<PAGE>
GT GLOBAL EQUITY FUNDS: ADVISOR CLASS
SUPPLEMENT TO PROSPECTUS DATED APRIL 29, 1996
- --------------------------------------------------------------------------------
The following revises the discussion under "Management":
Derek H. Webb has replaced Kevin L. Wenck as Portfolio Manager of the GT Global
America Growth Fund. Mr. Webb has been a Portfolio Manager for LGT Asset
Management, Inc. ("LGT Asset Management") since 1994. Prior thereto, Mr. Webb
was a Research Analyst for LGT Asset Management.
Soraya M. Betterton has replaced Kevin L. Wenck as Portfolio Manager for the GT
Global America Small Cap Portfolio. Ms. Betterton has been a Portfolio Manager
for LGT Asset Management since 1986 and a Portfolio Manager for LGT Asset
Management (London) PLC since 1984.
[LOGO]
EQUSTA605007.5M May 13, 1996
