<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
022 C000005 58530
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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008 A000401 ALLMERICA INVESTMENT MANAGEMENT CO., INC.
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<PAGE> PAGE 20
008 A000402 ALLMERICA ASSET MANAGEMENT, INC.
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015 A000401 BANKERS TRUST COMPANY
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 40
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070 D020800 N
070 E010800 Y
070 E020800 N
070 F010800 Y
070 F020800 N
070 G010800 Y
070 G020800 N
070 H010800 Y
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 Y
070 L010800 Y
070 L020800 Y
070 M010800 Y
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 N
070 O020800 N
070 P010800 Y
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 N
070 R020800 N
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071 B000800 190599
071 C000800 291710
071 D000800 65
072 A000800 6
072 B000800 193
072 C000800 698
<PAGE> PAGE 41
072 D000800 0
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072 I000800 0
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072 L000800 40
072 M000800 3
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072 R000800 4
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074 B000800 0
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074 J000800 7635
074 K000800 0
074 L000800 199
074 M000800 0
074 N000800 340225
074 O000800 2369
074 P000800 281
074 Q000800 0
<PAGE> PAGE 42
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 135
074 S000800 0
074 T000800 337440
074 U010800 161403
074 U020800 0
074 V010800 2.09
074 V020800 0.00
074 W000800 0.0000
074 X000800 10
074 Y000800 0
075 A000800 0
075 B000800 299072
076 000800 0.00
008 A000901 ALLMERICA INVESTMENT MANAGEMENT CO., INC.
008 B000901 A
008 C000901 801-44189
008 D010901 WORCESTER
008 D020901 MA
008 D030901 01653
008 D040901 1959
008 A000902 STANDISH, AYER & WOOD, INC.
008 B000902 S
008 C000902 801-584
008 D010902 BOSTON
008 D020902 MA
008 D030902 02111
015 A000901 BANKERS TRUST COMPANY
015 B000901 C
015 C010901 NEW YORK
015 C020901 NY
015 C030901 10005
015 E010901 X
024 000900 Y
025 A000901 GOLDMAN, SACHS & CO.
025 B000901 13-5108880
025 C000901 D
025 D000901 1097
025 A000902 SALOMON BROTHERS
025 B000902 13-5365580
025 C000902 D
025 D000902 1194
025 A000903 MERRILL LYNCH
025 B000903 13-5674085
025 C000903 D
025 D000903 555
025 A000904 DONALDSON, LUFKIN & JENRETTE
025 B000904 13-2741729
025 C000904 D
<PAGE> PAGE 43
025 D000904 556
025 A000905 BEAR STERNS
025 B000905 13-4946705
025 C000905 D
025 D000905 189
025 D000906 0
025 D000907 0
025 D000908 0
028 A010900 1248
028 A020900 0
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028 A040900 121
028 B010900 1465
028 B020900 0
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028 B040900 599
028 C010900 1030
028 C020900 908
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028 C040900 161
028 D010900 1090
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028 F040900 40
028 G010900 8051
028 G020900 1926
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<PAGE> PAGE 44
048 F010900 0
048 F020900 0.000
048 G010900 0
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048 H010900 0
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048 I010900 0
048 I020900 0.000
048 J010900 0
048 J020900 0.000
048 K010900 0
048 K020900 0.000
055 A000900 N
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056 000900 Y
057 000900 N
062 A000900 Y
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062 C000900 0.0
062 D000900 0.0
062 E000900 0.0
062 F000900 0.0
062 G000900 0.0
062 H000900 0.0
062 I000900 0.0
062 J000900 0.0
062 K000900 0.0
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062 M000900 17.9
062 N000900 29.1
062 O000900 0.0
062 P000900 47.0
062 Q000900 5.0
062 R000900 -0.8
063 A000900 0
063 B000900 15.3
064 A000900 Y
064 B000900 N
066 A000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
070 A010900 Y
070 A020900 N
070 B010900 N
070 B020900 N
070 C010900 Y
070 C020900 N
070 D010900 N
070 D020900 N
<PAGE> PAGE 45
070 E010900 Y
070 E020900 N
070 F010900 N
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 N
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
070 J020900 Y
070 K010900 Y
070 K020900 Y
070 L010900 Y
070 L020900 Y
070 M010900 Y
070 M020900 N
070 N010900 Y
070 N020900 N
070 O010900 N
070 O020900 N
070 P010900 Y
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
071 A000900 54886
071 B000900 46279
071 C000900 61165
071 D000900 76
072 A000900 6
072 B000900 2141
072 C000900 34
072 D000900 0
072 E000900 0
072 F000900 186
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072 H000900 0
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072 K000900 0
072 L000900 3
072 M000900 0
072 N000900 0
072 O000900 0
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072 Q000900 18
072 R000900 3
072 S000900 1
<PAGE> PAGE 46
072 T000900 0
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072 X000900 218
