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GT GLOBAL VARIABLE INVESTMENT FUNDS
SUPPLEMENT TO PROSPECTUS DATED MAY 1, 1997, AS REVISED MAY 1, 1997
SUPPLANTING SUPPLEMENT DATED JUNE 16, 1997
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THE FOLLOWING REVISES AND SUPERSEDES, AS APPLICABLE, THE DISCUSSION UNDER
"MANAGEMENT" WITH RESPECT TO GT GLOBAL VARIABLE LATIN AMERICA FUND ("LATIN
AMERICA FUND") AND GT GLOBAL VARIABLE INFRASTRUCTURE FUND ("INFRASTRUCTURE
FUND"):
Allan Conway, Hugh Hunter, 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 Latin America
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.
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 in a number of emerging markets and strategic asset allocation input.
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.
Derek H. Webb is a Portfolio Manager for the Infrastructure Fund. Mr. Webb has
been Head of the Theme Funds since December 1996, and a Portfolio Manager for
the Manager since 1994. From 1992 to 1994, Mr. Webb was an Analyst for the
Manager. Michael J. Mahoney remains the other Portfolio Manager for the
Infrastructure Fund.
[LOGO]
VARST708 August 6, 1997
