 Other 3.2 Dreyfus Treasury Pr Cash Mgmt Inst Danaher Corp 4.93 Marsh & McLennan Companies Inc 3.62 Fiserv Inc 2.88 Bank of New York Mellon Corp 2.87 Thermo Fisher Scientific Inc 2.70 AutoZone Inc 2.64 Allergan PLC 2.31 PG&E Corp 2.16 Becton Dickinson & Co 2.08 Canadian Natural Resources Ltd 1.58 Ametek Inc 1.42 Tyco International PLC 1.37 Intelsat Jackson Hldg Visa Inc Class A 1.35 Cigna Corp 1.34 American Tower Corp 1.33 Microsoft Corp 1.33 Pfizer Inc 1.29 Actavis Plc Preferred Stk 1.26 Total Number of Stock Holdings 59 Total Number of Bond Holdings 154 Annual Turnover Ratio % Total Fund Assets ($mil) 1, Morningstar Style Box Equity (as of ) Fixed Income (as of ) Not Available P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Super Sectors as of h Cyclical j Sensitive k Defensive Morningstar F-I Sectors as of % Government Corporate Securitized Municipal 1.39 fi Cash/Cash Equivalents ± Other USA116

41 AZL Small Cap Stock Index Fund 1,2,3,4,13... QQQQ Above Average Average Out of 645 Small Blend investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. The investment seeks to match the performance of the Standard & Poor's (S&P) SmallCap 600 Index. The fund normally invests in all of the stocks in the S&P SmallCap 600 Index in proportion to their weighting in the index. Under normal market conditions, it invests at least 80% of its assets, plus any borrowings for investment purposes, in investments of small capitalization companies, which for this purpose are companies with market capitalizations (the total market value of a company's outstanding stock) at the time of purchase included in the S&P SmallCap 600 Index. Morningstar : Small Blend Small-blend portfolios favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the smallcap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies % % (Mar '09 - May '09) (Sep '08 - Nov '08) 0.59 Fund Inception Date Allianz Management LLC Subadvisor BlackRock Management, LLC Greg Savage, CFA. Christopher Bliss, CFA. Morningstar Rating. QQQQ QQQQ. Fund Rank Percentile Out of # of s U.S. Stocks 98.0 Non-U.S. Stocks 1.2 Bonds 0.0 Cash 0.8 Other 0.0 Russ 2000 Idx Fut Sep Dreyfus Treasury Pr Cash Mgmt Inst 0.78 West Pharmaceutical Services Inc 0.59 Toro Co 0.53 Cracker Barrel Old Country Store Inc 0.50 Parexel International Corp 0.50 MarketAxess Holdings Inc 0.49 Curtiss-Wright Corp 0.48 Amsurg Corp 0.47 Microsemi Corp 0.47 Jack In The Box Inc 0.46 Synaptics Inc 0.45 EnerSys 0.44 EPR Properties 0.44 j2 Global Inc 0.44 Sovran Self Storage Inc 0.44 Impax Laboratories Inc 0.43 Pool Corp 0.43 EMCOR Group, Inc Medidata Solutions Inc 0.42 Total Number of Stock Holdings 599 Total Number of Bond Holdings 0 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium 1.38 Small Micro P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio. Morningstar Equity Sectors as of h Cyclical r Basic Materials 6.32 t Consumer Cyclical y Financial Services u Real Estate 8.04 j Sensitive i Communication Services 0.74 o Energy 2.89 p Industrials a Technology k Defensive s Consumer Defensive 3.06 d Healthcare f Utilities 3.47 USA146

42 AZL Schroder Emerging Markets Equity Fund 3,4,5,8... QQQ Average Average Out of 561 Diversified Emerging Mkts investments. An investment's overall Morningstar Rating, based on its riskadjusted The investment seeks capital appreciation. The fund normally 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. It 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 may invest in common and preferred stocks, units of common and preferred stocks, securities convertible into common and preferred stocks, warrants to purchase common and preferred stocks, and index-linked warrants. Morningstar : Diversified Emerging Mkts Diversified emerging-markets portfolios tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These portfolios invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets. In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies % % (Mar '09 - May '09) (Aug '08 - Oct '08) 1.40 Fund Inception Date Allianz Management LLC Subadvisor Schroder Management North America Ltd. Robert Davy. Allan Conway, CPA. B.A., University of York, Morningstar Rating. QQQ QQQ. Fund Rank Percentile Out of # of s U.S. Stocks 1.2 Non-U.S. Stocks 96.4 Bonds 0.0 Cash 0.5 Other 1.9 Tencent Holdings Ltd 5.33 Samsung Electronics Co Ltd 4.96 China Construction Bank Corp H Shares 4.32 Taiwan Semiconductor Manufacturing Co Ltd 3.56 China Petroleum & Chemical Corp H Shares 3.09 China Mobile Ltd 2.93 Hon Hai Precision Ind Co Ltd 2.48 AIA Group Ltd 2.45 HDFC Bank Ltd 1.92 Emaar Properties PJSC 1.89 China Pacific Insurance Group H Shares 1.77 Axis Bank Ltd 1.74 China Life Insurance Co Ltd H Shares 1.54 Itau Unibanco Holding SA ADR 1.50 Tata Consultancy Services Ltd 1.50 Catcher Technology Co Ltd 1.49 Cathay Financial Holding Co Ltd 1.48 Naspers Ltd Class N 1.48 Hyundai Motor Co 1.44 Maruti Suzuki India Ltd 1.40 Total Number of Stock Holdings 105 Total Number of Bond Holdings 0 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium 5.01 Small Micro P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Top 10 Countries as of China South Korea Taiwan India 9.52 Brazil Turkey 4.42 Thailand 3.62 South Africa 3.49 Russia 2.62 Hong Kong 2.51 USA138

43 AZL S&P 500 Index Fund 2,3,4,13... QQQQ Above Average Below Average Out of 1391 Large Blend investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. The investment seeks to match the total return of the Standard & Poor's 500 Composite Stock Price Index (S&P 500 ). The fund normally invests in all 500 stocks in the S&P 500 in proportion to their weighting in the index. 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. 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. Morningstar : Large Blend Large-blend portfolios are fairly representative of the overall U.S. stock market in size, growth rates, and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios returns are often similar to those of the S&P 500 Index. In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies % % (Mar '09 - May '09) (Sep '08 - Nov '08) 0.49 Fund Inception Date Allianz Management LLC Subadvisor BlackRock Management, LLC Greg Savage, CFA. Christopher Bliss, CFA. Morningstar Rating. QQQ QQQQ. Fund Rank Percentile Out of # of s 1,620 1,391 1,242. U.S. Stocks 93.7 Non-U.S. Stocks 3.8 Bonds 0.0 Cash 2.5 Other 0.0 Apple Inc 3.76 S&P 500 Emini Fut Sep Dreyfus Treasury Pr Cash Mgmt Inst 2.49 Microsoft Corp 1.86 Exxon Mobil Corporation 1.81 Johnson & Johnson 1.41 General Electric Co 1.40 Wells Fargo & Co 1.37 JPMorgan Chase & Co 1.31 Berkshire Hathaway Inc Class B 1.29 Procter & Gamble Co 1.11 Pfizer Inc 1.08 Verizon Communications Inc 0.99 AT&T Inc 0.96 Chevron Corp 0.95 Facebook Inc Class A 0.94 Bank of America Corporation 0.93 Walt Disney Co 0.93 Gilead Sciences Inc 0.90 Citigroup Inc 0.87 Total Number of Stock Holdings 502 Total Number of Bond Holdings 0 Annual Turnover Ratio % 3.00 Total Fund Assets ($mil) 1, Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small 0.08 Micro P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Equity Sectors as of h Cyclical r Basic Materials 2.98 t Consumer Cyclical y Financial Services u Real Estate 2.09 j Sensitive i Communication Services 4.02 o Energy 7.84 p Industrials a Technology k Defensive s Consumer Defensive 9.34 d Healthcare f Utilities 2.83 USA144

44 AZL Russell 1000 Value Index Fund 2,3,4,15... QQQ Average Average Out of 1211 Large Value investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. The investment seeks to match the total return of the Russell 1000 Value Index. The fund normally invests in all stocks in the Russell 1000 Value Index (the "index") in proportion to their weighting in the index. 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. 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. Morningstar : Large Value Large-value portfolios invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow). In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies % % (Dec '10 - Feb '11) (Jul '11 - Sep '11) 0.76 Fund Inception Date Allianz Management LLC Subadvisor BlackRock Management, LLC Greg Savage, CFA. Christopher Bliss, CFA. Morningstar Rating. QQQ QQQ. Fund Rank Percentile Out of # of s 1,384 1,211 1,071. U.S. Stocks 94.3 Non-U.S. Stocks 3.6 Bonds 0.0 Cash 2.0 Other 0.0 Exxon Mobil Corporation 3.20 General Electric Co 2.46 Wells Fargo & Co 2.41 JPMorgan Chase & Co 2.31 S&P 500 Emini Fut Sep Berkshire Hathaway Inc Class B 2.18 Johnson & Johnson 2.17 Procter & Gamble Co 1.95 Dreyfus Treasury Pr Cash Mgmt Inst 1.94 Pfizer Inc 1.90 AT&T Inc 1.70 Chevron Corp 1.67 Bank of America Corporation 1.64 Citigroup Inc 1.54 Microsoft Corp 1.42 Merck & Co Inc 1.31 Cisco Systems Inc 1.28 Intel Corp 1.23 Wal-Mart Stores Inc 1.03 Medtronic PLC 0.97 Total Number of Stock Holdings 683 Total Number of Bond Holdings 0 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small 2.55 Micro P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Equity Sectors as of h Cyclical r Basic Materials 2.93 t Consumer Cyclical 4.94 y Financial Services u Real Estate 4.30 j Sensitive i Communication Services 2.75 o Energy p Industrials a Technology k Defensive s Consumer Defensive 7.13 d Healthcare f Utilities 5.59 USA176

45 AZL Russell 1000 Growth Index Fund 2,3,4,16... QQQQ Above Average Below Average Out of 1519 Large Growth investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. The investment seeks to match the total return of the Russell 1000 Growth Index. The fund normally invests in all stocks in the Russell 1000 Growth Index in proportion to their weighting in the index. 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. Morningstar : Large Growth Large-growth portfolios invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields). Most of these portfolios focus on companies in rapidly expanding industries. In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies % % (Sep '10 - Nov '10) (Jul '11 - Sep '11) 0.78 Fund Inception Date Allianz Management LLC Subadvisor BlackRock Management, LLC Greg Savage, CFA. Christopher Bliss, CFA. Morningstar Rating. QQQ QQQQ. Fund Rank Percentile Out of # of s 1,689 1,519 1,339. U.S. Stocks 93.5 Non-U.S. Stocks 3.0 Bonds 0.0 Cash 2.7 Other 0.8 Apple Inc 6.46 Dreyfus Treasury Pr Cash Mgmt Inst 2.63 Microsoft Corp 1.81 S&P 500 Emini Fut Sep Walt Disney Co 1.73 Facebook Inc Class A 1.66 Verizon Communications Inc 1.58 Gilead Sciences Inc 1.54 Amazon.com Inc 1.48 Google Inc Class A 1.39 Coca-Cola Co 1.37 Google Inc Class C Capital Stock 1.37 Home Depot Inc 1.29 PepsiCo Inc 1.23 Visa Inc Class A 1.17 AbbVie Inc 1.05 Amgen Inc 1.04 Comcast Corp Class A 1.03 Bristol-Myers Squibb Company 0.99 UnitedHealth Group Inc 0.99 Total Number of Stock Holdings 643 Total Number of Bond Holdings 0 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small 0.89 Micro P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Equity Sectors as of h Cyclical r Basic Materials 3.45 t Consumer Cyclical y Financial Services 4.75 u Real Estate 2.04 j Sensitive i Communication Services 4.77 o Energy 0.96 p Industrials a Technology k Defensive s Consumer Defensive d Healthcare f Utilities 0.04 USA177

