<PAGE>
GT GLOBAL VARIABLE INVESTMENT FUNDS
SUPPLEMENT TO PROSPECTUS DATED JUNE 1, 1998
THE FOLLOWING REVISES AND SUPERSEDES, AS APPLICABLE, THE DISCUSSION UNDER
"MANAGEMENT" WITH RESPECT TO GT GLOBAL VARIABLE NEW PACIFIC FUND ("NEW PACIFIC
FUND"), GT GLOBAL VARIABLE LATIN AMERICA FUND ("LATIN AMERICA FUND") AND GT
GLOBAL VARIABLE EMERGING MARKETS FUND ("EMERGING MARKETS FUND"):
Effective May 29, 1998, Anna Tong and Sammy Lau were named Portfolio Managers
for the New 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 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 Hugh Hunter
and Christine Rowley remain the other Portfolio Managers for the Emerging
Markets Fund.
INVESCO Asia, INVESCO International (FE) Ltd., INVESCO Investment Management
(HK) Ltd. and INVESCO London are affiliates of the Sub-adviser.
June 5, 1998
