FIRST ALLMERICA FINANCIAL LIFE INSURANCE COMPANY
VEL II ACCOUNT SEPARATE ACCOUNT I SEPARATE ACCOUNT VA-K
(SUPPLEMENT TO PROSPECTUSES AND STATEMENTS OF ADDITIONAL
INFORMATION DATED APRIL 30, 1996)
ALLMERICA INVESTMENT TRUST
(SUPPLEMENT TO PROSPECTUSES AND STATEMENTS OF ADDITIONAL
INFORMATION DATED APRIL 29, 1996)
The Select Growth Fund of Allmerica Investment Trust is one of
the investment options available under the variable contracts
offered by First Allmerica Financial Life Insurance Company. Putnam
Investment Management, Inc. ("Putnam"), One Post Office Square,
Boston, Massachusetts 02109, will replace Provident Investment
Counsel ("PIC") as the Sub-Adviser of the Select Growth Fund,
effective on or about July 1, 1996. A Sub-Advisory Agreement
between the Manager and Putnam has been approved by the Trustees of
the Trust, subject to approval of the Fund's shareholders at a
special meeting to be held prior to October 28, 1996. Putnam will
receive from the Manager a fee computed daily at an annual rate
based on the average net assets of the Select Growth Fund under the
following fee schedule which is the same fee currently in effect
with PIC as disclosed under the section entitled "Management Fees
and Expenses" in the Prospectus:
ASSETS RATE
First $50 Million 0.50%
Next $100 Million 0.45%
Next $100 Million 0.35%
Next $100 Million 0.30%
Over $350 Million 0.25%
Putnam and its affiliates managed over $142 billion in assets
as of April 30, 1996. Putnam has been managing mutual funds since
1937. Putnam serves as the investment manager for the funds in the
Putnam family, which had approximately $107 billion in assets in
over 5.7 million shareholder accounts as of April 30, 1996. The
Putnam Advisory Company, Inc., an affiliate, manages domestic and
foreign institutional accounts and foreign mutual funds. Another
affiliate, Putnam Fiduciary Trust Company, provides investment
advice to institutional clients under its banking and fiduciary
powers. Putnam is a wholly-owned subsidiary of Putnam Investments,
Inc., a holding company which is in turn wholly owned by Marsh &
McLennan Companies, Inc., a publicly owned holding company whose
principal businesses are international insurance and reinsurance
brokerage, employee benefit consulting and investment management.
Carol C. McMullen, a Managing Director of Putnam, C. Beth
Cotner, a Senior Vice President of Putnam, and Manuel Weiss, a
Senior Vice President of Putnam Management, will be primarily
responsible for the day-to-day management of the Select Growth Fund.
Ms. McMullen, Ms. Cotner and Mr. Weiss have been employed as
investment professionals by Putnam since 1995, 1995 and 1987,
respectively. Prior to 1995 Ms. McMullen was Senior Vice President
of Baring Asset Management and Ms. Cotner was Executive Vice
President at Kemper Financial Services.
Dated: June 7, 1996
