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GT GLOBAL VARIABLE INVESTMENT FUNDS
SUPPLEMENT TO PROSPECTUS DATED MAY 1, 1997, AS REVISED MAY 1, 1997
SUPPLANTING SUPPLEMENT DATED NOVEMBER 24, 1997
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THE FOLLOWING SUPPLEMENTS THE DISCLOSURE UNDER "INVESTMENT OBJECTIVES AND
POLICIES" WITH RESPECT TO GT GLOBAL VARIABLE U.S. GOVERNMENT INCOME FUND:
With respect to up to 35% of its total assets, securities in which the Fund may
invest include commercial paper and other short term debt obligations of U.S.
and foreign corporations, rated at least A-1 by Standard & Poor's, a division of
The McGraw-Hill Companies, Inc., or Prime-1 by Moody's Investor Service, Inc.,
or, if not rated, determined by Chancellor LGT Asset Management, Inc. (the
"Manager") to be of comparable quality.
THE FOLLOWING REVISES AND SUPERSEDES, AS APPLICABLE, THE DISCUSSION UNDER
"MANAGEMENT" WITH RESPECT TO GT GLOBAL VARIABLE EMERGING MARKETS FUND ("EMERGING
MARKETS FUND"), GT GLOBAL VARIABLE LATIN AMERICA FUND ("LATIN AMERICA FUND"), GT
GLOBAL VARIABLE INFRASTRUCTURE FUND ("INFRASTRUCTURE FUND") AND GT GLOBAL
VARIABLE AMERICA FUND ("AMERICA FUND"):
Allan Conway, Hugh Hunter, Aziz Minhas, Darren Read, Christine Rowley and Mark
Thorogood -- all members of the Manager's 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).
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.
Brent W. Clum is the Portfolio Manager for the America Fund. Mr. Clum has been a
Portfolio Manager for the Manager since 1997. From 1995 to 1997, Mr. Clum was a
Senior Equity Research Analyst for the Manager. Prior thereto, Mr. Clum was a
Vice President and Analyst at T. Rowe Price from 1990 to 1995. Mr. Clum is a
Chartered Financial Analyst and a Certified Public Accountant.
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 and Mr. Clum were employees only of Chancellor Capital.
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VARST801M January 20, 1998
