Securities Act File No. 33-73140
PILGRIM VARIABLE PRODUCTS TRUST
Supplement dated September 1, 2000
to the Prospectus dated April 30, 2000
(This Supplement supersedes the Supplement dated May 3, 2000)
ACQUISITION OF RELIASTAR FINANCIAL CORP. BY ING GROEP N.V.
On September 1, 2000, ING Groep N.V. (NYSE: ING) acquired ReliaStar Financial
Corp. (NYSE: RLR), the indirect parent company of Pilgrim Investments, Inc.
("Pilgrim Investments"), Adviser to the portfolios of the Pilgrim Variable
Products Trust (the "Portfolios"), and Pilgrim Securities, Inc. ("Pilgrim
Securities"), Distributor to the Portfolios. ING Group is a global financial
institution active in the field of insurance, banking, and asset management in
more than 65 countries, with almost 100,000 employees.
Pilgrim Investments and Pilgrim Securities are expected to remain intact after
the transaction. Pilgrim Investments does not currently anticipate that there
will be any changes in the investment personnel primarily responsible for
management of the Pilgrim Variable Products Trust as a result of the
acquisition.
Under the provisions of the advisory contracts between Pilgrim Variable Products
Trust and Pilgrim Investments and Pilgrim Investments and Brandes Investment
Partners, L.P., as Sub-Adviser to the Pilgrim VP International Value Portfolio,
J.P. Morgan Investment Management Inc., as Sub-Adviser to the Pilgrim VP
Research Enhanced Index Portfolio, and Navellier Fund Management, Inc., as
Sub-Adviser to the Pilgrim VP Growth + Value Portfolio, those agreements might
be deemed to terminate automatically at the time of the acquisition. As a
result, the Board of Trustees and shareholders of the Portfolios approved new
advisory contracts, which took effect immediately after the acquisition.
Please be advised of the new address of the Pilgrim Funds, effective
immediately:
ING Pilgrim Funds
7337 E. Doubletree Ranch Road
Scottsdale, Arizona 85258
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
