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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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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 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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<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 25
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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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008 D030601 01653
008 D040601 1959
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<PAGE> PAGE 30
015 A000601 BANKERS TRUST COMPANY
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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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008 B000701 A
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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 39
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<PAGE> PAGE 40
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066 D000800 N
066 E000800 N
066 F000800 N
066 G000800 N
067 000800 N
068 A000800 N
<PAGE> PAGE 41
068 B000800 N
069 000800 N
070 A010800 Y
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070 B010800 Y
070 B020800 N
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070 C020800 N
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070 D020800 N
070 E010800 Y
070 E020800 N
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070 F020800 N
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070 H020800 N
070 I010800 N
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070 J020800 N
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070 K020800 Y
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070 N010800 Y
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070 P020800 N
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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008 A000901 ALLMERICA INVESTMENT MANAGEMENT CO., INC.
008 B000901 A
008 C000901 801-44189
008 D010901 WORCESTER
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008 D030901 01653
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025 C000902 D
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025 A000904 MORGAN STANLEY
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025 C000904 D
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<PAGE> PAGE 44
025 D000907 0
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<PAGE> PAGE 45
048 I010900 0
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068 A000900 N
068 B000900 N
069 000900 N
070 A010900 Y
070 A020900 N
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070 B020900 N
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070 C020900 N
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070 D020900 N
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070 E020900 N
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070 F020900 N
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070 G020900 N
<PAGE> PAGE 46
070 H010900 N
070 H020900 N
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070 I020900 N
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070 M020900 N
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070 Q020900 N
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<PAGE> PAGE 47
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008 A001001 ALLMERICA INVESTMENT MANAGEMENT CO., INC.
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<PAGE> PAGE 48
008 D041001 1959
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<PAGE> PAGE 49
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<PAGE> PAGE 50
068 B001000 N
069 001000 N
070 A011000 Y
070 A021000 N
070 B011000 N
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070 D011000 N
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070 E011000 N
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070 F011000 N
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070 G011000 N
070 G021000 N
070 H011000 N
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070 I011000 N
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070 J011000 N
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070 K021000 Y
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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008 A001101 ALLMERICA INVESTMENT MANAGEMENT CO., INC
008 B001101 A
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008 D011101 WORCESTER
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008 D031101 01653
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008 A001102 BANK OF IRELAND ASSET MANAGEMENT
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008 D011102 GREENWICH
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015 A001101 BANKERS TRUST COMPANY
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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070 A011100 Y
070 A021100 N
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<PAGE> PAGE 55
070 Q021100 N
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<PAGE> PAGE 56
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008 A001201 ALLMERICA INVESTMENT MANAGEMENT CO., INC.
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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074 I001200 0
074 J001200 558
074 K001200 0
074 L001200 66
074 M001200 4
074 N001200 155515
074 O001200 12349
074 P001200 116
074 Q001200 0
074 R011200 0
074 R021200 0
074 R031200 0
074 R041200 370
074 S001200 0
074 T001200 142680
074 U011200 96107
074 U021200 0
074 V011200 1.49
074 V021200 0.00
074 W001200 0.0000
074 X001200 11
074 Y001200 0
075 A001200 0
075 B001200 90260
076 001200 0.00
SIGNATURE THOMAS P. CUNNINGHAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> AIT GROWTH
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 454,071,926
<INVESTMENTS-AT-VALUE> 556,561,501
<RECEIVABLES> 4,876,147
<ASSETS-OTHER> 1,626
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 561,439,274
<PAYABLE-FOR-SECURITIES> 2,881,451
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,807,218
<TOTAL-LIABILITIES> 4,688,669
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 437,517,101
<SHARES-COMMON-STOCK> 238,679,339
<SHARES-COMMON-PRIOR> 204,423,860
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 16,743,929
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 102,489,575
<NET-ASSETS> 556,750,605
<DIVIDEND-INCOME> 11,120,758
<INTEREST-INCOME> 1,430,072
<OTHER-INCOME> 0
<EXPENSES-NET> 2,399,839
<NET-INVESTMENT-INCOME> 10,150,991
<REALIZED-GAINS-CURRENT> 60,695,723
<APPREC-INCREASE-CURRENT> 21,064,610
<NET-CHANGE-FROM-OPS> 91,911,324
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10,182,273
<DISTRIBUTIONS-OF-GAINS> 49,801,860
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 37,725,612
<NUMBER-OF-SHARES-REDEEMED> 17,757,284
<SHARES-REINVESTED> 59,984,133
<NET-CHANGE-IN-ASSETS> 111,879,652
<ACCUMULATED-NII-PRIOR> 45,614
<ACCUMULATED-GAINS-PRIOR> 5,809,537
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,163,374
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,524,044
<AVERAGE-NET-ASSETS> 496,678,384
<PER-SHARE-NAV-BEGIN> 2.176
<PER-SHARE-NII> .047
<PER-SHARE-GAIN-APPREC> .386
<PER-SHARE-DIVIDEND> (0.048)
<PER-SHARE-DISTRIBUTIONS> (0.228)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.333
<EXPENSE-RATIO> 0.47
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> INVESTMENT GRADE INCOME
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 157,986,443
<INVESTMENTS-AT-VALUE> 158,640,155
<RECEIVABLES> 4,075,049
<ASSETS-OTHER> 23,235
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 162,738,439
<PAYABLE-FOR-SECURITIES> 4,996,431
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 414,778
<TOTAL-LIABILITIES> 5,411,209
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 158,224,498
<SHARES-COMMON-STOCK> 145,193,179
<SHARES-COMMON-PRIOR> 126,821,989
<ACCUMULATED-NII-CURRENT> 44,163
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1,595,143
<ACCUM-APPREC-OR-DEPREC> 653,712
<NET-ASSETS> 157,327,230
<DIVIDEND-INCOME> 151,676
<INTEREST-INCOME> 10,308,324
<OTHER-INCOME> 0
<EXPENSES-NET> 771,427
<NET-INVESTMENT-INCOME> 9,688,573
<REALIZED-GAINS-CURRENT> 432,085
<APPREC-INCREASE-CURRENT> (4,620,200)
<NET-CHANGE-FROM-OPS> 5,500,458
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9,723,406
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 19,642,102
<NUMBER-OF-SHARES-REDEEMED> 9,440,710
<SHARES-REINVESTED> 9,723,406
<NET-CHANGE-IN-ASSETS> 15,701,850
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 1,948,232
<GROSS-ADVISORY-FEES> 596,308
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 771,427
<AVERAGE-NET-ASSETS> 148,945,112
<PER-SHARE-NAV-BEGIN> 1.117
<PER-SHARE-NII> 0.070
<PER-SHARE-GAIN-APPREC> (0.033)
<PER-SHARE-DIVIDEND> (0.070)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.084
<EXPENSE-RATIO> 0.52
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> AIT MONEY MARKET
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 212,390,190
<INVESTMENTS-AT-VALUE> 212,390,190
<RECEIVABLES> 4,825,738
<ASSETS-OTHER> 104,813
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 217,320,741
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 65,009
<TOTAL-LIABILITIES> 65,009
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 217,292,369
<SHARES-COMMON-STOCK> 217,292,369
<SHARES-COMMON-PRIOR> 155,211,911
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 36,637
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 217,255,732
<DIVIDEND-INCOME> 156,281
<INTEREST-INCOME> 10,087,550
<OTHER-INCOME> 0
<EXPENSES-NET> 629,996
<NET-INVESTMENT-INCOME> 9,613,835
<REALIZED-GAINS-CURRENT> (35,900)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9,577,935
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9,613,835
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 189,973,951
<NUMBER-OF-SHARES-REDEEMED> 137,507,328
<SHARES-REINVESTED> 9,613,835
<NET-CHANGE-IN-ASSETS> 62,044,558
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 737
<GROSS-ADVISORY-FEES> 510,258
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 629,996
<AVERAGE-NET-ASSETS> 184,103,402
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.052
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.052)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.34
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> AIT EQUITY INDEX
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 110,418,108
<INVESTMENTS-AT-VALUE> 151,184,145
<RECEIVABLES> 265,242
<ASSETS-OTHER> 2,301
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 151,451,688
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 322,027
<TOTAL-LIABILITIES> 322,027
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 110,117,099
<SHARES-COMMON-STOCK> 69,794,201
<SHARES-COMMON-PRIOR> 49,740,620
<ACCUMULATED-NII-CURRENT> 2,814
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 301,521
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 40,708,227
<NET-ASSETS> 151,129,661
<DIVIDEND-INCOME> 2,553,104
<INTEREST-INCOME> 77,176
<OTHER-INCOME> 0
<EXPENSES-NET> 534,806
<NET-INVESTMENT-INCOME> 2,095,474
<REALIZED-GAINS-CURRENT> 2,559,793
<APPREC-INCREASE-CURRENT> 19,381,336
<NET-CHANGE-FROM-OPS> 24,036,603
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,092,660
<DISTRIBUTIONS-OF-GAINS> 2,189,067
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 49,502,418
<NUMBER-OF-SHARES-REDEEMED> 13,298,076
<SHARES-REINVESTED> 4,281,727
<NET-CHANGE-IN-ASSETS> 60,240,945
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 69,205
<GROSS-ADVISORY-FEES> 375,619
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 534,806
<AVERAGE-NET-ASSETS> 116,872,961
<PER-SHARE-NAV-BEGIN> 1.827
<PER-SHARE-NII> 0.035
<PER-SHARE-GAIN-APPREC> 0.370
<PER-SHARE-DIVIDEND> (0.035)
<PER-SHARE-DISTRIBUTIONS> (0.032)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.165
<EXPENSE-RATIO> 0.46
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> AIT GOVERNMENT BOND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 45,688,072
<INVESTMENTS-AT-VALUE> 45,763,331
<RECEIVABLES> 801,782
<ASSETS-OTHER> 1,146
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 46,566,259
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 170,328
<TOTAL-LIABILITIES> 170,328
