<PAGE> 1
G. T. G L O B A L V A R I A B L E
[LOGO] I N V E S T M E N T F U N D S
SUPPLEMENT TO PROSPECTUS DATED MARCH 1, 1995
- --------------------------------------------------------------------------------
The following policies have been adopted relating to how the G.T. Global:
Variable New Pacific Fund, the G.T. Global: Variable Europe Fund, the G.T.
Global: Variable America Fund, and the G.T. Global: Variable International Fund
("Funds") seek their objectives of long-term growth of capital: Each Fund will
seek its objective by investing, under normal circumstances, at least 65% of its
assets in equity securities of issuers domiciled in its Primary Investment Area,
as listed on page seven in the prospectus. Each Fund may also invest up to 35%
of its assets in (1) the equity securities of issuers domiciled outside of its
Primary Investment Area, including, e.g. (a) securities of issuers in countries
that are not located in the Primary Investment Area but are linked by tradition,
economic markets, cultural similarities or geography to the countries in such
Primary Investment Area; and (b) securities of issuers located elsewhere in the
world which have operations in the Primary Investment Area or which stands to
benefit from political and economic events in the Primary Investment Area; and
(2) convertible bonds and debt securities. These policies replace the previous
policies reflected on page seven, paragraph two, sentence two; page seven,
paragraph four, sentence one and two; and page seven, paragraph six, sentence
one. Under the previous policies, at least 80% of a Fund's assets, under normal
circumstances, were invested in equity securities of issuers located in its
Primary Investment Area and only 20% of its assets could be invested otherwise.
These policy changes are effective July 1, 1995.
July 1, 1995
VARSU506