46 AZL Pyramis Total Bond Fund 3,4,7... QQ Below Average Average Out of 945 Intermediate-Term Bond investments. An investment's overall Morningstar Rating, based on its riskadjusted The investment seeks a high level of current income. Under normal market conditions, the fund invests at least 80% of its net assets in investment-grade debt securities (those of medium and high quality) of all types and repurchase agreements for those securities. The subadviser uses the Barclays U.S. Aggregate Bond Index as a guide in structuring the fund and selecting its investments and manages the fund to have similar overall interest rate risk to the index. The fund also may invest up to 20% of its assets in lower-quality debt securities. Past name(s) : AZL Pyramis Core Bond. Morningstar : Intermediate-Term Bond Intermediate-term bond portfolios invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 3.5 to 6.0 years. These portfolios are less sensitive to interest rates, and therefore less volatile, than portfolios that have longer durations. Morningstar calculates monthly breakpoints using the effective duration of the Morningstar Core Bond Index in determining duration assignment. Intermediate-term is defined as 75% to 125% of the three-year average effective duration of the MCBI. In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. 2.25% -3.74% (Jan '14 - Mar '14) (May '13 - Jul '13) 0.81 Fund Inception Date Allianz Management LLC Subadvisor Pyramis Global s, LLC Michael Plage, CFA. B.S., University of South Carolina, M.B.A., University of Connecticut, Ford E. O'Neil M.B.A., University of Pennsylvania (Wharton), B.A., Harvard University, Morningstar Rating. QQ.. Fund Rank Percentile Out of # of s 1, U.S. Stocks 0.0 Non-U.S. Stocks 0.0 Bonds 95.1 Cash 4.6 Other 0.3 US Treasury Note 0.625% Dreyfus Treasury Pr Cash Mgmt Inst 2.76 FNMA US Treasury Bond 3% US Treasury Note 2.125% US Treasury Note 0.094% FNMA General Mtrs Finl Co 4.375% US Treasury Bond JP MORGAN CHASE 2007-LDP US Treasury TIP GE COML MTG 2007-C Illinois St Go Bds 5.1% Argentine Republic 7% Firstenergy 7.375% Anadarko Pete 6.375% Santander Drive Auto % Carfinance Cap Auto Tr % LB-UBS CMBS 2007-C California St Go Bds 7.6% Total Number of Stock Holdings 0 Total Number of Bond Holdings 521 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Fixed Income Style Box as of Avg Eff Duration. Avg Eff Maturity. Not Available Avg Wtd Price Risk Measures as of Port Avg Rel BC Aggr Rel Cat 3 Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar F-I Sectors as of % Government Corporate Securitized Municipal fi Cash/Cash Equivalents ± Other 4.24 Credit Analysis Not Available % Bonds 2USA307

47 AZL Oppenheimer Discovery Fund 1,3,4... QQQ Average Above Average Out of 653 Small Growth investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. The investment seeks capital appreciation. The fund mainly invests in common stocks of U.S. companies that the subadviser believes have favorable growth prospects. It normally 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 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. Past name(s) : AZL Turner Quantitative Small Cap Growth. Morningstar : Small Growth Small-growth portfolios focus on faster-growing companies whose shares are at the lower end of the market-capitalization range. These portfolios tend to favor companies in up-andcoming industries or young firms in their early growth stages. Because these businesses are fast-growing and often richly valued, their stocks tend to be volatile. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields). In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies % % (Mar '09 - May '09) (Sep '08 - Nov '08) 1.16 Fund Inception Date Allianz Management LLC Subadvisor OppenheimerFunds, Inc. Ronald J. Zibelli, Jr, CFA. B.A., Lehigh University, Ash B. Shah, CFA. B.S., Syracuse University,. M.B.A., New York University (Stern),. Morningstar Rating. QQQ QQQ QQ Fund Rank Percentile Out of # of s U.S. Stocks 95.8 Non-U.S. Stocks 1.3 Bonds 0.0 Cash 2.9 Other 0.0 Dreyfus Treasury Pr Cash Mgmt Inst 2.88 A O Smith Corp 2.08 Proofpoint Inc 2.07 Tyler Technologies Inc 2.04 DexCom Inc 2.02 The Middleby Corp 2.02 Acadia Healthcare Co Inc 2.01 Ultimate Software Group Inc 1.98 CoStar Group Inc 1.96 Monolithic Power Systems Inc 1.93 G-III Apparel Group Ltd 1.91 Tableau Software Inc Class A 1.82 Cavium Inc 1.75 Team Health Holdings Inc 1.69 Bright Horizons Family Solutions Inc 1.58 Centene Corp 1.54 Guidewire Software Inc 1.47 VCA Inc 1.39 Burlington Stores Inc 1.37 Lithia Motors Inc Class A 1.31 Total Number of Stock Holdings 111 Total Number of Bond Holdings 0 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small Micro 4.59 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Equity Sectors as of h Cyclical r Basic Materials 2.96 t Consumer Cyclical y Financial Services 7.32 u Real Estate 3.30 j Sensitive i Communication Services o Energy 2.75 p Industrials a Technology k Defensive s Consumer Defensive 4.09 d Healthcare f Utilities USA136

48 AZL NFJ International Value Fund 3,4,5... QQ Low Below Average Out of 289 Foreign Large Value investments. An investment's overall Morningstar Rating, based on its risk-adjusted The investment seeks long-term growth of capital and income. The fund invests 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. It 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 typically achieves its exposure to equity securities through investing in American Depositary Receipts (ADRs) and/or foreign ordinaries. It may invest up to 50% of its assets in emerging market securities. Morningstar : Foreign Large Value Foreign large-value portfolios invest mainly in big international stocks that are less expensive or growing more slowly than other large-cap stocks. Most of these portfolios divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These portfolios primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex- Japan). Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow). These portfolios typically will have less than 20% of assets invested in U.S. stocks. In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies % % (Jul '09 - Sep '09) (Jul '11 - Sep '11) 1.24 Fund Inception Date Allianz Management LLC Subadvisor NFJ Group LLC - Dallas Benno J. Fischer, Chartered Financial Analyst (1973). BA, University of Oklahoma,. JD, University of Oklahoma, MBA, New York University, R. Burns McKinney, CFA (2005). M.B.A., University of Pennsylvania (Wharton), B.A., Dartmouth College, Morningstar Rating. Q QQ. Fund Rank Percentile Out of # of s U.S. Stocks 1.0 Non-U.S. Stocks 94.5 Bonds 0.0 Cash 3.5 Other 1.0 Dreyfus Treasury Pr Cash Mgmt Inst 3.48 Teva Pharmaceutical Industries Ltd ADR 3.04 Zurich Insurance Group AG ADR 2.96 Persimmon PLC 2.74 Royal Dutch Shell PLC ADR Class A 2.48 BOC Hong Kong Holdings Ltd 2.44 Marks & Spencer Group PLC ADR 2.35 Imperial Tobacco Group PLC 2.32 Taiwan Semiconductor Manufacturing Co Ltd ADR 2.26 China Construction Bank Corp H Shares 2.17 BAE Systems PLC ADR 2.14 Manulife Financial Corp 2.14 Korea Electric Power Corp ADR 2.12 Sasol Ltd ADR 2.12 China Mobile Ltd 2.11 Isuzu Motors Ltd 2.11 Volkswagen AG 2.10 Koc Holding AS ADR 2.09 AXA SA 2.04 Nordea Bank AB 2.03 Total Number of Stock Holdings 59 Total Number of Bond Holdings 0 Annual Turnover Ratio % 2 Total Fund Assets ($mil) Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium 9.37 Small Micro P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Top 10 Countries as of United Kingdom Japan China 9.07 Canada 7.16 France Sweden 4.25 Singapore 4.02 Taiwan 3.93 Israel 3.90 Germany USA155

49 AZL MVP T. Rowe Price Capital Appreciation Fund 3,10, Out of 838 Moderate Allocation investments. An investment's overall Morningstar Rating, based on its risk-adjusted The investment seeks long term capital appreciation with preservation of capital as an important intermediate-term objective. The fund is a fund of funds that invests primarily in the shares of another mutual fund managed by the Manager, the underlying fund, combined with the MVP risk management process intended to adjust the risk of the portfolio based on quantitative indicators of market risk, such as the current level of fund, underlying fund and market volatility. The Manager generally will allocate approximately 80%-100% of the fund's assets to the underlying fund, or to other underlying funds, and up to 20% of its assets to the MVP process. Morningstar : Moderate Allocation Moderate-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. These portfolios tend to hold larger positions in stocks than conservative-allocation portfolios. These portfolios typically have 50% to 70% of assets in equities and the remainder in fixed income and cash. The volatility measure is not displayed for investments with fewer than three years of history. The category average, however, is shown above. 4.50% -2.56% (Oct '14 - Dec '14) (Jul '15 - Sep '15) 1.06 Fund Inception Date Allianz Management LLC Subadvisor. Brian Muench. Mark Glad. Morningstar Rating.... Fund Rank Percentile 1... Out of # of s U.S. Stocks 45.9 Non-U.S. Stocks 8.1 Bonds 26.2 Cash 16.1 Other 3.7 AZL T. Rowe Price Capital Apprec S&P 500 Emini Fut Sep Us 10yr Note Fut Sep Goldman Sachs FS Federal FST Dreyfus Treasury Pr Cash Mgmt Inst 0.22 Total Number of Holdings 6 Annual Turnover Ratio % 1.00 Total Fund Assets ($mil) Morningstar Style Box Equity (as of ) Fixed Income (as of ) Not Available P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev... 3 Yr Beta... 3 Yr Sharpe Ratio... 3 Yr Alpha... 3 Yr R-squared... IncomeRatio InformationRatio... Morningstar Super Sectors as of h Cyclical j Sensitive k Defensive Morningstar F-I Sectors as of % Government Corporate Securitized Municipal 1.39 fi Cash/Cash Equivalents ± Other USA308

50 AZL MVP Invesco Equity and Income Fund 3,10,12... QQQQ High Above Average Out of 838 Moderate Allocation investments. An investment's overall Morningstar Rating, based on its risk-adjusted The investment seeks the highest possible income consistent with safety of principal, with long-term growth of capital as an important secondary objective. The fund is a fund of funds that invests primarily in the shares of another mutual fund managed by the Manager, AZL Invesco Equity and Income Fund, combined with the MVP risk management process intended to adjust the risk of the portfolio based on quantitative indicators of market risk, such as the current level of fund, underlying fund and market volatility. The Manager generally will allocate approximately 80%-100% of the fund's assets to the underlying fund and up to 20% of its assets to the MVP process. Morningstar : Moderate Allocation Moderate-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. These portfolios tend to hold larger positions in stocks than conservative-allocation portfolios. These portfolios typically have 50% to 70% of assets in equities and the remainder in fixed income and cash. In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. 9.28% -6.11% (Jan '13 - Mar '13) (Jul '15 - Sep '15) 1.05 Fund Inception Date Allianz Management LLC Subadvisor. Brian Muench. Mark Glad. Morningstar Rating. QQQQ.. Fund Rank Percentile Out of # of s U.S. Stocks 51.7 Non-U.S. Stocks 9.1 Bonds 19.3 Cash 13.7 Other 6.3 AZL Invesco Equity and Income S&P 500 Emini Fut Sep Goldman Sachs FS Federal FST Us 10yr Note Fut Sep Dreyfus Treasury Pr Cash Mgmt Inst 0.07 Total Number of Holdings 6 Annual Turnover Ratio % 1.00 Total Fund Assets ($mil) Morningstar Style Box Equity (as of ) Fixed Income (as of ) Not Available P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Super Sectors as of h Cyclical j Sensitive k Defensive Morningstar F-I Sectors as of % Government Corporate Securitized Municipal 1.39 fi Cash/Cash Equivalents ± Other USA305