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 48,892,867
<SHARES-COMMON-STOCK> 44,802,426
<SHARES-COMMON-PRIOR> 43,121,579
<ACCUMULATED-NII-CURRENT> 5,998
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 2,578,193
<ACCUM-APPREC-OR-DEPREC> 75,259
<NET-ASSETS> 46,395,931
<DIVIDEND-INCOME> 59,201
<INTEREST-INCOME> 3,029,472
<OTHER-INCOME> 0
<EXPENSES-NET> 309,225
<NET-INVESTMENT-INCOME> 2,779,448
<REALIZED-GAINS-CURRENT> (507,714)
<APPREC-INCREASE-CURRENT> (764,938)
<NET-CHANGE-FROM-OPS> 1,506,796
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,778,718
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,572,808
<NUMBER-OF-SHARES-REDEEMED> 13,461,797
<SHARES-REINVESTED> 2,778,718
<NET-CHANGE-IN-ASSETS> 617,807
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 2,065,211
<GROSS-ADVISORY-FEES> 235,359
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 309,225
<AVERAGE-NET-ASSETS> 47,071,845
<PER-SHARE-NAV-BEGIN> 1.062
<PER-SHARE-NII> 0.062
<PER-SHARE-GAIN-APPREC> (0.026)
<PER-SHARE-DIVIDEND> (0.062)
<PER-SHARE-DISTRIBUTIONS> (0.032)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.036
<EXPENSE-RATIO> 0.66
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> SELECT GROWTH AND INCOME
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 255,929,542
<INVESTMENTS-AT-VALUE> 300,200,160
<RECEIVABLES> 2,460,566
<ASSETS-OTHER> 1,605
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 302,662,331
<PAYABLE-FOR-SECURITIES> 6,608,923
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 415,421
<TOTAL-LIABILITIES> 7,024,344
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 246,784,314
<SHARES-COMMON-STOCK> 210,471,303
<SHARES-COMMON-PRIOR> 151,079,967
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,583,055
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 44,270,618
<NET-ASSETS> 295,637,987
<DIVIDEND-INCOME> 4,118,306
<INTEREST-INCOME> 1,187,447
<OTHER-INCOME> 0
<EXPENSES-NET> 1,890,263
<NET-INVESTMENT-INCOME> 3,415,490
<REALIZED-GAINS-CURRENT> 22,150,624
<APPREC-INCREASE-CURRENT> 20,168,372
<NET-CHANGE-FROM-OPS> 45,734,486
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,430,862
<DISTRIBUTIONS-OF-GAINS> 21,071,408
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 64,430,859
<NUMBER-OF-SHARES-REDEEMED> 6,137,358
<SHARES-REINVESTED> 24,502,270
<NET-CHANGE-IN-ASSETS> 104,027,987
<ACCUMULATED-NII-PRIOR> 15,372
<ACCUMULATED-GAINS-PRIOR> 3,503,839
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,778,832
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,967,786
<AVERAGE-NET-ASSETS> 237,177,543
<PER-SHARE-NAV-BEGIN> 1.268
<PER-SHARE-NII> 0.020
<PER-SHARE-GAIN-APPREC> 0.246
<PER-SHARE-DIVIDEND> (0.020)
<PER-SHARE-DISTRIBUTIONS> (0.109)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.405
<EXPENSE-RATIO> 0.79
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> SELECT GROWTH
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 214,691,873
<INVESTMENTS-AT-VALUE> 239,612,087
<RECEIVABLES> 279,626
<ASSETS-OTHER> 8,960
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 239,900,673
<PAYABLE-FOR-SECURITIES> 11,016,153
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 333,269
<TOTAL-LIABILITIES> 11,349,422
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 201,511,803
<SHARES-COMMON-STOCK> 159,809,982
<SHARES-COMMON-PRIOR> 104,517,970
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,119,234
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 24,920,214
<NET-ASSETS> 228,551,251
<DIVIDEND-INCOME> 1,770,392
<INTEREST-INCOME> 533,857
<OTHER-INCOME> 0
<EXPENSES-NET> 1,635,985
<NET-INVESTMENT-INCOME> 668,264
<REALIZED-GAINS-CURRENT> 38,302,869
<APPREC-INCREASE-CURRENT> (4,304,728)
<NET-CHANGE-FROM-OPS> 34,666,405
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 671,407
<DISTRIBUTIONS-OF-GAINS> 32,240,794
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 59,903,208
<NUMBER-OF-SHARES-REDEEMED> 9,143,048
<SHARES-REINVESTED> 32,912,201
<NET-CHANGE-IN-ASSETS> 85,426,565
<ACCUMULATED-NII-PRIOR> 3,143
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 3,942,841
<GROSS-ADVISORY-FEES> 1,508,861
