<PAGE>
GT GLOBAL VARIABLE INVESTMENT FUNDS
SUPPLEMENT TO PROSPECTUS DATED JUNE 1, 1998
SUPPLANTING SUPPLEMENT DATED JUNE 16, 1998
THE FOLLOWING REVISES AND SUPERSEDES, AS APPLICABLE, THE DISCUSSION UNDER
"MANAGEMENT" WITH RESPECT TO GT GLOBAL VARIABLE NEW PACIFIC FUND ("PACIFIC
FUND"), GT GLOBAL VARIABLE EUROPE FUND ("EUROPE FUND"), GT GLOBAL VARIABLE LATIN
AMERICA FUND ("LATIN AMERICA FUND"), GT GLOBAL VARIABLE EMERGING MARKETS FUND
("EMERGING MARKETS FUND") AND GT GLOBAL VARIABLE GROWTH & INCOME FUND ("GROWTH &
INCOME FUND"):
Effective June 1, 1998, Anna Tong and Sammy Lau were named the Portfolio
Managers for the Pacific Fund. Ms. Tong has been a Portfolio Manager for
INVESCO (NY), Inc. (the "Sub-adviser") since June 1998 and a Managing Director
and Chief Investment Officer for INVESCO Asia Ltd. (Hong Kong) ("INVESCO Asia")
since April 1997. Ms. Tong has also served as Managing Director for INVESCO
International (FE) Ltd. (Hong Kong) and as a Director of INVESCO Investment
Management (HK) Ltd. (Hong Kong) since March 1985. Mr. Lau has been a Portfolio
Manager for the Sub-adviser since June 1998 and a Director of INVESCO Asia since
January 1996. Prior thereto, Mr. Lau served as an Associate Director of INVESCO
Asia from December 1994 to January 1996, an Associate at J.P. Morgan (Hong Kong)
from November 1993 to November 1994, and an Investment Manager for Baring
International Asset Admin Ltd. (Hong Kong) from June 1990 to October 1993.
Effective June 15, 1998, Nicholas J. Ford is the sole Portfolio Manager for the
Europe Fund. Mr. Ford has been a Portfolio Manager for the Sub-adviser since
February 1998 and Portfolio Manager for INVESCO GT Asset Management PLC (London)
("GT London") since 1996. From 1994 to 1996, Mr. Ford was Director of Equities
for Lehman Brothers Global Asset Management PLC (London). Prior thereto, he was
a Portfolio Manager and Head of European Equities for Hill Samuel Investment
Management PLC (London) from 1990 to 1994.
Effective June 1, 1998, Francesco Bertoni was named a Portfolio Manager for the
Latin America Fund and the Emerging Markets Fund. Mr. Bertoni has been a
Portfolio Manager for the Sub-adviser since June 1998 and the Investment
Director of INVESCO Asset Management Ltd. (London) ("INVESCO London") since
1994. Mr. Bertoni joined INVESCO London as a Portfolio Manager in the European
equity team in 1990. He moved on to the international equity team in 1993 and
became responsible for Global Emerging Markets products in 1995. David Manuel
remains the other Portfolio Manager for the Latin America Fund, and Christine
Rowley remains the other Portfolio Manager for the Emerging Markets Fund.
Effective June 15, 1998, Michael Lindsell and Michael McDonagh were named
Portfolio Managers for the Growth & Income Fund. Mr. Lindsell has been Head of
Investment Strategy for Global Equities for the Sub-adviser and GT London since
1996. From 1992
<PAGE>
to 1996, Mr. Lindsell was Chief Investment Officer for Japan for INVESCO GT
Asset Management Asia Ltd. (Hong Kong) ("GT Asia") and Portfolio Manager for
the Sub-adviser. Prior thereto, Mr. Lindsell was a Director of Warburg Asset
Management (Tokyo). Mr. McDonagh has been a Portfolio Manager for GT London
since 1992 and for the Sub-adviser since October 1988. From 1977 to 1992, Mr.
McDonagh was a Portfolio Manager for GT Asia. Paul Griffiths remains the other
Portfolio Manager for the Growth & Income Fund.
INVESCO Asia, INVESCO International (FE) Ltd., INVESCO Investment Management
(HK) Ltd., GT London, INVESCO London and GT Asia are affiliates of the
Sub-adviser.
June 23, 1998
