File No. 33-23512, 811-5629
Filed under Rule 497(e)
THE GCG TRUST
Supplement dated February 14, 1997 to
Prospectus dated September 3, 1996, as amended February 5, 1997
Effective February 28, 1997, Warburg, Pincus Counsellors, Inc. will cease
to act as the Portfolio Manager to the Managed Global Series of The GCG Trust
(the "Trust"). The Trust's Board of Trustees, at a special meeting, approved a
separate portfolio management agreement among the Trust, Directed Services, Inc.
and Putnam Investment Management, Inc. ("Putnam") appointing Putnam as Portfolio
Manager to the Managed Global Series.
Effective February 28, 1997, Bankers Trust Company will cease to act as the
Portfolio Manager to the Emerging Markets Series and Market Manager Series of
the Trust. At the special meeting, the Board of Trustees approved separate
portfolio management agreements among the Trust, Directed Services, Inc. and
Putnam and Equitable Investment Services, Inc. ("Equitable Investment Services")
appointing Putnam as Portfolio Manager to the Emerging Markets Series and
appointing Equitable Investment Services as Portfolio Manager of the Market
Manager Series.
The agreements approved by the Trustees are substantially similar to the
respective agreements now in effect including the compensation to be paid to the
new Portfolio Managers. Additionally, the Board of Trustees voted to submit
these agreements to the shareholders of the respective Series of the Trust for
their approval.
Putnam Investment Management, Inc.
Putnam with offices at One Post Office Square, Boston, Massachusetts 02109,
has been managing mutual funds since 1937. Putnam is wholly owned by Putnam In-
vestments, Inc., which is in turn wholly owned by Marsh & McLennan Companies,
Inc., whose principal businesses are international insurance and reinsurance
brokerage, employee benefit consulting and investment management. As of Decem-
ber 31, 1996, Putnam and its affiliates managed approximately $173 billion of
assets. Putnam will assume portfolio management of the Managed Global Series
and the Emerging Markets Series on March 1, 1997.
The Managed Global Series will be managed by Robert Swift and C. Kim
Goodwin. Mr. Swift is Senior Vice President and has been employed as an invest-
ment professional at Putnam since August, 1995. Prior to August, 1995, Mr.
Swift was Far East Team Leader and Portfolio Manager at IAI International/Hill
Samuel Investment Advisors. Ms. Goodwin is Senior Vice President of Putnam and
has been employed as an investment professional at Putnam since May, 1996. From
February, 1993 to May, 1996, Ms. Goodwin was Vice President at Prudential Mutual
Fund Investment Management. From June, 1990 to February, 1993, Ms. Goodwin was
an Assistant Vice President at Mellon Bank Corp.
The Emerging Markets Series will be managed by Thomas Haslett and J. Peter
Grant. Mr. Haslett is Managing Director and Chief Investment Officer, Emerging
Markets Equity, and has been employed as an investment professional at Putnam
since December, 1996. Prior to December, 1996, Mr. Haslett was Managing
Director and Senior Portfolio Manager at Montgomery Asset Management. Mr. Grant
is Senior Vice President and has been an investment professional at Putnam since
1973.
Equitable Investment Services, Inc.
Equitable Investment Services currently serves as portfolio manager to the
Liquid Asset Series and the Limited Maturity Bond Series of the Trust and will
assume portfolio management of the Market Manager Series on March 1, 1997.
Bryan L. Borchert, Managing Director of Equitable Investment Services, will
be responsible for management of the Market Manager Series. Mr. Borchert has
been an investment professional with Equitable Investment Services since 1987.
IN 3058 - INVMGMT 2/97
