Securities Act File No. 33-73140


                         PILGRIM VARIABLE PRODUCTS TRUST
                         SUPPLEMENT DATED MARCH 8, 2001
                     TO THE PROSPECTUS DATED APRIL 30, 2000


MERGER OF ING PILGRIM INVESTMENTS, INC. INTO ING PILGRIM INVESTMENTS, LLC

Effective February 26, 2001, ING Pilgrim  Investments,  Inc., the Adviser to the
Portfolios,  merged into ING Pilgrim Investments,  LLC. ING Pilgrim Investments,
LLC will  continue  to  manage  the  Portfolios  under the  existing  Investment
Advisory Agreement with the Trust. All of the investment professionals, officers
and employees of ING Pilgrim Investments, Inc. will continue in their capacities
as  officers  and  employees  of ING  Pilgrim  Investments,  LLC,  and the  same
personnel will be responsible for providing the investment  advisory services to
the Portfolios.  The merger will not result in a change in the advisory fee paid
by each of the Portfolios.


               PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE