File Nos.
811-4138
and 2-94067
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [ X]
Pre-Effective Amendment No. _______
[ ]
Post-Effective Amendment No. 30 [
]
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [ X]
Amendment No. 31
ALLMERICA INVESTMENT TRUST
(Name of Registrant)
440 Lincoln Street
WORCESTER, MASSACHUSETTS 01653
(Address of Principal Executive Offices)
Registrant's Telephone Number, including Area Code:
(508) 855-1000
(Names and Addresses of Agents for Service:)
Patricia L. Bickimer Peter MacDougall, Esq.
The Shareholder Services Group, Inc. Ropes & Gray
53 State Street One International Place
Boston, MA 02109 Boston, Massachusetts 02110
It is proposed that this filing will become effective:
X immediately upon filing pursuant to paragraph (b)
____ on __ ____________ _____pursuant to paragraph (b)
____ 60 days after filing pursuant to paragraph (a)(1)
____ on (date) pursuant to paragraph (a)(1)
____ 75 days after filing pursuant to paragraph (a)(2)
____ on (date) pursuant to paragraph (a)(2) of rule 485.
Pursuant to Reg. Section 270.24f-2 of the Investment Company Act of 1940,
Registrant has registered an indefinite amount of its securities under the
Securities Act of 1933. The Rule 24f-2 Notice for Registrant's fiscal year
ended December 31, 1994 was filed on February 25, 1995.
ALLMERICA INVESTMENT TRUST
Cross-Reference Sheet
Item No. of Form N-1A Prospectus Caption
1 Prospectus Cover Page
2 Management Fees and Expenses
3 Financial Highlights
4 (a) Prospectus Cover Page; Organization and Capitalization of
the Trust; What are the Investment Objectives and Policies?
4(b) and (c) What are the Investment Objectives and Policies?;
Investment Restrictions; Certain Investment Strategies and Policies
5(a) How are the Funds Managed?
5 (b) How are the Funds Managed?; Management Fees and Expenses;
What are the Investment Objectives and Policies?
5(c) Fund Manager Information
5(d) and (e) Organization and Capitalization of the Trust
5(f) Not Applicable
5(g) Management Fees and Expenses
5(h) Not Applicable
6(a) and (b) Organization and Capitalization of the Trust
6(c) and (d) Not Applicable
6(e) Cover Page; Organization and Capitalization of the Trust
6(f) and (g) Taxes and Distributions to Shareholders
7 Sales and Redemption of Shares
Item No. of Form N-1A Prospectus Caption
7(a) Not Applicable
7(b) How are Shares Valued?
7(c)-(f) Not Applicable
8(a) Sales and Redemption of Shares
8(b)-(d) Not Applicable
9 Not Applicable
Item No. of Form N-1A Caption in Statement of Additional
Information
10(a) and (b) Cover Page
11 Table of Contents
12 General Information; Organization of the Trust
13(a) Investment Objectives and Policies
13(b) Investment Restrictions
13(c) Investment Objectives and Policies; Investment Restrictions
13(d) Portfolio Turnover
14(a) and (b) Management of Allmerica Investment Trust
14(c) Not Applicable
15(a) and (b) Control Person and Principal Holder of Securities
15 (c) Not Applicable
16(a) and (b) Investment Management and Other Services
16(c)-(g) Not Applicable
16(h) Investment Management and Other Services; Organization of
the Trust
16(i) Not Applicable
17(a)-(c) Brokerage Allocation
17(d) Not Applicable
17(e) Not Applicable
18 Not Applicable
19(a) and (b) Purchase, Redemption and Pricing of Securities Being
Offered
Item No. of Form N-1A Caption in Statement of Additional
Information
19(c) Not Applicable
20 and 21 Not Applicable
22 Performance
23 Financial Statements
ALLMERICA INVESTMENT TRUST
PROSPECTUS SUPPLEMENT DATED OCTOBER 23, 1995
(Supplement to Prospectus Dated April 28, 1995)
FINANCIAL HIGHLIGHTS
For a Share Outstanding Throughout the Period
The following is added to the section on "Financial Highlights"
beginning on page 3 of the Prospectus:
Select Capital Appreciation Fund
Period Ended
September 30, 1995
(Unaudited)*
Net Asset Value, Beginning of Period $ 1.000
Income From Investment Operations:
Net Investment Income (A) 0.002
Net realized and unrealized gain
on investments 0.317
Total from Investment Operations 0.319
Less Distributions:
Dividends from net investment income ------
Distributions from net realized capital gains ------
Total Distributions: ------
Net Increase in net asset value 0.319
Net Asset Value, End of Period: $ 1.319
Total Return (Not Annualized) 31.90%
Ratios/Supplemental Data:
Net Assets, End of Period (000's) $ 24,466
Ratios to average net assets (Annualized):
Net Investment Income 0.52%
Operating Expenses (A) 1.35%
Gross Management Fee 1.00%
Net Management Fee 0.72%
Portfolio Turnover Rate (unannualized) 82%
_______________________
*The Fund commenced operations on April 28, 1995.
(A) Net investment income per share and the operating expense ratio before
reimbursement of fees by the investment advisor for the period ended September
30, 1995 were $0.001 and 1.63%, (annualized), respectively.
ALLMERICA INVESTMENT TRUST
The Trust's Versions A and B Prospectuses, dated May 1, 1995 and the
Trust's Statement of Additional Information, also dated May 1, 1995, are
incorporated into Part A and Part B, respectively, by reference to the
Registrant's filing of a definitive copy of such Prospectuses and Statement of
Additional Information under Rule 497(c) of the Securities Act of 1933, as
amended.
PART A
PART
ALLMERICA INVESTMENT TRUST
STATEMENT OF ADDITIONAL INFORMATION SUPPLEMENT DATED OCTOBER 23, 1995
(Supplement to Statement of Additional Information dated April 28, 1995)
The following is added after the end of the section entitled "Financial
Statements" on page 29 of the Statement of Additional Information:
The unaudited financial statements for the Select Capital Appreciation Fund
for the period ended September 30, 1995 follow.
<PAGE>
SELECT CAPITAL APPRECIATION FUND
PORTFOLIO OF INVESTMENTS, Continued
September 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE
2)
- ------------------------------------------------------------------------------
- --
<C> <S> <C>
COMMON STOCKS - 86.36%
HEALTH SERVICES - 14.70%
6,025 Cardinal Health, Inc.. . . . . . . . . . . . . . . . . $
333,635
4,175 General Nutrition Cos.*. . . . . . . . . . . . . . . .
189,962
20,300 Healthsouth Rehabilitation Corp.*. . . . . . . . . . .
