Securities Act File No. 33-73140
PILGRIM VARIABLE PRODUCTS TRUST
SUPPLEMENT DATED DECEMBER 14, 2000
TO THE PROSPECTUS DATED APRIL 30, 2000
The following information replaces the disclosure under the heading "Management
of the Portfolios" on page 19 of the Prospectus regarding the High Yield Bond
Portfolio:
Effective October 23, 2000, the following individuals have been responsible for
the day-to-day management of Pilgrim VP High Yield Bond Portfolio:
Edwin Schriver is a Senior Vice President of ING Pilgrim Investments, Inc. ("ING
Pilgrim"). Prior to joining ING Pilgrim, Mr. Schriver was a Senior High Yield
Analyst for Dreyfus Corporation since 1998. From 1996 to 1997, Mr. Schriver was
the President of Cresent City Research, an investment research and software
firm. Prior to 1996, Mr. Schriver was President of an SEC registered investment
adviser and held various senior portfolio management positions.
Andy Mitchell is a Vice President of ING Pilgrim. Prior to joining ING Pilgrim
in July 2000, Mr. Mitchell was a Senior Credit Analyst with Katonah Capital
since March 2000. From March 1998 to March 2000, Mr. Mitchell was a Vice
President and Senior High Yield Analyst at Merrill Lynch Asset Management. From
March 1994 to March 1998, Mr. Mitchell was Assistant Vice President and Senior
High Yield Analyst at Schroder Capital Management.
Russ Stiver is a Vice President of ING Pilgrim. Prior to joining ING Pilgrim in
May 2000, Mr. Stiver was Portfolio Manager (1996-2000) and Acting Vice President
at Manulife Financial (1999-2000). From 1994 to 1996, Mr. Stiver analyzed
investment grade, high yield and emerging market sovereign debt securities for
Toronto-Dominion Bank.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
