USALLIANZ VARIABLE INSURANCE PRODUCTS TRUST
SUPPLEMENT DATED SEPTEMBER 18, 2000
TO THE PROSPECTUS DATED MAY 1, 2000
This Supplement is provided to update, and should be read in conjunction with,
the information provided in the Prospectus. The following replaces in its
entirety the Adviser's Prior Performance section of the Prospectus on pages 19 -
20:
a. Adviser's Prior Performance
Each of the Growth Fund, Fixed Income Fund, Money Market Fund and Diversified
Assets Fund is substantially similar to other pooled accounts advised by the
Adviser. The performance information shown below is the performance of
unregistered master trust portfolios managed by the Adviser for tax-exempt
investors for the periods indicated. Although each such master trust portfolio
commenced operations prior to 1994, such prior performance information has been
omitted because the underlying data to support the performance record is
unavailable. Each master trust portfolio has investment objectives, policies,
styles and strategies substantially similar to ones employed by the Advisor for
the corresponding Fund. Each master trust portfolio is not subject to the
diversification requirements, specific tax restrictions and investment
limitations imposed on the Funds by the Investment Company Act of 1940 and
Subchapter M of the Internal Revenue Code. Consequently, the performance of each
master trust portfolio may have been adversely affected if it had been regulated
as an investment company under the federal securities laws. Although this
performance reflects the fees and expenses of the master trust portfolios, this
performance has not been adjusted to reflect the fees and expenses which will
apply to the Funds. Had such performance been adjusted for such fees and
expenses, the performance results would have been lower. The information does
not represent the Funds' performance, as such, nor is it indicative of the
Funds' future performance. Investment results were not calculated pursuant to
the methodology established by the Securities and Exchange Commission that will
be used to calculate the Funds' performance results. For information concerning
the Master Trust Portfolios' performance through December 31, 1999, see "Master
Trust Portfolio: Average Annual Rates of Return (%) for Periods Ending December
31, 1999" below.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Master Trust Portfolio Annual Total Return
-------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
Master Trust Portfolio 1994 1995 1996 1997 1998 1999
-------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
-------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
Equity -1.95% 33.73% 22.50% 33.94% 27.55% 25.88%
-------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
-------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
Fixed Income -3.16% 20.47% 3.45% 10.48% 9.84% -2.47%
-------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
-------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
Money Market 3.98% 6.10% 5.50% 5.67% 5.49% 5.39%
-------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
-------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
Diversified Assets -1.65% 20.66% 10.36% 15.91% 13.82% 9.96%
-------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
</TABLE>
<PAGE>
Master Trust Portfolio
Average Annual Rates of Return (%) for Periods Ending December 31, 1999
The table below provides an indication of the risks of an investment in the
Funds by showing how the average annual returns of the master trust portfolios,
as described above, compare to those of a broad-based securities index and in
the case of the diversified assets master trust portfolio, additionally to an
index created by the Adviser.
<TABLE>
<CAPTION>
<S> <C> <C>
-------------------------------------------------------------------------- -------------------- --------------------
1 Year 5 Years
-------------------------------------------------------------------------- -------------------- --------------------
-------------------------------------------------------------------------- -------------------- --------------------
Equity Master Trust Portfolio 25.88% 28.64%
-------------------- --------------------
-------------------- --------------------
S&P 500(R)Index (source: Ibbottson & Associates) 21.04% 28.55%
-------------------------------------------------------------------------- -------------------- --------------------
-------------------------------------------------------------------------- -------------------- --------------------
Fixed Income Master Trust Portfolio -2.47% 8.08%
-------------------- --------------------
-------------------- --------------------
Lehman Brothers Government/Corporate Bond Index (source: Ibbottson & -2.15% 7.60%
Associates )
-------------------------------------------------------------------------- -------------------- --------------------
-------------------------------------------------------------------------- -------------------- --------------------
Money Market Master Trust Portfolio 5.39% 5.63%
-------------------- --------------------
-------------------- --------------------
3 Month Treasury Bill Index (source: The Wall Street Journal) 4.96% 5.28%
-------------------------------------------------------------------------- -------------------- --------------------
-------------------------------------------------------------------------- -------------------- --------------------
Diversified Assets Master Trust Portfolio 9.96% 14.07%
-------------------- --------------------
-------------------- --------------------
Lehman Brothers Intermediate Government/Corporate Bond Index (source: 0.39% 7.09%
Ibbottson & Associates )
-------------------- --------------------
-------------------- --------------------
Diversified Assets Index* 5.81% 12.13%
-------------------------------------------------------------------------- -------------------- --------------------
</TABLE>
* An index created by the Adviser consisting of several securities market
indices including 65% of the Lehman Brothers Intermediate
Government/Corporate Bond Index, 25% of the S&P 500(R) Index and 10% of
the 90-day Treasury Bill.
* * *