51 AZL MVP Growth Index Strategy Fund 3,10,12... QQQQ Above Average Below Average Out of 401 Aggressive Allocation investments. An investment's overall Morningstar Rating, based on its risk-adjusted The investment seeks long-term capital appreciation. The fund is a fund of funds that invests primarily in a combination of five underlying index funds: AZL Enhanced Bond Index Fund, AZL S&P 500 Index Fund, AZL Mid Cap Index Fund, AZL Small Cap Stock Index Fund and AZL International Index Fund. The Manager will allocate approximately 80% - 100% of its assets to the index strategy underlying funds. Of this allocation, approximately 65% - 85% will be allocated to the equity index funds and approximately 15% - 35% to the bond index fund. The AZL Enhanced Bond Index Fund is a bond index fund; the other four index Strategy underlying funds are equity index funds. Morningstar : Aggressive Allocation Aggressive-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. These portfolios tend to hold larger positions in stocks than moderate-allocation portfolios. These portfolios typically have 70% to 90% of assets in equities and the remainder in fixed income and cash. In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. 8.70% -5.34% (Sep '13 - Nov '13) (Jul '15 - Sep '15) 0.69 Fund Inception Date Allianz Management LLC Subadvisor. Brian Muench. Mark Glad. Morningstar Rating. QQQQ.. Fund Rank Percentile Out of # of s U.S. Stocks 45.0 Non-U.S. Stocks 23.6 Bonds 21.4 Cash 9.6 Other 0.5 AZL S&P 500 Index AZL Enhanced Bond Index AZL International Index AZL Mid Cap Index AZL Small Cap Stock Index 5.25 S&P 500 Emini Fut Sep Goldman Sachs FS Federal FST Us 10yr Note Fut Sep Dreyfus Treasury Pr Cash Mgmt Inst 0.06 Total Number of Holdings 10 Annual Turnover Ratio % 1.00 Total Fund Assets ($mil) 1, Morningstar Style Box Equity (as of ) Fixed Income (as of ) Not Available P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Super Sectors as of h Cyclical j Sensitive k Defensive Morningstar F-I Sectors as of % Government Corporate Securitized Municipal fi Cash/Cash Equivalents ± Other USA301

52 AZL MVP FusionSM Moderate Fund 3,10,12... QQQQ Above Average Average Out of 465 World Allocation investments. An investment's overall Morningstar Rating, based on its risk-adjusted The investment seeks long-term capital appreciation. The fund is a fund of funds that invests primarily in the shares of other mutual funds managed by affiliates of the Manager that represent different asset classes in the fund's asset allocation. Under normal market conditions, the Manager will allocate approximately 80% - 100% of the fund's assets to underlying funds. Of this underlying fund allocation, approximately 55% - 75% will be allocated to equity funds and approximately 25% - 45% will be allocated to fixed income funds. Past name(s) : AZL Fusion Moderate. Morningstar : World Allocation World-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. While these portfolios do explore the whole world, most of them focus on the U.S., Canada, Japan, and the larger markets in Europe. It is rare for such portfolios to invest more than 10% of their assets in emerging markets. These portfolios typically have at least 10% of assets in bonds, less than 70% of assets in stocks, and at least 40% of assets in non- U.S. stocks or bonds. In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies % -3% (Mar '09 - May '09) (Sep '08 - Nov '08) 1.10 Fund Inception Date Allianz Management LLC Subadvisor. Brian Muench. Mark Glad. Morningstar Rating. QQQQ QQQQ QQQ Fund Rank Percentile Out of # of s % Net U.S. Stocks 32.9 Non-U.S. Stocks 22.1 Bonds 17.7 Cash 19.4 Other Total AZL MetWest Total Return Bond 7.14 AZL Pyramis Total Bond 7.14 PIMCO VIT Total Return Admin 7.13 AZL JPMorgan International Opps 5.61 AZL Invesco International Equity 4.67 AZL JPMorgan US Equity AZL Russell 1000 Value Index 3.68 Goldman Sachs FS Federal FST AZL MFS Value 3.33 S&P 500 Emini Fut Sep PIMCO VIT Low Duration Admin 2.90 PIMCO VIT Real Return Admin 2.89 PIMCO VIT Global Advtg Strat Bd Adm 2.88 AZL Invesco Growth & Income 2.85 AZL International Index 2.82 AZL NFJ International Value 2.80 AZL Gateway 2.41 AZL Oppenheimer Discovery 1.92 PIMCO VIT High Yield Admin 1.92 AZL Boston Company Research Growth 1.91 Total Number of Holdings 36 Annual Turnover Ratio % 2 Total Fund Assets ($mil) 2, Morningstar Style Box Equity (as of ) Fixed Income (as of ) Not Available P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Super Sectors as of h Cyclical j Sensitive k Defensive Morningstar F-I Sectors as of % Government Corporate Securitized Municipal fi Cash/Cash Equivalents ± Other USA201

53 AZL MVP FusionSM Growth Fund 3,10,12... QQQQ Above Average Average Out of 465 World Allocation investments. An investment's overall Morningstar Rating, based on its risk-adjusted The investment seeks long-term capital appreciation. The fund is a fund of funds that invests primarily in the shares of other mutual funds managed by affiliates of the Manager that represent different asset classes in the fund's asset allocation. Under normal market conditions, the Manager will allocate approximately 80% - 100% of the fund's assets to underlying funds. Of this underlying fund allocation, approximately 70% - 90% will be allocated to equity funds and approximately 10% - 30% will be allocated to fixed income funds. Past name(s) : AZL Fusion Growth. Morningstar : World Allocation World-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. While these portfolios do explore the whole world, most of them focus on the U.S., Canada, Japan, and the larger markets in Europe. It is rare for such portfolios to invest more than 10% of their assets in emerging markets. These portfolios typically have at least 10% of assets in bonds, less than 70% of assets in stocks, and at least 40% of assets in non- U.S. stocks or bonds. In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies % % (Mar '09 - May '09) (Sep '08 - Nov '08) 1.16 Fund Inception Date Allianz Management LLC Subadvisor. Brian Muench. Mark Glad. Morningstar Rating. QQQQQ QQQQ QQ Fund Rank Percentile Out of # of s % Net U.S. Stocks 38.6 Non-U.S. Stocks 29.1 Bonds 9.9 Cash 13.9 Other Total AZL JPMorgan International Opps 7.53 AZL Invesco International Equity 5.64 AZL JPMorgan US Equity AZL International Index 4.70 AZL MetWest Total Return Bond 3.86 AZL Pyramis Total Bond 3.86 PIMCO VIT Total Return Admin 3.86 AZL MFS Value 3.81 Goldman Sachs FS Federal FST S&P 500 Emini Fut Sep AZL Russell 1000 Value Index 3.34 AZL NFJ International Value 3.29 AZL Gateway 2.89 PIMCO VIT Global Advtg Strat Bd Adm 2.89 AZL Invesco Growth & Income 2.86 AZL Morgan Stanley Global Real Estate 2.81 AZL Oppenheimer Discovery 2.40 AZL Boston Company Research Growth 2.39 AZL DFA US Core Equity 2.39 AZL Wells Fargo Large Cap Growth 2.39 Total Number of Holdings 36 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Style Box Equity (as of ) Fixed Income (as of ) Not Available P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Super Sectors as of h Cyclical j Sensitive k Defensive Morningstar F-I Sectors as of % Government Corporate Securitized Municipal fi Cash/Cash Equivalents ± Other USA202

54 AZL MVP FusionSM Conservative Fund 3,10,12... QQQQ Above Average Low Out of 234 Tactical Allocation investments. An investment's overall Morningstar Rating, based on its risk-adjusted The investment seeks long-term capital appreciation with preservation of capital as an important consideration. The fund is a fund of funds that invests primarily in the shares of other mutual funds managed by affiliates of the Manager that represent different asset classes in the fund's asset allocation. Under normal market conditions, the Manager will allocate approximately 80% - 100% of the fund's assets to underlying funds. Of this underlying fund allocation, approximately 25% - 45% will be allocated to equity funds and approximately 55% - 75% will be allocated to fixed income funds. Past name(s) : AZL Fusion Conservative. Morningstar : Tactical Allocation Tactical Allocation portfolios seek to provide capital appreciation and income by actively shifting allocations across investments. These portfolios have material shifts across equity regions, and bond sectors on a frequent basis. To qualify for the tactical allocation category, the fund must have minimum exposures of 10% in bonds and 20% in equity. Next, the fund must historically demonstrate material shifts in sector or regional allocations either through a gradual shift over three years or through a series of material shifts on a quarterly basis. Within a three-year period, typically the average quarterly changes between equity regions and bond sectors exceeds 15% or the difference between the maximum and minimum exposure to a single equity region or bond sector exceeds 50%. In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. 6.75% -6.87% (Jul '10 - Sep '10) (Jul '11 - Sep '11) 1.02 Fund Inception Date Allianz Management LLC Subadvisor. Brian Muench. Mark Glad. Morningstar Rating. QQQQ QQQQ. Fund Rank Percentile Out of # of s % Net U.S. Stocks 22.4 Non-U.S. Stocks 8.8 Bonds 34.1 Cash 31.8 Other Total AZL MetWest Total Return Bond AZL Pyramis Total Bond PIMCO VIT Total Return Admin PIMCO VIT Low Duration Admin 8.62 PIMCO VIT Real Return Admin 4.81 PIMCO VIT High Yield Admin 4.77 Us 10yr Note Fut Sep AZL Russell 1000 Value Index 2.94 AZL MFS Value 2.82 Goldman Sachs FS Federal FST AZL Invesco Growth & Income 2.35 AZL JPMorgan US Equity AZL Oppenheimer Discovery 1.89 AZL Invesco International Equity 1.87 AZL International Index 1.86 AZL JPMorgan International Opps 1.86 S&P 500 Emini Fut Sep AZL Gateway 1.43 AZL Federated Clover Small Value 1.41 Premier MS VIT NFJ Dividend Value Port 1.41 Total Number of Holdings 32 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Style Box Equity (as of ) Fixed Income (as of ) Not Available P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Super Sectors as of h Cyclical j Sensitive k Defensive Morningstar F-I Sectors as of % Government Corporate Securitized Municipal fi Cash/Cash Equivalents ± Other USA203

