AZL Enhanced Bond Index Fund
Allianz Variable Insurance Products Trust
Fund classification
Classified from what the fund holds · as of 2026 Q2
AZL Enhanced Bond Index Fund is a U.S. bond index fund that tracks the Bloomberg U.S. Aggregate Bond Index.
- Asset class
- Bonds
- Region
- United States
- Management
- Index (passive)
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2026 Q2
The Fund seeks to exceed the total return of the Bloomberg U.S. Aggregate Bond Index.
The fund is managed by a subadviser that tracks the Bloomberg U.S. Aggregate Bond Index while overweighting and underweighting securities based on quantitative characteristics such as yield and valuation to seek outperformance. The fund holds investment-grade debt securities including Treasuries, government-related and corporate bonds, mortgage-backed securities, and asset-backed securities, maintaining similar overall interest rate risk to the Index. Because the fund may not hold all Index constituents or may substitute bonds with similar characteristics for those unavailable in the market, its portfolio composition and risk exposures may differ from the Index.
| Share class | Expense ratio |
|---|---|
| C000075764 | 0.66% |
Portfolio turnover 86.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 50.84% |
| Securitized | 48.89% |
| Cash & short-term | 4.26% |
| Derivatives | 0.05% |
| Other | -0.10% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Securitized | 48.9% |
| Government | 22.6% |
| Financials | 6.5% |
| Cash | 4.0% |
| 12 smaller | 18.1% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: Federal National Mortgage Association ×2, United States of America ×4, Government National Mortgage Association 2 ×2
Largest exited: Federal National Mortgage Association ×3, United States of America ×3, Government National Mortgage Association 2 ×2
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 84.0% |
| Floating rate | 15.1% |
| Zero-coupon or unclassified | 1.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.3% |
| 1-3y | 9.7% |
| 3-5y | 13.8% |
| 5-10y | 13.4% |
| 10y+ | 61.7% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 65% |
| Credit spreads | 35% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +3.24 yr |
| High yield | +0.01 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 1 yr | 0.68 yr | 11% |
| 5 yr | 1.72 yr | 29% |
| 10 yr | 2.36 yr | 40% |
| 30 yr | 1.20 yr | 20% |
3 mo is NEGATIVE (-0.03 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.02 yr | 1% |
| 1 yr | 0.39 yr | 12% |
| 5 yr | 1.06 yr | 33% |
| 10 yr | 1.23 yr | 38% |
| 30 yr | 0.54 yr | 17% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | -0.03 | +0.02 | +0.00 | $4.1k | $187 |
| 1 yr | +0.68 | +0.39 | +0.00 | $97.1k | $342 |
| 5 yr | +1.72 | +1.06 | +0.00 | $262.5k | $178 |
| 10 yr | +2.36 | +1.23 | +0.00 | $304.6k | $649 |
| 30 yr | +1.20 | +0.54 | +0.00 | $132.7k | $286 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 5.93 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Dreyfus Treasury Securities Cash Management; Institutional Shares | 4.26% | $105.42M | — |
| — | Federal National Mortgage Association5.50% · due 2056-07-25 | 3.11% | $76.93M | — |
| — | United States of America3.13% · due 2048-05-15 | 1.35% | $33.44M | — |
| — | United States of America1.25% · due 2031-04-15 | 1.10% | $27.17M | — |
| — | Freddie Mac5.13% floating · due 2055-06-25 | 1.06% | $26.32M | — |
| — | VICI PROPERTIES L.P.4.75% · due 2028-02-15 | 0.94% | $23.18M | — |
| — | United States of America4.13% · due 2027-09-30 | 0.91% | $22.51M | — |
| — | United States of America3.88% · due 2029-05-15 | 0.83% | $20.55M | — |
| — | United States of America3.50% · due 2028-12-15 | 0.83% | $20.52M | — |
| — | Freddie Mac2.00% · due 2051-03-01 | 0.80% | $19.83M | — |
Top 10 positions are 15.19% of net assets, top 25 24.48%, across 424 issuers.
See more of this fund's book
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