# EDGAR Filing Document

**Accession Number:** 0001091439
**File Stem:** 0001797318-25-000046
**Filing Date:** 2025-6
**Character Count:** 17093
**Document Hash:** c0532e0d6dd8563718fa577d010e9d71
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001797318-25-000046.hdr.sgml**: 20250630

**ACCESSION NUMBER**: 0001797318-25-000046

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250630

**DATE AS OF CHANGE**: 20250630

**EFFECTIVENESS DATE**: 20250630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
- **CENTRAL INDEX KEY:** 0001091439

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-83423
- **FILM NUMBER:** 251090857

**BUSINESS ADDRESS:**
- **STREET 1:** 5701 GOLDEN HILLS DRIVE
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55416-1297
- **BUSINESS PHONE:** 763-765-6551

**MAIL ADDRESS:**
- **STREET 1:** 5701 GOLDEN HILLS DRIVE
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55416-1297

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
- **DATE OF NAME CHANGE:** 19990721

## Series and Classes Contracts Data

### AZL Small Cap Stock Index Fund (Series ID: S000017464)

---

|  |  |
|:---|:---|
| Class Name                             | Class ID   |
| AZL Small Cap Stock Index Fund Class 2 | C000048313 |
| AZL Small Cap Stock Index Fund Class 1 | C000173956 |

---

### AZL S&P 500 Index Fund (Series ID: S000017470)

---

|  |  |
|:---|:---|
| Class Name                     | Class ID   |
| AZL S&P 500 Index Fund Class 1 | C000048319 |
| AZL S&P 500 Index Fund Class 2 | C000048320 |

---

### AZL International Index Fund (Series ID: S000025366)

---

|  |  |
|:---|:---|
| Class Name                           | Class ID   |
| AZL International Index Fund Class 2 | C000075766 |
| AZL International Index Fund Class 1 | C000173957 |

---

### AZL Mid Cap Index Fund (Series ID: S000025367)

---

|  |  |
|:---|:---|
| Class Name                     | Class ID   |
| AZL Mid Cap Index Fund Class 2 | C000075767 |
| AZL Mid Cap Index Fund Class 1 | C000173958 |

---

### AZL MSCI Global Equity Index Fund (Series ID: S000025369)

---

|  |  |
|:---|:---|
| Class Name                                | Class ID   |
| AZL MSCI Global Equity Index Fund         | C000075769 |
| AZL MSCI Global Equity Index Fund Class 1 | C000183414 |

---

### AZL Russell 1000 Growth Index Fund (Series ID: S000028740)

---

|  |  |
|:---|:---|
| Class Name                                 | Class ID   |
| AZL Russell 1000 Growth Index Fund Class 2 | C000087885 |
| AZL Russell 1000 Growth Index Fund Class 1 | C000173959 |

---

### AZL Russell 1000 Value Index Fund (Series ID: S000028741)

---

|  |  |
|:---|:---|
| Class Name                                | Class ID   |
| AZL Russell 1000 Value Index Fund Class 2 | C000087886 |
| AZL Russell 1000 Value Index Fund Class 1 | C000173960 |

---

## Series and Classes Contracts Data

### AZL Small Cap Stock Index Fund (Series ID: S000017464)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000048313 | AZL Small Cap Stock Index Fund Class 2 |  |
| C000173956 | AZL Small Cap Stock Index Fund Class 1 |  |

### AZL S&P 500 Index Fund (Series ID: S000017470)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000048319 | AZL S&P 500 Index Fund Class 1 |  |
| C000048320 | AZL S&P 500 Index Fund Class 2 |  |

### AZL International Index Fund (Series ID: S000025366)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000075766 | AZL International Index Fund Class 2 |  |
| C000173957 | AZL International Index Fund Class 1 |  |

### AZL Mid Cap Index Fund (Series ID: S000025367)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000075767 | AZL Mid Cap Index Fund Class 2 |  |
| C000173958 | AZL Mid Cap Index Fund Class 1 |  |

### AZL MSCI Global Equity Index Fund (Series ID: S000025369)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000075769 | AZL MSCI Global Equity Index Fund         |  |
| C000183414 | AZL MSCI Global Equity Index Fund Class 1 |  |

### AZL Russell 1000 Growth Index Fund (Series ID: S000028740)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000087885 | AZL Russell 1000 Growth Index Fund Class 2 |  |
| C000173959 | AZL Russell 1000 Growth Index Fund Class 1 |  |

### AZL Russell 1000 Value Index Fund (Series ID: S000028741)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000087886 | AZL Russell 1000 Value Index Fund Class 2 |  |
| C000173960 | AZL Russell 1000 Value Index Fund Class 1 |  |

#### ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST

#### (the "Trust")
AZL<sup>®</sup> International Index Fund

AZL<sup>®</sup> Mid Cap Index Fund

AZL<sup>®</sup> MSCI Global Equity Index Fund

AZL<sup>®</sup> Russell 1000 Growth Index Fund

AZL<sup>®</sup> Russell 1000 Value Index Fund

AZL<sup>®</sup> S&P 500 Index Fund

AZL<sup>®</sup> Small Cap Stock Index Fund

(together, the "Funds")

#### Supplement dated June 30, 2025

#### to the Summary Prospectus, Prospectus, and Statement of Additional Information ("SAI") dated May 1, 2025
*This supplement updates certain information contained in the summary prospectus, prospectus, and SAI<br> and should be attached to the summary prospectus, prospectus, and SAI and retained for future reference.*

The following changes are made to the Funds' Summary Prospectus, Prospectus and SAI, as applicable:

Effective June 30, 2025:

Mr. Paul Whitehead is no longer a portfolio manager of the Funds. Accordingly, all references to Mr. Paul Whitehead are hereby removed in their entirety from the applicable sections of the Funds' Summary Prospectuses, Prospectus and Statement of Additional Information.

Matt Waldron and Steven White are being added as portfolio managers of the Funds.

Matt Waldron, CFA, Managing Director, is US Head of International Portfolio Management within BlackRock Global Markets & Index Investments ("BGM"). He is responsible for the management of ETFs, sub-advised, and Institutional pooled & separate accounts that are predominantly invested in developed and emerging markets. Mr. Waldron's service with the firm dates back to 2003. Prior to his current role, Mr. Waldron was a portfolio manager in Blackrock's Multi Asset Client Solutions Group (BMACS), where he was responsible for the management of asset allocation portfolios for Institutional and HNW clients. Prior to joining BlackRock in 2003, Mr. Waldron was a research analyst at Monarch Capital Holdings LLC., an event-driven, long-short hedge fund. Mr. Waldron earned a BA degree in finance from the University of Delaware. As of March 31, 2025, Mr. Waldron did not hold shares of the Funds.

Steven White, Director, is Head of the Active Risk Index ETF team in the Americas, and co-CIO for Index Equity Investments within BlackRock Global Markets & Index Investments ("BGM"). He is responsible for all complex, alternatively-weighted equity index ETFs. As co-CIO, he is responsible for leading efforts to drive scaled investment decisions across the global index equity book, resulting in consistent, risk managed investment outcomes for clients. He leads oversight of investment risk, performance oversight and equity index provider engagement. Steven is a member of the Index Equity Leadership Team. Steven's service with the firm began in 2011. Prior to his current role, he was a Senior Portfolio Manager responsible for managing institutional mandates, mutual funds and iShares ETFs. He has held several other roles within the firm including sales and index research. Prior to BlackRock, Steven worked at Merrill Lynch. Mr. White earned a bachelor's degree in economics and MBA from San Diego State University. As of March 31, 2025, Mr. White did not hold shares of the Funds.

The following information is added to the Subadvisers section of the Portfolio Manager Compensation section of the SAI:

#### Discretionary Incentive Compensation- Messrs. White and Waldron
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Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager's group within BlackRock, the investment performance, including risk-adjusted returns, of the firm's assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual's performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the portfolios or other accounts managed by the portfolio managers are measured. Among other things, BlackRock's Chief Investment Officers make a subjective determination with respect to each portfolio manager's compensation based on the performance of the portfolios and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed-income and multi-asset class funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5-year periods, as applicable. Performance of index funds is based on the performance of such funds relative to pre-determined tolerance bands around a benchmark, as applicable. The performance of Messrs. White and Waldron are not measured against a specific benchmark.

**Distribution of Discretionary Incentive Compensation.** Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.

Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year "at risk" based on BlackRock's ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of these Funds have deferred BlackRock, Inc. stock awards.

For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.

**Other Compensation Benefits.** In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:

*Incentive Savings Plans —* BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to participate in these plans.

#### Portfolio Manager Potential Material Conflicts of Interest
BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution

AZL-001-0525 Page 2 of 3

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of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock's (or its affiliates' or significant shareholders') officers, directors or employees are directors or officers, or companies as to which BlackRock or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that a portfolio manager may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Such portfolio managers may therefore be entitled to receive a portion of any incentive fees earned on such accounts. Currently, the portfolio managers of these funds are not entitled to receive a portion of incentive fees of other accounts.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.

The following is added under the section Other Managed Accounts in the SAI (as of March 31, 2025):

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager**<br>| **Other Registered Investment Company Accounts/Assets Under Management**<br>| **Other Pooled Investment Vehicles/Assets Under Management**<br>| **Other Accounts/Assets Under Management**<br>|
| Matt Waldron<br>| 279/$2.41 trillion<br>| 3/$3.59 billion<br>| 7/$5.98 billion<br>|
| Steven White<br>| 279/$2.41 trillion<br>| 0/$0<br>| 0/$0  |

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