517,650
6,225 Horizon Healthcare Corp.*. . . . . . . . . . . . . . .
141,619
23,800 Omnicare, Inc. . . . . . . . . . . . . . . . . . . . .
928,200
6,650 Oxford Health Plans, Inc.* . . . . . . . . . . . . . .
483,787
5,175 PacifiCare Health Systems, Inc., Class B*. . . . . . .
351,900
12,500 Quidel Corp. . . . . . . . . . . . . . . . . . . . . .
68,750
1,375 Target Therapeutics, Inc.* . . . . . . . . . . . . . .
96,250
28,175 Theratech, Inc.* . . . . . . . . . . . . . . . . . . .
486,019
---------
- -
3,597,772
---------
- -
BUSINESS SERVICES - 14.32%
26,575 HFS, Inc.. . . . . . . . . . . . . . . . . . . . . . .
1,391,866
6,975 Manpower, Inc. . . . . . . . . . . . . . . . . . . .
202,275
39,800 Paging Network, Inc.*. . . . . . . . . . . . . . . . .
1,910,400
---------
- -
3,504,541
---------
- -
COMMUNICATIONS - 9.55%
19,775 Arch Communications Group, Inc.* . . . . . . . . . . .
519,094
30,750 Black Box Corp.. . . . . . . . . . . . . . . . . . . .
568,875
13,000 CommNet Cellular, Inc.*. . . . . . . . . . . . . . . .
377,000
10,000 Millicom International Cellular S.A.*. . . . . . . . .
321,250
4,500 Paradigm Technology, Inc.. . . . . . . . . . . . . . .
138,375
2,150 PriCellular Corp., Class A*. . . . . . . . . . . . . .
27,144
11,950 Worldcom, Inc. . . . . . . . . . . . . . . . . . . . .
383,894
---------
- -
2,335,632
---------
- -
DURABLE GOODS - 8.81%
11,250 APS Holding Corp. *. . . . . . . . . . . . . . . . . .
272,813
20,500 Exide Corp. . . . . . . . . . . . . . . . . . . . . .
1,025,000
5,100 Memc Electronic Materials, Inc.. . . . . . . . . . . .
138,338
3,825 Reynolds & Reynolds Co., Class A . . . . . . . . . . .
131,484
8,400 Telcom Semiconuctor, Inc.. . . . . . . . . . . . . . .
96,600
14,625 Trigen Energy . . . . . . . . . . . . . . . . . . . .
323,577
3,775 Varity Corp. . . . . . . . . . . . . . . . . . . . .
167,987
---------
- -
2,155,799
---------
- -
TECHNOLOGY - 8.67%
5,150 Bell & Howell Holdings, Inc. . . . . . . . . . . . . .
131,325
2,325 Discreet Logic, Inc. . . . . . . . . . . . . . . . . .
127,875
14,550 First Data Corp. . . . . . . . . . . . . . . . . . . .
902,100
5,950 Intuit, Inc.*. . . . . . . . . . . . . . . . . . . . .
279,650
2,250 Legato Systems, Inc. . . . . . . . . . . . . . . . . .
59,625
8,225 Novadigm, Inc. . . . . . . . . . . . . . . . . . . . .
138,797
12,950 Programmer's Paradise, Inc.. . . . . . . . . . . . . .
135,975
10,125 VLSI Technology, Inc.* . . . . . . . . . . . . . . . .
346,781
---------
- -
2,122,128
---------
- -
CHEMICAL AND DRUGS - 8.20%
5,450 I-Stat Corp. . . . . . . . . . . . . . . . . . . . . .
203,012
2,425 Intertape Polymer Group, Inc. *. . . . . . . . . . . .
70,931
37,100 Scherer (R.P.) Corp.*. . . . . . . . . . . . . . . . .
1,609,213
4,900 Schulman (A.), Inc. . . . . . . . . . . . . . . . . .
122,500
---------
- -
2,005,656
---------
- -
FINANCIAL - 6.96%
4,525 Credit Acceptance Corp.* . . . . . . . . . . . . . . . $
122,175
10,400 Dime Bancorp, Inc.*. . . . . . . . . . . . . . . . . .
122,200
16,900 Insignia Financial Group, Inc. * . . . . . . . . . . .
523,900
8,325 Medaphis Corp.*. . . . . . . . . . . . . . . . . . . .
233,100
11,175 Progressive Corp. . . . . . . . . . . . . . . . . . .
500,081
6,850 Protective Life Corp.. . . . . . . . . . . . . . . . .
200,363
---------
- -
1,701,819
---------
- -
FOOD SERVICES - 3.46%
8,950 JP Foodservice, Inc.*. . . . . . . . . . . . . . . . .
158,862
5,000 Logan's Roadhouse, Inc.. . . . . . . . . . . . . . . .
87,500
4,000 Lone Star Steakhouse & Saloon* . . . . . . . . . . . .
164,000
9,675 Papa Johns International, Inc. . . . . . . . . . . . .
435,375
---------
- -
845,737
---------
- -
CONSUMER SERVICES - 2.82%
12,225 CUC International, Inc. *. . . . . . . . . . . . . . .
426,347
2,939 Loewen Group, Inc. . . . . . . . . . . . . . . . . . .
121,234
3,675 Service Corp. International. . . . . . . . . . . . . .
143,784
---------
- -
691,365
---------
- -
TRANSPORTATION - 2.68%
9,825 Wisconsin Central Transportation Corp.*. . . . . . . .
655,819
---------
- -
BUILDING AND CONSTRUCTION - 1.99%
350 Pitway Corp., Class A. . . . . . . . . . . . . . . . .
21,787
8,425 Seal Air Corp.*. . . . . . . . . . . . . . . . . . . .
464,428
---------
- -
486,215
---------
- -
CONSUMER STAPLES - 1.98%
11,300 Petco Animal Supply, Inc.* . . . . . . . . . . . . . .
293,800
4,550 Viking Office Products, Inc.*. . . . . . . . . . . . .
189,963
---------
- -
483,763
---------
- -
METALS AND MINING - 1.74%
11,325 Minerals Technology, Inc.. . . . . . . . . . . . . . .
426,103
--------
- -
CONSUMER PRODUCTS - 0.48%
5,725 Katz Media Group, Inc. . . . . . . . . . . . . . . . .
116,647
---------
- -
TOTAL COMMON STOCKS . . . . . . . . . . . . . . . . .
21,128,996
---------
- -
(Cost $18,443,106)
FOREIGN COMMON STOCKS - 3.17%
2,940 Huhtamaki I (Finland). . . . . . . . . . . . . . . . .
101,443
27,500 Ilanjaya Mandala Sampoerna-F (Indonesia) . . . . . . .
