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GT GLOBAL VARIABLE INVESTMENT FUNDS
SUPPLEMENT TO PROSPECTUS DATED APRIL 1, 1998
SUPPLANTING SUPPLEMENT DATED APRIL 1, 1998
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THE FOLLOWING SUPPLEMENTS, AS APPLICABLE, THE DISCUSSION UNDER "INVESTMENT
OBJECTIVES AND POLICIES," "MANAGEMENT" AND "OTHER INFORMATION" WITH RESPECT TO
G.T. VARIABLE INVESTMENT SERIES AND G.T. VARIABLE INVESTMENT TRUST (THE
"COMPANIES") AND THE FUNDS:
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 Companies' investment management
agreements with Chancellor LGT. Accordingly, the Companies' Boards of Trustees
have 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 Companies, 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 Companies. In addition to shareholder approval, implementation of the new
investment advisory arrangements is contingent upon the consummation of the
Purchase.
The Boards of Trustees of the Companies have also approved the following
matters, subject to shareholder approval:
1. Amendments to the fundamental investment restrictions of each Fund.
2. The reorganization of the Companies from Massachusetts business trusts
into Delaware business trusts.
A special meeting of shareholders of the Companies 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.
THE FOLLOWING REVISES AND SUPERSEDES, AS APPLICABLE, THE DISCUSSION UNDER
"MANAGEMENT" WITH RESPECT TO GT GLOBAL VARIABLE STRATEGIC INCOME FUND
("STRATEGIC INCOME FUND"):
David B. Hughes and Craig Munro have been named Portfolio Managers of the
Strategic Income Fund. Mr. Hughes has been head of Global Fixed Income, North
America, for Chancellor LGT since January 1998, and was a Senior Portfolio
Manager for global/international fixed income for Chancellor LGT from July 1995
to December 1997. Prior thereto, Mr. Hughes was an Assistant Vice President for
Fiduciary Trust Company International from 1994 to 1995, and Assistant Treasurer
at the Bankers Trust Company from 1991 to 1994. Mr. Munro has been Head of
Emerging Market Debt for Chancellor LGT since April 1998 and a Portfolio Manager
for Chancellor LGT since August 1997. Prior thereto, Mr. Munro was a Vice
President, Senior Analyst in the Emerging Markets Group of the Global Fixed
Income Division of Merrill Lynch Asset Management from 1993 to August 1997.
Cheng-Hock Lau remains the other Portfolio Manager for the Strategic Income
Fund.
On October 31, 1996, Chancellor Capital Management, Inc. ("Chancellor Capital")
merged with LGT Asset Management, Inc., and the resulting entity was renamed
Chancellor LGT Asset Management, Inc. Mr. Hughes was an employee only of
Chancellor Capital prior to October 31, 1996.
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VARST804M April 17, 1998
