<PAGE>
GT GLOBAL EMERGING MARKETS FUND: ADVISOR CLASS
GT GLOBAL LATIN AMERICA GROWTH FUND: ADVISOR CLASS
SUPPLEMENT TO PROSPECTUS DATED MARCH 1, 1997
SUPPLANTING SUPPLEMENT DATED NOVEMBER 24, 1997
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THE FOLLOWING REVISES AND SUPERSEDES, AS APPLICABLE, THE DISCUSSION UNDER
"MANAGEMENT" WITH RESPECT TO GT GLOBAL EMERGING MARKETS FUND ("EMERGING MARKETS
FUND") AND GT GLOBAL LATIN AMERICA GROWTH FUND ("LATIN AMERICA FUND"):
Allan Conway, Hugh Hunter, Aziz Minhas, Darren Read, Christine Rowley and Mark
Thorogood -- all members of Chancellor LGT Asset Management, Inc.'s (the
"Manager") Global Emerging Markets Equity team -- are Portfolio Managers for the
Emerging Markets Fund. Mr. Conway joined the Manager and LGT Asset Management
PLC (London) ("LGT Asset Management"), an affiliate of the Manager, in January
1997 as Head of the Global Emerging Markets Equity team. Based in London, he
manages a centralized team of global emerging market fund managers. From 1992 to
1997, Mr. Conway was Director of International Equities at Hermes Investment
Management ("Hermes"), and from 1982 to 1992 was a Portfolio Manager, and
eventually Head of Overseas Equities, at Provident Mutual. Mr. Hunter has been a
Portfolio Manager for the Manager and LGT Asset Management since June 1997. From
1987 to 1997, he was Head of Quantitative Emerging Strategy at ING-Barings (Hong
Kong) ("Barings"). Mr. Minhas has been a Portfolio Manager for the Manager and
LGT Asset Management since December 1997. Prior thereto, he was an Investment
Analyst and then a Senior Investment Analyst with Abu Dhabi Investment Authority
(London) from 1990 to 1997. Mr. Read has been a Portfolio Manager for the
Manager since May 1997. From 1995 to 1997, Mr. Read was a Senior Investment
Analyst at Hermes responsible for stock selection and strategic asset allocation
input in a number of emerging markets. Prior thereto, Mr. Read was a Chartered
Accountant in the Financial Markets Division of Arthur Andersen from 1991 to
1995. Ms. Rowley has been a Portfolio Manager for the Manager and LGT Asset
Management Ltd. (Hong Kong), an affiliate of the Manager, since 1992. In this
position, Ms. Rowley managed Asian emerging market portfolios and, commencing in
1997, global emerging market portfolios. Prior thereto, Ms. Rowley was an
Analyst with the Bank of England from 1989 to 1990. Mr. Thorogood joined the
Manager and LGT Asset Management in May 1997 as a Portfolio Manager. Prior
thereto, he worked for Barings from 1994 to 1997 as a proprietary Trader. From
1987 to 1994, Mr. Thorogood was at Provident Mutual, first as an Analyst, and
then as a Portfolio Manager covering the Japanese and Asian Equity Markets.
Allan Conway and David Manuel are Portfolio Managers for the Latin America Fund.
Mr. Manuel has been a Portfolio Manager for the Manager and LGT Asset Management
since November 1997. From 1987 to 1997, he was an Investment Analyst and
Portfolio Manager and, starting in 1994, Head of Latin American Equities for
Abbey Life Investment Services Ltd. (London).
[LOGO]
LEMSX801M January 20, 1998
