GT GLOBAL VARIABLE INVESTMENT SERIES
497, 1998-03-26
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                      GT GLOBAL VARIABLE INVESTMENT FUNDS
 
       SUPPLEMENT TO PROSPECTUS DATED MAY 1, 1997, AS REVISED MAY 1, 1997
                   SUPPLANTING SUPPLEMENT DATED MARCH 3, 1998
 
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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 ("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. ("S&P"), or Prime-1 by Moody's Investors
Service, Inc. ("Moody's"), or, if not rated, determined by Chancellor LGT Asset
Management, Inc. ("Chancellor LGT") to be of comparable quality.
 
THE FOLLOWING REVISES AND SUPERSEDES THE CORRESPONDING DISCLOSURE ABOUT
MORTGAGE-BACKED AND ASSET-BACKED SECURITIES UNDER "INVESTMENT OBJECTIVES AND
POLICIES" WITH RESPECT TO GT GLOBAL VARIABLE GLOBAL GOVERNMENT INCOME FUND
("GLOBAL GOVERNMENT INCOME FUND"):
 
At least 65% of the Global Government Income Fund's total assets normally are
invested in debt obligations issued or guaranteed by the U.S. or foreign
governments (including foreign states, provinces or municipalities) or their
agencies, authorities or instrumentalities, including mortgage-backed securities
issued by agencies or instrumentalities of the U.S. government or by foreign
governments. In addition, the Global Government Income Fund also may invest up
to 35% of its total assets in: (a) foreign government securities that are not
high quality but are rated at least investment grade by Moody's or S&P, or if
unrated, determined by Chancellor LGT to be of comparable quality; (b) corporate
debt obligations of U.S. or foreign issuers rated at least investment grade by
Moody's or S&P, including debt obligations convertible into equity securities or
having attached warrants or rights to purchase equity securities; (c) privately
issued mortgage-backed and asset-backed securities of U.S. or foreign issuers
rated at least investment grade by Moody's or S&P, or if unrated, determined by
Chancellor LGT to be of comparable quality; and (d) common stocks, preferred
stocks and warrants to acquire such securities, provided that the Global
Government Income Fund will not invest more than 20% of its total assets in such
securities.
 
THE FOLLOWING SUPPLEMENTS THE DISCLOSURE ABOUT MORTGAGE-BACKED AND ASSET-BACKED
SECURITIES UNDER "RISK FACTORS:"
 
Foreign mortgage-backed securities markets are substantially smaller than U.S.
markets, but have been established in several countries, including Germany,
Denmark, Sweden, Canada, and Australia, and may be developed elsewhere. Foreign
mortgage-backed securities generally are structured similar to domestic
mortgage-backed securities, and they normally present substantially similar
investment risks as well as the other risks normally associated with foreign
securities.
 
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, 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-
 
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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 EMERGING MARKETS FUND ("EMERGING
MARKETS FUND"), GT GLOBAL VARIABLE LATIN AMERICA FUND ("LATIN AMERICA FUND"), GT
GLOBAL VARIABLE INFRASTRUCTURE FUND ("INFRASTRUCTURE FUND"), GT GLOBAL VARIABLE
AMERICA FUND ("AMERICA FUND"), GT GLOBAL VARIABLE EUROPE FUND ("EUROPE FUND"),
U.S. GOVERNMENT INCOME FUND, GLOBAL GOVERNMENT INCOME FUND AND GT GLOBAL MONEY
MARKET FUND ("MONEY MARKET 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
Chancellor LGT and LGT Asset Management PLC (London) ("LGT Asset Management"),
an affiliate of Chancellor LGT, 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 Chancellor LGT 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 Chancellor LGT 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 Chancellor LGT and LGT Asset
Management 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 Chancellor LGT, LGT Asset
Management and LGT Asset Management Ltd. (Hong Kong), an affiliate of Chancellor
LGT, 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 Chancellor LGT 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 Chancellor LGT 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 Chancellor LGT 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 for Franklin Resources, Inc. (San Mateo, CA).
 
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Brent W. Clum is the Portfolio Manager for the America Fund. Mr. Clum has been a
Portfolio Manager for Chancellor LGT since 1997. From 1995 to 1997, Mr. Clum was
a Senior Equity Research Analyst for Chancellor LGT. 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.
 
Nicholas S. Train and Nicholas J. Ford are the Portfolio Managers for the Europe
Fund. Mr. Train has been Head of investment for the United Kingdom and Europe
for Chancellor LGT and LGT Asset Management since 1996. Prior thereto, Mr. Train
was a Portfolio Manager for Chancellor LGT and LGT Asset Management from 1984 to
1996. Mr. Ford has been a Portfolio Manager for Chancellor LGT since February
1998, and a Portfolio Manager for LGT Asset Management 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.
 
Cheng-Hock Lau and Edward J. O'Hara are the Portfolio Managers for the U.S.
Government Income Fund. Mr. Lau has been Chief Investment Officer for Global
Fixed Income for Chancellor LGT since November 1996, and was a Senior Portfolio
Manager for global/international fixed income for Chancellor LGT from July 1995
to November 1996. Prior thereto, Mr. Lau was a Senior Vice President and Senior
Portfolio Manager for Fiduciary Trust Company International from 1993 to 1995,
and Vice President at Banker's Trust Company from 1991 to 1993. Mr. O'Hara
joined Chancellor LGT in August 1995 as a Senior Portfolio Manager in the high
grade fixed income group. Prior thereto, Mr. O'Hara was a Manager for Ark Asset
Management, Inc., formerly Lehman Management Company, Inc., from 1983 to 1989,
and a Senior Manager from 1989 to August 1995.
 
David B. Hughes has been named a Portfolio Manager for the Global Government
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.
 
Cheng-Hock Lau and Heide Koch are the Portfolio Managers for the Money Market
Fund. Ms. Koch has been a Portfolio Manager for the Fund since 1997, and a
Portfolio Manager for Chancellor LGT since 1991.
 
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.
Clum, Ms. Koch, Mr. Lau, Mr. Nelson and Mr. O'Hara were employees only of
Chancellor Capital.
 
VARST803M                                                         March 25, 1998


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