55 AZL MVP FusionSM Balanced Fund 3,10,12... QQQ Average Above Average Out of 725 Conservative Allocation investments. An investment's overall Morningstar Rating, based on its riskadjusted The investment seeks long-term capital appreciation with preservation of capital as an important consideration. The fund is a fund of funds that invests primarily in the shares of other mutual funds managed by affiliates of the Manager that represent different asset classes in the fund's asset allocation. Under normal market conditions, the Manager will allocate approximately 80% - 100% of the fund's assets to underlying funds. Of this underlying fund allocation, approximately 40% - 60% will be allocated to equity funds and approximately 40% - 60% will be allocated to fixed income funds. Past name(s) : AZL Fusion Balanced. Morningstar : Conservative Allocation Conservative-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. These portfolios tend to hold smaller positions in stocks than moderate-allocation portfolios. These portfolios typically have 20% to 50% of assets in equities and 50% to 80% of assets in fixed income and cash. In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy % % (Mar '09 - May '09) (Sep '08 - Nov '08) 1.03 Fund Inception Date Allianz Management LLC Subadvisor. Brian Muench. Mark Glad. Morningstar Rating. QQQQ QQQ QQQ Fund Rank Percentile Out of # of s % Net U.S. Stocks 27.9 Non-U.S. Stocks 15.0 Bonds 26.0 Cash 26.3 Other Total AZL MetWest Total Return Bond AZL Pyramis Total Bond PIMCO VIT Total Return Admin PIMCO VIT Low Duration Admin 5.76 AZL Russell 1000 Value Index 4.01 PIMCO VIT Real Return Admin 3.84 AZL JPMorgan US Equity AZL JPMorgan International Opps 3.27 Goldman Sachs FS Federal FST PIMCO VIT High Yield Admin 2.86 AZL MFS Value 2.84 AZL Invesco International Equity 2.79 Us 10yr Note Fut Sep AZL Invesco Growth & Income 2.37 S&P 500 Emini Fut Sep AZL Gateway 1.92 AZL Oppenheimer Discovery 1.91 AZL International Index 1.87 AZL NFJ International Value 1.86 AZL Russell 1000 Growth Index 1.67 Total Number of Holdings 36 Annual Turnover Ratio % Total Fund Assets ($mil) 1, Morningstar Style Box Equity (as of ) Fixed Income (as of ) Not Available P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Super Sectors as of h Cyclical j Sensitive k Defensive Morningstar F-I Sectors as of % Government Corporate Securitized Municipal fi Cash/Cash Equivalents ± Other USA200

56 AZL MVP Franklin Templeton Founding Strategy 3,10,12... QQQQ Above Average Average Out of 465 World Allocation investments. An investment's overall Morningstar Rating, based on its risk-adjusted The investment seeks long-term capital appreciation, with income as a secondary goal. The fund is a fund of funds that invests primarily in the shares of another mutual fund managed by the Manager, AZL Franklin Templeton Founding Strategy Plus Fund (the "underlying fund"), combined with the MVP risk management process intended to adjust the risk of the portfolio based on quantitative indicators of market risk, such as the current level of fund, underlying fund and market volatility. The Manager generally will allocate approximately 80% - 100% of the fund's assets to the underlying fund, and up to 20% of its assets to the MVP Process. Morningstar : World Allocation World-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. While these portfolios do explore the whole world, most of them focus on the U.S., Canada, Japan, and the larger markets in Europe. It is rare for such portfolios to invest more than 10% of their assets in emerging markets. These portfolios typically have at least 10% of assets in bonds, less than 70% of assets in stocks, and at least 40% of assets in non- U.S. stocks or bonds. In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. 8.30% -7.81% (Jun '12 - Aug '12) (Jul '15 - Sep '15) 1.14 Fund Inception Date Allianz Management LLC Subadvisor. Brian Muench. Mark Glad. Morningstar Rating. QQQQ.. Fund Rank Percentile Out of # of s U.S. Stocks 34.6 Non-U.S. Stocks 23.8 Bonds 17.0 Cash 21.3 Other 3.3 AZL Franklin Templeton Fdng Strat Plus S&P 500 Emini Fut Sep Goldman Sachs FS Federal FST Us 10yr Note Fut Sep Dreyfus Treasury Pr Cash Mgmt Inst 0.05 Total Number of Holdings 6 Annual Turnover Ratio % 4.00 Total Fund Assets ($mil) Morningstar Style Box Equity (as of ) Fixed Income (as of ) Not Available P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Super Sectors as of h Cyclical j Sensitive k Defensive Morningstar F-I Sectors as of % Government Corporate Securitized Municipal fi Cash/Cash Equivalents ± Other 6.99 USA306

57 AZL MVP DFA Multi-Strategy Fund 3,10,12,18, Out of 465 World Allocation investments. An investment's overall Morningstar Rating, based on its risk-adjusted The investment seeks long-term capital appreciation. The fund is a fund of funds that seeks to achieve its goal by investing primarily in a combination of five DFA underlying funds: AZL DFA Emerging Markets Core Equity Fund, AZL DFA International Core Equity Fund, AZL DFA U.S. Small Cap Fund, AZL DFA U.S. Core Equity Fund and AZL DFA Five-Year Global Fixed Income Fund. The Manager will allocate approximately 80% - 100% of the fund's assets to the DFA underlying funds. Of this allocation, approximately 50%-70% will be allocated to the equity funds and approximately 30%-50% will be allocated to the fixed income fund. Morningstar : World Allocation World-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. While these portfolios do explore the whole world, most of them focus on the U.S., Canada, Japan, and the larger markets in Europe. It is rare for such portfolios to invest more than 10% of their assets in emerging markets. These portfolios typically have at least 10% of assets in bonds, less than 70% of assets in stocks, and at least 40% of assets in non- U.S. stocks or bonds. The volatility measure is not displayed for investments with fewer than three years of history. The category average, however, is shown above % -4.98% (May '15 - Jul '15) (Jul '15 - Sep '15) 1.02 Fund Inception Date Allianz Management LLC Subadvisor. Brian Muench. Mark Glad. Morningstar Rating.... Fund Rank Percentile.... Out of # of s.... U.S. Stocks 41.8 Non-U.S. Stocks 13.8 Bonds 37.0 Cash 6.7 Other 0.6 AZL DFA Five-Year Global Fixed Inc AZL DFA US Core Equity AZL DFA US Small Cap 9.44 AZL DFA International Core Equity 6.56 AZL DFA Emerging Markets Core Eq 4.75 S&P 500 Emini Fut Sep Us 10yr Note Fut Sep Dreyfus Treasury Pr Cash Mgmt Inst 1.51 Total Number of Holdings 9 Annual Turnover Ratio %. Total Fund Assets ($mil) Morningstar Style Box Equity (as of ) Fixed Income (as of ) Not Available P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev... 3 Yr Beta... 3 Yr Sharpe Ratio... 3 Yr Alpha... 3 Yr R-squared... IncomeRatio InformationRatio... Morningstar Super Sectors as of h Cyclical j Sensitive k Defensive Morningstar F-I Sectors as of % Government Corporate Securitized Municipal fi Cash/Cash Equivalents ± Other USA309

58 AZL MVP BlackRock Global Allocation Fund 3,10,12... QQQ Average Below Average Out of 465 World Allocation investments. An investment's overall Morningstar Rating, based on its risk-adjusted The investment seeks high total investment return. The fund is a fund of funds that invests primarily in the shares of another mutual fund managed by the Manager, AZL BlackRock Global Allocation Fund (the "underlying fund"), combined with the MVP (Managed Volatility Portfolio) risk management process intended to adjust the risk of the portfolio based on quantitative indicators of market risk, such as the current level of fund, underlying fund and market volatility. Under normal market conditions, the Manager generally will allocate approximately 80% - 100% of the fund's assets to the underlying fund, and up to 20% of its assets to the MVP Process. Morningstar : World Allocation World-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. While these portfolios do explore the whole world, most of them focus on the U.S., Canada, Japan, and the larger markets in Europe. It is rare for such portfolios to invest more than 10% of their assets in emerging markets. These portfolios typically have at least 10% of assets in bonds, less than 70% of assets in stocks, and at least 40% of assets in non- U.S. stocks or bonds. In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. 6.59% -6.30% (Sep '13 - Nov '13) (Mar '12 - May '12) 1.18 Fund Inception Date Allianz Management LLC Subadvisor. Brian Muench. Mark Glad. Morningstar Rating. QQQ.. Fund Rank Percentile Out of # of s U.S. Stocks 23.7 Non-U.S. Stocks 27.0 Bonds 19.2 Cash 21.0 Other 9.2 AZL BlackRock Global Allocation Goldman Sachs FS Federal FST S&P 500 Emini Fut Sep Us 10yr Note Fut Sep Dreyfus Treasury Pr Cash Mgmt Inst 0.06 Total Number of Holdings 6 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Style Box Equity (as of ) Fixed Income (as of ) Not Available P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Super Sectors as of h Cyclical j Sensitive k Defensive Morningstar F-I Sectors as of % Government Corporate Securitized Municipal fi Cash/Cash Equivalents ± Other USA304

59 AZL MVP Balanced Index Strategy Fund 3,10,12... QQQQQ High Above Average Out of 725 Conservative Allocation investments. An investment's overall Morningstar Rating, based on its riskadjusted The investment seeks long-term capital appreciation with preservation of capital as an important consideration. The fund invests primarily in a combination of five underlying index funds: AZL Enhanced Bond Index Fund, AZL S&P 500 Index Fund, AZL Mid Cap Index Fund, AZL Small Cap Stock Index Fund and AZL International Index Fund. The Manager will allocate approximately 80% - 100% of the fund's assets to the index strategy underlying funds. Of this allocation, approximately 40% - 60% will be allocated to the equity index funds and approximately 40% - 60% will be allocated to the bond index fund. Morningstar : Conservative Allocation Conservative-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. These portfolios tend to hold smaller positions in stocks than moderate-allocation portfolios. These portfolios typically have 20% to 50% of assets in equities and 50% to 80% of assets in fixed income and cash. In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. 6.25% -3.64% (Sep '13 - Nov '13) (Jun '15 - Aug '15) 0.77 Fund Inception Date Allianz Management LLC Subadvisor. Brian Muench. Mark Glad. Morningstar Rating. QQQQQ.. Fund Rank Percentile Out of # of s U.S. Stocks 30.1 Non-U.S. Stocks 15.4 Bonds 42.4 Cash 11.6 Other 0.5 AZL Enhanced Bond Index AZL S&P 500 Index AZL International Index AZL Mid Cap Index 7.04 AZL Small Cap Stock Index 3.79 S&P 500 Emini Fut Sep Us 10yr Note Fut Sep Goldman Sachs FS Federal FST Dreyfus Treasury Pr Cash Mgmt Inst 0.10 Total Number of Holdings 10 Annual Turnover Ratio % 6.00 Total Fund Assets ($mil) Morningstar Style Box Equity (as of ) Fixed Income (as of ) Not Available P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Super Sectors as of h Cyclical j Sensitive k Defensive Morningstar F-I Sectors as of % Government Corporate Securitized Municipal fi Cash/Cash Equivalents ± Other USA300