256,068
4,078 Thorn EMI Plc(United Kingdom). . . . . . . . . . . . .
95,136
32,999 Wetherspoon (J.D.) Plc (United Kingdom). . . . . . . .
322,244
---------
- -
TOTAL FOREIGN COMMON STOCKS. . . . . . . . . . . . . .
774,891
---------
- -
(Cost $716,028)
See Notes to Financial Statements.
1
</TABLE>
<PAGE>
SELECT CAPITAL APPRECIATION FUND
PORTFOLIO OF INVESTMENTS, Continued
September 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE
2)
- ------------------------------------------------------------------------------
- --
<C> <S> <C>
PREFERRED STOCK - 1.74%
6,100 Nokia, ADR . . . . . . . . . . . . . . . . . . . . . . $
425,475
---------
- -
TOTAL PREFERRED STOCK . . . . . . . . . . . . . . . .
425,475
---------
- -
(Cost $264,492)
FOREIGN PREFERRED STOCK - 1.30%
1,950 Sap Ag Vorzug (Germany). . . . . . . . . . . . . . . .
318,617
---------
- -
TOTAL FOREIGN PREFERRED STOCK. . . . . . . . . . . . .
318,617
---------
- -
(Cost $274,757)
U.S. GOVERNMENT BACKED BONDS - 8.16%
FEDERAL NATIONAL MORTGAGE ASSOCIATION (A) - 8.16%
500,000 3.82%, 10/03/95 . . . . . . . . . . . . . . . . . . .
499,843
1,500,000 5.18%, 10/10/95 . . . . . . . . . . . . . . . . . . .
1,497,870
---------
- -
TOTAL U.S.GOVERNMENT BACKED BONDS . . . . . . . . . .
1,997,713
---------
- -
(Cost $1,997,713)
<CAPTION>
VALUE
PAR VALUE (NOTE
2)
- ------------------------------------------------------------------------------
- --
COMMERCIAL PAPER (A) - 3.11%
$760,000 Household Finance Corp.
3.17%, 10/02/95. . . . . . . . . . . . . . . . . . . . $
759,868
---------
- -
TOTAL COMMERCIAL PAPER . . . . . . . . . . . . . . . .
759,868
---------
- -
(Cost $759,868)
TOTAL INVESTMENTS - 103.84%. . . . . . . . . . . . . . . . . . . .
25,405,560
---------
- -
(Cost $22,455,964)
NET OTHER ASSETS AND LIABILITIES - (3.84)% . . . . . . . . . . . .
(939,343)
---------
- -
NET ASSETS - 100.00% . . . . . . . . . . . . . . . . . . . . . . .
$24,466,217
---------
- -
---------
- -
</TABLE>
* Non income producing security.
(A) Annualized yield to maturity.
ADR American Depository Receipt
<TABLE>
<CAPTION>
FORWARD FOREIGN CURRENCY CONTRACTS SOLD
CONTRACTS SETTLEMENT CONTRACTS IN EXCHANGE
APPRECIATION
PAR VALUE TO DELIVER DATES AT VALUE FOR U.S. DOLLARS
(DEPRECIATION)
--------- ---------- ---------- --------- ---------------- -
- -------------
<S> <C> <C> <C> <C>
<C>
$ 410,000 DEM 03/14/96 $ 289,650 $ 279,673
$ (9,977)
775,000 FIM 10/26/95 181,537 183,889
2,352
100,000 FIM 12/14/95 23,424 23,658
234
1,029,000 FIM 02/08/96 241,046 243,620
2,574
5,719,000 SEK 02/08/96 816,515 778,530
(37,985)
74,000 GBP 10/26/95 116,822 117,740
918
5,000 GBP 12/14/95 7,886 7,981
95
88,000 GBP 02/08/96 138,650 140,140
1,490
95,000 GBP 02/22/96 149,639 146,865
(2,774)
---------- ----------
- ---------
$1,965,169 $1,922,096
$(43,073)
---------- ----------
- ---------
---------- ----------
- ---------
</TABLE>
2 See Notes to Financial Statements
<PAGE>
SELECT CAPITAL APPRECIATION FUND
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1995 (UNAUDITED)
<TABLE>
<S> <C>
ASSETS:
Investments (Note 2):
Investments at cost. . . . . . . . . . . . . . . . . .
$22,455,964
Net unrealized appreciation(depreciation). . . . . . .
2,949,596
----------
- -
Total investments at value. . . . . . . . . . . .
25,405,560
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10,783
Forward currency (Cost $826,672) . . . . . . . . . . . . . . . .
854,912
Forward foreign currency contracts sold at cost (Notes 2 & 7). . . . . . .
1,922,096
Receivable for investments sold. . . . . . . . . . . . . . . . .
1,048,615
Receivable for foreign currency sold . . . . . . . . . . . . . .
48,108
Interest and dividends receivable . . . . . . . . . . . . . . .
4,452
Dividend reclaim receivable. . . . . . . . . . . . . . . . . . .
301
----------
- -
Total Assets . . . . . . . . . . . . . . . . . . .
29,294,827
----------
- -
LIABILITIES:
Payable for investments purchased . . . . . . . . . . . . . . .
1,953,336
Payable for foreign currency purchased . . . . . . . . . . . . .
856,152
Forward foreign currency contracts sold at value (Notes 2 & 7)
(Cost $1,922,096) . . . . . . . . . . . . . . . . . . . . . .
1,965,169
Advisory fee payable (Note 3). . . . . . . . . . . . . . . . . .
17,766
Accrued expenses and other payables . . . . . . . . . . . . . .
36,187
----------
- -
Total Liabilities . . . . . . . . . . . . . . . .
4,828,610
----------
- -
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$24,466,217
----------
- -
----------
- -
NET ASSETS consist of:
Paid-in capital (Note 4) . . . . . . . . . . . . . . . . . . . .
$21,057,962
Undistributed net investment income . . . . . . . . . . . . . .
28,457
Accumulated net realized gain (loss) on investments sold . . . .
445,099
Net unrealized appreciation(depreciation) of investments,
foreign currency, dividends and reclaims recievable. . . . .
2,934,699
----------
- -
TOTAL NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . .
$24,466,217
----------
- -
----------
- -
Shares of beneficial interest outstanding. . . . . . . . . . . . .
18,555,167
NET ASSET VALUE,
Offering and redemption price per share (Net Assets
divided by Shares Outstanding). . . . . . . . . . . . . . . . $ 1.319
----------
- -
----------
- -
</TABLE>
See Notes to Financial Statements.
