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Allmerica Investment Trust (the "Trust")
Supplement to
Prospectus dated May 1, 2000 and
Statement of Additional Information dated October 1, 2000
Nicholas-Applegate Capital Management, L.P. ("NACM"), Sub-Adviser of the Select
Aggressive Growth Fund of the Trust (the "Fund"), has announced that it will be
acquired by Allianz AG ("Allianz"), an insurance company headquartered in
Germany. The transaction is expected to close in the first quarter of 2001.
Following the completion of the transaction, NACM will continue to operate as a
separate business entity under the same name and will remain headquartered in
San Diego. Arthur E. Nicholas, founder and managing partner of NACM, will
continue to direct the operations of the firm.
This transaction will constitute an "assignment" (as defined in the Investment
Company Act of 1940 (the "1940 Act")) of the current Sub-Adviser Agreement
between Allmerica Financial Investment Management Services, Inc. ("AFIMS"), the
Manager of the Trust, and NACM, resulting in its automatic termination on the
effective date of the transaction. On November 14, 2000 the Board of Trustees,
including a majority of the disinterested Trustees, approved a new Sub-Adviser
Agreement between AFIMS and NACM, as a subsidiary of Allianz, to become
effective immediately upon the completion of the transaction. The new Sub-
Adviser Agreement is substantially the same as the current Sub-Adviser
Agreement. There is no change in the fees paid to NACM or AFIMS. Under an order
received from the Securities and Exchange Commission, the Trust and AFIMS are
permitted to enter into and amend sub-advisory agreements without a shareholder
vote.
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The Chase Manhattan Corporation and J.P. Morgan & Co. Incorporated have
announced that they have agreed to merge. J.P. Morgan & Co. Incorporated is the
parent holding company for J.P. Morgan Investment Management Inc. ("J.P.
Morgan"), Sub-Adviser to the Select Growth and Income Fund of the Trust. The
closing of the merger is expected to be consummated at the end of this year, but
is still subject to governmental approval and shareholder approval. Following
the completion of the transaction, it is expected that J.P. Morgan will continue
to operate as a wholly-owned subsidiary of its new parent company, J.P. Morgan
Chase & Co. No formal action is required by the Board of Trustees of the Trust
or by Fund shareholders with respect to this transaction.
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The following is added under the heading "Fund Summaries - Objectives,
Strategies and Risks - Select Capital Appreciation Fund" at the end of the
Performance Table on the right hand side at the bottom of the page:
Average Annual Total Returns
(for the periods ending Past Since Inception
December 31, 1999) One Year (April 28, 1995)
Russell Mid-Cap Index** 18.23% 20.54%
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** Effective December 31, 2000, the Russell Mid-Cap Index will replace the
Russell 2500 Index as the performance benchmark for the Fund. The
Russell Mid-Cap Index measures the performance of the 800 smallest
companies in the Russell 1000 Index, which represent approximately 24%
of the total market capitalization of the Russell 1000 Index.
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The following is added under the heading "Fund Summaries -- Objectives,
Strategies and Risks -- Select Value Opportunity Fund" at the end of the
Performance Table on the right hand side at the bottom of the page:
Average Annual Total Returns
(for the periods ending Past Past Since Inception
December 31, 1999) One Year Five Years (April 30, 1993)
Russell 2500 Value Index** 1.49% 16.00% 13.45%
** Effective December 31, 2000, the Russell 2500 Value Index will replace
the Russell 2500 Index as the performance benchmark for the Fund. The
Russell 2500 Value Index measures the performance of those Russell
2500 companies with lower price-to-book ratios and lower forecasted
growth values.
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The chart containing information on the individuals who are primarily
responsible for the day-to-day management of the Core Equity Fund under the
heading "Management of the Funds" in the Prospectus is amended to delete all of
the information with respect to Chris Leavy, who has left Miller, Anderson &
Sherrerd, LLP, Sub-Adviser of the Fund, to take another position.
Dated: December 22, 2000