60 AZL Morgan Stanley Global Real Estate Fund 3,4,5,8... QQQ Average Above Average Out of 192 Global Real Estate investments. An investment's overall Morningstar Rating, based on its risk-adjusted The investment seeks income and capital appreciation. The fund invests primarily in equity securities of companies in the real estate industry located throughout the world. It will invest primarily in companies located in the developed countries of North America, Europe and Asia, but may also invest in emerging markets. Under normal circumstances, at least 80% of its assets, plus any borrowings will be invested in equity securities of companies in the real estate industry, including REOCs, REITs, and foreign real estate companies. Past name(s) : AZL Van Kampen Global Real Estate. Morningstar : Global Real Estate Global real estate portfolios invest primarily in non-u.s. real estate securities but may also invest in U.S. real estate securities. Securities that these portfolios purchase include: debt securities, equity securities, convertible securities, and securities issued by real estate investment trusts and REIT-like entities. Portfolios in this category also invest in real estate operating companies. In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies % % (Mar '09 - May '09) (Sep '08 - Nov '08) 1.29 Fund Inception Date Allianz Management LLC Subadvisor Morgan Stanley Management Inc Michiel te Paske. M.S., Maastricht University,. Sven Van Kemenade. Ph.D., University of Limburg, M.S., Maastricht University,. Morningstar Rating. QQQ QQQ. Fund Rank Percentile Out of # of s U.S. Stocks 51.8 Non-U.S. Stocks 46.9 Bonds 0.0 Cash 0.6 Other 0.8 Simon Property Group Inc 6.37 Equity Residential 4.18 Vornado Realty Trust 3.54 Sun Hung Kai Properties Ltd 3.44 Host Hotels & Resorts Inc 3.07 AvalonBay Communities Inc 3.00 Mitsubishi Estate Co Ltd 2.88 Mitsui Fudosan Co Ltd 2.88 Boston Properties Inc 2.64 Public Storage 2.59 Hongkong Land Holdings Ltd 2.36 General Growth Properties Inc 1.88 Camden Property Trust 1.85 Unibail-Rodamco SE 1.70 Starwood Hotels & Resorts Worldwide Inc 1.64 Land Securities Group PLC 1.60 Regency Centers Corp 1.58 Ventas Inc 1.53 Sumitomo Realty & Development Co Ltd 1.50 British Land Co PLC 1.42 Total Number of Stock Holdings 162 Total Number of Bond Holdings 0 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small 9.78 Micro 0.17 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Top 10 Countries as of United States Japan Hong Kong 9.23 United Kingdom 7.42 Australia France 2.91 China 2.43 Singapore 2.02 Canada 1.72 Germany 1.32 USA140

61 AZL Money Market* 3,4... The investment seeks current income consistent with stability of principal. 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. 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. It 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. Past name(s) : USAZ Money Market. Morningstar : Money Market-Taxable These portfolios invest in short-term money market securities in order to provide a level of current income that is consistent with the preservation of capital Fund Inception Date Allianz Management LLC Subadvisor BlackRock s LLC Management Team. Composition as of Volatility Analysis Risk: Below Average U.S. Stocks 0.0 Non-U.S. Stocks 0.0 Bonds 0.0 Cash Other 0.0 In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. Morningstar Fixed Income Style Box as of Ltd Mod Ext An investment in the fund is neither insured nor guaranteed by the FDIC or any other government agency. Although the fund seeks to preserve your investment at $1.00 per share, it is possible to lose money by investing in the fund. Must be accompanied by a product performance summary containing standardized performance information for an High Med Low USA108

62 AZL Mid Cap Index Fund 1,2,3,4,10,13... QQQ Average Average Out of 354 Mid-Cap Blend investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. The investment seeks to match the performance of the Standard & Poor's MidCap 400 Index as closely as possible. The fund normally 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. Morningstar : Mid-Cap Blend The typical mid-cap blend portfolio invests in U.S. stocks of various sizes and styles, giving it a middle-of-the-road profile. Most shy away from high-priced growth stocks but aren't so price-conscious that they land in value territory. The U.S. midcap range for market capitalization typically falls between $1 billion and $8 billion and represents 20% of the total capitalization of the U.S. equity market. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies % % (Jul '09 - Sep '09) (Jul '11 - Sep '11) 0.57 Fund Inception Date Allianz Management LLC Subadvisor BlackRock Management, LLC Greg Savage, CFA. Christopher Bliss, CFA. Morningstar Rating. QQQ QQQ. Fund Rank Percentile Out of # of s U.S. Stocks 94.0 Non-U.S. Stocks 3.2 Bonds 0.0 Cash 2.7 Other 0.0 S&P Mid400 Emin Fut Sep Dreyfus Treasury Pr Cash Mgmt Inst 2.62 Advance Auto Parts Inc 0.68 Church & Dwight Company, Inc Signet Jewelers Ltd 0.60 Centene Corp 0.56 Mettler-Toledo International Inc 0.56 Foot Locker Inc 0.55 Hologic Inc 0.55 Jarden Corp 0.54 LKQ Corp 0.54 Omnicare Inc 0.54 Polaris Industries Inc 0.53 Westinghouse Air Brake Technologies Corp 0.53 Federal Realty Trust 0.52 CDK Global Inc 0.51 Cooper Companies 0.51 SunEdison Inc 0.51 Towers Watson & Co Class A 0.51 The Whitewave Foods Company 0.50 Total Number of Stock Holdings 398 Total Number of Bond Holdings 0 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small Micro 0.13 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Equity Sectors as of h Cyclical r Basic Materials 5.87 t Consumer Cyclical y Financial Services u Real Estate 9.43 j Sensitive i Communication Services 0.40 o Energy 5.01 p Industrials a Technology k Defensive s Consumer Defensive 4.85 d Healthcare 9.06 f Utilities 3.90 USA153

63 AZL MFS Value Fund 3,4,5... QQQ Average Average Out of 1211 Large Value investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. The investment seeks capital appreciation. The fund normally invests its assets primarily in equity securities. Equity securities include common stocks, preferred stocks, securities convertible into stocks, and depositary receipts for such securities. It invests its assets in the stocks of companies it believes are undervalued compared to their perceived worth (value companies). Value companies tend to have stock prices that are low relative to their earnings, dividends, assets, and other financial measures. The fund may invest its assets in foreign securities. Past name(s) : AZL Eaton Vance Large Cap Value. Morningstar : Large Value Large-value portfolios invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow). In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies % % (Mar '09 - May '09) (Sep '08 - Nov '08) 1.04 Fund Inception Date Allianz Management LLC Subadvisor Massachusetts Financial Services Co Nevin P. Chitkara M.B.A., Massachusetts Institute of Technology (Sloan),. B.S., Boston University,. Steven R. Gorham, CFA. B.S., University of New Hampshire,. M.B.A., Boston College,. Morningstar Rating. QQQQ QQQ QQQ Fund Rank Percentile Out of # of s 1,384 1,211 1, U.S. Stocks 92.3 Non-U.S. Stocks 7.4 Bonds 0.0 Cash 0.3 Other 0.1 JPMorgan Chase & Co 4.76 Wells Fargo & Co 3.39 Johnson & Johnson 3.27 Philip Morris International Inc 3.07 Pfizer Inc 2.94 Accenture PLC Class A 2.61 Honeywell International Inc 2.20 Goldman Sachs Group Inc 2.08 CVS Health Corp 2.01 United Technologies Corp 1.99 MetLife Inc M Co 1.95 Medtronic PLC 1.90 Lockheed Martin Corp 1.89 U.S. Bancorp 1.89 Travelers Companies Inc 1.77 PPG Industries Inc 1.76 Exxon Mobil Corporation 1.72 Verizon Communications Inc 1.65 Target Corp 1.62 Total Number of Stock Holdings 93 Total Number of Bond Holdings 0 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium 5.50 Small 0.02 Micro P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Equity Sectors as of h Cyclical r Basic Materials 2.16 t Consumer Cyclical 7.65 y Financial Services u Real Estate j Sensitive i Communication Services 3.76 o Energy 5.22 p Industrials a Technology 6.86 k Defensive s Consumer Defensive d Healthcare f Utilities 0.73 USA113

64 AZL MFS Investors Trust Fund 3,4,10... QQQ Average Average Out of 1519 Large Growth investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. The investment seeks capital appreciation. The fund normally invests its assets primarily in equity securities. Equity securities include common stocks, preferred stocks, securities convertible into stocks, and depositary receipts for such securities. It may invest its 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. Past name(s) : AZL Jennison 20/20 Focus. Morningstar : Large Growth Large-growth portfolios invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields). Most of these portfolios focus on companies in rapidly expanding industries. In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies % % (Mar '09 - May '09) (Sep '08 - Nov '08) 1.05 Fund Inception Date Allianz Management LLC Subadvisor Massachusetts Financial Services Co T.Kevin Beatty. M.B.A., Babson College,. B.A., Bonaventure University,. Edward (ted) M. Maloney Morningstar Rating. QQQ QQQ QQQQ Fund Rank Percentile Out of # of s 1,689 1,519 1, U.S. Stocks 90.2 Non-U.S. Stocks 9.6 Bonds 0.0 Cash 0.2 Other 0.0 JPMorgan Chase & Co 3.29 Visa Inc Class A 2.65 Danaher Corp 2.62 Wells Fargo & Co 2.07 Walt Disney Co 2.04 Goldman Sachs Group Inc 2.03 Johnson & Johnson 1.99 American Express Co 1.97 EMC Corp 1.96 United Technologies Corp 1.95 Comcast Corp Class A 1.92 Thermo Fisher Scientific Inc 1.89 Bank of America Corporation 1.86 Time Warner Inc 1.82 American Tower Corp 1.81 Cognizant Technology Solutions Corp Class A 1.79 Valeant Pharmaceuticals International Inc 1.77 Honeywell International Inc 1.73 Accenture PLC Class A 1.69 MasterCard Inc Class A 1.68 Total Number of Stock Holdings 83 Total Number of Bond Holdings 0 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small Micro P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Equity Sectors as of h Cyclical r Basic Materials 3.67 t Consumer Cyclical y Financial Services u Real Estate 1.81 j Sensitive i Communication Services 1.93 o Energy 5.43 p Industrials a Technology k Defensive s Consumer Defensive 9.48 d Healthcare f Utilities 1.55 USA135

65 AZL MetWest Total Return Bond Fund 3,4,7, Out of 945 Intermediate-Term Bond investments. An investment's overall Morningstar Rating, based on its riskadjusted The investment seeks to maximize long-term total return. The fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets in investment grade fixed income securities or unrated securities that are determined by the subadviser to be of similar quality. Up to 20% of its net assets may be invested in securities rated below investment grade. The fund also invests at least 80% of its net assets plus borrowings for investment purposes in fixed income securities it regards as bonds. Morningstar : Intermediate-Term Bond Intermediate-term bond portfolios invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 3.5 to 6.0 years. These portfolios are less sensitive to interest rates, and therefore less volatile, than portfolios that have longer durations. Morningstar calculates monthly breakpoints using the effective duration of the Morningstar Core Bond Index in determining duration assignment. Intermediate-term is defined as 75% to 125% of the three-year average effective duration of the MCBI. The volatility measure is not displayed for investments with fewer than three years of history. The category average, however, is shown above. 1.29% -1.47% (Jan '15 - Mar '15) (Apr '15 - Jun '15) 0.86 Fund Inception Date Allianz Management LLC Subadvisor Metropolitan West Asset Management, LLC. Bryan T. Whalen, CFA. B.A., Yale University, Tad Rivelle. B.S., Yale University, M.S., University of Southern California, M.B.A., University of California Los Angeles (Anderson), Morningstar Rating.... Fund Rank Percentile.... Out of # of s.... U.S. Stocks 0.0 Non-U.S. Stocks 0.0 Bonds 83.6 Cash 16.0 Other 0.4 US Treasury Note 0.625% US Treasury Note 1.625% Us 10yr Note Fut Sep US Treasury Note 2.125% Dreyfus Treasury Pr Cash Mgmt Inst 3.46 FNMA FNMA US Treasury Note 0.625% FNMA US Treasury Note 1.5% US Treasury Bond 3% US Treasury TIP Ginnie Mae Jumbos TBA 3.5% FHLMC 3.5% FHLMC 2.458% FHLMC 3.5% FHLMC 3.5% FNMA 3.5% Fnma 30 Yr Tba Jul 4.5% FHLMC 0.36% Total Number of Stock Holdings 0 Total Number of Bond Holdings 204 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Fixed Income Style Box as of Avg Eff Duration. Avg Eff Maturity. Not Available Avg Wtd Price Risk Measures as of Port Avg Rel BC Aggr Rel Cat 3 Yr Std Dev... 3 Yr Beta... 3 Yr Sharpe Ratio... 3 Yr Alpha... 3 Yr R-squared... IncomeRatio InformationRatio... Morningstar F-I Sectors as of % Government Corporate Securitized Municipal fi Cash/Cash Equivalents ± Other 4.24 Credit Analysis Not Available % Bonds USA164