3
<PAGE>
SELECT CAPITAL APPRECIATION FUND
STATEMENT OF OPERATIONS
FOR THE PERIOD ENDED SEPTEMBER 30, 1995* (UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME:
Interest (Note 2). . . . . . . . . . . . . . . . . . . . . . . . $
53,751
Dividends (Note 2) . . . . . . . . . . . . . . . . . . . . . . .
49,142
Less net foreign taxes withheld. . . . . . . . . . . . . . . . .
(346)
---------
- -
Total Investment Income . . . . . . . . . . . . . . . . . . . .
102,547
---------
- -
EXPENSES:
Investment advisory fee (Note 3) . . . . . . . . . . . . . . .
54,917
Custodian fee .. . . . . . . . . . . . . . . . . . . . . . . . .
5,343
Fund accounting fee (Note 3) . . . . . . . . . . . . . . . . . .
10,684
Legal fee . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,351
Audit fee . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,089
Trustees' fees and expenses (Note 3) . . . . . . . . . . . . . .
2,148
Reports to shareholders . . . . . . . . . . . . . . . . . . . .
9,204
Registration fees. . . . . . . . . . . . . . . . . . . . . . . .
736
Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . .
671
Miscellaneous expense. . . . . . . . . . . . . . . . . . . . . .
156
---------
- -
Total expenses before reimbursement. . . . . . . . . .
89,299
Less reimbursement (Note 3). . . . . . . . . . . . . .
(15,209)
---------
- -
Total expenses net of reimbursement. . . . . . . . . .
74,090
---------
- -
NET INVESTMENT INCOME . . . . . . . . . . . . . . . . . . . . . .
28,457
---------
- -
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS (Note 2):
Net realized gain (loss) on investments sold . . . . . . . . . .
446,536
Net realized gain (loss) on foreign currency . . . . . . . . . .
(1,437)
Net change in unrealized appreciation (depreciation)
of foreign currency, dividends and reclaims receivable. . . .
(14,897)
Net change in unrealized appreciation (depreciation)
of investments. . . . . . . . . . . . . . . . . . . . . . . .
2,949,596
---------
- -
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS. . . . . . . . . . . . . . . . . . . . . . .
3,379,798
---------
- -
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . .
$3,408,255
---------
- -
*The Fund commenced operations on April 28, 1995.
----------
</TABLE>
4 See Notes to Financial Statements.
<PAGE>
SELECT CAPITAL APPRECIATION FUND
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
PERIOD
ENDED
SEPTEMBER
30, 1995
---------
- ---------
(UNAUDITED)
<S> <C>
NET ASSETS at beginning of period. . . . . . . . . . . . . . . . . $
- --
------
- -----
Increase (Decrease) in net assets
resulting from operations:
Net investment income. . . . . . . . . . . . . . . . . . . . . .
28,457
Net realized gain (loss) on investments sold and foreign
currencies. . . . . . . . . . . . . . . . . . . . . . . . . .
445,099
Net change in unrealized appreciation (depreciation)
of investments, foreign currency, dividends and reclaims
receivable. . . . . . . . . . . . . . . . . . . . . . . . . .
2,934,699
------
- -----
Net increase (decrease) in net assets resulting
from operations . . . . . . . . . . . . . . . . . . .
3,408,255
------
- -----
Distributions to shareholders from:
Net investment income. . . . . . . . . . . . . . . . . . . . . .
- --
Net realized gain on investments . . . . . . . . . . . . . . . .
- --
------
- -----
Total Distributions. . . . . . . . . . . . . . . . . .
- --
------
- -----
Share Transactions:
Net proceeds from sales of shares. . . . . . . . . . . . . . . .
21,120,072
Issued to shareholders in reinvestment of dividends. . . . . . .
- --
Costs of shares repurchased. . . . . . . . . . . . . . . . . . .
(62,110)
------
- -----
Net increase (decrease) from share transactions. . . .
21,057,962
------
- -----
Net increase (decrease) in net assets. . . . . . . . .
24,466,217
------
- -----
NET ASSETS at end of period (including line A) . . . . . . . . . .
$24,466,217
------
- -----
------
- -----
(A) Accumulated undistributed net investment income. . . . . . . . $
28,457
------
- -----
------
- -----
OTHER INFORMATION:
Share Transactions:
Sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18,610,480
Issued to shareholders in reinvestment of dividends. . . . . . .
- --
Repurchased. . . . . . . . . . . . . . . . . . . . . . . . . . .
(55,313)
------
- -----
Net increase (decrease) in shares outstanding. . . . .
18,555,167
------
- -----
------
- -----
</TABLE>
See Notes to Financial Statements.
5
<PAGE>
SELECT CAPITAL APPRECIATION FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
<TABLE>
<CAPTION>
PERIOD
ENDED
SEPTEMBER
30, 1995
(UNAUDITED)(1)
---------
- ---------
<S> <C>
Net Asset Value, beginning of period . . . . . . . . . . . . . . . $
1.000
------
- -----
Income from Investment Operations:
Net investment income (A). . . . . . . . . . . . . . . . . . . .
0.002
Net realized and unrealized gain (loss)
on investments. . . . . . . . . . . . . . . . . . . . . . . .
0.317
------
- -----
Total from Investment Operations . . . . . . . . . . .
0.319
------
- -----
Less Distributions:
Dividends from net investment income . . . . . . . . . . . . . .
- --
Distributions from net realized capital gains
- --
------
- -----
Total Distributions. . . . . . . . . . . . . . . . . .
- --
------
- -----
Net increase (decrease) in net asset value . . . . . . . . . . . .
0.319
------
- -----
Net Asset Value, end of period . . . . . . . . . . . . . . . . . . $
1.319
------
- -----
------
- -----
Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . .
31.90%**
Ratios/Supplemental Data:
Net Assets, end of period (000's) . . . . . . . . . . . . . . . . $
24,466
Ratios to average net assets:
Net investment income. . . . . . . . . . . . . . . . . . . . . .
0.52%*
Operating expenses (A) . . . . . . . . . . . . . . . . . . . . .
1.35%*
Gross management fee . . . . . . . . . . . . . . . . . . . . . .
1.00%*
Net management fee . . . . . . . . . . . . . . . . . . . . . . .
0.72%*
Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . .
82%**
</TABLE>
- --------------
* Annualized
** Not annualized
(1) The Fund commenced operations on April 28, 1995.
(A) Net investment income per share and the operating expense ratios before
reimbursement of fees by the investment adviser for the period ended
September 30, 1995 were $0.001 and 1.63%, (annualized), respectively.
