<PAGE>
GT GLOBAL DOLLAR FUND
SUPPLEMENT TO PROSPECTUS DATED MAY 1, 1997
- --------------------------------------------------------------------------------
THE FOLLOWING SUPPLEMENTS THE DISCUSSION UNDER "HOW TO REDEEM SHARES" WITH
RESPECT TO GT GLOBAL DOLLAR FUND:
Upon redemption, Class B shares of the Fund that were acquired pursuant to the
exchange privilege during a tender offer by GT Global Floating Rate Fund
("Floating Rate Fund") will be subject to a contingent deferred sales charge
equivalent to the early withdrawal charge on the common stock of the Floating
Rate Fund, as set forth in the current prospectus for the Floating Rate Fund.
The purchase of shares of the Fund will be deemed to have occurred at the time
of the initial purchase of the Floating Rate Fund's common stock.
[LOGO]
DOLST706001.8 June 16, 1997