66 AZL JPMorgan US Equity Fund 1,3,4... QQQQ Above Average Above Average Out of 1391 Large Blend investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. The investment seeks high total return from a portfolio of selected equity securities. The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of U.S. companies. It primarily invests in largecapitalization 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. 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. Past name(s) : AZL Oppenheimer Main Street 2. Morningstar : Large Blend Large-blend portfolios are fairly representative of the overall U.S. stock market in size, growth rates, and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios returns are often similar to those of the S&P 500 Index. In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies % % (Mar '09 - May '09) (Sep '08 - Nov '08) 1.10 Fund Inception Date Allianz Management LLC Subadvisor J.P. Morgan Management Inc. Thomas Luddy, CFA. B.S., St. Peter"s College,. M.B.A., University of Pennsylvania (Wharton),. Susan Bao, CFA. M.B.A., New York University,. B.A., Centenary College,. Morningstar Rating. QQQQQ QQQQ QQQ Fund Rank Percentile Out of # of s 1,620 1,391 1, U.S. Stocks 93.7 Non-U.S. Stocks 5.4 Bonds 0.0 Cash 0.9 Other 0.0 Apple Inc 3.91 Wells Fargo & Co 3.28 Microsoft Corp 2.84 Occidental Petroleum Corp 2.80 General Motors Co 2.51 Honeywell International Inc 2.25 ACE Ltd 2.13 UnitedHealth Group Inc 2.07 Lowe's Companies Inc 1.98 Avago Technologies Ltd 1.90 Time Warner Inc 1.80 Morgan Stanley 1.73 McKesson Corp 1.61 Lam Research Corp 1.52 Bank of America Corporation 1.46 Biogen Inc 1.43 Bristol-Myers Squibb Company 1.42 Facebook Inc Class A 1.42 Goldman Sachs Group Inc 1.41 Johnson & Johnson 1.39 Total Number of Stock Holdings 145 Total Number of Bond Holdings 0 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium 9.63 Small 0.52 Micro P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Equity Sectors as of h Cyclical r Basic Materials 2.87 t Consumer Cyclical y Financial Services u Real Estate 0.79 j Sensitive i Communication Services 3.20 o Energy 7.05 p Industrials 7.82 a Technology k Defensive s Consumer Defensive 3.97 d Healthcare f Utilities 1.75 USA132

67 AZL JPMorgan International Opportunities Fund 1,3,4,5... QQQQ Above Average Average Out of 685 Foreign Large Blend investments. An investment's overall Morningstar Rating, based on its risk-adjusted The investment seeks long-term capital appreciation. The fund's assets are invested primarily in equity securities of companies from developed countries other than the United States. 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. It normally invests at least 80% of its net assets in equity investments. The fund may invest a substantial part of its assets in just one region or country. Past name(s) : AZL Morgan Stanley International Equity. Morningstar : Foreign Large Blend Foreign large-blend portfolios invest in a variety of big international stocks. Most of these portfolios divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These portfolios primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex- Japan). The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios typically will have less than 20% of assets invested in U.S. stocks. In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies % % (Mar '09 - May '09) (Jul '11 - Sep '11) 1.29 Fund Inception Date Allianz Management LLC Subadvisor J.P. Morgan Management Inc. Jeroen Huysinga. B.A., University of Warwick,. Georgina Perceval Maxwell M.A., Edinburgh University,. Morningstar Rating. QQQ QQQ QQQQQ Fund Rank Percentile Out of # of s U.S. Stocks 1.5 Non-U.S. Stocks 98.3 Bonds 0.0 Cash 0.2 Other 0.0 Novartis AG 3.15 Roche Holding AG Dividend Right Cert Nestle SA 2.90 Vodafone Group PLC 2.31 Bayer AG 2.24 HSBC Holdings PLC 1.90 UBS Group AG 1.84 ING Groep N.V Mitsubishi UFJ Financial Group Inc 1.77 Daimler AG 1.74 Australia and New Zealand Banking Group Ltd 1.72 British American Tobacco PLC 1.65 Air Liquide SA 1.63 Lloyds Banking Group PLC 1.62 Mitsui Fudosan Co Ltd 1.59 Dentsu Inc 1.58 AstraZeneca PLC 1.53 Wolseley PLC 1.53 Intesa Sanpaolo 1.52 Henkel AG & Co KGaA Pfd Shs - Non-voting 1.51 Total Number of Stock Holdings 82 Total Number of Bond Holdings 0 Annual Turnover Ratio % 5 Total Fund Assets ($mil) Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium 6.28 Small Micro P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Top 10 Countries as of United Kingdom Japan Switzerland Germany 9.26 France Netherlands 3.26 Italy 2.74 Australia 2.33 China 2.21 United States 1.54 USA129

68 AZL Invesco International Equity Fund 3,4,5... QQQQ Above Average Low Out of 301 Foreign Large Growth investments. An investment's overall Morningstar Rating, based on its risk-adjusted The investment seeks long-term growth of capital. The fund normally invests at least 80% of its total assets in a diversified portfolio of equity securities of foreign issuers that are considered by the fund's subadviser to have strong earnings and revenue growth. It invests primarily in the securities of large-capitalization issuers; however, the fund may invest a significant amount of its net assets in the securities of midcapitalization issuers. It invests in securities of issuers located in at least three different countries outside of the U.S. The fund can invest up to 20% of total net assets in emerging markets. Past name(s) : USAZ AIM International Equity. Morningstar : Foreign Large Growth Foreign large-growth portfolios focus on high-priced growth stocks, mainly outside of the United States. Most of these portfolios divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These portfolios primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-japan). Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields). These portfolios typically will have less than 20% of assets invested in U.S. stocks. In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies % % (Mar '09 - May '09) (Sep '08 - Nov '08) 1.24 Fund Inception Date Allianz Management LLC Subadvisor Invesco Advisers, Inc. Clas G. Olsson B.A., University of Texas Austin,. Matthew W. Dennis, CFA. M.S., Texas A&M University,. B.A., University of Texas Austin,. Morningstar Rating. QQQ QQQ QQQQ Fund Rank Percentile Out of # of s U.S. Stocks 0.0 Non-U.S. Stocks 92.7 Bonds 0.0 Cash 6.5 Other 0.8 Dreyfus Treasury Pr Cash Mgmt Inst 6.48 Sky PLC 3.36 Teva Pharmaceutical Industries Ltd ADR 2.46 WPP PLC 2.46 British American Tobacco PLC 2.17 CK Hutchison Holdings Ltd 2.16 RELX PLC 2.13 Publicis Groupe SA 2.00 Avago Technologies Ltd 1.88 Deutsche Boerse AG 1.83 Japan Tobacco Inc 1.83 UBS Group AG 1.77 Baidu Inc ADR 1.75 Samsung Electronics Co Ltd 1.74 Amcor Ltd 1.73 CGI Group Inc Class A 1.72 BMF Bovespa SA Bolsa Valores Merc Fut 1.71 Syngenta AG 1.69 United Overseas Bank Ltd 1.67 Kasikornbank Public Co Ltd DR 1.66 Total Number of Stock Holdings 70 Total Number of Bond Holdings 0 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium 2.71 Small Micro P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Top 10 Countries as of United Kingdom Switzerland Japan 7.63 Canada 7.05 China Germany 6.72 Australia 4.55 Brazil 4.40 Sweden 3.67 France 3.51 USA126

69 AZL Invesco Growth & Income Fund 1,3,4,5... QQQ Average Average Out of 1211 Large Value investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. The investment seeks income and long-term growth of capital. The fund's subadviser seeks to achieve the fund's investment objective by investing primarily in income-producing equity securities, which include common stocks and convertible securities. It may invest in securities of issuers of all capitalization sizes; however, a substantial number of the issuers in which the fund invests are large-capitalization issuers. The fund may invest up to 15% of its net assets in REITs. It may invest up to 25% of its net assets in securities of foreign issuers, which may include depositary receipts. Past name(s) : AZL Van Kampen Growth & Income. Morningstar : Large Value Large-value portfolios invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow). In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies % % (Mar '09 - May '09) (Sep '08 - Nov '08) 1.05 Fund Inception Date Allianz Management LLC Subadvisor Invesco Advisers, Inc. Thomas Bastian, CFA. M.B.A., University of Michigan (Ross),. B.A., St. John's University,. Mary Jayne Maly, CFA (1987). B.A., University of Pittsburgh, M.B.A., Thunderbird School of Global Management, Morningstar Rating. QQQ QQQ QQQ Fund Rank Percentile Out of # of s 1,384 1,211 1, U.S. Stocks 86.3 Non-U.S. Stocks 10.8 Bonds 0.0 Cash 2.9 Other 0.0 JPMorgan Chase & Co 4.66 Citigroup Inc 4.63 General Electric Co 3.06 Dreyfus Treasury Pr Cash Mgmt Inst 2.93 Morgan Stanley 2.70 Bank of America Corporation 2.46 Royal Dutch Shell PLC Class A 2.18 Target Corp 1.92 Carnival Corp 1.89 PNC Financial Services Group Inc 1.87 Comcast Corp Class A 1.74 ebay Inc 1.70 Merck & Co Inc 1.70 Novartis AG 1.53 Cisco Systems Inc 1.52 Voya Financial Inc 1.52 State Street Corp 1.48 General Dynamics Corp 1.42 Wal-Mart Stores Inc 1.33 Symantec Corp 1.32 Total Number of Stock Holdings 83 Total Number of Bond Holdings 0 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small 0.69 Micro P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Equity Sectors as of h Cyclical r Basic Materials 1.11 t Consumer Cyclical 7.26 y Financial Services u Real Estate j Sensitive i Communication Services 5.65 o Energy 9.95 p Industrials 8.67 a Technology k Defensive s Consumer Defensive 8.06 d Healthcare f Utilities 1.20 USA114