6 See Notes to Financial Statements.
<PAGE>
ALLMERICA FUNDS
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1995 (UNAUDITED)
1. ORGANIZATION
Allmerica Investment Trust (the "Trust"), formerly SMA Investment Trust, is
registered under the Investment Company Act of 1940, as amended, as an open-
end,
diversified, management investment company established as a Massachusetts
business trust for the purpose of providing a vehicle for the investment of
assets of various separate accounts established by SMA Life Assurance Company,
a
wholly-owned subsidiary of State Mutual Life Assurance Company of America
("State Mutual") or State Mutual Life Insurance Company (the "Companies"). As
of
the date of this report, the Trust offered twelve managed investment
portfolios.
The accompanying financial statements and financial highlights are those of
the
Select Capital Appreciation Fund (the "Portfolio").
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies which are in
conformity with generally accepted accounting principles consistently
followed by the Trust in the preparation of its financial statements.
SECURITY VALUATION: Securities which are traded on a recognized exchange
(including securities traded through the National Market System) are valued at
the last sale price on the securities exchange on which such securities are
primarily traded or, if there were no sales during the day, at the mean of the
closing bid and asking price. Over-the-counter securities that are not traded
through the National Market System are valued on the basis of the bid price at
the close of business on each day. Short-term investments that mature in 60
days
or less are valued at amortized cost. Corporate debt securities and debt
securities of the U.S. Government and its agencies (other than short-term
investments) are valued by an independent pricing service approved by the
Board
of Trustees which utilizes market quotations and transactions, quotations from
dealers and various relationships among securities in determining value. If
not
valued by a pricing service, such securities are valued at prices obtained
from
independent brokers. Investments with prices that cannot be readily obtained,
if
any, are carried at market value as determined in good faith under
consistently
applied procedures established by and under the supervision of the Board of
Trustees.
FORWARD FOREIGN CURRENCY CONTRACTS: The Select Capital Appreciation Fund may
enter into forward foreign currency contracts whereby the Portfolio agrees to
sell a specific currency at a specific price at a future date in an attempt
to hedge against fluctuations in the value of the underlying currency of
certain portfolio instruments. Forward foreign currency contracts are valued
at the daily exchange rate of the underlying currency. Purchases and sales of
forward foreign currency contracts having the same settlement date and broker
are offset and presented on a net basis in the Statement of Assets and
Liabilities. Gains or losses on the purchase or sale of forward foreign
currency contracts having the same settlement date and broker are recognized
on the date of offset, otherwise gains or losses are recognized on the
settlement date.
FOREIGN CURRENCY TRANSLATION: Investment valuations, other assets and
liabilities initially expressed as foreign currencies are converted each
business day into U.S. dollars based upon current exchange rates. Purchases
and sales of foreign investments and income and expenses are converted into
U.S. dollars based upon exchange rates prevailing on the respective dates of
such transactions. That portion of unrealized gains or losses on investments
due to fluctuations in foreign currency exchange rates is not separately
disclosed.
SECURITY TRANSACTIONS AND INVESTMENT INCOME: Security transactions are
recorded on the trade date. Net realized gains and losses from security
transactions are recorded on the basis of identified cost. Interest income is
recorded on the accrual basis and consists of interest accrued and, if
applicable, discount earned less premiums amortized. Dividend income is
recorded on the ex-dividend date. Net realized capital gains are declared and
distributed at least annually.
DISTRIBUTIONS TO SHAREHOLDERS: Dividends from net investment income and net
realized capital gains are
declared and distributed at least annually.
The amounts of income and capital gains to be distributed are determined in
accordance with
7
<PAGE>
SELECT CAPITAL APPRECIATION FUND
NOTES TO FINANCIAL STATEMENTS (Continued)
income tax regulations. Such amounts may vary from income and gains recognized
in accordance with generally accepted accounting principles.
FEDERAL INCOME TAXES: The Trust treats each Portfolio as a separate entity
for Federal income tax purposes. The Portfolio intends to qualify as a
"regulated investment company" under Subchapter M of the Internal Revenue
Code of 1986, as amended. By so qualifying, the Portfolio will not be subject
to Federal income taxes to the extent it distributes all of its taxable
income and net realized gains for the tax year ending December 31. In
addition, by distributing during each calendar year substantially all of its
net investment income, capital gains and certain other amounts, if any, the
Portfolio will not be subject to Federal excise tax. Therefore, no Federal
income tax provision is required. Witholding taxes on foreign dividend income
and gains have been paid or provided for in accordance with the applicable
country's tax rules and rates.
EXPENSES: The Trust accounts separately for assets, liabilities and
operations of each Portfolio. Expenses directly attributed to the Portfolio
are charged to the Portfolio, while expenses which are attributable to more
than one Portfolio of the Trust are allocated among the respective Portfolios.
3. INVESTMENT ADVISORY, ADMINISTRATION AND OTHER RELATED PARTY TRANSACTIONS
Allmerica Investment Management Company, Inc., (the "Manager") a wholly-owned
subsidiary of State Mutual, serves as Investment Adviser to the Trust. Under
the terms of the management agreement, the Portfolio pays a management fee,
calculated daily and payable monthly, at an annual rate of 1.00% of the
average daily net assets of the Portfolio.
The Manager has entered into Sub-Adviser Agreement with Janus Capital
Corporation for the management of the investment of the Portfolio. The
Manager is solely responsible for the payment of all fees to the Sub-Advisers.
The Manager also has entered into an Administrative Services Agreement
with The Shareholder Services Group, Inc. ("TSSG"), a wholly-owned subsidiary
of First Data Corp., whereby TSSG performs administrative services for the
Portfolio and is entitled to receive an administrative fee and certain
out-of-pocket expenses. The Manager is solely responsible for the payment of
the administrative fee to TSSG.
In the event normal operating expenses of the Portfolio, excluding taxes,
interest, brokerage commissions and extraordinary expenses, but including the
advisory fee, exceed the voluntary expense limitation of 1.35%, the Manager
will either bear such expenses directly or reduce its compensation from the
Portfolio by the excess of the stated expense limitations. Expense
limitations may be removed or revised after the Portfolio's first fiscal year
of operations without prior notice to existing shareholders. The Manager may
voluntarily reimburse its fees and any expenses in excess of the expense
limitations.
For the period ended September 30, 1995, the Manager voluntarily agreed to
reimburse the Portfolio in the amount of $15,209.
The Shareholder Services Group, Inc., doing business as 440 Financial
("440 Financial"), a wholly-owned subsidiary of First Data Corp., calculates
net asset value per share and maintains general accounting records for the
Portfolio. For these services, 440 Financial receives an annual fee based on
Portfolio assets and certain out-of-pocket expenses.
The Trust pays no salaries or compensation to any of its officers.
