Securities Act File No.33-73140
PILGRIM VARIABLE PRODUCTS TRUST
Supplement dated May 3, 2000
to the Prospectus dated April 30, 2000
ACQUISITION OF RELIASTAR FINANCIAL CORP. BY ING GROEP N.V.
On May 1, 2000, ReliaStar Financial Corp. (NYSE: RLR), the indirect parent
company of Pilgrim Investments, Inc., Adviser to the Trust, and Pilgrim
Securities, Inc., Distributor to the Trust, entered into an agreement under
which it will be acquired by ING Group (NYSE: ING). ING Group is a global
financial institution active in the field of insurance, banking, and asset
management in more than 60 countries, with almost 90,000 employees. Completion
of the acquisition is contingent upon, among other things, approval by the
Trustees of the Trust, and certain shareholder and regulatory approvals. The
closing of the acquisition is expected to occur during the third quarter of
2000.
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 Trust as a result of the acquisition.
The advisory contract between the Trust and Pilgrim Investments may terminate
automatically at the time of the acquisition. As a result, it is expected that
the Board of the Trust will consider approval of a new advisory contract between
the Trust and Pilgrim Investments, and that shareholder approval of this
contract will be sought at a meeting to be scheduled in the near future.
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