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,646,390
<AVERAGE-NET-ASSETS> 177,513,035
<PER-SHARE-NAV-BEGIN> 1.369
<PER-SHARE-NII> 0.005
<PER-SHARE-GAIN-APPREC> 0.297
<PER-SHARE-DIVIDEND> (0.005)
<PER-SHARE-DISTRIBUTIONS> (0.236)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.430
<EXPENSE-RATIO> 0.92
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> SELECT AGGRESSIVE GROWTH
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 333,797,417
<INVESTMENTS-AT-VALUE> 411,963,703
<RECEIVABLES> 258,049
<ASSETS-OTHER> 4,298
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 412,226,050
<PAYABLE-FOR-SECURITIES> 3,870,522
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 913,495
<TOTAL-LIABILITIES> 4,784,017
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 322,489,225
<SHARES-COMMON-STOCK> 200,053,471
<SHARES-COMMON-PRIOR> 137,942,393
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,786,522
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 78,166,286
<NET-ASSETS> 407,442,033
<DIVIDEND-INCOME> 1,370,432
<INTEREST-INCOME> 459,478
<OTHER-INCOME> 0
<EXPENSES-NET> 3,576,634
<NET-INVESTMENT-INCOME> (1,746,724)
<REALIZED-GAINS-CURRENT> 30,022,198
<APPREC-INCREASE-CURRENT> 24,617,401
<NET-CHANGE-FROM-OPS> 52,892,875
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 27,969,046
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 118,694,806
<NUMBER-OF-SHARES-REDEEMED> 19,017,371
<SHARES-REINVESTED> 27,969,046
<NET-CHANGE-IN-ASSETS> 152,570,310
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 4,733,370
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,302,349
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,576,634
<AVERAGE-NET-ASSETS> 330,234,924
<PER-SHARE-NAV-BEGIN> 1.848
<PER-SHARE-NII> (0.009)
<PER-SHARE-GAIN-APPREC> 0.351
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (0.153)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.037
<EXPENSE-RATIO> 1.08
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> SELECT INCOME
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 76,005,063
<INVESTMENTS-AT-VALUE> 76,619,233
<RECEIVABLES> 972,869
<ASSETS-OTHER> 4,592
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 77,596,694
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 98,351
<TOTAL-LIABILITIES> 98,351
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 78,278,398
<SHARES-COMMON-STOCK> 77,869,624
<SHARES-COMMON-PRIOR> 58,961,060
<ACCUMULATED-NII-CURRENT> 50,180
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1,444,405
<ACCUM-APPREC-OR-DEPREC> 614,170
<NET-ASSETS> 77,498,343
<DIVIDEND-INCOME> 72,869
<INTEREST-INCOME> 4,595,732
<OTHER-INCOME> 0
<EXPENSES-NET> 493,625
<NET-INVESTMENT-INCOME> 4,174,976
<REALIZED-GAINS-CURRENT> (403,808)
<APPREC-INCREASE-CURRENT> (1,278,063)
<NET-CHANGE-FROM-OPS> 2,493,105
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,187,660
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18,835,110
<NUMBER-OF-SHARES-REDEEMED> 4,197,966
<SHARES-REINVESTED> 4,187,660
<NET-CHANGE-IN-ASSETS> 17,130,249
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 977,733
<GROSS-ADVISORY-FEES> 398,522
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 493,625
<AVERAGE-NET-ASSETS> 66,420,339
<PER-SHARE-NAV-BEGIN> 1.024
<PER-SHARE-NII> 0.061
<PER-SHARE-GAIN-APPREC> (0.029)
<PER-SHARE-DIVIDEND> (0.061)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.995
<EXPENSE-RATIO> 0.74
<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> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 92,973,134
<INVESTMENTS-AT-VALUE> 113,244,164
<RECEIVABLES> 1,256,318
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 114,500,482
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 531,905
<TOTAL-LIABILITIES> 531,905
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 92,953,119
<SHARES-COMMON-STOCK> 75,448,638
<SHARES-COMMON-PRIOR> 52,154,374
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 744,428
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 20,271,030
<NET-ASSETS> 113,968,577
<DIVIDEND-INCOME> 1,265,487
<INTEREST-INCOME> 326,175
<OTHER-INCOME> 0
<EXPENSES-NET> 809,357