Trustees who are not directors, officers, or employees of the Trust or any
investment adviser are reimbursed for their travel expenses in attending
meetings of the Trustees, and receive quarterly meeting and retainer fees for
their services. Such amounts are paid by the Trust.
8
<PAGE>
SELECT CAPITAL APPRECIATION FUND
NOTES TO FINANCIAL STATEMENTS (Continued)
4. SHARES OF BENEFICIAL INTEREST
The Trust's Declaration of Trust authorizes the Trustees to issue an unlimited
number of shares of beneficial interest for the Portfolio without a par value.
5. PURCHASES AND SALES OF SECURITIES
The cost of purchases and proceeds from sales of investment securities,
excluding short-term investments, for the period ended September 30, 1995 were
as follows:
<TABLE>
<CAPTION>
PURCHASES
SALES
---------------------
- -- -----------------------
PORTFOLIO OTHER
GOVERNMENT OTHER GOVERNMENT
- ------------------------------------------------------------------------------
- ----------------------------
<S> <C> <C>
<C> <C>
Select Capital
Appreciation . . . . . . . . . . . . . . . . . . . . $30,282,949
- -- $11,031,078 --
</TABLE>
At September 30, 1995, aggregate gross unrealized appreciation for all
securities in which there was an excess of value over tax cost and aggregate
gross unrealized depreciation for all securities in which there was an excess
of
tax cost over value were as follows:
<TABLE>
<CAPTION>
TAX
BASIS
------
- ---
NET UNREALIZED
UNREALIZED
UNREALIZED APPRECIATION
PORTFOLIO APPRECIATION
DEPRECIATION (DEPRECIATION) COST
- ------------------------------------------------------------------------------
- ---------------------------------
<S> <C> <C>
<C> <C>
Select Capital
Appreciation . . . . . . . . . . . . . . . . . . . . $3,024,231
$74,635 $2,949,596 $22,455,964
</TABLE>
6. FOREIGN SECURITIES
The Portfolio can purchase securities of foreign issuers. Investing in
securities of foreign issuers involves special risks not typically associated
with investing in securities of U.S. issuers. The risks include revaluation of
currencies and future adverse political and economic developments. Moreover,
securities of many foreign issuers and their markets may be less liquid and
their prices more volatile than those of securities of comparable U.S.
issuers.
7. FINANCIAL INSTRUMENTS
Investing in financial instruments such as the sales of forward foreign
currency
contracts involves risk in excess of the amounts reflected in the Statement of
Assets and Liabilities. The face or contract amounts reflect the extent of the
involvement the Portfolio has in the instruments. Risks associated with these
instruments include an imperfect correlation between the movements in the
price
of the instruments and the price of the underlying securities and interest
rates, an illiquid secondary market for the instruments or inability of
counterparties to perform under the terms of the contract and changes in the
value of currency relative to the U.S. dollar. The Portfolio enters into these
contracts primarily as a means to remain fully invested and reduce transaction
costs.
9
PART C. OTHER INFORMATION
Item 24. Financial Statements and Exhibits
(a) Financial Statements
Financial Statements Included in Part A
Financial Highlights Tables
Financial Statements Included in Part B
Reference is made to the Financial Statements contained in
Allmerica Investment Trust 1994 Annual Report for the year ended December 31,
1994, as listed below:
Portfolio of Investments for the year ended December 31, 1994
Statement of Assets and Liabilities for the year ended December
31, 1994
Statement of Operations for the year ended December 31, 1994
Statement of Changes in Net Assets for the years ended December
31, 1994
and December 31, 1993
Financial Highlights
Notes to Financial Statements
Report of Independent Accountants
Unaudited financial statements of the Select Capital
Appreciation Fund for the Period Ended September 30, 1995.
b) Exhibits
Exhibit 1- Agreement and Declaration of Trust, dated October 11, 1984, as
amended May 12, 1992 was previously filed in Post-effective
Amendment No. 20 on May 14, 1992 and is incorporated herein by
reference.
Exhibit 2- Bylaws as amended were previously filed in Post-effective
Amendment No. 20
on May 14, 1992 and are incorporated herein by reference.
Exhibit 3- None
Exhibit 4- None
Exhibit 5- Management Agreement (the "Management Agreement") between
Registrant and Allmerica Investment Management Company, Inc.
(the "Manager") and Sub-Adviser Agreements between the Manager
and Nicholas-Applegate Capital Management, State Mutual Life
Assurance Company of America ("State Mutual"), Miller,
Anderson & Sherrerd, Standish, Ayer & Wood, and
Provident Investment Counsel were previously filed in Post-effective
Amendment No. 20 on May 14, 1992 and are incorporated herein
by reference.
Form of Notice with respect to the Management Agreement, and form of
Sub-
Adviser Agreement between the Manager and David L. Babson & Co. Inc.
("Babson") with respect to the Small Cap Value Fund were previously
filed in
Post-effective Amendment No. 24 on February 25, 1993 and are
incorporated
herein by reference.
Form of Notice with respect to the Management Agreement and Form of Sub-
Adviser Agreement between Manager and Bank of Ireland Asset Management
Limited with respect to the Select International Equity Fund were
previously
filed in Post-effective Amendment No. 26 on March 2, 1994 and are
incorporated herein by reference.
Notice with respect to the Management Agreement (the Select
International
Equity Fund) was previously filed in Post-effective Amendment No. 27 on
October 27, 1994 and is incorporated herein by reference.
Sub-Adviser Agreement between Babson and Manager with respect to the
Small
Cap Value Fund was previously filed in Post-effective Amendment No. 27
on
October 27, 1994 and is incorporated herein by reference.
Sub-Adviser Agreement between John A. Levin & Co. Inc. and Manager with
respect to the Select Growth and Income Fund was previously filed in
Post-
effective Amendment No. 27 on October 27, 1994 and is incorporated
herein by
reference.
Form of Notice with respect to the Management Agreement (Select Capital
Appreciation Fund) was previously filed in Post-Effective Amendment No.
28
on February 15, 1995 and is incorporated herein by reference.
Form of Sub-Adviser Agreement between Janus Capital Corporation and
Manager with respect to the Select Capital Appreciation Fund was
previously
filed in Post-Effective Amendment No. 28 on February 15, 1995 and is
incorporated herein by reference.
Notice with respect to the Management Agreement (Select Capital
Appreciation
Fund) was previously filed in Post-effective Amendment No. 29
on April 28, 1995 and is incorporated herein by reference.
Exhibit 6- None
Exhibit 7- None
Exhibit 8- Form of Custodian Agreement (the "Custodian Agreement") with The
Chase
Manhattan Bank, N.A. was previously filed in Post-effective Amendment
No.
