<PAGE>
ALLMERICA INVESTMENT TRUST (THE "TRUST")
SUPPLEMENT EFFECTIVE AUGUST 21, 2000
TO
STATEMENT OF ADDITIONAL INFORMATION ("SAI")
DATED MAY 1, 2000
______________________________________
Effective October 1, 2000, the management fee table and footnotes under the
section entitled "Investment Management and Other Services" on pages 29 and 30
of the SAI are amended as follows to reflect changes in the fee schedules for
the Core Equity Fund and Money Market Fund:
For the services provided to the Funds, the Manager receives fees computed daily
at an annual rate based on the average daily net asset value of each Fund as set
forth below:
<TABLE>
<CAPTION>
Select Select Select Capital Select Value Select Select
Emerging Aggressive Appreciation Opportunity International Growth
Markets Fund Growth Fund Fund Fund Equity Fund Fund
------------- ------------ --------------- -------------- -------------- -------
<S> <C> <C> <C> <C> <C> <C>
Manager Fee 1.35%* (1) (1) (2) (1) (2)
Select Select
Strategic Core Equity Select Growth Investment
Growth Equity Index and Income Grade
Fund Fund Fund Fund Income Fund
------------ ----------- -------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Manager Fee 0.85% (3) (4) (1) (5)
Government Money
Bond Market
Fund Fund
------------ -----------
<S> <C> <C>
Manager fee 0.50% (6)
</TABLE>
* The Manager voluntarily has agreed until further notice to waive its
management fee in the event that expenses of the Select Emerging Markets Fund
exceed 2.00% of the Fund's average daily net assets. The amount of such waiver
will be limited to the net amount of management fees earned by the Manager from
the Fund after subtracting the fees paid by the Manager to Schroder for sub-
advisory services.
(1) The Manager's fees for the Select Aggressive Growth Fund, Select Capital
Appreciation Fund, Select International Equity Fund, and Select Growth and
Income Fund, computed daily at an annual rate based on the average daily net
assets of each Fund, are based on the following schedule:
<TABLE>
<CAPTION>
Select Select Growth
Select Aggressive Select Capital International and Income
Assets Growth Fund Appreciation Fund Equity Fund Fund
--------------------- ------------------ ------------------ -------------- --------------
<S> <C> <C> <C> <C>
First $100 Million.. 1.00% 1.00% 1.00% 0.75%
Next $150 Million... 0.90% 0.90% 0.90% 0.70%
Next $250 Million... 0.80% 0.80% 0.85% 0.65%
Over $500 Million... 0.70% 0.70% 0.85% 0.65%
Over $1 Billion..... 0.65% 0.65% 0.85% 0.65%
</TABLE>
1
<PAGE>
(2) The Manager's fees for the Select Value Opportunity Fund and Select Growth
Fund, computed daily at an annual rate based on the average daily net assets of
each Fund, are based on the following schedule:
<TABLE>
<CAPTION>
Select Value
Opportunity Select Growth
Assets Fund Fund
------ ------------- --------------
<S> <C> <C>
First $100 Million......... 1.00% 0.85%
Next $150 Million.......... 0.85% 0.85%
Next $250 Million.......... 0.80% 0.80%
Next $250 Million.......... 0.75% 0.75%
Over $750 Million.......... 0.70% 0.70%
</TABLE>
The Manager voluntarily has agreed to limit its management fees to an annual
rate of 0.90% of average daily net assets of the Select Value Opportunity Fund
until further notice.
(3) The Manager's fee for the Core Equity Fund, computed daily at an annual
rate based on the average daily net assets of the Fund, is based on the
following schedule:
<TABLE>
<CAPTION>
Assets Rate
------ ----
<S> <C>
First $250 Million............ 0.60%
Next $250 Million............. 0.55%
Next $250 Million............. 0.50%
Over $750 Million............. 0.45%
</TABLE>
(4) The Manager's fee for the Equity Index Fund, computed daily at an annual
rate based on the average daily net assets of the Fund, are based on the
following schedule:
<TABLE>
<CAPTION>
Assets Rate
------ ----
<S> <C>
First $50 Million......................... 0.35%
Next $200 Million......................... 0.30%
Over $250 Million......................... 0.25%
</TABLE>
(5) The Manager's fee for the Select Investment Grade Income Fund (formerly the
Investment Grade Income Fund), computed daily at an annual rate based on the
average daily net assets of the Fund, are based on the following schedule:
<TABLE>
<CAPTION>
Assets Rate
------ ----
<S> <C>
First $50 Million..................... 0.50%
Next $50 Million...................... 0.45%
Over $100 Million..................... 0.40%
</TABLE>
2
<PAGE>
(6) The Manager's fee for the Money Market Fund, computed daily at an annual
rate based on the average daily net assets of the Fund, is based on the
following schedule:
<TABLE>
<CAPTION>
Assets Rate
------ ----
<S> <C>
First $100 Million................... 0.35%
Next $400 Million.................... 0.30%
Next $250 Million.................... 0.25%
Over $750 Million.................... 0.20%
</TABLE>
3
