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GT GLOBAL VARIABLE INVESTMENT FUNDS
SUPPLEMENT TO PROSPECTUS DATED MAY 1, 1997, AS REVISED MAY 1, 1997
SUPPLANTING SUPPLEMENT DATED AUGUST 6, 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 and LGT Asset Management 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.
Brian T. Nelson is the Portfolio Manager for Infrastructure Fund. Mr. Nelson
joined the Manager as a Senior Equity Research Analyst in April 1995. From 1988
to 1995, Mr. Nelson was an Equity Research Analyst and eventually a Co-Portfolio
Manager with the Franklin/Templeton Funds.
On October 31, 1996, Chancellor Capital Management, Inc. ("Chancellor Capital")
merged with LGT Asset Management, Inc. (San Francisco), and the resulting entity
was renamed Chancellor LGT Asset Management, Inc. Prior to October 31, 1996, Mr.
Nelson was an employee only of Chancellor Capital.
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VARST709 September 10, 1997