<NET-INVESTMENT-INCOME> 782,305
<REALIZED-GAINS-CURRENT> 5,770,562
<APPREC-INCREASE-CURRENT> 14,617,015
<NET-CHANGE-FROM-OPS> 21,169,882
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 783,366
<DISTRIBUTIONS-OF-GAINS> 4,985,294
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 31,326,184
<NUMBER-OF-SHARES-REDEEMED> 3,102,042
<SHARES-REINVESTED> 5,768,660
<NET-CHANGE-IN-ASSETS> 49,394,024
<ACCUMULATED-NII-PRIOR> 1,061
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 40,840
<GROSS-ADVISORY-FEES> 726,992
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 829,072
<AVERAGE-NET-ASSETS> 85,528,514
<PER-SHARE-NAV-BEGIN> 1.238
<PER-SHARE-NII> 0.011
<PER-SHARE-GAIN-APPREC> 0.342
<PER-SHARE-DIVIDEND> (0.011)
<PER-SHARE-DISTRIBUTIONS> (0.069)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.511
<EXPENSE-RATIO> 0.94
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> SELECT INTERNATIONAL EQUITY
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 203,574,071
<INVESTMENTS-AT-VALUE> 241,389,487
<RECEIVABLES> 664,734
<ASSETS-OTHER> 529,722
<OTHER-ITEMS-ASSETS> 5,089,199
<TOTAL-ASSETS> 247,673,142
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 796,206
<TOTAL-LIABILITIES> 796,206
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 206,373,860
<SHARES-COMMON-STOCK> 182,088,352
<SHARES-COMMON-PRIOR> 91,803,489
<ACCUMULATED-NII-CURRENT> 180,441
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,388,245
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 38,934,390
<NET-ASSETS> 246,876,936
<DIVIDEND-INCOME> 4,021,267
<INTEREST-INCOME> 87,896
<OTHER-INCOME> 0
<EXPENSES-NET> 2,045,027
<NET-INVESTMENT-INCOME> 2,064,136
<REALIZED-GAINS-CURRENT> 4,719,958
<APPREC-INCREASE-CURRENT> 29,610,329
<NET-CHANGE-FROM-OPS> 36,394,423
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,618,454
<DISTRIBUTIONS-OF-GAINS> 540,596
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 111,783,820
<NUMBER-OF-SHARES-REDEEMED> 5,613,441
<SHARES-REINVESTED> 5,159,050
<NET-CHANGE-IN-ASSETS> 142,564,802
<ACCUMULATED-NII-PRIOR> 140,980
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 197,338
<GROSS-ADVISORY-FEES> 1,701,942
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,098,025
<AVERAGE-NET-ASSETS> 170,194,178
<PER-SHARE-NAV-BEGIN> 1.136
<PER-SHARE-NII> 0.011
<PER-SHARE-GAIN-APPREC> 0.238
<PER-SHARE-DIVIDEND> (0.012)
<PER-SHARE-DISTRIBUTIONS> (0.017)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.356
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> SELECT CAPITAL APPRECIATION
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 142,489,363
<INVESTMENTS-AT-VALUE> 153,758,788
<RECEIVABLES> 624,218
<ASSETS-OTHER> 283,872
<OTHER-ITEMS-ASSETS> 848,168
<TOTAL-ASSETS> 155,515,046
<PAYABLE-FOR-SECURITIES> 11,473,685
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,361,121
<TOTAL-LIABILITIES> 12,834,806
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 134,405,301
<SHARES-COMMON-STOCK> 96,106,648
<SHARES-COMMON-PRIOR> 30,220,462
<ACCUMULATED-NII-CURRENT> 67,349
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 2,739,890
<ACCUM-APPREC-OR-DEPREC> 10,947,480
<NET-ASSETS> 142,680,240
<DIVIDEND-INCOME> 285,295
<INTEREST-INCOME> 445,106
<OTHER-INCOME> 0
<EXPENSES-NET> 1,015,513
<NET-INVESTMENT-INCOME> (285,112)
<REALIZED-GAINS-CURRENT> (2,941,327)
<APPREC-INCREASE-CURRENT> 6,300,578
<NET-CHANGE-FROM-OPS> 3,074,139
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 283,116
<DISTRIBUTIONS-OTHER> 1,211
<NUMBER-OF-SHARES-SOLD> 99,864,671
<NUMBER-OF-SHARES-REDEEMED> 1,634,605
<SHARES-REINVESTED> 284,327
<NET-CHANGE-IN-ASSETS> 101,304,205
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 253,736
<OVERDISTRIB-NII-PRIOR> 3,304
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 902,600
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,015,513
<AVERAGE-NET-ASSETS> 90,259,994
<PER-SHARE-NAV-BEGIN> 1.369
<PER-SHARE-NII> (0.003)
<PER-SHARE-GAIN-APPREC> 0.124
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.005)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.485
<EXPENSE-RATIO> 1.13
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
