<PAGE>
GT GLOBAL NEW DIMENSION FUND
SUPPLEMENT TO THE PROSPECTUS DATED JANUARY 1, 1998
SUPPLANTING SUPPLEMENT DATED MARCH 3, 1998
- --------------------------------------------------------------------------------
THE FOLLOWING SUPPLEMENTS THE DISCLOSURE FOR THE FUND AND IS TO BE INSERTED
FOLLOWING THE SECTION ENTITLED "PROSPECTUS SUMMARY:"
FINANCIAL HIGHLIGHTS
The table below provides condensed financial information concerning income and
capital changes for one Class A and Class B share of the Fund for the period
shown. This information is supplemented by the financial statements and
accompanying notes appearing in the Statement of Additional Information. The
financial statements and notes, for the period September 15, 1997 (commencement
of operations) to December 31, 1997, have been audited by Coopers & Lybrand
L.L.P., independent accountants, whose report thereon also is included in the
Statement of Additional Information. Information is not provided with respect to
Class C shares because the Fund only began offering Class C shares on January 1,
1998.
<TABLE>
<CAPTION>
SEPTEMBER 15, 1997
(COMMENCEMENT OF OPERATIONS)
TO DECEMBER 31, 1997
---------------------------------
CLASS A (d) CLASS B (d)
------------ ------------
<S> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 11.43 $ 11.43
------------ ------------
Income from investment operations:
Net investment income (loss).......... (0.01) (0.02)
Net realized and unrealized loss on
investments.......................... (0.31) (0.32)
------------ ------------
Net decrease from investment
operations......................... (0.32) (0.34)
------------ ------------
Distributions to shareholders:
In excess of net investment income.... (0.48) (0.47)
------------ ------------
Total distributions................. (0.48) (0.47)
------------ ------------
Net asset value, end of period.......... $ 10.63 $ 10.62
------------ ------------
------------ ------------
Total investment return (c)............. (2.68)%(b) (2.83)%(b)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 15,145 $ 19,184
Ratio of net investment income (loss) to
average net assets...................... (0.35)%(a) (0.85)%(a)
Ratio of expenses to average net
assets.................................. 0.50%(a) 1.00%(a)
Portfolio turnover rate+................ 1%(b) 1%(b)
</TABLE>
- --------------
(a) Annualized
(b) Not annualized
(c) Total investment return does not include sales charges.
(d) These selected per share data were calculated based upon average shares
outstanding during the period.
+ Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing between the classes of shares issued.
[LOGO]
<PAGE>
THE FOLLOWING SUPPLEMENTS, AS APPLICABLE, THE DISCUSSION UNDER "INVESTMENT
OBJECTIVE AND POLICIES," "HOW TO INVEST," "MANAGEMENT" AND "OTHER INFORMATION"
WITH RESPECT TO GT GLOBAL SERIES TRUST (THE "COMPANY") AND THE FUND:
On January 30, 1998, Liechtenstein Global Trust, AG ("LGT"), the indirect parent
organization of GT Global, Inc. and Chancellor LGT Asset Management, Inc.
("Chancellor LGT"), entered into an agreement with AMVESCAP PLC ("AMVESCAP")
pursuant to which AMVESCAP will acquire LGT's Asset Management Division, which
includes Chancellor LGT (the "Purchase"). AMVESCAP is a holding company formed
in 1997 by the merger of INVESCO PLC and A I M Management Group Inc.
Consummation of the purchase is subject to a number of contingencies, including
regulatory approvals. The transaction would constitute an assignment of, and
thereby result in the termination of, the Company's investment management
agreement with Chancellor LGT. Accordingly, the Company's Board of Trustees has
approved, subject to shareholder approval, new investment management and
administration agreements between A I M Advisors, Inc. ("A I M"), a wholly-owned
subsidiary of AMVESCAP, and the Company, and sub-advisory and sub-administration
agreements between A I M and Chancellor LGT, which will become a separate,
indirect wholly-owned subsidiary of AMVESCAP. Under the new agreements, A I M
would serve as investment manager and administrator and Chancellor LGT would
serve as investment sub-adviser and sub-administrator of the Company. In
addition to shareholder approval, implementation of the new investment advisory
arrangements is contingent upon the consummation of the Purchase.
The Board of Trustees of the Company has also approved the following matters,
subject to shareholder approval:
1. The adoption of compensation-type Rule 12b-1 plans of distribution for the
Fund that would replace the Fund's current reimbursement-type Rule 12b-1
plans of distribution.
2. Amendments to the fundamental investment restrictions of the Fund.
3. The reorganization of the Company from a Massachusetts business trust into a
Delaware business trust.
In addition, the Board has approved new distribution agreements for the Fund
pursuant to which A I M Distributors, Inc. ("A I M Distributors"), a
wholly-owned subsidiary of A I M, would serve as the Fund's principal
underwriter. In connection with the appointment of A I M Distributors as the
Fund's principal underwriter, the Fund's Class A shares would be sold subject to
a sales charge determined in accordance with the following amended schedule:
<TABLE>
<CAPTION>
INVESTOR'S SALES CHARGE DEALER CONCESSION
-------------------------------------------- ---------------------
AMOUNT OF AS A PERCENTAGE OF AS A PERCENTAGE OF AS A PERCENTAGE OF
INVESTMENT IN THE PUBLIC THE NET AMOUNT THE PUBLIC
SINGLE TRANSACTION OFFERING PRICE INVESTED OFFERING PRICE
- ------------------------------------------------ --------------------- --------------------- ---------------------
<S> <C> <C> <C>
Less than $50,000............................... 4.75% 4.99% 4.00%
$50,000 but less than $100,000.................. 4.00 4.17 3.25
$100,000 but less than $250,000................. 3.75 3.90 3.00
$250,000 but less than $500,000................. 2.50 2.56 2.00
$500,000 but less than $1,000,000*.............. 2.00 2.04 1.60
</TABLE>
- ----------------
* Purchases of $1,000,000 or more will be at net asset value, subject to a
contingent deferred sales charge of 1% if shares are redeemed prior to 18
months from the date such shares were purchased.
Implementation of the new distribution arrangements is contingent upon (1)
shareholder approval of the new investment advisory arrangements and the new
Rule 12b-1 plans; and (2) the consummation of the Purchase.
A special meeting of shareholders of the Company will be held on May 20, 1998 to
consider and vote on, among other proposals, the matters noted above that
require shareholder approvals. If the matters are approved by shareholders and
the Purchase consummated, it is anticipated that the changes described above
will become effective on or about June 1, 1998.
DIMST803M March 25, 1998
