Securities Act File No. 33-73140


                         PILGRIM VARIABLE PRODUCTS TRUST

                       Supplement dated September 18, 2001
                   to the Class S Prospectus dated May 1, 2001

CHANGE IN PORTFOLIO MANAGER

     Effective August 31, 2001, the following disclosure replaces the language
after the section entitled "Brandes Investment Partners, L.P." on page 38 of the
Prospectus:

     Founded in 1974, Brandes Investment Partners, L.P. (Brandes) is an
     investment advisory firm with 56 investment professionals who manage more
     than $50 billion in assets. Brandes uses a value-oriented approach to
     managing international investments, seeking to build wealth by buying high
     quality, undervalued stocks.

     Brandes is the investment sub-adviser to Pilgrim VP International Value
     Portfolio. Brandes' Large Cap Investment Committee is responsible for
     making the day-to-day investment decisions for the Portfolio.


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