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072AA000900 0
072BB000900 596
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072CC020900 2339
072DD010900 1926
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074 L000900 834
074 M000900 0
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074 O000900 3056
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074 T000900 65545
074 U010900 67100
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075 A000900 0
075 B000900 62203
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<PAGE> PAGE 47
008 A001001 ALLMERICA INVESTMENT MANAGEMENT CO., INC.
008 B001001 A
008 C001001 801-44189
008 D011001 WORCESTER
008 D021001 MA
008 D031001 01653
008 D041001 1959
008 A001002 DAVID L. BABSON & CO., INC.
008 B001002 S
008 C001002 801-241
008 D011002 CAMBRIDGE
008 D021002 MA
008 D031002 02142
008 D041002 1300
015 A001001 BANKERS TRUST COMPANY
015 B001001 C
015 C011001 NEW YORK
015 C021001 NY
015 C031001 10005
015 E011001 X
024 001000 N
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028 A021000 0
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028 A041000 393
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028 B021000 0
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028 B041000 748
028 C011000 1435
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028 E011000 3308
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028 E041000 239
028 F011000 2567
028 F021000 0
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028 F041000 115
028 G011000 12200
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028 G041000 1785
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045 001000 Y
<PAGE> PAGE 48
046 001000 N
047 001000 Y
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048 A011000 0
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048 H021000 0.000
048 I011000 0
048 I021000 0.000
048 J011000 0
048 J021000 0.000
048 K011000 0
048 K021000 0.000
055 A001000 N
055 B001000 N
056 001000 Y
057 001000 N
062 A001000 N
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062 D001000 0.0
062 E001000 0.0
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062 G001000 0.0
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062 O001000 0.0
062 P001000 0.0
062 Q001000 0.0
062 R001000 0.0
063 A001000 0
063 B001000 0.0
066 A001000 Y
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<PAGE> PAGE 49
066 C001000 N
066 D001000 Y
066 E001000 N
066 F001000 N
066 G001000 N
067 001000 N
068 A001000 N
068 B001000 N
069 001000 N
070 A011000 Y
070 A021000 N
070 B011000 Y
070 B021000 N
070 C011000 Y
070 C021000 N
070 D011000 Y
070 D021000 N
070 E011000 Y
070 E021000 N
070 F011000 Y
070 F021000 N
070 G011000 N
070 G021000 N
070 H011000 Y
070 H021000 N
070 I011000 N
070 I021000 N
070 J011000 Y
070 J021000 N
070 K011000 Y
070 K021000 Y
070 L011000 Y
070 L021000 N
070 M011000 N
070 M021000 N
070 N011000 Y
070 N021000 N
070 O011000 N
070 O021000 N
070 P011000 Y
070 P021000 N
070 Q011000 N
070 Q021000 N
070 R011000 N
070 R021000 N
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071 C001000 70170
071 D001000 12
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<PAGE> PAGE 50
072 C001000 730
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<PAGE> PAGE 51
074 Q001000 0
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008 A001101 ALLMERICA INVESTMENT MANAGEMENT CO., INC
008 B001101 A
008 C001101 801-44189
008 D011101 WORCESTER
008 D021101 MA
008 D031101 01653
008 D041101 1959
008 A001102 BANK OF IRELAND ASSET MANAGEMENT (US) LIMITED
008 B001102 S
008 C001102 801-529606
008 D011102 GREENWICH
008 D021102 CT
008 D031102 06830
015 A001101 BANKERS TRUST COMPANY
015 B001101 C
015 C011101 NEW YORK
015 C021101 NY
015 C031101 10005
015 E041101 X
024 001100 N
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<PAGE> PAGE 52
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<PAGE> PAGE 53
062 G001100 0.0
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066 D001100 N
066 E001100 N
066 F001100 N
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067 001100 N
068 A001100 N
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069 001100 N
070 A011100 Y
070 A021100 N
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070 C021100 N
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070 G021100 N
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070 I021100 N
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070 K021100 Y
070 L011100 Y
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070 M011100 Y
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<PAGE> PAGE 54
070 N011100 N
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070 O011100 N
070 O021100 N
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070 Q021100 N
070 R011100 N
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071 B001100 15475
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071 D001100 11
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<PAGE> PAGE 55
074 A001100 0
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008 A001201 ALLMERICA INVESTMENT MANAGEMENT CO., INC.
008 B001201 A
008 C001201 801-44189
008 D011201 WORCESTER
008 D021201 MA
008 D031201 01653
008 D041201 1959
008 A001202 JANUS CAPITAL CORPORATION
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008 D031202 80206
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015 A001201 BANKERS TRUST COMPANY
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<PAGE> PAGE 56
015 C031201 10005
015 E041201 X
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<PAGE> PAGE 57
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<PAGE> PAGE 58
070 E021200 N
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<PAGE> PAGE 59
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<PAGE> PAGE 60
SIGNATURE THOMAS P. CUNNINGHAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> AIT GROWTH FUND
<S> <C>
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<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 416689494
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<PAID-IN-CAPITAL-COMMON> 379604853
<SHARES-COMMON-STOCK> 213885968
<SHARES-COMMON-PRIOR> 204423860
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 85210
<ACCUMULATED-NET-GAINS> 28257040
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 92918901
<NET-ASSETS> 500695584
<DIVIDEND-INCOME> 5283232
<INTEREST-INCOME> 773481
<OTHER-INCOME> 0
<EXPENSES-NET> 981013
<NET-INVESTMENT-INCOME> 5075700
<REALIZED-GAINS-CURRENT> 28379481
<APPREC-INCREASE-CURRENT> 11493936
<NET-CHANGE-FROM-OPS> 44949117
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5206524
<DISTRIBUTIONS-OF-GAINS> 5931978
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 20438337
<NUMBER-OF-SHARES-REDEEMED> 9562823
<SHARES-REINVESTED> 11138502
<NET-CHANGE-IN-ASSETS> 55824631
<ACCUMULATED-NII-PRIOR> 45614
<ACCUMULATED-GAINS-PRIOR> 5809537
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1039714
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1118185
<AVERAGE-NET-ASSETS> 213885968
<PER-SHARE-NAV-BEGIN> 2.176
<PER-SHARE-NII> .024
<PER-SHARE-GAIN-APPREC> 0.194
<PER-SHARE-DIVIDEND> 0.025
<PER-SHARE-DISTRIBUTIONS> 0.028
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 2.341
<EXPENSE-RATIO> 0.41
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> AIT INVESTMENT GRADE INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 153619615
<INVESTMENTS-AT-VALUE> 152215326
<RECEIVABLES> 6108166
<ASSETS-OTHER> 47883
<OTHER-ITEMS-ASSETS> 1758232
<TOTAL-ASSETS> 160129607
<PAYABLE-FOR-SECURITIES> 11226045
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 121555
<TOTAL-LIABILITIES> 11347600
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 151997518
<SHARES-COMMON-STOCK> 139410761
<SHARES-COMMON-PRIOR> 126821989
<ACCUMULATED-NII-CURRENT> 77118
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1888340
<ACCUM-APPREC-OR-DEPREC> (1404289)
<NET-ASSETS> 148782007
<DIVIDEND-INCOME> 55141
<INTEREST-INCOME> 5014802
<OTHER-INCOME> 0
<EXPENSES-NET> 344552
<NET-INVESTMENT-INCOME> 4725391
<REALIZED-GAINS-CURRENT> 59892
<APPREC-INCREASE-CURRENT> (6678201)
<NET-CHANGE-FROM-OPS> (1892918)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4648273
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13228594
<NUMBER-OF-SHARES-REDEEMED> 4179049
<SHARES-REINVESTED> 4648273
<NET-CHANGE-IN-ASSETS> 7156627
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 1948232
<GROSS-ADVISORY-FEES> 288747
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 344552
<AVERAGE-NET-ASSETS> 144476175
<PER-SHARE-NAV-BEGIN> 1.117
<PER-SHARE-NII> 0.035
<PER-SHARE-GAIN-APPREC> (0.050)
<PER-SHARE-DIVIDEND> 0.035
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.067
<EXPENSE-RATIO> 0.48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> AIT MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 176934346
<INVESTMENTS-AT-VALUE> 176934346
<RECEIVABLES> 2031986
<ASSETS-OTHER> 113049
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 179079381
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 95880
<TOTAL-LIABILITIES> 95880
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 179006081
<SHARES-COMMON-STOCK> 179006081
<SHARES-COMMON-PRIOR> 155211911
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 22580
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 178983501
<DIVIDEND-INCOME> 64945
<INTEREST-INCOME> 4500830
<OTHER-INCOME> 0
<EXPENSES-NET> 272095
<NET-INVESTMENT-INCOME> 4293680
<REALIZED-GAINS-CURRENT> (21843)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4271837
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4293680
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 86767942
<NUMBER-OF-SHARES-REDEEMED> 67267452
<SHARES-REINVESTED> 4293680
<NET-CHANGE-IN-ASSETS> 23772327
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 737
<GROSS-ADVISORY-FEES> 231129
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 272095
<AVERAGE-NET-ASSETS> 165919523
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.026
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.026
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.33
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> AIT EQUITY INDEX FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 87548562
<INVESTMENTS-AT-VALUE> 115490515
<RECEIVABLES> 3662
<ASSETS-OTHER> 27,858
<OTHER-ITEMS-ASSETS> 174,031
<TOTAL-ASSETS> 115,696,066
<PAYABLE-FOR-SECURITIES> 40,754
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 98,059
<TOTAL-LIABILITIES> 138,813
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 85,702,198
<SHARES-COMMON-STOCK> 58,085,548
<SHARES-COMMON-PRIOR> 49,740,620
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 935
<ACCUMULATED-NET-GAINS> 1,905,347
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 27,950,643
<NET-ASSETS> 115,557,253
<DIVIDEND-INCOME> 1,141,828
<INTEREST-INCOME> 16,192
<OTHER-INCOME> 0
<EXPENSES-NET> 221,437
<NET-INVESTMENT-INCOME> 936,583
<REALIZED-GAINS-CURRENT> 1,974,552
<APPREC-INCREASE-CURRENT> 6,623,752
<NET-CHANGE-FROM-OPS> 9,534,887
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 937,518
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,994,685
<NUMBER-OF-SHARES-REDEEMED> 861,035
<SHARES-REINVESTED> 937,518
<NET-CHANGE-IN-ASSETS> 24,668,537
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 69,205
<GROSS-ADVISORY-FEES> 166,697
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 221,437
<AVERAGE-NET-ASSETS> 103,408,819
<PER-SHARE-NAV-BEGIN> 1.827
<PER-SHARE-NII> 0.017
<PER-SHARE-GAIN-APPREC> 0.162
<PER-SHARE-DIVIDEND> 0.017
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.989
<EXPENSE-RATIO> 0.43
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> AIT GOVERNMENT BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 46,056,389
<INVESTMENTS-AT-VALUE> 45,674,321
<RECEIVABLES> 156,732
<ASSETS-OTHER> 47,030
<OTHER-ITEMS-ASSETS> 648,132
<TOTAL-ASSETS> 46,526,215
<PAYABLE-FOR-SECURITIES> 1,648
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 57,258
<TOTAL-LIABILITIES> 58,906
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 49,297,239
<SHARES-COMMON-STOCK> 45,200,716
<SHARES-COMMON-PRIOR> 43,121,579
<ACCUMULATED-NII-CURRENT> 23,020
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 2,470,882
<ACCUM-APPREC-OR-DEPREC> (382,068)
<NET-ASSETS> 46,467,309
<DIVIDEND-INCOME> 29,192
<INTEREST-INCOME> 1,536,766
<OTHER-INCOME> 0
<EXPENSES-NET> 143,092
<NET-INVESTMENT-INCOME> 1,422,866
<REALIZED-GAINS-CURRENT> (405,671)
<APPREC-INCREASE-CURRENT> (1,222,265)
<NET-CHANGE-FROM-OPS> (205,070)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,399,846
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,062,106
<NUMBER-OF-SHARES-REDEEMED> 7,167,851
<SHARES-REINVESTED> 1,399,846
<NET-CHANGE-IN-ASSETS> 689,185
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 1,948,232
<GROSS-ADVISORY-FEES> 119,642
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 143,092
<AVERAGE-NET-ASSETS> 48,119,551
<PER-SHARE-NAV-BEGIN> 1.062
<PER-SHARE-NII> 0.031
<PER-SHARE-GAIN-APPREC> (0.035)
<PER-SHARE-DIVIDEND> 0.030
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.028
<EXPENSE-RATIO> 0.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> AIT SELECT GROWTH AND INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 213,763,663
<INVESTMENTS-AT-VALUE> 240,234,253
<RECEIVABLES> 864,667
<ASSETS-OTHER> 250
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 241,099,170
<PAYABLE-FOR-SECURITIES> 4,188,192
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 205,820
<TOTAL-LIABILITIES> 4,394,012
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 195,594,862
<SHARES-COMMON-STOCK> 174,263,233
<SHARES-COMMON-PRIOR> 151,079,967
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 28,397
<ACCUMULATED-NET-GAINS> 14,668,103
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 26,470,590
<NET-ASSETS> 236,705,158
<DIVIDEND-INCOME> 1,855,914
<INTEREST-INCOME> 463,153
<OTHER-INCOME> 0
<EXPENSES-NET> 781,679
<NET-INVESTMENT-INCOME> 1,537,388
<REALIZED-GAINS-CURRENT> 14,750,632
<APPREC-INCREASE-CURRENT> 2,368,344
<NET-CHANGE-FROM-OPS> 18,656,364
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,581,157
<DISTRIBUTIONS-OF-GAINS> 3,586,368
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 28,602,563
<NUMBER-OF-SHARES-REDEEMED> 2,163,769
<SHARES-REINVESTED> 5,167,525
<NET-CHANGE-IN-ASSETS> 45,095,158
<ACCUMULATED-NII-PRIOR> 15,372
<ACCUMULATED-GAINS-PRIOR> 3,503,839
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 807,303
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 840,366
<AVERAGE-NET-ASSETS> 216,463,594
<PER-SHARE-NAV-BEGIN> 1.268
<PER-SHARE-NII> 0.009
<PER-SHARE-GAIN-APPREC> 0.112
<PER-SHARE-DIVIDEND> 0.010
<PER-SHARE-DISTRIBUTIONS> 0.021
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.358
<EXPENSE-RATIO> 0.73
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> AIT SELECT GROWTH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 136,547,511
<INVESTMENTS-AT-VALUE> 175,926,944
<RECEIVABLES> 108,434
<ASSETS-OTHER> 7,454
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 176,042,832
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 191,418
<TOTAL-LIABILITIES> 191,418
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 132,298,388
<SHARES-COMMON-STOCK> 114,395,694
<SHARES-COMMON-PRIOR> 104,517,970
<ACCUMULATED-NII-CURRENT> 119,515
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,054,078
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 39,379,433
<NET-ASSETS> 175,851,414
<DIVIDEND-INCOME> 528,631
<INTEREST-INCOME> 261,444
<OTHER-INCOME> 0
<EXPENSES-NET> 673,703
<NET-INVESTMENT-INCOME> 116,372
<REALIZED-GAINS-CURRENT> 7,996,919
<APPREC-INCREASE-CURRENT> 10,154,491
<NET-CHANGE-FROM-OPS> 18,267,782
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18,750,757
<NUMBER-OF-SHARES-REDEEMED> 4,291,811
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 32,726,728
<ACCUMULATED-NII-PRIOR> 3,143
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 3,942,841
<GROSS-ADVISORY-FEES> 675,330
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 685,701
<AVERAGE-NET-ASSETS> 159,744,302
<PER-SHARE-NAV-BEGIN> 1.369
<PER-SHARE-NII> 0.001
<PER-SHARE-GAIN-APPREC> 0.167
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.537
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> AIT SELECT AGGRESSIVE GROWTH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 260,549,929
<INVESTMENTS-AT-VALUE> 332,307,729
<RECEIVABLES> 7,833,793
<ASSETS-OTHER> 83,281
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 340,224,803
<PAYABLE-FOR-SECURITIES> 2,369,045
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 415,752
<TOTAL-LIABILITIES> 2,784,797
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 244,153,702
<SHARES-COMMON-STOCK> 161,402,817
<SHARES-COMMON-PRIOR> 137,942,393
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 681,460
<ACCUMULATED-NET-GAINS> 22,209,964
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 71,757,800
<NET-ASSETS> 337,440,006
<DIVIDEND-INCOME> 698,491
<INTEREST-INCOME> 192,815
<OTHER-INCOME> 0
<EXPENSES-NET> 1,572,766
<NET-INVESTMENT-INCOME> (681,460)
<REALIZED-GAINS-CURRENT> 22,218,221
<APPREC-INCREASE-CURRENT> 18,208,915
<NET-CHANGE-FROM-OPS> 39,745,676
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 4,741,627
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 53,541,347
<NUMBER-OF-SHARES-REDEEMED> 10,718,740
<SHARES-REINVESTED> 4,741,627
<NET-CHANGE-IN-ASSETS> 82,568,283
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 4,733,370
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,487,187
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,572,766
<AVERAGE-NET-ASSETS> 299,071,660
<PER-SHARE-NAV-BEGIN> 1.848
<PER-SHARE-NII> (0.004)
<PER-SHARE-GAIN-APPREC> 0.277
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.030
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.091
<EXPENSE-RATIO> 1.06
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> AIT SELECT INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 66,463,721
<INVESTMENTS-AT-VALUE> 66,017,256
<RECEIVABLES> 2,679,893
<ASSETS-OTHER> 1,233
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 68,698,382
<PAYABLE-FOR-SECURITIES> 3,055,849
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 97,606
<TOTAL-LIABILITIES> 3,153,455
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 67,533,924
<SHARES-COMMON-STOCK> 67,100,218
<SHARES-COMMON-PRIOR> 58,961,060
<ACCUMULATED-NII-CURRENT> 31,430
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1,573,962
<ACCUM-APPREC-OR-DEPREC> (446,465)
<NET-ASSETS> 65,544,927
<DIVIDEND-INCOME> 34,000
<INTEREST-INCOME> 2,141,486
<OTHER-INCOME> 0
<EXPENSES-NET> 218,436
<NET-INVESTMENT-INCOME> 1,957,050
<REALIZED-GAINS-CURRENT> (596,229)
<APPREC-INCREASE-CURRENT> (2,338,698)
<NET-CHANGE-FROM-OPS> (977,877)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,925,620
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,051,490
<NUMBER-OF-SHARES-REDEEMED> 1,896,780
<SHARES-REINVESTED> 1,925,620
<NET-CHANGE-IN-ASSETS> 5,176,833
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 977,733
<GROSS-ADVISORY-FEES> 185,589
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 218,436
<AVERAGE-NET-ASSETS> 62,202,873
<PER-SHARE-NAV-BEGIN> 1.024
<PER-SHARE-NII> 0.031
<PER-SHARE-GAIN-APPREC> (0.048)
<PER-SHARE-DIVIDEND> 0.030
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.977
<EXPENSE-RATIO> 0.71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> AIT SMALL CAP VALUE
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 74,453,568
<INVESTMENTS-AT-VALUE> 87,088,454
<RECEIVABLES> 3,672
<ASSETS-OTHER> 24,943
<OTHER-ITEMS-ASSETS> 124,240
<TOTAL-ASSETS> 87,241,309
<PAYABLE-FOR-SECURITIES> 1,105,181
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 152,661
<TOTAL-LIABILITIES> 1,257,842
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 69,375,774
<SHARES-COMMON-STOCK> 59,522,496
<SHARES-COMMON-PRIOR> 52,154,374
<ACCUMULATED-NII-CURRENT> 404,365
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,568,442
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,634,886
<NET-ASSETS> 85,983,467
<DIVIDEND-INCOME> 730,301
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 326,997
<NET-INVESTMENT-INCOME> 403,304
<REALIZED-GAINS-CURRENT> 3,609,282
<APPREC-INCREASE-CURRENT> 6,980,871
<NET-CHANGE-FROM-OPS> 10,993,457
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,200,220
<NUMBER-OF-SHARES-REDEEMED> 1,784,763
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 21,408,914
<ACCUMULATED-NII-PRIOR> 1,061
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 40,840
<GROSS-ADVISORY-FEES> 317,519
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 339,933
<AVERAGE-NET-ASSETS> 75,120,736
<PER-SHARE-NAV-BEGIN> 1.238
<PER-SHARE-NII> 0.007
<PER-SHARE-GAIN-APPREC> 0.200
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.445
<EXPENSE-RATIO> 0.88
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> AIT SELECT INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 162,067,026
<INVESTMENTS-AT-VALUE> 177,163,678
<RECEIVABLES> 862,275
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 18,991,932
<TOTAL-ASSETS> 197,017,885
<PAYABLE-FOR-SECURITIES> 7,147,777
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,917,227
<TOTAL-LIABILITIES> 24,065,004
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 154,282,498
<SHARES-COMMON-STOCK> 141,196,537
<SHARES-COMMON-PRIOR> 91,803,489
<ACCUMULATED-NII-CURRENT> 1,149,194
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,726,267
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14,794,922
<NET-ASSETS> 172,952,881
<DIVIDEND-INCOME> 1,943,133
<INTEREST-INCOME> 33,533
<OTHER-INCOME> 0
<EXPENSES-NET> 785,295
<NET-INVESTMENT-INCOME> 1,191,371
<REALIZED-GAINS-CURRENT> 2,927,673
<APPREC-INCREASE-CURRENT> 5,470,861
<NET-CHANGE-FROM-OPS> 9,589,905
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 183,157
<DISTRIBUTIONS-OF-GAINS> 4,068
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 60,688,252
<NUMBER-OF-SHARES-REDEEMED> 1,637,410
<SHARES-REINVESTED> 187,225
<NET-CHANGE-IN-ASSETS> 68,640,747
<ACCUMULATED-NII-PRIOR> 140,980
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 197,338
<GROSS-ADVISORY-FEES> 690,551
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 819,457
<AVERAGE-NET-ASSETS> 138,869,064
<PER-SHARE-NAV-BEGIN> 1.136
<PER-SHARE-NII> 0.008
<PER-SHARE-GAIN-APPREC> 0.082
<PER-SHARE-DIVIDEND> 0.001
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.225
<EXPENSE-RATIO> 1.14
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> AIT SELECT CAPITAL APPRECIATION FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 84,874,740
<INVESTMENTS-AT-VALUE> 95,341,094
<RECEIVABLES> 1,655,396
<ASSETS-OTHER> 8,057
<OTHER-ITEMS-ASSETS> 444,816
<TOTAL-ASSETS> 97,449,363
<PAYABLE-FOR-SECURITIES> 2,437,533
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 704,636
<TOTAL-LIABILITIES> 3,142,169
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 82,376,644
<SHARES-COMMON-STOCK> 60,761,468
<SHARES-COMMON-PRIOR> 30,220,462
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 143,614
<ACCUMULATED-NET-GAINS> 1,678,872
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,395,292
<NET-ASSETS> 94,307,194
<DIVIDEND-INCOME> 68,185
<INTEREST-INCOME> 148,904
<OTHER-INCOME> 0
<EXPENSES-NET> 357,399
<NET-INVESTMENT-INCOME> (140,310)
<REALIZED-GAINS-CURRENT> 1,709,463
<APPREC-INCREASE-CURRENT> 5,748,390
<NET-CHANGE-FROM-OPS> 7,317,543
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 284,327
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 46,003,201
<NUMBER-OF-SHARES-REDEEMED> 389,585
<SHARES-REINVESTED> 284,327
<NET-CHANGE-IN-ASSETS> 52,931,159
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 253,736
<OVERDISTRIB-NII-PRIOR> 3,304
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 324,808
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 357,399
<AVERAGE-NET-ASSETS> 65,318,525
<PER-SHARE-NAV-BEGIN> 1.369
<PER-SHARE-NII> (0.002)
<PER-SHARE-GAIN-APPREC> 0.190
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.005
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.552
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
