<PAGE>
GT GLOBAL INCOME FUNDS: ADVISOR CLASS
SUPPLEMENT TO PROSPECTUS DATED FEBRUARY 29, 1996
- --------------------------------------------------------------------------------
The following revises the discussion under "Management":
Nikos G. Pappayliou is no longer a Portfolio Manager of the GT Global Strategic
Income Fund (the "Fund"). Simon Nocera remains a Portfolio Manager of the Fund.
Mr. Nocera has been a Portfolio Manager of the Fund since 1992, and is the Chief
Investment Officer for Emerging Market Debt for LGT Asset Management, Inc. ("LGT
Asset Management"). Mr. Nocera has been a Portfolio Manager and Economist for
LGT Asset Management since 1992. From 1991 to 1992, Mr. Nocera was Senior Vice
President and Director for Global Fixed Income Research at The Putnam Companies.
Prior thereto, he was a Financial Economist at the International Monetary Fund.
Ralf Lochmuller has been added as a Portfolio Manager for the Fund. Mr.
Lochmuller has been Chief Investment Officer for Core Market Debt for LGT Asset
Management since January 1996. Prior thereto, Mr. Lochmuller was head of
Portfolio Management for a subsidiary of Liechtenstein Global Trust. He also
held a number of positions of increasing responsibility with LGT Asset
Management GmbH, Frankfurt. He joined LGT Asset Management in 1988 as a
Portfolio Manager. He subsequently became head of Bond Portfolio Management and
head of the investment committee for bonds. Prior to joining Liechtenstein
Global Trust, he was head of the trading desk for German fixed income securities
for Chase Bank in Frankfurt.
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INCSTA605009.5M May 15, 1996
<PAGE>
GT GLOBAL INCOME FUNDS: ADVISOR CLASS
SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION DATED FEBRUARY 29, 1996
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The following corrects certain of the GT Global Income Funds' Standardized
Return calculations for Class B shares under "Investment Results":
<TABLE>
<CAPTION>
STRATEGIC INCOME
PERIOD GOVERNMENT INCOME FUND FUND HIGH INCOME FUND
- ----------------------------------------------- ----------------------- -------------------- -----------------
<S> <C> <C> <C>
October 22, 1992 through October 31, 1995...... 4.95% 6.28% 9.71%
</TABLE>
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INCSTA605 May 15, 1996