22 on August 10, 1992 and is incorporated herein by reference.
Form of Notice with respect to the Custodian Agreement (Small Cap Value
Fund) was previously filed in Post-effective Amendment No. 24 on
February
25, 1993 and is incorporated herein by reference.
Form of Notice with respect to the Custodian Agreement (Select
International
Equity Fund) was previously filed in Post-effective Amendment No. 26 on
March 2, 1994 and is incorporated herein by reference.
Notice with respect to the Custodian Agreement (Select International
Equity
Fund) was previously filed in Post-effective Amendment No. 27 on October
27,
1994 and is incorporated herein by reference.
Form of Notice with respect to the Custodian Agreement (the Select
Capital
Appreciation Fund) was previously filed in Post-effective Amendment No.
28
on February 15, 1995 and is incorporated herein by reference.
Notice with respect to the Custodian Agreement (the Select Capital
Appreciation
Fund) was previously filed in Post-effective Amendment No. 29
on April 28, 1995 and is incorporated herein by reference.
Exhibit 9- Form of Fund Accounting Services Agreement (the "Fund Accounting
Services
Agreement") was previously filed in Post-effective Amendment No. 20 on
May
14, 1992 and is incorporated herein by reference.
Form of Notice with respect to the Fund Accounting Services Agreement
(Small
Cap Value Fund) was previously filed in Post-effective Amendment No. 24
on
February 25, 1993 and is incorporated herein by reference.
Form of Notice with respect to the Fund Accounting Services Agreement
(Select International Equity Fund) was previously filed in Post-
effective
Amendment No. 26 on March 2, 1994 and is incorporated herein by
reference.
Notice with respect to the Fund Accounting Services Agreement (Small Cap
Value Fund) was previously filed in Post-effective Amendment No. 26 on
March 2, 1994 and is incorporated herein by reference.
Notice with respect to the Fund Accounting Services Agreement (Select
International Equity Fund) was previously filed in Post-effective
Amendment
No. 27 on October 27, 1994 and is incorporated herein by reference.
Form of Notice with respect to the Fund Accounting Services Agreement
(the
Select Capital Appreciation Fund) was previously filed in Post-Effective
Amendment No. 28 on February 15, 1995 and is incorporated herein by
reference.
Notice with respect to the Fund Accounting Services Agreement
(the Select Capital Appreciation Fund) was previously filed in Post-
effective Amendment No. 29 on April 28, 1995 and is incorporated herein by
reference.
Assignment of Contract and Consent to Assignment with respect to
the Fund Accounting Services Agreement was previously filed in Post-
effective Amendment No. 29 on April 28, 1995 and is incorporated herein by
reference.
Exhibit 10- Consent and Opinion of Counsel with respect to the Select Capital
Appreciation
Fund was previously filed in Post-Effective Amendment No. 28 on February
15, 1995 and is incorporated herein by reference.
Consent and Opinion of Counsel*
Exhibit 11- Consent of Independent Accountants is filed herein.
Exhibit 12- None
Exhibit 13- Participation Agreement with SMA Life Assurance Company dated
February 7,
1990 was previously filed in Post-effective Amendment No. 10 on February
22,
1990 and is incorporated herein by reference.
Exhibit 14- None
Exhibit 15- None
Exhibit 16- Schedule for Computation of Performance Quotations was
previously filed in Post-effective Amendment No. 29 on April 28, 1995
and is incorporated herein by reference.
Exhibit 17- Not Applicable
Exhibit 18- None
Exhibit 19- Power of Attorney was previously filed in Post-effective
Amendment No. 29 on April 28, 1995 and is incorporated herein by
reference.
*Filed under Rule 24f-2 as part of Registrant's Rule 24f-2 Notice
Item 25. Persons Under Common Control with Registrant
Registrant was organized by State Mutual primarily for the purpose of
providing a vehicle for the investment of assets received by various separate
investment accounts ("Separate Accounts") established by State Mutual and life
insurance company subsidiaries of State Mutual. The assets in such Separate
Accounts are, under state law, assets of the life insurance companies which
have established such accounts. Thus at any time State Mutual and its life
insurance company subsidiaries will own such of Registrant's outstanding
shares as are purchased with Separate Account assets; however, where required
to do so, State Mutual and its life insurance company subsidiaries will vote
such shares only in accordance with instructions received from owners of the
contracts pursuant to which sums are placed in such Separate Accounts.
Item 26. Number of Holders of Securities
As of the date of this filing, the Registrant has one hundred and thirty-
four shareholders. The SMA Life Separate Account Va-A owns shares of the
Growth Fund. The SMA Life Separate Account Va-B and Va-C own shares of the
Investment Grade Income Fund. The SMA Life Separate Account Va-G and Va-H own
shares of the Money Market Fund. Five sub-accounts of the State Mutual
Separate Account I own shares of the respective Funds. Ten sub-accounts of the
SMA Life Separate Account Va-K invest in the respective Funds. Ten sub-
accounts of the SMA Life VEL account, a separate account funding variable life
insurance policies, invest in the respective Funds. Six sub-accounts of the
SMA Life Select Separate Account, a separate account funding variable annuity
contracts and group variable annuity contracts, invest in the respective
Funds. Ten sub-accounts of the SMA Life VEL II account, a separate account
funding variable life insurance policies, invest in the respective Funds. Ten
sub-accounts of the SMA Life VEL INHEIRITAGE account, a separate account
funding variable life insurance policies, invest in the respective Funds. For
policies and or contracts issued in the State of New York after March 31,
1994, State Mutual has replaced SMA Life for investment purposes in the
Registrant, consisting of ten separate accounts of State Mutual Va-K accounts,
a separate account funding variable annuity contracts for their respective
Funds. Six State Mutual Select Separate accounts, a separate account funding
variable annuity contracts and group variable annuity contracts, invest in the
respective Funds. Ten sub-accounts of the State Mutual VEL II account, a
separate account funding variable life insurance policies, invest in the
respective Funds. Ten sub-accounts of the state Mutual VEL INHEIRITAGE
account, a separate account funding variable life insurance policies, invest
in the respective Funds. State Mutual Separate Account H owns shares of the
Select Aggressive Growth Fund. State Mutual Separate Account J owns shares of
the Select International Equity Fund.
Item 27. Indemnification
Article VIII of Registrant's Agreement and Declaration Trust, entitled
"Indemnification," is incorporated herein by reference to Exhibit 1 of this
Registration Statement.