70 AZL Invesco Equity and Income Fund 3,4,5... QQQQ Above Average Above Average Out of 838 Moderate Allocation investments. An investment's overall Morningstar Rating, based on its risk-adjusted The investment seeks the highest possible income consistent with safety of principal, with long-term growth of capital as an important secondary objective. The fund invests at least 80% of its net assets in equity and income securities, and in derivatives and other instruments that have economic characteristics similar to such securities. It normally invests at least 65% of its total assets in incomeproducing equity securities. The fund may invest up to 15% of its net assets in REITs. It may invest up to 25% of its net assets in securities of foreign issuers or depositary receipts. Past name(s) : AZL Van Kampen Equity and Income. Morningstar : Moderate Allocation Moderate-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. These portfolios tend to hold larger positions in stocks than conservative-allocation portfolios. These portfolios typically have 50% to 70% of assets in equities and the remainder in fixed income and cash. In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies % % (Mar '09 - May '09) (Sep '08 - Nov '08) 1.05 Fund Inception Date Allianz Management LLC Subadvisor Invesco Advisers, Inc. Thomas Bastian, CFA. M.B.A., University of Michigan (Ross),. B.A., St. John's University,. Mary Jayne Maly, CFA (1987). B.A., University of Pittsburgh, M.B.A., Thunderbird School of Global Management, Morningstar Rating. QQQQQ QQQQ QQQ Fund Rank Percentile Out of # of s U.S. Stocks 57.2 Non-U.S. Stocks 6.9 Bonds 19.2 Cash 9.8 Other 7.0 Dreyfus Treasury Pr Cash Mgmt Inst 6.08 US Treasury Note 1.125% Citigroup Inc 3.16 JPMorgan Chase & Co 3.16 General Electric Co 2.01 US Treasury Note 1.625% Bank of America Corporation 1.69 Morgan Stanley 1.64 US Treasury Note 0.625% US Treasury Note 2.125% Royal Dutch Shell PLC Class A 1.37 Target Corp 1.28 PNC Financial Services Group Inc 1.23 Carnival Corp 1.15 Comcast Corp Class A 1.15 Merck & Co Inc 1.15 ebay Inc 1.10 Cisco Systems Inc 1.04 Voya Financial Inc 1.03 State Street Corp 1.00 Total Number of Stock Holdings 83 Total Number of Bond Holdings 242 Annual Turnover Ratio % Total Fund Assets ($mil) 1, Morningstar Style Box Equity (as of ) Fixed Income (as of ) Not Available P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Super Sectors as of h Cyclical j Sensitive k Defensive Morningstar F-I Sectors as of % Government Corporate Securitized Municipal 1.39 fi Cash/Cash Equivalents ± Other 2.81 USA133

71 AZL International Index Fund 2,3,4,5,17... QQQ Average Average Out of 685 Foreign Large Blend investments. An investment's overall Morningstar Rating, based on its risk-adjusted The investment seeks to match the performance of the MSCI EAFE Index as closely as possible. The fund normally 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 marketweighted 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 largercapitalization companies in these markets. Morningstar : Foreign Large Blend Foreign large-blend portfolios invest in a variety of big international stocks. Most of these portfolios divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These portfolios primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex- Japan). The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios typically will have less than 20% of assets invested in U.S. stocks. In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies % % (Jul '09 - Sep '09) (Jul '11 - Sep '11) 0.75 Fund Inception Date Allianz Management LLC Subadvisor BlackRock Management, LLC Greg Savage, CFA. Christopher Bliss, CFA. Morningstar Rating. QQQ QQQ. Fund Rank Percentile Out of # of s U.S. Stocks 0.3 Non-U.S. Stocks 98.0 Bonds 0.0 Cash 0.1 Other 1.6 Nestle SA 1.75 Novartis AG 1.71 Roche Holding AG Dividend Right Cert Toyota Motor Corp 1.37 HSBC Holdings PLC 1.29 BP PLC 0.90 Sanofi 0.88 Bayer AG 0.87 Royal Dutch Shell PLC Class A 0.82 Commonwealth Bank of Australia 0.80 Novo Nordisk A/S B 0.78 Total SA 0.78 GlaxoSmithKline PLC 0.76 British American Tobacco PLC 0.75 Anheuser-Busch Inbev SA 0.73 Banco Santander SA 0.73 Vodafone Group PLC 0.73 Mitsubishi UFJ Financial Group Inc 0.69 Daimler AG 0.66 Basf SE 0.61 Total Number of Stock Holdings 911 Total Number of Bond Holdings 0 Annual Turnover Ratio % 3.00 Total Fund Assets ($mil) Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium 8.91 Small Micro 0.01 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Top 10 Countries as of Japan United Kingdom France 9.64 Switzerland 9.28 Germany Australia 6.84 Spain 3.43 Sweden 2.91 Hong Kong 2.81 Netherlands 2.70 USA152

72 AZL Gateway Fund 3,4,10... QQQ Average Low Out of 180 Long/Short Equity investments. An investment's overall Morningstar Rating, based on its risk-adjusted The investment seeks to capture the majority of the returns associated with equity market investments, while exposing investors to less risk than other equity investments. The fund invests in a broadly diversified portfolio of common stocks, while also selling index call options. 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. Morningstar : Long/Short Equity Long-short portfolios hold sizable stakes in both long and short positions in equities and related derivatives. Some funds that fall into this category will shift their exposure to long and short positions depending on their macro outlook or the opportunities they uncover through bottom-up research. Some funds may simply hedge long stock positions through exchange-traded funds or derivatives. At least 75% of the assets are in equity securities or derivatives. In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. 5.76% -4.62% (Jul '10 - Sep '10) (Jul '11 - Sep '11) 1.10 Fund Inception Date Allianz Management LLC Subadvisor Gateway Advisers, LLC Paul R. Stewart, CFA. B.B.A., Ohio University, Michael T. Buckius, CFA. M.B.A., Loyola College, B.B.A., Loyola College, Morningstar Rating. QQQ QQQ. Fund Rank Percentile Out of # of s U.S. Stocks 95.3 Non-U.S. Stocks 1.4 Bonds 0.0 Cash 2.7 Other 0.5 Apple Inc 3.99 Dreyfus Treasury Pr Cash Mgmt Inst 2.70 Microsoft Corp 2.00 Exxon Mobil Corporation 1.99 Berkshire Hathaway Inc Class B 1.72 Wells Fargo & Co 1.57 Johnson & Johnson 1.44 JPMorgan Chase & Co 1.30 General Electric Co 1.28 Pfizer Inc 1.18 Walt Disney Co 1.17 Chevron Corp 1.14 Procter & Gamble Co 1.12 Facebook Inc Class A 1.05 PepsiCo Inc 1.05 Bank of America Corporation 1.04 Gilead Sciences Inc 1.04 Google Inc Class A 1.04 Comcast Corp Class A 1.03 CVS Health Corp 1.02 Total Number of Stock Holdings 275 Total Number of Bond Holdings 0 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small 1.09 Micro 0.06 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Equity Sectors as of h Cyclical r Basic Materials 2.91 t Consumer Cyclical y Financial Services u Real Estate 1.51 j Sensitive i Communication Services 3.51 o Energy 7.83 p Industrials a Technology k Defensive s Consumer Defensive 9.13 d Healthcare f Utilities 2.80 USA154

73 AZL Franklin Templeton Founding Strategy Plus Fund 3,10,12... QQQQ Above Average Average Out of 465 World Allocation investments. An investment's overall Morningstar Rating, based on its risk-adjusted The investment seeks long-term capital appreciation, with income as a secondary goal. The fund invests 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. It 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. Morningstar : World Allocation World-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. While these portfolios do explore the whole world, most of them focus on the U.S., Canada, Japan, and the larger markets in Europe. It is rare for such portfolios to invest more than 10% of their assets in emerging markets. These portfolios typically have at least 10% of assets in bonds, less than 70% of assets in stocks, and at least 40% of assets in non- U.S. stocks or bonds. In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. 8.94% % (Dec '10 - Feb '11) (Jul '11 - Sep '11) 1.04 Fund Inception Date Allianz Management LLC Subadvisor Templeton Global s Limited Franklin Mutual Advisers, LLC Franklin Advisers, Inc. Tucker Scott, CFA. B.A., University of Virginia,. M.B.A., Dartmouth College,. Brian Muench. Morningstar Rating. QQQQ QQQQ. Fund Rank Percentile Out of # of s U.S. Stocks 38.2 Non-U.S. Stocks 23.1 Bonds 16.7 Cash 18.2 Other 3.7 Dreyfus Treasury Pr Cash Mgmt Inst 5.99 Microsoft Corp 1.67 Medtronic PLC 1.23 American International Group Inc 1.11 Teva Pharmaceutical Industries Ltd ADR 1.05 Merck & Co Inc 1.02 Samsung Electronics Co Ltd 1.01 JPMorgan Chase & Co 0.95 Eli Lilly and Co 0.94 Malaysia (Govt Of) 3.172% Citigroup Inc 0.91 Cisco Systems Inc 0.87 Pfizer Inc 0.72 General Motors Co 0.60 PNC Financial Services Group Inc 0.60 Baker Hughes Inc 0.59 Hewlett-Packard Co 0.59 Vodafone Group PLC 0.59 ING Groep N.V Time Warner Cable Inc 0.58 Total Number of Stock Holdings 231 Total Number of Bond Holdings 207 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Style Box Equity (as of ) Fixed Income (as of ) Not Available P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Super Sectors as of h Cyclical j Sensitive k Defensive Morningstar F-I Sectors as of % Government Corporate Securitized Municipal fi Cash/Cash Equivalents ± Other 6.99 USA150

74 AZL Federated Clover Small Value Fund 1,3,4... QQQ Average Average Out of 365 Small Value investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. The investment seeks capital appreciation. The fund primarily invests in common stocks and other equity securities of U.S. companies with small market capitalizations. It invests at least 80% of its assets, plus any borrowings for investment purposes, in investments of small capitalization companies. 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). Past name(s) : AZL Franklin Small Cap Value. Morningstar : Small Value Small-value portfolios invest in small U.S. companies with valuations and growth rates below other small-cap peers. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow). In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies % % (Mar '09 - May '09) (Sep '08 - Nov '08) 1.03 Fund Inception Date Allianz Management LLC Subadvisor Federated Global Inv Mgmt Corp Stephen K. Gutch, CFA. M.B.A., University of Rochester, B.A., University of Rochester, Lawrence R. Creatura, CFA. M.B.A., University of Rochester, B.S., University of Rochester, Morningstar Rating. QQQ QQQQ QQQ Fund Rank Percentile Out of # of s U.S. Stocks 92.7 Non-U.S. Stocks 2.9 Bonds 0.0 Cash 3.6 Other 0.8 Dreyfus Treasury Pr Cash Mgmt Inst 3.62 Hilltop Holdings Inc 1.95 Great Western Bancorp Inc 1.92 Synovus Financial Corp 1.87 Radian Group Inc 1.78 CNO Financial Group Inc 1.72 Popular Inc 1.70 Atmos Energy Corp 1.62 Northstar Realty Finance Corp 1.55 TCF Financial Corp 1.49 Investors Bancorp Inc 1.48 Colony Capital Inc 1.43 WSFS Financial Corp 1.43 Portland General Electric Co 1.39 Newfield Exploration Co 1.29 Teekay Corp 1.24 McDermott International Inc 1.22 RR Donnelley & Sons Co 1.22 Provident Financial Services Inc 1.21 Argo Group International Holdings Ltd 1.18 Total Number of Stock Holdings 103 Total Number of Bond Holdings 0 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small Micro P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Equity Sectors as of h Cyclical r Basic Materials 2.27 t Consumer Cyclical y Financial Services u Real Estate j Sensitive i Communication Services o Energy 4.42 p Industrials a Technology 7.87 k Defensive s Consumer Defensive 4.42 d Healthcare 7.84 f Utilities 5.33 USA128

