Securities Act File No. 33-73140


                         PILGRIM VARIABLE PRODUCTS TRUST

                         SUPPLEMENT DATED MARCH 19, 2002
                   TO THE CLASS S PROSPECTUS DATED MAY 1, 2001

      CHANGE IN INVESTMENT STRATEGY OF THE PILGRIM VP CONVERTIBLE PORTFOLIO

     Effective  March  1,  2002,  the  following  disclosure  will  replace  the
disclosure  under "Pilgrim VP Convertible  Portfolio -- Investment  Strategy" on
page 20 of the Prospectus:

     Under normal  conditions,  the Portfolio invests at least 80% of its assets
     in convertible  securities.  Convertible securities are generally preferred
     stock or other securities,  including debt securities, that are convertible
     into  common  stock.  The  Portfolio   emphasizes   companies  with  market
     capitalizations  above $500 million.  The  convertible  debt  securities in
     which the Portfolio  invests may be rated below investment grade (high risk
     instruments),  or, if not rated, may be of comparable quality.  There is no
     minimum  credit  rating for  securities  in which the Portfolio may invest.
     Through  investments  in  convertible  securities,  the Portfolio  seeks to
     capture the upside potential of the underlying  equities with less downside
     exposure.

     The  Portfolio  may also invest up to 20% of its total assets in common and
     nonconvertible  preferred stocks,  and in  nonconvertible  debt securities,
     which may include  high yield debt  (commonly  known as junk  bonds)  rated
     below investment grade, or of comparable quality if unrated.  The Portfolio
     may  also  invest  in  securities  issued  by the U.S.  government  and its
     agencies and instrumentalities.  Most but not all of the bonds in which the
     Portfolio invests have a remaining maturity of 10 years or less, or, in the
     case of convertible  debt securities,  have a remaining  maturity or may be
     put back to the issuer in 10 years or less.

     In evaluating  convertible  securities,  the Portfolio's  Adviser evaluates
     each security's investment  characteristics as a fixed income instrument as
     well as its potential for capital appreciation.

     In  analyzing  specific  companies  for  possible  investment,  the Adviser
     ordinarily   looks   for   several   of  the   following   characteristics:
     above-average per share earnings growth; high return on invested capital; a
     healthy balance sheet; sound financial and accounting  policies and overall
     financial strength;  strong competitive advantages;  effective research and
     product  development  and  marketing;   development  of  new  technologies;
     efficient service;  pricing  flexibility;  strong  management;  and general
     operating  characteristics  that  will  enable  the  companies  to  compete
     successfully in their  respective  markets.  The Adviser usually  considers
     whether to sell a particular  security when any of those factors materially
     changes.

     The  Portfolio  may also  lend  portfolio  securities  on a  short-term  or
     long-term basis, up to 30% of its total assets.



               PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE