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ALLMERICA INVESTMENT TRUST
SUPPLEMENT EFFECTIVE
AUGUST 15, 1997
TO
STATEMENT OF ADDITIONAL INFORMATION
DATED MAY 1, 1997
The next to last sentence in the second paragraph of the section entitled "More
Information about the Equity Index Fund" on Page 4 is amended to read:
Under normal circumstances, it is expected that the Equity Index Fund
will hold between 300 and 500 different stocks included in the S&P
500.
____________________
Investment Restriction No. 2 on Page 5 is amended to read:
The Fund will not borrow money, except in accordance with the
provisions of the 1940 Act and for temporary purposes when the
aggregate amount borrowed does not exceed 33-1/3% of the value of the
Fund's total assets at the time such borrowing is made. In general, a
borrowing shall be regarded as being for temporary purposes if it is
repaid within 60 days and is not extended or renewed.
____________________
The second sentence of Investment Restriction No. 3 on Page 5 is deleted.
____________________
Investment Restriction No. 5 on Page 6 is amended to read:
The Fund will not engage in the purchase and sale of physical
commodities or contracts relating to physical commodities.
____________________
The following is added as Investment Restriction No. 11 on Page 6:
The Fund (except the Money Market Fund) may engage in transactions in
financial futures contracts and related options. The Money Market
Fund will not engage in transactions in financial futures or related
options.
____________________
The first two sentences of the section entitled "Investment Techniques - Foreign
Securities" on Page 6 are replaced with the following:
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Each Fund except the Government Bond Fund may purchase foreign
securities. The Money Market Fund may invest only in U.S. dollar
denominated foreign securities.
____________________
The first sentence of the section entitled "Investment Techniques - Forward
Commitments" on Page 7 is amended to read:
The Select Capital Appreciation Fund, Select Income Fund, Investment
Grade Income Fund, Government Bond Fund and Money Market Fund may
enter into contracts to purchase securities for a fixed price at a
specified future date beyond customary settlement time ("forward
commitments").
____________________
"Small-Mid Cap Value Fund" is deleted from the first sentence of each of the
following sections under "Investment Techniques" starting on Page 8: Writing
Covered Options, Purchasing Options, Financial Futures Contracts and Related
Options and Options on Financial Futures.
____________________
The disclosure on hedging strategies used to manage exchange rate risks of
foreign currencies under the sections on Financial Futures Contracts and Related
Options, Forward Contracts on Foreign Currencies and Additional Risks of Options
on Foreign Currencies, Forward Contracts and Foreign Instruments applies to the
Select International Equity Fund.
____________________
The list of Trustees under "Management of Allmerica Investment Trust" on Page 19
is amended to delete Russell E. Fuller, who has retired, and to include the
following information on Cynthia A. Hargadon, who has been elected to the Board
of Trustees:
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__________________________________________________________________________________________________________
POSITION AND OFFICES PRESENT POSITION AND PRINCIPAL
NAME, ADDRESS AND AGE WITH TRUST OCCUPATIONS DURING THE PAST 5 YEARS
__________________________________________________________________________________________________________
<S> <C> <C>
Cynthia A. Hargadon (42) Trustee President, Stable Value Association
1880 Virginia Avenue (investment trade group), and Senior
McLean, VA 72101 Consultant, Johnson Custom Strategies
(investment service firm), 1996-Present;
Senior Vice President and Chief Investment
Officer, ICMA Retirement Corporation
(investment adviser), 1987-1996
__________________________________________________________________________________________________________
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