Article III, Section 12 of the Bylaws of State Mutual provides that, to the
extent permitted by law, State Mutual shall indemnify and save harmless each
present or former Director, Officer, and Home Office employee against all
liabilities and reasonable expenses imposed upon or incurred by him in
connection with, or as a result of a judicially approved settlement of, any
action, suit, or proceeding brought or threatened by reason of his being or
having been a Director, Officer, or Home Office employee of State Mutual or
being or having been a Director, Trustee, Officer, Home Office employee,
fiduciary or agent of any corporation, trust or partnership, plan or other
entity at the request of State Mutual. State Mutual may, in advance of final
disposition of any such action, suit, or proceeding, pay incurred expenses
upon receipt of an undertaking by the person indemnified to repay such payment
if he shall be adjudicated to be not entitled to indemnification. No
indemnification shall be provided for any person with respect to any matter as
to which he shall have been adjudicated in any proceeding not to have acted in
good faith in the reasonable belief that his action was in the best interests
of State Mutual. Home Office employee means any employee, other than
employees eligible to participate in the career agents' pension plan.
Undertaking Pursuant to Rule 484
Article VIII of Registrant's Agreement and Declaration of Trust provides that
each of its Trustees and each Officer ( and his heirs, executors, and
administrators) may be indemnified against all liabilities and expenses
arising out of the defense or disposition of any action, suit, or other
proceeding in which such person may be or may have been involved by reason of
being or having been such a Trustee or Officer, except with respect to any
matter as to which such person shall have been finally adjudicated not to have
acted in good faith in the reasonable belief that such action was in the best
interests of Registrant, and except that no person shall be indemnified
against any liability to Registrant or to its shareholders to which such
person otherwise would be subject by reason of willful misfeasance, bad faith,
gross negligence or reckless disregard of the duties involved in the conduct
of such person's office.
Insofar as indemnification for liability arising under the 1933 Act may be
permitted to Trustees, Officers and Controlling Persons of Registrant pursuant
to the foregoing provisions, or otherwise, Registrant has been advised that,
in the opinion of the Securities and Exchange Commission, such
indemnification is against public policy as expressed in the 1933 Act and is,
therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by Registrant of expenses
incurred or paid by a Trustee, officer or controlling person of Registrant in
the successful defense of any action, suit or proceeding) is asserted by such
Trustee, Officer or Controlling Person in connection with the securities being
registered, Registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the 1933 Act and will be governed by the final
adjudication of such issue.
Item 28. Business and Other Connections of Investment Manager
See Schedule D of Forms ADV of Allmerica Investment Company, Inc., File No.
801-26516; Nicholas-Applegate Capital Management, File No. 801-21442 which
were previously filed in Post-effective Amendment No. 25 and are incorporated
herein by reference. See Schedule D of Forms ADV of State Mutual Life
Assurance Company, File No. 801-9054; Miller, Anderson & Sherrerd, File No.
801-10437; Provident Investment Counsel, File No. 801-11303; Standish, Ayer &
Wood, Inc., File No. 801-584; and David L. Babson & Co. Inc., File No. 801-241
which are incorporated herein by reference. See Schedule D of Form ADV of
Bank of Ireland Asset Management Limited, File No. 801-29606 which was
previously filed in Post-effective Amendment No. 26 on March 2, 1994 and is
incorporated herein by reference. See Schedule D of Form ADV of John A. Levin
& Co. Inc., File No. 801-18010 which was previously filed in Post-effective
Amendment No. 27 on October 27, 1994 and is incorporated herein by reference.
See Schedule D of Form ADV of Janus Capital Corporation, File No. 801-13991
which was previously filed in Post-effective Amendment No. 28 on February 15,
1995 and is incorporated herein by reference.
Item 29. Principal Underwriters
Not applicable
Item 30. Location of Accounts and Records
Each account, book or other document required to be maintained by Registrant
pursuant to Section 31(a) of the Investment Company Act of 1940 and Rules
31a-1 to 31a-3 thereunder are maintained by Registrant at 440 Lincoln Street,
Worcester, Massachusetts 01653 or on behalf of the Registrant by The
Shareholder Services Group, Inc. d/b/a 440 Financial at 290 Donald Lynch
Boulevard, Marlborough, Massachusetts 01752.
Item 31 Management Services
Not Applicable
Item 32. Undertakings
(a) The Registrant undertakes to furnish to each person to whom a
Prospectus is delivered, a copy of the Registrant's latest Annual Report to
Shareholders, upon request and without charge.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, the Registrant certifies that it meets all of the
requirements for effectiveness of this Amendment to the Registration Statement
pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused
this Amendment to the Registration Statement to be signed on its behalf by the
undersigned, thereto duly authorized, in the City of Worcester, and
Commonwealth of Massachusetts on the 26th day of October, 1995.
ALLMERICA INVESTMENT TRUST
(Registrant)
By: /s/ Richard M. Reilly
Richard M. Reilly, President
Pursuant to the requirements of the Securities Act of 1933, this Amendment to
the Registration Statement has been signed below by the following persons in
the capacities and on the date indicated.
Signature Title Date
/s/ John F. O'Brien Chairman of the Board October 26, 1995
John F. O'Brien and Trustee
/s/ Richard M. Reilly President, Chief Executive October 26, 1995
Richard M. Reilly Officer, and Trustee
/s/ Robert T. Stemple Vice President and Treasurer October 26, 1995
Robert T. Stemple (Principal Accounting Officer)
/s/ Russell E. Fuller Trustee October 26, 1995
Russell E. Fuller
/s/ Gordon Holmes Trustee October 26, 1995
Gordon Holmes
/s/ John D. Hunt Trustee October 26, 1995
John D. Hunt
/s/ John P. Kavanaugh Trustee October 26, 1995
John P. Kavanaugh
/s/ Attiat F. Ott Trustee October 26, 1995
Attiat F. Ott
/s/ Ranne P. Warner Trustee October 26, 1995
Ranne P. Warner
/s/ Thomas S. Zocco Trustee October 26, 1995
Thomas S. Zocco
PART C
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the use in the Statement of Additional Information
constituting part of this Post-Effective Amendment No. 30 to the registration
statement on Form N-1A (the "Registration Statement") of our reports dated
February 8, 1995, relating to the financial statements and financial
highlights of the Allmerica Investment Trust, which appears in such Statement
of Additional Information, and to the incorporation by reference of our
reports into the Prospectuses which constitute parts of this Registration
Statement. We also consent to the references to us under the headings
"Independent Accountants" and "Financial Statements" in the Statement of
Additional Information and to the reference to us under the heading "Financial
Highlights" in such Prospectuses.
Price Waterhouse LLP
Boston, Massachusetts
October 25, 1995
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<NAME> AIT SELECT CAPITAL APPRECIATION FUND
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