75 AZL Enhanced Bond Index Fund 3,4,7... QQQ Average Below Average Out of 945 Intermediate-Term Bond investments. An investment's overall Morningstar Rating, based on its riskadjusted The investment seeks to exceed the total return of the Barclays Capital U.S. Aggregate Bond Index. The fund invests at least 80% of its net assets in investmentgrade debt securities of all types and repurchase agreements for those securities. The subadviser uses the index as a guide in structuring the fund and selecting its investments and manages the fund to have similar overall interest rate risk to the index. It usually will invest a portion of its assets in mortgage-backed securities. 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. Morningstar : Intermediate-Term Bond Intermediate-term bond portfolios invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 3.5 to 6.0 years. These portfolios are less sensitive to interest rates, and therefore less volatile, than portfolios that have longer durations. Morningstar calculates monthly breakpoints using the effective duration of the Morningstar Core Bond Index in determining duration assignment. Intermediate-term is defined as 75% to 125% of the three-year average effective duration of the MCBI. In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. 3.76% -2.94% (Jun '10 - Aug '10) (May '13 - Jul '13) 0.65 Fund Inception Date Allianz Management LLC Subadvisor Blackrock Financial Management, Inc Akiva Dickstein. B.A., Yale University, M.A., Princeton University, Morningstar Rating. QQQ QQQ. Fund Rank Percentile Out of # of s 1, U.S. Stocks 0.0 Non-U.S. Stocks 0.0 Bonds 85.4 Cash 14.3 Other 0.3 Dreyfus Treasury Pr Cash Mgmt Inst FNMA Us 10yr Note Fut Sep Us 2yr Note Fut Sep US Treasury Note 1.125% US Treasury Note 1.625% Fed Natl Mort Assc 2.5% US Treasury Note 1.875% US Treasury Note 2.125% Fnma 30 Yr Tba Jul 4.5% FNMA Us Ultra Bond Fut Sep GNMA 3.5% FHLMC 3.5% US Treasury Bond 3% US Treasury Bond 4.75% Ginnie Mae Jumbos TBA 3% US Treasury Note 1.5% US Treasury Note 0.625% FNMA Total Number of Stock Holdings 0 Total Number of Bond Holdings 700 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Fixed Income Style Box as of Avg Eff Duration. Avg Eff Maturity. Not Available Avg Wtd Price Risk Measures as of Port Avg Rel BC Aggr Rel Cat 3 Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar F-I Sectors as of % Government Corporate Securitized Municipal fi Cash/Cash Equivalents ± Other 4.24 Credit Analysis Not Available % Bonds USA156

76 AZL DFA Multi-Strategy Fund 3,12... QQQQ Above Average Below Average Out of 401 Aggressive Allocation investments. An investment's overall Morningstar Rating, based on its risk-adjusted The investment seeks long-term capital appreciation. The fund is a fund of funds that seeks to achieve its goal by investing primarily in a combination of five underlying funds managed by Dimensional Fund s LP (the "DFA underlying funds"): AZL DFA Emerging Markets Core Equity Fund, AZL DFA International Core Equity Fund, AZL DFA U.S. Small Cap Fund, AZL DFA U.S. Core Equity Fund, AZL DFA Five- Year Global Fixed Income Fund. The Manager will allocate approximately 50%-70% of fund assets to the equity funds and approximately 30%-50% to the fixed income fund. Past name(s) : AZL Growth Index Strategy. Morningstar : Aggressive Allocation Aggressive-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. These portfolios tend to hold larger positions in stocks than moderate-allocation portfolios. These portfolios typically have 70% to 90% of assets in equities and the remainder in fixed income and cash. In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies % % (Jul '10 - Sep '10) (Jul '11 - Sep '11) 0.98 Fund Inception Date Allianz Management LLC Subadvisor. Brian Muench. Darin Egbert. Morningstar Rating. QQQQ QQQQ. Fund Rank Percentile Out of # of s U.S. Stocks 0.0 Non-U.S. Stocks 0.0 Bonds 0.0 Cash 0.0 Other AZL DFA Five-Year Global Fixed Inc AZL DFA US Core Equity AZL DFA US Small Cap 9.97 AZL DFA International Core Equity 6.96 AZL DFA Emerging Markets Core Eq 4.84 Total Number of Holdings 5 Annual Turnover Ratio % 7.00 Total Fund Assets ($mil) 1, Morningstar Style Box Equity (as of ) Fixed Income (as of ) Not Available Not Available P/E Ratio... P/B Ratio... P/C Ratio... GeoAvgCap ($mil)... 3 Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Super Sectors as of h Cyclical j Sensitive k Defensive Morningstar F-I Sectors as of Not Available 1USA205

77 AZL Boston Company Research Growth Fund 3,4... QQQ Average Average Out of 1519 Large Growth investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. The investment seeks long-term growth of capital and income. The fund invests primarily in common stocks of large, wellestablished and mature companies. It 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. The fund invests primarily in large capitalization companies, which the manager defines as companies with market capitalizations within the range of the Russell 1000 Growth Index. It may also invest up to 30% of its total assets in foreign securities. Past name(s) : AZL Dreyfus Research Growth. Morningstar : Large Growth Large-growth portfolios invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields). Most of these portfolios focus on companies in rapidly expanding industries. In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies % % (Mar '09 - May '09) (Sep '08 - Nov '08) 1.06 Fund Inception Date Allianz Management LLC Subadvisor Boston Company Asset Management, LLC Elizabeth Slover. B.A., Union College, Morningstar Rating. QQQ QQQ QQQ Fund Rank Percentile Out of # of s 1,689 1,519 1, U.S. Stocks 94.8 Non-U.S. Stocks 3.9 Bonds 0.0 Cash 1.3 Other 0.0 Apple Inc 7.66 Facebook Inc Class A 2.96 PepsiCo Inc 2.70 Visa Inc Class A 2.69 Amazon.com Inc 2.61 Verizon Communications Inc 2.12 Biogen Inc 2.01 Honeywell International Inc 1.97 Oracle Corporation 1.92 Schlumberger NV 1.91 Allergan PLC 1.87 Google Inc Class A 1.81 Google Inc Class C Capital Stock 1.79 AbbVie Inc 1.72 Comcast Corp Class A 1.70 Nike Inc Class B 1.67 Home Depot Inc 1.65 Priceline Group Inc 1.65 McKesson Corp 1.64 Salesforce.com Inc 1.62 Total Number of Stock Holdings 67 Total Number of Bond Holdings 0 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small Micro P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Equity Sectors as of h Cyclical r Basic Materials 2.07 t Consumer Cyclical y Financial Services 7.41 u Real Estate j Sensitive i Communication Services 3.86 o Energy 3.28 p Industrials 8.92 a Technology k Defensive s Consumer Defensive d Healthcare f Utilities USA117

78 AZL BlackRock Capital Appreciation Fund 3,4,5... QQQ Average Average Out of 1519 Large Growth investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. The investment seeks long-term growth of capital. The fund invests primarily in a diversified portfolio consisting primarily of common stock of U.S. companies that the Subadviser believes have exhibited above-average growth rates in earnings over the long term. It will generally invest at least 65% of its total assets in common stock; convertible preferred stock; securities convertible into common stock; and rights to subscribe to common stock. The fund may invest up to 20% of its total assets in the securities of foreign companies, including in the form of European Depositary Receipts or other securities convertible into securities of foreign companies. Past name(s) : AZL Jennison Growth. Morningstar : Large Growth Large-growth portfolios invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields). Most of these portfolios focus on companies in rapidly expanding industries. In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies % % (Sep '10 - Nov '10) (Sep '08 - Nov '08) 1.10 Fund Inception Date Allianz Management LLC Subadvisor BlackRock Capital Management, Inc. Lawrence G. Kemp M.B.A., University of Chicago (Booth),. B.A., Stanford University,. Morningstar Rating. QQQ QQ QQQ Fund Rank Percentile Out of # of s 1,689 1,519 1, U.S. Stocks 84.9 Non-U.S. Stocks 13.3 Bonds 0.0 Cash 0.5 Other 1.3 Apple Inc 5.04 Facebook Inc Class A 4.94 AbbVie Inc 4.69 Google Inc Class A 4.59 Visa Inc Class A 3.75 United Therapeutics Corp 3.37 Vertex Pharmaceuticals Inc 3.29 Salesforce.com Inc 2.99 UnitedHealth Group Inc 2.81 Dollar General Corp 2.73 Perrigo Co PLC 2.66 Trip Inc 2.60 Liberty Global PLC Class A 2.50 Netflix Inc 2.49 Union Pacific Corp 2.45 Alliance Data Systems Corp 2.30 Alibaba Group Holding Ltd ADR 2.12 Allergan PLC 2.08 Twenty-First Century Fox Inc Class A 2.03 Berkshire Hathaway Inc Class B 2.00 Total Number of Stock Holdings 49 Total Number of Bond Holdings 0 Annual Turnover Ratio % Total Fund Assets ($mil) Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small Micro P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Equity Sectors as of h Cyclical r Basic Materials 0.91 t Consumer Cyclical y Financial Services u Real Estate j Sensitive i Communication Services 6.08 o Energy 1.80 p Industrials 7.97 a Technology k Defensive s Consumer Defensive 4.30 d Healthcare f Utilities USA134

79 AZL Balanced Index Strategy Fund 3,12... QQQQQ Above Average Average Out of 725 Conservative Allocation investments. An investment's overall Morningstar Rating, based on its riskadjusted The investment seeks long-term capital appreciation with preservation of capital as an important consideration. The fund is a fund of funds that seeks to achieve its goal by investing primarily in a combination of five underlying index funds: AZL Enhanced Bond Index Fund, AZL S&P 500 Index Fund, AZL Mid Cap Index Fund, AZL Small Cap Stock Index Fund and AZL International Index Fund. It will allocate 40% - 60% of its assets in the underlying equity index funds and 40% - 60% of its assets in the underlying bond index fund. The AZL Enhanced Bond Index Fund is a bond index fund; the other four Index Strategy underlying funds are equity index funds. Morningstar : Conservative Allocation Conservative-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. These portfolios tend to hold smaller positions in stocks than moderate-allocation portfolios. These portfolios typically have 20% to 50% of assets in equities and 50% to 80% of assets in fixed income and cash. In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. 7.45% -7.07% (Jul '10 - Sep '10) (Jul '11 - Sep '11) 0.69 Fund Inception Date Allianz Management LLC Subadvisor. Brian Muench. Darin Egbert. Morningstar Rating. QQQQQ QQQQQ. Fund Rank Percentile Out of # of s U.S. Stocks 33.9 Non-U.S. Stocks 13.9 Bonds 44.2 Cash 7.5 Other 0.6 AZL Enhanced Bond Index AZL S&P 500 Index AZL International Index AZL Mid Cap Index 7.48 AZL Small Cap Stock Index 4.03 Total Number of Holdings 5 Annual Turnover Ratio % 9.00 Total Fund Assets ($mil) Morningstar Style Box Equity (as of ) Fixed Income (as of ) Not Available P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Yr Std Dev Yr Beta Yr Sharpe Ratio Yr Alpha Yr R-squared IncomeRatio InformationRatio Morningstar Super Sectors as of h Cyclical j Sensitive k Defensive Morningstar F-I Sectors as of % Government Corporate Securitized Municipal fi Cash/Cash Equivalents ± Other 2.87 USA206

80 True to our promises so you can be true to yours. A leading provider of annuities and life insurance, Allianz Life Insurance Company of North America (Allianz) bases each decision on a philosophy of being true: True to our strength as an important part of a leading global financial organization. True to our passion for making wise investment decisions. And true to the people we serve, each and every day. Through a line of innovative products and a network of trusted financial professionals, and with over 2.2 million contracts issued, Allianz helps millions of people as they seek to achieve their financial and retirement goals. Founded in 1896, Allianz is proud to play a vital role in the success of our global parent, Allianz SE, one of the world s largest financial services companies. While we pride ourselves on our financial strength, we re made of much more than our balance sheet. We believe in making a difference with our clients by being true to our commitments and keeping our promises. People rely on Allianz today and count on us for tomorrow when they need us most. Guarantees are backed solely by the financial strength and claims-paying ability of Allianz Life Insurance Company of North America and do not apply to the performance of the variable subaccounts, which will fluctuate with market conditions. Products are issued by: Products are distributed by: Allianz Life Insurance Company Allianz Life Financial Services, LLC of North America 5701 Golden Hills Drive 5701 Golden Hills Drive Minneapolis, MN Minneapolis, MN Member FINRA