Securities Act File No. 33-73140


                         PILGRIM VARIABLE PRODUCTS TRUST

                     Supplement dated October 1, 2001 to the
                      Class S Prospectus dated May 1, 2001

1. ADDITIONAL INVESTMENT STRATEGY OF PILGRIM INTERNATIONAL VALUE FUND

Effective October 1, 2001, the following disclosure is added to page 22 of the
Prospectus as the fifth paragraph under the caption "Investment Strategy":

     The Fund also may lend portfolio securities on a short-term or long-term
     basis, up to 33-1/3% of its total assets.

2. ADDITIONAL RISK OF AN INVESTMENT IN PILGRIM INTERNATIONAL VALUE FUND

Effective October 1, 2001, the following disclosure is added to page 22 of the
Prospectus as the sixth paragraph under the caption "Risks":

     Securities Lending -- There is the risk that when lending portfolio
     securities, the securities may not be available to the Fund on a timely
     basis and the Fund may, therefore, lose the opportunity to sell the
     securities at a desirable price.

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